Ann: Response to Press Speculation, page-105

Hi guys,

In my opinion, takeover is not a good decision for small investors who invested in APM at IPO. The value of the company now is way higher during the IPO time.

CVC offers 2 options to shareholder, either take some of the CVC shares or cash in hand for AUD 1.6 per share. I can see this is ripping off small shareholders who bought at 3.55 per share IPO prices. It's hard for small shareholders to become CVC shareholders, because we have limited sources to value the company as a whole. However, during the APM takeover discussion, I believe the valuation of CVC is shared with the big shareholders in APM.

Any price lower than 3.55 is a harm to invidiual shareholders and may be in favor to APM large shareholders who will become CVC's shareholders.

Moreover, takeover at 2.5 per share may not be in the best favorable results for all of us here, the company has large macro economic potential and the job market is turning in favor to what APM has prepared for. The fair price plus growth should achieve Market Cap to EBITDA above 10, comparing to US companies in similar industry. That is more than AUD 3.5 billion and 3.8 per share (EBITDA 350mil time by 10).

This is the world that institutions take advantages from individuals. I guess.