Ann: Revised Non-Binding Indicative Proposal from Wesfarmers, page-21

Im holding ~95k units. Was thinking about increasing holdings but I'm severely overweight in it. I'm just going to see how this pans out. I sold my SIG shares today to free up capital in case anything strange happens. As SOL falls down and WES goes up. It makes me think this is a great deal. I am thinking API to WES as a defensive growth. Pharmacy distribution is niche, WES are already experts in that area. Pharmacies have to be owned by pharmacists. SIG can be a target down the line after WES pummels them. Now to wait and see if someone else wants to crash the party! In my opinion WES is getting a great price for a fixer upper.