Ann: Shareholder Update 16 October 2009 , page-29

Hi GC,

Well put and I can't find much to disagree with. Each investor must apply their own caveat emptor to their decisions. I sometimes think there are as many theories on investing as opinions on which is the best beer. Your approach well articulated and for you it makes sense. For me Austpac is one of a number of opportunities and I am comfortable with what the management are doing and the risks to what I have invested. I'm sure they want things to happen as quickly as the other shareholders.

As I said my decision is to hold based on my research and appetite for risk. On the same information yours is to leave for now and put it on a watch list. This end of the market is almost all "All or nothing" but the "All" can be phenomenal when it comes off or why would we be here? With Austpac I think we are a fair way away from the nothing option but thats my own considered opinion.

Cheers mate and I'm sure we'll see you back on the register when the time is right.

Seik