Ann: Transaction Update, page-56

Sabine, a market participant under Reg Guide 25 is a bidder, target or substantial shareholder and its advisers so yes it is fair to say that none of the 22 shareholders are a substantial shareholder holding 5% of TMT. But this doesn’t change anything, they have indicated they will vote NO. A no is a no regardless of the type of shareholder they are. On this basis I’m not sure Regal and Tribeca are either unless they hold 5%, happy to be corrected. But in their case a yes is a yes.