vote no to the ratification, page-7

Hi Asteroider,

Whilst at face value it may appear that the issue of units at $0.80 was good, it is quite probable that this raising contributed to the current fall due in part to underwriter selling and instos selling and dilutionary impact to existing holders. Compare IOF and DXS.

This meant that unitholders (even if they did not participate in the raising) have suffered as well as those unitholders who have contributed.

I would find it improbable that IOF would give a strategic stake to another party given the relationship with ING. If management was internal this may well be different.

What would really improve the situation would be strategic asset sales particularly the holding in DOF as this is liquid and would reduce gearing. In addition, a definitive committment on future distributions to provide confidence to investors.

Management however are paid on asset values and not unitholder returns. If management had a reasonable exposure themselves I would be far more comfortable giving them the flexibility. Currently I do not beleive it is warranted.

I hope you reconsider.

Steer