Ann: Response to an ASX Query - Appendix 4C , page-10

Hi debdeb,

Forgive me but I'm no expert on this stock. Spoke to Charles Tarbey a couple of weeks ago (very personable chap). Here are a few points to make of what you will.

1) The company is now generating 150-200k operating cashflow per month. This is highly dependable. The board felt the best use of the cash was to buy back shares given the huge discount they believe the SP is at (CT reckons 12-14cps is fair value). This is a good use of company funds.

2) CT feels the company is being run very conservatively (and undergeared), but that's the direction the board want to take it.

3) In CT's opinion the rental market in Australia is strong and will stay strong for a long time. This will underwrite WWM's revenues. I have to agree here - whether the property market corrects in value or doesn't.

Remember, management actions are the best indicators of performance. If they are inclined to buy stock take this as a good sign.

If anyone wants to add or critique any of the above, please do.

James