Ann: Letter to Shareholders , page-7

Stayer

If Share performance has or is not relevant and as you put it nor is a comparison between the company targeting management and probably asset strip if you get behind the words "unlock value" that I don't understand why we buy shares. I buy them to outperform others and I listen to those that do and pay more attention to those that outperform others.

Your comment seems to mirror the words that every fund has stating that past performance does not mean that the past will be replicated in the future. However we all measure the past to predict our faith in the future. Perpetual has none of my interests at heart just the next quarterly - I invest in this one for a very long term play which reduces my work focus to the more speculative shares.

I think that even the act of pointing out the defects to the proxies means that these guys are upfront. The fact that the Milner's don't control the company is also not relevant it is far too big for most individuals to control. Look at the stake he has and what he stands to lose. far more that most HC investors. Also far more than the nominee Perpetual wants in.