broker presentation, page-4

Today's new re City Pacific is not doing any favours to Queensland based property companies either. I don't think the market in general can get their heads around Watpac. It is incorrectly seen by some as a property trust and for others it is just too small and below their radar.

The main thing is that fundamentaly it is in great shape, huge order book of work for solid clients, strategic property assets, broadening activities and a first rate management team. Whilst we all would hope for a higher share price, the main thing in this economic climate is to survive and prosper. Eventually the benefits will follow.