Ann: 2015 AGM CEO's Presentation, page-13

What I didn't like about the chairman's address is the puerile way he pointed to the coloured areas on the map which signified the DLS and BPT ground and the DLS/BPT JV ground as if you could somehow weigh the value based on area alone. He seemed to treat shareholders with contempt at that point of his address. I understand that combining the landholdings opens up opportunities but the value of that opportunity needs to be quantified and measured against the relative values of the landholdings as reflected in the applied share ratio being recommended to holders. In my view the board needs to give much better arguments as to why they are recommending the offer. The larger scale of the merged entity and the synergies seem to be the only compelling arguments but are we being well enough compensated? Let's see what the expert reports we are supposed to read at Xmas as a "distraction from the grandchildren" reveal. Let's hope they don't just reveal the conclusions that have been fed to them through carefully worded briefings as many of these reports seem to do. Looking at many mergers and corporate transactions in the past I've concluded that we need much better regulation in this country. If you are going to make laws you need to regulate them or not bother making them at all.

Eshmun