Ann: AGM Presentation, page-9

It was quoted in the media earlier this year that private equity would look (we’re looking) at this roll up in any plan for Vocus (ie, SLC + VOC). I also don’t think we’ve seen the last of PE sniffing around Vocus. I think they walked away cause they thought they could come back in 6-12 and pick it up cheaper if not for cents on the dollar.

Any acquirer of SLC or a combo would need to significantly pay up with Bevan’s majority stake. Another consideration to any activity is that the IRU for Singapore has a substantial change in ownership provision which is quite a good card to have up your sleeve if you are SLC as a defensive position.

To be honest I don’t want any merger or takeover.... being quick and agile and with a superior Board and management team, I don’t think SLC needs Vocus’ legacy problems. Need to also remember that SLC has a long term IRU to use Vocus’ network. At the time that IRU was signed, it was said SLC was the winner out of that deal. SLC have also picked up key technical and sales staff from Vocus over the past year and with more capacity taken on sub partners than Vocus sub cable play are in a much better position. Disregarding current market caps, it could very well end up playing out that SLC can continue to pick up the talent and assets they want from Vocus.

I do think SLC should consider buying Macquarie Telecom and/or Bulletproof.

Due to the fibre play across pan Asia ....watch PE and 5G players (telco or tower cos)become keener for SLC over the next 3-5 years.