Ann: Appendix 4D half year report , page-6

Boffa - apologies for the delay.

I too am in the industry - I agree, the biggest two problems are 1 - the bulk of investment home owners had a preference for the "corner store real estate agent" as opposed to centralisation. 2 - the market not understanding how we value our management rights.....

The fact is for most capital cities in Australia for every dollar of management fees the agency is worth $3.00 to $3.50 on the balance sheet.....

Has a few strong backers though.....

R