Ann: Results of Meeting, page-12

It cannot be in the indices as I understand it because the free float is very low. Free float is only around 2.3%. However, in market cap, you value all the shares. I think its a good investment at these numbers but the CAPEX worries me $1,3 bn in the JV and only $800m in normal depreciation and $177million loss so around $630 million in cash flow to fund capex. The good thing is I think they have copied the best Telstra offer - NBN with Mobile broadband backup. For the first time in 7 years, I am looking at their offers. I like the Vodafone input, I don't like Hutchison and 3 and I worry that they have a lot of debt and the big hole they have dug will take a long time to dig out of. However, that said I think everyone hates Telstra and the problems they have had lately suggest that we will see more migration. Optus and Vodafone will benefit. I am not sure how TPG plays out I cannot see how another player survives here. I think it may all be very expensive but they do generate large wads of cash to pay for the privilege. Vodafone is correct Broadband and mobiles are a bundle these days.