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Dear James,

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Hello James and all.

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Hi,

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Thanks for your continued good work in selecting stocks with potential. Investors in CIM (Cimic) this week received ACS Spain-owned Hochtief’s offer document which considerably undervalues CIM at $22.00, and which contained Hochtief’s veiled threat to de-list CIM once they get their required 80% ownership proportion. I can’t imagine many of the shareholders who paid substantially more for CIM on market selling out to Hochtief at this ludicrous price, but I’d be interested to have MM’s view on how this whole saga may eventually play out.

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Hi James et.al,

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Hi James and MM team,

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CWN have advised the ASX that no interest will be paid in March or April. As these Hybrids reside in your Active Income Portfolio (and as I have invested in same) I am interested to hear what you know about the non payment of the interest and your current views as to what outcomes are likely for these hybrids moving forward (bearing in mind the possible CWN buyout)

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James,

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James,

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Hi James and Team

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