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Masthead Responds

22 April 2005

Masthead Responds

Masthead Equities Limited expresses extreme disappointment that only certain details of its negotiations with the Vertex acting chairman, Mr Frankham , alone have been released by him.

The three simply facts are: Mr Frankham would recommend at $2.09 a share - but Mr Maier will not

The dysfunctionality of the Vertex board has now reached new depths

Masthead has been anxious in its negotiations with Mr Frankham not to allow the merits of its offer to be confused with other matters that have now been in dispute for several months. It is simply wrong for matters concerning Mr Boyle and Mr Maier personally to be allowed, as they now have, to affect what were intended to be private and confidential discussions and negotiations between Masthead and Vertex’s chairman.

A $2.05 a share price is very fair and reasonable, the more so in all the circumstances.

Market reaction to the increased offer has been extremely positive. Masthead is very confident that the 50.1% threshold will be exceeded.

ENDS

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