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Disclosure Of Independent Advisers Valuation Range

Disclosure Of Independent Advisers Valuation Range

Mike Pero Mortgages Limited has received two Takeover Notices from MPMH Limited (MPMH) within the last three weeks.

MPMH has advised that the second Takeover Notice was sent to give it flexibility in relation to the timing of its offer given discussions that MPMH is engaged in with the Takeovers Panel. The terms of the offer outlined in the second notice are the same as those for the initial takeover notice. In particular, the proposed offer price is $1.10 per ordinary share and $0.04 per option.

In response to the first offer the Company established a Committee of Independent Directors. That committee commissioned an Independent Advisers Report (IAR) from Horwath Porter Wigglesworth. A draft of the IAR has been received which includes an assessment of the valuation range of the Company’s shares.

The valuation range in the draft IAR is $0.88 to $0.95 per share.

The Independent Committee recommends that shareholders wait for an offer to be made before taking any action in relation to their shares in the Company. The Independent Committee expects the offer to be made sometime after 8 August 2006. The Independent Advisers Report and Target Company Statement will be released shortly thereafter

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