Masthead Queries Abano’s Objection to Takeover

News Release

Masthead Queries Abano’s Objection to its Partial Takeover

16 November 2007 – Masthead Portfolios Ltd today questioned Abano’s rejection of its $5.00 per share takeover offer on the basis it was a partial offer.

Masthead’s Mark Stewart commented: “We are putting real money on the table here. We are not doing so to make a loss. If we are successful it is our intention to ensure that this company will be as successful as it can be. We are paying a full price which gives shareholders the opportunity to lock in the upside, which may or may not be delivered, in advance.”

Mr Stewart added he was aware that a party that had completed due diligence on Abano had pulled out of negotiations with the board. He called for the Abano board to immediately update shareholders as to the actual status of negotiations with parties, including any doing due diligence.

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