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IiNet Shareholders Grab Stock

IiNet Shareholders Grab StockTPG’s original offer for iiNet, details of which were
revealed in March, was cash only. However, a competing offer by M2 led to TPG
revising its offer.

The revised offer, which received the unanimous support of iiNet’s board, gave
iiNet shareholders the choice of either cash or TPG shares (at a ratio of 0.969
TPG shares per iiNet share).

TPG shares available under the revised offer were capped at 27.52 million.

Because demand for TPG shares exceeded the cap, the scheme will be subject to
scale back. IiNet shareholders with fewer than 96 iiNet shares will be treated
as having opted for cash.