Ann: Appendix 3Y - Barry Buffier, page-27

I wouldn't expect any big move with the start of the buy back. $75m at current prices equates to approx 8% of the total shares available or 49.3m shares. Given average daily turnover over the last 2 weeks is approx 10m shares, and they are likely to stagger the buyback over the next 3-6 months so as not to distort daily trading ranges, it will likely have little impact on the share price short term. However, over time and once completed the resulting EPS boost will clearly be beneficial.