Ann: Estimated operating profit for y/e 30/6/09 , page-2

re: Ann: Estimated operating profit for y/e 3... So ARG has announced this morning an expected fall in operating profit of around 10%. This matches MLT's prediction of a 10-12% fall, though unlike MLT, ARG has not hinted at a potential dividend cut.

Considering ARG has had a payout ratio in the 90s over at least the last five years, I don't think it would be unreasonable to expect a cut in the final dividend this year.

If the full year operating profit is down 10%, and the directors cut the full year div by an equivalent amount, then we might be in for a final div of around 13cps (minimum).

Who thinks they will maintain the final div at 16cps?