Ann: Notice of Extraordinary General Meeting/Proxy Form, page-51

Reece has been thru it all before and thrived – any slowing in the residential markets offset by spurts in renovations as people enhance the attraction of their properties and core plumbing business grows – 3^rd generation and more mouths to feed ensures dividends continue at good levels and makes the prospect of a takeover more likely – Tradelink revival? – Masters had little to no effect on Reece and Bunnings are in a similar category with a different market philosophy to Reece – acquisitions are logical and have a synergy with the core business and from the outset are generating good profits and opening up wider markets and clients – the recent share split has been successful – the demand for new housing will continue – Reece have always proved themselves to be professional and pro-active in staying ahead of the game