Ann: Profit Guidance Update, page-11

Kearney,

I contacted Tim straight after the announcement. He is always very direct and forthcoming. He couldn't give much information but he told me what I wanted to hear. I can't quote him but I will provide a summary

Basically at the AGM they didn't have the confidence or the highest degree of certainty so that's why the waited. My question to him was in relation to the volatility we have seen over the last year or so with upgrades and SP spikes and falls after revenue growth wasn't there. He said the problem, which many of you may already know is that 75% of shares are owned by the top 20. He said the number of smaller shareholders has increased over the year and this might be the reason by the volatility.

As he has said before he is not overly worried about the SP and more interested in safeguarding our assets and longer term profitability.

Hope this reveals a bit more.