Ann: Resignation of Managing Director / Appointme, page-41

re: Ann: Resignation of Managing Director / A... Hi Noellyn,

Capital returns are a bigger benefit to shareholders with a high tax rate and who have enough cost base to offset the 10c capital return.

Secondly, EXS may not expect to pay enough tax during the year to fully-frank the whole $135m distribution.

You are absolutely right that a franked dividend can be paid separately to the share capital return and can be done without delay. I can think of two reasons why they are waiting to do it as one distrobution. Firstly, it saves on administration costs. Secondly, it would feed into the overall calculation of the amount of the franked dividend, i.e. if the ATO state that the amount of the possible capital return is higher or lower than 10c per share, then the amount of the franked dividend will be adjusted.