Following analyst presentations and discussions with the...

Following analyst presentations and discussions with the lead/joint lead managers, some feedback for those considering bidding into the broker firm pool.

•   Demand has been exceptionally strong. Piecing together feedback from managers it appears the broker firm book has easily covered the $5b. This is not unexpected given recent large issues like Healthscope HSO.ASX (2.5x’s over) and the CBA Perls (2x’s over), were comfortably/heavily  oversubscribed.
  
  (Healthscope, which owns hospitals and medical and pathology centres, raised $2.5bn in its heavily oversubscribed IPO. It listed at $2.10 a share and closed on Friday at $2.44 - http://www.theaustralian.com.au/bus...t-for-ipo-market/story-e6frg9wx-1227073210287 )
  
  
•   We have been advised that some of the managers have stopped taking bids as of yesterday.
•   We would expect the minimum to be allocated to the general pool applicants that are successful. Ie $2,000. Or $2,000 plus 15% if you pre-registered. Remember 750,000 pre-registrations were received. If half of these bid – 375,000 x $2,000 = $750,000,000 alone. However, it is up to the Govt and their advisors at the end of the day.

Our best guess of an allocation from the “broker firm” pool is in the order of 20-30%.

Please call if you wish to discuss as we are finalising our bids for submission.

Regards