Ann: Appendix 3B , page-23

JWT -

I believe the 1c is fully paid at time of issue.

I wanted to check this assumption and so went back to the AR and compared the Cashflow financing section with the Contributed Equity notes in the Annual reports.

Here the value associated with "Proceeds from issue of shares" in the financing section of the Cashflow statement is equal to the yearly contributed equity (i.e. the difference between the "opening balance" and "closing balance") per the Contributed Equity note.

This held for the 2 years I checked. 2005 and 2010. This supports the belief that that shares are paid to 1c at time of issue.

Cheers,
Ferg