Ann: CSR Limited Announcement of buy-back - Appendix 3C, page-5

I'm quite happy with the share buy-back. Share price has increased close to 40c since the announcement. Plus we should see an increase in our dividends in June due to the fact there will be less shares on offer.

Share buy-backs are a good thing if the share price is undervalued. I believe CSR is undervalued so I see this buy-back as a positive. The company has no debt and have a high yielding dividend. If you believe the company is overvalued and they are wasting shareholder funds buying overpriced shares, then you may want to consider selling your shares.

I'm interested to see how much the company pays for the shares it buys-back. This will give us a good understanding of what management sees as fair value.