Ann: Daily share buy-back notice - Appendix 3E, page-4

Cooper - i think the SP reaction for Gap highlights why certain people make money in the sharemarket and others don’t . One buys gap not for a half year result or even a full year result but should buy on a DCF calc or NPV of future cash flows . Since the announcement that they will miss profit by 1-1.5 m the market has dropped the value of the company by 11 m odd . Now we know the two reasons why the NPAT is slightly lower , week grain season in Aus and weather in the US . Both short term . Add to this the rollout to the huge dept chains in the US is not even 1/4 complete and to me it becomes clear why management would see this as a buy at mid 30s and in the interest of LT holders. If they can show growth in 18-19 the market is sure to rerate them of the very low sub 11 PE. Business with Sub 11 PEs and strong balance sheets and cash flow are pretty rare. The stock is a bit boring and thus perfect for my SMSF . I will hazard a guess they will be closer to the top end of their profit guidance vs the bottom end