Ann: Share Purchase Plan Completion, page-10

Obviuosly we would all like more shares under the SPP and instos are an easy target. However, we have actually done better than the average instituional holder. The raising was for something like 15% of the equity on issue. As retail holders we just got an option 50% of our current holding and the optionality retail holders got was useful as well (i.e. waiting to see if the price went up before subscribing). The only retail holders that would be diluted (if they applied for the full amount) are those with holdings in BAP over about $200K in a single acc name. Not many retail holders I think.

Anyway, as retail investors we need to be hyper vigilant that we are not diluted, so I fully support all of you questioning each raising. Just in this case retail holders did better than the intos overall - as it should be!