analysis of top 20 changes & conclusions, page-38

Report as at 31 August 2010

Rank Name No. %
1 NATIONAL NOMINEES LIMITED 136,663,461 10.80
2 MR JAMES MICHAEL O'DWYER 57,011,770 4.51
3 MR ANDREW WINSTON DOYLE 29,559,999 2.34
4 ANZ NOMINEES LIMITED 29,493,485 2.33
5 TRAVIS REDDY + ELINA REDDY 27,900,794 2.20
6 CITICORP NOMINEES PTY LIMITED 26,405,629 2.09
7 O'DWYER INVESTMENTS PTY LTD 23,687,184 1.87
8 DUTCHESS OPPORTUNITY FUND II LP 18,478,022 1.46
9 MRS VIRGINIA WARNECKE 15,028,577 1.19
10 DELPHI SYSTEMS PTY LTD 9,060,194 0.72
11 MR STEPHEN PERROTT 8,500,000 0.67
12 MR GORDON MENZIES WILSON 8,025,695 0.63
13 MR DAVID JONATHAN GREGORY 7,200,000 0.57
14 MR ROBERT WILSON 6,612,767 0.52
15 COMBINED VISION PTY LTD 6,450,512 0.51
16 MR ANDREW WINSTON DOYLE 6,195,000 0.49
17 MR TIN SHEUNG LAU 5,600,000 0.44
18 MR PETER BICEVSKIS 5,500,000 0.43
19 MR PAUL JEREMY HAY 5,385,743 0.43
20 MR PHILIP GLENN BAILEY 5,239,308 0.41
TOTAL 437,998,140 34.61

Report as at 31 July 2010

Name No. %
1. NATIONAL NOMINEES LIMITED 140,082,381 11.47
2. MR JAMES MICHAEL O'DWYER 57,011,770 4.67
3. MR ANDREW WINSTON DOYLE 35,223,012 2.88
4. ANZ NOMINEES LIMITED 28,634,596 2.34
5. TRAVIS REDDY + ELINA REDDY 27,900,794 2.28
6. CITICORP NOMINEES PTY LIMITED 26,298,629 2.15
7. O'DWYER INVESTMENTS PTY LTD 23,687,184 1.94
8. MRS VIRGINIA WARNECKE 15,028,577 1.23
9. MR GORDON MENZIES WILSON 12,025,695 0.98
10. MALCO (PNG) LIMITED 10,204,081 0.84
11. DELPHI SYSTEMS PTY LTD 9,060,194 0.74
12. MR TIN SHEUNG LAU 8,600,000 0.70
13. MR DAVID JONATHAN GREGORY 7,200,000 0.59
14. MR PETER BICEVSKIS 7,000,000 0.57
15. MR ROBERT WILSON 6,612,767 0.54
16. COMBINED VISION PTY LTD 6,450,512 0.53
17. MR STEPHEN PERROTT 6,000,000 0.49
18. MR GRAHAM BUGDEN 5,771,570 0.47
19. MR PAUL JEREMY HAY 5,385,743 0.44
20. MR PHILIP GLENN BAILEY 5,239,308 0.43
TOTAL 443,416,813 36.28

Comments (changes are aproximations)

National nominees : Up 3.5mil
MODwyer : unchanged
AW Doyle : Down just under 6 mil
ANZ ominees: Down just under 1mil
T & E Reddy : Unchanged
Citicorp nominees : Unchanged
ODwyer Investments : Unchanged
Duchess : Up 18.5mil
V Warnecke : Unchanged
G M Wilson : Down 4mil
Malco (PNG): Out of list , sold/transferred > 5mil
Delphi : unchanged
S Perrott : New in list +8.5mil
A W Doyle (2nd acct) : Up 6 mil
T S Lau : Up 3 mil
P Bicevskis : Down 1.5mil
P J Hay : unchanged
P G Bailey : unchanged

Comments:
MOD still not selling
AW Doyle trading previously acquired/getting new issues
(AWD will likely be the biggest individual shareholder before much longer maybe the biggest altogether - might want a seat on the board?).
Duchess taking up their equity issues. Don't know if they've sold any, you'd need to go through the notification of issues to find out
New indiv. shareholder S Perrott 8.5mil
Bicevskis, traded a few.

Overall: %ge of the top 20 down by 1.67% - ie some new smaller shareholders a still slowly buying in, increase of 5.4mil shares to other than top 20.

Dilution proceeding. Aprox 2.7% dilution in August due to new issues for rights & .001 options.

Outlook.
Larger dilution to occur in Sept due to new issues from rights issues plus likely take up of .001 options. However, cash position will be strengthened.

Sp still .008/.009, lots for sale at .009. Needs a good announcement or a longish wait to get rid of these. However, after issue of rights shares at .01, my guess not many more likely to come on the market at < .01 unless some bad news - presumes most of those who are selling to finance rights have already put them on the market.

Next month: Will be interesting to see how many top 20 have taken up their rights issues without selling any.