Ann: Appendix 3B , page-6

Hi EG - nice review, and it's good to be a pedant when it comes to analysis!

I just ran the numbers and got very similar result to you, although when I calculated for share buyback assuming that shares were bought back from non DRP participants, participation if no new participants went from 94.76% to 94.80%

2012 interim: 94.48% actual participation.

2013 final: 95.04% actual participation, 94.77% assumed if no change to participant DRP instructions, 94.80% assumed if no change to participant DRP instructions and buyback factored in.

2013 interim: 95.84% actual participation, 94.85% assumed if no change to participant DRP instructions.

So, a 1.01% increase in DRP participation not due to DRP concentration.

I suspect you're also right about the accumulation by existing DRP participants. I was two who accumulated slightly during the year.

I think it will be slow going to increase the percentage participation from here though. Even small holders have a relatively large effect when there is less than 5% not participating, and SMSFs are not able to participate in DRPs.