Ann: Announcement of buy-back - Appendix 3C, page-14

Thats what the notice says -"acting on behalf of CDM". It is unlikely that they would be paying anything like the charges retail clients would be paying for buy orders - it would be a negotiated price if not included in a fee for other activities. It is likely they do this to ensure that they buy share parcels within a nominated price range immediately they are available and does not cause CDM to watch the market 24/7 to get them. We also do not know what other fee arrangements CDM might have with CMC which might include these activities. Personally I would prefer that they are not paying any commission as the NTA and SP performance of this LIC has been terrible over the last 12 mos and a buyback does not seem to be doing anything to improve it.