Ann: Response to ASX Query Letter, page-319

Agreed. If you look at the timeline of the announcements mentioned by the ASX regarding this issue and then sit them against the SP they made no great impact. Indeed it was only when the reporting of actual annualised figures came into play that the SP started to properly appreciate. I would suggest that those figures also proved ISX's previous estimations, the issue being one of timing and granularity. Was it clear that the pre-April updates were using estimations? Forgive me if I'm wrong here but annualising involves some extrapolation right?