Ann: Investor Update, page-30

As a shareholder, it is extremely frustrating as if they had of paid out the cash, we would be sitting on some material profit right now. However the cash pile continues to dwindle and although the $0.04 special dividend last year and 100% payout is welcomed (and that $0.05 special dividend too). I feel like there isn’t much to show for the cash spent as sp is still criminally undervalued imo. I’m ready to side with the new management if it means a large special dividend and more cash returned to shareholders, as I feel that’s key for unlocking value in the sp, and I feel other shareholders would agree with me that they would of preferred a large special dividend at the start back when they sold morrisons.