Ann: Update - Notification of buy-back - HLI, page-8

I think its just Australia. Very hard to be classed as growth. This certainly isnt growth as market sees this as expensive insurance for a minimal risk. Then government scheme is free as I understand it. Add to that financial institutions thinking this is easy money.

So then its Australia where you can almost determine the share price by taking the dividend and multiplying it by a multiple. So banks are required to pay x and other companies y. I can show you a company that pays 100% and one that pays 80% same jndustry and the one paying 80% just has a deeper discount.

I think they are doing the right thing - reducing the number of shares and using cash. Later in the vyvle maybe they will have to start placing shares to get more capital in when this financial madness is over.

I think they are fairly rewarding us. The 30c fully franked normal dividend is fsir. ghe special is a bonus to satisfy the greedy.

Then the buyback is just cash management and is goid for all of us. The NTA of $3.63 is fine so a buyback @ $4.00 is okay by me. I just want them to manage this very tightly and do right by all of the stakeholders.

I think they have done a good balancing act to date.