substantial holder notice, page-2

looks like buying has started on TPAPA.


7.35% fully franked dividend at $58 = 12.7% per annum fully franked or equivalent to 18% gross. Bit high perhaps, hence the rally in TPAPA. Probably market only working out TPAPA stepped up from 2.5% to 6% over swap



DISTRIBUTION RATE FOR DISTRIBUTION PERIOD ENDING 31 MARCH 2012
The Distribution Rate for the distribution period ending on 31 March 2012 will be 7.35% per
annum, fully franked. This has been determined under the Transpacific SPS terms as follows:
(Market Rate of 4.5%1 per annum + Margin of 6.0%2) x (1-30%3) = 7.35%
The record date for this distribution will be Friday 30 March 2012 and the payment date will be
Wednesday 18 April 2012.