2007 profit and dividend, page-2

sorry to burst your bubble but FY07 profit will be $43.4m* and dividends on this profit only accrue to pre IPO shareholders. The first dividend IPO shareholders will receive will be in april - whether any dividend is paid will depend on how materially increased funding costs have effected costs. In my opinion the 25 basis point increase on XCP will be the worst of the cost jump and within the next six months rams will be able to refinance its Prime 1 debt into long term AAA RBMS at rates 10-15 bp above current. This would indicate a cut to profit in the region of 17.5m on FY08 prospectus and give a NPAT above 40m and eps > 11.5cps.

On this basis I expect RHG will return tp trading at around 1.50



* as per prospectus