Ann: Appendix 3B , page-4

Not to be a pedant, but I am very particular when it comes to the maths:

1. At the interim dividend last year, 94.48% of the issued capital participated in the DRP.

2. Through the year, the shares added through the DRP all else held constant would have resulted in an uplift from 94.48% participation to 94.74% if no new participants opted in and none opted out (the buyback marginally distorts this, but given the relatively small size, I ignored this factor)

Ergo, given that the interim DRP participation was 95.84% this year, the 1.10% of additional holders that participated in the Interim DRP at this year were 'new' participants. This in simple terms means that 20% of the (5.52%) capital base that elected not to participate last year this year elected to participate. 4 more years like that and the entire register will be participating...

It could be that some accumulation by existing participants added to this figure, but there must be at least some new participants I believe - Eternalgrowth