Ann: Appendix 3E - Correction, page-22

If you aren't a domestic investor I'll just give u a rundown on what franking is. Bluescope cannot frank atm. In Australia we have a taxation system call and imputation system, meaning when corporate profits are taxed the government gives the corporations a tax credit called a franking credit, these credits armrest tax offsets and are given to shareholders. The credit basically offset the tax paid by the company for dividends, meaning no double taxation. franking credits are automatically handed out to shareholders in Australia. Bluescope has no credits at the moment, it has large losses from many years ago meaning it pays no tax at the moment hence no credits as there is no tax to refund. Cheers Sam