Ann: Market Update , page-2

Back of the envelop calculations

Mgt forecast: normalised EBIT 2H12 = A$28m

Borrowings@ 31.12.2011 = A$144m

My stab at normalised EPS

My estimate of interest 9% of $144m = A$13
Full year normalised EBIT = $56m
Earnings before tax = $43m (56-13)
Earnings after tax (less 30%) = $30m
No of shares = 140m (I think)
EPS = 21 cts

P/E @ 51cts = 2.4x

Please do your own calculations. Any mistakes that you can identified is greatly appreciated.

IMHO HST's profits / ops appears to have steadied. But SP not reflecting this. Maybe investors waiting for more info on 29.2.2012

Cheers.