Ann: Quarterly Activity Report and Appendix 4C, page-4

Movements compared to the last quarter are shown below - increases in all categories which is to be expected with the bonus options being exercised.

There is a 7.4% increase in the number of shareholders overall, which is pleasing to see as the story spreads - the last three quarters have been increases in numbers overall. This increase is evident across all categories, with the largest increase this quarter within the 0-1000 share category (500 new holders - new retail?). The over 100,000 category continue to accumulate and increase in numbers (which I interpret as very bullish). Under 18% of the total number of shareholders hold 91.4% of the value of Race (last quarter this was 91.4% as well), which I find very reassuring as these are long-termers and will help us ensure we achieve maximum value come negotiation time.

Increased number of shares overall is 5.1M shares (3% up) which correlates to the effect of the new shares issued from the bonus options. It is reported that 6,713,931 new shares were issued overall from the exercise (with 1.33 Mill being exercised and reflected in the prior quarter). The difference largely is therefore now showing in this quarter.