Ann: Update - Notification of buy-back - GMA, page-2

60% of the way through the buyback - still 34 trading days left on the current program (assuming they stay active right through December). On current run rate will get the $100 M away by the end of the year.

And still the PCA coverage was 2.02 x as of 30 September even after paying the 12 c dividend (~$ 45.2 M) and buying $27.6 M in the buyback during Q3. Assuming the full $100 M is completed before year end - it's a similar capital management spend this quarter ~ $73.4 M

I note there were still some investment losses in the Q3 GIILS report, I'm assuming more mark-to-market losses with higher running yields. As the investment portfolio matures, and future upwards interest rate movements slow, we will see a contribution to the capital base (both technical and shareholder) that could see a large intra quarter jump in PCA coverage.

We're running to stand still on capital management, I think something beyond the current buyback will be announced before the end of the year.