on the way up, page-20

re: on the way up (troskolo) This would have to be either CBA (with 8.1m shares on hand), or ING Australia (with <6m shares on hand).

On 12/12 (ASX 17/12), CBA advised that it had reduced its interest in NTG from ~15m shares (12.13%) to ~13.1m shares (10.78%). This was followed up on 13/12 (ASX 18/12), when CBA further reduced its interest in NTG to ~8.1m shares (6.69%).

On 13/12 (ASX 18/12), ING Australia advised that it had reduced its interest in NTG from ~10.8m shares shares (8.77%) to ~8.1m shares (6.66%). On 19/12, ING ceased to be a substantial shareholder, having sold a further 2m+ shares, and reducing its residual holding in NTG to below 5% (ie: below 6m shares).