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Year 2017 2018 2019 2020 Share price $33.95 $25.48 $34.05 $28.42 Retained earnings $2,610,195 $2,842,357 $2,737,021 $2,444,500 Dividends per $1.21 $1.18 $0.93 $0.76 share Constant

Year 2017 2018 2019 2020 Share price $33.95 $25.48 $34.05 $28.42 Retained earnings $2,610,195 $2,842,357 $2,737,021 $2,444,500 Dividends per $1.21 $1.18 $0.93 $0.76 share Constant annual dividend growth rate (g) for AMPOL Ltd D2020 = D2017 (1+g)4 D2020 = (1+g)4 D2017 (0.76/1.21)1/4 = 1+g G= -0.109760

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