Ann: June Quarterly Activities Report and Appendix 4C, page-178

Trading price aside, I’m very satisfied with the progress being made. After letting the figures sink in I’m starting to focus a little more on the merchant to consumer ratio rather the dollars at this stage. At a quick glance of Zips figures they’re running 7.3m consumers to 51k merchants 143:1 ratio, where as we currently have 773 consumers to 199 active merchants 3.8:1 ration. Yes the dollars are important but for now I’m focusing on our consumers, if we can keep the momentum up along with additional merchants coming online I can see the ratio explode in the coming quarters.