Ann: Quarterly business update and Appendix 4C, page-8

Most agents in the US just started using the platform to capture reviews (free), not until they want to monetize these reviews by creating an online presence using the RMA marketing tools will they feel the need to pay. Most agents are still capturing reviews and even that is early days. The higher the amount of reviews the more likely they will convert overtime. Bit like the early days of LinkedIn - very few had a paid subscription. It was basically used a free online professional networking / CV tool. Not until they reached a critical mass and the value of the data became apprehend to their users (Inmails, Leads, Navigator etc) did they start converting to real subscription revenue. This will happen overtime. This is not a share of instant gratification but it is the right time to get in if you are OK to go long.