Ann: Appendix 4D, page-9

Russel made the point should revenue reach $50 million, it is equivalent to a $1 billion valuation based on P/E of 20 and comparison to other SaaS model peers.

You've already seen client take up and growth in the limited time this has been in operation.

They are doing things the "Leanne way" to quote Russel in previous correspondence.

The Leanne Way definetly worked for Xero.

Based on current shares on issue of 361,909,745 (I realise there are others that are escrowed etc) -

This equates to around $2.76 per share.

Am I dreaming? Maybe.

Is it within reach? Of course.

We are already sitting at annualised revenues of $3.2 mill which is not taking into account Jan and Feb of this year. The growth can certainly be exponential.

Cheers,

Bern