Ann: Appendix 4D / Interim Financial Report HY17, page-26

After much deliberation I have sold out here at a loss. I still think that the business is fairly priced but my original investment thesis has broken down and I have decided to cut my losses and stick to my investment methodology.

My biggest concern is a qualitative one- is whether there is a really defendable moat in this business. I think Mitula may get there (probably a 60-40) but I have to stick to my process.

Good luck!