Ann: 2018 AGM Chair, Deputy Chair & CEO Addresses, page-14

Whilst there may be some issues with the trading update, this is clearly oversold.  Just topped up at what I think is a somewhat over reaction and bargain of $7.88. Whilst the statement by Andrew Cohen is not ideal, ie . "We note that 1H19sales are likely to be 10-15% below 1H18 due primarily to an expected $10-15M run-down of tradeinventory prior to rollout of the brand upgrade. Stronger performance is expected in 2H19 as we returnto normal trading and implement key revenue initiatives including the brand upgrade launch" is it really that devastating?.  This is still in the context of Sales increasing 37% last financial year. Even without SAMR approval (which management are still confident of achieving) , their earnings and for the full year is likely to match last years and with approval, skyrocket. Good day to all.