Ann: Annual Report to shareholders, page-8

Perfect.

Now, hopefully you can see:

1. At circa $70m annualised, Avenue should add around $7m ebitda, allowing 600basis points margin reduction on CCX brand. Assume Hips&Curves contributes nothing.

2. Growth trajectory for CCX US partners (heard of Belk?) and online US sales growing 10% plus comps on base, sales in FY 19 roughly $30m only, runway potential significant, likes of legacy store network NBLs can only dream of, coupled with beautiful online pure play US exposure. Keep close eye on follower portal growth re platforms such as CCX USA Instagram, facebook etc.

Encourage to invest some time understanding each business’ dynamics.

All the best.