Ann: Appendix 4C - quarterly , page-8

one slight hitch is it appears the US 51 percent owned ConSova may have done quite well in the 2nd half of 2014. This may make the EV/EBITDA analysis not look so compelling, but still cheap all the same. However the write-down, and the signing up of a new bank debt facility actually read quite well. Hopefully the write down will make headline reported NPAT look stronger as there wont be as much amortisation. The move to formalising the debt may also the company more transparent, as the leading shareholder should no longer be lending money to the company.