Ann: Appendix 4C - quarterly, page-4

The trend line is good. I think the numbers are somewhat disguised as we don't have any breakout of the product lines. Just the two revenue lines, sustainables and add ons / usage. I would like to see more but i guess that is their decision to keep it under their hat. Cash will become the issue in 2018. Looking at the detail they have upped the ante on marketing and not so sure they are getting a return for their dollar here. I guess that means we kick the stone down the road for another quarter before we understand the real cash needs of the business.

Back of the envelope: usage line growing 300% approx on quarter (more installs to happen) so next 3 quarters should have same growth so call it 70k then 210k then 600k - i know this is a bit of a stretch but shows what this sector may be worth. sustainables slow at 10% growth and if they can also get govt rebate next year then they will be much closer to break even in 12 months so suspect they will do a cap raise by this time next year but will hold off until their price moves up a bit, so not around the corner. on this basis i think the raise will be smaller than last time.

My enthusiasm for the stock remains but would love to see things moving a bit fast and the share price move above 6c (well short of my previous 10c expectation).