Ann: April Sales Update on eCommerce and Coles, page-33

Haven’t you listened to the webinar. AT gave you a personal message. “Even blind Freddy can see that we are not going to raise the full amount”. Then went on about other funding methods and the fact that he would keep dilution to a minimum.

When you pumped this the SP went nowhere, since you have down ramped it has doubled. Keep going.

Doesn’t sound right to me, your quote has more to do with the better margins and higher sales through the ecommerce. Coles does serve its purpose. I’ll leave it to the others to address it since they seem to have better handle as to what is happening at Coles