Ann: Business Update Quarter Three Sales Result, page-6

Agency type business models are constrained in growth and profit unfortunately.

I invested on the suggested assumption that funds would be used to pursue an aggressive acquisition program.

Quality acquisitions have not eventuated. Small time mirror type businesses models have been adopted without any meaningful results.

They cannot reduce expenditure due to the massive sales force required to sell NetSuite products on a fixed commission

They have moved the deck chairs around from trying to change focus from small business to big business but the effect on the overall numbers is of minimal consequence