Ann: CEO presentation to shareholders , page-4

Fall in revenue is a myth. Overseas revenue drop was the big negative. But that business was gone in April.

1800 Reverse in Australia was flat but profitability has increased substantially with Telstra renegotiation. The Vodafone revenue will come into play this year and therefore increasing revenue.

The TriTel drop in revenue (minor business) did not affect overall profitability. It was profit neutral and is expected to stay that way.

The OZ contacts business has gone from no revenue to $1.2 million in 12 months and increasing.

The increasing cash at bank tells the story.

I don't want a capital return. The IT market is hot at the moment and REF is in the perfect position to take advantage of that with a good acquisition.

Any fall back from here is a buying opportunity.