Ann: CEO's AGM Address and Presentation-SRX.AX, page-18

My 2c re: AGM ..

1. As you guys know, there was absolutely nothing new reported.

2. My main contention (taken up directly with a couple of Board members and the CFO) is that on one hand we are to accept that SRX is a growth company (so low dividend payout ratio etc ..) but on the other hand we are to accept minimal operational updates and telco / bank-like outlook reporting (eg meaningless "double-digit" growth). These points were accepted, but as best I could determine, they adopt this strategy as they are not the type of people who are happy to service pesky fund managers / investors who want an explanation about variable performance on even a quarter by quarter basis.

3. Board and Management seem to have morphed from an "under-promise over-deliver" strategy to a "promise-nothing, leave it to the individual to assess the quantum of delivery " strategy. We're effectively being asked (politely) to mind our own business and leave it to them.

4. There's no question that the Board and CEO are staid. To this end, my interaction with Dr Woodthorpe was the most disappointing. As the newest and youngest Board member I was hoping that she would offer a slightly different / more dynamic perspective than those who have been involved for over a decade. If anything, she was the least sympathetic to concerns about being kept in the dark - effectively citing the company's performance over the previous 10-12 years and the fact that there are worse-performing healthcare companies as the reasons that we should be unconcerned in this regard. The fact that under her stewardship - which largely coincides with decreasing disclosure - shareholders have suffered negative TSR, did not appear to occur.

5. I'm not sure why Gilman was so keen to report on the 20/20 Vision as there is diminishing relative investment in pillar 2 and nothing to report (with nothing on the horizon) in pillar 3.

6. So growth will occur. The company will continue to be well managed and risks mitigated as well as possible. Can't see the oft-promised "step-change" in sales until we get a trial that proves an OS benefit. Is the growth and chance of the step-change worth a PE of 20, 30, 40 is the question .... and it wasn't answered today.

$4.

PS: It was great to meet Cafa and Gareth. If there ever is a move to liven up the Board, we could do far worse than nominating Cafa ...