Ann: Chairman's Address to Shareholders, page-3

The ‘new nurse model of care’ is probably just leftie lingo for engagement of nurses.

There’s no two ways about it mvf has been found lacking in its ability to engage the medical team. Having said that, they had a tough battle coming out of private equity where half the docs were selling to pe and half, just starting out. It would make for a divisive environment. Then you lose lb who I’d be surprised if she wasn’t the biggest fertility specialist in aus.

Mvf certainly underplayed her departure which was bad form, but understandable. Are the current patients loyal to lb or mvf. Well It turns out it was lb... having said that, where did lb get her patients? I’d say predominantly due to the reputation of the clinic and advertising (word of mouth too to a lesser degree).

Anyway I think mvf is priced at a pe of 10, like a below average business, when in fact we have a really protected industry, with strong growth in areas not affected by lb leaving, with tail winds and a defensive industry.

I’d be surprised if this doesnt revert within a year.