Ann: Full Year Results 2017, page-12

All should take note of guidance provided with the results.

Key points:

- Results are stacked towards second half (as always but provides uncertainty)

- They anticipate next years results lower than this years (due to investment in marketing, ie setting up for future). The market may not like these when they come.

- Each Page was marked confidential (seems odd for a publicly released document).

Overall a good company, but I’d expect volatile and I’d only look to accumulate in times of weakness (which is just a matter of being patient).