Ann: FY2018 Full Year Results Presentation, page-7

Think long term ignore the noise.

Remember there are a lot of aging people who will need to be looked after.

They will want to stay in renovated nursing homes with superior care and service. Not all will want or can live on their own as they reach their last years.

What JHC and REG EHE are competing against are the run down, under resourced and poorly funded and quality providers. There is plenty of room at the top and middle.

No one wants to stay at a dodgy motel let a lone a nursing home.