Ann: Intiger Market Update, page-155

1. Timing difference - I think means revenue generated by new clients have been slower than hoped and utilisation of services by each client has not been in full. What he has not said is that revenue for previous new clients from previous announcements have not been maintained.

2. Milestones - typical case of until something hasnt happened you remain optimistic that it will happen. That's how you treat retail consumers.

3. MOU - I think they signed up new clients but refer to point 1. Even if they sign up major dealerships they need to find a way to convince individual planners to use the services. Unless it is with a major whereby the planners are effectively employees of the company.

GLTAH