Ann: Investor Presentation, page-32

Hi Vmk, I have a question from the Investor Presentation. Before getting on to that I'd like to say how much I value your commentary on LVT.

I note page 18 shows potential addressable market. Their $13b p.a. assumes all 300,000 potential customers average their current $43.6k p.a..

My question is, does their current customer base ratio roughly match the 100-800 & >800 numbers shown? My impression is that LVT's current customer base is more the >800 type, which would mean the average revenue per customer will reduce as the more evenly match the overall ratio shown as making up the 300,000.

If my assumption is correct it would likely significant reduce the potential market revenue size down from $13b.

Hope this makes sense.

Kind regards
Max