Ann: Media Release December 31 2016 Results, page-4

In the Alan Kohler interview with jefferey Cheetham the major push ?2 years ago now the major push at that time seemed to be in North America with the hiring of new sales staff (instead of the 3rd rate people they hired previously because they were all they could afford) and Brazil with the packaging plant designed so that they would not be levied tarrifs? in south american distribution.

Revenue was supposed to accelerate because we were down to about 70cents to the USD instead of parity. Net results seems to be revenue in North America despite the investment in expenses to hire better sales staff.

They don't seem to have benefited greatly from the currency tailwind since coming down from parity with the USD but are blaming the brexit currency headwind for the poorer results.

Overall worse than I thought it was going to be. Anyone know how much seasonal variation there was traditionally in earnings and if it really is that significant?