Ann: OKN MARKET UPDATE , page-4

Hey Guys,
I am just trying to fully understand the recent downgrade annct. It is vaguely worded and makes little reference to figures, but my interpretation is for a small decrease 1H11, and probably single digit growth in 2H11 (when I believe forecast for 18% growth)- so perhaps 5% earnings growth on FY10?

The Vic branch must be truly woeful if its performance is enough to negate improvements made in virtually every other state (though ACT sounds flatish in the annct also).

Thanks