Ann: Quarterly Update and Appendix 4C, page-5

Metrics are shocking
- Revenue % down ~2% of TTV
- Despite that bad debts have stayed constant and NTM has dropped to 1.6% for the half and 1.1% for the quarter.

The revenue % drop tells you they are losing their niche and that the money is in shorter plans.

Also the cost of the US team and advisors must be squeezing these margins. CR on the way guys.

We are years from success.