Ann: Appendix 4C - quarterly, page-34

If you speak to Steve you will see he is fairly confident on the US as well as Asia and in my opinion not is the spruiky kind of way. They have been working on the US with their still secret JV partner for months now, the ground work is laid and discussions are done, they now have to deliver on the trial with the MTA, which is slated for October as per the Annual Report. The trial in NYC is a showcase for other US rail operators and as the song goes, if you can make it in New York. The margins in the US will be lower (maybe 30% range?) but the volume uplift is massive with the major networks they are targeting offering contracts of over 80+ screens each. As per the interview, the MTA is 750 to 1500 screens. That's a multi year roll out which alone would underpin up to 5 years of almost guaranteed and high level EPS growth for XTD, all in USDs. There will be equity for this or any other major contract that could come before the MTA, don't be afraid of that as it will be highly accretive given the low paybacks on the screens.