Ann: Update on Operating Model Review-WOW.AX, page-68

every business closes sites, sites that prove to be unprofitable, WOW, WES, Aldi and Cosco all have different operating models and in Aldi case they are a private company we already have a large credit group downgrading WOW however WOW and WES are not just about supermarkets Wes is unquestionably better managed while WOW have it seems only recently started moving out of oak lined offices then there is MTS, all these businesses are revising their models, from my perspective the COLES brand is most at risk due to the very limited scope they have to compete on product/price , Woolworths are definitely improving in terms of the quality of the offering and closing uneconomic sites particularly where they own the site is a sensible approach to capital use--these are only my opinions, and while some may believe WOW is worth under $20 personally I think its worth $26-50 it will be to late to buy waiting for a price that is in agreement with an analyst who offer endless opinion which in most cases is wrong