Ann: Appendix 4C - quarterly-XTD.AX, page-9

Free cash flow was lower than I expected. I would say there was quite a lot of expenditure bedding down the Indian deal and a high travel expense. Last year they made a loss of $1.79m but if you add back Amortisation of $124k, share based payments of 1.59m and depreciation of $1.16m then they actually made a profit of $1.09m. At the current share price this puts them on a PE of 15. CL is doing very well now with over 60k users and they are at a point where advertising trials can be done, so I will leave it up to others to provide a value on this. If they do a deal overseas or if India proves successful then the majority of this revenue will drop to the bottom line as most overheads are pretty fixed. The market has priced in the current business so any future wins overseas and validation of the CL model would make this business worth much more.