Ann: FY17 Half Year Investor Presentation, page-40

Plenty of volatility. US focus is in ERCOT so start there. Prices published as they are here and easy to find on web. 15+ days in last twelve months with peak prices over $7,000 per MW. Offsetting that though are many more demand management programs and while many are not perfect they are large scale program. While growth in the US is great we have heard that story in AUS for a long long time and only now is the market realising that ERM lead with price (i.e. margins) so now they are left with out growth and lousy margins. Recent announcement moderated both growth and margin expectations in the US.

The interesting thing about services is where retailers are pushing in down this path in the US they are driving with huge programs - programs that have take up in the tens of thousands per season or per program push. When you see that from devices in ERM that will signal they have a strategy in that delivers for the customer and hopefully for ERM and that may signal a new direction.

Until then ERM is picking up pennies in front of a steam roller.

Stock is oversold here for those that want to trade (not invest).