Ann: AGM Presentation, page-6

RBC recently revised this downwards from a PT of $5 to $4.5 or thereabouts. I can’t remember off the top of my head but it was a 50c revision downwards. This is still an impressive 12 month target and I would be happy with that.

The reason for the revision was that they don’t believe this will completely take off until the sub cable is built from Asia to Aus giving a lot of clients the full connectivity they require. Accordingly, Asia and Aus assets won’t  reach full potential until then. I think completion and commencement of operation for the cable is due early CY19 from what I remember reading.

In general, it hasn’t been a pretty year for telcos in Aus with a bit of sentiment overhang. Some maybe sting on the sideline siting to see how nbn v fixed wireless plays out. Other just don’t appreciate how big of a need for dark fibre there will be...especially in Singapore and HK.

This is a gem and we just need to be patient and wait for the market to turn up. Whilst I believe we’re right on this one....I think we’re too early at this stage.