Ann: Quarterly Activities Report and App 4C, page-33

My commentary on the quarterly.

Firstly, it's great to see the app launch. I'm expecting in the next couple of weeks (once they iron out all the bugs in the app) there will be some sort of email communications to their odd 300-400k distribution list. This should help with uptake of the app, and get the app higher on the search result list. Right now if you search 'Rent' on the app store - it is quite far down - and I assume with greater uptake & ratings this should improve significantly. To give you an idea, this morning even if you searched the phrase 'rent.com.au' on the app store, it was quite far down. Now (around 8pm) if you use this same search phrase it's #1. So, with time, I expect to see the app come closer to the top of the results.

Now, looking at Similarweb results, it's good to see the July '18 total visits are up 16%. For comparison realestate.com.au clocked in at -3% and domain.com.au are up 3%. I do understand that the significant increase in total views is attributed to the fact rent is a smaller player in the market and has more room to grow. Will be looking at these numbers closely over the next couple of months.

Moving on to the financials. Although revenue growth was not as impressive as anticipated, I definitely think that overall, the results were good. However it is good to see that ARPU's are continuing to improve - which looks like the average user is starting to purchase more on average. Looking at the cashflow, it does look like we might have to wait a couple more quarters before we see some positive operating cash-flows. I expect this to be the March quarter of ' 19 at latest, as the start of the year generally tends to be the busiest for rentals.

Tying everything together, it's exciting to see all the different parts of the rental ecosystem start to come together within RNT's platform. There seems to be more in the pipeline, as hinted in the report, which I'm also looking forward to.

Just my two cents, DYOR.

Cheers,

CappMan