Ann: Appendix 4E and 30 June 2018 Annual Report to shareholders, page-5

ANZ lesson growth was certainly low at 3%. Total lessons were up 7.8% in h2 versus h1 up 13% - based on my rough calcs. The UK rate of growth is slowing, from the intro of tax deductible tutoring. There seems to still be growth in the rate of earnings coming through from the recent changes.

Once this is totally bedded down, will be interested in seeing how growth goes outside Aus. One of the major constraints has probably been the "venue" constraint. Online tutoring, in theory, should be less constrained by costs and geography, and could open up new markets. Even lessons in new languages are plausible now. The Kip model has application for a different Asian target market to the "cram" tutoring I suspect.