Ann: 2017 AGM Presentation, page-2

Exciting times ahead,

A great year by HLO, consolidating and growing.

It must be a bit of a minefield with some many retail sites, different systems, personalities, regions etc but they have pulled it all together beautifully.

With respect to 2018, despite being a new company, HLO management is old school, under promise and over deliver. While EBITDA $63-67m represents good growth I think this is conservative, and similar to last year I expect them to increase EBITDA guidance to $70m+ at some stage in 2018, which would get them near 40% yoy growth.

They also reward shareholders well, and given the CEO is the biggest of all it makes sense. They are paying good dividends out and I expect this to grow well again too, perhaps to 20c/share in total giving a yield of 4% + steady capital growth and a really solid investment.

Stock is not necessarily very sexy but you would imagine it will start to attract more investors onto its books including some small cap fund managers pretty soon.