Ann: Appendix 4C - 232% YoY growth delivers $22.9m ARR, page-13

Very happy with both the reduction in operating expenses and expectation of a further reduction over the 6 months to July 2019. Management clearly listened to the market. Not happy with their uncanny skill in releasing good news on the worst possible days! Once the broader market settles again i think we will see steady upwards momentum in the SP after todays report. Continual fast revenue growth, world class strategic alliances now starting to deliver deals in vertical markets with huge potential and serving as a template for future development and costs being reigned in. If the global economy holds together this should be a very strong 6 months for LVT.