Ann: Appendix 4C - quarterly, page-5

SOM is a frustrating stock. Always does enough to keep me interested, but a history of being overly optimistic and missing expectations for a range of reasons.

EU the standout. RSS disappointed on one hand, however if I take at face value their statement that the mature centres are achieving expectations after 12 months then it only slows the recognition of value rather than meaning the investment thesis is wrong.

I still believe their product, and market position, will see this a long term very successful business and investment. That said, given the result i sold a few (not all) around and soon after open, however will re-add if it continues to drift.

Some time last year I told someone I saw this as a $10 stock sometime 2019 if RSS achieved their expectations. I still see that value however is looking like late 2019 or more likely 2020 ... with RSS performance being what will determine if it makes it or not.

MJS