Ann: Appendix 4E and Annual Report-DVI.AX, page-3

@YStrategy My biggest concern and the point I think everyone is missing; is that there was minimal growth in property sales during FY16 except for Q1. Management have said IBN is a seasonal business, but I don't think this argument holds up after no growth in Q4 and I think it is fairer to assume the strong growth in property sales during Q1 was a one off.

If you factor in Q1 2017 being in line with previous quarters, then even with the new house & land packages it will be very hard for DVI to increase TTV and hence revenue during 2017. Housing starts are forecast to decline over the next few years (opposed to strong growth) which is going to make the new property market a lot tougher. The increased listings and expansion into house & land will offset this but I would be cautious in expecting historical growth to continue. If the property market slumps off the plan will also be affected the greatest.

DVI looks very cheap based on IbuyNews EBITDA, but when fully consolidated and you include corporate costs from DVI I think they are more or less fairly valued at the present.

They have a disruptive and scaleable business model with great management, but i'm on the sidelines until I see traction in house & land. If they can get traction then I think they present an attractive takeover target and are worth substantially more than the current price.