Ann: Chairman's Address to Shareholders , page-5

Do they have the capacity to open 40 stores in say two years? I think so. They moved into Asia a few years ago, and they indicated that they had a long term plan for Asia. RL gave them 18 months’ notice - so they have time to prepare to accelerate the plan. And Asia is easily big enough for 100+ Oroton stores with good margin.

I don’t know if they will do this with the RL payout. They have said that they will look for a good complimentary investment. But organic growth has to be a fall-back option for the cash rather than collecting bank interest - and I imagine it is a yard-stick measure for possible acquisitions. That is, any potential acquisition will need to give a better return than organic growth. Either way, I have confidence that ORL’s management will make the new cash generate a high return.