Ann: Change of Director's Interest Notice, page-104

Based on current assumptions and excluding any acquisitions, Sigma anticipates underlying EBIT of between $40 million and $50 million for FY20.

Importantly, Sigma’s balance sheet will be improved by the return of over $300 million as the current MC/CW payment terms unwind.

The medium term strategy will be to focus on further cost reductions in the business, structural rationalisation of the Sigma DC network and targeted sales opportunities including hospitals and 3PL/4PL contracts.

Obviously the return of significant funds to Sigma also enhances our ability to look at other M&A opportunities in the short to medium term that fit our strategic direction and deliver the same or better return metrics.