Ann: Half Year Results Presentation, page-18

Gillysroom ..."Westfield is in California due to demographics and probably why aad is not in California." ... what do you mean by probably? Westfield are masters in what they do but it's a different industry... so what is your point? Where will the year on year margin growth come from? It has been in decline for awhile hence the sceptical analysts... AAD have been saying that they are targeting yet they have not changed the decline and have not articulated how, what they have apparently been doing hasn't worked. Now enlighten us all ...