Ann: Half Yearly Report and Accounts, page-8

On face value results and outlook slide are under whelming. But a closer dig unveils some very material Upside next couple of years. The Letter of Intent with the largest mall Operator in Europe is massively material. Further research into this operator shows that in total they own close to 200 malls across Germany France and Austria. Not surprisingly over time those countries will also switch over to EML gift cards once the German operation is fully Launched. Back of the envelope looking at the size of the German operations and comparing to the rest of the European non reloadable biz, and my estimate is it will more than double their Stored value here! So maybe another $5M+ of EBITDA next couple of years!! Expect more color on this from management and brokers in the next few days. The other positive is the confirmation of 6 upcoming gaming contracts in Europe. In regards to the negative cash flow it does look better when we add back the $7.5m breakage reversal from 2H17 and the salary packaging one off client acquisitions cost. The difference then to EBTDA is purely breakage timing which management expects to convert at least $12M of it to cash next 6-12 months. I'm guessing the stock initially sells off aggressively in the morning and then recovers mostly later in the day as Fundies meet Tom and get clarity. Long term investors will see this as potentially a great buying opportunity.