Ann: Investor briefing - Full year results to 30 June 2018, page-34

Reg, from yesterday’s facts, there is no evidence to support that Churn will increase, in fact the FY17 churn rate was 10.3% & the FY18 churn rate has reduced to 7.5%, and with the release of new 3D products and a tighter focus on Location Intelligence Insights, the churn rate will only go down.

The current facts does not support “a significant churn event” occurring at all.

In fact, it is far more likely that the LTV will continue to go up rather than down as a result of the continuous reduction in the churn rate.