Ann: RCR Energy Sevice Investor Presentation, page-10

Hi Luigi,Have finally got around to looking at this – work has been horrendous. My thinking is FY19 won’t be as rosy as per your numbers. This is largely an educated guess as we don’t really have a huge amount of guidance to go off but I’m thinking revenue closer to $29m-$30m with EBIT margins at around 4% for both EGL and the Energy acquisition. 4% for EGL as I think it was mentioned at the AGM that a lot of the contract funding had been received in 1H so I can only see the margin coming down. However FY20 I pretty much agree with your revenue forecast but I’ve been a bit more conservative with my margins. In any case I have EGL at a P/EBIT multiple of 3-3.5. If they continue to kick some more goals like they have been doing over the past 6-9 months I think they should rerate to at least 5x giving a SP of 8-9c. Cheers.