Ann: Trading update and FY18 guidance, page-14

As a former R/E agent...commission fees are heavily dependent on demographics. For example baby boomers and the older generations are generally prepared to pay fees at the higher end of the scale and they also prefer the tradition model. However, Gen X and younger are not prepared to pay higher fees and are at the lower end of the scale and they are moving towards the disruptive online selling model. Further compounding the problem in terms of forecasting future revenue for R/E agencies is the aging-in-place preference of the seniors. Overall I would say that agencies will have more headwinds than tailwinds going forward.