Chairman gone., page-5

Another solid result returned by CL1.

Revenue per customer continued to climb while retention remained at 99.8%.
Customer acquisition costs equal 6 months revenue which is pleasing.

Pleasing to hear on the earnings call that accounting practices who are using Class are experiencing client growth of 20% compared to the industry average of approx 5%. This can only serve to increase CL1's market offering.

During the earnings call an analyst asked if BGL's profuct was taking clients from CL1 & if not why not when they offered a cheaper service. The reply was that CL1 offered a more efficient & effective service that on a cost benefit basis made CL1 the preferred choice.

At the full year results we will again need to ensure that ARPU, CAC & retention are tracking in the right direction particularly with the competition offered by BGL & AMP.

As a bonus this quarters dividend includes 100% franking.