investor call 10am, 1 march, page-4

Hi guys,

God know how I managed it, but I close down my word doc with my notes! From memory the key take-outs for me were:

Successful transition to the agency model means a lot of the current amortisation costs will be greatly reduced next year.

The new corporate structure and operating model seems smart.

From one of the analyst questions: Nick was slightly evasive, but all things being equal the guidance of 10m may be on the conservative side (figure mentioned was 14).

Market definitely loved the result and the presso. I think this has great potential over the coming 12-24 months.