Ann: Response to ASX Query - Half Year Accounts, page-29

Sometimes non shareholders contribute substantially to forum comment on a particular stock. @madtraders comments are welcome detailed information for those holders who do not understand the intracacies of arriving at the valuation of purchased debt portfolios. It is a difficult process and in my day was based more on modelling historical returns and giving them a fair value based on DCF methods. The main problem is that it is far from being an exact process and there are more variables than you encounter with regular repayment loans and IMO they should not be valued using similar calculations and processes as P& I loans - valuing them is more of an art than it is a science and accuracy is more often than not based on due diligence of a particular vendors ability to assess customers creditworthiness as well as using historical factors as a model. It is in that area I believe Keith John and staff have expertise and credibility.