Ann: Appendix 4E and Annual Report to shareholders-YBR.AX, page-23

Thanks for the context and history. I'll keep this brief as I suspect others will have had enough of my opinions but this is useful. I know the MAQ history and agree with what's said. The crux though is they have a$38bn loan book on todays update. At present MAQ pay YBR commissions for these loans. if MAQ buy YBR they no longer payout these commissions - and receive those relating to other funding sources. The maths on this along make YBR a screaming buy for me. All they have to do is roll up onto their balance sheet - cut the costs out. Even if they only make an 80-bps net margin the numbers look compelling