Ann: Appendix 4E and Annual Report to shareholders-YBR.AX, page-33

This for me was the pivotal consideration when I sold.

Both Macquarie and Bouris are receiving plenty of revenue from Yellow Brick Road that is unrelated to their shares: Macquarie as the wholesaler and provider of financial services, Bouris as chairman, consultant and owner of "related entities". Neither of them have to care about dividends or even options.

It also explains why neither Bouris nor Macquarie are selling. The value of their respective investments is insignificant in relation to their overall asset portfolios. The potential return on their shares is irrelevant compared to the other income streams I've already referred to.

I bought on the basis of market opportunity, operator credentials, and the business plan.

The market was wide open with all the major "independent" mortgage brokers - notable Aussie and RAMS - 100% owned by major banks. Yellow Brick Road had an enormous opportunity to enter the market as a genuinely independent agent. The absolutely failed to capitalize on this.

The credentials were that Bouris and Macquarie had teamed up very successfully in the past with Wizard for the financial benefit of all concerned.

The business plan mapped out a pathway to profitability that was credible and achievable.

I held for three years as the marketing effort consistently failed to gain any real traction, as the partners steadily increased their take from the company to consume every available free dollar, as the business plan met milestone after milestone but consistently failed to translate the advances into positive cashflow or profitability.

My conclusion is that investors will never see anything worthwhile from this team. Whatever potential this company has will never be delivered to anybody but Macquarie and Bouris.

Bouris is exposed as greedy totally absorbed with his own celebrity: http://markbouris.com.au/

Macquarie is - as it always has been - a bank; so you can expect nothing from them.