Ann: Appendix 4C - quarterly, page-4

Guys you need to read the cashflow statement properly. TGA is essentially a finance company. Therefore it's loan book falls under operating cashflow. Therefore look at line 1.8 "other" which is negative $64 million. Because this line item is material they identify what it is: rental assets and equipment finance. Rental assets are radio rentals and equipment finance is their business lending on equipment Now it's only one quarter, but if you multiply this number by 4 and compare to the notes to financials in the annual report you will see that the two numbers approximate each other. This suggests the underlying businesses have now stabilised in terms of $ writing of loans. This is a good first step