Ann: Appendix 3B, page-8

Ray Malone rolled the board. It must have been done with the support of the major shareholders or it wouldn't have happened. He is now the chairman, these option deals are his babies. I think Mny has the potential to be a billion dollar company over time. Would it have been so painfull to have these options @$2 plus . I think shareholders and management would have been instep. I don't buy that the new board can take all the credit in the share price recovery. The business didn't skip a beat.it was us crazy punters who couldn't get the valuation right. Much of the credit hs to go to the former ceo, it was him that got the settings about right. I see it as the new board having more capicity to turbo charge those settings. If the loan book is 200 odd million with debt funding about, and npat @ 26 million. Paying 12% interest is marginal. This has to come down. Mny can and should take on debt @ 7% . Forego dividends , match retained earnings with debt and this is a beautiful business. It's thorneys best idea. I don't have a better one. My only concern is the commissions paid on the secured loans. I think transparency around this might be in the sights of the regulators over time.Mny lend subprime , always going to upset somebody.