Ann: Appendix 4E and Annual Report-AMA.AX, page-42

Speaking of rollups... We just saw estia take a "breather" in the last few days. As long as the ceo and cfo don't buy matching Italian supercars I will stay invested.

What I would like to see however it's a discussion of the industry economics as opposed to growth.

If two or three players get sufficient scale or somehow make it easier and cheaper for insurance companies to deal with them... Then there is a chance for the accident / insurance pool to be split in a slightly different way.

I can't help but think that there is an advantage to the group that manage to do this but in order for that to happen they would need to get scale and improve processes.