Ann: Chairman's Letter to Shareholders, page-14

Happened to mee a former Manager of Collection House a few years ago. When i happened to mention I will be in Brisbane for the AGM next week and that I was an unfortunate holder of shares, he made some quite disparaging comments about the Board and management up to a couple of years ago. He stated that Collection House was a'roll up' of a whole lot of debt collection businesses. The difficulty of the task of integrating these was not understood by the Board. The in-house development of the shared IT system did not have buy in by parts of the organisation resulting install doing this their own way. He did own shares but no longer holds. He said, look at Credit Corp verse the CLH performance over rate last 2-3 years. Shareholders should ask the Board to explain why CLH has not had a similar performance over this period. Something is clearly to right withe the current CLH Board.