Ann: Investor Roadshow Presentation, page-3

Hi Thanky

I have done a little work on it mainly to see how prospective it is for FGO.

Interesting business model... at the moment they seem to be reliant on wholesale funds to operate [i.e. Bendigo Bank etc.] but I am watching to see how they go in the long term as I think the Co's success depends upon how much private money comes in to fund the loans. If they get their funding from private investors then the model is very simply just enabling the transactions and 'clipping the ticket' as it goes through.

The Ai [i.e. FGO's Rosie] is central to their profit margins ... could be a high volume business with low overheads and which runs on automatic. I am watching WZR but I also want to see how the general financial scene unfolds... a lot of people are maxed out on interest only loans to finance investment properties. If that turns nasty, I am not confident about how a newly established Co which provides credit is going to prosper with likely higher rates of default.