Nothing On Sell Side, page-10

Hi KM,

Appreciate the data as always. Just a question, and we've been over this slightly before, how do you justify internally investing in a company that whilst being ethical and following their own CSR charter invariably stands to gain from increased insolvency rates in the Australian community?

I think these debt agreements are on the whole very good for people who are in difficult circumstances, but I just never feel completely comfortable with this. I like the company but as someone who teaches students about the importance of financial literacy and managing money I just always feel a slight conflict.

Look I don't want to be a Debbie Downer and I know there are far worse companies out there in an ethical investing world that I am probably invested in without evening knowing. I guess this space and in particular our less ethical counterparts in the payday lending sector have not done anyone any favours either.

Interested in yours and other posters thoughts.

Cheers