Ann: Quarterly Activity and Cash Flow Report, page-40

Here are the seven strategic business relationships that have been highlighted in the quarterly.

1. UCPB
2. Sante Barley
3. MyWeps
4. Metrogas
5. SunMar
6. Co-operative Health Management Foundation (CHMF)
7. MASS SPECC Cooperative Development Center

Revenue from these non-banking platforms are yet to produce anything meaningful imv. The revenue that has been generated from all these business relationships has come in at only AUD $113,108 this quarter. Pretty poor performance if you ask me. The company highlights that they have only recently started earning non banking revenue and that margins are higher than the banking platform. But isn't that only from Sante Barley, MetroGas and SunMar? They've had a relationship with UCPB for some time, so too with MyWeps. On the 18 September 2017, PIL formed a partnership with Cooperative Health Management Federation (CHMF) of the Philippines. It's now approaching almost one year since that partnership was formed and all that's come from this partnership to date is what? A pilot scheduled for mid August 2018. Not impressed. Hopefully they can build on this performance as it's their bread and butter, as I feel their new in-house remittance business line Bizmoto is still yet to get off the ground and as you will note below will take time. Hope I'm wrong.

Bizmoto

The company's focus is to grow their agent base in addition to training current agents. Going forward, I'd like to know what these business metrics are periodically and I don't mean from websites, but in company announcements.

The company also highlights...

"The company is focused on increasing its sales and marketing efforts to promote the Bizmoto service, as well as developing innovative platform services that leverage the established technology to enhance the value proposition for potential new agents across the Philippines."

That's all good, but what I'd like to know is the 'how' and I don't mean in a quarterly report three months from now.

"Peppermint has direct control of the management of the Bizmoto agent network and can therefore focus the efforts of agent network members."

Good. Which is where their focus should be. Increase that network base with active agents.

I'm glad I took a good chunk of these off the table at the highs, but will leave the remainder for a hopeful day.

Tony