AGM, page-51

NAOS November update today “The most notable event that occurred in November was the announcement of the merger between COG and CGR. As a substantial investor in both companies we must view the merits of the merger from both perspectives, and post reviewing the deal we believe it is firmly positive for both sets of shareholders. The main reasons for this are fourfold 1) the revenue synergies over the next 3-5 years have the potential to be significant as COG has a broker network that CGR can now access more effectively; 2) it will increase the depth of the management team; 3) the listed entity will become significantly larger and more liquid therefore more relevant for potential investors; and 4) the ability for the combined group to access more flexible and lower cost funding structures will lower cost but also can assist in growing the revenue base. Based on the disclosure to date the combined entity would have made a pro-forma NPATA of $17 million in FY19. Looking forward, when taking into account several factors such as the CGR acquisition of Classic Funding in FY20, the potential cost savings within the merged entity, and organic growth potential through FY20 and FY21, we believe an NPATA figure of $25 million in FY21 is readily achievable.