General discussion, page-3

The collections industry should make a strong recovery this year. In the case of CLH, now that the company is no longer burdened with short tenor debt, we should see a return to positive cashflow, and this is despite selling off the majority of its performing PDLs. The company still has some work to do to reduce fixed overhead costs however there are initiatives currently underway and hopefully we will see some improvement in this regard in future quarterly filings.