Ann: 3Q23 Quarterly Cash Flow and Activities Report, page-18

Just a couple of bullet points to consider folks, when assessing the Business Model.

* Suncorp and AMA are not mutually exclusive, they both get work and supply work to and from others, more recently Suncorp have paired up with many shops to defuse bottle necks. While AMA seem to be matching work volumes with saleable hours (a logicial approach)

* AMA have moved from Covid to skill shortages, whilst they have a skill shortage the other MSO's continue to grow, thrive and prosper. EG HUB have gone from a pipe dream to 20 sites in the past 4 years. some others have gone close in a lessor time. AMA management could look over the fence for solutions.

* most (if not all) other MSO's can make comfortable sustainable profit on lessor rates than AMA are seeking. Most shops do not have the massive overheads and spending we're seeing emanate from AMA . 100k per month on advertising is just one example. Rebranding theheavy site WALES will cost what and how will distancing ithe heavy from AMA help? or is a spin off an option ? If so count me in

* severity of claims: nothing has changed except the smaller claims are now being repaired at more efficient, nimble, better prepared MSO's and local shops.

* lack of knowledge has been touched on and if s1ply w4ll st is near correct then it highlights that not one of the board or management have ever spent a month in a SMASH shop at any level. The people on the board or management team all need to do a month at the nearest branch and be in customer service or parts or the detail bay, get a feel for the shop, have smoko with the teams and understand how the industry works at a grass roots level and learn from that.

* AMA had an excellent opportunity to have Peter Taylor sit on the board and Carl went out of his way to ensure he was NOT supported. Peter is doing very well at another MSO.

* regards the board staying and fixing their ** ups: , no-one except the HR board member has actually left* (* I could be wrong) , most were sacked by Carl and Simon when they "de-Hopkinised" the place

* Credit must go to the CFO, running a business with 20 mill a week in operational costs and 21 mill in the tin is a remarkable effort. well done to you sir.

* I doubt Suncorp will be handing out short term loans ( ooopps not loans) again as it's really bad for press, especially when they are trying to unload the very bank that does these loans/not loans.

I've said it 100 times, SP over time will rise with profits, anything else is smoke and mirrors from dreamers and short sellers. This industry has never been so good with great rates and voumes and rewards for everyone, BUT it's about doing the basic things right first, the money follows.