Ann: Commnetary about March 2019 Appendix 4E, page-5

There is a research report out today via Pac Partners does anyone have a copy? price target 28 cents . I only saw the summary

Management delivered right on strategy with a maidenNPAT profit, and EBITDA positive result.▪ Transparency significantly improved, lending growth+16% on PCP, now at NZD61m; this in spite of aplanned reduction of the property development book.▪ SME lending segment grew +60% which is consistentwith capital recycling strategy.▪ Set to enter the Australian market in FY’20 and weexpect a meaningful uplift in lending.▪ We roll forward our PE REL model and increase ourtarget price from 18.4 cps to 28cps, and 220% upside.