Ann: New Leadership, Operational Priorities and Strategic Review, page-74

Thats the most telling part that after 2 years of remediation not a single incident of fraud has been identified and to date NO breach has been issued.

Even if the CBI are eventually happy with the framework and appropriate governance controls in place it would still be a very difficult and unsustainable environment to operate in (from a cost perspective) and there would always be a cloud of uncertainity and you would just be one CBI announcement away from shares tanking 40%.

The only way to shake this off and have the share price in the $2-$3 range would be to change regulators (Cyprus/Spain) - not sure how practical/difficult this is or if there are any recent examples of a payments company having done this.

If different parts of EML are broken up and sold off as is I reckon it would be difficult to see valuation go past $1.50 which would still be substantially higher than the current trading price.

We have had the new board now for 3 months and its been 6 weeks since the new CEO and the announcement of strategic review by Barrenjoey.

You dont want consultants in there for too long. I am hoping that by the end of June, (which will be 10 weeks since the strategic review announcement) we get to see clear recommendations and action plan on the next steps forward.