Other Interests, page-9

There is a lot of value there but Ybr is three separate businesses. VOW is an aggregator with over $45bn of loans under administration and a network of independent brokers. Relatively low margins but valuable as a distribution centre across all loans given strength of brokers in the market. Own brand. The JV part of the business is a product manufacturer and securitised finance arm. Best margins, small player but with potential for growth. The third part of the business is its own brand with direct/broker style selling and this is probably where the MB goodwill feeds the leads from the market - has its own brand as well but more closely aligned to Ybr brand. YBR in my view is an umbrella and I would like to see VOW sold off separately to get a good return for shareholders in the near term. The other two businesses could then be offered separately or taken private. IMO