Ann: 2022 Interim Report, page-38

I think the company has lots of operating leverage potential. Lots of upside.

EML is going through a really rough patch which all started from CBI. Still feeling the effects.

- We know despite growth restrictions, EML’s GPR in Europe still growing very nicely
- recurring compliance costs incurred well positioned for them to meet CBI’s criteria.
- class action suit fee is just weighing this down.
- At this momentum, these costs will be minuscule in 3-4 years, assuming 40% win rate of their deal pipeline.
- hope CBI gets fair, and lift these restrictions soon. I remember they mentioned it’s possible if EML demonstrates compliance.

- still thinking interest rate upside yet factored in.

crazy to have sold off.