Ann: 2023 AGM Company Update Presentation, page-3

Managed to stay awake long enough to watch the live stream....

Dennis and McFadden can read!

I would say very positive vibe coming over the live stream.

Most of the Q&A was about M&A - past acquisitions (lessons learnt) and what a potential future acquisition might look like. AFL directors came across as very cautious about future M&A.

Basically two operational questions - one on cash collection and the other on margin impact when paying bonuses. Both well answered in my view. Cash collection is something lawyers don't do well and it is something that we need to work on and bonuses are only paid if revenue is generated so no impact on margin.

Back to sleep - time to wake up in Feb 24 for the half year results.

Best

BSP

NFA, DYOR, GLTAH