Ann: 4Q24 Trading Update - Growth and strong loan performance, page-122

That’s faircomment and I hope such growth will continue. The 1/8 update shows that originationsand repayments almost matched in each of the first 3 quarters, at about $130mper quarter. As you said, in Q4 originations were $165m but gross loans rose $70m, so repayments in Q4 must have dropped to $95m. This looks odd and a sudden change, after three consistent quarters of $130m repayments. Perhaps the annual report will explain this anomaly. The update offers a strong “FY25 outlook and beyond”. My only concern, as expressed before, is MME’s tight cash position. It will take great skill in FY25 to balance the competing cash needs to fund growth and repay/ refinance the PEP loan, and also strict control over operating costs.