Ann: Appendix 4E and Annual Report, page-6

I feel somewhat conflicted about FSA...on one hand they need insolvencies and financial stress for their old bankruptcy agreement services business, but on the other hand they're now heavily exposed to debt through their finance arm.

It could lead to smoother earnings through ups and downs, but also muted earnings in each extreme...I need to think a little deeper on this, but as a long term holder the increased exposure to debt makes FSA more a simple non-bank lender than a bankruptcy agreement firm I originally invested in.