Ann: Company and Trading Update, page-13

Pretty remarkable achievement to have like for like revenue decline in one of the strongest legal markets ever....

At the risk of using a phrase that Mrs BSP seems to use too often "I told you so", The old management was rewarded on achieving EBITDA targets - so what did they do - increase EBITDA. Can't blame them for doing what they were paid to do......

As for past decisions - particularly around management bonuses etc, there probably isn't any opportunity to recover them and even if there was the cost of going to Court wouldn't be worth it for $385k both in legal costs and management time.

In my view the original idea behind AFL's business model was sound but has not be executed. Hopefully to current management can execute better than the old.....

Best

BSP

GLTAH, DYOR, NFA