Ann: IMS Investor Presentation April 2018, page-19

When we started to receive some $300 of charges on an Optus mobile bill data bill (iPad) we eventually ascertained where the charges were coming from. It was not easy to track down the culprits located in north Sydney. Yes refunds provided. It was when this happened the ‘penny dropped’ and a realised what was the IMS / MBE business model. It could never have gained real traction and big growing revenues based on that business model. Just look at the royal commission into unconscionable conduct by the banks! MBE could have been in the ‘dock’ on its business model.