Ann: Investor Webinar Presentation, page-31

They are certainly interesting developments to say the least. However I am not sure we are even talking about the same level of process or even ultimate exposure with regards to Cirralto's business model.

With this Greensill's debacle , it smacks more of almost an emerging ' Subprime ' lending crisis resulting from it's ' Bundling ' and securitisation of it's many individual supply chain invoices it manages as the ' Middle Man ' in the process of lending.

So while I can't speak for these Balance Sheet anomalies and possible off balance sheet transactions , it appears it started with the German Banking regulators queries which then resulted in one of their biggest partners in Credit Suisse suspending their capital flows.

This of course has then coincided with their Credit Insurers ending their cover with non renewal which had been advised numerous months earlier.

But they are NOT a SASS or BNPL transactions software developer who has developed their own payments protocol and ' exchange ' if you like to deal with processing transactions from participants in the supply chain. And they aren't proposing to act like an intermediary bank to ' Bundle ' or securitize their Debtors and Creditors balances.

The below Diagrams , and the wording provided by Cirralto in their October Investor Preso should assist in understanding the basic differences between the TWO models .

So apart from Greensill's being worth circa $6 billion in value verses Cirralto's $150 million , unless these securitized parcels turn out to be more ' Ninja ' styled subprime assets ( which I doubt ) , a Greensill's failure or collapse would be ' Small Potatoes ' ( excuse the pun ) compared to what occurred back in the GFC. And in the end it may be bad for Australia , but good for KKR Australia - who knows.

Greensill's Model :

Cirralto's Model :

Transactions are more than an exchange between a buyer and aseller; they are an exchange of information, or data, betweenpeople at a point in time.

Advancements in technology may have changed the way buyersand sellers transact, but the transaction itself remainsunchanged

At Cirralto, we specialise in helping businesses collaborate theirproducts, orders, invoicing and payments with each other.

Our goal is to change the way people trade by delivering andintegrating real time ordering, invoicing and payments fromsource (buyer) to destination (seller).

Our software is designed for viral acquisition up and down thevalue chain, offering expansive and quick market adaption.