Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-3

For me the headline numbers of revenue going over $200m for the year and settlements for the quarter of $4bn for the quarter are impressive. Then I see loan book outflows were around $3.2bn and margins were tight for the quarter. In February the company said that book retention and purchase of existing loan books from retiring brokers would be a focus - not sure from this update how these are going. Nothing happening on the share buyback either. Paying down debt is a good thing but probably no longer the best use of shareholder funds given that debt levels are relatively low IMO. Something needs to change here if acquisitions of loan books are not happening and retuning cash to shareholders would be best. A 2 cents special dividend should not impact the financials too much IMO? I hope that some of the M&A activity in the sector means that someone's running the ruler over YBR. All IMO.