Ann: Results of 2023 AGM, page-23

Just to comment on some of your points

1. BFL (sorry, I'm old school and kept calling it BSP) has been listed on the PNGX (PomSOX) for quite some time, and was originally PNGBC, so has been around for much longer than Kina and has a much longer track record of reported performance

3. Kina's strategy is expansion (across the pacific too), BFL may be out amongst the Pacific already however these are minor outliers to be fair.

4. No it doesn't. BFL is Bank South Pacific (BSP), the original peoples bank. As BSP they spread far greater, supported many different charities across a huge amount of time and like Digicel was in PNG, basically massively visible (the green machine). It is very hard to set up a bank account in PNG, hence why people don't change, and you have to understand how the wantok network works in PNG to get to understand that if your mates cousin's brother works there, or banks there, then you do too. Kina are coming up with new strategies to sign up new customers which is great, but they are a long way behind. Which is actually good - as so much growth potential. From memory 80% of PNG citizens were unbanked, and BSP/WBC were the banks for business for many years.

7. re: my point 5. KSL is not the largest in PNG (by far) - so lots of upside, especially when BFL are in turmoil.

AU aid into PNG is an interesting concept, I recall the Chinese willing to build a fibre network around PNG, and the AU govt needed to step up and do this as that would be another foothold for China in PNG. The late Sir Michael Somare though called out AU aid as "Boomerang Aid", sending 250MIL into PNG to pay 500 "aid" workers at half a million a year - isn't aid really is it? Especially when they do policy development over 2 years, to then leave and the next person just does the same.... cynical I know.

And your final point around religion. No. There are so many different religions in PNG that this doesn't being togetherness. Wantoks (do some research on what this is) has far greater pull than any religion, and then there is Big Man (Bikpla Bossman), and politicians who can influence an entire province just by endorsing or using a service or product.

The work I now see KSL doing in the community at a larger scale than what was possible when they were smaller means they will make great inroads across the country.