Ann: SIV AGM CEO Presentation 29 November 2018, page-20

These comments about directors purchasing for other reasons has no substance behind it.

I will always follow the premise that directors buy because they believe they will make a profit in the future. That future is not 1 month, 3 months or even a year. It could be 2-5 years down the line.

The share price has fallen because of many possible reasons; investors don't believe the management will turn the business around, some investors have a shorte time horizon to make their return, list goes on!

Slide 5 gives two key numbers, 25m and 33m impairments (non cash). Also shown in note 3.1 and 3.3 of the AR. First 4 months of FY19, bad debts are running at historical levels - this might indicate the impairments were over provided for. If this is the case, then very happy days!