Ann: SIV AGM CEO Presentation 29 November 2018, page-22

Capt B

The slow down in growth was just that " a slow down in growth  " don't forget it was however growing albeit at a slightly slower rate (10 % slower than it was ) so in my books when other companies are actually not even growing Slver Chef's growth rates are still actually growing, my understanding is that the slow down in growth was as reported in their report  “a deliberate slowdown in acquisitiongrowth” and although N Z and Australia are expected to be 10% less increase in growth rate,  Canada should have 50% more growth.

as I said also in my previous post  “bad debtlevels are running at normal levels (2.5-3.5%) So I believe the bad debts that were written off near the start of the year have probably been over  provisioned for, which would  make  last year look much worse than what in reality than it really is.

Also I notice that the bonus system for managers is changing from being.

Incentives under the system were payablebased on achieving growth in earningsper share (EPS) in excess of 10% perannum.(more details about this can be found in the annual report)

- keeping in mind ( in my opinion)  a year on year growth rate of over 10% could be difficult and unrealistic to achieve every year in to the future.

so--

A new incentive structure linkedsubstantially to return on assets willbe adopted during FY19. ( so in my opinion  the write down in asset values before this scheme starts must help give the scheme a kick start)

fp