Ann: Response to ASX Aware Query, page-46

Very evident you haven't done your own thorough research about the acquisition of PFS. Prior to the completion of this acquisition the UK regulator opened an investigation into PFS alleged role in a “cartel” exploiting pre-paid cards used to distribute welfare funds to the homeless and victims of domestic abuse. Other major parties involved include Mastercard and Allpay.

When EML Payments announced it was buying PFS in 2019, it withheld 5 million pounds from the sellers of PFS to settle any financial penalties from the probe. The vendors accepted responsibility to resolve the issue and have worked proactively with EML since the acquisition of PFS.

Then as we know this new AML issue is brought to light. You have to remember that EML only recently acquired this business. The CBI will take this and other findings into consideration when determining penalties. It's obvious this new information was not excepted by the board. They were aware of the previous issues and have done their due diligence. There is a reason EML acquired PFS at an extreme discount (not just covid related).

Once the dust settles then we can make our judgements. Until then it's all speculation.