Ann: FY2018 Results Announcement and Investor Presentation, page-5

Hi Westwind
Only took a few notes today. They basically went through the slides and the following were points discussed:
1) material investment to be made within 6 months (parting comment from Mike Fitzpatrick was to look forward to a great year!)
2) diverse opportunities currently on table, they are a large (>$25M) active equity manager and smaller private equity plays (between $10M - $25M)
3) Paul Greenwood confident that earnings will be greater than Aperio’s earnings contribution, by at least $2M greater.
4) Opportunities within 8 x EBITDA, Aperio 14x sale price
5) Alphashares contributed significant earnings. Management was pleasantly surprised with its contribution considering its size and the effort they need to put into operating (not much effort at all).
6) Aperio earnings are the same as Aether with smaller FUM, henceforth confident they can deploy capital and earn more than previous.

There were only a couple of questions from Ords (above were responses to Nick’s questions). There were some other points but didn’t take everything down.

Paul G talked about PAC’s near death experience in 2009 and the movement from an Active Equity Portfolio Strategy to more of a stable spread of Private and Active Equity portfolios. Active Portfolio and Growth Strategy current objective is to move it to 50%. Management don’t want to be in the same position in a future downturn with decreased earnings from volatile equity markets.

I believe they are in a good position and have achieved this goal. Time will tell and I am investing more when money is availavle in SMSF from our $0.22 dividend per share.

Best of Luck
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