Ann: Half Year Accounts and Appendix 4D, page-5

Nice write up in the latest The Boat Fund Monthly Report:

"In summary there are a lot of reasons to like TWD. In particular, in our view TWD:

• Is a well-run business established by a current director with plenty of skin in the game;
• Is run by a well-regarded management team with extensive industry experience;
• Has a demonstrable track record as a listed entity over nearly 15 years across various economic conditions;
• Is a capital light business with a partially variable cost base more able to adjust to economic conditions;
• Exhibits a very robust balance sheet with no debt;
• Provides strong income returns to investors through a high dividend payout ratio (with scope for further increases in the payout ratio);
• Generates very high return on equity;
• Will achieve diversification out of key the SEQ market with earning upside opportunity through expansion into Sydney and Melbourne markets; and
• Reasonable valuation.

For these reasons we have built a position in TWD over the last 8+ months and retain it as a core larger holding within the Fund."