Ann: Appendix 4C - quarterly, page-3

Way overpriced stock - poor quarterly result:

* Revenue for 6 months of $263,000
* FUM in Crypto funds of $17.8m of which $8.7m is their seed capital. So only $9m in new money including GROWTH - since Bitcoin was up a few hundred % the actual new money was probably around $3m or so. Very Very poor flows considering the boom quarter for Cryptocurrency.

So as per my previous posts - you are valuing the business excluding the Bitcoin and Cash at $43m mkt Cap minus $20.8m in Bitcoin and Cash = $22.2m - So for $263,000 in revenue for 6 months ($520k annualised) you are paying $22.2m - WAY OVERPRICED!!!

This company needs to build a Crypto ETF - having a managed fund that only Wholesale/.Spohisticated investors can access REALLY LIMITS your ability to sell the product. And this has been proven in the quarterly results.

For the December Quarter Netwealth did $2Bn of net inflows and The Digitial Fund is available on Netwealth for Wholesale investors and only wrote circa $3 or $4m in NEW flows - pretty disappointing.