Ann: 1H FY2019 Results and Investor Presentation, page-2

Hi All

A few points from today’s investor call:
1) Full year profit won’t be double as SCI, ROC and Victory Park did not fully contribute to this period.
2) Victory Park performance fees will increase payments $2 Million in the second half (investments have listed on exchanges, leading to increased fees to PAC.  This is versus an $8M expectation.
3) $7.7 M investment will contribute from day one. It is a private equity play and is cash flow positive.
4) Interim dividends were at a 50% payout ratio to earnings per share. This will be the future and retention of funds will be used to grow business
5) Franking Credits currently at $35 M.
6) Net Cash balance 
7) Tax rebase has saved $6M in US tax from Aperio, the effort to conduct US assessment.
8) Victory Park delay cost $400k in this reporting period
9) Victory Park estimate of interest accruing will be higher than what was anticipated due to dealing with larger participants.
10) Investor Roadshow coming up.
11) CAMG raising capital and will generate earnings, but it being in start up phase is unlikely to contribute in the short term (but the investment will be generating income to PAC in the medium term).

Best of Luck
Lost