Ann: Appendix 4C - quarterly-FID.AX, page-7

The value of this business is still misunderstood by the market imo. They have the ability to add massive value to any acquisition they make, because they can add the current FUM of that business, to their other businesses including their Portfolio WRAPP and accounting businesses. This means they can earn great returns on capital deployed to acquisitions and have a long growth runway ahead. Apart from that, their core business has good margins, sticky and loyal customers who will stomach price increases because of the unique trust they have in the appropriately named 'Fiducian' and finally superior services with the excellent performance of their funds which paves the way for strong and profitable organic growth. This is a business that should be trading at 20x earnings at least. I think it is currently probably worth $150 million but that number will be higher next year and will probably keep moving higher for years to come.