Ann: CL1 Update on Investment in Philo Capital Advisers, page-3

Agree - unnecessary distraction from their main game. Not all bets work but this one didn’t make sense from the start - moving down the food chain makes sense but it should have been in the execution and decision support layer (eg. Platform space). Philo’s business model doesn’t make any sense and hence why it hasn’t gone anywhere.

Let’s hope Class has learnt its lesson there - it’s in the operational efficiency and execution space - not the advise space nor whatever space Philo was ??