Ann: December 2018 Quarterly Business Update, page-6

SS&C is the software - IMO AU is not their focus and hence AU clients get little resourcing or attention IMO.

In software - especially specialist and domain centric systems IMO Big is often not always Best. There have been a number of US/International financial market systems coming “down under” and running for the hills after they’ve burnt a packet ignorantly or arrogantly thinking they could “take over” the AU market. AU is legislatively and tax wise unique and complex (not even including our super system which is a nightmare). It takes serious money and focussed commitment to become a serious player - fringe dwellers can carve out a niche but profit will only come from scale - hence why they have come and gone.

SS&C is a quality business and has been on the landscape for a long time now however relative to its global footprint IMO has underperformed in AU, where there must compete with well entrenched locals with strong functionality and competent dev teams fully focused on the AU market making them highly responsive and agile to the local needs.