Ann: March 2024 Update, page-20

Don‘t disagree with your sentiments nor logic.

The issue for both HUB and NWL is their S/P‘s are prices for perfection and Mr Market wants to see more momentum. PPS is definitely an attractive morsel for their veracious FUA appetite where their processing engines can turn that into bottom line revenue once migrated and consumed, not withstanding the variant in business model for some of PPS‘s book. HUB would be best positioned to consume their non-custody book and they own Class which has an excellent Non-Custody engine and corporate actions engine and are adding significant automation around that whole non-cust/directly held space.

Whether they‘d be prepared to pay 1.50 who know but a multiple much higher than where PPS currently sits it is definitely a synergistic and potentially highly accretive tuck-in IMO.