Ann: Portfolio Manager's Presentation, page-3

Undervalue. Only a month left for half year results, there is high probability that the performance fees will be huge. also, the holding of VG1 and VG8 on its Balance sheet, will be another source to boost this years’ profits. (It has been recorded as financial asset loss on P&L for last statement). Therefore the earnings will jump higher this year. The dividend will be higher because they use payout ratio to calculate their dividend.

Looking forward, market will back to normal please remember how well Luciano did since 08.