Ann: Appendix 4C - quarterly, page-9

Did not see your question>:

1. The focus issue is often very subjective.

2. My issue was around the OVH - They are platform , fund and trustee all encompassed in the slogan"OneVue is a fintech company that partners to disrupt the superannuation value chain". The Diversa acquisition was a logical next step.
3. In contrast SEQ does not seem to have as tight a position more like a spread all financially based services. The best part that I can see as a slogan is this" the Company’s growing profile as a diversified financial services provider and the benefits of its horizontally integrated business model."
4. Essentially SEQ has the following areas of business - trading and execution (high turnover relative to other divisions very low margins) - Software subscriptions very small - Capital markets advisory largest profit by far - SMSF administration - small turnover reasonable profits - Wealth advisory - small turnover good profits.

Really SEQ looks much like a professional firm of combination of an accountant and a financial planning business who executes trading of investments in-house.

The attraction for me in SEQ was the new director who was a director of Diversa before that got sold to OVH. I think he was part of a process in DVA that got that cleaned up and moving in the right direction. I am hoping for some of the same here. Always remembering that this business is only around a market cap of 12% of OVH.

That's why I cannot see any comparison between SEQ and OVH - OVH has its target clearly lined up and is executing the plan. The market potential is very large and they are No1 in unit registry , they are No1 in outsourced retail Superannuation trustee and making good progress in platform services delivery. I think they have some issues in fundeXchange ( part of platform services) which they soft launched in November 2016 and I think that it is taking time so they have stopped highlighting it but it will get sorted and then the company will get rerated...

That's my opinion - I think that those in the industry are seeing the operational issues and hence why its share price is struggling. I am expecting them to get this sorted which will then get the noise out of the market. This is a very connected area of the industry any blip gets around town quickly.

I am hopeful that by the time the full year results are announced it will be showing signs of improvement...

SEQ - well I dont know if they want to grow execution or advise or SMSF administration - probably they don't really mind but I wont pay a large multiple for a professional fee based company - I like platforms that people tap into it creates income that is ongoing. I don't like accounting practices or legal firms too hard to unpack the value unless you work there. I am hoping that it gets a bit clearer over time... They are also not a leader in any of the areas they service as I understand it...