Ann: December 2017 Quarterly Business Update, page-3

A little more insight into Linear, it seems a large chunk of their surprisingly large FUA is in a PAS system which is obviously very low margin business and probably labour intensive multi HIN etc, each with their own bank account and HIN I’m guessing. The MDA business has good traction and I’m guessing the extra functionality the Linear software offers is international equities, multi currency and probably ETO overlays which would appeal to the stockbrokers with PAS type client portfolios. The MC comparison with HUB suggests the market is sceptical of future progress or, like me until last month, unaware of them.