Ann: Market Update, page-4

		FUM	Mgmnt fee (%)	$m
1
2	DSP	400	0.018	7.2
3	CAM	96	0.01	.96
4	Value Fund	55	0.01	.55
5	Int'l Fund	38	0.0165	.63
6		589		9.34
7	H1 costs(x2)			5.78
8	FCF - pretax			3.62
9
10	Yield on value	$23m		16%

So excluding surplus (balance sheet) assets, the market is valuing CIW's $590m FUM at about $23m

Based on 30 June 2014 FUM, the FM business is generating a run rate of recurring free cash (just using base, recurring management fees) at 16% of this $23m value

Obviously performance fees and SIV income then can add additional upside to this recurring free cash generation