Ann: Sale of escrow shares, page-2

The Boat Fund have a new report out today:

"Freedom Insurance (FIG) delivered a fourth profit upgrade for the FY17 year in only
10 months of being listed. Revenue was up 81% to $53.5M. EBITDA was up 195% to $22.3M
(exceeding upgraded guidance) and underlying NPAT was up over three times to $15M. EPS
grew 220% to 6.7 cents. New Business sales increased 82% to $64.4M and the total in force
premiums book grew by 66% to $110M, representing 289,000 customers. The company has
been extremely busy over the last 12 months growing and diversifying its insurance products
on offer. Going forward the company is now set to launch its highly anticipated Mortgage
insurance product and a range of other simple to understand direct life insurance products
into the marketplace.

The business has ramped up its cost base to meet this upcoming expansion and we anticipate
significant growth in sales and profits over the next few years. FY18 will see most of the new
product traction in the second half of the year, and management has indicated that by the
February half yearly results, it will be able to provide more accurate earnings guidance for the
year. The company has over $30M of net cash (following the sale of its holding in Noble Oak)
and no debt and is well funded for continued growth. Unfortunately the shares finished the
month down. Investors have turned their attention from a wonderful set of results to a potential
sell down by founders of their stock coming out of escrow. We view a small sell down by
management as reasonable. We value FIG at $1.20."