Andrew Ye

Where do you place NWL amongst competitors like HUB24 and Praemium?

David Poppenbeek

Andrew, I don’t really view Hub24 and Praemium as the competition. They are specialist service providers that control less than 2% of the market. I feel that all of the specialist providers are competing vigorously with the 5 main incumbents who have amassed 68% of the market. We believe that of the specialist providers NWL has the experience, balance sheet, focus and flexibility to consistently deliver a service that customers deserve and value. As a result we believe that NWL is best placed to compete effectively with the 5 majors for many years to come. Regards David

Jonathan Sheridan

Do you own the stock?

David Poppenbeek

Jonathan, NWL is held in the K2 Small Cap Fund (ASX code KSM) and the K2 Australian Fund.