Ann: Institutional Inflow, page-28

That's a massive cost blow-out. Excluding the combined $3.1M once-off costs in expenses due to pricing errors over the past two periods of reporting, the actual underlying expenses over that 12 month period total $20.8 M. Yes, in the past 6 months they have employed about 6 new positions, let's hope that's about $1M extra p.a. Historically AEF has increased expenses between 5-10% annually. I'm inclined to see expenses in FY18 to be more like $25M but not $27.5M which means they put on an extra 15 to 20 staff and/ or more share bonus pay rises etc. I like your estimate of revenue. We wait and find out in late august. A few fund managers have already announced their FUM. Some good and some bad. Thanks for your calculations peterdoobes.