Ann: Earnings and guidance update, page-30

"I think the 4mil reduction over a single half in performance fees in the context of a business generating 545mil npbt doesn’t seem that critical, don’t you think?"

Yes, but baking it into guidance - to the extent that they did (which looks to be the case, or else why call it out as a reason not reaching guidance) - means you are coming out of the starting blocks with a potential disadvantage (albeit a small one).

The point is that it is not conducive to the mantra of "Under-Promise and Over-Deliver" which, whether we purists like it or not, goes a long way to influencing what the market will pay for a company's earnings.

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