Ann: Dividend/Distribution - PAC, page-11

Hi Greg

I always adjust/ignore for the mark to market stuff. It is all funny money.

In terms of the Performance Fees, PAC are very positive that they will grow and be sustainable moving into FY24 and beyond. It will be interesting to understand what is behind this confidence.

Seems like we are seeing the earnings come through before they are to be recognised. Not a bad thing, but I need to adjust optimism.

Believe the share price will go down until we are ex-DRP and the market being hit by the Powell comments on Friday night should push down lower too. The share price has dropped leading into ex-DRP the last couple of years and will be interesting to see how immune PAC price will hold up in light of Powell comments.

Over the next year, if it is clearer FUM is increasing at the rate expected to achieve $AUD3B to $AUD5B, share price will be increasing, or I’ll be buying more.

I think a lot of us will be patiently waiting for good results.

Also seems Ords got the forecast roughly right for this year. As per @Westwind post, Ords have EPS at 66.8c and a 44c dividend FY23, but if Performance Fees are deferred Ords should adjust forecast upwards. They may have attributed some recognition delay of performance fees, but to what extent? There should be a revision by Ords here.

Will there be more leveling out of Dividends, 20c first half and 24c second half?

Best of Luck
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