Ann: H1 FY23 Results Presentation, page-2

Notes from meeting:
1. Drew down on debt facility due to potential acquisition. Unfortunately deal didn't proceed, others in the pipeline.
2. Nereus Capital settlement - finally!
3. Ownership Adjusted information is fantastic, increased look through of boutique details is a very good step forward
4. Looking forward to fair value information in full year
5. Management Fee increase is exceptional at 52% in USD, 67% in AUD
6. Underlying Earnings up 24% in USD, up 35% in AUD
7. Performance fees are expected to be 2/3 skewed to the second half - my calc is in the ball park of additional $11M
8. Most deals PAC Management are looking at are breakeven against interest expense, however they will be a high growth boutique leading to increased contributions over time.

Anyone else have additional points?

With the above figures it shows the advantage alternative asset managers have in current market environment and the trend to diversify portfolios away from stock market investments.