Ann: Final Results for the year ended 30 June 2021, page-3

The market reaction to sell first and ask questions later I supposed. adjusted profit is $454m for 2021 on FUM average of $103.5, compared to $438m for 2020. This is before start up loss of $41m capital partnership investments loss, basically start up losses, no cash impact. These numbers are as expected and market was aware of it for long time. If you extrapolate $454m profit on current $117B FUM with the same low performance fee as 2021, you should expect EPS of 2.75+ for 2022 FY. If world market remains without any major upheaval, PE of 20 price of MFG should be closer to $55 or more. When capital partnership investments start returning, future looks very bright for MFG. I like the confidence MFG have on Barrenjoey Capital based on just 6 months of work they have done up to now. Your comments are welcomed.