Ann: Funds under management as at 31 March 2021, page-22

Hi Westwind ,Lost.

Just a couple of notes on profit and div forecasts.

1HY profit was 23cps not 28,mainly due to $5mil less in performance fees. Management suggested some of this was a timing issue and would be received in 2HY. Let’s hope.

Agree with Lost that GQG will contribute extra revenues. Other boutiques just starting to build momentum,if not additional revenues this year certainly next.

l still think 2HY Earnings will be between 28 and 32cps. FY 51cps to 55cps with any contribution from VPC(VIH) coming next year.

As for the dividend. Management has stated that they will maintain a minimum payout ratio of last year 70%. My thoughts are they will give us a 2H Dividend of 30cps bringing the total to 40cps. Another 5cps extra a slim possibility. If for some reason profits don’t come in where we expect and are under 50cps I think they will increase their payout ratio and maintain the same dividend as last year.



Greg.