Chella, Dabozza and others, sorry I just have a really dumb...

Chella, Dabozza and others, sorry I just have a really dumb question as I've never really spent any time analysing FUM updates, particularly in the middle of a market correction.

How is the FUM calculated in light of the overall drop in the present value of MFG's investments?

The way I understood the announcement is as follows:

1. Overall drop in FUM from $117.96b to $113.30b from August to September 2021 = $4.66b

2. Total net outflows (both institutional and retail) is $1.527b

3. Therefore only 32.8% of the overall drop in FUM ($1.527b out of $4.66b) is due to net outflows. The remaining 67.2% is just due to market conditions.

4. If that is correct, isn't the impact of the outflows very minimal, particularly in light of the fact that the 3 main institutional clients responsible for $1b of institutional outflows are still with MFG and still have excess of $2b invested.

5. Also, if net institutional outflows amounted to $910m, following from point 4 above, there were actually at least $90m of institutional inflows (probably more, as there may have been more than the 3 institutional clients taking money out).

Overall, my point is that the impact to MFG is actually very minimal and the drop to FUM is largely due to the current correction in the markets.

Did I get anything wrong? Pls let me know. Cheers