Record faced known headwinds in FY19 from AUME outflows and a change in mix towards mandates with lower management fees but the potential to earn performance fees. In the event the outcome was better than we expected, reflecting slightly higher than anticipated management fees and cost control. Encouragingly, performance fees offset the contraction in management fees. Prospectively, Record continues to focus on client service and product innovation and this, together with the potential for further performance fee earnings, could provide the basis for further positive surprises.