Ann: Blue Sky Teleconference, page-17

Can anybody tell me why their profit guidance has dropped from $35M to $20-25M? After all we have had 9 months trading so whatever has occurred really doesn't change, and management and performance fee structure remains the same. So there has to be no more deals or they have totally dropped off the radar or they are spending $10-15M in dealing with this. You then say well if they can drop this level of profit in 3 months how do you reckon next year is going to get better? Any asset sales reduces AUM, FUM or whatever you want to call it and if not replaced fixed expenses will chew up the bottom line.