Ann: Chairman's Address, page-3

I also noticed at the FY that Fert Spec fees as a % of revenue had fallen slightly, from 27.7% to 27.3% in the FY report. MVF had a more dramatic fall in ratio from FY 16 to FY 17, and then we all know what happened - Specialists got upset and then left. Is there any possibility that specialists are leaving Virtus, and that is why the premium service volume is flat, as the momentum was quite strong in that area prior to now. That is a big red flag that I am watching out for with margin pressure. VRT and others can't really put on pressure in that area without getting an eventual backlash.