So in terms of Foundation Early Learning, my quick math points...

So in terms of Foundation Early Learning, my quick math points to the following:

Exit realisation being circa $4.7Mil to $5.2Mil and that reflects a write down of circa 14% to 22%, so while this business was not making any profit, they took their $4 Million investment, increased the value on paper year on year by around 13% to circa $5.8Mil booked performance fees of circa $40k per year so circa $120k in performance fees to then sell the asset below its performance threshold (sold at a 7% IRR, against an 8% IRR performance fee threshold).

Any yet the messaging to the market about the Glaucus report was that it was fundamentally wrong, even though the above was exactly what they were pointing out.