გალტ ენდ თაგარტიშენიშვნა

^¹ Advisory revenue includes a single ₾26.9M fee from one non-recurring M&A mandate (management report), which drives the revenue spike, the 65.6% pre-tax margin and the 262% ROAE in this year.

^² Net revenues = gross fee revenue + net interest income. Own-investment and associate income, provisions and FX sit below net revenues; ratios use net revenues as the denominator.

^³ Management-report and note disclosures, not audited statement lines. For Galt & Taggart, client assets are the brokerage clients' assets (AUM) reported in the management report. Client assets are held off-balance-sheet and the two firms define them differently, so they are not comparable. Placement volumes count the deals the firm participated in, so the two firms' figures are neither additive nor comparable.