Monthly update April. Market wrap. Table of contents. April return. Month in review markets 1. Index. Our LIC key preferences 3. S&P 500 Index 1.

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1 Date 22 May 2017 Theme Report Monthly update April John Lockton john.lockton@wilsonsadvisory.com.au; Michael Birch michael.birch@wilsonsadvisory.com.au Domestic market The Australian market had a mixed month in April, posting a return of 1., weighed down by negative performance from the Materials (-0.2%) and Energy (-0.6%) sectors, and a challenging month for Consumer Staples (-2.6%). The main gains came from the Industrials sector (+4.4%), with strong gains from Brambles (+10.6%) following its announcement that it is on track to meet its sales growth target. After hitting a low of $9.04 in March, shares finished April at $ Another recovery story came from the much-maligned Bellamy s, which gained strongly late in the month to post a return of 22.4% with the installation of new management, as well as continued demand for Australian baby formula from the Chinese market. Meanwhile, the pain continued for telcos Vocus Communications (-22.) and TPG (-13.9%), with investors continuing to question key acquisitions, including Vocus Nextgen purchase, while TPG s organic growth (excluding the performance of recent acquisition iinet) disappointed investors. Global markets The US market rally continued unabated through April, with the S&P 500 gaining 3.1% in AUD terms and the Dow Jones Industrial Average price index posting 3.6%. This is despite a disappointing GDP reading of only 0.7% for Q Gains came from the Information Technology (+4.8%) and Consumer Discretionary (4.7%) sectors, with strong performance from Alphabet Class A shares (+11.) and Western Digital (+10.3%). Industrials (+4.) also had a strong month, led by Caterpillar (+13.6%) and CSX (+11.6%). With valuations starting to look high in the US, investors are holding out for the President Donald Trump s proposed tax cuts to be made law, which are needed to consummate the reflation trade. Globally, the MSCI World Index gained 3.6% in AUD terms, boosted by Europe and Emerging Markets. The EuroStoxx 600 Index rose 5.8%, with aircraft manufacturers Safran (+13.1%) and Airbus (+10.) leading the gains. The French CAC 40 returned 7.1% in April, gaining 8. from a mid-month low as Emmanuel Macron firmed as the likely victor in the French presidential election. In the UK, the FTSE 100 Index gained 4.1% in AUD terms but was down in sterling terms, losing 1.63%. In Asian markets, the Nikkei 225 Index gained 3.7% while the Shenzhen CSI 300 Index returned a more modest 1.. The MSCI Emerging Markets Index rose 4.2%, supported by gains from the Taiwanese and Indian markets. Market wrap Index April return S&P 500 Index 1. MSCI World Index 1.2% MSCI Emerging Markets (AUD) 4.2% FTSE 100 Index (1.3%) DAX (Germany) 5.8% CSI 300 Index (0.) Nikkei 225 Index 1. STOXX Europe S&P/ASX 200 Index 1. S&P/ASX All Ordinaries 0.8% S&P/ASX Small Ordinaries (0.2%) Source: Capital IQ. All returns in local currency. Table of contents Month in review markets 1 Our LIC key preferences 3 LIC key metrics 10 Charts: Monthly change in premium/discount to NTA 13 Performance metrics 15 Charts: NTA premium/discount and total return vs benchmark Charts: 12-month historical dividend yield Charts: Pre-tax NTA premium discount vs long-term average Charts: Pre-tax NTA growth vs NTA premium/discount Charts: Historical premium/discount to pre-tax NTA Issued by Wilsons Advisory and Stockbroking Limited ( Wilsons ) ABN AFSL No , a participant of ASX Group. Past performance is not a reliable indicator of future performance. This document should be read in conjunction with the disclosures and disclaimer at the end of this document.

2 Currencies The AUD fell 1.9% against the USD in April, from to , hitting a late month low of The AUD fell 2.6% in trade-weighted terms, losing against most major currencies, including the EUR (-4.), JPY (-1.7%), GBP (-4.9%), but gaining slightly against the NZD (+0.1). The US Dollar Index closed the month 1.3% lower, falling against major currencies including the EUR (-2.2%), GBP (-3.1%), CHF (-0.8%) and gaining against JPY (+0.1%). After gaining in the wake of the US election, the USD took a breather through Q and continued its downwards trend in April despite the market s expected rate path in The EUR fell against the USD early in the month but recovered heading into the final of French presidential election voting. Commodities Base metals were lower in April, with nickel (-5.7%) continuing its March slide and zinc (-5.3%) falling heavily. Lead (-3.9%) tumbled mid-april, finding a low of US $2,101/t before recovering to end the month at US $2249/t. Copper (-1.8%) has been flat since the end of January and now starting to cool after building heavily since November Tin (-1.4%) was down, while aluminium (-2.6%) also fell but remains near its recent highs. The price of iron ore delivered to Qingdao in China tumbled 14.4% in April after falling 11.9% in March, ending the month at US $68.80/t, much reduced from its February high of $ Following a rocky month in March, gold had a positive April, gaining 1. and reaching a mid-month high of US $1,289.76/oz the highest since November The Brent crude oil spot price moved lower from US $52.20/b to $49.46 (-5.3%), while the WTI crude price fell from US $50.54/b to $49.31 (-2.4%). World equity indices price performance (rebased 1 Jan 2016) Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 MSCI World S&P/ASX 200 Small Ords S&P 500 STOXX Europe 600 Nikkei 225 Source: Wilsons, Lonsec, S&P Capital IQ Page 2

3 LIC key preferences We provide an overview of our preferred LICs within each category: 1. Domestic equities large/medium cap and medium/small cap 2. Absolute return funds 3. International equities 4. Specialist funds When selecting these funds we examined their performance against the following key metrics: NTA and total return (share price and dividends paid) performance has the LIC delivered on its investment objective of outperforming its underlying benchmark? Dividends paid and stability of dividends paid has the LIC paid a dividend to shareholders and has there been a stable and continuous dividend paid profile? Premium/discount to NTA what is the current premium/discount to NTA? How has the share price traded relative to its NTA through time? Liquidity is there sufficient liquidity to enter and exit the fund? Underlying management team is the manager well regarded in the market? Is there transparency in the underlying portfolio and the team s investment process? Company ASX code Investment focus Australian Equities AMCIL AMH Large/Medium Cap QV Equities QVE Medium Cap Acorn Capital Investment ACQ Small Cap Absolute Return Watermark Market Neutral Fund WMK Market Neutral International Equities Antipodes Global Investment Company APL Global Specialist Shares Blue Sky Alternatives Access Fund BAF Alternative Assets Page 3

4 Domestic equities large cap: AMCIL (AMH) Key data Investment style Benchmark Management fee 0.77% Performance fee Market cap All cap, value S&P/ASX 200 Accumulation Index No $229.6m Listing date 10 February 2000 Share price As at 18/05/2017 $0.91 NTA at 30/04/2017 Pre-tax NTA $0.95 Post-tax NTA $0.88 Share price premium/discount to NTA Pre-tax NTA - Post-tax 3% 1-year average -2% 12-month historical Dividend yield 3.9% Gross dividend yield 5. Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. Fund description AMCIL manages a concentrated investment portfolio comprising 40 to 50 stocks covering large and small companies in the Australian equity market. As a result, small companies by market size can have an equally important impact on portfolio returns as larger companies in the Australian market. The number of holdings in the portfolio will depend on market conditions and investment opportunities. The selection of stocks in the portfolio is based on attractive valuations as well as the outlook for growth and the competitive structure of the industry. Given the concentrated investment focus of AMCIL, holdings will be sold from time to time to fund additional investments to the portfolio. Portfolio performance* Total return Total return out/under-performance 1yr 3yr 5yr 1yr 3yr 5yr 2% 18% 7-16% -22% -3% Pre-tax NTA performance Pre-tax NTA out/under-performance* 1yr 3yr 5yr 1yr 3yr 5yr 6% 2% 17% -8% -6% -19% Share price and NTA profile Sector allocation Top holdings as at 30 April 2017 Not disclosed National Australia Bank 4.81% -3 Prem / Disc (RHS) Share Price (LHS) 1 Lifestyle Communities 4.13% Mainfreight 4.12% Brambles 3.89% Commonwealth Bank Page 4

5 Domestic equities medium cap: QV Equities (QVE) Key data Investment style Value, medium cap, ex top 20 Benchmark Management fee 1.1 Performance fee Market cap Listing date Share price S&P/ASX 300 Accumulation Index excluding the S&P/ASX 20 Accumulation Index No $357.6m 22-Aug-14 As at 18/05/2017 $1.29 NTA at 30/04/2017 Pre-tax NTA $ Post-tax NTA $1.16 Share price premium/discount to NTA Pre-tax NTA 7% Post-tax 12% 3-yr average 12-month historical Dividend yield 2.6% Gross dividend yield 3.7% Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. Fund description The investment objective is to provide long-term capital growth over a five year-plus investment horizon through investment in a diversified portfolio of quality, undervalued ASX-listed equities and other investment securities, outside the ASX top 20 securities. The ASX top 20 s composition is very concentrated by sector, with the Financials and Materials sectors combined representing almost 7 of holdings. An investment portfolio that is based on stocks outside the top 20 has a much broader and evenly spread set of sectors. It is QV s belief that companies ex the top 20 can still be leaders in their field with competitive advantages over their peers and strong recurring and predictable earnings offering greater opportunities for above market returns. As well as long-term capital growth, Investors Mutual (QV is one of IML s funds) is focused on long-term income growth, seeking investment opportunities that pay sustainable and growing dividends with active franking credits. The portfolio is managed from an Australian investor s perspective, with tax being an important consideration in its daily management. Portfolio performance* Total return Total return out/under-performance 3m 6m 1yr 3m 6m 1yr 4% 24% - -7% 6% Pre-tax NTA performance Pre-tax NTA out/under-performance* 3m 6m 1yr 3m 6m 1yr 1% 13% 2% -8% -1% Sector allocation Share price and NTA profile 1.60 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Prem/disc (RHS) Top holdings as at 30 April 2017 Share price (LHS) Avg pre/disc (RHS) 2 Sonic Healthcare 3.5 Spark Infrastructure 3.4 Clydesdale Bank 3.2 Amcor 3.1 Fletcher Building Page 5

6 Domestic equities small cap: Acorn Capital Investment (ACQ) Key data Investment style Benchmark Management fee 0.9 Performance fee Market cap Listing date Share price Neutral, small/micro cap (incl unlisted) S&P/ASX Small Ordinaries Accumulation Index 2 of outperformance of funds NAV to the benchmark, subject to various tests $46.3m As at 18/05/2017 $0.94 NTA at 30/04/2017 Pre-tax NTA $1.07 Post-tax NTA $1.06 Share price premium/discount to NTA Pre-tax NTA -13% Post-tax -12% 1-yr average -13% Fund description One of Australia s few specialist listed funds to invest in Australian microcap shares, Acorn Capital focuses on this generally neglected part of the market because of the lack of research in this area provides scope to uncover growth opportunities. Acorn aims to exploit inefficiencies in the pricing of stocks that arise from information gaps about microcaps, and to identify opportunities for long-term growth. The fund is style and sector neutral, holding a portfolio of typically between stocks with a low expected portfolio turnover. Microcap companies are defined by Acorn s manager as those entities that have an equity valuation less than the 250th largest, by full market capitalisation (and not free-float adjusted), ASX-listed entity. Microcap companies include both listed microcaps (being those listed on ASX) and unlisted microcaps (being either entities that are not ASX listed, or non-asx listed instruments of listed microcaps). Portfolio performance* Total return Total return out/under-performance 3m 6m 1yr 3m 6m 1yr - -3% 14% -6% -3% 6% Pre-tax NTA performance Pre-tax NTA out/under-performance 3m 6m 1yr 3m 6m 1yr -9% -12% -1-12% -2% Sector allocation 16% Share price and NTA profile Top holdings as at 30 April 2017 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) HUB month historical Dividend yield 1.9% Gross dividend yield 2.8% Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. 12% 8% 4% Murray River Organics 5.0 Genea (UL) 4.7 MSL Solutions (UL) 3.7 Carbon Revolution 3.4 (UL) Unlisted Page 6

7 Absolute: Watermark Market Neutral (WMK) Key data Investment style Benchmark Management fee 1.0 Performance fee Market cap All cap, market neutral, domestic and global mandate RBA cash rate 2 (plus GST) of performance above the benchmark $87.4m Listing date 18 July 2013 Share price As at 18/05/2017 $1.01 NTA at 30/04/2017 Pre-tax NTA $0.99 Post-tax NTA $1.01 Share price premium/discount to NTA Pre-tax NTA 2% Post-tax 1-yr average -4% 12-month historical Dividend yield 4.3% Gross dividend yield 5. Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. Fund description In a market-neutral structure, returns are derived from the difference in performance between a long and a short portfolio of shares. As both portfolios are of equal size, the fund is fully hedged, retaining little or no net exposure to the share market. Irrespective of whether the portfolios are rising or falling, a positive return is achieved when the long portfolio outperforms the short. In this way, returns from a market neutral strategy will have no correlation with the performance of the broader share market, reflecting instead the investment manager s success in selecting the right securities. While the share market is generally efficient in valuing companies, there will always be a select group of companies that are mispriced at any given point in time. Watermark s investment strategy allows investors to benefit from its success in identifying strong companies to invest in and weaker companies to sell short, without being fully exposed to the volatility and risks of the share market. Sector exposure Utilities Telco IT Materials Industrials Health Care REITs Financials Energy Cons Staples Cons Disc Short Long Share price and NTA profile -2 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16 Apr-17 Portfolio performance* Total return Total return out/under-performance 6m 1yr 3yr 6m 1yr 3yr -3% 19% -4% 3% 17% Pre-tax NTA performance Prem / Disc (RHS) Share Price (LHS) Pre-tax NTA out/under-performance 6m 1yr 3yr 6m 1yr 3yr -6% -7% - -6% -8% -7% Page 7

8 International: Antipodes Global Investment Company (APL) Key data Investment style Benchmark Management fee 1.1 Performance fee Market cap Long/short, value MSCI All Country World Net Index in AUD 1 of net outperformance, subject to a high watermark $352.3m Listing date 18 October 2016 Share price As at 18/05/2017 $1.18 NTA at 30/04/2017 Pre-tax NTA $1.19 Post-tax NTA $1.16 Share price premium/discount to NTA Pre-tax NTA -1% Post-tax 2% 1-yr average 12-month historical Dividend yield Gross dividend yield N/A N/A N/A Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. Fund description Long-short global securities investment portfolio with a currency overlay. The portfolio will aspire to grow wealth over the long term by generating positive returns in excess of the benchmark at below market levels of risk. The manager seeks to purchase securities in what it considers to be great businesses that are not valued as such and build a high conviction portfolio with a capital preservation focus. Investors should be aware that returns can vary considerably from broad index returns. Antipodes was formed in March 2015 by Jacob Mitchell with the backing of Pinnacle Investment Management. The portfolio manager, Mr Mitchell, has more than 20 years investment experience and prior to forming Antipodes was Deputy Chief Investment Officer and Portfolio Manager at Platinum Asset Management. Portfolio performance Sector allocation Total return 3m 6m 1yr 8% 11% - Pre-tax NTA performance 3m 6m 1yr 6% 11% - Share price and NTA profile Dec-16 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 Regional allocation Prem / Disc (RHS) Share Price (LHS) 16% Other Cash 2.3% 8.1% United States Australia 23.9% 12% 1.2% 8% 4% Western Europe 23.3% Developing Asia 19.7% Developed Asia 21. 2% 1% -1% -2% -3% -4% - -6% -7% Page 8

9 Alternatives: Blue Sky Alternative (BAF) Key data Investment style Benchmark Management fee 1.12% Performance fee Market cap Alternative assets 8% per annum 17. fee on returns above hurdle rate of 8% $196.8m Listing date 16 June 2014 Share price As at 18/05/2017 $1.15 NTA at 30/04/2017 Pre-tax NTA $1.09 Post-tax NTA N/A Share price premium/discount to NTA Pre-tax NTA Post-tax N/A 1-yr average Fund description Blue Sky Alternative is an ASX-listed (ASX:BLA) alternative asset manager with more than $2bn in assets under management. Blue Sky has built a strong investment track record across private equity, venture capital, hedge funds, private real estate and real assets (primarily water and water infrastructure) of 16.7% per annum compounding (net of fees). The Fund Limited is mandated to invest in a diversified portfolio of alternative assets, including: 1) private equity and venture capital, 2) real assets, 3) private real estate, and 4) hedge funds. Portfolio performance* Sector allocation Total return 3m 6m 1yr 3% 17% Pre-tax NTA performance 3m 6m 1yr 1% Retirement Living Other Real Estate 8% Cash 8% Private Equity 19% Share price and NTA profile Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Prem / Disc (RHS) Share Price (LHS) Top holdings as at 30 April 2017 Not disclosed month historical Dividend yield 4.3% Gross dividend yield 6.1% Source: Wilsons, company data, IRESS *NTA performance is exclusive of dividends paid. Total return is share price and dividends paid. Student Accommodation Projects 18% Residential Development Project 6% Other Real Assets 7% Venture Capital 6% Water Fund 23% Page 9

10 LIC key metrics Company ASX code Investment focus Listing date Mcap ($Am) Last price $A Pre-tax NTA $A Pre-tax NTA prem/disc Australian Equities Aberdeen Leaders ALR Large Cap 25-Aug % -4% % 4.3% 6.2% 2.4 No AFIC AFI Large Cap 01-Jan % 3% % 4.1% 5.9% 0.18% No Aust Gov Masters Index AQF Large Cap 10-Feb % -1% % 4.1% 5.9% 0.49% No Argo Inv ARG Large Cap 01-Jan % 4% % % 0.18% No Aust United Inv AUI Large Cap 01-Jan % -6% % 4.1% 5.8% 0.13% No Arowana Aust Value Opps Fund AWQ Large Cap 05-Jan % % 4.3% 4.3% 1.0 Yes Century Aust Inv CYA Large Cap 08-Apr % -7% -6% 3.7% 5.3% 1.08% No Djerriwarrh Inv DJW Large Cap 28-Jun % 27% % % No Milton Corp MLT Large Cap 30-Jan % 1% % 4.2% 5.9% 0.14% No AMCIL AMH Large/Medium Cap 10-Feb % % 3.9% % No BKI Inv Co BKI Large/Medium Cap 12-Dec % 1% % 0.19% No Carlton Inv CIN Large/Medium Cap 28-Feb % -11% % 3.7% 5.2% 0.1 No Clime Capital CAM Large/Medium Cap 03-Feb % -8% % 1.0 Yes CBG Capital Limited CBC Large/Medium Cap 19-Dec % % % 1.0 Yes Diversified United Inv DUI Large/Medium Cap 19-Dec % -7% % 3.7% 5.3% 0.17% No Flagship Inv FSI Large/Medium Cap 20-Dec % 4.6% 6.6% No Fee Yes Ironbark Capital IBC Large/Medium Cap 02-Apr % % 2.4% 3.4% 0.6 Yes Perpetual Inv Co PIC Large/Medium Cap 18-Dec % -4% % 3.8% 1.0 No QV Equities QVE Large/Medium Cap 22-Aug % % 2.6% 3.7% 1.0 No WAM Leaders WLE Large/Medium Cap 12-Aug % % % Nov Yes Whitefield WHF Large/Medium Cap 02-Aug % -7% % 3.7% 5.3% 0.3 No Mcap weighted average -3% 2% 1 4% 6% Simple average - -2% 1% -2% 4% 6% 3yr avg prem/disc Post-tax NTA $A Post-tax NTA prem/disc Diluted NTA $A Diluted discount/ premium Options exercise price $A Options expiry date Dividend yield Gross dividend yield Mgmt fee Perf fee Contango Income Generator CIE Medium/Small Cap 14-Aug % -1% % 30-Mar % 7.9% 0.9 No Mirrabooka Inv MIR Medium/Small Cap 28-Jun % 13% % 5.7% 8.2% 0.7 No Ozgrowth OZG Medium/Small Cap 02-Jan % -1-23% % Aug % 4.6% 1.0 Yes WAM Capital WAM Medium/Small Cap 12-Aug % % 6.2% 8.9% 1.0 Yes WAM Research WAX Medium/Small Cap 19-Aug % 9% 18% % 1.0 Yes Westoz Inv Co WIC Medium/Small Cap 16-Sep % % Aug % 9.1% 1.28% Yes Acorn Capital Inv Fund ACQ Medium/Small Cap 01-May % -13% % 1.9% 2.8% 0.9 Yes 8Ip Emerging Companies Limited 8EC Small Cap 01-Dec % % % 1.2 Yes Mercantile Inv Co MVT Small Cap 26-Aug % Contango MicroCap CTN Small Cap 25-Mar % % -11% % 1.2 Yes Glennon Small Cos GC1 Small Cap 21-Aug % % % 1.0 Yes Sandon Capital Inv SNC Small Cap 23-Dec % % 4.8% 6.9% 1.2 Yes Mcap weighted average 13% 6% 16% -2% 5.8% 8.2% Simple average -4% -4% -1% -14% 5.2% 7.1%. Previous 12-month dividend yield. NTA as at 30/04/2017. Share price as at close 18/05/2017. Page 10

11 Company ASX code Investment focus. Previous 12-month dividend yield. NTA as at 30/04/2017. Share price as at close 18/05/2017. Listing date Mcap ($Am) Last price $A Pre-tax NTA $A Pre-tax NTA prem/disc Absolute Return Absolute Equity Performance Fund AEG Absolute Return 16-Dec % % Nov Yes Aust Leaders Fund ALF Long/Short 10-Feb % 9% % 6.8% 9.7% 1.5 Yes Cadence Capital CDM Long/Short 05-Dec % 6% % 7.3% Yes Monash Absolute Investment Co MA1 Long/Short 12-Apr % % Sep Yes NAOS Absolute Opps Co NAC Long/Short 12-Nov % % % % 1.7 Yes NAOS Emerging Opps Co NCC Long/Short 26-Feb % -11% 24% % 1.2 Yes Watermark Market Neutral Fund WMK Market Neutral 18-Jul % -4% % Yes Katana Capital KAT Absolute Return 23-Dec % % 7.8% 11.2% 1.2 Yes Thorney Opps TOP Absolute Return 22-Mar % -4% % 1.3% 0.7 Yes WAM Active WAA Long/Short 11-Jan % 4% % 2.3% 3.3% 1.0 Yes Mcap weighted average 1% -1% -1% % Simple average -2% 1% -6% 4.7% 6.6% International Equities Asian MastersFund AUF Asia 04-Dec % 1% % 1.6% 2.2% 1.0 Yes Ellerston Asian Inv EAI Asia 15-Sep % -4% % % 28-Feb Yes PM Capital Asian Opps Fund PAF Asia 22-May % % 2.4% 3.4% 1.0 Yes Platinum Asia Inv PAI Asia 21-Sep % % % 15-May Yes Emerging Markets Masters Fund EMF Emerging Markets 11-Oct % 3% 3.1% 3.1% 1.08% No Argo Global Listed Infrastructure ALI Global 03-Jul % -3% % % 31-Mar % 1.6% 1.2 No Antipodes Global Investment Company APL Global 18-Oct % % % Oct Yes Ellerston Global Inv EGI Global 20-Oct % -2% % % 10-Apr % Yes Future Generation Global Inv Co FGG Global 10-Sep % % % Sep % 1.3% No Fee No Global Value Fund GVF Global 21-Jul % % 2.7% 3.9% 1.5 Yes Hunter Hall Global Value HHV Global 19-Mar % -11% % 5.9% 8.4% 1.77% Yes Magellan Flagship Fund MFF Global 19-Dec % -6% % % Oct Yes PM Capital Global Opps Fund PGF Global 12-Dec % -9% % 2.7% 3.9% 1.09% Yes Platinum Capital PMC Global 29-Jun % 9% % 4.4% 6.3% 1.5 Yes Templeton Global Growth TGG Global 28-May % -9% % 3.3% 3.9% 1.0 No Mcap weighted average -1-3% % 2.8% Simple average -9% -3% -6% -9% 2.6% 3. Specialist Shares Aust Enhanced Income Fund AYF Hybrids 17-Oct % 7.1% 0.8 No Blue Sky Alternatives Access Fund BAF Alternative Assets 16-Jun % 6.1% 1.12% Yes Balidor Technology Inv BTI Internet-Related Co's 21-Nov % % 1.7 Yes Future Generation Inv Fund FGX Fund of 12-Sep % % 3.6% 5.1% 1.0 No Lion Selection Group LSX Junior Mining/Exploration 13-Mar Yes Mcap weighted average -2% -3% -2% 3.1% 4.4% Simple average -4% -13% -6% 4.7% 6.1% 3yr avg prem/disc Post-tax NTA $A Post-tax NTA prem/disc Diluted NTA $A Diluted discount/ premium Options exercise price $A Options expiry date Dividend yield Gross dividend yield Mgmt fee Perf fee Page 11

12 Outstanding options Company Australian Equities Options ASX code Shares on issue. NTA as at 30/04/2017. Share price as at close 18/05/2017. Mcap ($Am) Last price $A (options) Last price $A Options exercise price $A Pre-tax NTA $A Potential raising $A WAM Leaders WLEO 410,098, $337,715, Nov-17 Contango Income Generator CIEO 81,149, $33,888, Mar-18 Ozgrowth OZGOB 357,357, $6,458, Aug-17 Westoz Inv Co WICOB 129,064, $13,526, Aug-17 Absolute Return Absolute Equity Performance Fund AEGO 92,408, $77,567, Nov-17 Monash Absolute Investment Co MA1O 52,465, $57,711, Sep-17 International Equities Ellerston Asian Inv EAIO 114,882, $65,167, Feb-19 Antipodes Global Investment Company APLO 289,926, $307,712, Oct-18 Ellerston Global Inv EGIO 75,871, $33,599, Apr-18 Future Generation Global Inv Co FGGO 277,171, $299,716, Sep-17 Magellan Flagship Fund MFFO 480,620, $65,601, Oct-17 $1,298,665,610 Options expiry date Page 12

13 Monthly change in premium/discount to NTA Domestic equities (large/medium focus): Monthly change in premium/discount to NTA Domestic equities (medium/small focus): Monthly change in premium/discount to NTA 1 DJW WAM WAX QVE 2 MIR ALR AFI AQF ARG AUI AWQ CYA MLT AMH BKI CIN CAM DUI FSI IBC PIC WHF WLE CIE WIC ACQ QVE 8EC MVT CTN GC1 OZG -2-3 March premium/discount NTA April premium/discount NTA March premium/discount NTA April premium/discount NTA Absolute return: Monthly change in premium/discount to NTA International equities: Monthly change in premium/discount to NTA 2 1 CDM AUF EMF GVF 1 AEG ALF NCC WMK WAA PAI APL FGG HHV PMC - -1 MA1 NAC TOP EAI PAF ALI EGI PGF TGG -1 KAT MFF -2 March premium/discount NTA April premium/discount NTA March premium/discount NTA April premium/discount NTA Page 13

14 Specialist: Monthly change in premium/discount to NTA 1 BAF - AYF GRF FGX LSX -1-1 BTI -2 March premium/discount NTA April premium/discount NTA Page 14

15 Performance metrics Company ASX code Total return Total return out/under-performance Australian Equities - Large/Medium 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr. Performance base date 30/04/2017 and is before management fees have been deducted. NTA performance does not include dividends paid. Benchmark Aberdeen Leaders ALR 3% 1 17% 4-2% -2% -2% -34% -29% 4% 8% 18% 1 2-1% 4% 2% -16% S&P/ASX 200 Accumulation AFIC AFI 4% 9% 1 64% - -8% -9% % 3% 32% 1% 1% -1% - -4% S&P/ASX 200 Accumulation Argo Inv ARG 2% 7% 9% 19% 76% -3% - -9% -21% 3% 4% 8% 1 7% 38% 1% -1% 2% -1% 3% S&P/ASX 200 Accumulation Aust United Inv AUI 8% 14% 21% 1 72% 3% 3% 2% -24% -2% 6% 12% 2 2% 34% 2% 3% 7% -6% -2% S&P/ASX 200 Accumulation Arowana Aust Val Opps Fund AWQ 1% -1% -2% -4% -13% -2 2% % -14% -18% S&P/ASX 200 Accumulation Century Aust Inv CYA 7% 11% 24% 23% 89% 2% 6% 21% 1% 6% 13% 2% 28% -3% -3% -6% -7% S&P/ASX 300 Accumulation Djerriwarrh Inv DJW -3% 4% -4% -3% 28% -8% -8% -22% -43% -46% 4% 6% 11% -12% -3% -2% -2-36% S&P/ASX 200 Accumulation BKI Inv Co BKI -2% 6% 12% 67% -7% -7% -13% -27% -7% 4% 6% 7% 1% 21% 1% -3% -6% -7% -1 S&P/ASX 200 Accumulation Carlton Inv CIN 3% 37% 131% - -9% -14% -2% 58% 1% 3% 2 7 1% -9% -1 17% 39% S&P/ASX 200 Accumulation AMCIL AMH -3% -6% 2% 18% 7-8% -18% -16% -22% -3% 4% 1% 6% 2% 17% 1% -8% -8% -6% -19% S&P/ASX 200 Accumulation Aust Gov Masters Index AQF 4% 13% 18% 1 54% -1% 1% -1% -24% -19% 4% 9% 16% 4% 36% 3% -4% S&P/ASX 200 Accumulation Clime Capital CAM -1% 1 19% 6% 34% - 2% -18% -33% -2% 2% -16% -22% -3% -11% % All Ordinaries Accumulation CBG Capital CBC 9% 8% - -3% -1-4% -1-13% -8% -36% S&P/ASX 200 Accumulation Diversified United Inv DUI 1 19% 21% 2 9 7% 3% 1% 22% 6% 14% 21% 8% 46% 3% 8% 12% S&P/ASX 300 Accumulation Flagship Inv FSI 2% 16% 18% 74% -3% - -1% -6% 7% 3% 1% 3% 38% -7% -9% -4% 4% All Ordinaries Accumulation Ironbark Capital IBC 3% 7% 13% 6% 34% 1% 3% -2% 26% -1% 2% -7% -3% -3% -4% % 1YR SWAP +6% Milton Corp MLT 2% 8% % -2% -8% -8% 9% 1 12% 8% 37% 2% 1% -1% 3% All Ordinaries Accumulation Perpetual Inv Co PIC 4% 9% 14% -1% -2% -4% 6% 11% 1% -3% -2% S&P/ASX 300 Accumulation Whitefield WHF 1 11% 23% 107% -1% -8% -17% 34% 8% 14% 16% 67% 2% -1% 8% 31% S&P/ASX 200 Accumulation Australian Equities - Medium/Small 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr Acorn Capital ACQ - -3% 14% -6% -3% 6% -11% -9% -12% -1-12% -2% S&P/ASX Small Ords Accumulation Contango Income Generator CIE 4% 2% 8% -1% -9% -9% 3% 7% 1% - -6% All Ordinaries Accumulation Mirabooka MIR -9% -8% 2% 27% 92% -1-8% -6% 16% 9 4% -3% 2% 17% 3% -3% -6% -11% 2 S&P/ASX Small Ords Accumulation Ozgrowth OZG -4% 26% 1% 26% -9% -6% 9% -23% -4 8% 8% 2-8% -2 4% 12% -17% -54% All Ordinaries Accumulation Mercantile MVT -6% -6% 19% 11% 5-11% -17% 2% -13% -12% -3% -8% -12% -9% -34% All Ordinaries Accumulation QV Equities QVE 4% 24% - -7% 6% 1% 13% 2% -8% -1% S&P/ASX 300 Accumulation WAM Capital WAM 2% 8% 18% 48% 106% -2% -3% 2 39% -4% -9% 7% 17% -7% -17% -13% -2% -17% All Ordinaries Accumulation WAM Research WAX 1% 22% 58% 181% -4% -6% 4% 34% 114% - -9% 2% 13% 29% -8% -17% -11% - All Ordinaries Accumulation WestOz Investment Co. WIC -1 2% 2-3% 3-14% -9% 8% -27% -36% 3% 3% 17% -18% -23% -6% -27% -58% All Ordinaries Accumulation 8Ip Emerging Companies Limited 8EC -1% -3% 6% -2% - 3% -1% -2% -4% -4% -4% RBA Cash rate + 200bps Contango Microcap CTN -8% -9% 12% 18% 18% -9% -9% 4% 7% 21% -12% -23% -3% -14% -32% -13% -23% % S&P/ASX Small Ords Accumulation Glennon Small Companies GC1 3% -2% 3% 2% -2% - -4% -11% -6% -4% -11% -13% S&P/ASX Small Ords Accumulation Sandon Capital SNC 17% 32% 29% 4% 17% 2 18% -3% -2% 7% 3% -3% -2% -1% -8% S&P/ASX Small Ords Accumulation Pre-tax NTA Pre-tax NTA out/under-performance Page 15

16 Company ASX code Total return Total return out/under-performance Absolute Return 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr Cadence Capital CDM 4% 4% -1% 46% -1% -7% -18% -19% -21% -1% -16% -1-3% -9% -13% -2-49% All Ordinaries Accumulation NAOS Absolute Opps Co NAC -2% 13% -3% -2% 9% -6% -13% -8% -7% -1-13% RBA Cash rate + 250bps NAOS Emerging Opps Co NCC 12% 17% 57% 68% 12% 17% 49% 57% -9% -11% 9% 7% % -4% S&P/ASX Small Ords Accumulation Watermark Neutral Fund WMK -1% -3% 19% -1% -4% 3% 17% -4% -6% -7% - -4% -6% -8% -7% RBA Cash Rate Aust Leaders Fund ALF -1-12% -7% -9% 68% -1-12% -14% -2 71% -2% -7% -7% -13% -3% -7% -14% -24% 4% S&P/ASX Small Ords Accumulation. Performance base date 30/04/2017 and is before management fees have been deducted. NTA performance does not include dividends paid. Benchmark Katana Capital KAT -7% -1% - -9% 37% -11% -12% -22% -33% -29% 1% -1% -16% -1-3% -7% -13% -2-4 All Ordinaries Accumulation WAM Active WAA -1% -1% 17% 51% - -12% -1% -19% -16% 1% 3% 1% -6% -2% -9% -1-8% -4 All Ordinaries Accumulation Thorney Opportunities Fund TOP -1% -4% 29% 4 72% -2% 27% 56% N/A Pre-tax NTA Pre-tax NTA out/under-performance Page 16

17 Company ASX code Investment focus International Equities 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr ARGO Infrastructure ALI Global 9% 4% 2% 8% 8% 6%. Performance base date 30/04/2017 and is before management fees have been deducted. NTA performance does not include dividends paid. Benchmark Antipodes Global Investment Company APL Global 8% 11% 6% 11% MSCI All Country World Net Index PM Capital Global Opportunities Fund PGF Global 22% 16% 12% 1 23% 24% 3 MSCI All Country World Net Index Platinum Capital PMC Global 3% 6% -4% 1 89% 4% 8% 9% 1% 43% MSCI All Country World TR (AUD) Templeton Global Growth TGG Global 7% 13% 18% % 1 12% 9% 69% MSCI World Ellerston Global Investments EGI Global -1% -4% 1% 1% 7% MSCI World Index Local A$ benchmark 9 FTSE Global Core Infra. 50/50 index & 1 Merrill Lynch Fixed Rate Pref. Sec. index Future Generation Global FGG Global -2% -3% - 7% 1 12% MSCI World Total Return Index, net dividends reinvested, AUD Global Value Fund GVF Global -1% 6% 17% 1% 1% BBSW 1yr rate +4% Hunter Hall Global Value HHV Global -2% -16% 2% 39% 101% -1-11% 7% 38% MSCI World Return, net dividends reinvested, AUD Magellan Flagship Fund MFF Global 2% 1 36% 15 8% 21% 19% 67% 14 MSCI World (AUD) Platinum Asia PAI Asia 11% 9% 7% % MSCI AC Asia Ex Japan Index PM Capital Asian Opportunities Fund PAF Asia 9% 12% 1 6% 14% 17% MSCI AC Asia Index (AUD) Asian MastersFund AUF Asia 8% 11% 36% 6 8% 6% 8% 32% 49% MSCI Asia Ex Japan Ellerston Asia Fund EAI Asia 3% -1% 9% 8% 16% MSCI All Country ASIA Ex Japan Net Index AUD Emerging Markets Masters Fund EMF Emerging Markets 6% 3% 1 3 8% 4% 7% 22% MSCI Emerging Markets Specialist 3m 6m 1yr 3yr 5yr 3m 6m 1yr 3yr 5yr Aust Enhanced Income Fund AYF Hybrids 1% 4% % 2% 3% -7% - UBS $A Bank Bill Index Blue Sky Alternatives Access Fund BAF Alternative Assets 3% 17% 1% CPI + 4. Total return Lion Selection Group LSX Junior Mining/Exploration -9% 17% 58% -1 N/A N/A N/A N/A N/A ASX Small Resources Future Generation Inv Fund FGX Fund of -2% 4% 3% 2% 2% All Ordinaries Accumulation Balidor Technology Inv BTI Internet-related cos -1-17% -12% -6% -2% -4% 8% pa compounded annually Pre-tax NTA Page 17

18 CAM CBC MIR WAX DJW OZG DJW AMH AQF CAM WAX ALR MIR 8EC AFI ARG AUI AWQ BKI AMH FSI 8EC IBC QVE IBC ALR AFI AUI BKI CBC FSI WHF MLT CIE OZG CIN DUI MLT ACQ WHF CIE MVT WIC CTN GC1 AWQ CIN DUI PIC ACQ MVT WAM CYA WIC PIC WAM CTN AQF ARG CYA QVE GC1 ARG AWQ CIN BKI AMH CBC WIC AFI CAM FSI CIE ACQ CTN ALR CYA IBC MLT DJW DUI PIC WHF OZG MVT WAM GC1 WAX MIR CTN DJW AFI ALR ARG AUI AWQ BKI AMH MIR OZG MVT AQF ACQ 8EC CIN CAM CBC CYA AQF FSI IBC MLT QVE WAM WAX AUI QVE WIC SNC 8EC GC1 SNC DUI PIC WHF CIE 22 May 2017 Pre-tax NTA premium/discount and total return vs benchmark Domestic equities: 3-mth pre-tax NTA prem/disc and total return vs benchmark Domestic equities: 1-yr pre-tax NTA prem/disc and total return vs benchmark Pre-tax NTA out/under-performance Total return out/under-performance -3 Pre-tax NTA out/under-performance Total return out/under-performance Domestic equities: 3-yr pre-tax NTA prem/disc and total return vs benchmark Domestic equities: 5-yr pre-tax NTA prem/disc and total return vs benchmark Pre-tax NTA out/under-performance Total return out/under-performance -8 Pre-tax NTA out/under-performance Total return out/under-performance Page 18

19 ALF CDM MA1 NAC NCC WMK KAT TOP WAA AYF BAF BTI FGX LSX ALR AFI AQF ARG AUI AWQ CYA DJW MLT AMH BKI CIN CAM CBC DUI FSI IBC PIC QVE WLE WHF CIE MIR OZG WAM WAX WIC ACQ 8EC MVT CTN GC1 SNC 22 May month historical dividend yield Domestic equities (large/medium focus): 12-month historical dividend yield Domestic equities (medium/small focus): 12-month historical dividend yield 1 9% 8% 7% 6% 4% 3% 2% 1% 1 9% 8% 7% 6% 4% 3% 2% 1% Dividend Yield Gross Dividend Yield Dividend Yield Gross Dividend Yield Absolute return: 12-month historical dividend yield 12% 1 8% 6% Specialist: 12-month historical dividend yield 8% 7% 6% 4% 4% 3% 2% 2% 1% Dividend Yield Gross Dividend Yield Dividend Yield Gross Dividend Yield Page 19

20 AUF EAI PAF PAI EMF ALI APL EGI FGG GVF HHV MFF PGF PMC TGG 22 May 2017 International equities: 12-month historical dividend yield 9% 8% 7% 6% 4% 3% 2% 1% Dividend Yield Gross Dividend Yield Page 20

21 IBC KAT CDM WMK TOP WAA BTI NCC ALF BAF NAC LSX FGX AYF FSI OZG ALR AWQ CIN AFI ARG AUI DJW AMH CAM DUI MLT PIC WHF ACQ WIC MVT CIE CTN SNC CYA BKI AQF MIR WAM QVE WAX GC1 22 May 2017 Pre-tax NTA premium/discount vs long-term averages Domestic (large/medium): NTA prem/disc vs 3-yr, 5-yr and sector average prem/disc Spot discount/premium Sector 3yr avg 1yr NTA prem/disc avg 3yr NTA prem/disc avg 5yr NTA prem/disc avg Absolute return: NTA prem/disc vs 3-yr, 5-yr and sector average prem/disc Domestic (medium/small): NTA prem/disc vs 3-yr, 5-yr and sector average prem/disc Spot discount/premium Sector 3yr avg 1yr NTA prem/disc avg 3yr NTA prem/disc avg 5yr NTA prem/disc avg Specialist: NTA prem/disc vs 3-yr, 5-yr and sector average prem/disc Spot discount/premium Sector 3yr avg 1yr NTA prem/disc avg 3yr NTA prem/disc avg 5yr NTA prem/disc avg Spot discount/premium Sector 3yr avg 1yr NTA prem/disc avg 3yr NTA prem/disc avg 5yr NTA prem/disc avg Page 21

22 MFF EGI HHV PGF EAI PAF TGG ALI FGG GVF PAI PMC AUF EMF 22 May 2017 International: NTA prem/disc vs 3-yr, 5-yr and sector average prem/disc Spot discount/premium Sector 3yr avg 1yr NTA prem/disc avg 3yr NTA prem/disc avg 5yr NTA prem/disc avg Page 22

23 Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount 22 May 2017 Pre-tax NTA growth vs NTA premium/discount Domestic: 1-yr pre-tax NTA growth vs NTA prem/disc 3 WAM 2 MIR 1 CAM GC1 WAX DJW SNC BKI MLT AFI AMH QVE CYA ARG AQF DUI AUI -1 AWQ CIE CIN PIC ALR CTN ACQ FSI WHF -2 WIC OZG yr NTA Return Domestic: 5-yr pre-tax NTA growth vs NTA prem/disc Domestic: 3-yr pre-tax NTA growth vs NTA prem/disc 3 2 DJW CAM CTN WIC PIC GC1 AWQ MIR BKI CIE ACQ WAM QVE CYA AMH Absolute: 1-yr pre-tax NTA growth vs NTA prem/disc AUI SNC AFI AQF DUI FSI WAX ARG MLT ALR WHF OZG yr NTA Return CIN CAM CTN -1 WIC -2 DJW QVE SNC AWQ PIC CIE ACQ OZG WAM WAX MIR AMH CYA BKI AQF GC1 AFI AUI ALR FSI ARG MLT DUI WHF CIN 1 NAC CDM WMK ALF KAT ABW WAA IBC NCC TOP yr NTA Return Absolute: 3-yr pre-tax NTA growth vs NTA prem/disc yr NTA Return Absolute: 5-yr pre-tax NTA growth vs NTA prem/disc CDM ALF WMK NAC NCC WAA TOP 1 - CDM WAA NAC NCC WMK KAT IBC KAT IBC TOP ALF -25. ABW ABW yr NTA Return yr NTA Return Page 23

24 Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount Spot Premium/Discount 22 May 2017 International: 1-yr pre-tax NTA growth vs NTA prem/disc HHV International: 5-yr pre-tax NTA growth vs NTA prem/disc Specialist: 3-yr pre-tax NTA growth vs NTA prem/disc GVF AUF PMC EGI FGG ALI EMF TGG yr NTA Return EMF GVF FGG PAI EAI PAF ALI EGI PGF HHV PMC AUF PAF EAI PAI TGG yr NTA Return LSX GRF AYF BAF FGX BTI yr NTA Return International: 3-yr pre-tax NTA growth vs NTA prem/disc 1 MFF PAF PGF EGI PAI - HHV FGG ALI AUF -1 EAI EMF -1 PMC GVF -2 TGG yr NTA Return Specialist: 1-yr pre-tax NTA growth vs NTA prem/disc 12 LSX BAF AYF -2 FGX GRF BTI yr NTA Return Specialist: 5-yr pre-tax NTA growth vs NTA prem/disc LSX GRF BAF AYF FGX -2 BTI yr NTA Return Page 24

25 Domestic LICs: Large/medium cap-focused Aberdeen Leaders - ALR AFIC - AFI Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Argo Investments - ARG Arowana Australia Value Opportunity Fund - AWQ Australia United Investments - AUI Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Century Australia Investments - CYA 4% 2% -2% -4% -6% -8% -1-12% -14% -16% -18% Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Page 25

26 Djerriwarrh Investments - DJW BKI Investment Co. - BKI Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Carlton Investments - CIN Australian Government Masters Index Fund - AQF Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 AMCIL- AMH Carlton Clime Capital - CAM Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17-6 Page 26

27 Diversified United Investments - DUI Flagship Investments - FSI Prem / Disc (RHS) Share Price (LHS) Prem / Disc (RHS) Share Price (LHS) Milton Corporation - MLT Perpetual Investment Co. - PIC % % -4% % % -1-12% -2 Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Whitefield - WHF Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17-14% Page 27

28 Domestic LICs: Medium/small cap-focused Acorn Capital - ACQ Contango Income Generator - CIE Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Mirabooka - MIR Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 Ozgrowth - OZG 8% 6% 4% 2% -2% -4% -6% -8% -1-12% QV Equities - QVE -5 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) WAM Capital - WAM Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Page 28

29 WAM Research - WAX WestOz Investment Co - WIC Prem/disc (RHS) Share price (LHS) Avg pre/disc (RHS) Contango Microcap - CTN Nov-09 Nov-11 Nov-13 Nov-15 Glennon Small Companies - GC Sandon Capital - SNC 6% 4% 2% -2% -4% -6% -8% -1-12% -14% -16% Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17-2 Prem / Disc (RHS) Share Price (LHS) Page 29

30 Absolute-focused LICs Cadence Capital - CDM Aurora Absolute Return Fund - ABW Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17-4 Australian Enhanced Income Fund - AYF Prem / Disc (RHS) Australian Leaders Fund - ALF Share Price (LHS) Katana Capital - KAT WAM Active - WAA Mar-08 Mar-10 Mar-12 Mar-14 Mar Page 30

31 Thorney Opportunities Fund - TOP Naos Absolute Opportunities Fund - NAC Oct-12 Oct-13 Oct-14 Oct-15 Oct-16-4 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17-2 Naos Emerging Opportunities Fund - NCC Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16 Oct-16-2 Prem / Disc (RHS) Share Price (LHS) Page 31

32 International-focused LICs Antipodes Global Investment Company - APL Argo Global Listed Infrastructure - ALI % % % % % % % % Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Asian Masters Fund - AUF % 2% -2% % -6% -8% -1-12% % -16% -18% Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Ellerston Global Investments - EGI Feb-08 Feb-10 Feb-12 Feb-14 Feb-16-2 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17-2 Emerging Markets Masters Fund - EMF Global Value Fund - GVF Dec-12 Aug-13 Apr-14 Dec-14 Aug-15 Apr-16 Dec-16-1 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17-2 Prem / Disc (RHS) Share Price (LHS) Prem / Disc (RHS) Share Price (LHS) Page 32

33 Hunter Hall Global Value - HHV Magellan Flagship Fund - MFF Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 PM Capital Asian Opportunities Fund - PAF Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 PM Capital Global Opportunities Fund - PGF Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Platinum Capital - PMC -3 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Templeton Global Growth - TGG Page 33

34 Ellerston Asian Investments - EAI Future Generation Global - FGG Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17-1 Prem / Disc (RHS) Share Price (LHS) Prem / Disc (RHS) Share Price (LHS) Platinum Asia Investments - PAI Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17-1 Prem / Disc (RHS) Share Price (LHS) Page 34

35 Specialist-focused LICs Australian Enhanced Income Fund - AYF Blue Sky Alternatives Access Fund - BAF Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17-1 Future Generation Investment Fund - FGX Prem / Disc (RHS) Balidor Technology - BTI Share Price (LHS) % % 4% 2% -2% -4% -6% -8% Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16-1 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17-3 Prem / Disc (RHS) Share Price (LHS) Prem / Disc (RHS) Share Price (LHS) Lion Selection Group - LSX Mar-13 Oct-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16-6 Page 35

36 Disclaimers and disclosures Recommendation structure and other definitions Definitions at wilsonsadvisory.com.au/disclosures. Disclaimer This document has been prepared by Wilsons Advisory and Stockbroking Limited (AFSL , ABN ) ( Wilsons ) and its authors without consultation with any third parties, nor is Wilsons authorised to provide any information or make any representation or warranty on behalf of such parties. Any opinions contained in this document are and are subject to change and do not necessarily reflect the views of Wilsons. This document has not been prepared or reviewed by Wilsons Research Department and does not constitute investment research. Wilsons makes no representation or warranty, express or implied, as to the accuracy or completeness of the information and opinions contained therein, and no reliance should be placed on this document in making any investment decision. Any projections contained in this communication are estimates only. Such projections are subject to market influences and contingent upon matters outside the control of Wilsons and therefore may not be realised in the future. Past performance is not an indication of future performance. In preparing the information in this document Wilsons did not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making any investment decision, you should consider your own investment needs and objectives and should seek financial advice. This document does not constitute or form part of an offer or invitation to subscribe for or purchase any securities, and neither this document nor anything contained within it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Wilsons and Wilsons Corporate Finance Limited (ABN , AFSL ) and their associates may have received and may continue to receive fees from any company or companies referred to in this document (the Companies ) in relation to corporate advisory, underwriting or other professional investment services. Please see relevant Wilsons disclosures at In addition, the directors of Wilsons advise that at the date of this report they and their associates may have relevant interests in the securities of the Companies. Wilsons contact Phone: Website: wilsonsadvisory.com.au. Page 36