Investor presentation in Melbourne with HML team 23 March, page-15

Thanks Mr Pete,

Some ballsy and bluntly honest comments in there by Capt Stu, I like his take on the finance world..

In relation to the Horni IPO I don't see much difference between the two products (Henry and Horni ) , although i'm sure there'll be differing investments by the entities to some degree....but basically in the same markets/zones. (I haven't gone into Horni evaluation too deeply as yet so I stand to be corrected ).

The question is, if both entities basically track each other's performances.....why invest in the new product at higher fees ?....You could just buy more Henry at lower fee structure ? Whose performance has been magnified by the waiving of fee's....giving her a lovely platform to launch from , (Thankyou Capt Stu)...If early fee's were taken, growth/profits/performance would have been impacted , and we wouldn't be sitting as high as we are currently . Hopefully Horni will enjoy the early generosity that was afforded to Henry in relation to fee's ?

On mulling over the Horni raising I should mention that I intend purchasing the IPO (At this stage ) because its just one of those things you don't want to miss out on, .... and for a little Diversity. It did take Henry a while to find its feet and I'd expect the same thing from the Hornman........

Mr Pete, nice report on the meeting and good to hear Capt Stu's thoughts, I like the cut of his Jib ......Was there any mention/insight into the HHL situation/holding ?

Luck to ya