Ann: May 2018 Shareholder Presentation, page-6

I was waiting for others to give you their opinion before responding. CYA has only fairly recently been taken into the Wilson stable for management. As such it is managed by Wilson as opposed to being “created” bu WAM hence the tax credits from the previous “average” management. It holds much of the same stocks as Wilson Leaders but I think there are subtle differences. I think it is a matter of time befor CYA is either “rebadged” or amalgamated into WLE, but this is pure speculation on my part. I think the WAM team are probably more “nimble” than a lot of other fund managers and Geoff Wilson cut his teeth on the LIC process and has proven himself successful through the range of funds floated by WAM. He has a great team headed by Chris Stott and Mat Haupt and the WLE fund has outperformed the index for 10 out of the last 10 months and there is an internal “hope” that they will be able to outperform the index for every month of the last year. I would think that CYA would be in the same boat. Having tax credits is not franking credits and the tax credits will enable offsets once the fund reaches a taxable situation. Cheaper fees are good, but not to the detriment of the overall performance.