Ann: Investment Manager's Presentation to AGM, page-6

Hi Morrison, I personally buy Australian small caps directly (representing majority of my portfolio), although I like the future generation fund FGX (1% management fee which is all given to charities) which has an allocation to small caps, it's run by Geoff Wilson who is the most successful LIC manager in Australia that I am aware of. All of Geoff's other funds are mainly small caps and have performed really well although trade at huge premiums to NTA.

I'm happy with the TGG buyback, good decision. This should happen more in the LIC world where so many trade at discounts.

Hoarding