Ann: AGM Presentation, page-2

Glad to read. But I would ask, how is the 12m valuation uplift of these companies so small? Siteminder up 33% is good, but most of the rest. 5% growth only for Stackla and Straker I would have hoped these companies are at their greatest growth point in their cycle.

Looks like portfolio could to have a few exits next 12 months, will be good to see, hoping to see thee are conservatively valued. If they get an exit > Holding Value could be a big bumper to the NTA and then share price. Potential for 30-50% spike in 12 months. Worth keeping a close eye on

30 June 2016 / Additional Investment / Valuation Movement / 30 June 2017 / Net Movement

SiteMinder 31.3 / 0.0 / 9.2 / 40.5 / 9.2
Stackla 7.4 4.8 0.4 12.6 5.1 .
Straker 4.6 3.8 0.3 8.7 4.1
DocsCorp 0.0 5.0 2.5 7.5 7.5
Lendi 4.0 1.5 1.7 7.2 3.2
Rezdy 2.7 1.1 0.8 4.5 1.8

Two investments no change in value
SMI 5.5 1.9 0.0 7.4 1.9
Instaclustr 0.0 4.5 0.0 4.5 4.5

Two investments declined in value
Viostream 28.5 1.0 (6.5) 23.0 (5.5)
iPro 8.5 4.1 (12.5)