Ann: Appendix 3Y MG, page-9

I think the current board has done a great job thus far and earnt plenty of trust. My expectation is they will do the right thing by shareholders in the future.

Fortunately I wasn't a shareholder in this from the early days. However I could understand how if you were you would be skeptical of all boards. Given that, I think it would be helpful if more colour is provided on the investment strategy from here. (I couldn't find how the strategy seemed to tilt from returning capital to shareholders to now building out a new portfolio). Perhaps I have missed some announcements in this regard though.

I can see how it might make sense to have some equities exposure whilst deciding on how likely it might be to recover more money owing to them. Not sure how this status might last. Surely though it is hard to argue a sub $10 million LIC is viable over the longer term?