Ann: Appendix 4E/ Preliminary Final Report June 2019, page-2

Gobsmackingly huge but not unexpected. What is unexpected is the audacity of the managers to release this magnitude of loss and continue to hold their hand out for management fees all with no warning or briefing to shareholders beforehand. No doubt Karl will attempt to explain away the situation and say we will do better next time, but it seems by the way that he is running the fund, that he thinks it’s his personal plaything and that CDM shareholders don’t really count. The silence was (And is) deafening.