Ann: Chairman's Address to Shareholders, page-2

Question - why do we need to pay CGA 0.5% p.a. as “investment manager”? When WCM, the investment adviser is “ best of breed”. Punt on the Aussie dollar? Cash up at the wrong time?
Whatever limited expertise CGA had in managing global shares is now even more depleted. If broker stories are true that CGA has given notices to 80 to 90 % of its investment staff.
Hell, does the Board of CGA even know of this?
Save your shareholders money. Get rid of the inexperienced entity overseeing the “best of breed”?
Rename it the WCM Global Fund, or something along those lines. The Contango brand value is fast vapourising.

The CQG Chairman said this morning -
“The opportunities outside of Australia are vast. We know about globally listed companies with significant public profiles (i.e. Amazon, Apple, Google) but how does an investor unearth high-quality companies with robust and compelling growth stories, in global markets with a universe of many thousands of listed companies?
For us, the answer was to co-partner with what we considered to be a best of breed specialist global equities fund manager. That is how California-based WCM Investment Management was appointed Investment Adviser to manage the portfolio.
As a company that is 100% owned and operated by employees, the alignment of interests between investors and WCM is very strong. They have worked hard to build and maintain the kind of company that nurtures a strong investment culture, excellence and innovation, and it is what informs their process to identify high quality growing companies in which the portfolio invests.
WCM has an exceptional performance track record. Over the last 10 years to June 2017, they have generated an average annualised return of 13.3% p.a., outperforming the MSCI benchmark by 5.7% p.a with a similar strategy. We believe our partnership with WCM gives us a distinct edge.
We are also delighted to have Contango Asset Management Limited, through its wholly owned subsidiary Contango International Management Pty Limited, as manager of the portfolio.
Following the recent departure of George Boubouras as Managing Director and Chief Investment Officer, Contango Asset Management has entered a period of change. Notwithstanding this, the relationships with both Contango Asset Management and WCM Investment Management remain strong.
We as a board have and will continue to work with the Investment Manager to ensure that the Company's investment objectives are delivered upon for the benefit of Contango Global Growth's shareholders. Importantly, the Board is comfortable that the changes will not impact on the management of the portfolio.”