Ann: EGM 4 June - Response to Letter from Jones & Glennon, page-4

The bigger question is why would a CEO be trading stocks ? It’s a full time job. Looking through the returns on a year to year basis just highlights the huge volatility of the returns & the high beta nature of the portfolio. No doubt a small/micro cap portfolio given its market related swings. This is the same management that accused Glennon of poor returns ? Even though SEQ was also an investor in the Glennon LIC. Oh the irony here.Also interesting that they highlight the ‘vast majority of acquisitions being in the 'licensing services & professional services’ divisions (62%). Despite this SEQ has dismissed the head of professional services just last week - so who’s running this business now ? This all appears to be very reactive. So management has finally come clean on its equity portfolio - what other skeletons in the closest are we going to find ? It seems like the rebel shareholders are opening up a real can of worms here