Ann: Investor Pack update June 2019, page-18

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THORNEY OPPORTUNITIES LTD ACN
080 167 264
20 June 2019

Dear fellow shareholder Welcome to another TOP Chairman’s Update. With only a week left until the end of the 2018/19 financial year, I wanted to share a few thoughts about one of the main themes currently influencing the TOP management team's investment strategies and to take a brief look forward to 2019/20.

Firstly, however, I'm pleased to report that the TOP portfolio continues to perform well

At the time of writing many of TOP's key holdings were trading at prices above their May 31 levels and if this continues, we expect TOP to close out the financial year on a pleasing note.

One of the reasons for TOP's continued strong NTA performance since inception has been our focus on the key thematics influencing both the Australian and international economies. Once a thematic is identified and understood, we seek to uncover undervalued and overlooked companies operating in the space and work with them to unlock value.

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Cooper Energy (COE) is an oil and gas explorer and developer which is building energy capacity particularly in South East Australia and the East Coast. Potential gassupply shortages and high price forecastsfor gassupplies on the Australian East Coast have been wellreported. Through its Sole gas field in the Gippsland Basin, Cooper Energy is well placed to be a new source of high demand gas for many years to come.

I hope this short note has given you insight into just a few of TOP's “infrastructure boom exposed” holdings.

We're excited by the medium to long term outlook for this sector and believe these and the other well researched, high conviction stocks we hold in the TOP portfolio will help ensure we continue to deliver solid outperformance for our shareholders over time.

Best regards
Alex Waislitz
Chairman