Ann: May Monthly NTA and Investment Report, page-15

Michael G is a big shareholder in BHD yet the fund is only $7m in size and has fees of $450,000 which is about 7% - How does the investor make money and how can GC1 justify investing in such a high fee manager. Just like owing 15%of its portfolio in SEQ at a time thry felt it was run poorly, seems conflicted???

05 July 2024

GENERAL MEETING 12 AUGUST 2024

ACN 614 854 045

ASX Announcement

(ASX: BHD)

Dear Shareholder

Benjamin Hornigold Limited (Company) released anotification on 04 July 2024 of a receipt of request to hold

a General Meeting (GM). This GM of Shareholdersof Benjamin Hornigold Limited will be held at the

Company’s registered address Level 10, 171Clarence Street, Sydney NSW 2000 on Monday, 12 August

2024 at 3.00 pm (Sydney time).

TheGeneral Meeting has been called following a request pursuant to section 249D ofthe Corporations Act by

KeybridgeCapital Limited (Requisitioning Shareholder). The Board is not responsible forcalling this meeting.

TheSpecial Resolution proposed by the Requisitioning Shareholder will, if approvedat the General Meeting,

have theeffect of reducing the maximum aggregate fees payable to all Non-executiveDirectors from

$450,000per financial year to $40,000 per financial year.

The Board unanimously recommends thatShareholders VOTE AGAINST the proposed Special Resolution.

The Board believes that it is not commerciallyviable to expect 3 directors to effectively represent the best

interests of shareholders on a combinedremuneration pool of $40,000 per financial year. This figure is

substantially below market rates for small ASXlisted companies and would make it very difficult to attract good

quality directors in the future.

Proxies

All Shareholders are invited to physicallyattend the GM or, if they are unable to attend, sign and return the

Proxy Form to the Company in accordance withthe instructions in the GM Notice. Lodgement of a Proxy Form

will not preclude a Shareholder from physicallyattending and voting at the GM.

Communications

Recent legislative changes to the CorporationsAct 2001 effective 1 April 2022 means there are new options

available to you as a shareholder as to how youelect to receive your communications. We will no longer send

you physical meeting documents unless yourequest a copy to be mailed.

We encourage you to provide your email addressso we can communicate with you electronically when

shareholder notices become available online forsuch items as meeting documents, dividend statements and

annual reports. You can make a standingelection to receive some or all of your shareholder communications

in physical or electronic form.

To review or update your current communicationpreference simply logon to our share registry’s website at

https://investorcentre.linkgroup.com.You will need your portfolio log in details or your Shareholder Reference

Number (SRN) or Holder Identification Number(HIN) and select the Communications tab at the top of the

page.

If at any time you require an additional copyof a communication, or you need more information about the

options available to you, please contact LinkMarket Services via email to

[email protected].

The Notice of Meeting will follow in duecourse.

By order of the Board of Directors

Michael Glennon

Chairman / Company Secretary

Benjamin Hornigold Ltd

Telephone: 02 8117 8123

Email:[email protected]