Ann: Preliminary Final Report, page-3

The 2020 financial year can be broken down into three distinct investment performance periods, as follows:

- The eight month period from 1 July 2019 to 29 February 2020, during which the Company’s investment return of 8.3% compared favourably to the Index return of 7.8%.

- The month of March 2020, during which the Company’s investment return was negative 1.2%. There was a steep sell-off in markets, resulting in an Index return of negative 7.4%. Actions taken to protect the portfolio during a highly volatile period, including shorts on stock market indices and higher cash holdings, helped the Company’s investment performance.

- The three month period from 1 April 2020 to 30 June 2020, during which the Company’s investment return of 7.0% exceeded the Index return of 3.7%. The Company’s investment portfolio was well positioned for the market recovery during this period.

The Investment Manager noted that “After the shareprice declines in March 2020, Asian markets were trading on a significantdiscount versus their average long-term valuations for very well understoodreasons. It would have been remiss not to take advantage. Accordingly, we addedto new and existing positions that were on offer at mouth-watering valuations.These are strong businesses backed by good management and healthy balancesheets that we believe will do well upon reopening and over the longerterm, irrespective of geopolitical tensions.”