Ann: Response to ASX Query, page-7

It can't be that because that would be seen as a further investment for more equity. Annexure A shows itemization of value of the unlisted assets and they haven't been written down and from announcements no more shares have been bought. Here we have a rare look into the black box of HML. For the most recent month it shows that most of the invested capital is in the unlisted assets, this is not great as we won't see any good growth until we sell these off.

The sale of JBFG has to go through for us to get trading again in a large amount, we wont see good growth until that happens (so I will vote in favour). It is a good sign that they haven't marked up K-Ching above $300k which gives me faith in their valuations. It shows that they are not just marking up unlisted assets to whatever they want.

I wish they were more forthcoming in the cost paid to BDO and what the liabilities were that tanked the NTA. This is a very good query by the ASX, I'd like them to break down their portfolio like this for the next year at least.

All in all, I still don't mind that I have money invested with them. I don't think they are running away with all the booty.