Ann: Weekly NTA Update, page-8

Hopefully, as you have outlined, that provides a nice increase in the buy side demand.

I am not sure how long we can rely on the managerial company (VGI) buying shares in VG1 to close the gap. The longer this continues the more the managerial side of the business seems to merely reflect the fund it's seeks to manage.

I am a vocal critic of closed funds - and their increasing reliance on extraneous measures to realign them with the NTA.

I do realise that performance is the biggest factor in closing the gap. However, when you have to deal with periods of poor performance, which are then compounded exponentially by discounts of 20%, it's quite worrisome.

The performance, although not outstanding, is by no means horrible. This begs the question of what to expect in the event of significant underperformance.

I do hope at the next meeting - consideration can be voiced about the possibility of transitioning to an ETMF - like which is proposed by MA1.

Alternatively, for those who like the closed fund model, perhaps off market liquidity events - which are now be proposed by other closed funds - is a possibility.

I don't think anyone can say 20% is a discount. It may be an attractive entry point for new investors, but detracts from the faith shown by those who invested at the float.

I like the VGI stance of preserving capital - I just wish they didn't follow the race to create a closed fund and secure managerial fees.