Ann: FY16 Full Year Update-BFC.AX, page-79

Good morning Kirk,

Thanks for your email.

In relation to the Performance Fee, please see below an extract from the IPO Prospectus,

The Performance Fee will be calculated half yearly and paid annually and be paid to the
Investment Manager in either fully paid ordinary shares in the Company or performance
rights at the election of the Investment Manager, not cash. The terms of the performance
rights shall be agreed between the Investment Manager and the Company. The issue
price for the shares shall be the 5 day VWAP of the Company’s shares ending on the last
trading day before the day of calculation of the Performance Fee;

We note that the Performance Fee was waived for the period to 31 December 2016.

Further information will be provided to the market in due course, and the Company’s Annual Accounts will be released to the market prior to 30^th September 2016.