Ann: Response to ASX Query re Appendix 4C, page-6

4C reports are cash flows - not necessarily revenues as defined in P & L statements.

So, any fees received before 30 June would be included - even if those monies are not normally received until July.

If a friendly client of an investment manager decided to pay April and May 2017 fees in late June rather than in mid July as part of the normal quarterly bill for the June Qtr - the 4C June quarter revenues go up, bank balance is higher at 30 June, and operating cash losses for June quarter look lower by the same amount.

It all looks more positive - but quarter net cash outflows are still in reality closer to $900k than to $500k. These moves would not solve a revenue shortfall - that needs new clients and/or lower costs.

And of course, September quarter revenues and net cash outflow for the October 4C will be worse, unless the same actions occur again in late September.

Well, is there a client large enough to have done this?

Well, CTN annual IM fees appear to run at a monthly rate of $190k ( CGA prospectus August 2016).

Answer. Yes. they are large enough. Did they? Who will ever know?

DYOR