Ann: Investor Update, page-2

1) P 3 of this very +ve presentation has an increase in FUM of $80m over 9 months to June 17. But also noted gains of $100m in CQG, and $66m in SWTZ to July 2017. Also, gained $27m+ from removal by CTN of OC Funds Management. So if FUM went up by only $80m, where were the losses of $113m? Other insto client(s), unlisted funds, or ?

2) Also on P3. Comparison of growth in revenues from $4.1m in FY 16/ 17 to $6.5m ( current run rate ).
A comparison of 9 months in 16/ 17, with current run rate. Fairer comparison might be 4 qtrs against 4 qtrs. eg $5.4 to $6.5. Still good at 19%. But not 60%! Also curiously, the 4C in July 17 had June qtr revenues at $1.75m ie a run rate of $7m pa. Why is it now only $6.5m? Those losses again?

3) On P11 , removal of OC as a manager at CTN is described as " Single manager structure restored to improve efficiency and reduce risk". A statement by CGA? or CTN - the Board of the vehicle? Whose risk is being removed when a manager is removed who in the last 12 months to June 17 outperformed CGA by 22%. Major industry funds may have tens of managers, and seem to be able to handle having unit pricing for their clients w/o issues.