Ann: Shareholder Presentation November 2018, page-3

Thanks edshann for your report. More useful than many I've read by 'professional' journalists.

I held SNC from listing until late February this year. Soldthem for a couple of reasons:-

1. Had doubts that the activist strategy worked - more on that later.

2. Wanted to lighten on small caps and SNC at $1 neither generateda large taxable capital gain nor would I be ‘giving it away’ at a discount to NTA.

Seems to me that taking an activist position in a stock would be materially moretime consuming than a traditional position. I’ve also questioned in the past whetherGabriel Radzyminski was spreading himself a bit thin taking on Future Generation responsibilities. Why thenspend precious time on holdings of a size that are going to make next to no difference to performance anyhow? I find it counter-productive for them to have tiny holdingsat all.