Contango MicroCap Limited

2011 AGM Presentation

Contang’o (-ngg-) n. (pl. ~s) implies that prices will be higher in the future than today. [orig. unkn.]

The market is said to be in contango when the forward price is higher than the spot price.

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Today

Bill Laister- Contango Asset Management Ltd

• Introducing the Portfolio Manager

• Portfolio Details

• Portfolio Performance

• Contributors to performance

• Stock example: Saracen Mineral Holdings (SAR)

• Market Outlook

Boyd Peters- Contango MicroCap Limited

• Australian Microcaps

• Benefits of investing in an LIC

• Benefits of investing in CTN

• CTN dividend information

• Promotion: engaging professionals and investors

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Contango Asset Management Ltd

Organisation Chart

David Stevens* Managing Director

Chief Investment Officer

Carol Austin*

Investment Services Director

Bill Laister*

Snr Fund Manager

Alistair Francis*

Snr Fund Manager

Andrew

Mouchacca*

Snr Fund Manager

Paul Davoren

Fund Manager

Naheed Rahman

Fund Manager

Luke Featherston

Economist

Glenn Fowles*

Chief Operating Officer

Ross Edwards

Portfolio Admin

Jonathon Zdilar

Compliance

Manager

* own equity

Craig Allen

Fund Manager

Jordan Agnes

Portfolio Admin

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Contango Asset Management Ltd Investment Team

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DAVID STEVENS

B.Ec [32 Yrs Experience / 12 with

CAML]

• Chairman Contango MicroCap

• Chairman Strategy Committee

• Portfolio Manager Large Caps

• Banks

BILL LAISTER

B.Ec (29/ 11)

• Portfolio Manager Micro Caps • Metals & Mining (inc Steel ex Gold)

• Energy (inc Coal ex Oil

• Chemicals

ANDREW MOUCHACCA

PhD, B.Eng (Chem), SA Fin (12 / 11)

• Portfolio Manager Small Caps

• Energy (ex Coal)

• Capital Goods

CAROL AUSTIN

B.Ec (Hons), B.Sc (30 / 11)

• Chairman Economics

Committee

• Global & Domestic Economics

NAHEED RAHMAN

B.Com, BIS (5 / 2)

• Software & Services

• Semiconductors & Equipment

• Commercial & Professional

Services

• Consumer Services

• Paper/ Forest

• Containers and Packaging

• Media

LUKE FEATHERSTONE

B.Com (Hons) 30 / 1)

• Sector Analysis

• Domestic Economics

ALISTAIR FRANCIS B.Ec, CA, F Fin (25 / 11)

• Insurance

• Diversified Financials

• Transportation/Infrastructure

• Healthcare Equipment &

Services

• Pharmaceuticals, Biotech & Life

PAUL DAVOREN

B.Sc (Hons), F Fin (15 / 6)

• Consumer Durables & Supplies

• Telecommunication Services

• Food & Staples Retailing

• Food Beverage and Tobacco

• Gold

• Retailing

CRAIG ALLEN

B.Com, B.Sc (7 / 4)

• Real Estate ex REITS

• Construction Materials

• Property Trusts

• Quantitative Analyst

Organised on sector lines

• Senior members of the team each have more than 25 years experience

• Long, successful track record at Contango

• Investment team supported by experienced professionals in back office, compliance & administration

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Microcaps require original research

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Investment Universe: >1700 ASX-listed companies

Number of Holdings: ~100

Broker meetings With the best identified in their sector

Site visits: 30 to 60 per annum per analyst

1-on-1 with Management: 200 to 300 per analyst per year

Countries visited Too many

Regions visited Africa, China, India, Asia, North America, Middle East

Expert oversight Multiple consultants are engaged

Process Reviews External consultants reviews

Internal reviews Business models and company valuation framework

A methodical and replicable process

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They have performed well

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% Performance (p.a)

as at 31.10.2011 1 Year 3 Year 5 Year

S&P/ASX 100 -3.4 +6.7 +0.0

S&P/ASX 200 -3.7 +6.9 -0.2

S&P/ASX 300 -3.9 +7.1 -0.2

S&P/ASX SMALL ORDINARIES -8.2 +12.6 -2.1

S&P/ ASX ALL ORDINARIES -4.0 +7.6 +0.1

S&P/ASX Emerging Co's Index -8.0 +23.1 +1.9

CTN- Investment Portfolio -4.3 +18.7 +7.5

1CTN performance is of the underlying portfolio before fees and taxes. Past performance is not necessarily indicative of future

performance. Share Price performance and NTA performance must also be considered. All returns shown are Total (Accumulation)

Returns . Emerging Markets Index created in 2009.

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Australian Microcaps have a global presence

• Australia has some of the world’s largest mining companies

• 40% of listed mining companies (ASX 300 Resources) have assets offshore

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AWE

HIG

HZN

CNX

AUT

ADU

DML

AMX

GRY

AQG GXY

Recent Contango site visit Australian company location of assets

Australian Mining Company Assets and Contango

visits

AQP

PLA

BDR

BKY

BTU

CFE

CPL

CVN

IAU

EAU

EQN EXT

PDN

IRN

NDO

OGC

KAR

MBN

KCN

KRM

SRQ

WEC

MDL

TGZ MML

MNC

MRU

NFE

OSH

PNA

PRU

NBL

RSG

SDL

TRY

WOR

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Contango Asset Management Limited

Presentation on the investment portfolio

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Contango MicroCaps Ltd (ASX: CTN) Inception: 25 March 2004

as at 31 October 2011 1m % 3m % 6m % 1Yr % 2 Yrs %pa

3 Yrs %pa

5 Yrs %pa

Since Inception

%pa

CTN Investment Portfolio +7.0 -10.9 -15.8 -4.3 +6.8 +18.7 +7.5 +20.6

ASX All Ords Accum. Index +7.2 -1.6 -8.9 -3.9 +0.9 +7.6 +0.1 +7.7

ASX Small Ords Accum. Index +7.9 -6.2 -11.4 -8.2 +1.1 +12.6 -2.1 +6.8

As at 31.10.11. Performance is before fees or taxes. Past performance is no guarantee of future performance

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Top 20 Holdings

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As at 31.10.11. The top 20 stock holdings represent 35% of the portfolio. Portfolio weights are based on expected returns (adjusted for liquidity) rather than index weights. Portfolio held 82 ASX-listed securities at this date.

Up to date portfolio information can be found in the monthly NTA document

Largest 20 stock holdings and weights

Code Stock Weight % Code Stock Weight %

AUT Aurora Oil & Gas 3.2% SGH Slater & Gordon 1.7%

MMS McMillan Shakespeare 2.2% BSE Base Resources 1.6%

IDM Industrial Minerals 2.0% TRY Troy Resources 1.6%

IAU Intrepid Mines 2.0% MLD MACA Limited 1.5%

NWH NRW Holdings Ltd 2.0% CCQ Contango Capital Partners 1.5%

SAR Saracen Mineral 1.8% AUB Austbrokers Holdings 1.5%

ANG Austin Engineering 1.7% IMD Imdex Limited 1.5%

RKN Reckon Limited 1.7% NCR NuCoal Resources 1.4%

ASL Ausdrill Limited 1.7% AMX Ampella Mining 1.4%

FGE Forge Group Limited 1.7% MTU M2 Telecommunication 1.4%

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Recent placements & floats participated in:

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Code Company Type Price APRIL - JUNE

NWH NRW Holdings PLACEMENT $ 2.74

AHE Automotive Holdings PLACEMENT $ 2.44 LDW Ludowici PLACEMENT $ 4.00

LCM Logicamms PLACEMENT $ 1.25 ASL Ausdrill PLACEMENT $ 3.50 IRN Indophil Resources PLACEMENT $ 0.35

NXS Nexus Energy PLACEMENT $ 0.40 AUQ Alara Resources Ltd PLACEMENT $ 0.36

FML Focus Minerals Ltd PLACEMENT $ 0.08 ETE Entek Energy Ltd PLACEMENT $ 0.12

IDC Indochine Mining Ltd PLACEMENT $ 0.30 AUQ Alara Resources Ltd - Cond.Placement PLACEMENT $ 0.36 SXE Sth Crs Elect Engnr PLACEMENT $ 0.90

GLF Gulf Ind Ltd PLACEMENT $ 0.05 DLS Drillsearch Energy PLACEMENT $ 0.51

BDR Beadell Resource Ltd PLACEMENT $ 0.85 GNG Gr Engineering Ltd IPO $ 1.00

JULY - SEPT QRX Qrxpharma Ltd PLACEMENT $1.45 RHM Richmond Mining Mining PLACEMENT $0.32

GLF Gulf Industrials PLACEMENT $0.025 QFX Quickflix Ltd Limited Ltd PLACEMENT $0.085

RFX Redflow Ltd PLACEMENT $1.00

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MicroCap STOCK attribution

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12 Months to 30/09/11 Code Stock Name PW PR Tot Attr Code Stock Name PW PR Tot Attr

WPG WPG Resources Ltd 1.80% 37.64% 1.10% BKY Berkeley Resources 0.74% -71.21% -0.63%

NEC Northern Energy Corp 0.91% 94.02% 0.86% BPT Beach Energy 0.00% 0.00% -0.47%

AVM Anvil Mining Limited 1.18% 121.41% 0.86% SDL Sundance Resources 0.00% 0.00% -0.43%

AUT Aurora Oil & Gas Limited 2.92% 59.30% 0.79% TEL Telcom NZ 0.00% 0.00% -0.42%

NWH NRW Holdings Limited 2.16% 39.42% 0.60% RRL Regis Resources 0.00% 0.00% -0.41%

MLD MACA Limited 1.37% 88.10% 0.59% CSV CSG 0.46% -31.79% -0.37%

KAR Karoon Gas 0.00% 0.00% 0.51% IRN Indophil NL 0.68% -53.89% -0.35%

ERA Energy Resources 0.00% 0.00% 0.44% SIP Sigma Pharma 0.00% 0.00% -0.32%

NST Northern Star Ltd 0.85% 57.56% 0.44% TAL Tower Aust. Group 0.00% 0.00% -0.31%

SSN Samson Oil & Gas Limited 0.64% 66.13% 0.40% AQG Alacer Gold Corp. 0.00% 0.00% -0.31%

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Portfolio Metrics

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Portfolio Fundamentals (as at 31.10.11)

CTN Small Ords

PE FY12 9.8x 10.7x

EPS growth FY12 80.8% 31.2%

Div yield FY12 3.1% 3.6%

Return on Equity FY12 17.1% 12.3%

Portfolio Turnover (annual) approx 80.0%

Net Debt/Equity FY12 -3.8%

• Portfolio X-Ray is as at 30.09.2011.

Includes various stocks that were taken over/ inherited plus also stocks held for a long period that have grown, ie not yet disposed

Market Cap* # of

stocks

% of

portfolio

$1b+ 0.00%

$350m- $1b 20 28.60%

$100m-$350m 36 39.74%

$0m - $100m 32 20.70%

Position

Weight

# of

stocks

% of

portfolio

> 2% 6 14.2%

1% - 2% 33 45.8%

0.5% - 1% 31 23.0%

< 0.5% 18 6.1%

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Portfolios can smooth the ride

13 Past performance is no guarantee of future performance

-10.0%

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Excess Return to Small Ordinaries Index- monthly Outperformance in 65/ 91 months

-12.5%

-10.0%

-7.5%

-5.0%

-2.5%

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2.5%

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Excess Return to All Ordinaries Index- monthly outperformance in 60/ 91

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Stock: Saracen Mineral Holdings Ltd (SAR)

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• Saracen is an emerging gold producer, owner of the Carosue Dam Project, in the South

Laverton region, 120km NE of Kalgoorlie, WA.

• Very solid Management – Guido Saltari (CEO), Raleigh Finlayson (COO), Richard Maddocks

(Head Geologist).

• Currently operates in a world class region: 25 to 30Moz+ district. Host to Sunrise Dam,

Wallaby and Granny Smith mines.

• The company currently has 3.3Moz in resources and 0.9Moz in reserves covering 4 districts

(150km strike) that provides feed to its 2.4mtpa plant (Carosue Dam).

• SAR produced 105koz in FY11 and will steadily increase to 250kozpa by 2015 and beyond.

Cash costs c.$700/oz – sourcing from 4 open pits.

• Exploration front - have over 20 targets – upside in four key districts is very high (both

underground and at surface)– very little deep drilling (>100m) has been conducted in the area.

• Red October is the jewel in the crown – current resource 200koz @ 8.5g/t. Expected to be a

1moz+ mine. RO development has commenced.

• Running a very aggressive exploration program (c.$35m cf. $12m pcp) in FY12 – will drill

110,000m.

• Very sound balance sheet – no debt, cash $60m, minimal hedging.

• Raised $65m @ $0.68 (13% discount) in September 2011

• Entered stock June 2010 @ $0.38

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11

Relative Performance to the Market

Accumulated Price Divided By Accumulation Index Smalls

ASX CODE: SAR

COMPANY: Saracen Minerals Holdings Limited

INDUSTRY GROUP: MATERIALS

CURRENT PRICE: $0.80

NPV PREMIUM 115% TARGET PRICE 1.21$

Year End - June 2010 2011 2012 2013

Actual Actual Forecast Forecast

NPAT ($M) 10.9 38.2 55.6 85.0

EPS (cents) 2.6 7.6 11.0 16.8

EPS GROWTH 192.3% 44.7% 52.7%

PE (x) 30.8 10.5 7.3 4.8

PE Relative to ASX 300 450% 78% 60% 51%

NPV 1.05$

Stock Returns

Capital Return 50.9%

Dividend Yield 0.0%

Total Stock Return 50.9%

Market Return 7.0%

Dividend Yield 5.5%

Total Market Return 12.5%

Excess Stock Return 38.4%

Information provided here is to provide an insight into how the portfolio managers look into a company.

Data provided in this slide may be dated and no longer accurate at time of reading. Example only

EXAMPLE

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Market Outlook

• Global imbalances remain

– Concerns in Europe/US will generate periodic bouts of instability

• European rescue plan may provide short term support

– But European deleveraging will take time and economic concerns have

intensified

• Emerging markets not immune from global slowing

– But have ample policy options, room for monetary easing

• Australian economy still relatively well placed

– Economy tied more to Asia rather than the developed world

– Monetary policy returning to neutral

– Mining engineering construction to boost activity

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CTN is a diversified portfolio of MicroCap stocks

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Contango MicroCap (ASX: CTN)

Investment Manager Contango Asset Management Limited

Inception Date 25 March 2004

Benchmark ASX All Ordinaries Accumulation Index

Portfolio Size $192m

Number of stocks held Targeting 60-100 Stock Universe Generally companies between

$10m & $350m Market Cap

Dividend Policy 6%pa yield on the NTA: paid twice annually

Mgmt. costs

Performance Fee

1.25% p.a.

15% of benchmark out-performance

Max. issued capital 10% holding of any company

Strategies Available

Can hold up to 50% cash. Gearing and Futures can be used

Stock Limits apply where Mkt Cap < $50m Mkt Cap $50-$100m Mkt Cap > $100m

Companies we look to invest in

Those with a proven track record that are looking to expand

Particularly those with potential to move from micro to smalls to large

Companies we look to avoid

Pseudo-private Equity

Biotech or early stage companies

IT & new technology companies

Mining Companies at exploration stage

Investment Style

Style Neutral: Portfolio managed on the basis of sensitivity to economic & market factors as well as stock specific considerations. At some stages of the cycle we have a growth bias, while in periods of economic weakness a typical bias to value/defensive stocks.

Data as at 31.10.2011

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Why portfolios need a Microcap allocation

Diversification • Of ~2100 listed companies- most funds only invest “as deep” as ASX300

• Many fund managers hold the same 60-80 ASX100 stocks

• Reduces the “Blue-Chip” risk factor of being over-exposed to the ASX100

Opportunity

• Microcaps are often the fastest growing companies on the sharemarket

• There is very little research undertaken on Microcap companies

• Those specialising in Microcaps can find growing companies and invest in them

Performance • Microcap companies offer some of the best opportunities for investors

• Increases in revenue can = great impact on profit for Microcap companies

• The S&P/ ASX Emerging Companies Index has outperformed broader market

17 1 vs All Ords Accum and Small Ords Accum Over 1,3 & 5 years to 31 July 2011

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Where do Microcaps sit?

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Most

MicroCap

companies

in Materials

This green

square has

a Mkt. Cap

of $300m

Microcaps in Context

~2000

shares on

the ASX

(Red/ Green reflects that days % movement in its share price)

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The ASX is skewed

Microcaps are an ignored opportunity

As at 30.06.11 Excludes 43 Securities with Zero Market value

Source: Contango MicroCap Limited

Market Cap # of

Companies

BHP Billiton $ 141,942,119,860 1 5 Largest $ 400,137,173,620 5 20 Largest $ 723,935,840,000 20 All other $ 636,563,087,755 1888

S&P/ ASX 100 $ 1,017,450,000,000 100 S&P/ ASX 200 $ 1,098,310,000,000 200

S&P/ ASX 300 $ 1,123,820,000,000 295

All Ex- S&P/ASX 300 $ 94,174,000,000 1613

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Benefits of a MicroCap offering via an LIC A listed vehicle offers investors choice for investors

MicroCaps can have liquidity issues

• Avoids an undesirable flow of Applications or Redemptions

– which can be detrimental to portfolio performance

• The LIC will not suffer outflows

– Manager can plan and manage their portfolio without marketing noise

Structurally, an LIC for MicroCap offers important benefits

• Closed-ended: Will not face redemptions pressure

• Tax friendly, no embedded tax liabilities

• Ability for shareholders to benefit through share price appreciation

• Manager gets access to IPOs and Placements

– Companies are keen to place with a manager who is less likely to sell their holdings

Income Certainty is increasingly important

• Ability to offer certainty of income via transparent Dividend Policy

– vs Waiting on distributions to be decided

• Enables investors to hold through a cycle without redeeming (with potential tax

implications)

• LICs can smooth payments offering tax advantage 21

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Why CTN is suitable for a MicroCap allocation

Responsible way to manage your MicroCap allocation

• The stock is a portfolio…..of approx. 100 fully researched ASX-listed MicroCap stocks

Established management team

• 9 dedicated investment professionals researching MicroCap companies

• CTN listed March 2004. Bulk of team have been with Contango >10 yrs

Strong Performance

• Underlying portfolio outperformed benchmark over long time periods

– 20.6pa vs All Ords 7.7%pa since inception in 20041

• Performance is derived from multiple sources….not a few “lucky picks”

Preferred Structure

• LIC: Low cost, tax friendly, no embedded tax liabilities, good turnover

• Closed-ended: Will not face redemptions pressure forcing manager to sell stocks

Yield

• Dividend Policy to pay 6%pa of the July 1 NTA (which at 01.07.11 was $1.411)

1 To 31.10.11. CTN performance is of the underlying portfolio before fees. Past performance is not necessarily indicative of future performance. 22

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0

2

4

6

8

10

12

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FY04/05 FY05/06 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12

Ce

nts

pe

r sh

are

Special

Normal

Pro

po

sed

Legislation amendment provides shareholder certainty

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Period Payment Date Dividend Type Amount

(cents p/share)

Total

(cents p/share)

2004/05 24.12.04 Special 4.0 ff

9.0 22.04.05 Interim (June 2005) 2.0 ff

28.10.05 Final (June 2005) 3.0 ff

2005/06 21.04.06 Interim (June 2006) 3.0 ff 6.5

29.09.06 Final (June 2006) 3.5 ff

2006/07 29.11.06 Special 4.0 ff

12.0 24.04.07 Interim (June 2007) 4.0 ff

24.08.07 Final (June 2007) 4.0 ff

2007/08 10.01.08 Special 5.0 ff

13.0 24.04.08 Interim (June 2008) 4.0 ff

12.09.08 Final (June 2008) 4.0 ff

2008/09 None

2009/10 12.03.10 Interim (June 2010) 2.0 ff 7.0

05.10.10 Final (June 2010) 5.0 ff

2010/11 28.03.11 Interim (June 2011) 3.2 ff 7.2

04.10.11 Final (June 2011) 4.0 ff

2011/12# Mar 2012 Interim – proposed 3.8 8.5

Oct 2012 Final - proposed 4.7

CTN: High Importance on Dividends

*In 2010 CTN announced changes to its dividend policy. Going forward CTN will normally pay annual dividends amounting to a 6% yield on the NTA value per share prevailing at the beginning of the financial year. The Company may also continue to pay additional special dividends when favourable market circumstances allow. In exceptional circumstances, where profits or retained earnings are not sufficient to meet this proposed yield, the lower dividend will be augmented by an

equivalent capital return payment. #Proposed Dividends. The after tax NTA at June 30 2011 was $1.411c

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Delivering value to shareholders

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Adviser Support

33

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INFORMATION

Industry research

Daily LIC index data

Monthly LIC NTA

Quarterly Performance

Fact sheets

Webinars

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Research

• A highly transparent company

– Informative & regular shareholders

communications

• CTN Investor Centre via website

• Presentation program across

Australia

– CTN is accessible to its

shareholders

• Strong & visible presence in Media

• CTN has been rated by research

houses

– Morningstar, Independent Investment

Research (IIR) and Zenith (pending)

• Ongoing media presence

– articles, mentions, quotes

• Adviser approved lists CTN is on

continues to expand

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CTN- engaging professionals and investors

• Featured Articles:

– Regularly published in Money Management, ASX Investor Newsletter, ASA & AIA

member newsletters, Morningstar media and also quotes/ mentions in WAN, SMH, The

Bull + others

• Recent Public Presentations:

– Aust Investors Assoc.

– Aust Shareholders Assoc.

– ASX Investor Hour:

– ASX LIC Roadshow:

– Morningstar SMSF Trustee:

– SPAA:

– Aust MicroCap Conference:

– Promotional stand/ booth at:

• Web Site: Significant enhancement- information & transparency

• Awards:

– Finalist: 2011 Australian Fund Manager of the Year- Listed Investment Company

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Annual Conference + North Sydney & Chatswood chapters

Brisbane + Toowoomba + joint AIA presentations

Melbourne, Adelaide, Perth, Brisbane

Sydney, Brisbane, Perth, Adelaide + WebInar

Perth, Adel., Canberra, Sydney, Melb., Gold Coast, Brisbane

Sydney, Melbourne, Brisbane, Adelaide, Perth

Keynote conference address

FPA, AIA & ASA National conferences

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CTN is focused on further adding value to shareholders

1. Increase Profile CTN executes a dedicated resource/ National Distribution strategy

2. Increase the size of the LIC CTN reached $200m which is a recognised threshold point.

3. An effective Dividend Policy Change in legislation enabling dividend certainty

CTN- Twice annually: Amounting to 6% pa of each year’s 1 July NTA

4. Increase Size and structure of the shareholder base CTN is growing this via Focus on financial intermediaries recommending

an LIC

5. Underlying Investment Performance of the portfolio 20.6%pa vs ASX All Ords of 7.7%pa since inception (25/03/04 to 31/10/11)

1

Sustainable

1 To 31.10.11. Performance is the underlying portfolio before fees and taxes and not necessarily indicative of future performance.

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28 Source CTN: based on most recently available information (*Pending)

A bigger footprint Financial advisers able to recommend CTN

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

June 10 Sept 10 Dec 10 Mar 11 June 11 Sept 11 Dec 11*

Users of Zenith Investment Partners (*pending)

Users of Morningstar research

Users of Independent Investment Research (IIR)

Financial Advisers within Adviser Groups

Independent Financial Advisers

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Legal and Disclaimer: The investment manager for Contango Microcap Limited, Contango Asset Management Limited (ABN 52 085 487

421) holds an Australian Financial Services Licence (AFSL No. 237119) restricting it to providing financial products and services to wholesale clients only.

This presentation has been prepared by Contango Asset Management Limited for the consideration and use of “wholesale” investors, as defined by the

Corporations Act (Cth 2001), and may contain information that assumes a level of knowledge and expertise particular to such investors. If you do not meet the

criteria of a whole sale investor, you should disregard this information and seek advice from a licensed financial adviser.

Contango MicroCap Limited, Contango Asset Management Ltd and/ or staff at any of these companies may or may not hold positions in companies mentioned

in this presentation. This is general information and is not intended to constitute a securities recommendation. Forecasts in this presentation are predictive in

character, based on numerous assumptions including the forecasted outlook for key variables and may be effected by various factors including inaccurate

assumptions, risks and unforeseen events. Accordingly, actual results may differ materially from those forecasted. A reference to a Fund or a company as to an

outlook, or possible factors affecting future performance should not be relied upon or considered as being a statement of likelihood of future performance. The

investment manager, Contango Asset Management Limited (“CAML”) and Contango Microcap Limited (‘CTN”) , their officers and/or employees and agents

believe that the information in this presentation is correct at the time of compilation but do not warrant the accuracy of that information.

Performance information is historical. Performance returns may vary. Past performance is not indicative of future performance.

Save for any statutory liability which cannot be excluded, CAML and CTN disclaim all responsibility for any loss or damage which any person may suffer from

reliance on this information or any opinion, forecast, conclusion or recommendation in this presentation whether the loss or damage is caused by any fault or

negligence on the part of CAML, CTN or otherwise part of CAML or otherwise.

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