For personal use only - ASX

1 INVESTMENT UPDATECTN ANNUAL GENERAL MEETINGNOVEMBER 2016 For personal use onlyDISCLAIMERDISCLAIMERC ontangoAssetManagementLimited(ABN5208548 7421)holdsanAustralianFinancialServicesL icence(AFSL#237119) wholesale investors,asdefinedbytheCorporationsAct( Cwlth2001), , ,basedonnumerousassumptionsincludingthef orecastoutlookforkeyvariablesandmaybeaff ectedbyvariousfactorsincludinginaccurate assumptions, , ( CAML ),itsofficers, , ,CAML disclaimsallresponsibilityforanylossorda magewhichanypersonmaysufferfromrelianceo nthisinformationoranyopinion,forecast, ASSET MANAGEMENT For personal use onlyHeadingTABLEOF CONTENT03 CONTANGO ASSET MANAGEMENT and Investment of Contango Asset Management personal use onlyHeading04 CONTANGO ASSET MANAGEMENT 1.

2 ECONOMIC OUTLOOKAND STRATEGY IMPLICATIONSFor personal use onlyHeadingGLOBAL GROWTH MOMENTUM HAS IMPROVEDBUT STRUCTURAL HEADWINDS REMAIN Global growth profile has exhibited some signs of improvement US ISM and German IFO supportive of improved growth momentum Fed funds Dec rate hike on target Global growth however to remain modest Bulks, energy and metal prices have recovered strongly China stimulus late 2015 holding up steel prices Structural headwinds re Chinese bank NPL Bond market correction has been swift Sharp spike in long bond yields does not reflect a pick up in economic activity, more the perceived shift in global policy prescription Expect bond yields to grind higher but not significantly so.

3 Aussie economy continues to transition well Growth around trend with pulse activity improving and strong commodity prices imply AUD to remain stronger in the short term Difficult for RBA to cut with improving commodity prices but low rates the theme05 CONTANGO ASSET MANAGEMENT For personal use onlyHeadingRECOVERY IS PARTLY DUE TO MULTIPLE FISCAL AND PBOC STIMULUS CHINESE STEEL PRICES HAVE SUPPORTED COKING, ORE AND THERMAL 06 CONTANGO ASSET MANAGEMENT For personal use onlyHeadingAUSSIE LONG BOND YIELDS HIGHER AS US BONDS YIELDS RISE DESPITE WEAKER BOND MARKET YIELDS REMAIN STRUCTURALLY LOW 07 CONTANGO ASSET MANAGEMENT For personal use onlyHeadingMARKET STILL PRICING IN LOW DOMESTIC RATES STRUCTURALLY LOW INFLATION SUPPORTS LOW RATE 08 CONTANGO ASSET MANAGEMENT For personal use onlyHeading2.

4 PORTFOLIOREVIEW09 CONTANGO ASSET MANAGEMENT For personal use onlyHeadingMICRO CAP FUND S PERFORMANCE (LIC)HAS BEEN STRONG SINCE INCEPTION 010 CONTANGO ASSET MANAGEMENT October 2016 MicroCap FundSmall OrdinariesAdded Value3 Years inception (March 2004) Performance LICS ource: Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsFor personal use onlyHeadingMICRO CAP FUND SSEPTEMBER 12 MONTH STOCK ATTRIBUTION 011 CONTANGO ASSET MANAGEMENT CodeStockO/U WeightValue AddedCodeStockO/U WeightValue AddedSARSARACEN PHARMA GP GP INTL GP POWER GAS & ENERGY & GORDON AFRICAN RES GP MILK COMPANY HEALTH MEDICUS *NORTHERN STAR RES * stocks not 201612 Month AttributionSource.

5 Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsFor personal use onlyHeadingMICRO CAP FUND SSEPTEMBER QUARTERLY STOCK ATTRIBUTION 012 CONTANGO ASSET MANAGEMENT CodeStockO/U WeightValue AddedCodeStockO/U WeightValue AddedWAFWEST AFRICAN RES *WHITEHAVEN COAL RES MINERALS IP GP PHARMA GP RIVER RES WASTE GP PROPERTY SERVICES GP CORP *RESOLUTE MINING * stocks not 20163 Month AttributionSource: Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsFor personal use onlyHeadingMICRO CAP FUND SSEPTEMBER 12 MONTH SECTOR ATTRIBUTION 013 CONTANGO ASSET MANAGEMENT SectorO/U weightAdded & 201612 Month AttributionSource: Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsFor personal use onlyHeadingMICRO CAP FUND SSEPTEMBER QUARTERLY SECTOR ATTRIBUTION 014 CONTANGO ASSET MANAGEMENT SectorO/U weightAdded & 20163 Month AttributionSource.

6 Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsFor personal use onlyHeadingMICRO CAP FUND SSTOCK POSITIONS CONSISTENT WITH STRATEGY VIEW 015 CONTANGO ASSET MANAGEMENT OverUnder%%CATCATAPULT GRP *LINK ADMIN. *EVOLUTION MINING *MACQUARIE ATLAS INVESTOR *NIB HOLDINGS *OZ MINERALS FLEET GROUP *INDEPENDENCE GROUP *CHARTER HALL *METCASH MEDIA *WORLEYPARSONS IP GROUP *CLEANAWAY WASTE * stocks not heldLICO ctober 2016 Source: Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsCodeStockCodeStockFor personal use onlyHeadingMICRO CAP FUNDSOME GENERAL INVESTMENT THEMES016 CONTANGO ASSET MANAGEMENT Aging Population and Health Wellness and Vanity Quality Food/Brand Australia IT/Social Media Outdoor Advertising Tourism and leisure Cyber Security Lithium SMSF and SuperannuationFor personal use onlyHeadingMICRO CAP FUNDEMPLOYING AND ACTIVELY MANAGING RISK 017 CONTANGO ASSET MANAGEMENT GoodsConsumer StaplesInsuranceConstruction MaterialsGoldTransportChemicalsPaper & PackagingMetals & Mining (Ex Gold)

7 Miscellaneous ServicesUtilitiesMediaRetailingDurables & ApparelEnergyReal EstateTelco ServicesHealthcare Equipment & ServiceDiversified FinancialsPharma, Biotech & Life ScienceInformation Technology%Micro Cap Portfolio Active Weights: Contango Industry SectorsRelative to the ASX Small OrdinairesOctober 2016 For personal use onlyHeadingMICRO CAP FUND S ACTIVE RISK POSITIONS ARE CONSISTENT WITH THE FUNDS OBJECTIVES018 CONTANGO ASSET MANAGEMENT ContangoASX SmallMicro CapOrds IndexPrice to Earnings Ratio Yield (net) Yield (gross) Growth (%) on Equity (%) Error* : Bloomberg, Bloomberg AIMS, Heuristic Investment SystemsOctober 2016 For personal use onlyHeading019 CONTANGO ASSET MANAGEMENT 3.

8 STOCKCOMMENTARYFor personal use onlyHeadingSTOCK COMMENTARYEMEFCY GROUP LTD (EMC)020 CONTANGO ASSET MANAGEMENT Group LTD (EMC) Bought in at $ Global manufacturer of energy efficient wastewater treatment solutions and provider of Treated Water- as- a- Service Disruptive technology providing a low cost sources of Class A recycled water, (90% energy savings, 65%+ opexsavings, 60% capex savings to comparable plant). Technology proven Sales into China ($20bil opportunity) Cash on balance sheet Upside:Sales into China, developing world, developed world hotels, commercial personal use onlyHeadingSTOCK COMMENTARYCOGSTATE (CGS)021 CONTANGO ASSET MANAGEMENT (CGS)Bought in at $ Digital test for the measurement of neurological performance.

9 Used in clinical trials for drugs treating Dementia, Alzheimer s etc CGS s tests are less prone to errors, cheaper and have 10 years of data to support accuracy >47m people suffer from Dementia, growing at 8m Drug companies are spending more on these areas. Success could drive further development and potentially a diagnostic product Cash on balance sheet Very strong sales momentum (1Q17 contracts +100% on pcp)For personal use onlyHeadingSTOCK COMMENTARYMOTORCYCLE HOLDINGS (MTO)022 CONTANGO ASSET MANAGEMENT Holdings (MTO)Bought via Placement at $ Largest motorcycle retailer in Australia 4 main revenue streams.

10 I) new & used bikes ii) accessories & parts iii) servicing & repairs, and iv) finance & insurance Industry consolidator, like AHG & APE Big earnings uplift on acqu swith better systems, sourcing and products Barriers -each dealership has an allocated geographic area Strong management -founder is CEO & 22% shareholderFor personal use onlyHeading023 CONTANGO ASSET MANAGEMENT 4. OVERVIEW OF THE MANAGERCONTANGO ASSET MANAGEMENTFor personal use onlyHeadingCONTANGO STRUCTURE IS ALIGNED WITH CLIENTSESTABLISHED INSTITUTIONAL AND LIC FUND MANAGER024 CONTANGO ASSET MANAGEMENT ASX: CGA Contango Asset Management (CGA) is a listed and established institutional and LIC fund manager CGA Board.