16 February, 2018

Dear Partner: The Avenir Global Fund – Class I class of units (the “Class I Fund”) returned 6.7%, net of fees, during the December 2017 quarter. For the full calendar year 2017, the Class I Fund returned 5.7%. Currency moves cost the Class I Fund approximately 4.5% for the full calendar year1 .

The recently established retail class of the Avenir Global Fund (“Avenir Global Fund”) returned 7.5%, net of all fees, for the quarter and 12.9%, net of fees, since inception on 25 August 2017. The MSCI ACWI index (in AUD) returned 6.1% for the December 2017 quarter and 14.8% for the full calendar year 20171 .

The result for the year was a disappointing one for us as our results lagged those of the market despite the majority of the companies we own making good operational progress and increasing their underlying value over the year. We believe that our portfolio remains priced at a very attractive discount to any conservative fundamentally-based measure of underlying value and our ultimate reward, as price converges to value over time, will be well worth the wait.

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