ASSOCIATE GLOBAL PARTNERS LIMITED — AGM Information 2019

Nov 11, 2019

==> picture [959 x 321] intentionally omitted <==

CEO AGM address Marty Switzer | CEO and Managing Director November 2019

Disclaimer

This document has been prepared by Contango Asset Management Limited (ABN 56 080 277 998) (CGA) and comprises written materials/slides for a presentation concerning CGA. This is not a prospectus, disclosure document or offering document.

CGA its officers, employees, agents and related bodies corporate (the CGA Group) believe that the information in this document is correct at the time of compilation but do not warrant the accuracy of that information.

This document is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Certain statements in this presentation are forward looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import. These forward looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forward looking statements.

No representation, warranty or assurance (express or implied) is given or made by CGA that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, each of CGA, its related companies and their respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any direct or indirect loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from.

Subject to any continuing obligation under applicable law or any relevant listing rules of the ASX, CGA disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of CGA since the date of this presentation.

Performance information is historical. Performance returns may vary. Past performance is not indicative of future performance. Performance has been calculated based on cumulative daily returns excluding any allowance for fees, expenses and taxes.

==> picture [140 x 34] intentionally omitted <==

2

Key Highlights FY2019

September 18	Launch of WCM Quality Global Growth Fund (Quoted Managed Fund)
September 18	Shareholder approval for the acquisition of Switzer Asset Management
March 19	Appointment of business development manager in Sydney, increasing Contango’s distribution capability and expanding its reach in the NSW and QLD markets.
June 19	WCM Global Growth Limited completes successful exercise and partial underwriting of the vast majority of its listed options
June 19	Launch of WCM Quality Global Growth Fund (Managed Fund) (WCMM)
June 19	Cancellation of previous employee share plan
July 19	Contango reaches half a billion in funds under management (FUM)
August 19	Launch of WCM International Small Cap Growth Fund (Managed Fund)
September 19	WCMM receives a rating of ‘Recommended’ from research house Zenith complementing its existing ‘Recommended’ rating from Lonsec
October 19	WCMM awarded a $20m mandate from Australia’s fastest growing independent financial planning dealer group

==> picture [140 x 34] intentionally omitted <==

3

Strong Growth in Retail FUM since 2017

As at 8 November 2019, Contango’s FUM totalled $541 million

$600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $0

==> picture [587 x 239] intentionally omitted <==

• *NB: Contango Microcap Limited management rights reassigned in October 2017

Income

==> picture [185 x 93] intentionally omitted <==

Global Equities

==> picture [202 x 123] intentionally omitted <==

==> picture [140 x 34] intentionally omitted <==

4

Contango Asset Management Product Suite

Product Suite

Global Equities

WCM Quality Global WCM Quality Global WCM International WCM Global Growth Growth Fund (Quoted Growth Fund Small Cap Growth Limited Managed Fund) (Managed Fund) Fund (Managed Fund) Listed Investment Exchange-traded Unlisted Managed Unlisted Wholesale Company Managed Fund Fund Managed Fund ASX Code - WQG ASX Code - WCMQ

Income Switzer Dividend Contango Income Switzer Higher Yield Growth Fund (Quoted Generator Limited Fund (Managed Fund) Managed Fund) Listed Investment Exchange-traded Unlisted Managed Company Managed Fund Fund ASX Code - CIE ASX Code - SWTZ

==> picture [140 x 34] intentionally omitted <==

5

Global Equities Update - WCM

Since partnering with Contango in June 2017 WCM now has $336m in retail FUM in Australia

Product	FUM	Highlights
WCM Global Growth Limited	$223m	• WQG completed a successful exercise and partial underwriting of the majority of its listed options in June/July 2019 • The successful issue resulted in additional capital being raised of approximately $96 million • Management’s key focus is to close the share price discount to NTA and has deployed an engagement strategy targeting the IFA and direct channels
WCM Quality Global Growth Fund (Quoted Managed Fund)	$89m	• WCMQ launched in September 2018 and has increased FUM by 88% in the past 12 months • FUM has grown by approximately $17 million since 30 June 2019
WCM Quality Global Growth Fund (Managed Fund)	$22m	• WCMM was launched in June 2019 and is accessible to retail investors via several wrap platforms • Leading research house Zenith initiated coverage on WCMM with a rating of ‘Recommended’ in September 2019 • WCMM was recently awarded a $20 million mandate by Lifespan Financial Planning, Australia’s fastest growing independent financial planning dealer group
WCM International Small Cap Growth Fund (Managed Fund)	$2m	• Launched in August 2019 as a wholesale vehicle targeted at leading wealth managers and high net worth investors • Initial seed funding now received

==> picture [140 x 34] intentionally omitted <==

6

Australian Equities Update - CIE and SWTZ

Contango Income Generator (ASX:CIE)

• CIE is a listed investment company that focuses on higher yielding ASX listed securities outside the ASX top 20

• A key focus for management has been to close CIE’s share price discount to NTA

• In August 2019 CIE revised its dividend policy and investment framework

• These initiatives, coupled with a new shareholder engagement strategy, has led to a significant reduction in the share price discount to NTA

Switzer Dividend Growth Fund (ASX:SWTZ)

• The Switzer Dividend Growth Fund (SWTZ) is an income-focused exchange traded managed fund with a mix of yield and quality companies targeted at the direct market

• SWTZ paid a net dividend yield of 7.27% and a gross yield of 9.57% with franking in FY2019

• FUM has grown by approximately $6 million since 30 June 2019

• As at 8 November 2019, SWTZ had FUM of $80 million

==> picture [140 x 34] intentionally omitted <==

7

Growth in Retail Investor Base

As at 31 October 2019, Contango had over 11,500 unitholders and shareholders across its product suite

==> picture [617 x 336] intentionally omitted <==

----- Start of picture text -----

WQG
11,500
Options
10,500
9,500
8,500 WCMQ
7,500
WQG
6,500
5,500
4,500
SWTZ
3,500
2,500
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019
----- End of picture text -----

*NB: Contango Microcap Limited management rights reassigned in October 2017

Product	Shareholders / Unitholders
Switzer Dividend Growth Fund (Quoted Managed Fund) (ASX:SWTZ)	2,553
Contango Income Generator Limited (ASX:CIE)	2,730
WCM Global Growth Limited (ASX:WQG)	3,411
WCM Quality Global Growth (Quoted Managed Fund) (ASX:WCMQ)	2,454
Other	363
Total	11,511

==> picture [140 x 34] intentionally omitted <==

8

Strong Financial Position with Improving Performance

Cash

• Contango’s cash balance at 31 October 2019 was $2.5 million

• Contango currently has a receivable of $5.0 million in total (net of GST) from NAOS Asset Management Limited for the assignment of an investment mandate

• This receivable is payable in annual installments of $1.66 million (net of GST) in June 2020, 2021 and 2022

• Contango has cash and receivables of approximately $7.5 million at 31 October 2019

Financial Performance

• Increasing annualised revenue in line with strong growth in FUM

• Full year revenue benefit in FY2020 from retail FUM growth in FY2019

• Strict cost control continues to be a key focus for management

• Operating cost base was reduced by approximately $2.4 million in FY2019 and is now on a sustainable footing

• Continued investment in distribution capability and new products to drive further increases in FUM

==> picture [140 x 34] intentionally omitted <==

9

Strategic Priorities FY2020

==> picture [845 x 366] intentionally omitted <==

----- Start of picture text -----

• We have built the Costs [•] Increasing annualised
revenues with strict cost
distribution capability
control on the path to
required to organically
being cash flow positive
grow our existing products DISTRIBUTION FINANCIAL
and profitable
in the advised and self-
CAPABILITY
PERFORMANCE
directed markets
• •
We will strengthen our We will continually review
existing manager product opportunities that
INVESTMENT LAUNCH NEW
partnerships and continue can capture retail investor
MANAGERS PRODUCTS
to engage with best of interest. This may support a
breed managers new product launch in
FY2020
----- End of picture text -----

==> picture [140 x 34] intentionally omitted <==

10

Contact Details

Marty Switzer CEO and Managing Director Contango Asset Management Level 6, 10 Spring Street Sydney NSW 2000 Australia

0407 297 702 (Marty Switzer) 1300 001 750

==> picture [140 x 34] intentionally omitted <==

11