ASSOCIATE GLOBAL PARTNERS LIMITED — AGM Information 2021

Nov 10, 2021

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CEO AGM address Marty Switzer | Managing Director and CEO November 2021

Disclaimer

This material 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, collectively referred to as ‘the Contango 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.

WCM manages the WCM Global Growth Limited ( WQG ) portfolio, the WCM Quality Global Growth Fund ( WCMQ ), the WCM Quality Global Growth Fund (Managed Fund) ( WCMM ), the WCM International Small Cap Growth Fund (Managed Fund) ( WCMS ) and the WCM Global Long Short ( WLS ) portfolio according to the same investment principles, philosophy and execution of approach as those used for its WCM Quality Global Growth Equity Strategy Composite ( QGG ) in the case of WQG, WCMQ and WCMM, WCM International Small Cap Growth Equity Strategy Composite ( SIG ) in the case of WCMS and the WCM Global Long Short Equity Strategy Composite ( QGLS ) in the case of WLS.

As the WQG, WCMQ, WCMM, WCMS and WLS investment portfolios have only been in operation for a relatively short period of time, this presentation makes reference to QGG (slide 9), SIG (slide 10) and QGLS (slide 13) to provide a better understanding of how WCM has managed these strategies over a longer period. The Composites contain fully discretionary QGG equity, SIG equity and QGLS equity accounts. The QGG Composite was created on 31 March 2008, the SIG Composite on 31 December 2014 and the QGLS Composite on 30 June 2014.

However, it should be noted that due to certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, and portfolio sizes and composition, there may be variances between the investment returns demonstrated by each of the portfolios in the future.

For the same reason, although this presentation makes reference to the performance of WCM as the Investment Manager of the Composites, the data for the Composites is provided purely for indicative purposes to demonstrate how WCM has performed historically in its role as the investment manager to this specific strategy. The performance for the composites is not the performance of the funds and is not an indication of how WQG, WCMQ, WCMM, WCMS and WLS would have performed in the past or will perform in the future. The material should not be viewed as a solicitation or offer of services by WCM. It is provided for information purposes only.

Any performance data quoted represents past performance of the respective strategy. Performance figures are also shown for the MSCI All Country World Index (gross) Return, (MSCI ACWI Index ($AUD)) and MSCI ACWI Ex-US Small Cap Index Return. The MSCI All Country World Index (gross) is a trademark/service mark of Morgan Stanley Capital International and is designed to measure global developed and emerging equity market performance. The index is unmanaged and market-value weighted. The MSCI ACWI Ex-US Small Cap Index is a trademark/service mark of Morgan Stanley Capital International and is designed to measure global developed and emerging equity market performance of small capitalisation, excluding the US. The index is unmanaged and free-float adjusted market capitalisation weighted. These indices are shown for illustration only and cannot be purchased directly by investors.

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2

Key Highlights

July 20	WCM Global Growth Limited (ASX:WQG) offers a dividend reinvestment plan participation incentive and partial franking of dividends commences.
September 20	Contango Income Generator Limited (ASX:CIE) adopts the new WCM Quality Global Growth Long Short Equity Strategy, managed by WCM Investment Management, LLC (WCM).
December 20	Switzer Higher Yield Fund (Managed Fund) (SHYF) relaunches as a quoted managed fund, managed by Coolabah Capital Institutional Investments.
February 21	WQG announces the commencement of fully franked dividends and a 1 – 3 bonus issue of loyalty options.
April 21	Contango Asset Management Limited (Contango) funds under management (FUM) reaches $1b.
April 21	Blackmore Capital Pty Limited (Blackmore) appointed to manage the Switzer Dividend Growth Fund (Quoted Managed Fund) (SWTZ), successfully completing Contango’s transition to a marketing and distribution platform.
June 21	WCMM receives platform approval for inclusion across IOOF platforms.
July 21	CIE changes name to WCM Global Long Short Limited (ASX:WLS) and completes a selective buy-back
August 21	WQG further enhances dividend policy with progressive dividend payments.
August 21	WCMM receives platform approval for inclusion on AMP North.
September 21	Early exercise of $12m in WQG options.
October 21	Contango FUM reaches $1.25b.

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3

Strong Growth in Retail FUM Since 2017

Quarterly FUM Movement

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$1,400m
$1,200m
$1,000m
$800m
$600m
$400m
$200m
$0m

Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Oct 21 8 Nov 21
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Click to add text FUM as at 8 November 2021 $1.250 billion*

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FUM and flow information are approximate, rounded, and have not been audited. The FUM information is provided by CGA’s appointed custodian NAB Asset Servicing. *Sep 21 includes outflows of $89m in July 2021 in relation to the WLS selective buy-back and fund distributions. These outflows were partially offset by other inflows and positive investment performance.

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4

Strong Growth in Retail FUM Inflows

Positive net inflows were recorded in every month over the last year, including during the COVID-19 market downturn.

Contango Net Quarterly Inflows

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$120m
$100m
$80m
$60m
$40m
$20m
$0m
Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21
Net applications and redemptions Exercise/underwrite of WQG Options WLS Placement
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* Excludes WLS selective buyback. FUM and flow information are approximate, rounded, and have not been audited. The FUM information is provided by CGA’s appointed custodian NAB Asset Servicing.

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5

Contango Asset Management Product Suite

Product Suite

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Global Equities Income
WCM Quality Global WCM Quality Global WCM International Switzer Dividend
WCM Global Growth WCM Global Long Switzer Higher Yield
Growth Fund (Quoted Growth Fund Small Cap Growth Growth Fund (Quoted
Limited Short Limited Fund (Managed Fund)
Managed Fund) (Managed Fund) Fund (Managed Fund) Managed Fund)
Listed Investment Exchange-traded Unlisted Managed Unlisted Wholesale Listed Investment Exchange-traded Quoted Managed
Company Managed Fund Fund Managed Fund Company Managed Fund Fund
Class A Class B
ASX Code - WQG ASX Code - WCMQ ASX Code - WLS ASX Code - SWTZ Chi-X Code - SHYF
(unhedged) (hedged)
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6

Global Equities Update – WCM Investment Management

Since partnering with Contango in June 2017, WCM now has $1.154b in retail FUM in Australia*.

Product	FUM	Highlights
WCM Global Growth Limited (ASX:WQG)	$351m	• Commencement of fully-franked dividends in February 2021. • Bonus loyalty options issue on a 1 for 3 basis exercisable at $1.50 per option by 31 August 2022. • Further enhanced dividend policy with progressive dividend payments from August 2021. • Early exercised of $12m options in September 2021. • FUM growth of $96m since 1 July 2020.
WCM Quality Global Growth Fund (Quoted Managed Fund) (ASX:WCMQ)	$344m	• ‘Recommended’ rating from research house Lonsec. • Strong net inflows from IFA’s and direct investors. • FUM growth of $223m since 1 July 2020.
WCM Quality Global Growth Fund (Managed Fund)	$231m	• Currency hedged class of units launched in June 2020. • ‘Recommended’ rating from research house Zenith for both the unhedged and hedged products. • Fund continues to gain approval on leading wealth platforms and inclusion in model portfolios. • FUM growth of $186m since 1 July 2020.
WCM International Small Cap Growth Fund (Managed Fund)	$197m	• Strong net inflows from wholesale clients via direct and intermediary channels. • Strong investment performance provides Contango with meaningful performance fees in FY2020 and HY2021. • FUM growth of $158m since 1 July 2020.
WCM Global Long Short Limited (ASX:WLS)	$31m	• Change in investment strategy from mid-cap Australian equites to global long short managed by WCM in September 2020. • Change of name to WCM Global Long Short Limited (formerly Contango Income Generator Limited), to align with the underlying manager of the portfolio, as well as a selective buy-back in July 2021.
Total FUM	$1.154b*

FUM information is approximate, rounded, and have not been audited. The FUM information is provided by CGA’s appointed custodian NAB Asset Servicing.

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7 *Figures as at 8 November 2021.

WCM Platform Availability Expanding

WCM’s product suite has been approved for use on the following platforms:

WCM Global Growth Limited WCM Quality Global Growth WCM Quality Global Growth WCM International Small Cap Fund (Quoted Managed Fund) Fund (Managed Fund) Growth Fund (Managed Fund)

• AMP North • AMP North • Ausmaq • Ausmaq

• • BT Panorama • BT Panorama • AMP North • HUB24 • BT Wrap • BT Wrap • BT Panorama • Macquarie • Macquarie • HUB24 • BT Wrap • Managed Accounts • Netwealth • Macquarie • Colonial First Wrap • Netwealth • Netwealth • HUB24 • PowerWrap • PowerWrap • Investment Exchange • Praemium • IOOF • IOOF Employer Super • IOOF Expand • Macquarie • Netwealth • Omniport • PowerWrap • Praemium • Pursuit Select • Rhythm • Wealth02

Platforms added since 30 June 2020 are shown in bold.

Contango’s distribution team continues to work with a number of other wrap platform providers.

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8

An Impressive Large-Cap Track Record

Annualised returns of WCM’s Quality Global Growth Equity Strategy Composite vs its benchmark.

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28.9%
26.5%
25.8%
22.7%
21.0%
15.8% 15.6% 15.8% 15.9%
9.7%
1 Year 3 Years 5 Years 10 Years Inception
WCM Quality Global Growth Equity Strategy Composite MSCI ACWI Index ($AUD)
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Data as at 31 October 2021 in AUD. Performance is in AUD, net of fees and includes the reinvestment of all dividends and income. Past performance is not indicative of future performance. WCM applies the same investment principles, philosophy and execution approach of its WCM Quality Global Growth Equity Strategy ( QGG Strategy ) Composite, which was created on 31 March 2008, to WCM Global Growth Limited, the WCM Quality Global Growth Fund (Quoted Managed Fund) and the WCM Quality Global Growth Fund (Managed Fund) (collectively ‘ Large Cap Portfolios ’). Even though the QGG Strategy is applied in managing the Large Cap Portfolios, certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, portfolio sizes and composition may result in variances between the investment returns for the Large Cap Portfolios and that of the QGG Composite. The performance of the QGG Composite is not the performance of the Large Cap Portfolios and is not an indication of how the portfolios would have performed in the past or will perform in the future. The benchmark for the QGG Composite is the MSCI ACWI Index. The benchmark for the Large Cap Portfolios is the MSCI ACWI ex-Australia.

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9

An Impressive Small-Cap Track Record

Annualised returns of WCM’s International Small Cap Growth Strategy Composite vs its benchmark.

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40.1%
38.9%
33.3%
30.3%
27.0%
25.9%
13.3% 13.0%
11.9%
11.0%
1 Year 2 Years 3 Years 5 Years Inception
WCM International Small Cap Growth Strategy Composite MSCI ACWI ex USA Small Cap Index ($AUD)
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Data as at 31 October 2021 in AUD. Performance is in AUD, net of fees and includes the reinvestment of all income. Past performance is not indicative of future performance. WCM applies the same investment principles, philosophy and execution approach of its International Small Cap Growth Strategy ( SIG Strategy ) Composite, which was created 31 December 2014, to the WCM International Small Cap Growth Fund (Managed Fund). Even though the SIG Strategy is applied in managing the WCM International Small Cap Growth Fund (Managed Fund) ( Small Cap Portfolio ), certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, portfolio sizes and composition may result in variances between the investment returns for the Small Cap Portfolio and that of the SIG Composite. The performance of the SIG Composite is not the performance of the Small Cap Portfolio and is not an indication of how the portfolio would have performed in the past or will perform in the future. The benchmark for the SIG Composite is the MSCI ACWI ex US Small Cap Index.

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10

An Impressive Long Short Track Record

Annualised returns of WCM’s Quality Global Growth Long Short Equity Strategy Composite vs its benchmark.

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30.7%
29.1% 28.9% 28.5%
25.5%
24.8%
15.5% 15.8% 15.6%
13.9%
1 Year 2 Years 3 Years 5 Years Inception
WCM Quality Global Growth Long Short Strategy Composite MSCI ACWI Index ($AUD)
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WLS returned 9.8% since being fully invested in its new investment strategy on 1 July 2021, exceeding its benchmark by 6.9%

Data as at 31 October 2021 in AUD. Performance is in AUD, net of fees and includes the reinvestment of all dividends and income. Past performance is not indicative of future performance. WCM Global Long Short Limited’s (ASX:WLS, formerly known as Contango Income Generator Limited (ASX:CIE)) investment portfolio, as at 14 July 2021, is managed according to the same investment principles, philosophy and execution approach of the WCM Quality Global Growth Long Short Equity Strategy Composite ( Strategy ) which was created on 30 June 2014. Even though the Strategy is applied in managing the investment portfolio for WLS, certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, portfolio sizes and composition, there may be variances between the investment returns demonstrated by the Strategy and that of WLS. For comparison purposes, the composite is measured against the MSCI ACWI Index ($AUD).

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11

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Income Update: Appointment of New Manager for SWTZ
Switzer Dividend
Growth Fund Powered by
(Quoted Managed Fund)
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Switzer Dividend Growth Fund (Quoted Managed Fund) (ASX:SWTZ)

• Contango appointed Blackmore Capital Pty Limited ( Blackmore ) to manage the Switzer Dividend Growth Fund (Quoted Managed Fund) ( SWTZ ) on 21 April 2021.

• SWTZ aims to provide investors with tax effective income and long-term capital growth by investing in a core portfolio of blue-chip Australian shares.

• Blackmore is an employee-owned asset management firm focusing on ‘long only’ Australian equities within the S&P/ASX 300.

• The appointment of Blackmore as the investment manager of SWTZ completes Contango’s transition from a product manufacturer to a marketing and distribution platform offering high quality fund managers access to the self-directed and independent financial adviser channels of the $3.3 trillion[1] Australian superannuation industry.

• Since Blackmore’s appointment, SWTZ has returned 6.2%, outperforming its benchmark, ASX 200 Accumulation Index by 0.4%[2] .

1. As at June 2021. Source: Association of Superannuation Funds of Australia. 2. Performance for the period from 19 April 2021 to 31 October 2021.

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12

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Income Update: Relaunch of SHYF
Switzer Higher
Powered by
Yield Fund
(Managed Fund)
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Switzer Higher Yield Fund (Chi-X:SHYF)

• Contango appointed Coolabah Capital Institutional Investments ( Coolabah ), a leading active credit manager, to manage the Switzer Higher Yield Fund ( SHYF ) on 2 December 2020.

• SHYF is a floating-rate bond fund that seeks to provide investors with an attractive cash yield with low capital volatility by investing in a portfolio of high quality and liquid fixed income securities.

• SHYF is a quoted managed fund with its units quoted on the Chi-X Australia Exchange.

• Investors can purchase and redeem units in SHYF via their broker or directly with Switzer Asset Management Limited, the responsible entity.

• SHYF was the first fixed income product in Australia to launch as a quoted managed fund and just the third product to use this structure.

• Since Coolabah’s appointment, SHYF has returned 1.4%, outperforming its benchmark, RBA Overnight Cash Rate + 1.5% by 0.2%[1] .

1. Performance for the period from 18 December 2020 to 31 October 2021.

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13

Growth in Retail Investor Base

As at 31 October 2021, Contango had 14,493 unitholders and shareholders* across its product suite

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*Source: Link Market Services. Note: Contango Microcap Limited management rights reassigned in October 2017

Product	Shareholders / Unitholders
WCM Global Growth Limited (ASX:WQG)	4,268
WCM Global Long Short Limited (ASX:WLS)	1,083
WCM Quality Global Growth (ASX:WCMQ)	5,978
Switzer Dividend Growth Fund (ASX:SWTZ)	2,388
Switzer Higher Yield Fund (Chi-X:SHYF)	311
Unlisted Funds	465
Total	14,493

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14

Strong Financial Position

Cash

• Contango’s cash balance as at 30 September 2021 was $4.8 million.

• Contango currently has a receivable of $1.7 million in total (net of GST) from NAOS Asset Management Limited ( NAOS ) for the assignment of an investment mandate.

• The receivable represents the final installment and is payable in June 2022.

• As at 31 September 2021, Contango remains well capitalised with:

• cash and the NAOS receivable being approximately $6.5 million in total; and

• non-current debt of $1.25 million.

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15

Improving Financial Performance

Management, service and performance fee revenue

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$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
H2FY18 H1FY19 H2FY19 H1FY20 H2FY20 H1FY21 H2FY21
Management and service fees Performance fees
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Financial Performance

• Investment management and service fees increased by 22% in the year to 30 June 2021 compared with last year.

• The reported FY2021 net loss of $800,000 included costs in excess of $450,000, primarily related to Contango’s successful transition from manufacturer to distributor and other strategic initiatives to grow FUM.

• Annualised revenue is continuing to increase as a result of strong growth in FUM throughout FY2021.

• Strict cost control remains a key focus for management.

• Contango will continue to invest in marketing initiatives, distribution capability and new products to drive further increases in FUM.

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16

Strategic Priorities FY2022

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We will increase annualised
• We will invest in Costs [•]
revenues with strict cost
the distribution capability
control and expect during
required to grow our
the year to reach positive
existing products DISTRIBUTION FINANCIAL
cash flow and profitability.
organically in the advised CAPABILITY
PERFORMANCE
and self-directed markets.
•
• We will launch new global
We will strengthen our
products that can capture
existing manager
INVESTMENT LAUNCH NEW investor interest.
partnerships and continue
MANAGERS PRODUCTS
to engage with best of
breed managers.
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17

Contact Details

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

0407 297 702 (Marty Switzer) 1300 001 750

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18