PM CAPITAL GLOBAL OPPORTUNITIES FUND LIMITED — Call Transcript 2016

Oct 20, 2016

==> picture [163 x 40] intentionally omitted <==

ACN 166 064 875

21 October 2016

Attention: Company Announcements Australian Securities Exchange Limited Level 4, 20 Bridge Street Sydney NSW 2000

Level 27, 420 George Street Sydney NSW 2000 Australia

GPO Box 3965 Sydney NSW 2001 Australia T 61 2 8243 0888 F 61 2 8243 0880 E pmcapital@pmcapital.com.au www.pmcapital.com.au

By: E-Lodgement

ANNUAL GENERAL MEETING ADDRESS BY THE CHAIRMAN: MR ANDREW MCGILL

TRANSCRIPT STARTS

I am delighted to welcome you to the 2016 Annual General Meeting of the PM Capital Global Opportunities Fund Limited.

The 2015/16 financial year was a period of greater volatility in international equities markets. Market events included:

• concerns around the outlook for the Chinese economy during the early part of the financial year,

• and resultant substantial decline of the China A-market;

• expectations of the US Fed’s reversal on quantitative easing and in December the first increase in

• official rates by the US Fed in almost a decade; and

• the UK Brexit vote in June;

all impacted the value of some of the investments within our portfolio. Accordingly, the Company’s Net Tangible Asset Value per Share (after fees) adjusted for capital flows declined by 11.6% during the year.

This is in contrast to returns last financial year which were above our expectations. Given the Manager’s investment philosophy and the investment mandate, year to year variation does not surprise us, and I am reminded of the comment to investors in the Company’s IPO prospectus that “… you should consider any investment in the Company as a long term proposition, at least seven years, and be aware that substantial fluctuations in the value of your investment may occur during that period…”

Since the Company’s IPO through to 30 June 2016, the Investment Manager has delivered a pre-tax total return adjusted for capital flows of 15.7% compared to the S&P/ASX 200 Accumulation Index which has delivered 13.2% and the MSCI World Net Total Return Index (expressed in Australian dollars) which has increased by 31.9%.

For the first three months of the current financial year, investment performance has been stronger with Net Tangible Asset Value per share increasing by 5.5% (before tax and franking) or by 3.8% (after tax and inclusive of dividends).

During the year, the Company generated $18.1 million of taxable income from dividend income, interest income and realised capital gains. However, the Company reported an operating loss before tax of $65.9 million due to the write down of asset values to market value at year end.

PM CAPITAL Global Opportunities Fund Limited ACN 166 064 875

Chairman’s Address

PM CAPITAL Global Opportunities Fund Limited

AGM, 21 October 2016

On 31 March 2016, the Company paid its inaugural dividend of 1.5 cents per share, fully franked. On 16 August, the Company declared its final dividend for the year to 30 June 2016 of 1.5 cents per share, fully franked. Based on a share price of $0.84, being the closing share price on 16 August 2016 immediately prior to the Board’s final dividend announcement, this implied an annual dividend yield of 5.1% when grossed up for the inclusion of franking credits.

Whilst the focus of the Company’s investment strategy is long-term capital growth, the Board looks forward to be able to continue to deliver a modest and stable income stream to Company shareholders.

It is frustrating to shareholders, including myself, that the Company’s share price does not solely reflect changes in the NTA, but can also be influenced by other market and Company related factors. During the year, the Company’s shares have been trading at a more significant discount to its NTA backing than was previously the case. Together with the Investment Manager, your Board actively monitors the discount to NTA, and is seeking to reduce the discount to underlying value via a range of marketing and communication initiatives.

In this regard, the Board greatly appreciates the commitment shown by the Investment Manager, via its increased direct investment in the Company’s shares and also by meeting out of its own pocket the costs of the marketing initiatives it undertakes on behalf of our Company. You may have noticed the recent substantial shareholder notices filed on behalf of Paul Moore showing that he and his related parties have increased their holdings in the company to approximately 8.4%.

The Investment Manager believes that despite the substantial volatility for the Company’s investments over the year, the fundamentals underpinning each of the Company’s investments continue to evolve consistent with its long term investment thesis. As such, the Investment Manager is expecting to hold the Company’s investments for a period consistent with its typical holding period of 5 to 10 years. Accordingly, the Company remains well positioned to take advantage of the opportunities that lie ahead in global markets over the medium to long term.

The Investment Manager’s historic investment record should provide shareholders with significant confidence in the outlook for Company returns over the longer term.

I would like to take this opportunity to thank the Paul and the Investment Manager’s team for their hard work, efforts and commitment during the year.

I would also like to thank our shareholders for your continued interest in and support for the Company, including your support of the capital raising completed at the beginning of the 2015/16 financial year.

Thank you

TRANSCRIPT ENDS

Yours faithfully

PM Capital Global Opportunities Fund Limited

Richard Matthews Company Secretary

PM CAPITAL Global Opportunities Fund Limited ACN 166 064 875