THORNEY OPPORTUNITIES LTD — AGM Information 2017

Nov 23, 2017

THORNEY OPPORTUNITIES LTD ACN 080 167 264

ASX Announcement: 24 November 2017

ASX Code: TOP

2017 ANNUAL GENERAL MEETING CHAIRMAN’s ADDRESS

In accordance with ASX Listing Rule 3.13.3., please find attached a copy of the Chairman’s Address.

Please note that the Chairman’s address and presentations from the three TOP guest presenters will be recorded and made available at http://thorneyopportunities.com.au/agm/ by close of business on Monday 27 November 2017.

Please direct enquiries to: Craig Smith Company Secretary Email: craig.smith@thorney.com.au Telephone: + 61 3 9921 7116 Website: http://thorneyopportunities.com.au/

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100

Chairman’s address

I am delighted to be standing before you today to share with you my insights in the broad successes of Thorney Opportunities Ltd (TOP) portfolio over the past year.

The continued growth in earnings, increased dividends paid and further share price appreciation have all been excellent achievements.

==> picture [406 x 233] intentionally omitted <==

A net profit before tax increase of 77% for the 12 months to 30 June 2017 provided significant vindication for the long term, absolute return investment philosophy employed by my Thorney investment team for TOP.

For the 12 months the 30 June 2017, the net tangible asset (NTA) backing rose by nearly 18% to 71.6 cents share. Pleasingly, the NTA has continued to grow strongly, with contributions from a broad number of investment positions. As at 31 October 2017, the NTA was reported at 75.3 cents per share, a further increase since 30 June.

==> picture [406 x 235] intentionally omitted <==

Page | 1

Thorney Opportunities Ltd 2017 Annual General Meeting

Chairman’s address continued

This consistent performance enabled an increase in the level of dividends paid for the 2017 financial year to 1.25 cents per share.

Whilst the 2017 financial year saw fewer new investments, there were numerous positions which matured and we witnessed underlying value manifest. This value accretion in key portfolio positions was shared by all TOP shareholders, given the substantial and strategic nature of these shareholdings.

==> picture [432 x 270] intentionally omitted <==

We have three presentations from the TOP investment portfolio today, however ahead of those presentations, I wanted to make reference to a few of the companies which have performed strongly over the last 12 months or so. It is the style of these investments which are the bread and butter of the successful Thorney investment philosophy pursued for over two decades.

Fairfax Media Limited

I have been on the record for some considerable time in encouraging the Board of Fairfax Media Limited to actively pursue strategic steps to deliver value to its shareholders. After many twists and turns over the past 12 months or so, it was pleasing to see that, on 2 November 2017, the shareholders of Fairfax voted overwhelmingly in favour to separate Domain Holdings Australia Limited from Fairfax, with Fairfax retaining a shareholding interest of [60]%.

As you might be aware, Domain Holdings Australia Limited commenced trading as a separate entity on the ASX on a deferred settlement basis on 16 November 2017 and as a listed company for one week so far, it’s ASX debut has been an encouraging one]. The on-going challenge for the Board of Fairfax is now to articulate the strategy for the traditional media assets retained by Fairfax, excluding Domain.

Page | 2

Thorney Opportunities Ltd 2017 Annual General Meeting

Chairman’s address continued

Another company in the TOP investment portfolio where we have seen the share price rise over the past 12 months has been Austin Engineering Limited.

We were instrumental in helping Austin fix its leadership team, and fix its balance sheet and with a recovering operating environment, the earnings outlook for this company, and with it, potential value accretion, remains compelling.

It is an example of Thorney’s relentless investment approach to remaining focused on the value proposition for our investee companies.

I would also like to comment on some exciting developments which have occurred over the past few days, in particular, the announcement yesterday morning of a capital raising for TOP.

Further to the announcement made this morning to shareholders and the ASX, TOP has successfully completed a capital raising to its maximum 15% of capital outstanding of $18.4 million from sophisticated and professional investors at a price of $0.72 per share. Subject to approval at a meeting of shareholders to be called shortly, I will also commit a further $3.0 million of my own capital alongside shareholders, and in doing so, remain the largest shareholder in TOP.

In addition, all shareholders on the register as at 22 November 2017 will be given an opportunity to participate, on the same terms, by way of a Share Purchase Plan, the details of which will be sent to shareholders shortly.

We are excited about this capital raising as we are currently assessing a number of new investment opportunities for TOP. Two recent investments I will mention today, are TOP’s involvement as an anchor participant in the recent capital raisings announced by both MMA Offshore Limited and Southern Cross Electrical Engineering Limited. As always, we will keep shareholders abreast of any material new investments as they occur.

I would like to thank the shareholders of TOP for their continued support, the Board for their guidance and hard work over the past year and the investment team at Thorney.

I look forward to communicating with you again shortly as we continue to assess a number of new investment opportunities.

Alex Waislitz Chairman Thorney Opportunities Ltd 24 November 2017

Page | 3

Thorney Opportunities Ltd 2017 Annual General Meeting