THORNEY TECHNOLOGIES LTD — AGM Information 2017

Nov 23, 2017

ABN 66 096 782 188

Thorney Technologies Ltd

ASX Announcement: 24 November 2017

ASX Code: TEK

2017 ANNUAL GENERAL MEETING CHAIRMANS’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 each of the
presentations from the four TEK guest CEO presenters (who are
presenting following the conclusion of the TEK and Thorney
Opportunities Ltd AGMs) will be recorded and made available at
http://www.thorneytechnologies.com.au/agm/by close of business
on Monday 27 November 2017.

Please direct enquiries to:

Craig Smith
Company Secretary
T: + 61 3 9921 7116
E: craig.smith@thorney.com.au
W: http://www.thorneytechnologies.com.au/

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

Chairman’s address

Ladies and gentlemen, it is my pleasure to be standing before
you today as Chairman of the inaugural Annual General Meeting
for Thorney Technologies Ltd.

In the last twelve months the shareholders have supported
significant change including:

• a new name for their company;

• a new purpose and positive outlook;

• the appointment of a new investment manager;

• a recapitalisation; and

• more recently, a further capital raising.

After participating alongside both new and existing shareholders
in this capital raising, I am proud to remain the largest
shareholder in TEK.

These steps combined with a rewarding deployment of our
investment capital has culminated in the delivery of strong
investment returns.

Whilst, TEK has not yet operated in its current form for a full
12 months, following its re-listing on the ASX in January 2017,
I am very encouraged by the achievements of the investments made
thus far.

For the period ended 30 June 2017, TEK delivered a net profit
after tax of around $3.3 million.  Steady investment performance
has continued since 30 June, with the net tangible asset backing
(NTA) as at 31 October 2017 sitting at 25.1 cents per share, an
increase of over 20% when compared to the initial TEK NTA back
in January 2017.

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Thorney Technologies Ltd 2017 Annual General Meeting

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Chairman’s address continued

As of today, TEK is currently around 60% invested, even after
allowing for the recent capital raising of $15.0 million.  We
have been steadily investing in a diversified number of
technology companies, both listed and unlisted, focusing on
those companies which we feel will have a disruptive and
positive effect on existing industries.  The main thrust of our
investment remains in the listed and pre-IPO opportunities in
Australia and whilst I anticipate that will continue to be the
investment theme as it is a market we understand well, we do
have a number of exposures to earlier stage opportunities, some
of which have been sourced overseas.

In that regard, we have key strategic relationships in some of
the world’s global technology hubs, including San Francisco and
Tel Aviv in Israel.  These relationships have enabled us to
remain connected into technology development and to feel the
pulse of activities in these locations.

I am pleased to say, from the initial portfolio of positions,
seeded into TEK, there have been a number of standout
investments.  At the conclusion of the Annual General Meeting
today, we will hear from four of the investee companies.

We continue to see a number of new opportunities emerging and we
intend to maintain our disciplined approach to deploying TEK’s
investment capital.

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

Alex Waislitz
Chairman
Thorney Technologies Ltd
24 November 2017