A big thank you to Anthony Macdonald for his introduction in the Australian Financial Review today (7 January 2015): “Kaizen looks to extend LIC listing spree into new year”.

Just a couple of points from our end…

Our LIC is to be run by Connor Grindlay and Simon Winfield, whose experience is set out in Section 6 of our Prospectus. Would we call them traders? Probably not.

Kaizen’s Recap Fund’s C.A.G.R for the past 3 years is:

• NET OF ALL FEES which are 1.75% (management fee) and 20% (performance fee only after hitting a high water mark); and

• LESS THAN those of the Kaizen LIC which are only 1.5% (management fee) and 20% (performance fee also after hitting a high water mark).

And to answer Anthony’s final question - why the NSX? Because we want our investors to pay the lowest possible IPO costs.

Until next time, invest in change.

The Kaizen Global Investments Team