VGI Partners is a high conviction global equity manager. VGI Partners manages capital for high net worth individuals, family offices, VGI Partners Global Investments Limited (ASX:VG1) and VGI Partners Asian Investments Limited (ASX:VG8). At VGI Partners, we focus on businesses that we understand and where we believe we possess insights not appreciated by the wider investment industry. Long-term business success is achieved through operating where you have a competitive advantage. In the business of investing, competitive advantage is obtained through superior knowledge and analysis. VGI Partners believes that its long-term investment horizon provides a competitive advantage in an investment world which is increasingly focused on the short term. VGI Partners invests in a relatively small number of high-quality businesses. VGI Partners believes that diversification preserves wealth, while concentration builds wealth. This is complemented with opportunistic short selling of low-quality businesses that are typically structurally challenged, poorly managed and materially overvalued. For investor enquiries, please contact: 1800 571 917 (inside Australia) +61 2 9237 8923 (outside Australia) investor.relations@vgipartners.com