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 · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual

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Page 1:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 2:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 3:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 4:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 5:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 6:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 7:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 8:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 9:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 10:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 11:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 12:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 13:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 14:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 15:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 16:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 17:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 18:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 19:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 20:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 21:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 22:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 23:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 24:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 25:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 26:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 27:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 28:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 29:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 30:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 31:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 32:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 33:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 34:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 35:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 36:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 37:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 38:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 39:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 40:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual
Page 41:  · AFM PERSEUS FUND LIMITED ABN 71 087 023 612 CHAIRMAN'S LETTER October 2018 Dear Shareholder, On behalf of the Board of AFM Perseus Fund Limited ("the Fund"), I present the Annual

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