NTA & Top 25 Investments as at 28 February 2017

Australian Foundation Investment Company Limited Monthly Net Tangible Asset Backing Per Share and Top 25 Investments Dear Sir / Madam Before Tax * After Tax * 28 February 2017 Ex Div $5.76 $4.96 31 January 2017 Cum Div $5.78 $4.98 *The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company's investment portfolio. The Company is a long term investor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses. The February 2017 figures are after the payment of the interim dividend of 10 cents per share and the January 2017 figures are before the provision for the dividend. The February 2017 figures include the 34,330,472 shares issued following the conversion of the 2011 Convertible Notes. Attached is a list of the Company's Top 25 Investments as at 28 February 2017. Yours faithfully Matthew Rowe Company Secretary End CA:00297760 For:AFI Type:NTA Time:2017-03-03 08:30:32