NTA & Top 25 Investments as at 31 October 2017

Dear Sir / Madam NTA & Top 25 Investments as at 31 October 2017 31 October 2017 Before Tax * $5.95 After Tax *$5.09 30 September 2017 Before Tax * $5.73 After Tax *$4.94 All figures in $AUD *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. Attached is a list of the Company's Top 25 Investments as at 31 October 2017. Yours faithfully Matthew Rowe Company Secretary End CA:00310037 For:AFI Type:MKTUPDTE Time:2017-11-09 08:31:16