NTA & Top 25 Investments as at 31 August 2018

Dear Sir / Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments 31 August 2018 Before Tax *$6.29 After Tax *$5.34 31 July 2018 Before Tax *$6.34 After Tax *$5.40 All amounts in $AUD. The August 2018 figures are after the payment of the final dividend of 14 cents per share while the July figures are before the provision for the dividend. *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 August 2018. Yours faithfully Matthew Rowe Company Secretary End CA:00323698 For:AFI Type:MKTUPDTE Time:2018-09-11 12:51:40