Director Retirement

18 January 2019 Australian Foundation Investment Company Limited (the "Company") Retirement of Director - Jacqueline Hey Ms Jacqueline Hey has advised the Board that she intends to retire effective January 18th, 2019. Ms Hey has been a Director of the Company since July 2013. She has been a member of the Company's Investment Committee and Nomination Committee. She has been a valuable contributor to Board and executive discussions reflecting her deep knowledge and experience gained in her long career in the telecommunications technology sector and the wide range of subsequent industries she has been exposed to. Her contributions to Board deliberations will be missed and the Board wishes to record its thanks to Ms Hey for her valued service to shareholders and wishes her well for the future. Please direct any enquiries to: Mark Freeman Managing Director (03) 9225 2122 Geoff Driver General Manager (03) 9225 2102 End CA:00329605 For:AFI Type:ADMIN Time:2019-01-18 11:10:36