NTA & Top 25 Investments as at 31 January 2019

Dear Sir / Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments 31 January 2019 Cum Div Before Tax *$5.83 After Tax *$5.07 31 December 2018 Cum Div Before Tax *$5.69 After Tax *$4.97 All amounts in $AUD. The January 2019 and December 2018 figures are before provision for the 10 cent interim and 8 cent special dividends. *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 January 2019. Yours faithfully Matthew Rowe Company Secretary End CA:00330208 For:AFI Type:MKTUPDTE Time:2019-02-07 08:30:53