NTA & Top 25 Investments as at 31 August 2019

Dear Sir / Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments 31 August 2019 Ex Div Before Tax *$6.35 After Tax *$5.41 31 July 2019 Cum Div Before Tax *$6.64 After Tax *$5.63 The August figures are after the payment of the final dividend of 14.0 cents per share whilst the July 2019 figures are before the provision for the final dividend of 14 cents. All amounts 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 August 2019. Yours faithfully Matthew Rowe Company Secretary End CA:00340755 For:AFI Type:MKTUPDTE Time:2019-09-11 14:53:37