NTA & Top 25 Investments as at 30 April 2020

Dear Sir / Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments 30 April 2020 Before Tax $5.54 After Tax $4.85 31 March 2020 Before Tax $5.18 After Tax $4.60 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 30 April 2020. Yours faithfully Matthew Rowe Company Secretary Release authorised by Company Secretary. End CA:00352739 For:AFI Type:MKTUPDTE Time:2020-05-06 11:42:29