Share Price Performance (p.a.) (%) AFI BKI NCC ALF MFF 1 years years n/a years n/a

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1 02 May 2017 March Quarter 2017 LISTED INVESTMENT COMPANIES. Nathan Umapathy Opinion Piece: LICs, the investors choice The Listed Investment Company (LIC) sector is one of the great success stories of the Australian Stock Exchange (ASX) over the last few years. LICs have been trading on the ASX for nearly 100 years, but it is only recently that a broader range of investors have capitalised on the opportunities offered by the sector. This has seen $3.2bn raised from LIC IPOs alone over the last three years, not withstanding the $0.5bn that will list in 1H17. With this resurgence, we would like to make the case of LICs being investor s preferred form of diversification and achieving alpha - compared to other active alternatives such as Managed Funds and Exchange Traded Managed Funds (ETMFs) (continued page 3). Inside this edition n n Opinion Piece Market update n Coverage of 42 securities Investment Key Picks As at the end of the Quarter, our key picks across pre-tax NTA and share price performance, distribution yield (based on the previous 12 months and including Special Dividends) and valuation were as follows. Please note that historical performance is no guarantee of future performance. Table 1: Quarter Highlights Pre-Tax NTA Performance (p.a.) 31-Mar-17 Large Lrg/Medium Med/Small Alternative Intl (%) AFI AMH NCC ALF MFF 1 years years n/a years n/a Share Price Performance (p.a.) 31-Mar-17 Large Lrg/Medium Med/Small Alternative Intl (%) AFI BKI NCC ALF MFF 1 years years n/a years n/a Distribution 31-Mar-17 Large Lrg/Medium Med/Small Alternative Intl (%) AFI BKI WIC CDM PMC Net Yield Franking Gross Yield Valuation 31-Mar-17 Large Lrg/Medium Med/Small Alternative Intl (%) AFI MLT ACQ WMK MFF Current Disc/Prem year avg year avg n/a n/a year avg n/a n/a n/a Index Table of Contents 2 Opinion Piece 3 Market Update 5 Summary Universe Summary 8 Investment Performance 9 Historical Gross Dividend Yield 10 Premium/Discount to NTA 11 Weekly Indicative NTA 16 Liquidity 19 Indirect Cost Ratio 20 LIC Profiles Domestic Equity Large Capitalisation 21 Large to Medium Capitalisation 25 Medium and Small Capitalisation 37 Small Capitalisation 42 Long/Short 45 Market Neutral 49 International Equity Global 50 Asia 58 Specialist Investment 60 Hybrid 63 Appendix A: Glossary of terms 65 Appendix B: Legend to Performance Measures 67 Appendix C: Disclosures 69 SOURCE: COMPANY DATA, IRESS & BELL POTTER It is important that clients are aware that the share price of a LIC is impacted by the oscillation of the discount or premium to NTA, which should be taken into consideration when investing in LICs. We therefore advise clients to view this report in conjunction with the Bell Potter Weekly Indicative NTA. For further information please speak to your Bell Potter Adviser.

2 LISTED INVESTMENT COMPANIES. 2 Table of Contents Opinion Piece 3 Market Update 5 Summary Universe Summary 8 Investment Performance 9 Historical Gross Dividend Yield 10 Premium/Discount to NTA 11 Weekly Indicative NTA 16 Liquidity 19 Indirect Cost Ratio 20 LIC Profiles Domestic Investment Focus Large Capitalisation (AFI, ARG, DJW, AUI) 21 Large to Medium Capitalisation (MLT, BKI, CIN, DUI, WHF, PIC, AMH, QVE, WDE, CAM, FSI, CBC) 25 Medium to Small Capitalisation (WAM, MIR, WIC, WAX, OZG) 37 Small Capitalisation (CTN, ACQ, BTI) 42 Long/Short (ALF, CDM, WAA, NCC) 45 Market Neutral (WMK) 49 International Investment Focus Global (MFF, PMC, TGG, HHV, PGF, EGI, GVF, ALI) 50 Asia (EAI, PAF) 58 Specialist Investment Focus Fund of Funds (FGX, FGG) 60 Activist (SNC) 62 Hybrids Convertible Note (CTNG) 63 Preference Share (WHFPB) 64 Appendix A: Glossary of terms 65 Appendix B: Legend to Performance Measures 67 Appendix C: Disclosures 69

3 LISTED INVESTMENT COMPANIES. 3 Opinion Piece: LICs, the investors choice The Listed Investment Company (LIC) sector is one of the great success stories of the Australian Stock Exchange (ASX) over the last few years. LICs have been trading on the ASX for nearly 100 years, but it is only recently that a broader range of investors have capitalised on the opportunities offered by the sector. This has seen $3.2bn raised from LIC IPOs alone over the last three years, not withstanding the $0.5bn that will list in 1H17. Graph 1: Money raised from LIC IPOs - 03 to SOURCE: COMPANY DATA, IRESS & BELL POTTER With this resurgence, we would like to make the case of LICs being investor s preferred form of diversification and achieving alpha - compared to other active alternatives such as Managed Funds and Exchange Traded Managed Funds (ETMFs) Managed Funds have been around for decades, but what are ETMFs? Managed Funds are investment products that are held in a unit trust, and are generally accessed via a wrap platform or master trust. In more recent times there has been a new investment alternative on the ASX called ETMFs, which is a derivation of an Exchange Traded Fund (ETF). Unlike most ETFs, which are passive in nature and seek to replicate an index, an ETMF is a fund that is managed with the objective to outperform a benchmark. Magellan Financial Group, AMP and K2 Asset Management joins the small but growing number of financial institutions that offer ETMFs as part of their product suite. Same same but different All three vehicles (LICs, Managed Funds and ETMFs) operate in a similar fashion in that each are asset managers investing in securities depended on their underlying investment mandate. The main differentiator between the three is the structural difference in which the assets are held. LICs are Close-Ended Funds while Managed Funds & ETMFs are Open-Ended Funds LICs are close-ended funds with a fixed number of shares on issues and trades on the ASX on a daily basis. By close-ended, we mean not directly exposed to capital inflows (new capital) and outflows (redemption). What this means is that each share in an LIC is theoretically backed by its proportion of underlying net tangible assets (NTA). A LIC s share price is dependent on the vagaries of market supply and demand and cannot necessarily be redeemed for its underlying portfolio value. In contrast, Managed Funds and ETMFs are structured as open-ended funds. Which means these vehicles will be exposed to capital inflows and outflows. This structure allows an investor to receive the market value of the underlying portfolio (less a margin), should they wish to buy or sell their position. Investors need to understand that the close ended structure of a LIC by its very nature has some additional benefits in an investment portfolio.

4 LISTED INVESTMENT COMPANIES. 4 Opinion Piece: Long term investment approach The closed-end structure of a LIC allows the investor to buy and sell the LIC on the ASX without affecting the LIC s underlying portfolio. This means that the portfolio manager of a LIC can be purely focussed on long term investment performance. It also allows a LIC manager to take advantage of weak market conditions as they are not caught with managing redemptions in a difficult market. This compares to ETMFs or Managed Funds, which are exposed to redemptions. This can lead to an over bearing focus on short-term performance which could negatively impact the longer term profitability of the fund. Consistent dividend distributions LICs are structured as companies. Therefore, they can choose to retain earnings and reinvest them, or pay our earnings as dividends. LICs pay company tax on their earnings and can choose to pass through franking credits along with dividend income. LIC Managers have a degree of flexibility in the timing of distributions, which allows them to smooth out the distribution of dividends. Managed Funds and ETMFs, on the other hand, are not able to retain earnings. This means that these vehicles must pass on any income earned (dividends or realised gains) within the financial year it is earned. Hence, distributions may be very lumpy. LICs don t necessarily need to be overweight cash A Managed Fund is required to ensure that it has adequate head room to cover redemptions should they occur. Hence, most unit trusts suffer from cash drag due to a reasonably weighting of cash in a portfolio. Cash has tended to under perform all other assets classes through the cycle. A LIC is able to allocate a portfolio without an overhang of cash given no redemption obligations. Conclusion While we do acknowledge the importance of Managed Funds and ETMFs to achieve a diversified portfolio, we encourage investors to consider the value of a LIC in an investment portfolio as we believe LICs offer a more effective structure for long-term performance and offer superior liquidity, particularly in adverse market conditions.

5 LISTED INVESTMENT COMPANIES. 5 Market Update Initial Public Offering Investors appetite for Listed Investment Companies continued again in 2016 which saw 5 new LICs listed on the ASX and raising over $850m. The largest LIC to list in 2016 was a Wilson Asset Management product called WAM Leaders (ASX: WLE), which aims to provide investors access to Large Cap listed companies. Wilson Asset Management now has 4 LICs under its umbrella. WLE managed to raised $394m, which is also one of the largest LIC IPO raising to date on the ASX. This is followed by Antipodes Global Investment Company (ASX:APL) which secured $313m. Table 2: IPOs for 2016 Graph 2: Money raised from LIC IPOs - 03 to 16 Listed Shares Issued Price Raised HML Feb-16 15,601,000 $ 1.00 $ 15,601,000 MA1 Apr-16 52,465,001 $ 1.00 $ 52,465,001 WLE May ,463,578 $ 1.10 $ 394,309,936 APL Oct ,832,955 $ 1.10 $ 313,316,251 WGF Dec-16 82,804,002 $ 1.10 $ 91,084,402 $ 866,776, SOURCE: COMPANY DATA, IRESS & BELL POTTER Capital Raisings Multiple LICs took advantage of buoyant market conditions, during the March Quarter, to issue equity placements and share purchase plans. The end of Feb saw the AFIC Notes (ASX:AFIG) mature. AFIGs were redeemable convertible notes issued by Australian Foundation Investment Company (ASX:AFI). At the close of business 22 February 2017, AFIG ceased trading on the ASX and 1.8m notes were cancelled. Following the conversion of 1.7m notes, AFI generated $8.9m from the quarter. Naos Absolute Opportunities Company (ASX: NAC) had busy quarter. Following a strong demand from a placement offering in the middle of February, NAC also had success from a Share Purchase Plan raising. In total, NAC gathered $10.5m from the two. Domestic LIC, QV Equities (ASX:QVE) completed a planned capital raising of $65m through the issue of new shares at $1.22. QVE raised this via the combination of a Placement and a Share Purchase Plan Offer. Finally, two International LICs, Global Value Fund (ASX:GVF) and Platinum Capital (ASX:PMC) finished off the capital raisings within the sector - raising $60.6m within the quarter. Table 3: 1Q17 Share Purchase Plans. Placement, Conversions Method Shares Issued Price Raised AFI Conversion 1,746,215 $ 5.09 $ 8,881,948 NAC Placement 6,242,598 $ 1.12 $ 6,991,710 NAC SPP 1,764,622 $ 1.12 $ 1,976,377 NAC Placement 1,403,571 $ 1.12 $ 1,572,000 QVE Placement 28,688,524 $ 1.22 $ 34,999,999 QVE SPP 24,721,565 $ 1.22 $ 30,160,309 GVF SPP 11,579,561 $ 1.10 $ 12,737,517 GVF Placement 6,517,802 $ 1.10 $ 7,169,582 PMC Placement 35,440,000 $ 1.51 $ 53,514,400 $ 158,003,842 SOURCE: COMPANY DATA, IRESS & BELL POTTER

6 LISTED INVESTMENT COMPANIES. 6 Market Update (cont.) As most LICs tend to offer dividend in February, total of $64.7m was raised in the secondary markets through a Dividend Reinvestment Plans (DRPs). Table 4: 1Q17 Dividend Reinvestment Plans Shares Issued Raised ACQ 77,470 $ 76,424 AFI 3,895,311 $ 22,748,616 AIB 8,617 $ 6,639 ALI 40,709 $ 69,612 AQF 88,675 $ 160,502 AQF 121,637 $ 233,543 ARG 2,578,980 $ 19,239,191 AUF 270,656 $ 327,494 AUI 145,424 $ 1,138,292 BAF 112,359 $ 121,348 BEL 354,893 $ 48,656 BKI 1,993,649 $ 3,269,584 CAM 195,867 $ 169,004 CIE 98,145 $ 89,312 CTN 835,508 $ 835,508 DJW 762,185 $ 2,690,513 DUI 543,947 $ 1,937,050 EMF 587,872 $ 1,034,655 HML 1,239,801 $ 1,760,517 MIR 383,826 $ 986,433 MLT 953,908 $ 4,139,961 PGF 703,621 $ 692,715 PIC 617,735 $ 611,558 PMC 924,100 $ 1,423,114 WHF 207,269 $ 860,166 $ 64,670,407 SOURCE: COMPANY DATA, IRESS & BELL POTTER Options have historically been a great avenue for LICs to raise new capital. A total of $38.1m was obtained through the exercise of options. WAM Leaders (ASX:WLE) and Henry Morgan Limited (ASX: HML) lead this section, raising $35.0m after strong demand for these stocks resulted in its options being in-the-money majority of the quarter. Table 5: 1Q17 Options Exercised Exercise Price Exercised Raised Expiry ALIO $ ,852 $ 453, Mar-17 PAIO $ ,500 $ 17, May-17 WICO $ ,203 $ 9, Aug-17 FGGO $ ,200 $ 7, Sep-17 MFFO $ ,822,347 $ 1,815, Oct-17 WLEO $ ,413,699 $ 24,655, Nov-17 CIEO $ ,500 $ 3, Mar-18 HMLO $ ,374,571 $ 10,374, Aug-18 WAAO $ ,625 $ 798, Sep-18 APLO $ ,500 $ 2, Oct-18 $ 38,139,176 SOURCE: COMPANY DATA, IRESS & BELL POTTER

7 LISTED INVESTMENT COMPANIES. 7 Market Update (cont.) Despite this a large number of options remain outstanding in the LIC space. There is ~$1.17bn in options capital that could be exercised over However, with only Platinum Asia Investments (ASX:PAI), Henry Morgan (ASX:HML) and WAM Leaders (ASX:WLE) trading above the exercise price, suggesting only a small fraction of these options will be exercised within this period. Table 6: Outstanding Options Stock Exercise Outstanding Potentially Raise Price Price Options Expiry PAIO $ 1.01 $ ,517,046 $ 292,517, May-17 WICOB $ 0.99 $ ,882,851 $ 13,526, Aug-17 OZGOB $ 0.17 $ ,878,202 $ 6,458, Aug-17 FGGO $ 1.06 $ ,469,114 $ 299,716, Sep-17 MA1O $ 0.82 $ ,465,000 $ 52,465, Sep-17 MFFO $ 1.84 $ ,636,405 $ 68,389, Oct-17 AEGO $ 1.02 $ ,515,907 $ 77,567, Nov-17 WLEO $ 1.14 $ ,804,078 $ 368,284, Nov-17 CIEO $ 0.97 $ ,888,441 $ 33,888, Mar-18 EGIO $ 0.96 $ ,599,177 $ 33,599, Apr-18 HMLO $ 1.68 $ ,884,494 $ 5,884, Aug-18 WAAO $ 1.14 $ ,880,710 $ 38,624, Sep-18 APLO $ 1.15 $ ,830,454 $ 313,313, Oct-18 WGFO $ 1.03 $ ,804,001 $ 91,084, Nov-18 RYDO $ 1.08 $ ,828,500 $ 46,035, Dec-18 EAIO $ 0.88 $ ,167,917 $ 65,167, Feb-19 $ 1,806,522,003 SOURCE: COMPANY DATA, IRESS & BELL POTTER

8 LISTED INVESTMENT COMPANIES. 8 Universe Summary On a Weighted Average basis, the LICs within the Bell Potter universe are trading at an average discount to pre-tax NTA of 2.3% as at 31 March 2017, lower than our prior edition. On an Arithmetic basis, the discount contracted slightly from 4.1% to 3.8%. And for the first time since March 2015, we see the Weighted Average of Domestic LICs trade at a discount of 1.2%. While, International LICs saw its discount expand from the previous quarter - going from an 8.6% discount to 11.5% discount. Table 7: Current Share Price Premium/Discount to NTA and Yield ASX Code Company name Investment Mandate Domestic Equity Market Cap ($m) Price ($) Pre-tax NTA ($) Prem/ (Disc) to pre-tax NTA (%) Post-tax NTA ($) Prem/ (Disc) to post-tax NTA (%) 12 Mth Dividend Per Share ($)* Net Dividend Yield (%)* Franking (%) Gross Dividend Yield (%)* AFI AFIC Large 6, ARG Argo Investments Large 5, DJW Djerriw arrh Investments Large AUI Australian United Large MLT Milton Corporation Large/Medium 2, BKI BKI Investment Large/Medium CIN Carlton Investments Large/Medium DUI Diversified United Large/Medium WHF Whitefield Large/Medium PIC Perpetual Equity Invest Co Large/Medium AMH AMCIL Large/Medium QVE QV Equities Large/Medium WDE Wealth Defenders Equity Large/Medium CAM Clime Capital Large/Medium FSI Flagship Investments Large/Medium CBC CBG Capital Large/Medium WAM WAM Capital Medium/Small 1, MIR Mirrabooka Medium/Small WIC WestOz Investment Co. Medium/Small WAX WAM Research Medium/Small OZG Ozgrow th Medium/Small CTN Contango Microcap Small/Micro ACQ Acorn Capital Small/Micro BTI Bailador Tech Investments Unlisted Tech ALF Australian Leaders Fund Long/Short CDM Cadence Capital Long/Short WAA WAM Active Long/Short NCC Naos Emerging OpportunitiesLong/Short WMK Watermark Market Neutral Market Neutral International Equity Indirect Cost Ratio (%) MFF MFF Capital Investments Global PMC Platinum Capital Global TGG Templeton Global Grow th Global HHV Hunter Hall Global Value Global PGF PM Capital Global Opp Global EGI Ellerston Global Investments Global GVF Global Value Fund Global (Multi Assets) ALI Argo Global Infrastructure Global (Listed Infra) EAI Ellerston Asian Investments Asia PAF PM Capital Asian Opp Asia Specialist FGX Future Gen Invest Co Fund of Funds FGG Future Gen Global Invest Gbl Funds of Funds SNC Sandon Capital Activist Arithmetic Average (All) Weighted Average (All) Weighted Average (Domestic Market Cap - Over $500m) Weighted Average (Domestic Market Cap - Under $500m) Weighted Average (Domestic All) Weighted Average (International Equity) Weighted Average (Specialist) *12 month historical dividends including Special Dividends. *ICR with performance fee. SOURCE: COMPANY DATA, IRESS & BELL POTTER

9 LISTED INVESTMENT COMPANIES. 9 Investment Performance In the Table below, we have evaluated our LICs using the performance of both the pre-tax NTA and share price. The pre-tax NTA data seeks to measure the performance of the underlying investments of the Fund. Whereas, the share price data measures the performance of the security as it trades on the ASX. However, some of this terminology is a little misleading as the pre-tax NTA actually reflects tax associated with realised capital gains (tax applicable on positions that have been exited) but not unrealised capital gains (tax applicable on positions that have not been exited). The measurement of a LIC s performance is calculated after all operating expenses, provision and payment of both income and realised capital gains tax and the reinvestment of dividends, but does not incorporate franking. LIC returns will consequently be understated relative to the Index return given that the Benchmarks do not factor in operating costs or taxation. The performance of Unlisted Unit Trusts are not measured on an after tax basis and are therefore, generally, not a valid comparison. Table 8: Pre-tax NTA and Share Price Performance ASX Code Domestic Equity Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 AFI AFIC AFI ARG Argo Investments ARG DJW Djerriw arrh Investments DJW AUI Australian United AUI MLT Milton Corporation MLT BKI BKI Investment BKI CIN Carlton Investments CIN DUI Diversified United DUI WHF Whitefield WHF PIC Perpetual Equity Invest Co PIC 13.0 n/a n/a n/a n/a -7.2 n/a n/a n/a n/a 14.9 n/a n/a n/a n/a -4.6 n/a n/a n/a n/a AMH AMCIL AMH QVE QV Equities QVE 14.5 n/a n/a n/a n/a -3.4 n/a n/a n/a n/a 27.9 n/a n/a n/a n/a 7.7 n/a n/a n/a n/a WDE Wealth Defenders Equity WDE 9.9 n/a n/a n/a n/a n/a n/a n/a n/a 1.8 n/a n/a n/a n/a n/a n/a n/a n/a CAM Clime Capital CAM FSI Flagship Investments FSI CBC CBG Capital CBC 2.8 n/a n/a n/a n/a n/a n/a n/a n/a 8.8 n/a n/a n/a n/a n/a n/a n/a n/a WAM WAM Capital WAM MIR Mirrabooka MIR WIC WestOz Investment Co. WIC n/a n/a n/a n/a WAX WAM Research WAX OZG Ozgrow th OZG n/a n/a n/a n/a CTN Contango Microcap CTN ACQ Acorn Capital ACQ 12.2 n/a n/a n/a n/a -1.5 n/a n/a n/a n/a 26.6 n/a n/a n/a n/a 12.9 n/a n/a n/a n/a BTI Bailador Tech Investments BTI 0.0 n/a n/a n/a n/a -8.0 n/a n/a n/a n/a -2.0 n/a n/a n/a n/a n/a n/a n/a n/a ALF Australian Leaders Fund ALF CDM Cadence Capital CDM WAA WAM Active WAA n/a n/a n/a n/a NCC Naos Emerging Opportunities NCC n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a WMK Watermark Market Neutral WMK n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a International Equity MFF MFF Capital Investments MFF PMC Platinum Capital PMC TGG Templeton Global Grow th TGG HHV Hunter Hall Global Value HHV PGF PM Capital Global Opp PGF n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a EGI Ellerston Global Investments EGI 4.6 n/a n/a n/a n/a n/a n/a n/a n/a 3.1 n/a n/a n/a n/a n/a n/a n/a n/a GVF Global Value Fund GVF 12.2 n/a n/a n/a n/a 6.2 n/a n/a n/a n/a 17.4 n/a n/a n/a n/a 4.6 n/a n/a n/a n/a ALI Argo Global Infrastructure ALI 6.0 n/a n/a n/a n/a -4.5 n/a n/a n/a n/a -2.0 n/a n/a n/a n/a n/a n/a n/a n/a EAI Ellerston Asian Investments EAI 11.6 n/a n/a n/a n/a -3.4 n/a n/a n/a n/a 12.8 n/a n/a n/a n/a -2.2 n/a n/a n/a n/a PAF PM Capital Asian Opp PAF 14.8 n/a n/a n/a n/a -3.1 n/a n/a n/a n/a 19.5 n/a n/a n/a n/a 1.6 n/a n/a n/a n/a Specialist ASX Listed Investment Companies ASX Code Pre-tax NTA Share price Performance (%) Value-add+ (%) Performance (%) Value-add+ (%) FGX Future Generation Invest Co FGX 4.9 n/a n/a n/a n/a n/a n/a n/a n/a 6.3 n/a n/a n/a n/a n/a n/a n/a n/a FGG Future Gen Global Invest FGG 10.2 n/a n/a n/a n/a -5.2 n/a n/a n/a n/a -4.0 n/a n/a n/a n/a -4.0 n/a n/a n/a n/a SNC Sandon Capital SNC n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a CDM: In May 2011 CDM received $0.22 per CDM share of franking credits when RHG returned the majority of its assets in the form of a fully franked dividend. At the time, CDM shares were trading at $1.25. These franking credits were worth 17.6% of the CDM share price at the time and are not reflected in our performance calculations as the calculations are based on pre-tax NTA and not post-tax NTA. SOURCE: COMPANY DATA, IRESS & BELL POTTER

10 LISTED INVESTMENT COMPANIES. 10 Investment Performance (continued) In order to assess a LIC s performance, NTA and share price need to be evaluated with respect to the relative mandate and/or benchmark, given varying outcomes from different styles of investment. Hence, for the Domestic LICs we have categorised the LIC s Mandate into those with a Large, Large to Medium, Medium to Small, and Small Market Capitalisation investment focus, Long/Short/Market Neutral, International, and Specialist investment focuses following an analysis of the LIC s Top Stock Holdings. In general, the NTA has been benchmarked against the relative indices preferred by the Manager and these should be most reflective of its mandate. The share price of each LIC, apart from International and Specialist LICs, has been benchmarked against the All Ordinaries Accumulation Index, given this is the broadest index on the ASX and the exchange in which each LIC trades. This is arguably a less relevant benchmark. Our value-add columns seek to quantify the value generated by the Manager. It is the difference between the performance of the share price and pre-tax NTA against the relevant benchmark. A positive value indicates outperformance against the Benchmark and a negative value indicates an underperformance. We view the pre-tax NTA value-add as the most relevant measure of management performance. Historical Gross Dividend Yield Dividends are an important aspect of any investment decision. In the Graph below, we have included historical Net Dividend Yield and Gross Dividend Yield for the LICs in our universe. Nonetheless, investors must realise that although historical yield is clearly a key consideration when selecting a LIC, it is no guarantee of future yield. Please note several LICs have recently entered the market and have not distributed a dividend yet. Graph 3: Historical Dividend Yield (Net and Gross) 12% Lrg Cap mandate Lrg/Med Cap mandate Med/Sml Cap mandate Small Long/Short & Neutral International Specialist Dividend Yield 8% 6% 4% 2% AFI ARG DJW AUI MLT BKI CIN DUI WHF AMH QVE CAM FSI PIC WDE CBC WAM MIR WIC WAX OZG CTN ACQ BTI ALF CDM WAA NCC WMK MFF PMC TGG HHV PGF EGI GVF ALI EAI PAF FGX FGG SNC Gross Yield Net Yield *No dividend yield as HHY distributed a capital *Includes Special Dividends SOURCE: COMPANY DATA, IRESS & BELL POTTER

11 LISTED INVESTMENT COMPANIES. 11 Premium/Discount to NTA We have categorised our universe of LICs according to the percentage premium or discount the share price trades at relative to the pre-tax NTA. Table 9: Share Price Premium/Discount versus Pre-Tax NTA Substantial premium % Approximately in line % Substantial discount % WAM WAM Capital 28.6 NCC Naos Emerging Opportunities 4.4 PAF PM Capital Asian Opp -9.1 WAX WAM Research 26.2 ALF Australian Leaders Fund 3.2 DUI Diversified United -9.4 MIR Mirrabooka 15.4 WMK Watermark Market Neutral 2.4 AUI Australian United DJW Djerriw arrh Investments 12.5 GVF Global Value Fund 1.3 TGG Templeton Global Grow th CDM Cadence Capital 11.0 FGX Future Gen Invest Co 0.0 FSI Flagship Investments WAA WAM Active 6.7 CAM Clime Capital -1.6 ACQ Acorn Capital QVE QV Equities 6.5 BKI BKI Investment -3.0 EAI Ellerston Asian Investments SNC Sandon Capital 4.6 AFI AFIC -3.5 WHF Whitefield PMC Platinum Capital -3.5 EGI Ellerston Global Investments AMH AMCIL -3.7 ALI Argo Global Infrastructure ARG Argo Investments -3.8 CIN Carlton Investments FGG Future Gen Global Invest -4.6 WIC WestOz Investment Co HHV Hunter Hall Global Value -4.9 BTI Bailador Tech Investments MLT Milton Corporation -5.0 PGF PM Capital Global Opp CBC CBG Capital -5.0 WDE Wealth Defenders Equity CTN Contango Microcap -6.8 MFF MFF Capital Investments PIC Perpetual Equity Invest Co -7.1 OZG Ozgrow th LICs often trade at a consistent premium or discount to NTA, with the standard deviation providing a measure of the range in which a LIC s premium/discount normally falls. By determining each LIC s average premium/discount we can look for anomalies between average premiums/discounts to NTA and current premiums/discounts to NTA. We have calculated each LIC s 5-year average (please note a number of LICs have a history less than 5 years and therefore not included in the graph) share price premium/discount to reported pre-tax NTA as well as its standard deviation from that average, which we portray in the below graph. Here, we are trying to convey whether or not a LIC is cheap or expensive compared to its historical average. Graph 4: Share Price Premium/Discount to Pre-Tax NTA Relative to 5-year Average SOURCE: COMPANY DATA, IRESS & BELL POTTER 3.0x 2.0x Standard Deviation 1.0x 0.0x -1.0x -2.0x Lrg Cap mandate Lrg-Med Cap mandate Med-Sml Cap mandate Long/Short/ Neutral International/Specialist -3.0x AFI ARG DJW AUI MLT BKI CIN DUI WHF AMH CAM FSI WAM MIR WIC WAX OZG CTN ALF CDM WAA MFF PMC TGG HHV PGF SOURCE: COMPANY DATA, IRESS & BELL POTTER The average share price discount to pre-tax NTA for this quarter is 0.7x. In the Large Market Capitalisation investment focus, ARG looked the most reasonably valued. Medium to Small and Long Short/Market Neutral are trading at a substantial premiums, with the exception of ALF, WIC and OZG. International focused LICs have performed exceptionally well over the past year in particular, and have traded at historical highs in comparison to their NTAs.

12 LISTED INVESTMENT COMPANIES. 12 Premium/Discount to NTA (continued) In Graph 5 we have provided some context to the share price premium or discount to pre-tax NTA. Pre-tax NTA reflects realised capital gains (tax applicable on positions that have been exited) but not unrealised capital gains (tax applicable on positions that have not been exited). Graph 5: Share Price Premium/Discount versus Pre-Tax NTA 3 Share Price Prem/Disc to Pre-tax NTA Lrg Cap mandate AFI ARG DJW AUI MLT BKI CIN Lrg-Med Cap mandate DUI WHF AMH QVE CAM FSI PIC WDE CBC WAM MIR Med-Sml Cap mandate WIC WAX OZG CTN ACQ BTI ALF Long/Short/ Neutral CDM WAA NCC WMK MFF PMC International TGG HHV PGF EGI GVF ALI EAI PAF Specialist FGX FGG SNC SOURCE: COMPANY DATA, IRESS & BELL POTTER Graph 6 shows the share price premium/discount against post-tax NTA. Post-tax NTA reflects realised (tax applicable on positions that have been exited) and unrealised capital gains (tax applicable on positions that have not been exited). While this measure is arguably less relevant, it does provide additional comparison, particularly when viewed with Graph 5. Post-tax NTA is most useful in a wind-up scenario. Graph 6: Share Price Premium/Discount versus Post-Tax NTA 35% Share Price Prem/Disc to Post-tax NTA 25% 15% 5% -5% -15% -25% AFI Lrg Cap mandate ARG DJW AUI MLT BKI CIN DUI Lrg-Med Cap mandate WHF AMH QVE CAM FSI PIC WDE CBC WAM MIR Med-Sml Cap mandate WIC WAX OZG CTN ACQ BTI ALF Long/Short/ Neutral CDM WAA NCC WMK MFF PMC TGG International HHV PGF EGI GVF ALI EAI PAF Specialist FGX FGG SNC SOURCE: COMPANY DATA, IRESS & BELL POTTER

13 LISTED INVESTMENT COMPANIES. 13 Premium/Discount to NTA (continued) Graphs 7 & 8 show the pre-tax NTA performance of each LIC, assuming dividends are reinvested, over the past 3 and 5 years. This is reflected by its position along the horizontal axis, with LICs further to the right having achieved higher returns. The Graphs also highlight the share price premium or discount to pre-tax NTA at which each LIC was trading at Quarter End. This is reflected by each LIC s position along the vertical axis. Graphs 7 & 8: Share Price Premium/Discount vs Pre-Tax NTA Performance 4 4 Premium/Discount to pre-tax NTA WAM WAX MIR DJW CDM Premium to pre-tax NTA WAA NCC ALF WMK CAM SNC AFI BKI ARG PMC AMH HHV TGG MLT WIC CIN FSI AUI DUI WHF MFF OZG PGF Discount to pre-tax NTA Premium/Discount to pre-tax NTA CTN CAM WIC OZG CDM DJW WAA ALF AMH BKI MIR WAM ARG PMC AFI HHV MLT DUI AUI FSI WAX TGG WHF CIN Premium to pre-tax NTA Discount to MFF pre-tax NTA % 5% 15% 2 3 Year pre-tax NTA return -3 5% 15% 2 25% 5 Year pre-tax NTA return SOURCE: COMPANY DATA, IRESS & BELL POTTER Pre-tax NTA performance is one way of reflecting the performance of a LIC s management and the standard deviation of the pre-tax NTA performance can be used as a measure of risk by reflecting the movement or dispersion from the average return. The below graphs can therefore give an indication of a LIC s risk-return over the time periods. Graphs 9 & 10: Pre-Tax NTA Performance Standard Deviation vs Pre-Tax NTA Performance 18% OZG PGF 16% 3 year pre-tax NTA performance St. Dev. 16% 14% 12% 8% 6% WIC CDM ALF CTN DJW BKI FSI PMC AUI AFI AMH WMK DUI XAOAI TGG MLT ARG MIR SNC WAA WHF HHV NCC WAM CIN WAX 4% 5% 15% 2 3 year pre-tax NTA performance MFF 5 year pre-tax NTA performance St. Dev. 14% 12% 8% 6% WIC CTN CAM CDM AUI DUI DJW AFIXAOAI TGG HHV BKI MLT FSI PMC CIN WAA AMH ALF ARG MIR WAM WAX 4% 5% 15% 2 25% WHF 5 year pre-tax NTA performance MFF SOURCE: COMPANY DATA, IRESS & BELL POTTER

14 LISTED INVESTMENT COMPANIES. 14 Premium/Discount to NTA (continued) LICs by their very nature can trade at either a premium or discount to pre-tax NTA. However, from a quantitative perspective, we have noted a tendency for LICs to revert to their mean premium or discount through the Cycle. As such, investors need to be cognisant of how a LIC trades through the Economic Cycle to ensure an investment is timed appropriately. As noted in our quarterly in September 2015, Large LICs (Market Cap > $500m) appear to behave differently from Small LICs (Market Cap < $500m) through the Economic Cycle. Large LICs tend to trade at a substantial premium to pre-tax NTA in perceivably difficult or uneasy market conditions and a lower premium to pre-tax NTA in perceivably improving market conditions. One could argue that during uneasy market conditions investors prefer the safety of Large LICs with an established track record and hence push them up into substantial premiums. Whereas, in more favourable market conditions, investors have a tendency to view large LICs as a lower return investment alternative and instead favour smaller and more exotic LICs, hence driving large LICs premiums lower. Graph 11: Large Cap Focused LICs Average Share Price Premium/Discount to Pre-tax NTA Feb 2003: Market trough Oct 2007: Market peak All Ordinaries Index Premium/Discount Mar 2003: Iraq war begins Apr 2007: US subprime crisis Sept 2008: Lehman Brothers collapse May 2010: First Greek Bailout Feb 2012: Second Greek Bailout Jun 2015: Chinese Share Market Crash SOURCE: COMPANY DATA, IRESS & BELL POTTER However, it is interesting to note, that we are currently in a period where Large LICs are deviating from its norm. Since early 2013, we see Large LICs trading at a premium to pre-tax NTA - even in a rising market. This phenomenon exist due to an increase of demand for Large LICs. We associate this greater demand to two underlying factors. Future of Financial Advice (FoFA) reforms. Since July 2013, commissions paid to financial planners by providers of managed fund have been banned going forward. This has removed the incentive for financial planners to use Managed Funds over LICs or ETFs. A competitive dividend yield in comparison to the ASX200. In July 2010, there was a significant change in the Corporation Act that have paved the way for LICs to offer greater consistency in dividends. Previously, companies could only pay a dividend if they had an accounting profit, which saw a number of LICs being unable to pay dividends through the GFC. However, following the introduction of the solvency test, LICs now have greater flexibility to offer sustainable dividend polices even with the absence of an accounting profit.

15 LISTED INVESTMENT COMPANIES. 15 Premium/Discount to NTA (continued) Small LICs tend to operate in almost an opposing fashion. In general, Small LICs trade at a larger discount to pre-tax NTA, averaging an 9.3% discount over the last 8 years, which compares to the Large LICs 3.9% premium over the same period. Broadly speaking, as market confidence rises, Small LICs tend to trade at a smaller discount as investors confidence rises. However, as market conditions turn, these small discounts tend to turn into deep discounts. Graph 12: Small Cap Focused LICs Average Share Price Premium/Discount to Pre-tax NTA Oct 2007: Market Peak All Ordinaries Index Apr 2007: US subprime crisis Sept 2008: Lehman Br others collapse May 2010: First Greek Bailout Feb 2009: Market Through Feb 2012: Second Greek Bailout Jun 2015: Chinese Share Market Crash Premium/Discount SOURCE: COMPANY DATA, IRESS & BELL POTTER The graph below shows International LICs discounts have historically been pretty much correlated with the global markets. These LICs traded at varying deep discounts when first introduced, for a combination of both the GFC made investors reluctant to hold international assets and international vehicles were originally not viewed as the yield making machines as domestic stocks. However as global share markets rose, so did the demand for these LICs narrowing these discounts. While, as confidence falls within the global markets, we tend to see these discounts expand. Graph 13: International Cap Focused LICs Average Share Price Premium/Discount to Pre-tax NTA Sept 2008: Lehman Br others collapse May 2010: First Greek Bailout Feb 2012: Second Greek Bailout MSCI World Index Jun 2015: Chinese Share Market Crash Premium/Discount SOURCE: COMPANY DATA, IRESS & BELL POTTER

16 LISTED INVESTMENT COMPANIES. 16 LIC Indicative NTA LICs are only obligated to disclose their NTA at the end of each month and have 14 days to disclose this information to the Market. This means that an investor is only able to retrospectively gauge the value of the underlying NTA and for the remainder of the month be ignorant to the underlying value of the NTA. Bell Potter has sought to address this gap by providing an Indicative Live NTA. We calculate the Indicative NTA by tracking the underlying NTA each week. This is achieved by monitoring the percentage movements of the Disclosed Holdings and using an appropriate proxy to track the movement of the remaining positions. We also adjust the NTA when the security goes ex-dividend. The Indicative NTA works best with LICs that have a high percentage of investments concentrated in its Top 20 Holdings, regular disclosure of its holdings and cash position, lower turnover of its investments, and the absence of a performance fee. Table 10: Indicative Premium/Discount to Pre-Tax NTA (as at 28 Apr 2017) Investment Share Fully Diluted Ind. Indicative Average Premium/Discount+ ASX Code Company Name Mandate Price Pre-Tax NTA" Prem/Disc" 1 year 3 years 5 years 10 years AFI AFIC" Large $ 5.81 $ % 0.9% 2.8% 2.3% 1.8% ARG Argo Investments Large $ 7.62 $ % -0.1% 3.3% % DJW Djerriwarrh Investments Large $ 3.62 $ % 19.5% % 16.2% AUI Australian United Investments Large $ 8.14 $ % -7.1% -4.9% -6.2% -5.6% MLT Milton Corporation Large/Medium $ 4.46 $ % -1.4% 1.2% -0.9% -2. BKI BKI Investment Large/Medium $ 1.62 $ % 1.5% 1.7% -1.5% -7.5% CIN Carlton Investments Large/Medium $ $ % % -13.5% -15.3% DUI Diversified United Investments Large/Medium $ 3.84 $ % -7.4% -6.1% -7.1% -6.4% WHF Whitefield Large/Medium $ 4.57 $ % -9.8% -7.5% -7.7% -8.7% AMH AMCIL Large/Medium $ 0.90 $ % 1.5% % -9.7% WLE WAM Leaders Large/Medium $ 1.13 $ % 1.3% 1.3% 1.3% 1.3% FSI Flagship Investments Large/Medium $ 1.58 $ 1.81 ^ -12.5% % -6.9% -6.1% WAM WAM Capital Medium/Small $ 2.38 $ % 17.8% 11.9% % MIR Mirrabooka Investments Medium/Small $ 2.57 $ % 19.6% 14.2% % WIC WestOz Investment Co. Medium/Small $ 0.92 $ 1.12 # -17.5% -14.1% -10.5% -14.3% -18.6% WAX WAM Research" Medium/Small $ 1.52 $ % 19.7% 11.1% 5.8% -9.4% OZG OzGrowth Medium/Small $ 0.17 $ 0.21 # -21.8% -20.6% -15.4% -18.8% n/a WAA WAM Active Medium/Small $ 1.14 $ % 4.6% 4.7% 1.8% n/a CTN Contango Microcap Small/Micro $ 0.98 $ 1.07 ^ -8.7% -8.8% -9.1% -11.1% -18.8% ACQ Acorn Capital Invst Fund" Small/Micro $ 0.97 $ 1.10 ^ -11.8% -13.9% n/a n/a n/a ALF Australian Leaders Fund" Long/Short $ 1.25 $ 1.25 ^ -0.4% 6.9% -2.9% % CDM Cadence Capital" Long/Short $ 1.21 $ 1.14 ^ 6.1% 0.4% -3.3% -13.5% n/a NCC NAOS Emerging Opp" Long/Short $ 1.49 $ 1.33 ^ 12.5% -6.6% -9.5% n/a n/a FGX Future Generation Investment Company Fund of Funds $ 1.13 $ 1.17 ^ -3.5% -1. n/a n/a n/a AEG Absolute Equity Performance Fund Market Neutral $ 1.02 $ 1.06 # -3.8% n/a n/a n/a n/a WMK Watermark Market Neutral" Market Neutral $ 1.01 $ 1.00 ^ % n/a n/a n/a SNC Sandon Capital" Activist $ 1.04 $ 1.02 ^ 1.2% -9.4% n/a n/a n/a MFF MFF Capital Investments" International $ 1.87 $ 2.14 # -12.9% 2.6% -6.1% -9.9% n/a PMC Platinum Capital International $ 1.57 $ 1.55 # 1.1% 0.6% -4.3% 2.5% 11.4% TGG Templeton Global Growth International $ 1.33 $ 1.44 # -7.9% -11.2% -9.3% -11.4% -15.3% HHV Hunter Hall Global Value International $ 1.14 $ 1.19 # -3.9% -5.6% -9.7% -12.2% -13.2% PGF PM Capital Global Opp" International $ 1.03 $ 1.19 # -13.7% -14.3% n/a n/a n/a APL Antipodes Global Investment Company International $ 1.18 $ 1.12 ^ 5.1% n/a n/a n/a n/a EGI Ellerston Global Investments International $ 0.95 $ 1.10 ^ -13.4% -11.6% n/a n/a n/a ALI Argo Global Listed Infrastructure International (Infrastructure) $ 1.82 $ 2.04 # % n/a n/a n/a GVF Global Value Fund International (Multi Asset) $ 1.11 $ 1.07 ^ 2.8% -1.2% n/a n/a n/a FGG Future Generation Global Invest Company Intl (Fund of funds) $ 1.04 $ 1.11 ^ -6.4% n/a n/a n/a n/a EAI Ellerston Asian Investments Asia $ 0.89 $ 1.00 # -11.4% -12.3% n/a n/a n/a PAF PM Capital Asia Asia $ 1.00 $ 1.15 # -12.8% -12.9% n/a n/a n/a " The Fully Diluted Indicative NTA has been adjusted for options dilution (10 excercise) and dividends. Dividends are removed from the NTA once the security goes ex-date and until the receipt of the new ex-dividend NTA. # The Indicative NTA is the actual reported weekly pre-tax NTA as we have been unable to calculate the Indicative NTA within a reasonable level of accuracy. ^ The Indicative NTA is the actual reported monthly pretax NTA as we have been unable to calculate the Indicative NTA within a reasonable level of accuracy.* Average premium/discounts as at end of the previous month. +Prem/Disc does not adjust for the dilution of unexcercised options. SOURCE: COMPANY DATA, IRESS & BELL POTTER

17 LISTED INVESTMENT COMPANIES. 17 LIC Indicative NTA (continued) Using the Bell Potter Indicative NTA, we calculate the effective impact on the share price if the premium or discount were to normalise to the 1, 3, 5 and 10 year average. We have also calculated this figure on an annualised basis. The Indicative NTA is not without error and clearly susceptible to higher turnover, tax realisation, receipt and payment of dividends and accrued performance fees. As such, variations will occur across LICs and different market conditions. We have included the Average Error (average of the monthly NTA less Indicative NTA), Average Absolute Error (average of the monthly NTA less Indicative NTA on an absolute basis), and the range of Minimum and Maximum Errors over the previous 12-month period. Table 11: Premium/Discount Normalisation and Error Tracking (as at 28 Apr 2017) Investment Share Price Impact if Premium/Discount normalises* Share Price Impact if Premium/Discount normalises is annualised+ ASX Code Company Name Mandate 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Avg Error AFI AFIC" Large 4.4% 6.3% 5.9% 5.3% 4.4% 2.1% 1.2% 0.5% -0.3% ARG Argo Investments Large 6.3% 9.7% 7.3% 7.4% 6.3% 3.1% 1.4% 0.7% -0.4% DJW Djerriwarrh Investments Large 10.6% 17.2% 14.6% 7.4% 10.6% 5.4% 2.8% 0.7% -0.1% AUI Australian United Investments Large -1.3% % 0.3% -1.3% 0.3% -0.1% % MLT Milton Corporation Large/Medium % 3.5% 2.4% % 0.7% 0.2% -0.1% BKI BKI Investment Large/Medium 3.9% % -5.1% 3.9% 1.3% 0.2% -0.5% -0.2% CIN Carlton Investments Large/Medium 0.7% 2.4% 0.2% -1.6% 0.7% 0.8% % -1.1% DUI Diversified United Investments Large/Medium -0.6% 0.8% -0.2% 0.4% -0.6% 0.2% % WHF Whitefield Large/Medium 1.4% 3.6% 3.4% 2.5% 1.4% 1.2% 0.7% 0.2% -0.1% AMH AMCIL Large/Medium 6.4% 3.9% 0.4% -4.8% 6.4% 1.3% 0.1% -0.5% 0.1% WLE WAM Leaders Large/Medium % 0.4% 0.2% -0.2% FSI Flagship Investments Large/Medium -1.5% 4.8% 5.6% 6.4% -1.5% 1.6% 1.1% 0.6% n/a WAM WAM Capital Medium/Small % -17.8% -30.2% % -3.8% -3.5% 0. MIR Mirrabooka Investments Medium/Small 10.3% 4.9% 0.6% -8.5% 10.3% 1.6% 0.1% -0.9% 0.1% WIC WestOz Investment Co. Medium/Small 3.4% 6.9% 3.2% -1.1% 3.4% 2.3% 0.6% -0.1% n/a WAX WAM Research" Medium/Small -5.4% % -34.5% -5.4% -4.9% -4.2% -4.1% 0.7% OZG OzGrowth Medium/Small 1.2% 6.4% 3. n/a 1.2% 2.1% 0.6% n/a n/a WAA WAM Active Medium/Small -2.5% -2.5% -5.4% n/a -2.5% -0.8% -1.1% n/a 0. CTN Contango Microcap Small/Micro -0.1% -0.4% -2.4% -10.1% -0.1% -0.1% -0.5% -1.1% -0.2% ACQ Acorn Capital Invst Fund" Small/Micro -2.1% n/a n/a n/a -2.1% n/a n/a n/a n/a ALF Australian Leaders Fund" Long/Short 7.3% -2.5% -8.6% -13.4% 7.3% -0.8% -1.8% -1.4% n/a CDM Cadence Capital" Long/Short -5.7% -9.4% -19.6% n/a -5.7% -3.2% -4.3% n/a n/a NCC NAOS Emerging Opp" Long/Short n/a n/a % n/a n/a n/a FGX Future Generation Invst Comp Fund of Funds 2.4% n/a n/a n/a 2.4% n/a n/a n/a n/a AEG Absolute Equity Performance Market Neutral n/a n/a n/a n/a n/a n/a n/a n/a n/a WMK Watermark Market Neutral" Market Neutral -0.6% n/a n/a n/a -0.6% n/a n/a n/a n/a SNC Sandon Capital" Activist -10.6% n/a n/a n/a -10.6% n/a n/a n/a n/a MFF MFF Capital Investments" International 15.4% 6.8% 2.9% n/a 15.4% 2.2% 0.6% n/a n/a PMC Platinum Capital International -0.4% -5.4% 1.4% 10.3% -0.4% -1.8% 0.3% 1. n/a TGG Templeton Global Growth International -3.3% -1.4% -3.5% -7.4% -3.3% -0.5% -0.7% -0.8% n/a HHV Hunter Hall Global Value International -1.7% -5.8% -8.3% -9.3% -1.7% % -1. n/a PGF PM Capital Global Opp" International -0.6% n/a n/a n/a -0.6% n/a n/a n/a n/a APL Antipodes Global Invest Co International n/a n/a n/a n/a n/a n/a n/a n/a n/a EGI Ellerston Global Investment International 1.8% n/a n/a n/a 1.8% n/a n/a n/a n/a ALI Argo Global Infrastructure Intl (Infrastructure) 1.1% n/a n/a n/a 1.1% n/a n/a n/a n/a GVF Global Value Fund Intl (Multi Asset) -4. n/a n/a n/a -4. n/a n/a n/a n/a FGG Future Gen Global Invest Co Intl (Fund of Funds) n/a n/a n/a n/a n/a n/a n/a n/a n/a EAI Ellerston Asian Investments Asia -0.9% n/a n/a n/a -0.9% n/a n/a n/a n/a PAF PM Capital Asia Asia -0.2% n/a n/a n/a -0.2% n/a n/a n/a n/a * Refers to the current share price divided by the indicative pre-tax NTA as compared to the average 1, 3, 5 and 10 year Discount/Premium share price to pre-tax NTA as at end of the previous month, over the relevant time period of 1, 3, 5 and 10 years. * Refers to the current share price divided by the indicative pre-tax NTA as compared to the average 1, 3, 5 and 10 year Discount/Premium share price to pre-tax NTA as at end of the previous month, annualised over the relevant time period of 1, 3, 5 and 10 years. SOURCE: COMPANY DATA, IRESS & BELL POTTER