LISTED INVESTMENT COMPANIES INDICATIVE NTA.

27 July 2018 Bell Potter s Indicative NTA tracks the indicative movement of a LICs underlying NTA each month by monitoring the percentage movements of the disclosed holdings, and using an index to track the movement of the remaining positions. The indicative NTA works best with LICs with a high percentage of investments concentrated in its Top 20, regular disclosure of its Top 20, lower turnover of its investments, regular disclosure of its cash position and the absence of a performance fee. We have also included an adjusted indicative NTA^ and adjusted discount^, which removes the LIC distribution from the ex-dividend date until the receipt of the new NTA post the payment date. This report is published each Monday prior to the market open, and is available on a weekly basis. Intraday indicative NTAs will be available on request, through your adviser. Investment Share Fully Diluted Ind. Indicative Average Premium/Discount+ Prem/Disc Range (10 yrs)+ Recent Declared Dividend ASX Code Company Name Mandate Price Pre-Tax NTA" Prem/Disc" 1 year 3 years 5 years 10 years Low High Amount Ex-Date Pay-Date AFI AFIC Large $ 6.30 $ 6.37-1.1% 1.1% 2.0% 2.6% 2.0% -7.7% 13.2% n/a ARG Argo Investments Large $ 8.13 $ 8.26-1.6% 1.5% 2.5% 2.2% 1.2% -9.3% 17.3% n/a AUI Australian United Investments Large $ 8.77 $ 9.22-4.8% -3.0% -4.6% -4.8% -5.6% -13.8% 7.0% n/a MLT Milton Corporation Large/Medium $ 4.80 $ 4.81-0.1% -0.4% 0.1% 0.3% -1.9% -11.4% 9.7% n/a BKI BKI Investment Large/Medium $ 1.58 $ 1.65-4.4% 2.1% 2.5% 0.9% -5.6% -21.1% 9.7% n/a CIN Carlton Investments Large/Medium $ 32.58 $ 37.56-13.3% -11.6% -12.0% -11.6% -15.0% -26.2% -6.5% n/a DUI Diversified United Investments Large/Medium $ 4.20 $ 4.56-7.9% -4.5% -5.6% -5.9% -6.6% -15.0% 1.3% n/a WHF Whitefield Large/Medium $ 4.64 $ 5.10-9.1% -6.6% -7.9% -7.1% -8.5% -19.7% -2.0% $ 0.0900 23-May-18 12-Jun-18 AMH AMCIL Large/Medium $ 0.97 $ 1.03-6.3% -5.3% -2.5% -2.4% -9.7% -22.6% 6.4% n/a WLE WAM Leaders" Large/Medium $ 1.21 $ 1.21 ^ -0.5% -4.1% n/a -6.4% 3.3% $ 0.0250 12-Apr-18 27-Apr-18 FSI Flagship Investments Large/Medium $ 1.75 $ 1.98 ^ -12.0% -12.7% -15.3% -14.4% -11.2% -23.2% 3.9% n/a WAM WAM Capital Medium/Small $ 2.39 $ 1.99 ^ 20.4% 21.5% 17.2% 13.3% -1.6% -41.1% 28.6% $ 0.0775 12-Apr-18 27-Apr-18 MIR Mirrabooka Investments Medium/Small $ 2.68 $ 2.53 5.8% 9.7% 13.6% 12.8% 3.6% -15.0% 26.1% n/a WIC WestOz Investment Co. Medium/Small $ 1.19 $ 1.28 # -7.3% -10.7% -12.8% -11.1% -17.5% -18.8% 3.8% $ 0.0300 03-Aug-18 27-Aug-18 WAX WAM Research Medium/Small $ 1.57 $ 1.25 ^ 25.1% 23.0% 18.9% 13.5% -4.0% -40.0% 31.5% $ 0.0475 12-Apr-18 27-Apr-18 TOP Thorney Opportunities Medium/Small $ 0.67 $ 0.80 ^ -16.4% -11.1% -8.2% -17.6% 8.1% $ 0.0060 14-Mar-18 04-Apr-18 OZG OzGrow th Medium/Small $ 0.20 $ 0.23 # -14.9% -19.9% -19.5% -17.2% n/a -45.2% 4.0% $ 0.0025 03-Aug-18 27-Aug-18 TEK Thorney Technologies Medium/Small $ 0.26 $ 0.25 ^ 2.0% -5.8% 37.5% n/a WAA WAM Active" Medium/Small $ 1.15 $ 1.11 ^ 3.5% 4.6% 2.7% 4.6% n/a -38.4% 24.6% n/a NSC NAOS Small Cap Opp Small/Micro $ 0.77 $ 0.92 ^ -16.3% -8.5% -9.1% -9.5% -18.0% -44.3% 0.6% n/a ACQ Acorn Capital Invst Fund Small/Micro $ 1.17 $ 1.33 ^ -12.7% -13.4% -14.6% -23.0% -8.3% $ 0.0270 02-May-18 21-May-18 ALF Australian Leaders Fund Long/Short $ 1.04 $ 1.22 ^ -15.2% -10.2% 0.5% 4.2% -8.7% -42.8% 23.1% n/a CDM Cadence Capital Long/Short $ 1.30 $ 1.25 ^ 3.9% 7.6% 8.6% 5.8% -4.3% -47.8% 23.7% n/a NCC NAOS Emerging Opp Long/Short $ 1.25 $ 1.26 ^ -0.8% 3.3% -3.2% -17.5% 17.3% n/a DJW Djerriw arrh Investments Income $ 3.53 $ 3.37 4.6% 7.8% 19.0% 21.3% 17.4% -0.6% 45.3% n/a PL8 Plato Income Maximiser" Income $ 1.03 $ 1.10 ^ -6.3% -6.8% 7.1% $ 0.0050 14-Jun-18 29-Jun-18 FGX Future Generation Invst Comp Fund of Funds $ 1.31 $ 1.27 ^ 3.0% -4.1% n/a -6.5% 2.9% $ 0.0220 12-Apr-18 27-Apr-18 AEG Absolute Equity Performance" Market Neutral $ 1.18 $ 1.21 # -2.5% -2.8% n/a 15.1% 22.9% $ 0.0200 29-Mar-18 18-May-18 WMK Watermark Market Neutral Market Neutral $ 0.81 $ 0.95 ^ -15.3% -9.2% -4.9% -18.2% 4.5% $ 0.0100 09-Apr-18 24-Apr-18 SNC Sandon Capital Activist $ 0.93 $ 0.96 ^ -3.0% -1.1% -6.3% -17.6% 5.3% $ 0.0350 08-May-18 18-May-18 URB URB Investments AU Equity & Property $ 0.96 $ 1.05 ^ -8.6% -14.3% 2.9% n/a MFF MFF Capital Investments" International $ 2.71 $ 2.88 # -5.8% 2.6% -6.1% -9.9% n/a -33.6% 5.4% $ 0.0150 27-Apr-18 18-May-18 PMC Platinum Capital International $ 1.86 $ 1.74 # 6.6% 9.7% 8.8% 7.8% 4.1% -15.6% 25.7% n/a TGG Templeton Global Grow th International $ 1.42 $ 1.58 # -10.1% -8.9% -10.5% -8.9% -15.0% -29.8% -1.0% n/a PIA Pengana International Equity International $ 1.18 $ 1.25 # -6.0% -4.7% -7.5% -9.4% -11.8% -26.7% 0.6% $ 0.0350 12-Apr-18 30-Apr-18 PGF PM Capital Global Opp International $ 1.29 $ 1.43 # -9.8% -10.0% -12.4% -18.6% 2.2% n/a APL Antipodes Global Invest Co" International $ 1.15 $ 1.21 ^ -5.1% -2.3% n/a -7.1% 4.0% n/a EGI Ellerston Global Investment" International $ 1.06 $ 1.13 ^ -5.9% -9.2% -9.1% -17.0% 7.1% $ 0.0150 24-Apr-18 18-May-18 WGF Watermark Global Leaders" International (Market Neutral) $ 0.90 $ 1.08 ^ -17.1% -16.8% -4.1% n/a ALI Argo Global Infrastructure International (Infrastructure) $ 1.86 $ 2.19 # -15.3% -14.3% n/a -17.6% -5.1% n/a GVF Global Value Fund International (Multi Asset) $ 1.09 $ 1.07 ^ 1.9% 2.1% n/a -15.5% 5.9% $ 0.0315 09-Apr-18 10-May-18 FGG Future Gen Global Invest Co Intl (Fund of funds) $ 1.39 $ 1.33 ^ 4.1% -2.1% n/a -9.9% 11.1% n/a PAI Platinum Asia Investments Asia $ 1.24 $ 1.17 ^ 6.1% 1.2% n/a -10.0% 7.5% n/a EAI Ellerston Asian Investments" Asia $ 1.05 $ 1.11 # -5.5% -8.8% n/a -18.9% -2.6% n/a PAF PM Capital Asia Asia $ 1.20 $ 1.26 # -5.0% -4.6% n/a -17.8% 4.2% n/a " The Fully Diluted Indicative NTA has been adjusted for options dilution (100%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 pre-tax 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.

We have enclosed a reference page for dividends and historical pre-tax NTA performance data. We have used historical dividend data for the dividend information, and manager guidance where appropriate. The historical pre-tax NTA performance data is updated monthly. Please note that historical performance is no guarantee of future performance. Investment Share Price Forecast Franking Franking Gross Net Gross Performance Data (pre-tax NTA p.a.) ASX Code Company Name Mandate Dividend* Credits Dividend Yield Yield 1 year 3 years 5 years 7 years 10 years AFI AFIC Large $ 6.30 $ 0.240 100% $ 0.103 $ 0.343 3.8% 5.4% 10.9% 6.8% 8.2% 8.4% 6.5% ARG Argo Investments Large $ 8.13 $ 0.315 100% $ 0.135 $ 0.450 3.9% 5.5% 10.2% 7.1% 8.8% 8.6% 6.3% AUI Australian United Investments Large $ 8.77 $ 0.345 100% $ 0.148 $ 0.493 3.9% 5.6% 11.8% 8.1% 8.9% 8.0% 5.7% MLT Milton Corporation Large/Medium $ 4.80 $ 0.188 100% $ 0.081 $ 0.269 3.9% 5.6% 9.3% 7.0% 8.5% 9.2% 7.0% BKI BKI Investment Large/Medium $ 1.58 $ 0.073 100% $ 0.031 $ 0.105 4.6% 6.6% 6.1% 4.3% 6.1% 7.0% 5.7% CIN Carlton Investments Large/Medium $ 32.58 $ 1.190 100% $ 0.510 $ 1.700 3.7% 5.2% 4.6% 5.9% 10.8% 12.1% 10.1% DUI Diversified United Investments Large/Medium $ 4.20 $ 0.145 100% $ 0.062 $ 0.207 3.5% 4.9% 15.5% 10.8% 11.1% 10.1% 6.9% WHF Whitefield Large/Medium $ 4.64 $ 0.178 100% $ 0.076 $ 0.254 3.8% 5.5% 5.7% 6.2% 9.8% 11.4% 8.5% AMH AMCIL Large/Medium $ 0.97 $ 0.035 100% $ 0.015 $ 0.050 3.6% 5.2% 11.6% 8.1% 10.3% 10.8% 9.7% WLE WAM Leaders" Large/Medium $ 1.21 $ 0.045 100% $ 0.019 $ 0.064 3.7% 5.3% 9.1% FSI Flagship Investments Large/Medium $ 1.75 $ 0.075 100% $ 0.032 $ 0.107 4.3% 6.1% 12.7% 9.1% 10.1% 9.5% 8.0% WAM WAM Capital Medium/Small $ 2.39 $ 0.153 100% $ 0.065 $ 0.218 6.4% 9.1% 12.8% 11.8% 11.7% 10.8% 10.3% MIR Mirrabooka Investments Medium/Small $ 2.68 $ 0.140 100% $ 0.060 $ 0.200 5.2% 7.5% 15.0% 11.2% 12.9% 12.4% 10.0% WIC WestOz Investment Co. Medium/Small $ 1.19 $ 0.060 100% $ 0.026 $ 0.086 5.0% 7.2% 22.1% 14.9% 8.3% 4.5% n/a WAX WAM Research Medium/Small $ 1.57 $ 0.093 100% $ 0.040 $ 0.132 5.9% 8.4% 13.2% 12.1% 12.9% 12.2% 10.4% TOP Thorney Opportunities Medium/Small $ 0.67 $ 0.013 100% $ 0.005 $ 0.018 1.9% 2.7% 7.5% 17.3% n/a OZG OzGrow th Medium/Small $ 0.20 $ 0.008 100% $ 0.003 $ 0.011 3.8% 5.5% 19.8% 13.8% 7.7% 4.9% 5.5% TEK Thorney Technologies Medium/Small $ 0.26 $ - 0.0% 0.0% 10.1% WAA WAM Active" Medium/Small $ 1.15 $ 0.056 100% $ 0.024 $ 0.080 4.9% 7.0% 10.3% 9.8% 8.2% 7.2% n/a NSC NAOS Small Cap Opp Small/Micro $ 0.77 $ 0.064 70% $ 0.019 $ 0.083 8.3% 10.8% 1.1% 2.1% 4.6% -0.1% -0.4% ACQ Acorn Capital Invst Fund Small/Micro $ 1.17 $ 0.074 100% $ 0.032 $ 0.106 6.4% 9.1% 31.2% 17.2% n/a ALF Australian Leaders Fund Long/Short $ 1.04 $ - 0.0% 0.0% -3.2% 2.2% 2.6% 5.8% 9.1% CDM Cadence Capital Long/Short $ 1.30 $ 0.080 100% $ 0.034 $ 0.114 6.2% 8.8% 14.8% 3.7% 6.6% 8.3% 10.8% NCC NAOS Emerging Opp Long/Short $ 1.25 $ 0.073 100% $ 0.031 $ 0.104 5.8% 8.3% 4.7% 11.7% 8.8% DJW Djerriw arrh Investments Income $ 3.53 $ 0.200 100% $ 0.086 $ 0.286 5.7% 8.1% 8.7% 5.4% 6.3% 6.4% 4.9% PL8 Plato Income Maximiser" Income $ 1.03 $ 0.024 n/a $ 0.010 $ 0.034 2.3% 3.3% 6.0% FGX Future Generation Investment Comp Fund of Funds $ 1.31 $ 0.044 100% $ 0.019 $ 0.063 3.4% 4.8% n/a AEG Absolute Equity Performance Fund" Market Neutral $ 1.18 $ 0.045 100% $ 0.019 $ 0.064 3.8% 5.4% n/a WMK Watermark Market Neutral Market Neutral $ 0.81 $ 0.035 100% $ 0.015 $ 0.050 4.3% 6.2% -0.5% 3.8% n/a SNC Sandon Capital Activist $ 0.93 $ 0.070 100% $ 0.030 $ 0.100 7.5% 10.8% n/a URB URB Investments AU Equity & Property $ 0.96 $ 0.005 n/a $ 0.002 $ 0.007 0.5% 0.7% 1.5% MFF MFF Capital Investments" International $ 2.71 $ 0.025 100% $ 0.011 $ 0.036 0.9% 1.3% 19.9% 12.5% 19.0% 20.1% 14.7% PMC Platinum Capital International $ 1.86 $ 0.100 100% $ 0.043 $ 0.143 5.4% 7.7% 13.5% 6.8% 9.1% 10.6% 9.4% TGG Templeton Global Grow th International $ 1.42 $ 0.045 100% $ 0.019 $ 0.064 3.2% 4.5% 8.3% 4.5% 9.5% 10.8% 6.5% PIA Pengana International Equity International $ 1.18 $ 0.070 100% $ 0.030 $ 0.100 6.0% 8.5% 10.2% 2.1% 10.3% 9.1% 6.2% PGF PM Capital Global Opp" International $ 1.29 $ 0.054 100% $ 0.023 $ 0.077 4.2% 6.0% 14.8% 8.6% n/a APL Antipodes Global Investment Company" International $ 1.15 $ - 0.0% 0.0% 6.1% EGI Ellerston Global Investments" International $ 1.06 $ 0.055 100% $ 0.024 $ 0.079 5.2% 7.4% 5.6% 4.4% n/a WGF Watermark Global Leaders Fund" International (Market Neutral) $ 0.90 $ - 0.0% 0.0% 0.0% ALI Argo Global Listed Infrastructure International (Infrastructure) $ 1.86 $ 0.038 0% $ - $ 0.038 2.0% 2.0% n/a GVF Global Value Fund International (Multi Asset) $ 1.09 $ 0.095 50% $ 0.020 $ 0.115 8.7% 10.5% n/a FGG Future Generation Global Invest Company Intl (Fund of funds) $ 1.39 $ 0.010 100% $ 0.004 $ 0.014 0.9% 1.3% n/a PAI Platinum Asia Investments Asia $ 1.24 $ 0.090 100% $ 0.039 $ 0.129 7.3% 10.4% 9.9% EAI Ellerston Asian Investments" Asia $ 1.05 $ - 5.3% PAF PM Capital Asia Asia $ 1.20 $ 0.075 100% $ 0.032 $ 0.107 6.3% 8.9% n/a *Performance data has been calculated on a pre-tax NTA accumulation basis, and annualised over the relevant time period. Performance data is up until the last monthly reported pre-tax NTA. *Forecast Dividend is the total dividends paid over the past 12 months, excluding Special Dividends

A number of LICs under our coverage currently have options outstanding. Options dilute the NTA when exercised and therefore have an impact on the Premium or Discount on a look through basis. Share Indicative Option ASX Code Company Name Code SOI Options Strike Price NTA^ Price Expiry 100% 70% 50% 100% 70% 50% AFI AFIC n/a 1,186,146,594 $ 6.30 $ 6.37 ARG Argo Investments n/a 709,228,558 $ 8.13 $ 8.26 AUI Australian United Investments n/a 124,006,471 $ 8.77 $ 9.22 MLT Milton Corporation n/a 658,170,815 $ 4.80 $ 4.81 BKI BKI Investment n/a 725,311,402 $ 1.58 $ 1.65 CIN Carlton Investments n/a 26,474,675 $ 32.58 $ 37.56 DUI Diversified United Investments n/a 209,841,563 $ 4.20 $ 4.56 WHF Whitefield n/a 87,494,491 $ 4.64 $ 5.10 AMH AMCIL n/a 261,499,774 $ 0.97 $ 1.03 WLE WAM Leaders" n/a 703,203,693 $ 1.21 $ 1.21 FSI Flagship Investments n/a 25,502,736 $ 1.75 $ 1.98 WAM WAM Capital n/a 668,363,006 $ 2.39 $ 1.99 MIR Mirrabooka Investments n/a 158,151,209 $ 2.68 $ 2.53 WIC WestOz Investment Co. WICOC 130,843,732 11,044,275 $ 1.06 $ 1.19 $ 1.30 $ 0.08 31-Aug-19 $ 1.28 $ 1.29 $ 1.29-7.3% -7.6% -7.9% WAX WAM Research n/a 188,406,337 $ 1.57 $ 1.25 TOP Thorney Opportunities n/a 203,619,230 $ 0.67 $ 0.80 OZG OzGrow th OZGOC 356,519,055 35,477,762 $ 0.19 $ 0.20 $ 0.23 $ 0.01 31-Aug-19 $ 0.23 $ 0.23 $ 0.23-14.9% -15.3% -15.6% TEK Thorney Technologies n/a 257,368,627 $ 0.26 $ 0.25 WAA WAM Active" WAAO 41,575,290 29,312,744 $ 1.14 $ 1.15 $ 1.08 $ 0.00 17-Sep-19 $ 1.11 $ 1.10 $ 1.10 3.5% 3.9% 4.3% NSC NAOS Small Cap Opp NSCG 168,995,806 265,000 $ 1.30 $ 0.77 $ 0.92 $ 100.210 31-Mar-20 $ 0.92 $ 0.92 $ 0.92-16.3% -16.3% -16.3% ACQ Acorn Capital Invst Fund n/a 52,711,408 $ 1.17 $ 1.33 ALF Australian Leaders Fund n/a 272,523,924 $ 1.04 $ 1.22 CDM Cadence Capital n/a 317,957,644 $ 1.30 $ 1.25 NCC NAOS Emerging Opp n/a 59,673,562 $ 1.25 $ 1.26 DJW Djerriw arrh Investments n/a 220,948,575 $ 3.53 $ 3.37 PL8 Plato Income Maximiser" PL8O 296,619,760 295,917,055 $ 1.10 $ 1.03 $ 1.10 $ 0.001 29-Apr-19 $ 1.099 $ 1.099 $ 1.099-6.3% -6.3% -6.3% FGX Future Generation Invst Comp n/a 351,351,497 $ 1.31 $ 1.27 n/a AEG Absolute Equity Performance" n/a 101,294,236 $ 1.18 $ 1.21 WMK Watermark Market Neutral n/a 87,582,507 $ 0.81 $ 0.95 SNC Sandon Capital n/a 48,435,427 $ 0.93 $ 0.99 URB URB Investments n/a 73,166,683 $ 0.96 $ 1.05 MFF MFF Capital Investments" n/a 540,997,040 $ 2.71 $ 2.88 PMC Platinum Capital n/a 285,921,029 $ 1.86 $ 1.74 TGG Templeton Global Grow th n/a 222,156,330 $ 1.42 $ 1.58 PIA Pengana International Equity PIAO 247,448,622 242,676,374 $ 1.18 $ 1.18 $ 1.25 $ 0.01 10-May-19 $ 1.25 $ 1.25 $ 1.25-6.0% -6.0% -6.0% PGF PM Capital Global Opp n/a 350,909,977 $ 1.29 $ 1.43 APL Antipodes Global Invest Co" APLO 369,882,104 199,783,805 $ 1.10 $ 1.15 $ 1.27 $ 0.050 15-Oct-18 $ 1.21 $ 1.23 $ 1.24-5.1% -6.2% -7.0% EGI Ellerston Global Investment" EGIO 109,616,197 17,868,634 $ 1.00 $ 1.06 $ 1.16 $ 0.059 10-Apr-18 $ 1.14 $ 1.15 $ 1.15-7.1% -7.6% -8.0% WGF Watermark Global Leaders" WGFO 82,585,375 82,799,001 $ 1.10 $ 0.90 $ 1.08 $ 0.001 16-Nov-18 $ 1.08 $ 1.08 $ 1.08-17.1% -17.1% -17.1% ALI Argo Global Infrastructure n/a 141,882,628 $ 1.86 $ 2.19 GVF Global Value Fund n/a 147,262,122 $ 1.09 $ 1.10 FGG Future Gen Global Invest Co n/a 296,112,380 n/a $ 1.10 $ 1.39 $ 1.33 PAI Platinum Asia Investments n/a 360,003,594 $ 1.24 $ 1.17 EAI Ellerston Asian Investments" EAIO 108,513,973 61,839,683 $ 1.00 $ 1.05 $ 1.17 n/a 28-Feb-19 $ 1.11 $ 1.12 $ 1.13-5.5% -6.6% -7.5% PAF PM Capital Asia n/a 56,313,902 $ 1.20 $ 1.26 NTA after % Excercised Eff. Prem/Disc after % Exc. ^ The Indicative NTA has been adjusted for dividends once the security goes ex-date and until the receipt of the new ex-dividend NTA. # The Indicative NTA is the actual reported weekly or monthly pre-tax 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.

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. Please note that Bell Potter s Indicative NTA is not without error and clearly susceptible to higher turnover, tax realisation, receipt and payment of dividends and accrued performance fees, and that the amount of variation will vary across LICs and different market conditions. As such we have included the average error (average monthly NTA less indicative NTA), average absolute error (average monthly NTA less indicative NTA on an absolute basis), and the range of minimum and maximum errors over the previous 12-month period. Share P rice Impact if P remium/ D isco unt no rmalises is Investment Share P rice Impact if P remium/ Discount normalises* annualised+ R ange A vg A bso lute Avg Erro r ASX Code Company Name Mandate 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Error M in Erro r M ax Erro r AFI AFIC Large 2.2% 3.1% 3.7% 3.1% 2.2% 1.0% 0.7% 0.3% -0.3% 0.5% -2.8% 1.6% ARG Argo Investments Large 3.2% 4.1% 3.8% 2.8% 3.2% 1.3% 0.7% 0.3% -0.4% 0.6% -2.4% 0.9% AUI Australian United Investments Large 1.9% 0.2% 0.1% -0.7% 1.9% 0.1% 0.0% -0.1% -0.3% 0.6% -2.5% 1.1% MLT Milton Corporation Large/Medium -0.3% 0.2% 0.4% -1.8% -0.3% 0.1% 0.1% -0.2% -0.1% 0.7% -1.7% 2.1% BKI BKI Investment Large/Medium 6.5% 6.9% 5.2% -1.2% 6.5% 2.2% 1.0% -0.1% -0.2% 0.6% -4.3% 1.5% CIN Carlton Investments Large/Medium 1.7% 1.3% 1.7% -1.8% 1.7% 0.4% 0.3% -0.2% -0.9% 1.4% -8.0% 6.5% DUI Diversified United Investments Large/Medium 3.4% 2.2% 2.0% 1.3% 3.4% 0.7% 0.4% 0.1% -0.2% 0.6% -3.3% 2.3% WHF Whitefield Large/Medium 2.5% 1.2% 2.0% 0.6% 2.5% 0.4% 0.4% 0.1% -0.2% 0.8% -3.0% 2.4% AMH AMCIL Large/Medium 1.0% 3.7% 3.9% -3.5% 1.0% 1.2% 0.8% -0.4% 0.1% 1.1% -3.5% 3.4% WLE WAM Leaders" Large/Medium -3.5% n/a -3.5% n/a FSI Flagship Investments Large/Medium -0.7% -3.4% -2.4% 0.7% -0.7% -1.1% -0.5% 0.1% WAM WAM Capital Medium/Small 1.1% -3.2% -7.1% -22.0% 1.1% -1.1% -1.5% -2.5% MIR Mirrabooka Investments Medium/Small 3.9% 7.8% 7.0% -2.2% 3.9% 2.5% 1.4% -0.2% 0.0% 1.0% -2.3% 4.8% WIC WestOz Investment Co. Medium/Small -3.5% -5.6% -3.8% -10.2% -3.5% -1.9% -0.8% -1.1% WAX WAM Research Medium/Small -2.1% -6.2% -11.7% -29.1% -2.1% -2.1% -2.5% -3.4% TOP Thorney Opportunities Medium/Small 5.3% 8.2% 5.3% 2.7% OZG OzGrow th Medium/Small -5.0% -4.6% -2.3% n/a -5.0% -1.6% -0.5% n/a TEK Thorney Technologies Medium/Small WAA WAM Active" Medium/Small 1.1% -0.8% 1.1% n/a 1.1% -0.3% 0.2% n/a NSC NAOS Small Cap Opp Small/Micro 7.8% 7.2% 6.8% -1.6% 7.8% 2.4% 1.3% -0.2% ACQ Acorn Capital Invst Fund Small/Micro -0.7% -1.9% -0.7% -0.6% ALF Australian Leaders Fund Long/Short 4.9% 15.7% 19.3% 6.5% 4.9% 5.0% 3.6% 0.6% CDM Cadence Capital Long/Short 3.7% 4.7% 1.9% -8.2% 3.7% 1.5% 0.4% -0.9% NCC NAOS Emerging Opp Long/Short 4.0% -2.4% 4.0% -0.8% DJW Djerriw arrh Investments Income 3.2% 14.4% 16.7% 12.8% 3.2% 4.6% 3.1% 1.2% 0.0% 0.8% -2.5% 3.5% PL8 Plato Income Maximiser" Income FGX Future Generation Invst Comp Fund of Funds -7.1% n/a -7.1% n/a AEG Absolute Equity Performance" Market Neutral -0.3% n/a -0.3% n/a WMK Watermark Market Neutral Market Neutral 6.1% 10.4% 6.1% 3.3% SNC Sandon Capital Activist 2.0% -3.2% 2.0% -1.1% URB URB Investments AU Equity & Property MFF MFF Capital Investments" International 8.4% -0.2% -4.1% n/a 8.4% -0.1% -0.8% n/a PMC Platinum Capital International 3.1% 2.1% 1.1% -2.5% 3.1% 0.7% 0.2% -0.3% TGG Templeton Global Grow th International 1.2% -0.5% 1.2% -4.9% 1.2% -0.2% 0.2% -0.5% PIA Pengana International Equity International 1.3% -1.5% -3.4% -5.8% 1.3% -0.5% -0.7% -0.6% PGF PM Capital Global Opp International -0.2% -2.5% -0.2% -0.9% APL Antipodes Global Invest Co" International 2.8% n/a 2.8% n/a EGI Ellerston Global Investment" International -3.3% -3.2% -3.3% -1.1% WGF Watermark Global Leaders" Intl (Market Neutral) ALI Argo Global Infrastructure Intl (Infrastructure) 1.0% n/a 1.0% n/a GVF Global Value Fund Intl (Multi Asset) 0.2% n/a 0.2% n/a FGG Future Gen Global Invest Co Intl (Fund of Funds) -6.2% n/a -6.2% n/a PAI Platinum Asia Investments Asia -4.9% n/a -4.9% n/a EAI Ellerston Asian Investments" Asia -3.2% n/a -3.2% n/a PAF PM Capital Asia Asia 0.4% n/a 0.4% 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.

5 year pre-tax NTA performance St. Dev. LISTED INVESTMENT COMPANIES INDICATIVE NTA. Pre-tax NTA performance is one way of reflecting the performance of a LIC. 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 performance. Plotting the 5-yr pre-tax NTA performance against the standard deviation of the 5-yr pre-tax NTA performance can therefore give an indication of a LIC s risk-return over the time period. The pre-tax NTA figures used are the actual pre-tax NTA figures reported up until the previous month, annualised over five years. 20% 18% 16% OZG 14% 12% 10% CAM NSC BKI DJW CDM WIC AUI WHF DUI TGG FSI AFI PIA ARG CIN MLT XAOAI AMH PMC MIR MFF 8% 6% ALF IBC WAA WAM WAX 4% 2% 0% 0% 5% 10% 15% 20% 5 year pre-tax NTA performance If you have any questions, please call your Adviser or on 03 9235 1804

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