FLAGSHIP INVESTMENTS LIMITED — Net Asset Value 2016

Jun 6, 2016

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Flagship Investments Limited

7 June 2016

The Manager Company Announcements Office ASX Ltd Exchange Centre Level 6, 20 Bridge Street SYDNEY NSW 2000

Dear Sir

ABN 99 080 135 913 Level 12 Corporate Centre One 2 Corporate Court BUNDALL QLD 4217 PO Box 7536 G C M C BUNDALL QLD 9726 Telephone 07 5644 4400 Facsimile 07 5574 1457

www.flagshipinvestments.com.au

Net Tangible Asset (NTA) Backing per Share & Top 5 Investments – 31 May 2016

The unaudited NTA backing per share of the Company at 31 May 2016 was as follows:

	Beforeestimated tax onunrealized gains	Afterestimated tax onunrealized gains
at31 May2016	184.8 c	171.6 c
at30 April 2016	178.9 c	168.4 c

The NTA figures shown above are before and after the provision for deferred tax on the unrealized gains in the Company’s investment portfolio. The Company is a long-term equity investor and does not intend to dispose of its total portfolio.

The top five investments of the Company at 31 May 2016 were as follows:

Name of Company	Percentage of Total Portfolio
Macquarie Group	7.77%
REA Group	6.04%
Commonwealth Bank of Australia	6.01%
CSL Limited	5.47%
Telstra Corporation	5.46%
Total Top 5 Equity Investments	30.75%

Yours sincerely

FLAGSHIP INVESTMENTS LIMITED

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Brian Jones Company Secretary