FLAGSHIP INVESTMENTS LIMITED — Net Asset Value 2021

Dec 1, 2021

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2 December 2021

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

Flagship Investments Limited 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 4405 Facsimile 07 5574 1457

www.flagshipinvestments.com.au

Dear Sir

Net Tangible Asset (NTA) backing per Share & Top 5 Investments – 30 November 2021

The unaudited NTA backing per share of the Company at 30 November 2021 was as follows:

	Before estimated tax onunrealisedgains	After estimated tax onunrealisedgains
at 30 November 2021	279.2 c	249.7 c
at 31 October 2021	283.6 c	252.4 c

The NTA figures shown above are before and after the provision for deferred tax on the unrealised 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 30 November 2021 were as follows:

Name of Company	Percentage of Total Portfolio
Macquarie GroupLtd	6.3%
Rio Tinto Ltd	6.0%
HUB24 Ltd	5.8%
GQG Partners	5.5%
CSL Limited	4.6%
Total Top 5 Equity Investments	28.2%

Yours sincerely

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Scott Barrett

Company Secretary FLAGSHIP INVESTMENTS LIMITED

Authorised for release by the Board.