FUTURE GENERATION AUSTRALIA LIMITED — AGM Information 2017

May 15, 2017

16 May 2017

ASX announcement

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FUTURE GENERATION INVESTMENT COMPANY (FGX) CHAIRMAN’S ADDRESS – ANNUAL GENERAL MEETING

Delivered by Jonathan Trollip at the Annual General Meeting of shareholders held at the Wesley Centre at 220 Pitt Street Sydney on Tuesday 16 May 2017.

Introduction and welcome

Good afternoon everyone and a warm welcome to the fourth Annual General Meeting of Future Generation Investment Company Limited (FGX). I am Jonathan Trollip, Chairman of the Board of Directors. I will be chairing the meeting today.

Seated here are your other Directors: Geoff Wilson, Gabriel Radzyminski, Kate Thorley and David Leeton, together with Belinda Cleminson from Mertons representing Company Secretary Mark Licciardo and Louise Walsh, CEO of the Company. Directors David Paradice and Scott Malcolm are apologies.

I would like to thank Paul Jensen for his contribution as a Director from October 2013, and as Chairman of the Audit and Risk Committee, until his resignation on 22 February 2017. I also acknowledge and thank Director David Leeton for taking over as Chairman of the Audit and Risk Committee.

Chairman’s address

First, I would like to thank you, our shareholders, for your continued support of FGX during the transitional six month period to 31 December 2016.

In November 2016, FGX announced to the ASX its change of financial year end from 30 June to 31 December to better align the reporting periods to the underlying fund manager distributions. The latest financial report covers a transitional six-month period from 1 July 2016 to 31 December 2016. In future, annual reports will be prepared for a 12-month calendar year from 1 January to 31 December. Accordingly, we have changed the timing of our Annual General Meetings from November to May each year.

I am pleased to share with you today FGX’s solid financial results, the latest dividend to shareholders, and an update on the donations to our designated charities.

To our fund managers, thank you for your generosity in managing FGX’s capital entirely pro bono, and congratulations on achieving these pleasing results during difficult market conditions.

The value of the fund managers’ foregone management and performance fees for the transitional six month period to 31 December 2016 totals an estimated $2.46 million. The value of the pro bono service providers including the Board and Committees totals an estimated $0.31 million. This represents a total of $2.77 million in pro bono support to our charities and cost savings for our shareholders for the six month period, or an annualised estimate to 30 June 2017 of $5.54 million.

Since the capital raising funds were received in early September 2014, FGX has invested in 20 funds managed by 19 managers. We were pleased to have L1 Capital join as one of our fund managers during the period.

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au 1 of 3

16 May 2017

ASX announcement

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In a challenging investment environment, for the six months to 31 December 2016 the investment portfolio increased 4.9%. During the period, the S&P/ASX All Ordinaries Accumulation Index increased 9.9%, the S&P/ASX Small Ordinaries Accumulation Index grew 5.7% and the UBS Bank Bill Index rose 0.9%. During the six months to 31 December 2016, our focus on capital preservation impacted the performance of the portfolio. We had on average 15.3% exposure to market neutral strategies and an average cash balance of 21.3%. FGX continued to outperform the S&P/ASX All Ordinaries Accumulation Index benchmark in all negative months during the transitional period and in 92% of down months since inception in September 2014. During the period, the $133 million raised through the exercise of the FGX options increased the investment portfolio’s cash levels relative to its historical holdings.

The portfolio delivered a solid risk-adjusted return for the six months to 31 December 2016, achieving a pretax profit of $2.74 million and an after-tax profit of $2.01 million . By legislation FGX is required to provide comparative financial data, but this is for the previous full 12 month reporting period from 1 July 2015 to 30 June 2016 as opposed to the six months for this reporting period. It is also important to note that the majority of distribution income is received from the underlying fund managers in June each year.

FGX was very pleased to deliver shareholders a 5% increase in the fully franked final dividend to 2.1 cents per share, bringing the full year fully franked dividend to 4.1 cents per share. The final dividend supports the Company’s goal of delivering on its investment objectives of providing a stream of fully franked dividends to shareholders while protecting their capital and delivering capital growth.

The Board is committed to paying an increasing stream of fully franked dividends to shareholders, provided the Company has sufficient profit reserves and franking credits and it is within prudent business practices.

At this stage the Board intends to pay an interim dividend, which will be announced with the release of FGX’s next results in August 2017.

We were excited in October 2016 to make the second annual donation of $2.29 million to charities with a focus on children and youth at risk, a 39.6% increase from the previous year’s donation of $1.64 million. This was made possible by the generosity and support of our fund managers and leading service providers. We are currently on track to deliver a third annual donation of an estimated $3.82 million for payment in October 2017, a 66.8% increase on last year.

The Board is focused on accountability and measurement in relation to our designated charities, and in that regard the designated charities report on their agreed outcomes at six monthly intervals. We look forward to keeping you updated on this, when you vote annually on directing your charitable allocation and in our Annual Reports.

I would also encourage you to visit our new website, www.futuregeninvest.com.au, where you can find all relevant information and join 14,000 regular subscribers to our investment and charitable news. Thank you to my fellow Directors and Committee members and shareholders for your continued support of the Company.

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au 2 of 3

16 May 2017

ASX announcement

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About Future Generation Investment Company Limited

Future Generation Investment Company Limited (ASX: FGX) offers investors the opportunity to gain unprecedented access to prominent Australian fund managers through a single ASX-listed investment vehicle and also support Australian children and youth at risk charities. The Company offers diverse exposure to Australian equities through a range of different investment styles and strategies employed by its fund managers. Future Generation Investment Company Limited charges 0.0% management fees and 0.0% performance fees and intends to donate 1.0% of its assets each year to Australian charities, particularly those supporting children and youth at risk. The Company’s investment objectives are to: provide a stream of fully franked dividends; to achieve capital growth; and preserve shareholder capital.

For more information visit www.futuregeninvest.com.au or contact:

Jonathan Trollip Louise Walsh James McNamara Chairman Chief Executive Officer Head of Corporate Affairs 0411 644 737 0419 416 618 0416 734 080

Level 11, 139 Macquarie Street, Sydney NSW 2000 I GPO Box 4658 Sydney NSW 2001 I ABN: 97 063 935 553 Phone 02 9247 9202 I Fax 02 9247 6855 I info@futuregeninvest.com.au I www.futuregeninvest.com.au 3 of 3