KEYBRIDGE CAPITAL LIMITED — Net Asset Value 2015

Apr 15, 2015

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16 April 2015

The Manager ASX Markets Announcements Australian Securities Exchange Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

Via Electronic Lodgement

Monthly Net Asset Value Per Share – March 2015

As previously announced, Keybridge Capital Limited completed the acquisition of Aurora Funds Management Limited during the month of March, which resulted in the introduction of $3.8 million in goodwill on the Company’s Balance Sheet. Keybridge will therefore be reporting monthly Net Asset Value (NAV) per share including the goodwill, and not Net Tangible Asset (NTA) per share as it previously had, as this a more relevant comparison of the current value to the historic value of the Company’s assets.

Date	Unaudited NAVper share after tax
31 March 2015	23.5 cents *
28 February 2015	23.4 cents ^ (23.1cents onanex-dividend basis)

• Based on 162,185,138 shares on issue (which includes DRP shares 984,225 and Placement shares 2,597,403). ^ Based on 158,603,510 shares on issue

As at 31 March 2015, the value of Keybridge’s investments by asset class was as follows:

	March 2015	March 2015	February 2015	February 2015
	AUD million	AUD million	AUD million	% of total
Net Cash~~#~~	2.4	6%	8.4	23%
ListedEquity	12.5	33%	9.0	24%
Infrastructure	6.6	17%	6.8	18%
PrivateEquity	6.6	17%	6.4	17%
FundsManagement	3.8	10%	-	-%
Insurance	3.6	10%	3.9	11%
Property	2.5	7%	2.5	7%
Lending	0.1	1%	0.1	0%
	38.1	100%	37.1	100%

Net of short-and long term liability obligations.

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Currency Exposure

The breakdown of Keybridge’s net currency exposure, as a percentage of total NAV (Australian Dollar equivalent) is as follows:

	Net Foreign Currency Assets % of NAV
Australian Dollars	76%
Euros	14%
USDollars	9%
New ZealandDollars	1%

This net foreign currency asset position means that Keybridge incurs translation losses when the Australian Dollar appreciates in value against the US Dollar, Euro and NZ Dollar.

Investments By Asset Class

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Funds
Management Cash
10% 6%
Property Infrastructure
7% 17%
Insurance
10%
Listed Equity
Private Equity 33%
17%
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Keybridge Capital is a financial services company that has invested in, or lent to, transactions which predominantly are in the core asset classes of funds management, infrastructure, listed equity, private equity, insurance, property and lending.

For further information, please contact:

Adrian Martin

Chief Financial Officer Tel: +61 2 8622 6692 Email: amartin@keybridge.com.au www.keybridge.com.au