KEYBRIDGE CAPITAL LIMITED — Net Asset Value 2016

May 26, 2016

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27 May 2016

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 (NAV) Per Share – April 2016 Unaudited

Date	Unaudited NAV per share^ after tax
31 December 2015	21.7 cents
31 March 2016	20.9 cents
30 April 2016	20.7 cents

• ^ Based on 158,812,237 quoted shares on issue (excludes shares issued under the Executive Share Plan).

As at 30 April 2016, the value of Keybridge’s investments by asset class was as follows:

	April 2016	April 2016	March 2016	March 2016	December 2015	December 2015
	AUD million	% of total	AUD million	% of total	AUD million	% of total
Cash**	2.2	6%	3.2	9%	3.9	10%
Listed Equity	15.5	42%	15.2	41%	15.2	40%
Private Equity	6.5	19%	6.5	18%	6.9	19%
Solar	6.6	18%	6.6	17%	6.5	17%
Funds Management*	1.6	4%	1.6	4%	1.6	4%
Foundation Life	3.0	8%	3.0	8%	3.0	8%
Property	1.2	3%	1.2	3%	1.1	2%
	36.6	100%	37.3	100%	38.2	100%
Plus: Short Term Assets	1.3		1.5		1.5
Plus: LongTerm Assets	0.4		0.4		0.4
Plus: Deferred Tax Assets	0.7		0.7		0.7
Less: Short Term Liabilities	(2.0)		(2.5)		(2.0)
Less: CRPN	(4.1)		(4.2)		(4.3)
Net Assets	32.9		33.2		34.5

* Net of a deferred tax liability.

** After paying a ~$397k dividend during April 16 and the CRPN interest of ~$77k in March 16.

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	53%
Euros	20%
US Dollars	19%
New Zealand Dollars	8%

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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.

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Investment by Asset Class
Property, 1.2
Cash, 2.2
Insurance
Funds Management , (Foundation Life),
1.6
3.0
Infrastructure, 6.6
Listed Equity, 15.5
Private Equity, 6.5
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Keybridge Capital is a financial services company that has invested in the asset classes shown above.

For further information, please contact:

Ian Pamensky

Chief Financial Officer Tel: +61 3 8687 2267 Email: ipamenskyn@keybridge.com.au www.keybridge.com.au