LION SELECTION GROUP LIMITED. — Net Asset Value 2015

Apr 9, 2015

ASX RELEASE : LSX

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Net Tangible Asset Backing

Lion Selection Group Limited (Lion) advises that the unaudited net tangible asset backing of Lion as at 31 March 2015 is $0.34 per share (after tax).

Commodity Market ValueA$M% PortfolioAustraliaDoray MineralsGold3.7Rum Jungle ResourcesPhosphate0.9Auricup ResourcesGold0.915%AfricaRoxgoldGold3.5Toro GoldGold1.1Other Africa1.5Kasbah ResourcesTin0.6Cash dedicated to Africa11.923%AsiaOne Asia Resources2Gold11.8Asian Mineral ResourcesNickel1.3Other Asia0.6Manas ResourcesGold0.539%AmericasIron Ore/Coal0.21%Uncommitted Net Cash8.222%Net Tangible Assets$36.7m34¢/ share

1 Includes committed cash of US$1.4 million to AFL3. 2 One Asia at a value of A$0.30/share.

Note: The above table includes investments held directly by Lion and the value to Lion of investments which are held by African and Asian Lion Funds

Lion Selection Group Limited ABN 26 077 729 572 Level 4, 15 Queen Street, Melbourne Vic 3000 T: +61 3 9614 8008 F: +61 3 9614 8009 www.lsg.com.au

Further enquiries: Craig Smyth E: csmyth@lsg.com.au