THORNEY OPPORTUNITIES LTD — Net Asset Value 2017

May 11, 2017

THORNEY OPPORTUNITIES LTD ACN 080 167 264

ASX Announcement Date: 12 May 2017

ASX Code: TOP

MONTHLY NET TANGIBLE ASSET BACKING STATEMENT – APRIL 2017

In accordance with ASX Listing rule 4.12 we advise the following:

Net Tangible Asset backing per share (NTA)

NTA current month	Before Tax	After Tax
30 April 2017	73.6 cents	70.2 cents
NTA last month	Before Tax	After Tax
31 March 2017	73.3 cents	70.1 cents

Please direct enquiries to: Craig Smith Company Secretary craig.smith@thorney.com.au T: + 61 3 9921 7116

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone + 61 3 9921 7116 Facsimile + 61 3 9921 7100