Gowing Bros : 2016 AGM Presentation

148 thA nnual General Meeti ng

2 1 N o v e m b e r 2 0 1 6

2016 AGM | Investment Philosophy

The Company's focus is to preserve and grow the value of its underlying financial and real assets and to grow net income from ordinary activities as the principal source of income to pay ordinary dividends.

Gowings invests across the different asset classes to take advantage of changing economic cycles and to take advantage of unique investment opportunities when they arise.

We balance risk and return in the portfolio through diversification over the long term and will always demand a

higher return from more risky investments.

2016 AGM | 40 Year Return

Source: Bloomberg and Andex Charts

2016 AGM | 9 . 8 % Total Shareholder Return duri ng FY 2016

Net Assets per Share (before tax on unrealised gains)

$4.10	$4.02
$3.90	$3.77
$3.70
$3.50 $3.30	$3.32
$3.10	$2.99
$2.90	$2.83
$2.70
$2.50
2012 2013 2014 2015 2016

* Prior year net assets per share between 2012 to 2015 have been restated to reflect the 1 for 10 bonus issue made to shareholders in October 2015.