Half Year Review to 31 December 2019

21 February 2020



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


Electronic Lodgement


Australian Foundation Investment Company Limited
Half Year Review to 31 December 2019


Dear Sir / Madam

Please find attached the Half Year Review to 31 December 2019 that is being sent to
shareholders.


Yours faithfully

Matthew Rowe
Company Secretary


Release authorised by Matthew Rowe, Company Secretary

Half-Year Review to
31 December 2019

Contents
1 Half-Year in Summary
2 About the Company
4 Review of Operations
and Activities
11 Top 25 Investments
12 Income Statement
13 Balance Sheet
14 Summarised Statement
of Changes in Equity
15 Holdings of Securities
19 Major Transactions in
the Investment Portfolio
20 Company Particulars
21 Shareholder Meetings
Australian Foundation
Investment Company is a
listed investment company
investing in Australian
and New Zealand equities.
1
Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
Australian Foundation Investment Company Limited ABN 56 004 147 120

Half-Year in Summary
Profit for the Half-Year
$146.1m
Down 39.1% from 2018. Excluding one
off items from 2018, down 1.6%
$6.63
$5.69 in 2018
Net Asset Backing Per Share
at 31 December 2019
Share Price at 31 December 2019
Total 6 Month Portfolio Return Total Portfolio at 31 December 2019
$ 7.11
$6.00 in 2018
5.4%
S&P/ASX 200 Accumlation Index
return including franking* 3.8%
$8.0b
$6.8 billion in 2018
16.3%
Share price plus dividend
Total 6 Month Shareholder Return
Management Expense Ratio
0 .1 0 %
0.11% last year
* Assumes an investor can take full advantage
of the franking credits.
Including
franking*
Including
cash
Annualised
Fully Franked Interim Dividend
10 cents interim, 8 cents special,
total 18 cents for 2018
10¢
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
Australian Foundation Investment Company Limited ABN 56 004 147 120

About the Company
Australian Foundation Investment
Company (AFIC) is a listed investment
company investing in Australian and
New Zealand equities.
Investment Objectives
The Company aims to provide shareholders
with attractive investment returns through
access to a growing stream of fully franked
dividends and growth in capital invested.
The Company’s primary investment
goals are:
• to pay dividends which, over time, grow
faster than the rate of inflation; and
• to provide attractive total returns over
the medium to long term.
Approach to Investing
The investment philosophy is built on taking
a medium to long-term view on companies
in a diversified portfolio with an emphasis
on identifying quality companies that are
likely to sustainably grow their earnings
and dividends over this time frame.
Quality in this context is an outcome of our
assessment of the board and management
as well as some key financial metrics. These
include, the level of gearing in the balance
sheet, margins and free cash flow. The
structure of the industry and a company’s
competitive position in this industry is also
an important indicator of quality. Linked
to this assessment of quality is the ability
of companies to grow earnings over time,
which ultimately should produce good
dividend growth.
Recognising value is also an important
aspect of sound long-term investing. Short-
term measures such as the price earnings
ratio, price to book or price to sales may
be of some value, but aren’t necessarily
strong predictors of future performance.
Our assessment of value tries to capture the
opportunity a business has to prosper and
thrive over the medium to long term.
In building the investment portfolio in this
way, we believe we can offer investors a
well-diversified portfolio of high-quality
companies that is intended to deliver total
returns ahead of the Australian equity
market and with less volatility over
the long term.
About the Company
How AFIC Invests – What We Look
For in Companies
Quality First
Growth
Including dividends
Value
A portfolio that is actively
managed to achieve long-term
capital and dividend growth
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

The Company also uses options written
against a small proportion of its investments
and a small trading portfolio to generate
additional income.
From time to time, some borrowings may
be used where potential investment returns
justify the use of debt. This is managed
within very conservative limits, as determined
by the Board.
AFIC is managed for the benefit of its
shareholders with fees based on the
recovery of costs rather than as a fixed
percentage of the portfolio. There are no
performance fees. As a result, the benefit
of scale over time results in a very low
expense ratio for investors. For the
six months to 31 December 2019 this
was 0.10 per cent (annualised), or
10 cents for each $100 invested.
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Profit and Dividend
Profit for the half-year was $146.1 million,
down from $239.8 million in the
corresponding period last year. Excluding
one-off items set out in the next paragraph,
the half-year profit of $146.1 million was
down only 1.6 per cent from the underlying
profit of $148.5 million last half-year.
Investment income for the half-year was
$153.9 million, down from $246.7 million
in the last half-year. In the previous
corresponding period, a number of one-
off items increased investment income
that were not repeated this half-year. This
included participation in the Rio Tinto and
BHP off-market share buy-backs and the
receipt of a dividend because of the
Coles demerger from Wesfarmers.
Total interim dividend for the half-year is
10 cents per share, fully franked, versus
18 cents last half-year. The previous
corresponding period included a special
dividend of 8 cents per share, fully franked,
which distributed the proceeds from the
Company’s participation in the Rio Tinto
and BHP off-market share buy-backs. There
is no special interim dividend this half-year.
Portfolio Returns and
Positioning
The Australian equity market, while slowing,
continued to rise over the six months to
31 December 2019, despite concerns
about trade tariffs, and low growth in many
developed markets other than the United
States (Figure 1). AFIC has continued to
adjust the portfolio, reducing the number of
companies held to focus further on quality
businesses with a competitive advantage,
strong returns on invested capital and
resilient balance sheets. This has delivered
a very satisfactory portfolio performance
despite not being in some of the more
speculative sectors of the market.
It is also interesting to note the relative
12-month performance of some key sectors
of the market (Figure 2) relevant to the
overweight index positions AFIC holds
in its portfolio. In particular, Healthcare
(which includes CSL and Sonic Healthcare),
Information Technology (which contains
Xero) and Industrials (which contains
Transurban, Sydney Airport and Brambles)
were very strong. In comparison, most
of the return for the 12-months from the
major banks has been derived from their
dividend yields.
AFIC’s portfolio was up 5.4 per cent for the
six months to 31 December 2019 compared
with the S&P/ASX 200 Accumulation
Index, which was up 3.8 per cent over the
same period. These figures include the
benefit of franking credits, although AFIC’s
performance numbers are after costs.
For the 12 months to 31 December 2019,
the portfolio return, including franking, was
25.5 per cent. The return from the S&P/ASX
200 Accumulation Index over this period,
including franking, was 25.4 per cent
(Figure 3 on page 6).
Review of Operations and Activities
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Oct 19
Nov 19
Dec 19
Jan 19
Feb 19
Mar 19
Apr 19
May 19
Jun 19
Jul 19
Aug 19
Sep 19
130
125
120
115
110
105
100
95
90
Figure 1: S&P/ASX 200 Total Return – 12 Months to 31 December 2019
S&P/ASX 200 Accumulation Index
Source: FactSet
150
140
130
120
110
100
90
S&P/ASX 200
Information Technology
total return
S&P/ASX 200
Healthcare
total return
S&P/ASX 200
Banks
total return
S&P/ASX 200
Industrials
total return
Figure 2: Selected Sectors Total Return – 12 Months to 31 December 2019
Oct 19
Nov 19
Dec 19
Jan 19
Feb 19
Mar 19
Apr 19
May 19
Jun 19
Jul 19
Aug 19
Sep 19
Source: FactSet
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Review of Operations and Activities continued
The portfolio approach has seen a lower
proportion of the portfolio devoted to the
major banks, given the competitive and
regulatory issues this sector is facing.
Significantly over the last four years, bank
exposure has fallen from approximately
28 per cent to 19 per cent of the portfolio.
AFIC has also reduced the relative
exposure of the portfolio to resource
companies (primarily from participation in
their share buy-backs), which more recently,
had benefited from strong commodity
prices, particularly iron ore. In addition,
holdings have been disposed of where the
sustainable competitive advantage of the
business has come into question. Over a
four-year period, the number of stocks in
the portfolio has been reduced from 95 to
70. This has led to a reallocation of funds to
preferred companies, generally into larger
companies in the ASX 200 Index which have
better growth prospects. The more recent
effect of this repositioning when combined
with a general upward move in the market
has meant that the top 24 largest holdings
in the portfolio (excluding the major
banks and resources) have risen from
47.2 per cent to 51.4 per cent over the
six-month period, and their value has
gone from $3.5 billion to $4.1 billion.
Figure 3: Portfolio Performance to 31 December 2019, Including the Benefit
of Franking*
10 years
Net asset per share growth
plus dividends, including franking
S&P/ASX 200 Accumulation
Index, including franking
9.2%
9.5%
6 months
9.2%
5.4%
10.6%
3.8%
5 years
25.5%
25.4%
1 year
* Assumes an investor can take full advantage of the franking credits.
Per annum returns other than six months. AFIC’s performance numbers are after costs.
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

6-month Share Price
Return
16.3%
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Review of Operations and Activities continued
It is also worth making some observations
on the effect of the change in profile of the
portfolio on AFIC’s more immediate income
streams. The dividend cuts from three
of the four major banks, combined with a
reduction in the proportion of our portfolio
in financials, has put a short term drag
on our dividend income streams as many
of our new investments have lower yields.
We believe the move to stocks with a better
growth profile should enhance the potential
for dividend growth in the medium to long
term, particularly as bank dividends are
expected to remain stagnant.
Portfolio Adjustments
As part of the move to build larger
positions in quality companies with
a strong competitive advantage, further
shares were purchased in Goodman
Group, Macquarie Group and CSL.
Major sales to fund these acquisitions
included a small proportion of the holding
in National Australia Bank (due to the
exercise of call options through the six-
month period at higher than current prices)
and the complete sale of Perpetual, Boral,
Orora, Link Administration, AMP and Iluka
Resources. Dulux Group was sold because
of a takeover.
Figure 4 highlights the profile of AFIC’s
portfolio by the various sectors of the
market at the end of the calendar year
and how it differs from the Index.
AFIC portfolio weightS&P/ASX 200 Index weight
Banks
Industrials
Materials
Healthcare
Consumer
Staples
Energy
Other
Financials
18.9%16.0%15.9%13.5%10.4%5.3%
Cash
0.7%4.8%
Communication
Services
3.2%
Information
Technology
4.3%
Property
Trusts
1.2%
Utilities
2.2%
Consumer
Discretionary
3.7%
20%
15%
10%
5%
0%
Figure 4: AFIC Investment by Sector versus the S&P/ASX 200 Index
as at 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Share Price and Returns
Figure 5 highlights where AFIC’s share price
was trading relative to the net asset backing
at 31 December 2019. Over the six month
period the share price has moved from
a 4 per cent discount to a premium of
7 per cent to net asset backing.
This change from discount to premium
is reflected in the recent strong share
price return relative to the S&P/ASX 200
Accumulation Index for the six-month
period to 31 December 2019 (Figure 6 on
page 10). Importantly, the long term 10-year
return is 7.7 per cent for the share price in
comparison to 7.9 per cent for the Index.
These figures do not include any benefit a
shareholder can derive from the franking
credits attached to the dividends paid.
Going Forward
The United States and Australian equity
markets are either at or close to all-time
highs. With the price for many other asset
classes also at or near extremes, we remain
alert to the potential for increased volatility
that is a reflection of the inherent risks
in the market. These risks include equity
market valuations (Figure 7 on page 10)
that are pricing in very low interest rates,
strong earnings growth and the apparent
disregard of geopolitical events, such as
trade disputes and potential conflict in the
Middle East. We believe the portfolio is well
positioned, including having sufficient funds
available should good buying opportunities
arise in the second half of the financial year
from any increased market volatility.
Figure 5: Share Price Relative to Net Asset Backing Per Share
-10%
15%
0%
5%
10%
-5%
Dec 09
Dec 1
1
Dec 1
3
Dec 1
5
Dec 1
7
Dec 1
9
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Figure 6: Share Price Return to 31 December 2019
10 years
Share price growth plus dividends
S&P/ASX 200 Accumulation Index
7.7%
7.9%
1 year
7.8%
24.8%
9.0%
23.4%
6 months
16.3%
3.1%
5 years
Per annum returns other than six months.
Figure 7: Price Earnings Ratio (PE) of the S&P/ASX 200 Index
20142013201220112010
Times
20152016201720182019
18
17
16
15
14
13
12
11
10
Source: FactSet
10-year average 14.4
Review of Operations and Activities continued
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Top 25 Investments
As at 31 December 2019
Includes investments held in both the investment and trading portfolios.
Valued at Closing Prices at 31 December 2019
Total Value
$ Million
% of
Portfolio
1Commonwealth Bank of Australia631.28.0
2CSL 584.77.5
3BHP Group* 524.76.7
4Westpac Banking Corporation*387.34.9
5Transurban Group 341.24.3
6Macquarie Group 299.13.8
7Wesfarmers 285.63.6
8National Australia Bank* 267.93.4
9Australia and New Zealand Banking Group 226.32.9
10Woolworths Group 204.92.6
11Rio Tinto 195.32.5
12Amcor 195.02.5
13James Hardie Industries 169.02.2
14Sydney Airport 167.72.1
15Telstra Corporation* 156.02.0
16Woodside Petroleum* 153.01.9
17Brambles 142.31.8
18Mainfreight 133.31.7
19Oil Search* 132.91.7
20Ramsay Health Care129.11.6
21Sonic Healthcare 116.61.5
22Qube Holdings 115.01.5
23Coles Group* 105.61.3
24Seek 99.71.3
25Treasury Wine Estates88.51.1
Total5,851.9
As percentage of total portfolio value (excludes cash)74.6%
* Indicates that options were outstanding against part of the holding.
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Half-Year
2019
$’000
Half-Year
2018
$’000
Dividends and distributions153,929246,708
Revenue from deposits and bank bills1,1091,136
Net gains/(losses) on trading portfolio 6,6284,187
Other revenue21-
Total income161,687252,031
Finance costs(462)(400)
Administration expenses(3,874)(3,850)
Profit before income tax 157,351247,781
Income tax (11,250)(7,977)
Profit for the half-year 146,101239,804
CentsCents
Earnings per share12.1020.11
Income Statement
For the Half-Year Ended 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

31 Dec
2019
$’000
30 June
2019
$’000
Current assets
Cash 179,024206,429
Receivables13,27640,128
Total current assets192,300246,557
Non-current assets
Investment portfolio 7,847,8537,572,640
Deferred tax assets1,076-
Total non-current assets7,848,9297,572,640
Total assets8,041,2297,819,197
Current liabilities
Payables4,777932
Tax payable27,02417,052
Borrowings – bank debt--
Trading portfolio2,8107,033
Provisions3,4124,114
Total current liabilities38,02329,131
Non-current liabilities1,0641,471
Provisions-100
Deferred tax liabilities – investment portfolio1,210,0691,163,749
Total non-current liabilities1,211,1331,165,320
Total liabilities1,249,1561,194,451
Net assets6,792,0736,624,746
Shareholders’ equity
Share capital2,922,5172,888,186
Revaluation reserve2,717,5472,561,314
Realised capital gains reserve398,444462,257
General reserve23,63723,637
Retained profits729,928689,352
Total shareholders’ equity (including minority interests)6,792,0736,624,746
Balance Sheet
As at 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Half-Year
2019
$’000
Half-Year
2018
$’000
Total equity at the beginning of the half-year6,624,7466,339,260
Dividends paid(164,150)(162,800)
Dividend Reinvestment Plan34,40733,099
Other share capital adjustments(76)(65)
Total transactions with shareholders(129,819)(129,766)
Profit for the half-year146,101239,804
Revaluation of investment portfolio219,411(745,125)
Provision for tax on revaluation(68,366)215,197
Revaluation of investment portfolio (after tax)151,045(529,928)
Total comprehensive income for the half-year297,146(290,124)
Realised gains/(losses) on securities sold16,85771,462
Tax expense on realised gains/(losses) on securities sold(22,045)(24,803)
Net realised gains/(losses) on securities sold(5,188)46,659
Transfer from revaluation reserve to realised gains reserve5,188(46,659)
Total equity at the end of the half-year6,792,0735,919,370
A full set of AFIC’s interim accounts are available on the Company’s website.
Summarised Statement of Changes in Equity
For the Half-Year Ended 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Individual investments for the combined investment and trading portfolios as at
31 December 2019 are listed below. The list should not, however, be used to evaluate
portfolio performance or to determine the net asset backing per share at other dates.
Net asset backing is advised to the Australian Securities Exchange each month and
is recorded on the toll free telephone service at 1800 780 784 and posted to AFIC’s
website afi.com.au
Individual holdings in the portfolios may change during the course of the year. In addition,
holdings which are part of the trading portfolio may be subject to call options or sale
commitments by which they may be sold at a price significantly different from the market
price prevailing at the time of the exercise or sale.
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
ABCAdelaide Brighton7,26225,127
AGLAGL Energy1,10022,583
AIAAuckland International Airport1,77015,063
ALQALS7,54269,237
AMCAmcor12,527195,049
ANNAnsell1,28437,271
ANZAustralia and New Zealand Banking Group9,188226,293
APA*APA Group6,54072,293
APEAP Eagers1,15711,844
ARBARB Corporation3,47065,126
ASXASX80763,291
AUBAUB Group2,16625,968
AWC*Alumina19,15843,222
BHP*BHP 13,482524,707
BKWBrickworks1,85434,626
Holdings of Securities
As at 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Holdings of Securities continued
As at 31 December 2019
Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
BXBBrambles12,139142,265
CARCarsales.com4,19169,613
CBACommonwealth Bank of Australia7,900631,210
COHCochlear14733,035
COL*Coles Group 7,143105,600
CPUComputershare4,66078,195
CSLCSL2,120584,697
CWYCleanaway 23,89348,026
DJWDjerriwarrh Investments7,50527,470
DUIDiversified United Investment12,03059,910
EQTEQT Holdings 1,32240,640
EVTEvent Hospitality and Entertainment1,03014,012
FNPFreedom Foods Group5,16226,326
FPHFisher & Paykel Healthcare Corporation3,80080,180
FREFreightways (NZX listed)1,65013,464
GMGGoodman Group5,95879,658
IAG*Insurance Australia Group6,15747,110
IREIRESS5,47271,349
IVCInvoCare1,92025,320
JHXJames Hardie Industries6,065169,032
LICLifestyle Communities2,77625,570
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
LLCLendlease1,28522,624
MFTMainfreight (NZX listed)3,268133,293
MIRMirrabooka Investments8,72823,565
M LTMilton Corporation10,84153,557
MPLMedibank Private2,0006,320
MQGMacquarie Group2,170299,071
NAB*National Australia Bank10,885267,907
NXTNEXTDC5,58036,716
ORGOrigin Energy6,50054,925
ORIOrica1,97043,301
OSH*Oil Search18,385132,929
QUBQube Holdings34,962115,025
REAREA Group38439,778
REHReece 6,22771,360
RHCRamsay Health Care1,780129,103
RIORio Tinto1,946195,330
RMDResMed3,93586,177
RWCReliance Worldwide Corporation16,90268,284
RYMRyman Healthcare (NZX listed)85513,391
S32South3216,74145,201
SCG*Scentre Group14,45055,299
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Code
Ordinary Shares, Trust Units
or Stapled Securities
Number
Held
’000
Market
Value
$’000
SEKSeek4,42099,663
SHLSonic Healthcare4,054116,559
SUN*Suncorp Group4,70060,745
SYDSydney Airport19,364167,694
TCLTransurban Group22,887341,242
TLS*Telstra Corporation44,075155,961
TPMTPG Telecom2,50016,775
TWETreasury Wine Estates5,45088,508
WBC*Westpac Banking Corporation15,985387,286
WESWesfarmers6,898285,557
WOWWoolworths5,667204,909
WPL*Woodside Petroleum4,460152,972
XROXero 87169,640
Total7,845,043
* Part of the security was subject to call options written by the Company.
Holdings of Securities continued
As at 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Acquisitions
Cost
$’000
Goodman Group 45,608
Macquarie Group26,588
Cleanaway Waste Management25,885
Lendlease Group*21,624
CSL 17,737
* New holding.
Disposals
Proceeds
$’000
National Australia Bank (due to the exercise of call options)52,680
Dulux Group (Taken over by Nippon Paint)
#
29,683
Perpetual
#
23,212
Boral
#
21,989
Orora
#
19,322
Link Administration
#
17,958
Lifestyle Communities17,028
AMP
#
15,913
Iluka Resources
#
15,788
# Complete disposal from the portfolio.
New Companies Added to the Investment Portfolio
Lendlease Group
Ryman Healthcare

Major Transactions in the Investment Portfolio
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Australian Foundation Investment
Company Limited (AFIC)
ABN 56 004 147 120
Directors
John Paterson, Chairman
Robert M Freeman, Managing Director
Ross E Barker
Rebecca Dee-Bradbury
Graeme R Liebelt
David A Peever
Catherine M Walter AM
Peter J Williams
Company Secretaries
Matthew J Rowe
Andrew JB Porter
Auditor
PricewaterhouseCoopers
Chartered Accountants
Country of Incorporation
Australia
Registered Office and Mailing Address
Level 21, 101 Collins Street
Melbourne Victoria 3000
Contact Details
Telephone (03) 9650 9911
Facsimile (03) 9650 9100
Website afi.com.au
Email invest@afi.com.au
For enquiries regarding net asset backing
(as advised each month to the Australian
Securities Exchange):
Telephone 1800 780 784 (toll free)
Share Registrar
Australia
Computershare Investor Services Pty Ltd
Yarra Falls, 452 Johnston Street
Abbotsford Victoria 3067
New Zealand
Computershare Investor Services Limited
159 Hurstmere Road
Takapuna Auckland 0622
Shareholder
Enquiry Lines 1300 662 270
0800 333 501
(within New Zealand)
+61 3 9415 4373
(from overseas)
Facsimile (03) 9473 2500
Website investorcentre.com/au/contact
For all enquiries relating to shareholdings,
noteholdings, dividends and related matters,
please contact the share registrar as above.
Australian and New Zealand Securities
Exchange Codes
AFI Ordinary shares (ASX and NZX)
Company Particulars
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
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Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

Melbourne Shareholder Meeting
Time 10.00am
Date Tuesday 17 March 2020
Venue ZINC Federation Square
Location Corner of Swanston Street and Flinders Street
Melbourne

Sydney Shareholder Meeting
Time 10.00am
Date Friday 20 March 2020
Venue Wesley Conference Centre
Location 220 Pitt Street
Sydney

Canberra Shareholder Meeting
Time 10.00am
Date Monday 23 March 2020
Venue Hyatt Hotel Canberra
Location 120 Commonwealth Avenue
Yarralumla

Adelaide Shareholder Meeting
Time 10.00am
Date Friday 27 March 2020
Venue Adelaide Convention Centre
Location Panorama Rooms, North Terrace
Adelaide
Perth Shareholder Meeting
Time 10.00am
Date Tuesday 31 March 2020
Venue Pan Pacific Perth
Location 207 Adelaide Terrace
Perth
Shareholder Meetings
21
Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019
20
Australian Foundation Investment Company Limited Half-Year Review to 31 December 2019

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