BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2018

Jan 9, 2018

Benjamin Hornigold Ltd ACN 614 854 045

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ASX Announcement (ASX: BHD)

10 January 2018

Update - Unadjusted net tangible asset backing

Benjamin Hornigold Ltd (ASX: BHD) ( Company ) advises that the updated indicative estimate[1 ] of the unadjusted net tangible assets ( NTA ) of the Company’s investment portfolio as at 31 December 2017 is as follows:

NTA backing before tax2:	1.220
NTA backing after tax:	1.147
NTA performance following the Company’s	25.96%
admission on 11 May 2017 before the
application of taxes and other adjustments:

Market Outlook 2018

This Market Outlook has been provided by John Bridgeman Limited, investment manager of Benjamin Hornigold Ltd’s investment portfolio:

“Around 200BC, the Romans adopted the Dionysia, named after Dionysus, the Greek God of Wine, and a guy who liked to party (big time). The Romans rebadged the festivals Bacchanalia, after the Satyr God, Bacchus, a guy who'd do pretty much anything. The Bacchanalia was very much female dominated, headed up by the Priestess Paculla (originally it was female only and men never outnumbered women). The festivals attracted tens of thousands of adherents from all walks of life who would sneak out under of the cover of darkness and hold wine fuelled parties that people are still talking about today. By 186BC, the Roman authorities (probably guys who didn't get invited) were trying to crack down and suppress these festivals. Turns out the party goers were pretty hard to stop, with even armed soldiers ordered to stop them preferring to join in instead. According to Livy, the Roman Senate eventually executed seven thousand ring leaders and hard core participants (you only live once). This drove the cult underground and it would spring up again and again from there.

1 The estimate may not include the impact of all corporate actions for the month-to-date. The estimate is after accrued performance fees, based primarily on internal data and should not be relied upon as being accurate.

2 Provisions for tax on realised and unrealised profits and gains have not been included in the calculation of NTA backing before tax.

“We are seeing some of the same things today with irrepressible equities, particularly in the USA, and crypto mania that will challenge tulips for number one position in the history books. We believe 2018 goes along okay at first, but by year end we are heading for the rocks. Fortunately, if we are right, we invest in currencies and bonds, and can go short stocks just as easily as going long stocks. The pickings will likely be large on both up and down moves. Be ready and be flexible to make money this year and give us volatility!

1. The US stock market has been great, but we are done on that and next year there will be trouble - or sooner going into Mid-Term Elections.

2. Japan continues to go up, a lot. Japan can't go up if the USA goes down? Well, you obviously weren't around for the 1970's bear market in the USA. Japan quadrupled at the same time.

3. Emerging markets keep going up, a lot. Emerging markets can't go up if the USA goes down? Well, you weren't around for early 2000's USA bear market. Brazil quadrupled.

4. Bonds become a buy, but not yet.

5. The US dollar finds its feet, but not against the yen. We are setting up for a truly great yen rally.

6. Gold shines, going over $1500 an ounce, and sets up for an epic 2019.

7. Commodities keep going up, but the effects on the Aussie dollar are muted from here.

8. Oil stuns to go over $75.

9. The Aussie stock market takes out its record high from 2007.

10. Overall it’s a good year for the most part, but by Christmas we are setting up for real trouble and the bears will finally have their day, just not yet.”

DISCLAIMER: The information in this Market Outlook ( Outlook ) has been prepared by John Bridgeman Limited for Benjamin Hornigold Ltd and is based on the opinions of John Bridgeman Limited regarding market conditions as at the date of this Outlook. This information is given in summary form and does not purport to be complete. This Outlook may contain forward looking statements including statements regarding Benjamin Hornigold Ltd or John Bridgeman Limited’s opinion, intent, belief or current expectations with respect to Benjamin Hornigold Ltd’s businesses and operations, market conditions, results of operation and financial condition, and risk management practices. Readers are cautioned not to place undue reliance on these statements. Benjamin Hornigold Ltd and John Bridgeman Limited do not undertake any obligation to publicly release the result of any revisions of opinions or forward looking statements to reflect events or circumstances after the date of this Outlook. While due care has been used in the preparation of this Outlook, actual results may vary in a materially positive or negative manner. Opinions, forecasts and hypothetical examples are subject to uncertainty and contingencies outside Benjamin Hornigold Ltd and John Bridgeman Limited’s control. The contents of this Outlook do not constitute legal, financial or commercial advice, or a recommendation of any services or products. Readers should obtain independent advice before making any investment or financial decision. To the extent permitted by law, John Bridgeman Limited and Benjamin Hornigold Ltd disclaim any liability whatsoever in connection with, reliance upon or the use of this Outlook.

ENDS

Stuart McAuliffe Executive Chairman Benjamin Hornigold Ltd E: stuart@benjaminhornigold.com.au