Kingfish Limited — Net Asset Value 2016

Dec 8, 2016

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Kingfish Limited Phone +64 9 489 7094 Fax +64 9 489 7139 Private Bag 93502 Takapuna, Auckland

KFL undiluted NAV as at 7/12/16 - $1.3381 (after deducting 2.91cps dividend payable)

Date	7/12/2016	30/11/2016
KFL undiluted NAV *	$1.3381	$1.3760
Share price close	$1.39	$1.40
(Premium)	(4%)	(2%)

• The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (KFLWD). At 7 December 2016, 38,176,653 warrants are on issue and may be exercised on 5 May 2017. The actual exercise price of each warrant is $1.32 less the dividends per share declared by the company between 9 May 2016 and 5 May 2017. Dividends totalling 8.44 cents per share have been declared to date and one more dividend is expected to be declared in the remaining period to 5 May 2017.

The NAV per share is after deducting an accrual for a 2.91 cents per share dividend to be paid on 22 December 2016. The NAV per share is also calculated after deducting treasury stock (shares acquired under the Kingfish buyback programme) - currently nil.

The five largest portfolio holdings at 7 December 2016 are approximately as follows:

Mainfreight	12%
Fisher & Paykel Healthcare	10%
Ryman Healthcare	10%
Freightways	9%
Infratil	7%

BACKGROUND

Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Kingfish is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed on NZX Main Board on 31 March 2004 and may invest in companies that are listed on a New Zealand stock exchange or unlisted companies.

For further information please contact Kingfish Ltd, ph (09) 489 7094.