Kingfish Limited — Net Asset Value 2020

Jun 25, 2020

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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 24/6/20 - $1.6234

Date	24/6/2020	17/6/2020
KFL undiluted NAV	$1.6234	$1.6305
Share price close	$1.61	$1.63
Discount	1%	0%

The above net asset value (NAV) is unaudited and net of fees and tax.

The NAV per share is calculated after deducting treasury stock (shares acquired under the Kingfish buyback programme) - currently nil. A performance fee payable to the Manager is currently being accrued in the NAV calculation.

• The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (KFLWF). At 24 June 2020, 61,578,083 warrants are on issue and may be exercised on 12 March 2021. The actual exercise price of each warrant is $1.64 less the dividends per share declared by the company between 9 March 2020 and the announcement of the 12 March 2021 exercise price. Dividends totalling 6.30 cents per share have been declared to date and two more dividends are expected to be declared in the remaining period to 12 March 2021.

The five largest portfolio holdings at 24 June 2020 are approximately as follows:

Fisher & Paykel Healthcare	16%
Mainfreight	15%
The a2 Milk Company	14%
Infratil	12%
Summerset	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.

Contact Corporate Manager Kingfish Limited Tel +64 9 4840352