PENGANA INTERNATIONAL EQUITIES LIMITED — Net Asset Value 2020

Mar 17, 2020

WEEKLY NTA

==> picture [116 x 122] intentionally omitted <==

PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA)

NET TANGIBLE ASSET (NTA) BACKING AS AT 13 MARCH 2020

==> picture [98 x 259] intentionally omitted <==

----- Start of picture text ----- FOR FURTHERINFORMATIONPLEASE VISITOUR WEBSITE:PENGANA.COM/PIA----- End of picture text -----

	Centsper share
Net tangible asset value before provision for tax on unrealised
income andgains	121.67
Provision for tax on unrealised income andgains	(1.54)
Net tangible asset value after provision for tax on unrealised income and
gains	120.13

The net asset value of the Company is unaudited and calculated using last sale price (less realisation costs) to value the investments.

Due to the ongoing volatility of global financial markets PIA has taken steps to keep shareholders fully informed on the investment performance of their company. The February 2020 Monthly Report was released to the market on 6 March 2020 and it can be accessed on PIA’s website here. The report includes details of the company’s portfolio positioning as well as a detailed commentary from the manager regarding the diversification of the portfolio. The NTA continues to be released each Wednesday and today additional commentary regarding the portfolio performance has been included below.

	Month to date
	as at 13 March	Month to 29	Financial year to
Investmentperformance	2020	February 2020	13	March 2020
PIA1	-5.8%	-2.4%		2.7%
MSCI World Total Return Index Net Dividends
Reinvested, in $A	-7.8%	-4.9%		-0.4%

PIA’s investment performance, after fees and expenses, for the month of February was 2.5% ahead of the broader market indices including its benchmark, the MSCI World Index. The portfolio continued to outperform the benchmark during March 2020 with the NTA before tax at 13 March 2020 being $1.2167 per share. In these difficult market conditions the diversified portfolio is performing as intended and as the investment manager reported in February:

“We believe diversification is an important tool to manage the world’s inherent unpredictability. As we look at our investment portfolio, we are pleased with the level of diversification and the results it is producing and therefore we don’t see a need to make any drastic changes to the fund in the face of current market volatility.”

1. Performance figures refer to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

==> picture [76 x 69] intentionally omitted <==

PENGANA INTERNATIONAL EQUITIES LIMITED CLIENT SERVICE ACN 107 462 966 T: +61 2 8524 9900 MANAGED BY F: +61 2 8524 9901 PENGANA INVESTMENT MANAGEMENT LIMITED E: clientservice@pengana.com PART OF THE PENGANA CAPITAL GROUP Level 12, 167 Macquarie Street, AFSL 219462 SYDNEY NSW 2000

PENGANA.COM

AUTHORISED BY | PAULA FERRAO, COMPANY SECRETARY

WEEKLY NTA | PENGANA INTERNATIONAL EQUITIES LIMITED