WHITEFIELD INDUSTRIALS LIMITED — Net Asset Value 2012

Apr 11, 2012

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NOTIFICATION OF NET TANGIBLE ASSETS

The net tangible asset backing before providing for deferred tax on the gains or losses on the long term investment portfolio of Whitefield Ltd at 31 March 2012 was $3.09. (This compares to the prior month asset backing of $2.96). Whitefield is a long term investor and does not intend to dispose of its total investment portfolio.

Under current Accounting Standards, the company is required to provide for deferred capital gains tax liabilities or benefits, including those that may arise should the portfolio be disposed of in its entirety at the month end. After making this provision, the net asset backing of the company would be $3.28. (This compares to the prior month asset backing of $3.19).

TOP 20 INVESTMENTS AS AT 31 MARCH 2012	TOP 20 INVESTMENTS AS AT 31 MARCH 2012	HOLDING $'000	FUND %
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	CBA Commonwealth Bank Of Australia WBC Westpac Banking Corporation ANZ ANZ Banking Group Limited NAB National Australia Bank Limited TLS Telstra Corporation Limited WOW Woolworths Limited WES Wesfarmers Limited QBE QBE Insurance Group MQG Macquarie Group Limited CSL CSL Limited AMP AMP Limited SVW Seven Group Holdings Limited CWN Crown Limited AIO Asciano Limited BXB Brambles Limited TOL Toll Holdings Limited NWSLV News Corporation Inc. Class A NV WDC Westfield Group UGL UGL Limited IVC Invocare Limited CASH AND CASH EQUIVALENTS	22,785	9.85%
		19,236	8.32%
		17,927	7.75%
		15,840	6.85%
		9,749	4.22%
		9,032	3.91%
		8,968	3.88%
		8,422	3.64%
		8,021	3.47%
		7,775	3.36%
		7,500	3.24%
		6,957	3.01%
		5,231	2.26%
		4,849	2.10%
		3,309	1.43%
		3,190	1.38%
		3,167	1.37%
		3,128	1.35%
		2,981	1.29%
		2,950	1.28%
		2,801	1.21%

PERFORMANCE SUMMARY

At 31 March 2012

At 31 March 2012
	Last Quarter % One Year %	Three Years % *Ten Years %***
Before Tax Returns
Total Portfolio Benchmark*	9.948% (2.254%)	11.979% 4.692% 13.243% 5.476%
	8.932% 1.476%
After Tax Returns
Net Asset Backing (pre-tax)1 Net Asset Backing (post-tax)2 Share Price	9.964% (4.076%)	10.061% 2.851% 9.067% 4.508% 11.436% 2.082%
	6.840% 0.033%
	8.000% (0.762%)

NET TANGIBLE ASSETS

31 March 2012

31 March 2012
NTA (post-tax)	$247.8 million
Shares on Issue	75,596,171
NTA per share (pre-tax) NTA per share (post-tax)	$3.09 $3.28
Share Price	$2.70
(Discount)/Premium to NTA (pre-tax)	(12.62%)
(Discount)/Premium to NTA (post-tax)	(17.68%)

SECTOR BREAKDOWN

31 March 2012

		Fund %
	Banks	33.17%
	Financials Excluding Banks Industrials Consumer Discretionary	16.11% 14.82% 8.75%
	Consumer Staple	8.21%
	Health Care	5.19%
	Telecommunication Services	4.27%
	Property	4.14%
	Materials	3.41%
	Utilities	1.14%
	Information Technology	0.79%

COMPANY INFORMATION Whitefield Limited ABN 50 000 012 895 Level 7, 20 Hunter Street, Sydney NSW 2000 GPO Box 473, Sydney NSW 2001 Phone: +61 (02) 8215 7900 Fax: +61 (02) 8215 7901 www.whitefield.com.au SHARE REGISTRY Computershare Investor Services Pty Ltd Level 4, 60 Carrington Street, Sydney NSW 2000 Phone: 1300 850 505 (inside Australia) Phone: +61 (03) 9415 4000 (outside Australia) Fax: +61 (03) 9473 2500 www.computershare.com

• ASX 200 All Industrials (XJIAI) ** Including Dividends *** Annualised

1 Investment returns based on net asset backing (pre-tax) represent the investment returns prior to any provision for deferred tax liabilities or deferred tax benefits, but are after the payment of current tax at company rates on income and on realised capital gains.

• 2 Investment returns based on net asset backing (post-tax) represent investment returns after provision for deferred tax liabilities and benefits, including a provision for capital gains tax should the company’s investments be realised in entirety.

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