WHITEFIELD INDUSTRIALS LIMITED — Net Asset Value 2020

Jan 12, 2020

December 2019

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NTA and Monthly Snapshot

NET TANGIBLE ASSET BACKING

Whitefield advises that its Net Tangible Asset Backing [NTA] at the latest month-end was as follows:

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|---|---|---|
|Prior|
|NTA [PER ORDINARY SHARE]|31 Dec 2019|Month|
|NTA (Before Deferred Tax)|$5.26|$5.45|
|NTA (After Deferred Tax)|$4.79|$4.92|

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Deferred tax, includes a provision for tax which would be payable if the company disposed of its entire investment portfolio at the relevant month end. However, as a long term investor, the company neither intends nor expects to sell its entire investment portfolio.

OTHER DETAILS

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|---|---|
|31 Dec 2019|
|Net Tangible Asset Backing (Post Def Tax)|$443.1m|
|WHF Ordinary Shares on Issue|92,411,570|
|Convertible Resettable Pref Shares WHFPB|321,386|
|WHF Share Price|$5.17|
|Premium (Discount) to Pre Tax NTA|(1.71%)|
|Premium (Discount) to Post Tax NTA|7.93%|

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PERFORMANCE SUMMARY

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|---|---|---|---|
|INVESTMENT RETURN|1 Qtr|1 Yr|5 Yr|
|Before Tax Returns|
|WHF Portfolio|(0.29%)|21.08%|7.84%|
|S&P/ASX200 Industrials XJIAI|(0.29%)|22.66%|8.27%|
|S&P/ASX200 XJOAI|0.68%|23.40%|8.98%|
|After Company Tax Returns|
|Net Asset Backing (Pre-Def Tax)|(0.95%)|20.96%|6.86%|
|Net Asset Backing (Post Def Tax)|(0.31%)|17.07%|6.66%|
|WHF Share Price|5.66%|27.93%|8.31%|

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TOP 20 INVESTMENTS

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|At 31 Dec 2019|%|
|CBA|Commonwealth Bank of Australia|9.78%|
|CSL|CSL Limited|8.68%|
|WBC|Westpac Banking Corporation|5.79%|
|ANZ|ANZ Banking Group Limited|4.96%|
|NAB|National Australia Bank Limited|4.94%|
|WES|Wesfarmers Limited|3.79%|
|WOW|Woolworths Group Limited|3.74%|
|MQG|Macquarie Group Limited|3.04%|
|TLS|Telstra Corporation Limited|2.93%|
|TCL|Transurban Group|2.23%|
|SYD|Sydney Airport|1.79%|
|ALL|Aristocrat Leisure Limited|1.49%|
|GMG|Goodman group|1.49%|
|AGL|AGL Energy Limited|1.44%|
|SCG|Scentre Group|1.42%|
|BXB|Brambles Limited|1.30%|
|AZJ|Aurizon Holdings Limited|1.29%|
|QAN|Qantas Limited|1.23%|
|IAG|Insurance Australia Group Limited|1.23%|
|QBE|QBE Insurance Group Limited|1.22%|
|Cash and Cash Equivalents|0.80%|

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SECTOR BREAKDOWN

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|At 31 Dec 2019|%|
|Commercial Banks|25.69%|
|Healthcare|12.67%|
|Industrials|11.10%|
|Financial Ex Banks|10.45%|
|Real Estate|9.18%|
|Consumer Discretionary|8.46%|
|Consumer Staple|7.72%|
|Communication Services|4.48%|
|Information Technology|3.51%|
|Materials|3.14%|
|Utilities|2.80%|
|Cash & Cash Equivalents|0.80%|
|100.00%|

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_Contact details

Suite 16.01 Level 16, 68 Pitt Street Sydney NSW 2000

Phone +61 2 8215 7900 Fax +61 2 8215 7901 Whitefield Limited ABN 50 000 012 895

Reliable. Efficient. Consistent.

whitefield.com.au