WHITEFIELD INDUSTRIALS LIMITED — Net Asset Value 2021

Apr 11, 2021

March 2021

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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 Mar 2021|Month|
|NTA (Before Deferred Tax)|$5.25|$4.99|
|NTA (After Deferred Tax)|$4.76|$4.57|

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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 Mar 2021|
|Net Tangible Asset Backing (Post Def Tax)|$458.1m|
|WHF Ordinary Shares on Issue|96,298,506|
|Convertible Resettable Pref Shares WHFPB|321,386|
|WHF Share Price|$5.33|
|Premium (Discount) to Pre Tax NTA|1.52%|
|Premium (Discount) to Post Tax NTA|11.97%|

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PERFORMANCE SUMMARY

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|---|---|---|---|
|INVESTMENT RETURN|1 Qtr|1 Yr|5 Yr|
|Before Tax Returns (Portfolio return before costs & tax)|
|WHF Portfolio|4.87%|29.64%|8.15%|
|S&P/ASX200 Industrials XJIAI|4.70%|33.66%|8.31%|
|S&P/ASX200 XJOAI|4.26%|37.47%|10.25%|
|After Tax Returns (Company return after costs & company tax)|
|Net Asset Backing (Pre-Def Tax)|4.96%|29.15%|7.03%|
|Net Asset Backing (Post Def Tax)|4.05%|22.15%|6.59%|
|WHF Share Price|0.38%|32.28%|8.78%|

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TOP 20 INVESTMENTS

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|---|---|---|
|At 31 Mar 2021|%|
|CBA|Commonwealth Bank of Australia|10.28%|
|CSL|CSL Limited|7.81%|
|WBC|Westpac Banking Corporation|5.72%|
|NAB|National Australia Bank Limited|5.55%|
|ANZ|ANZ Banking Group Limited|5.19%|
|WES|Wesfarmers Limited|4.39%|
|WOW|Woolworths Group Limited|3.69%|
|MQG|Macquarie Group Limited|2.96%|
|TLS|Telstra Corporation Limited|2.62%|
|GMG|Goodman Group|1.98%|
|TCL|Transurban Group|1.81%|
|COL|Coles Group Limited|1.79%|
|SHL|Sonic Healthcare Limited|1.72%|
|BXB|Brambles Limited|1.50%|
|APT|Afterpay Limited|1.29%|
|JHX|James Hardie Industries PLC|1.15%|
|APA|APA Group|1.14%|
|SYD|Sydney Airport|1.08%|
|ALL|Aristocrat Leisure Limited|0.98%|
|JBH|JB Hi-Fi Limited|0.98%|
|Cash & Cash Equivalents|1.07%|

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SECTOR BREAKDOWN

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|At 31 Mar 2021|%|
|Commercial Banks|27.62%|
|Health Care|12.76%|
|Consumer Discretionary|11.93%|
|Financials|9.30%|
|Industrials|7.78%|
|Real Estate|7.51%|
|Consumer Staples|7.42%|
|Communication Services|6.10%|
|Information Technology|3.95%|
|Materials|2.57%|
|Utilities|1.99%|
|Cash & Cash Equivalents|1.07%|
|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