WHITEFIELD INDUSTRIALS LIMITED — Net Asset Value 2021

Mar 8, 2021

February 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]|28 Feb 2021|Month|
|NTA (Before Deferred Tax)|$4.99|$5.04|
|NTA (After Deferred Tax)|$4.57|$4.60|

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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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|---|---|
|28 Feb 2021|
|Net Tangible Asset Backing (Post Def Tax)|$440.28m|
|WHF Ordinary Shares on Issue|96,298,506|
|Convertible Resettable Pref Shares WHFPB|321,386|
|WHF Share Price|$5.37|
|Premium (Discount) to Pre Tax NTA|7.62%|
|Premium (Discount) to Post Tax NTA|17.51%|

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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|(0.63%)|1.68%|7.94%|
|S&P/ASX200 Industrials XJIAI|(0.12%)|0.80%|8.36%|
|S&P/ASX200 XJOAI|3.00%|6.48%|10.74%|
|After Tax Returns (Company return after costs & company tax)|
|Net Asset Backing (Pre-Def Tax)|(0.92%)|(0.17%)|6.85%|
|Net Asset Backing (Post Def Tax)|(0.54%)|0.31%|6.42%|
|WHF Share Price|5.29%|10.62%|9.78%|

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TOP 20 INVESTMENTS

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|---|---|---|
|At 28 Feb 2021|%|
|CBA|Commonwealth Bank of Australia|10.19%|
|CSL|CSL Limited|8.11%|
|WBC|Westpac Banking Corporation|5.84%|
|NAB|National Australia Bank Limited|5.50%|
|ANZ|ANZ Banking Group Limited|5.04%|
|WES|Wesfarmers Limited|4.29%|
|WOW|Woolworths Group Limited|3.72%|
|MQG|Macquarie Group Limited|2.89%|
|TLS|Telstra Corporation Limited|2.49%|
|GMG|Goodman Group|1.89%|
|TCL|Transurban Group|1.82%|
|COL|Coles Group Limited|1.79%|
|SHL|Sonic Healthcare Limited|1.63%|
|APT|Afterpay Limited|1.59%|
|BXB|Brambles Limited|1.47%|
|APA|APA Group|1.11%|
|JHX|James Hardie Industries PLC|1.10%|
|SYD|Sydney Airport|1.07%|
|MPL|Medibank Private Ltd|1.01%|
|RMD|ResMed Inc|0.96%|
|Cash & Cash Equivalents|1.27%|

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SECTOR BREAKDOWN

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|At 28 Feb 2021|%|
|Commercial Banks|27.46%|
|Health Care|12.99%|
|Consumer Discretionary|11.50%|
|Financials|9.43%|
|Industrials|7.87%|
|Consumer Staples|7.45%|
|Real Estate|7.36%|
|Communication Services|6.11%|
|Information Technology|4.12%|
|Materials|2.49%|
|Utilities|1.95%|
|Cash & Cash Equivalents|1.27%|
|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