WHITEFIELD INDUSTRIALS LIMITED — Net Asset Value 2021

Jan 12, 2021

December 2020

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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 2020|Month|
|NTA (Before Deferred Tax)|$5.00|$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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|---|---|
|31 Dec 2020|
|Net Tangible Asset Backing (Post Def Tax)|$440.25m|
|WHF Ordinary Shares on Issue|96,298,506|
|Convertible Resettable Pref Shares WHFPB|321,386|
|WHF Share Price|$5.31|
|Premium (Discount) to Pre Tax NTA|6.20%|
|Premium (Discount) to Post Tax NTA|16.19%|

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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|11.41%|1.15%|6.37%|
|S&P/ASX200 Industrials XJIAI|12.58%|(0.30%)|6.53%|
|S&P/ASX200 XJOAI|13.70%|1.40%|8.73%|
|After Tax Returns (Company return after costs & company tax)|
|Net Asset Backing (Pre-Def Tax)|11.11%|(0.67%)|4.89%|
|Net Asset Backing (Post Def Tax)|8.39%|(0.05%)|5.14%|
|WHF Share Price|17.76%|7.06%|8.40%|

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TOP 20 INVESTMENTS

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|---|---|---|
|At 31 Dec 2020|%|
|CBA|Commonwealth Bank of Australia|10.26%|
|CSL|CSL Limited|8.47%|
|NAB|National Australia Bank Limited|5.34%|
|WBC|Westpac Banking Corporation|4.75%|
|ANZ|ANZ Banking Group Limited|4.63%|
|WES|Wesfarmers Limited|4.41%|
|WOW|Woolworths Group Limited|3.71%|
|MQG|Macquarie Group Limited|3.19%|
|TLS|Telstra Corporation Limited|2.40%|
|TCL|Transurban Group|2.38%|
|COL|Coles Group Limited|2.15%|
|GMG|Goodman Group|2.13%|
|SHL|Sonic Healthcare Limited|1.64%|
|APT|Afterpay Limited|1.41%|
|ALL|Aristocrat Leisure Limited|1.34%|
|BXB|Brambles Limited|1.21%|
|SYD|Sydney Airport|1.17%|
|XRO|Xero Limited|1.16%|
|JHX|James Hardie Industries PLC|1.15%|
|APA|APA Group|1.15%|
|Cash & Cash Equivalents|1.27%|

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SECTOR BREAKDOWN

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|At 31 Dec 2020|%|
|Commercial Banks|25.68%|
|Health Care|13.89%|
|Financials|9.81%|
|Consumer Discretionary|9.75%|
|Real Estate|8.90%|
|Industrials|8.46%|
|Consumer Staples|7.93%|
|Communication Services|5.63%|
|Information Technology|4.45%|
|Utilities|2.12%|
|Materials|2.11%|
|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