KFL undiluted NAV as at 4/1/17 – $1.3527

KFL undiluted NAV as at 4/1/17 - $1.3527 Date 4/1/2017 31/12/2016 KFL undiluted NAV * $1.3527 $1.3393 Share price close $1.36 $1.36 (Premium) (1%) (2%) * The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (KFLWD). At 4 January 2017, 38,176,653 warrants are on issue and may be exercised on 5 May 2017. The actual exercise price of each warrant is $1.32 less the dividends per share declared by the company between 9 May 2016 and 5 May 2017. Dividends totalling 8.44 cents per share have been declared to date and one more dividend is expected to be declared in the remaining period to 5 May 2017. The NAV per share is calculated after deducting treasury stock (shares acquired under the Kingfish buyback programme) - currently nil. The five largest portfolio holdings at 4 January 2017 are approximately as follows: Mainfreight 12% Fisher & Paykel Healthcare 11% Ryman Healthcare 10% Freightways 9% Infratil 7% BACKGROUND Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Kingfish is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Kingfish listed on NZX Main Board on 31 March 2004 and may invest in companies that are listed on a New Zealand stock exchange or unlisted companies. For further information please contact Kingfish Ltd, ph (09) 489 7094. End CA:00295205 For:KFL Type:NTA Time:2017-01-05 15:05:30