KFL undiluted NAV as at 22/2/17 – $1.3926

KFL undiluted NAV as at 22/2/17 - $1.3926 Date 22/2/2017 15/2/2017 KFL undiluted NAV * $1.3926 $1.3945 Share price close $1.35 $1.36 Discount 3% 2% The above net asset value (NAV) is unaudited and net of fees and tax. The NAV per share is calculated after deducting treasury stock (shares acquired under the Kingfish buyback programme) - currently nil. A performance fee payable to the Manager, is currently being accrued in the NAV. * The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (KFLWD). At 22 February 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 11.16 cents per share have been declared to date and no more dividends are to be declared in the remaining period to 5 May 2017. The five largest portfolio holdings at 22 February 2017 are approximately as follows: Mainfreight 12% Fisher & Paykel Healthcare 10% 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:00297313 For:KFL Type:NTA Time:2017-02-23 15:10:28