KFL undiluted NAV as at 10/10/18 – $1.4930

KFL undiluted NAV as at 10/10/18 - $1.4930 Date 10/10/2018 3/10/2018 KFL undiluted NAV* $1.4930 $1.5337 Share price close $1.38 $1.39 Discount 8% 9% The above net asset value (NAV) is unaudited and net of fees and tax. The NAV per share is calculated after deducting treasury stock of 79,287 shares (acquired under the Kingfish buyback programme). 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 (KFLWE). At 10 October 2018, 48,368,533 warrants are on issue and may be exercised on 12 July 2019. The actual exercise price of each warrant is $1.37 less the dividends per share declared by the company between 19 July 2018 and 12 July 2019. Dividends totalling 3.00 cents per share have been declared to date and three more dividends are expected to be declared in the remaining period to 12 July 2019. The five largest portfolio holdings at 10 October 2018 are approximately as follows: Fisher & Paykel Healthcare 12% Mainfreight 11% The a2 Milk Company 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. Contact Corporate Manager Kingfish Limited Tel +64 9 4840352 End CA:00325198 For:KFL Type:MKTUPDTE Time:2018-10-11 14:38:10