KFL ex-div NAV as at 4/12/19 – $1.5925

KFL NAV as at 4/12/19 - $1.5925 (after deducting 3.09cps dividend payable) Date 4/12/2019 30/11/2019 KFL NAV $1.5925 $1.6436 Share price close $1.55 $1.58 Discount 3% 4% The above net asset value (NAV) is unaudited and net of fees and tax. The NAV per share is after deducting an accrual for a 3.09 cents per share dividend to be paid on 19 December 2019. The NAV per share is also 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 calculation. The five largest portfolio holdings at 4 December 2019 are approximately as follows: The a2 Milk Company 16% Fisher & Paykel Healthcare 14% Mainfreight 13% Infratil 9% Summerset Group 9% 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:00345520 For:KFL Type:MKTUPDTE Time:2019-12-05 15:26:11