Investor presentation 19 June 2018 History Founded in 1872 Head - PDF document

19/06/2018 Investor presentation 19 June 2018 History  Founded in 1872  Head office occupied since 1886  Listed in 1903  Robert Millner, 4 th generation Chairman  Pharmaceutical interests 4.6% of portfolio  Current market capitalisation over $4.9b 2 1

19/06/2018 Business overview DIVERSIFIED LONG TERM DISCIPLINED PORTFOLIO INVESTOR INVESTOR OVER THE LAST 15 YEARS WHSP HAS CONTINUALLY DELIVERED A TSR OF INCREASED DIVIDENDS 13% PER ANNUM (one of only two companies in the (outperforming the All Ords All Ordinaries Index to do so) Accumulation Index by 3.5% pa) 3 A history of dividend growth 25 12.5 15 15 54 52 50 48 46 5 44 40 5 23 34 5 32 30 28.5 27 4 25 3.5 20 17 14 11 10 4 2

19/06/2018 A history of outperformance To 31 May 2018 14.8% 14.1% 14.0% 13.0% 10.8% 10.5% 9.8% 9.5% 9.1% 8.5% 6.4% 5.1% 1 Year 3 Year 5 Year 10 Year 15 Year 20 Year WHSP TSR All Ords Accumulation TSR As at 31 May 2018. Includes the re ‐ investment of dividends 5 A history of outperformance Total Shareholder Returns against the Index over the last 15 years 600% 526.5% 500% WHSP 400% 288.3% 300% 200% All Ordinaries Accumulation Index 100% ‐ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 As at 31 May 2018. Includes the re ‐ investment of dividends 6 3

19/06/2018 A history of outperformance Growth of $1,000 invested in 1978 $504,937 $500,000  $1,000 invested in 1978 worth $400,000 $504,937 in 2018  Compound annual return of $300,000 16.8% for 40 years $200,000 $100,000 $ 1978 1983 1988 1993 1998 2003 2008 2013 2018 As at 31 May 2018. Includes the re ‐ investment of dividends 7 Attracting new shareholders Growth in shareholder numbers 20,000 19,000 18,000 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 8 4

19/06/2018 Portfolio overview As at 31 January 2018 9 TPG Telecom Limited 9 years of performance since merger 10 5

19/06/2018 TPG Telecom Limited Broadband subscribers ‐ migration to NBN 11 TPG Telecom Limited NBN products 12 6

19/06/2018 TPG Telecom Limited Strong growth in data downloads from mobile devices Mobile data downloaded and mobile handsets 250,000 30.0 TB of data downloaded per quarter Number of mobile subscriptions 25.0 200,000 20.0 150,000 15.0 100,000 10.0 50,000 5.0 0 0.0 Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 Source: ABS Volume of data downloaded (TBs) Number of mobile handset subscribers (millions) 13 New Hope Corporation Limited Best half year result in the company’s history To 31 January 2018 14 7

19/06/2018 New Hope Corporation Limited Strong recovery in thermal coal prices $160.0 Thermal coal price (AUD) $140.0 $120.0 $100.0 $80.0 $60.0 New Hope acquires Bengalla for c.$900m $40.0 Dec ‐ 08 Apr ‐ 09 Aug ‐ 09 Dec ‐ 09 Apr ‐ 10 Aug ‐ 10 Dec ‐ 10 Apr ‐ 11 Aug ‐ 11 Dec ‐ 11 Apr ‐ 12 Aug ‐ 12 Dec ‐ 12 Apr ‐ 13 Aug ‐ 13 Dec ‐ 13 Apr ‐ 14 Aug ‐ 14 Dec ‐ 14 Apr ‐ 15 Aug ‐ 15 Dec ‐ 15 Apr ‐ 16 Aug ‐ 16 Dec ‐ 16 Apr ‐ 17 Aug ‐ 17 Dec ‐ 17 Apr ‐ 18 15 New Hope Corporation Limited Asia electricity forecast to 2040 by generation source Source: IEA World Energy Outlook 2016. minerals Council of Australia, Presentation to Coalition Resources and Energy Committee 2017 16 8

19/06/2018 New Hope Corporation Limited New Acland Mine  11 year process continuing  288 FTE jobs  Approximately 500 contractors  PwC estimates the mine continuation will contribute $8.1b to stakeholders  Coal mining in Acland for over 100 years 17 New Hope Corporation Limited Rehabilitation New Oakleigh West rehabilitation work complete – 223ha land rehabilitated to grazing standard 18 9

19/06/2018 Brickworks Limited  Relationship since 1969  Solid investment for each company  Provides consistency to the earnings and dividends  Provides strength to both companies 19 Financial Services Portfolio Portfolio value of $439m* PENGANA INTERNATIONAL EQUITIES LIMITED 10.0% 3.8% 9.4% 12.4% 20.0% 14.5% 100.0% 39.2% * Market values and Directors’ valuations as at 31 January 2018 20 10

19/06/2018 Financial Services Portfolio Growth in superannuation assets in Australia to 2035 21 Pharmaceutical Portfolio Portfolio value of $239m* 19.4% 19.3% 30.3% * Market values as at 31 January 2018 22 11

19/06/2018 Copper, zinc and gold Copper supply and demand Zinc Inventories at low levels (million tonnes) 23 Copper, zinc and gold projects 24 12

19/06/2018 Investment approach capitalises on our strengths  Investments in cost competitive companies DISCIPLINED  Discipline on operating costs and investment cost  Counter ‐ cyclical investments LONG TERM  Long term investment themes  Stable and trusted investment partner TRUSTED PARTNER  Assist investments to grow  Flexible investment approach OPPORTUNISTIC  Continuing to look for good opportunities 25 26 13