Milton : NTA and Portfolio Report as at 30 November 2020

MONTHLY NTA AND PORTFOLIO REPORT - 30 November 2020

Before tax 1

1As Milton is a long-term investor and does not intend disposing of its long term equity investment portfolio the NTA before tax excludes a provision for tax on unrealised capital gains that may arise should the equity investment portfolio be disposed

$4.18
Listed since	1958
Share price:	$4.67
Market cap	$3.1 billion
Total assets	$3.2 billion
MER (at 30 June 2020)	0.14%

NTA per share

$4.78

MILTON is predominantly a long term investor in companies and trusts that are listed on the Australian Securities Exchange (ASX).

The composition of the equity portfolio is not aligned with any stock exchange index. It reflects the emphasis Milton has always placed on investing in well managed companies that have a profitable history and are expected to grow dividends over time.

Milton has a long track record of paying fully franked dividends, which are predominantly funded by the dividends received from its equity investment portfolio.

Milton's efficient internal management structure aligns interests with shareholders and results in an MER of 14 basis points.

Key facts at 30 November 2020

ASX listing code:

MLT

Dividends - Fully FrankedDirectors & Management

Robert Millner

Brendan O'Dea

Graeme Crampton Kevin Eley

Chair MD/CEO NED NED

Ian Pollard Justine JarvinenNED NED

FY 20	Interim	9.0cps
Final	8.5cps
Total	17.5cps

Milton Corporation Limited ABN 18 000 041 421

Level 5, 261 George Street, Sydney NSW 2000 Email:[e-mail]

Website:www.milton.com.au

Telephone: [phone]

Facsimile: [phone]

Share Registry Enquiries: 1800 641 024

PORTFOLIO REPORT

TOP 20 HOLDINGS	Share of Total Assets %	ASSET CLASSIFICATION	Share of Total Assets %
W H Soul Pattinson & Company	8.3	Banks	17.4
Commonwealth Bank	7.7	Other Financials	12.4
Macquarie Group Limited	7.0	Materials	11.2
Westpac Banking Corporation	6.3	Energy	9.8
BHP Group Limited	5.7	Industrials	9.3
CSL Limited	5.6	Consumer Discretionary	9.1
Wesfarmers Limited	4.4	Health Care	7.3
National Australia Bank	3.5	Consumer Staples	5.7
Woolworths Limited	3.4	Real Estate	4.4
Eagers Automotive Limited	2.8	Communication Services	3.8
Transurban Group	2.5	Insurance	3.5
Rio Tinto Limited	2.1	Utilities	2.2
Brickworks Limited	1.9	Information Technology	0.9
ALS Limited	1.8	Total investment portfolio	97.0
Coles Group Limited	1.6	Cash	1.4
AGL Energy Limited	1.5	Other assets	1.6
Telstra Corporation Limited	1.5	Total assets	100.0
Amcor PLC	1.4
ASX Limited	1.3
Perpetual Limited	1.3
Total	71.6

TOTAL RETURNS TO 30 November 2020

Commonly used indicators of LIC performance are Total Portfolio Return (TPR) and Total Shareholder Return (TSR). TPR combines the change in value of the NTA per share with the dividends paid in the period. TSR combines the change in share price with the dividends paid in the period and captures the impact of any premium or discount to NTA. The below TPR & TSR calculations do not take into account franking credits which may be of benefit to certain shareholders.

10%

8%

6%

4%

2%

0%

-2%

1 Year

MLT TPRMLT TSR

3 Yrs (pa)

5 Yrs (pa)

10 Yrs (pa)

15 Yrs (pa)

20 Yrs (pa)MLT TPRMLT TSR

-0.85% 0.69%

5.03% 5.23%

6.47% 5.84%

7.79% 8.04%

6.31% 6.14%

8.81% 9.38%