Results Presentation 2 Business Overview CONSERVATIVE DIVERSIFIED LONG TERM AND VALUE PORTFOLIO INVESTOR FOCUSED OVER THE LAST 15 YEARS WHSP HAS CONTINUALLY DELIVERED A TSR OF INCREASED DIVIDENDS 13.0% PER ANNUM (growing at a compound (outperforming the All Ords annual growth rate of 8.3% pa) Accumulation Index by 3.6% pa) 2 1
Key Highlights Year Ended 31 July 2018 PORTFOLIO VALUE 1 HIGHEST EVER FULLY FRANKED REGULAR PROFIT INCREASED BY DIVIDENDS OF $331m $972m 56cps 18 th consecutive increase up 17.4% up 21.8% to $5.4 billion MARKET CAP GROWTH 12 MONTH TOTAL INVESTMENT IN WHSP AND DIVIDENDS ADDED SHAREHOLDER RETURN OVER 15 YEARS GREW $1.1b 27.5% 525% 12.6% above Index 2 vs 286% for the Index 2 to shareholder wealth 1. refer to slide 5 for portfolio valuation 2. Index refers to the All Ordinaries Accumulation Index 3 Group Result (Consolidated) Year Ended 31 July 2018 The Group’s highest ever $331.1m up 17.4% Regular Profit After Tax* New Hope up 74.7% Apex Healthcare up 33.6% Record Regular Profit primarily attributable to: Financial Services Port. up 19.3% Brickworks up 8.0% Group Profit After Tax: $266.8m down 20.0% Impacted by non-regular losses $64.3m (predominantly impairments by New Hope) * Regular profit after tax is a non-statutory profit measure and represents profit from continuing operations before non-regular items. A reconciliation to statutory profit is included in the Preliminary Final Report – Note 3, Segment information. 4 2
Portfolio Performance As at 31 July 2018 WHSP’s Value of Gross portfolio Holding Holding value increased % $m 12 month movement 1.0 billion TPG Telecom 25.3% 1,350 * 45) 3.5%) 21.8% New Hope Corporation * 50.0% 1,326 533) 67.2%) (59.6% held 31 July 2017) Pre tax net Brickworks 43.9% 1,023 * 156) 18.0%) asset value Financial Services Portfolio - 414 *^ 5) 1.2%) $5.4 billion or API 19.3% 161 * (6) (3.7%) $22.72 per share Round Oak Minerals ^ 100% 154 71) 84.3%) formerly CopperChem and Exco Resources 30.3% 83 * $1.1 billion Apex 34) 70.0%) tax payable if TPI Enterprises 21 * 19.9% (20) (48.7%) portfolio sold on (18.9% held 31 July 2017) 31 July 2018 Other Listed Equities Portfolio 515 * 68) 15.3%) Other Unlisted Equities Portfolio 93 ^ 21) 28.4%) Property Portfolio (net of borrowings) 183 ^ (25) (12.2%) * Market value Cash and other net assets 116 90) 354.9%) ^ Directors’ valuations 5,439 972) 21.8%) Net assets value (pre-tax) 5 YTD Pre-tax Net Asset Value Bridge between July and August 2018 (one month movement) +19.8% + $125m + $20m $6,516m + $258m Net Asset Value as at 31/8/18 + $675m $5,439m Net Asset Value as at 31/7/18 “other” 6 3
WHSP Total Shareholder Returns as at 31 July 2018 1 3 Years 5 Years 10 Years 15 Years Annualised Returns Year p.a. p.a. p.a. p.a. WHSP 27.5% 20.5% 13.7% 11.3% 13.0% All Ord. Accum. Index 14.9% 8.4% 9.4% 6.9% 9.4% Out Performance 12.6% 12.1% 4.3% 4.4% 3.6% 7 WHSP Total Shareholder Returns 15 years to 31 July 2018 +525% 500% 15 years to 31 July 2018 400% WHSP 300% +286% 200% All Ordinaries 100% Accumulation Index Includes the re-investment of dividends - 8 4
WHSP Total Shareholder Returns Wealth Creation over 40 years $500,000 $450,000 $400,000 • $1,000 invested in 1978 worth $484,310 in 2018 $350,000 • Compound annual return $300,000 of 16.7% for 40 years $250,000 $200,000 $150,000 $100,000 Includes the re-investment of $50,000 dividends $ 1978 1983 1988 1993 1998 2003 2008 2013 2018 9 20 Year Dividend History Final Dividend: 33 cents per share fully franked, up 3.1% Total Dividends for the year: 56 cents fully franked, up 3.7% 93.4% of net regular cash inflows from operations paid as FY18 dividends 10 5
TPG Telecom Limited Year Ended 31 July 2018 Underlying EBITDA of $841.1m, up 0.7% Associated entity 25.3% held Underlying NPAT of $432.6m, up 3.7% Value of shareholding $1.35b Contribution to WHSP profit $100.0m EPS 42.8 cents per share, down 3.3% Dividends paid to WHSP $9.3m Final Dividend of 2 cents per share fully franked 11 TPG Telecom Limited Historical growth track record The charts are based on ‘underlying’ data as disclosed in TPG’s reports to the market. 12 6
TPG Telecom Limited Broadband Subscribers FY18 net adds include: +300k NBN and +13k FTTB 13 TPG Telecom Limited Growth in data downloads from mobile devices TB of data downloaded per quarter Number of mobile subscriptions Source: ABS 14 7
TPG Telecom Limited Merger with Vodafone Australia TPG announced “merger of equals” with Vodafone Australia on 30 August WHSP will have 12.6% shareholding post merger Highly complementary businesses Significant synergy potential Pre-merger special dividend to TPG shareholders Pre-merger in-specie dividend of Singapore mobile business to TPG shareholders ACCC, FIRB and TPG shareholder approvals required 15 New Hope Corporation Limited Year Ended 31 July 2018 Profit after tax before non-regular Controlled entity 50.0% items $252.6m, up 96% Value of shareholding $1.33b - higher coal prices and Bengalla mine Contribution to WHSP result $81.5m Profit after Tax $149.5m, up 7% Dividends paid to WHSP $54.7m - impairment of Colton exploration project Final Dividend of 8 cents per share fully franked, up 33% During FY18 WHSP reduced its holding in New Hope from 59.6% to 50.01% in order to increase free float and liquidity. Total Dividends of 14 cents per share WHSP received sale proceeds of $175.7m. The pre-tax gain fully franked, up 40% of $172.8m is not reflected in the Consolidated Results because New Hope is a member of the consolidated group. 16 8
New Hope Corporation Limited EBITDA Comparison - before non-regular items 17 New Hope Corporation Limited AUD Newcastle Thermal Coal Price 18 9
New Hope Corporation Limited Ten year total dividends of $1.91 billion $700 $400 $350 $300 $257.5 $250 $215.9 $679.7 $197.2 $200 $132.9 $150 $131.8 $99.7 $100 $78.9 $66.5 $49.9 $50 $- FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Ordinary Dividend Special Dividend 19 New Hope Corporation Limited Asian thermal coal import growth Source: Commodity Insights, Market Demand Study: Australian Export Thermal Coal 20 10
New Hope Corporation Limited Global coal power plants Operating: 1,829,983 MW Under construction: 209,566 MW Planned: 442,724 MW Source: CarbonBrief 21 Brickworks Limited Year Ended 31 July 2018 Record underlying NPAT $223.7m, Associated entity 43.9% held up 13.9% Value of shareholding $1.02b Profit After Tax $175.4m, down 5.8% Contribution to WHSP profit $40.5m* Building Products EBIT $76.0m, up 16.8% Dividends paid to WHSP $34.1m Final Dividend of 36 cents per share fully franked, an increase of 5.9% Total Dividends of 54 cents per share fully franked, an increase of 5.9% * Excludes the WHSP profit taken up by Brickworks under the equity accounting method. 22 11
Brickworks Limited Underlying earnings history by segment 23 Brickworks Limited Detached Housing Building Approvals 12 month moving average Source: ABS 24 12
Brickworks Limited Industrial Property Trust Value 25 Financial Services Portfolio Value of Portfolio* $414m % held Contribution to WHSP profit $16.4m BKI Investment Company Limited 8.6 Dividends paid to WHSP $15.4m Contact Asset Management Pty. Limited 20.0 Ironbark Asset Management 13.9 Ironbark Asset Management added to the portfolio Milton Corporation Limited 3.8 Pengana Capital Group market Pengana Capital Group Limited 39.2 value up by 7.7% Pengana International Equities Limited 9.8 Portfolio provides Australian and Pitt Capital Partners Limited 100 international exposure URB Investments Limited 12.4 * Markets values and Directors’ valuations 26 13
Australian Pharmaceutical Industries Limited Half Year Ended 28 February 2018 Associated entity 19.3% held Underlying NPAT $26.8m, down 8% Value of shareholding $161m NPAT $24.9m, down 14.4% Contribution to WHSP profit* $9.3m Fully franked interim dividend Dividends paid to WHSP** $6.7m unchanged at 3.5 cents per share. Clearskincare Clinics acquisition Announced 25 June 2018 Expected to be EPS accretive Share price increased by 36.2% * For the 12 months to 28 February 2018 (from 22 June to 31 Aug 2018) ** For the 12 months to 31 July 2018 27 Round Oak Minerals Year Ended 31 July 2018 formerly CopperChem Limited and Exco Resources Limited White Dam gold sales of $18.7m up Percentage ownership 100% from $18.4m in 2017. Value of shareholdings* $154m Acquired Stockman project in Contribution to WHSP result ($12.6m) Victoria in December 2017 (copper / zinc project). Acquired Jaguar mine in WA in May 2018 (operating zinc/copper producer). Results impacted by acquisition expenses and costs during pre- production phase. * Directors’ valuation 28 14
Round Oak Minerals Copper, zinc and gold projects across Australia 29 Round Oak Minerals Forecast copper supply shortages 30 15
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