Diversified United Investment : NET ASSET BACKING

DIVERSIFIEDUNITEDINVESTMENTLIMITED

ABN33 006 713 177

LEVEL20

TEL[phone]

101 COLLINSSTREETMELBOURNEVIC3000 AUSTRALIA

FAX[phone]

10 January 2019

The General Manager

Australian Securities Exchange Limited Company Announcements Office Exchange Centre

20 Bond Street Sydney NSW 2000

Dear Sir,

NET ASSET BACKING

The Directors advise that the unaudited net tangible asset backing of the Company's ordinary shares at 31 December 2018 was $4.10 per share (30 November 2018 $4.11 per share). The net asset backing calculation is based on investments at market value, is after tax on net realised gains, before any future tax benefit of net realised losses and before estimated tax on net unrealised gains/losses.

Diversified United Investment Limited is a long term investor and does not intend disposing of its total portfolio. However, under current accounting standards the Company is required to provide for estimated tax on any net gains that would arise on such a theoretical disposal. After deducting this provision, the above figure would be $3.55 (30 November 2018 $3.55).

At 31 December 2018:

• •International equities comprised 16% of the portfolio;

• •Bank facilities were $115M drawn as to $95M;

• •Cash and net short term receivables were $20M.

A list of the Company's top 25 investments is attached.

Yours sincerely,

A J Hancock Company Secretary

DIVERSIFIED UNITED INVESTMENT LIMITED

25 LARGEST SHAREHOLDINGS

AS AT 31 DECEMBER 2018

As at 31 December 2018 the twenty-five largest shareholdings of the company, at market values were:

Market Value	%Market Value of
Australian Equities	$'000	Total Investments
CSL Ltd	104,615	10.9%
Commonwealth Bank of Australia Ltd	72,390	7.5%
Transurban Group	64,075	6.7%
ANZ Banking Group Ltd	48,920	5.1%
Westpac Banking Corporation Ltd	47,576	5.0%
BHP Billiton Ltd	41,076	4.3%
Rio Tinto Ltd	36,881	3.8%
National Australia Bank Ltd	36,105	3.8%
Woodside Petroleum Ltd	35,078	3.7%
Washington H Soul Pattinson & Co Ltd	27,379	2.9%
Sydney Airport	24,901	2.6%
Wesfarmers Ltd	20,943	2.2%
Woolworths Ltd	20,594	2.1%
Atlas Arteria Ltd	18,780	2.0%
IDP Education Ltd	14,805	1.5%
Lend Lease Corporation	13,956	1.5%
Computershare Ltd	12,033	1.3%
Sonic Healthcare Ltd	11,055	1.1%
Total Australian Equities in Top 25:	651,162	68.0%
International Equities
Vanguard All-World Ex-US Shares Index ETF	32,723	3.4%
Vanguard US Total Market Shares Index ETF	28,420	3.0%
iShares TR MSCI USA Min Vol Index ETF	18,139	1.9%
Vanguard Information Technology Index ETF	17,444	1.8%
Vanguard FTSE Developed European Ex UK Index ETF	15,428	1.6%
iShares Global Healthcare Index ETF	11,865	1.2%
Northcape Capital Global Emerging Market Fund	11,340	1.2%
Total International Equities in Top 25:	135,359	14.1%
Total Top 25 Australian & International Equities	786,521	82.1%
Total Investments at Market Value, Net Short Term
	Receivables and Cash	957,830