Milton : NTA and Portfolio Report as at 31 July 2018

MONTHLY NTA AND PORTFOLIO REPORT - 31 July 2018

NTA REPORT	Before tax1	After tax1
NTA per share	$4.83	$4.22

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

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.

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

Key facts at 31 July 2018

ASX listing code:

MLT

Listed since Share price: Market cap Total assets MER

1958

$4.72

$3.1 billion

$3.2 billion

0.14%

Dividends - Fully Franked

• FY 18 Interim 8.8cps

• FY 18 Final 10.2cps

• FY 18 Full Yr. 19.0cps

Web:www.milton.com.au

Directors & Management

Robert Millner

Brendan O'Dea

Graeme Crampton Kevin Eley

Justine Jarvinen Ian PollardChair MD/CEO NED NED NED NED

Dividend Dates

Other key dates

Dividend

Ex date

Annual General Meeting - 11 Oct 2018 at 3.00pmTo be held at:

Last day for receipt of DRP election notice - 13 August 2018

Sofitel Sydney Wentworth

L4, Adelaide Room, 61-101 Phillip St, Sydney

Milton Corporation Limited ABN 18 000 041 421

Level 4, 50 Pitt Street, Sydney NSW 2000 Email:[e-mail] Website:www.milton.com.auTelephone: [phone]

Facsimile: [phone]

Share Registry Enquiries: 1800 641 024

PORTFOLIO REPORT

TOP 20 HOLDINGS	Share of Total Assets %	ASSET CLASSIFICATION	Share of Total Assets %
Westpac Banking Corporation	9.7	Banks	29.3
Commonwealth Bank of Aust.	7.3	Other Financials	12.3
W H Soul Pattinson & Company	6.3	Materials	10.1
Wesfarmers Limited	4.4	Consumer Staples	10.0
National Australia Bank	4.3	Energy	8.2
BHP Billiton Limited	4.1	Industrials	6.7
CSL Limited	3.7	Health Care	5.0
ANZ Banking Group	3.1	Consumer Discretionary	4.3
Woolworths Limited	2.7	Real Estate	3.3
Macquarie Bank	2.6	Utilities	2.9
Bank of Queensland	2.6	Telecommunication	2.0
AGL Energy Limited	2.3	Information Technology	0.6
Bendigo and Adelaide Bank	2.1	Total investment portfolio	94.7
Blackmores Limited	1.7	Cash	4.2
Perpetual Limited	1.7	Other assets	1.1
Rio Tinto Limited	1.6	Total assets	100.0
Brickworks Limited	1.6
A P Eagers Limited	1.6
Suncorp Group	1.6
Insurance Australia Group Ltd	1.5
Total	66.5

TOTAL PORTFOLIO RETURNS TO 31 July 2018

The performance of the assets is likely to differ from that of any stock exchange index. A commonly used indicator of LIC performance is The Total Portfolio Return (TPR), which combines the change in value of the NTA per share with the dividends paid in the period. The resultant compound annual return is net of expenses and tax.

In the graph below, the TPR is compared with the Accumulation Return of the All Ordinaries Index (XAOAI) which is unaffected by expenses and tax.

16%

14%

12%

Percentperannum

10%

8%

6%

4%

2%

0%

MLT TPRXAOAI XAOAI

Before tax and expenses MLT TPR Net of tax and expenses

1 Year

14.91%

10.85%

8.42%

8.03%

9.38%

9.03%

9.42%

9.81%

8.79%

6.19%

7.33%

6.86%

3 Yrs (pa)

5 Yrs (pa)

10 Yrs (pa)

15 Yrs (pa)

20 Yrs (pa)