Hastings High Yield Fund : Net Tangible Asset Backing

Hastings Funds Management Limited ABN 27 058 693 388

AFSL No. 238309

Level 27, 35 Collins Street Melbourne VIC 3000 Australia T [phone]

F [phone]

www.hfm.com.au

Melbourne, London, New York, Sydney

ASX Announcement

Hastings High Yield Fund (HHY) Total pages: 1

14 January 2013

Notification of Net Tangible Asset backing

The unaudited Net Tangible Asset (NTA) backing of the Hastings High Yield Fund as at 31 December 2012 was $1.042 per unit after taking into account taxation on realised and unrealised gains where applicable and after provision for the cash distribution of $0.0175 cents per unit for the quarter ended 31 December 2012.
This figure reflects a net decrease in NTA backing, pre cash distribution, of 1.80 cents per unit from the 30
November 2012 figure. The decrease in NTA backing is primarily due to a negative fair value adjustment to the carrying value of HHY's equity investment in Hyne Timber during the month of December 2012. The adjustment to the carrying value of the Hyne Timber investment was a consequence of the continued financial underperformance of Hyne Timber for the year ended 30 June 2012. This underperformance was a result of the continued downturn in the residential construction industry and the strong Australian dollar, which resulted in a favourable environment for competing imported timber.

For further enquiries, please contact:

Ross Pritchard

Chief Operating Officer

Hastings High Yield Fund
Tel: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.hfm.com.au/asxlisted/funds/hhyf

Simon Ondaatje

Head of Investor Relations

Hastings Funds Management
Tel: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.hfm.com.au/asxlisted/funds/hhyf

Jefferson Petch

Company Secretary

Hastings Funds Management Limited

Unless otherwise stated, the information contained in this document is for informational purposes only. It does not constitute an offer of securities and should not be relied upon as financial advice. The information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. Before making an investment decision you should consider, with or without the assistance of a financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial circumstances. Neither Hastings, nor any of its related parties including Westpac Banking Corporation ABN 33 007 457 141, guarantees the repayment of capital or performance of any of the entities referred to in this document and past performance is no guarantee of future performance. Hastings, as the Manager or Trustee of various funds, is entitled to receive management and performance fees.