NTA & Top 25 Investments as at 31 August 2025

MKTUPDTE

Thu, Sep 04 2025 08:30 am

Dear Sir / Madam

Monthly Net Tangible Asset Backing Per Share and Top 25 Investments.

31 August 2025
Before Tax $8.34 Ex Div
After Tax $6.95 Ex Div

31 July 2025
Before Tax $8.51 Cum Div
After Tax $7.10 Cum Div

The August 2025 figures are after the provision of the final dividend of 14.5 cents per share and the special dividend of 5 cents per share, and the July 2025 figures are before the provision for the dividend.

*The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long term investor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses.

All figures in $AUD.

Attached is a list of the Company’s Top 25 Investments as at 31 August 2025.

Yours faithfully

Matthew Rowe
Company Secretary

Release authorised by Company Secretary.