NTA & Top 25 Investments as at 30 September 2025

MKTUPDTE

Fri, Oct 03 2025 12:25 pm

Dear Sir / Madam

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

30 September 2025
Before Tax $8.14
After Tax $6.82

31 August 2025
Before Tax $8.34
After Tax $6.95

*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 30 September 2025.

Yours faithfully

Andrew Porter
Company Secretary

Release authorised by Company Secretary.