NTA & Top 25 Investments as at 28 February 2025

Dear Sir / Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments. 28 February 2025 Before Tax $8.04 Ex Div After Tax $6.73 Ex Div 31 January 2025 Before Tax $8.55 Cum Div After Tax $7.10 Cum Div *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. The February 2025 figures are after the payment of the interim dividend of 12.0 cents per share and the January 2025 figures are before the provision for the dividend. All figures in $AUD. Attached is a list of the Company’s Top 25 Investments as at 28 February 2025. Yours faithfully Matthew Rowe Company Secretary Release authorised by Company Secretary.