NTA & Top 25 Investments as at 28 February 2026

06/03/2026 16:54 NZDT, MKTUPDTE

Dear Sir / Madam

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

28 February 2026

Before Tax $8.09 Ex Div

After Tax $6.77 Ex Div

31 January 2026

Before Tax $8.00 Cum Div

After Tax $6.74 Cum Div

The February 2026 figures are after the provision of the interim dividend of 12.0 cents and the special dividend of 2.5 cents per share and the January 2026 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 28 February 2026.

Yours faithfully

Matthew Rowe

Company Secretary

Release authorised by Company Secretary.