NTA & Top 25 Investments as at 30 September 2026

09/10/2026 08:30 NZDT, MKTUPDTE

Dear Sir / Madam

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

30 September 2026

Before Tax $7.82 Cum Div

After Tax $6.58 Cum Div

31 August 2026

Before Tax $8.06 Cum Div

After Tax $6.73 Cum Div

Both the August and September 2026 figures are before the provision of the first quarterly dividend of 6.75 cents per share and the special dividend of 2.5 cents per share which is payable on 12 November to shareholders on the register on 16 October 2026

*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 2026.

Yours faithfully

Matthew Rowe

Company Secretary

Release authorised by Company Secretary