NTA & Top 25 Investments as at 31 January 2024

Dear Sir/Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments. 31 January 2024 Before Tax $7.74 After Tax $6.49 31 December 2023 Before Tax $7.62 After Tax $6.40 All amounts in $AUD. The Net Tangible Asset Backing per Share for both 31 December 2023 and 31 January 2024 are before the provision for the interim dividend of 11.5 cents per share. * 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. These figures are subject to external review by the auditors. Attached is a list of the Company's Top 25 Investments as at 31 January 2024. Yours faithfully Matthew Rowe Company Secretary Release authorised by Company Secretary End CA:00425764 For:AFI Type:MKTUPDTE Time:2024-02-07 08:30:09