NTA & Top 25 Investments as at 28 February 2023

6 March 2023 Dear Sir/Madam Monthly Net Tangible Asset Backing Per Share and Top 25 Investments. 28 February 2023 Ex Div Before Tax $7.09 After Tax $5.99 31 January 2023 Cum Div Before Tax $7.35 After Tax $6.19 All amounts in $AUD. The February 2023 figures are after the payment of the interim dividend of 11 cents per share and the January 2023 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. Attached is a list of the Company's Top 25 Investments as at 28 February 2023. Yours faithfully Matthew Rowe Company Secretary Release authorised by Company Secretary End CA:00407881 For:AFI Type:MKTUPDTE Time:2023-03-06 13:44:07