Announcements and Reports from Carlton Investments

TOP THIRTY EQUITY INVESTMENTS
as at 31 December 2025

Entity Investment	Market Value $000's	% of Total
EVT Ltd	386,681	33.0%
National Australia Bank Ltd	93,127	7.9%
Commonwealth Bank of Australia	92,036	7.8%
Westpac Banking Corporation	71,140	6.1%
Wesfarmers Ltd	49,417	4.2%
BHP Group Ltd	44,221	3.8%
ANZ Group Holdings Ltd	43,112	3.7%
Telstra Group Ltd	27,114	2.3%
Rio Tinto Ltd	24,685	2.1%
Fortescue Ltd	20,645	1.8%
James Hardie Industries Plc	19,311	1.6%
Origin Energy Ltd	18,935	1.6%
AGL Energy Ltd	17,158	1.5%
Bank of Queensland Ltd	13,905	1.2%
Orica Ltd	13,200	1.1%
Coles Group Ltd	13,066	1.1%
Bendigo and Adelaide Bank Ltd	12,765	1.1%
Santos Ltd	11,663	1.0%
Woodside Energy Group Ltd	11,639	1.0%
Bluescope Steel Ltd	11,354	1.0%
Amcor Plc	11,127	0.9%
Gowing Brothers Ltd	10,813	0.9%
SGH Ltd	10,678	0.9%
APA Group	8,675	0.7%
South32 Ltd	8,222	0.7%
Perpetual Ltd	8,128	0.7%
Ansell Ltd	7,849	0.7%
Macquarie Group Ltd	6,108	0.5%
Ampol Ltd	5,546	0.5%
Woolworths Group Ltd	5,083	0.4%
Top 30 Largest Equity Investments	1,077,403	91.8%

TOTAL EQUITY INVESTMENTS	1,154,918	98.4%
TERM DEPOSITS & CASH	18,481	1.6%
TOTAL INVESTMENTS & CASH	1,173,339	100.0%

Investments updated each quarter