BENJAMIN HORNIGOLD LIMITED — Net Asset Value 2026

Jan 13, 2026

Benjamin Hornigold Ltd ACN 614 854 045

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ASX Announcement (ASX: BHD)

14 January 2026

NET TANGIBLE ASSETS

Gross portfolio return for this month was positive 0.92%

Net Tangible Assets

Benjamin Hornigold Limited (Company or BHD) advised that the company’s monthly unaudited Net Tangible Asset (NTA) per share in cents is:

	31	December 2025
		Cents
NTA before tax(1)		26.68

(1) the NTA excludes 11 cents per share of estimated unrecognised deferred tax assets (comprised of prior years’ and current year’s tax losses at 25%).

ENDS

Michael Glennon

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Chairman / Company Secretary Benjamin Hornigold Ltd

Tel: 02 8117 8123

Email: cosec@bhdlimited.com.au

http://www.bhdlimited.com.au Benjamin Hornigold Ltd ABN 62 614 854 045

Suite 20.01 Level 20, 133-145 Castlereagh Street, Sydney, NSW 2000 Postal Address: PO Box 760, Manly, NSW 1655 Tel: 02 8117 8123

INVESTMENT STRATEGY

It is our intention to continue to maintain a wide mandate and we remain of the view that the ongoing volatility requires our investment focus to be flexible. To date, we have been gradual in allocating funds to investments to ensure capital preservation. The primary strategies we have targeted are;

• Discount Capture – The Company aims to take advantage of large discounts to NTA among Listed Investment Companies.

• Arbitrage – Typically companies in the later stages of a takeover providing shorter term trade opportunities to benefit from lower risk arbitrage trades. Depending on our view of the stock, we may look to short stocks* in order to hedge out risk or retain the underlying market exposure.

• Deep Value Investments – Overlooked and out of favour investments where we expect an eventual re-rating of the share price.

• Event Driven – Our preference has been to take a position with an expected Event leading to an increase in the share price

Our expectation in the current climate is to continue to focus on these strategies. The Company’s investment style is best described as Opportunistic with the aim of providing an absolute return.

Ongoing Litigation

The loans to John Bridgeman Ltd (JBL) and JB Financial Group Pty Ltd remain outstanding. Although both companies’ ability to repay these loans looks questionable, a recovery for BHD would provide a significant uplift to shareholders. As a result, we have continued to pursue the outstanding debts.

The announcement on the 11[th] September 2023 provides details on proceedings in recovering these debts. The Court timetable can be viewed here.

The final court hearing is expected to occur in July 2026.

At the December hearing, a non party costs order was made against Peter Aardoom in our favour for a total of $30,049.

http://www.bhdlimited.com.au Benjamin Hornigold Ltd ABN 62 614 854 045

Suite 20.01 Level 20, 133-145 Castlereagh Street, Sydney, NSW 2000 Postal Address: PO Box 760, Manly, NSW 1655 Tel: 02 8117 8123

Significant Holdings

Allocation	Holding	Strategy/	Investment Summary
(%)		Rationale
21.61%	Cordish Dixon	Deep Value/	Maturing Private Equity funds managed by
	Funds I, II, III	Discount	the experienced and well respected Cordish
		Capture	Family Office.
			We have accumulated a position at large
			discounts to NTA. These funds are now
			maturing and distributing proceeds.
11.61%	Vanguard	Broad Market	Low cost exposure to the ASX
	Australian Shares	exposure
	Index ETF
8.96%	Navigator Global	Deep Value	NGI holds strategic investments in diversified
	Investments		alternative asset managers
3.92%	Humm Group Ltd	Deep Value	Profitable non-bank lender trading below
			book value

We have highlighted some of our larger investments to provide investors with some insight into the current drivers of performance. Investors should note that there may be other large holdings that remain undisclosed

Elanor Investors Group was suspended from trading on the 23[rd] August 2024 whilst refinancing their debt. In light of the continued suspension we have reduced the carrying value to nil until it returns to trade.

http://www.bhdlimited.com.au

Benjamin Hornigold Ltd ABN 62 614 854 045

Suite 20.01 Level 20, 133-145 Castlereagh Street, Sydney, NSW 2000 Postal Address: PO Box 760, Manly, NSW 1655 Tel: 02 8117 8123