IRONBARK BALANCED INCOME LIMITED — Net Asset Value 2021

Nov 4, 2021

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ABN 89 008 108 227

5 November 2021

The Manager,

ASX Market Announcements

Australian Securities Exchange Limited, Sydney NSW 2000

Estimated NTA for On-Market Buy-Back

As indicated at the 2020 AGM, Ironbark Capital Limited will provide the estimated net tangible asset backing per ordinary share (NTA) excluding net deferred tax asset, on a daily basis during the buy-back period.

The estimated NTA excluding the net deferred tax asset at close of business on 4 November 2021 is $0.5355.

Jill Brewster

Company Secretary

Ironbark Capital Limited Suite 607, 180 Ocean Street, Edgecliff NSW 2027 Telephone (02) 8917 0399 Fax (02) 8917 0377 www.ironbarkcapital.com