OPHIR HIGH CONVICTION FUND — Net Asset Value 2025

Jul 6, 2025

7[th] July 2025

==> picture [114 x 36] intentionally omitted <==

Ophir High Conviction Fund (ASX:OPH) – Investor Update

Dear Investor,

On 7[th] July 2025, we will be providing a video update on our Funds, including the Ophir High Conviction (ASX:OPH, “the Fund”).

1. Market insights & Fund performance*

In June, global stock markets proved remarkably resilient in June providing solid returns. The ASX 200 and ASX Small Ordinaries gaining +1.4% and +0.9%, respectively.

For the month ending 30 June 2025, the Net Asset Value (NAV) of the Fund retreated marginally at -0.3% (net of fees), underperforming the benchmark, which gained +0.8%. The OPH ASX price fell -0.9% over the month.

*We note past performance is not a reliable indicator of future performance.

2. Stocks in Focus

Top contributor

Service Stream (ASX: SSM) – The stock gained +9.4% over the month after the company secured a $440m AUD agreement with the National Broadband Network (NBN) for future network upgrades. We remain confident in its long-term growth prospects.

Top detractor

Ora Banda (ASX: OBM) – The stock fell -33.2% over the month after Ora Banda reduced their FY25 guidance, with full year production expected to be lower due to plant downtime for upgrades to be completed.

3. OPH trading at a discount

We note the OPH share price traded at a discount to its Net Tangible Asset per share (NTA) for June 2025.

We like the opportunity to buy low throughout the cycle, whether that is stocks in our own Funds, or OPH itself with our own personal investments.

4. OPH buy-back facility

We commenced utilising the buy-back facility for OPH during March 2020 as markets sold off during the early stages of COVID-19. The buyback facility was rolled for another 12 months on the 9[th] January 2025, and we will continue to utilise this where we see good value on offer in the OPH unit price. We have a process and rules in place for when we use the facility in the market to buy back OPH units. We remain committed to this facility and process and will continue to use this mechanism where we believe it is in the best interests of all unitholders and accretive to performance of the Fund over the long term.

Ophir Asset Management Level 27, Governor Phillip Tower One Farrer Place SYDNEY NSW 2000 ophiram.com

We remain as hard working as ever to find and allocate to those small and mid-cap businesses listed in Australia that we believe can significantly grow earnings and provide attractive risk-adjusted returns over the medium to long term.

Your sincerely,

==> picture [126 x 50] intentionally omitted <==

==> picture [157 x 45] intentionally omitted <==

Andrew Mitchell & Steven Ng

Co-Founders & Senior Portfolio Managers Ophir Asset Management

For further information, please contact: Brendan Carrig Chief Executive Ophir Asset Management brendan.carrig@ophiram.com

We note past performance is not a reliable indicator of future performance.

This information has been prepared by Ophir Asset Management (ABN: 88 156 146 717, AFSL 420082) the Investment Manager of the Ophir High Conviction Fund and is authorised for release by The Trust Company (RE Services) Limited (ABN: 45 003 278 831, AFSL 235 150) as responsible entity and the issuer of units in the Trust. It is general information only and is not intended to provide you with financial advice and has been prepared without taking into account your objectives, financial situation or needs. You should consider the product disclosure statement (and any ASX Announcements) prior to making any investment decisions. If you require financial advice that takes into account your personal objectives, financial situation or needs, you should consult your licensed or authorised financial adviser. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. The PDS and target market determination can be obtained by calling +612 8188 0397 or visiting our website ophiram.com.au.

The Trust Company (RE Services) Limited (Level 18, 123 Pitt St, Sydney, NSW, 2000) is a part of the Perpetual group of companies. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital.

Ophir Asset Management Level 27, Governor Phillip Tower One Farrer Place SYDNEY NSW 2000 ophiram.com