THORNEY TECHNOLOGIES LTD — Net Asset Value 2025

Apr 9, 2025

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----- Start of picture text ----- INVESTMENT UPDATE AND NTA REPORTMARCH 2025----- End of picture text -----

PORTFOLIO SNAPSHOT: NET TANGIBLE ASSET BACKING PER SHARE (NTA[1] )

NTA Current Month	Before Tax	After Tax2
31 March 2025	22.6 cents	25.7 cents
NTA Previous Month	Before Tax	After Tax2
28 February 2025	24.6 cents	27.7 cents

¹ Figures are unaudited and approximate.

2 After Tax NTA includes the effect of a deferred tax asset.

INVESTMENT PERFORMANCE[*]

KEY ASX INFORMATION (AS AT 31 MARCH 2025)

ASX Code TEK Structure Listed Investment Company Inception Date January 2017 Market Capitalisation $49.1 million Share Price 13.0 cents Shares on Issue 377,833,019 Management Fee 0.75% half yearly Performance Fee 20% of net portfolio increase over high water mark base half year Manager Thorney Investment Group

As at 31 March 20251 Month1 Year3 YearPaSince Inceptionpa	As at 31 March 20251 Month1 Year3 YearPaSince Inceptionpa	As at 31 March 20251 Month1 Year3 YearPaSince Inceptionpa	As at 31 March 20251 Month1 Year3 YearPaSince Inceptionpa	As at 31 March 20251 Month1 Year3 YearPaSince Inceptionpa
TEK investment portfolio	-8.13%	-6.22%	-15.85%	1.05%
S&P Small Ordinaries Accum. Index (XSOAI.ASX)	-3.60%	-1.26%	-0.81%	7.11%
Performance versus Index	-4.53%	-4.96%	-15.04%	-6.06%

*Investment performance is calculated on a before-tax basis and after accrued management fees.

TEK SECURITIES

LISTED SECURITIES	UNLISTED SECURITIES
RankCompanyTicker% of TotalPortfolio	RankCompany% of TotalPortfolio
1Avita MedicalAVH.ASX4.9	1Mosh2.8
2Credit ClearCCR.ASX4.5	2Nexdius2.6
3Clarity PharmaceuticalsCU6.ASX3.3	3Splitit Payments2.6
4Imricor Medical Systems IMR.ASX2.8	4Elenium2.3
5Doctor Care AnywhereDOC.ASX2.6	5360 Capital Fibreconx2.2

ALLOCATION OF INVESTMENTS

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----- Start of picture text ----- 63%2%CASH BALANCE AND AVAILABLE FACILITIES----- End of picture text -----

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----- Start of picture text ----- 35%----- End of picture text -----

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Listed securities Unlisted securities Cash

• Cash held short-term with the major banks: $1.3 million

• Prime broker facilities available: undrawn as at 31 March 2025

THORNEY TECHNOLOGIES LTD | Level 45, 55 Collins St. Melbourne VIC 3000 Australia | ABN: 66 096 782 188

OVERVIEW

• The TEK pre-tax NTA as at 31 March 2025 was 22.6 cps compared to 24.6 cps as at 28 February 2025.

• During the period, the TEK NTA was dragged down by negative performance from Clarity Pharmaceuticals Limited, Credit Clear Limited, Mesoblast Limited, and Banxa Holdings Limited. This negative performance was slightly offset by positive contributions from Doctor Care Anywhere Limited and Yojee Limited.

• During the month, TEK paused its on-market share buyback to preserve cash for future deployment. The current on-market share buyback expires on 23 October 2025.

• As at 31 March 2025, Thorney’s shareholding in TEK was 27.6%.

CHAIRMAN’S COMMENTS

“During March, the value of TEK’s portfolio was slightly down, reflecting the effects of the general negative sentiment in global markets.

The current mood has been driven by concerns around the outlook for global economic growth and inflationary risks, exacerbated by the potential effects of a new tariff framework announced by the Trump Administration in early April. The initial impact on markets has been profoundly negative as markets attempt to reconcile the broader economic effects on global trade and historical trading relationships.

It was pleasing to see one of TEK’s unlisted investments, eToro, a world-leading social and multi-asset trading platform, filing its documents to pursue an IPO on the Nasdaq Global Select Market during April 2025. Given the current market environment, the exact timing of this process is still to be confirmed.

TEK’s portfolio is unlikely to be immune from current market volatility. We will continue to watch closely for investment opportunities to emerge and remain confident in the medium to long term outlook for the portfolio.

With TEK having paused the buyback in March, I have indicated an intention to buy TEK shares on-market via Thorney Investment Group and have recently increased Thorney’s shareholding to 27.6%.

INVESTMENT PHILOSOPHY

TEK seeks to identify early-stage companies with new and disruptive technology and business models, investing in a broad range of areas of technology, such as fin-tech, e- commerce, education, agriculture, medical, telecommunication, robotics and AI.

CONTACT

Craig Smith - Company Secretary E: craig.smith@thorney.com.au T: + 61 3 9921 7116

INVESTMENT OBJECTIVES

• Deploy investment capital into listed and unlisted technology companies

• Producing absolute returns for shareholders over the medium to long-term

ABOUT THORNEY TECHNOLOGIES

Thorney Technologies Ltd (TEK) is an ASX-listed investment company (LIC), with a broad mandate to invest in technologyrelated investments at all phases of the investment lifecycle. As well, TEK seeks to identify early-stage companies with new and disruptive technology and business models and invests in a broad range of areas of technology, such as fin-tech, e-commerce, education, agriculture, medical, telecommunication, robotics and AI. High quality deal flow is generated via our networks established in Australia, Israel and USA for investment opportunities in both listed and unlisted entities.

TEK is managed by the privately owned Thorney Investment Group pursuant to a long-term investment management agreement. You can invest in TEK by purchasing shares on the Australian Securities Exchange (ASX). For more information visit: https://thorney.com.au/thorney-technologies/

This monthly report has been prepared by Thorney Management Services Pty Ltd (TMS) ABN 88 164 880 148, AFSL 444369. TMS is the investment manager of Thorney Technologies Ltd (TEK or Company) ACN 096 782 188. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. This information does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of the Company’s securities. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. References to securities in this publication are for illustrative purposes only and are not recommendations and the securities may or may not be currently held by the Company. Past performance is not indicative of future performance. This information is believed to be accurate at the time of compilation and is provided in good faith. No company in the Thorney Investment Group (Thorney Investment Group Australia Limited ABN 37 117 488 892 and its subsidiaries including TMS) nor the Company guarantees the performance of the Company or the return of an investor’s capital.

Investment Update and NTA Report | March 2025 2