THORNEY TECHNOLOGIES LTD — Net Asset Value 2025

Mar 12, 2025

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

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

NTA Current Month	Before Tax	After Tax2
28 February 2025	24.6 cents	27.7 cents
NTA Previous Month	Before Tax	After Tax2
31 January 2025	25.6 cents	28.7 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 28 FEBRUARY 2025)

ASX Code TEK Structure Listed Investment Company Inception Date January 2017 Market Capitalisation $51.1 million Share Price 13.5 cents Shares on Issue 378,333,019 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 28 February 20251 Month1 Year3 YearPaSince Inceptionpa	As at 28 February 20251 Month1 Year3 YearPaSince Inceptionpa	As at 28 February 20251 Month1 Year3 YearPaSince Inceptionpa	As at 28 February 20251 Month1 Year3 YearPaSince Inceptionpa	As at 28 February 20251 Month1 Year3 YearPaSince Inceptionpa
TEK investment portfolio	-3.91%	0.41%	-14.86%	2.24%
S&P Small Ordinaries Accum. Index (XSOAI.ASX)	-2.80%	7.33%	2.18%	7.91%
Performance versus Index	-1.11%	-6.92%	-17.04%	-5.67%

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

TEK SECURITIES

LISTED SECURITIES	UNLISTED SECURITIES
RankCompanyCode% of TotalPortfolio	RankCompany% of TotalPortfolio
1Clarity PharmaceuticalsCU6.ASX4.8	1Mosh2.6
2Credit ClearCCR.ASX4.8	2Nexdius2.4
3Avita MedicalAVH.ASX4.7	3Splitit Payments2.4
4MesoblastMSB.ASX2.9	4Elenium2.1
5Imricor Medical Systems IMR.ASX2.9	5360 Capital2.0

ALLOCATION OF INVESTMENTS

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Listed securities Unlisted securities Cash

CASH BALANCE AND AVAILABLE FACILITIES

• Cash held short-term with the major banks: $3.1 million

• Prime broker facilities available: undrawn as at 28 February 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 28 February 2025 was 24.6 cps compared to 25.6 cps as at 31 January 2024.

• Within the listed investment portfolio, some of the recent positive movers were negative contributors during the period, including Calix Limited, Credit Clear Limited, Mesoblast Limited and Brainchip Holdings Limited. This negative performance was slightly offset by positive contributions from Spacetalk Limited, Cluey Limited, and Envirosuite Limited.

• Envirosuite Limited received a non-binding, conditional and indicative proposal, announced by the company on 25 February 2025, to acquire 100% of the securities for cash consideration of $0.10 per share. This indicative proposal represents a 120% premium to the volume-weighted average price of Envirosuite’s shares for the one month prior to the announcement.

• This proposal represents an example of the inherent value embedded within the TEK investment portfolio. TEK will continue to monitor the process closely.

• During the month TEK purchased 3,253,892 shares under its on-market share buyback at an average price of 13.5 cps. The current on-market share buyback expires on 23 October 2025 however, TEK has paused the buyback program in March, pending a further assessment of the market volatility and emerging opportunities. Independently, the Chairman has indicated an intention to buy TEK shares on-market.

• TEK released its Appendix 4D and 2025 Half Year Accounts on 25 February 2025.

CHAIRMAN’S COMMENTS

“During the February reporting period, the value of TEK’s portfolio was slightly down.

The current negative sentiment being witnessed in global markets is being driven by uncertainty around the potential effects of the geopolitical environment as well as the other global trade and economic policy measures. TEK is watching closely and assessing the portfolio for where opportunities may arise.

TEK is assessing the half year reports for all its portfolio companies, meeting with management and being active in conversations where change may be required.

With TEK having paused the buyback in March, I have indicated an intention to buy TEK shares on-market via Thorney Investment Group.

INVESTMENT PHILOSOPHY

CONTACT

TEK seeks to identify early-stage companies with new and Craig Smith - Company Secretary disruptive technology and business models, investing in a E: craig.smith@thorney.com.au broad range of areas of technology, such as fin-tech, e- T: + 61 3 9921 7116 commerce, education, agriculture, medical, telecommunication, robotics and AI.

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 | February 2025 2