• ECP portfolio underperformed in FY2025 but has strong long-term track record
• Exploring investment in ECP Private Growth Fund to access pre-IPO opportunities
• Implementing a special dividend policy to release franking credits without shrinking total assets

The Chairman's Address begins by acknowledging that the ECP portfolio underperformed during the 2025 financial year, delivering a positive return of 2.4% which was 6.8 percentage points below the ASX Small Ordinaries Index Return of 9.2%. However, the Chairman emphasizes that this underperformance has little impact on the long-term track record of a positive 13.4% per annum since inception, compared to the ASX Small Ordinaries Index Return of 3.5% over the same period. The address then discusses the market backdrop of uncertainty and volatility, particularly in relation to the rise of Artificial Intelligence (AI) and the need to look past the hype to understand the competitive advantages being developed within businesses. The Chairman then outlines a proposal to ask shareholders to vote on a capital commitment in the ECP Private Growth Fund, which would allow ECP to invest in pre-IPO companies that demonstrate the high-quality metrics used in assessing listed equity investments. This is seen as a strategic move to give ECP a performance edge over the long term. The address also discusses the Board's focus on delivering value to shareholders, including through portfolio performance, capital management, dividend payments, and promoting ECP to attract investor interest. The Chairman acknowledges the persistent share price discount to ECP's NTA and the substantial franking credit balance accumulated, and proposes a unique dividend policy to release these franking credits without shrinking the company's total assets. The address concludes with the Chairman's appreciation for the Board and the ongoing support of shareholders and noteholders.