Chairmans Address to Shareholders - November 2024

• ECP portfolio delivered 32.2% return in FY2024, outperforming ASX Small Ordinaries Index by 25.8 percentage points
• Increased fully franked dividend by 5.9% to 5.4 cps, providing 4.2% yield
• Portfolio continues to outperform in FY2025 with 10.9% return vs 6.3% for ASX Small Ordinaries Index

The Chairman's address to shareholders of ECP Emerging Growth Ltd provides an overview of the company's performance in the 2024 financial year. The ECP portfolio delivered a positive return of 32.2%, outperforming the ASX Small Ordinaries Index by 25.8 percentage points. This adds to ECP's sustained long-term performance, which is 14.6% since inception, compared to the ASX Small Ordinaries Index at 2.9% per annum. The strong portfolio performance allowed the Board to increase the fully franked dividend by 5.9% to 5.4 cps, providing a 4.2% yield. In the current financial year, the portfolio continues to outperform, with a 10.9% return compared to 6.3% for the ASX Small Ordinaries Index. The Chairman acknowledges the economic uncertainties, including high inflation, tight labor market, and sustained high interest rates, but notes that the ECP portfolio contains quality growth companies with sustainable competitive advantages that can thrive in challenging times. The Chairman also congratulates the ECP Asset Management team for winning the Golden Bull Award at the 2024 Australian Fund Manager Awards, recognizing their expertise and dedication in driving ECP's investment performance.

ECP Emerging Growth Ltd's portfolio performance is positive 10.9% in the current financial year, compared to 6.3% for the ASX Small Ordinaries Index.

The Chairman notes that despite economic uncertainties, the ECP portfolio contains quality growth companies with sustainable competitive advantages that can thrive in challenging times, and the company is well-positioned to continue delivering superior investment performance over the long-term.