Ann: Investment Report & NTA Update - October 2022, page-3

NAOS' most recent substantial holder notice for Gentrak was from 21 Oct (https://www.asx.com.au/asxpdf/20221021/pdf/45glcfrgf9gy3g.pdf), at which point NCC held a 0.03% interest in Gentrack. That would be valued at around $70K at the end of October, or only around 0.1% of the total NCC investment portfolio value. So I wouldn't expect the change in GTK share price in October would have a meaningful impact on NCC (around 0.05% addition to NTA).

The GTK share price increase will have had more of an impact on the NSC and NAC portfolios, which have GTK holdings that (according to my estimation) represented ~4% and ~19% of their portfolios respectively as at the end of October.