nta of 79 cents, page-4

Simon Durack the Company Secretary replied to my email.

"We refer to your email below and advise that Ferrous Resources Limited is a large unlisted Brazilian iron ore company. Hence, you will not be able to find any quoted share price for this stock.

Investments in unlisted stocks are initially entered into the investment portfolio at cost. However, at each reporting period end the value of such investments in the portfolio are subject to an impairment test in accordance with AIFRS, with any revised value accounted for in the portfolio. Ferrous remains a significant investment for the Fund."

Regards
P