As at 31 December 2024, the Company’s investments delivered a total return of 9.9%1 and distributed a yield of 7.6% (incl. franking) since inception2 compared to the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) (‘Benchmark’) return of 9.9%1 and a yield of 5.3%1.
Income Maximiser Limited - ASX:PL8
PERFORMANCE AND COMPANY UPDATE
MONTHLY DIVIDENDS
During the month of January, the Board of Plato Income Maximiser Limited (ASX: PL8) resolved to pay three fully-franked dividends of $0.0055 per share payable in January, February and March 2025, which is a continuation of the level of dividends paid during the December 2024 quarter.
Portfolio Performance1
2Total return including franking credits. Distributed income including franking credits.
3Inception date 28th April 2017.
Company Snapshot
2Pre-tax NTA includes tax on realised gains or losses and other earnings, but excludes any provision for tax on unrealised gains or losses.
market overview
The Australian market fell 3.1% (including franking credits) in December as the Australian market retraced some of the gains of 2024 but still posted a healthy 2024 total return of 12.7%. The defensive sectors, Consumer Staples and Utilities rose slightly in the month as the market sought after safe-havens with the exception of Real Estate, which fell after an increase in U.S. bond yields. During 2024, we saw Technology (+48.5%) and Financials (+33.6%) stocks strongly outperform in contrast to Materials (-13.8%) and Energy (-13.6%) which fell over the year despite multiple short-lived China stimulus announcement driven rallies. Gold stocks were an area of strength within resources as central bank buying supported a 27% rise in the gold price. Growth stocks outperformed Value (as defined by MSCI) by nearly 16% in 2024, showing the benefits of holding a diversified portfolio with some exposure to growth stocks whilst still seeking excess income at a portfolio level.
The largest positive contributors to the Company’s performance during the month were overweight positions in Origin Energy and Technology One as well as underweight positions in BlueScope Steel, Seek and South32. However, overweight positions in Ventia Services, Northern Star and Car Group as well as underweight positions in Wesfarmers and Santos detracted from relative performance.
The Company remains actively positioned to seek superior income than the benchmark.
Companies mentioned are illustrative only and not a recommendation to buy or sell any particular security.
2Total return including franking credits.
3Distributed income including franking credits.
2Pre-tax NTA includes tax on realised gains or losses and other earnings, but excludes any provision for tax on unrealised gains or losses.
3Post-tax NTA includes tax on realised and unrealised gains or losses and other earnings.
PL8 Monthly Dividends
PL8 Share Price v NTA1,2
2Pre-tax NTA includes tax on realised gains or losses and other earnings, but excludes any provision for tax on unrealised gains or losses.
About the Fund Managers

DR PETER GARDNER
Senior Portfolio Manager
Peter is a founder of Plato and has fifteen years investment experience. Peter is a Senior Portfolio Manager at Plato and manages the Plato Australian Shares Income Fund.
Peter received 1st Class Honours and a PhD from The University of New South Wales where his thesis topic was behaviour of Australian active investment managers. He has previous worked at Macquarie Bank, Mercer and ING.

DR DON HAMSON
Managing Director
Don is the founding Managing Director of Plato Investment Management. He is well known as a leader in the practical application of after-tax investing.
Prior to forming Plato, Don was Head of Active Equities, Asia Pacific at State Street Global Advisors. Don has also held various positions at Westpac Investment Management, including Chief Investment Officer and Head of Equities where he managed a $1B Imputation Fund.
DISCLAIMER
Plato Investment Management Limited (‘Plato’) (ABN 77 120 730 136, AFSL 504616) is the investment manager of Plato Income Maximiser Limited (‘PL8’ or the ‘Company’) (ACN 616 746 215). PL8 is the issuer of the shares in the Company under the Offer Document. Any offer or sale of securities are made pursuant to definitive documentation, which describes the terms of the offer (‘Offer Document’) available at https://plato.com.au/lic-overview/ This communication is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this communication nor anything contained in it forms the basis of any contract or commitment. Prospective investors should consider the Offer Document in deciding whether to acquire securities under the offer. Prospective investors who want to acquire under the offer will need to complete an application form that is in or accompanies the Offer Document. The Offer Document is an important document that should be read in its entirety before deciding whether to participate in the offer. Prospective investors should rely only on information in the Offer Document and any supplementary or replacement document. Prospective investors should contact their professional advisers with any queries after reading the Offer Document. Any opinions or forecasts reflect the judgment and assumptions of Plato and its representatives on the basis of information at the date of publication and may later change without notice. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. This communication is for general information only. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice relevant to their particular circumstances, needs and investment objectives. Past performance is not a reliable indicator of future performance.
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“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)


“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)