Announcement PDF 18 September 2023 The Manager ASX Market Announcements ASX Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000 Hearts and Minds Investments Limited advises that its Net Tangible Asset (NTA) backing per share as at close of business (including offshore markets) on Friday 15 September 2023 was: Estimated Net Tangible Asset Backing Per Ordinary Share 1 Pre Tax NTA2 $2.92 Post Current Tax NTA3 $2.99 Post Tax NTA4 $2.97 The NTA figures above are inclusive of the recently announced fully franked dividend of 7 cents per share which has an ex-div date of 20 September 2023 and is payable on 19 October 2023. HM1 is pleased to offer investors access to its Dividend Reinvestment Plan (DRP). Please note elections are due by 5pm (AEDT) 25 September 2023 for those investors wishing to change from cash payment for the dividend to the DRP. Elections can be made by logging into their account at http://www.investorserve.com.au/ For and on behalf of the board, Tom Bloomfield Company Secretary 1 All figures are unaudited and indicative only. 2Pre tax NTA is the NTA of the company before the provision for current or deferred tax. 3Post current tax NTA includes a provision for tax on operating profits/losses and a provision for tax on realised gains and losses on the investment portfolio. 4Post tax NTA includes the provision for tax on operating profits, and a provision for tax on both realised and unrealised gains and losses on the investment portfolio. Hearts and Minds Investments Limited ACN 628 753 220 A: Suite 12.04A, Level 12, Chifley Tower, 2 Chifley Square, Sydney NSW 2000. | W: HM1.com.au | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600