Announcement PDF Monthly Investment Update March 2025 11 April 2025 The Manager ASX Market Announcements ASX Limited Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000 Dear Shareholders, Please find attached Hearts and Minds Investments Limited’s March Investment Update. If you would like to receive these monthly investment updates via email please subscribe here. We invite you to join our interactive investor hub to discover the latest company announcements and engage with management. On this platform you can ask questions, share comments, and provide feedback. Sign up and join the conversation here. For and on behalf of the board, Eryl Baron Company Secretary Hearts and Minds Investments Limited ACN 628 753 220 A: 12.04A 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 Monthly Investment Update March 2025 Investment Objective Provide a concentrated portfolio of long-only positions in 25-35 global securities based on the highest conviction ideas from respected fund managers. The Company forgoes any investment fees and instead donates to leading Australian medical research organisations. Portfolio Commentary The HM1 portfolio was down 8.85% for the month compared to the MSCI World Index (AUD) down 5.19%. Since inception HM1 has delivered an annualised pre-tax investment return of 10.39%. The current annualised yield as at the end of March is 5.5% fully franked. Equity markets faced a challenging and volatile month in March, driven by the uncertainty surrounding U.S. trade policies, the absence of any government response and growing recessionary fears, all of which contributed to the risk-off sentiment. April, however, has been far worse and as we write this today, Trump’s trade policies have sent shockwaves around the globe and markets are in freefall. The risk of recession in the US has now risen considerably and there is no immediate Fed pivot to help whilst there are continued inflationary risks on the horizon. Pre-Tax NTA $3.37 Post-Tax NTA $3.20 Share Price $2.91 (ASX: HM1) Investment Performance p.a. (Since inception 14 Nov 2018) Latest Dividend (Half-yearly fully franked dividend payabl e 17 Apri l 2025) Annualised Dividend Yield1 (Fully franked) 8.0cps 5.5% Cash Weighting 5% Profits Reserve 62cps (At 31 Dec 2024) The March Fed meeting did offer some dovish signals as Chair Jerome Powell suggested that the impact of tariffs may be transitory although this was before the announcements of larger than expected moves in April. The Fed appears prepared to adopt a more accommodative monetary policy should labour conditions falter, albeit still in a reactive manner. 10.39% Available Franking Credits 2 (At 31 Dec 2024) Cumulative Medical Research Funding 35cps $78m As governments, central banks, households, businesses and markets assess the global impact of U.S. trade policy, it is likely that the cycle will weaken in the near term driving continued equity volatility and a possible spike in credit spreads. At this point neither Trump or the Fed is likely to alter course. During March we learned the results of the much-anticipated Phase 3 Opthea trials. Unfortunately, these did not meet expectations, and we have written down the investment to zero. Please read this more detailed explanation here. 1Annualised fully franked dividend of 16.0cps divided by share price on 31 March 2025. 2Represents the level of future dividends (expressed as cents per share) that can be fully franked. All figures as at 31 March 2025 unless otherwise stated. Fund inception 14 Nov 2018. This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future performance. Monthly Investment Update March 2025 HM1 Investment Performance 3 years per annum Since Inception per annum 11.84% 6.86% 10.39% 10.28% 12.60% 12.11% Investment Performance 1 month 6 months 1 year Investment Performance -8.85% 4.89% MSCI World Index (AUD) -5.19% 8.37% HM1 Investment Performance is calculated after expenses and before taxes. The comparator is the MSCI World price index in AUD . Inception 14 Nov 2018. Dividends Fully franked dividends since inception (cents per share) Half-yearly fully franked dividend dates Top 10 Core Portfolio Holdings Our top 10 holdings represents 50% of total portfolio holdings (in alphabetical order) Conference Portfolio Holdings Our conference holdings represents 25% of total portfolio holdings (in alphabetical order) All figures as at 31 March 2025 unless otherwise stated. Fund inception 14 Nov 2018. This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future performance. Monthly Investment Update March 2025 News from the HM1 Network 2024 Sohn Hearts & Minds Conference donates $1.4 million to South Australian Medical Research Our 2024 conference, held in Adelaide in partnership with the Government of South Australia, has contributed $1.4 million to three groundbreaking medical research projects based in Adelaide. This donation directly supports pioneering researchers driving medical innovation. Thank you to our community, supporters and attendees for making this possible. Learn more about the projects this will support here. Magellan’s take on Microsoft & Amazon: long-term growth ahead Alan Pullen of Magellan Financial Group shares insights with Livewire Markets on the recent dip in Microsoft and Amazon valuations—both HM1 portfolio holdings. Despite short-term volatility, Magellan remains confident in their long-term prospects. Read the insights on Livewire here. ‘Forever Chemicals’ found in human brains: what does this mean? Dr. Claire Shepherd, Director of NeuRA’s Sydney Brain Bank, spoke with Australian Broadcasting Corporation (ABC) Radio's Fran Kelly about new research detecting chemical contaminants in the human brain. These breakthrough findings raise important questions about potential links to neurodegenerative diseases. Listen to the conversation on ABC here. Geoff Wilson on market caution, banks, and Trump’s return In an interview with Livewire Markets, HM1 Board Director Geoff Wilson shares his outlook on markets, why he remains cautious, and his views on the recent surge in bank stocks. He also weighs in on index tracking risks and the potential impact of Trump’s return. Watch the interview here. Munro Partners’ Outlook: From semiconductors to structural winners After a standout 2024, Munro Partners (HM1 Core Fund Manager) is repositioning its portfolio, taking profits from semiconductor gains and increasing allocations to infrastructure, security, and energy. Kieran Moore of Munro discusses the firm’s strategy and AI-driven structural growth themes. View the article on Livewire here. Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited. Monthly Investment Update March 2025 Core Fund Managers Conference Fund Managers Designated Beneficiaries Low-Bono Service Providers Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited.