Announcement PDF Monthly Investment Update at 30 April 2026 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 12 May 2026 The Manager ASX Market Announcements ASX Limited Exchange Centre Level 27, 39 Martin Place Sydney NSW 2000 Dear Shareholders, Please find attached Hearts and Minds Investments Limited’s April Investment Update. 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, Natalie Climo Company Secretary Monthly Investment Update at 30 April 2026 Pre-TaxNTA1 $3.31 Post-TaxNTA1 $3.12 Share Price (ASX: HM1) $2.92 Investment Performance p.a. (Since inception 14 Nov 2018) 9.43% Latest Dividend (Final fully franked paid 16 April 2026) 9.5cps Annualised Dividend Yield2 (Fully franked) 6.51% Cash Weighting 4% Cumulative Medical Research Funding3 $90.5m 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 up 4.3% for the month of April, marginally underperforming the MSCI World Accumulation Index (AUD), which was up 5.1%. Since inception, HM1 has delivered an annualised pre-tax investment return of 9.4% p.a. As at 30 April, the current annualised dividend yield is 6.5%, fully franked. Several holdings recorded strong moves in April, led by ACM Research (+31%) alongside gains in Amazon (+27%) and Steel Dynamics (+27%). Semiconductor exposure also contributed positively, with TSMC (+17%) and NVIDIA (+14%) up for the month (both remaining significant long- term winners since purchase). BlackLine (-16%) and DiDi Global (-11%) were the weakest performers over the period. With a lot happening in global energy markets, we spoke with Robert Mullin of Marathon Resource Advisors, who pitched SLB (SLB.NYSE) at the 2025 Sohn Hearts & Minds Conference. The stock is now up 55% since November. SLB is a global oilfield services and technology company supporting exploration, drilling and production across offshore and onshore energy markets. Read more insights here. 1 All figures are unaudited and indicative only. Hearts and Minds Investments Limited notes the significant market volatility, including in software stocks, and advises that it continues to carry Rokt Pte Ltd, its only unlisted stock, at the same value as at 31 December 2025. 2 Annualised fully franked dividend of 19.0cps divided by share price on 30 April 2026. 3 Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 30 April 2026 unless otherwise stated. Fund inception 14 Nov 2018. Disclaimer: This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE Services Limited (AFSL No. 563036). Monthly Investment Update at 30 April 2026 HM1 Investment Performance HM1 Investment Performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax. Inception 14 Nov 2018. Investment Performance 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance 4.31% -12.65% 5.88% 9.86% 9.43% MSCI World Accumulation (AUD) 5.10% -2.55% 15.47% 16.98% 14.20% Conference Portfolio Holdings Our conference holdings represents 30% of total portfolio holdings (in alphabetical order) All figures as at 30 April 2026 unless otherwise stated. Fund inception 14 Nov 2018. This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE Services Limited (AFSL No. 563036). Top 10 Core Portfolio Holdings Our top 10 holdings represents 47% of total portfolio holdings (in alphabetical order) Recent fully franked dividends The Board of HM1 has resolved to increase dividends by 0.5 cps every 6 months for the foreseeable future subject to there being no sustained period of investment market underperformance. For full dividend history visit our dividends page. Please ensure your bank account details are up to date by logging into InvestorServe. InterimFY24 Final FY24 InterimFY25 Final FY25 InterimFY26 Dividend Payments 7.0cps 7.5cps 8.0cps 9.0cps 9.5cps Monthly Investment Update at 30 April 2026 13 stock picks for an energy shock andan AI boom Core & Conference Fund Managers • Article • 5 minutes It’s a complex time for investors, balancing a major oil disruption with a powerful tech surge. Six experts share their tips, including Nick Griffin of Munro Partners (Core Fund Manager) and Vihari Ross of Antipodes Partners (Conference Fund Manager). You can read the article here. This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE Services Limited (AFSL No. 563036). News from the Network Guzman y Gomez: Steven Marks on growth, margins and the US market Core Portfolio Holding • Podcast • 11 minutes GYG founder is looking beyond short-term market pressure, with big plans for the chain's US expansion. Tune in as he discusses the challenge of cracking the US market, the role of drive-throughs and delivery, and the company's focus on food quality, speed and value. You can listen to the episode here. Murdoch Children's Research Institute (MCRI): Cracking the code on human blood stem cells Medical Research Partner • Article • 5 minutes Many thought it could never be done. Now, three scientists at MCRI, have achieved what’s described as one of the holy grails of stem cell science: creating a human blood stem cell. We’re proud to support MCRI and their research changing what’s possible, as nominated by Core Fund Manager, Munro Partners. You can read the story here. Relive Sohn Hearts & Minds 10th anniversary Last November, our 10th Sohn Hearts & Minds Conference took over the iconic Sydney Opera House. From bold investment ideas and macro insights to powerful medical research breakthroughs, it was a day that captured everything Hearts & Minds stands for — and celebrated ten years of impact along the way. You can watch the video and relive the highlights here. Monthly Investment Update at 30 April 2026 Conference Fund Managers Low-Bono Service Providers Core Fund Managers Designated Beneficiaries This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE Services Limited (AFSL No. 563036).