Announcement PDF Monthly Investment Update at 31 May 2026 Hearts and Minds Investments Limited ACN 628 753 220 A: 12.04A Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600 11 June 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 May 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 31 May 2026 Pre-Tax NTA1 $3.52 Post-Tax NTA1 $3.28 Share Price (ASX: HM1) $2.85 Investment Performance p.a. (Since inception 14 Nov 2018) 10.25% Latest Dividend (Final fully franked paid 16 April 2026) 9.5cps Annualised Dividend Yield2 (Fully franked) 6.67% Cash Weighting 1% 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 6.7% in May, outperforming the MSCI World Accumulation Index (AUD), which rose 4.5%. Since inception, HM1 has delivered an annualised pre-tax investment return of 10.2% p.a. As at 31 May, the current annualised dividend yield is 6.7%, fully franked. Several holdings recorded strong gains in May, led by ACM Research (+67%), alongside Morimatsu International (+32%) and Monday.com (+27%). Steel Dynamics (+14%), adidas (+13%) and Royalty Pharma (+11%) also contributed positively. Brookdale Senior Living (-10%) and Zillow Group (-21%) were the weakest performers during the month. We recently added a new stock to the portfolio, Contemporary Amperex Technology (3750.HK), recommended by Munro Partners, which is up 18% since purchase in May. Contemporary Amperex Technology (CATL) is the world's largest battery cell manufacturer, holding around 39% global market share in 2025. The company operates a vertically integrated model spanning mining, processing, R&D and production. It is a key supplier to the electric vehicle industry, serving nine of the world's top 10 manufacturers, and is a leader in lithium iron phosphate (LFP) batteries, which are gaining market share due to their lower cost and stronger safety profile. More insights from Munro Partners 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 31 May 2026. 3 Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 31 May 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 31 May 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 6.68% -1.20% 5.64% 12.80% 10.25% MSCI World Accumulation (AUD) 4.50% 1.72% 14.38% 18.16% 14.70% Conference Portfolio Holdings Our conference holdings represents 35% of total portfolio holdings (in alphabetical order) All figures as at 31 May 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 45% 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 31 May 2026 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 Stock Spotlight | Contemporary Amperex Technology Stock Spotlight • Article • 4 minutes Contemporary Amperex Technology (3750.HK) has recently been added to the HM1 portfolio, following a recommendation from Munro Partners. It’s the world's largest battery cell manufacturer, and a key supplier to the electric vehicle industry. Learn more about the stock here. Finding the edge: data, AI and active investing Core Fund Manager • Podcast •31 minutes Markets are moving faster than ever. AI is changing how investment managers research, analyse and ultimately make decisions. Hear from Magellan Investment Partners as they unpack the evolution of AI and explain why human judgement remains critical. You can listen to the conversation here. Researchers closer to treatment breakthrough for rare brain disease Medical Research Partner •Article • 8 minutes Dr Eleanor Drummond, who recently presented her research at the 2025 Sohn Hearts & Minds Conference, is making important discoveries that could help pave the way for future treatments for Progressive Supranuclear Palsy, a rare brain disease. We're proud to support this ongoing work, as nominated by TDM Growth Partners. You can learn more on TDM Growth Partners website here. Munro Partners’ Nick Griffin on picking the few winners and avoiding the losers in global equities Core Fund Manager • Video • 7 minutes Nick Griffin of Munro Partners explains why the stock market is not the economy, outlines the key characteristics his team looks for in identifying long-term winners, and discusses the structural themes providing the strongest tailwinds today. You can watch the video here. Monthly Investment Update at 31 May 2026 Conference Fund Managers Pro Bono Service Providers Core Fund Managers Supporting World Leading Australian Medical Research 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). A Portfolio Powered by the Bright Minds of Global Investing