Hearts and Minds Investments

Registered Office and Share Registry Office


Hearts and Minds Investments Limited
c/- Boardroom Pty Limited
Level 8, 210 George Street Sydney NSW 2000
Telephone: 

Level 12, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Email: 

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HM1 Investor Hub

07 July 2025

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 04 July 2025 was:

Estimated Net Tangible Asset Backing Per Share1

04 Jul 2025

27 Jun 2025

Pre Tax NTA2

$3.76

$3.67

Post Current Tax NTA3

$3.67

$3.57

Post Tax NTA4

$3.47

$3.40

For and on behalf of the board,

Eryl Baron
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/tax benefit on operating profits/losses and on net realised gains/losses on the investment portfolio. 4Post tax NTA includes the
provision for tax/tax benefit on operating profits/losses, and a provision for tax/tax benefit on both net realised and unrealised gains/ 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

Hearts and Minds Investments Limited reports that its Net Tangible Asset (NTA) backing per share as of July 4, 2025, has shown favorable growth compared to the previous week. The Pre Tax NTA increased from $3.67 to $3.76, the Post Current Tax NTA increased from $3.57 to $3.67, and the Post Tax NTA increased from $3.40 to $3.47.

Please note that all figures are unaudited and indicative only. Pre tax NTA represents the company's NTA before the provision for current or deferred tax. Post current tax NTA includes a provision for tax on operating profits/losses and on net realized gains/losses on the investment portfolio. Post tax NTA includes the provision for tax on operating profits/losses, as well as on both net realized and unrealized gains/losses on the investment portfolio.

For further inquiries or clarifications regarding this announcement, feel free to reach out to us at ir@hm1.com.au or call us at 1300 737 760.

Your continued interest and support in Hearts and Minds Investments Limited are greatly appreciated.

Warm regards,
Eryl Baron
Company Secretary
Hearts and Minds Investments Limited

Hearts and Minds Investments Limited reports that its Net Tangible Asset (NTA) backing per share as of July 4, 2025, has shown favorable growth compared to the previous week. The Pre Tax NTA increased from $3.67 to $3.76, the Post Current Tax NTA increased from $3.57 to $3.67, and the Post Tax NTA increased from $3.40 to $3.47.

Please note that all figures are unaudited and indicative only. Pre tax NTA represents the company's NTA before the provision for current or deferred tax. Post current tax NTA includes a provision for tax on operating profits/losses and on net realized gains/losses on the investment portfolio. Post tax NTA includes the provision for tax on operating profits/losses, as well as on both net realized and unrealized gains/losses on the investment portfolio.

For further inquiries or clarifications regarding this announcement, feel free to reach out to us at ir@hm1.com.au or call us at 1300 737 760.

Your continued interest and support in Hearts and Minds Investments Limited are greatly appreciated.

Weekly NTA Estimate

Summary