Announcement PDF Monthly Investment Update at 30 June 2025 11 July 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 June 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, 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 at 30 June 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. Pre-Tax NTA $3.71 Post-Tax NTA $3.44 Portfolio Commentary Share Price $3.04 The HM1 portfolio rose by 4.6% in June, outperforming the MSCI World Accumulation Index (AUD), which gained 2%. Since inception, HM1 has delivered an annualised pre-tax investment return of 11.6% p.a. As at 30 June, the current annualised yield is 5.3%, fully franked. Investment Performance p.a. (ASX: HM1) (Since inception 14 Nov 2018) Latest Dividend During the month, as part of our regular manager engagement, we spoke with Core Fund Manager Caledonia to review their recommendations. As a result, we have added two new positions to the portfolio: Cameco (CCJ.NYSE) Cameco is a leading commercial nuclear fuel provider, with operations across the full fuel cycle and a strong presence in North America. The company is expected to benefit from increasing global demand for clean, scalable energy, particularly as nuclear power gains renewed policy and public support. Royalty Pharma (RPRX.NASDAQ) Royalty Pharma is the largest acquirer of pharmaceutical royalty streams, offering exposure to life sciences innovation through a diversified portfolio of incomegenerating assets. With strong cash flow and capital deployment flexibility, it is positioned for long-term value creation. (Half-yearly fully franked dividend paid 17 April 2025) 11.57% 8.0cps Annualised Dividend Yield1 5.3% (Fully franked) Cash Weighting 2% Profits Reserve2 62cps (at 31 Dec 2024) Available Franking Credits 3 (at 31 Dec 2024) Cumulative Medical Research Funding 35cps $78m These two new positions replaced Just Eat Takeaway and Liberty Media Formula One. We thank Caledonia for their ongoing support as a Core Fund Manager and look forward to seeing how these new portfolio holdings perform in the fund. You can learn more about these stocks here. 1Annualised fully franked dividend of 16.0cps divided by share price on 30 June 2025. 2Represents retained earnings that can be used to support future dividend payments. 3Represents the level of future dividends (expressed as cents per share) that can be fully franked. All figures as at 30 June 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 at 30 June 2025 HM1 Investment Performance Investment Performance 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance 4.56% 1.59% 25.52% 17.29% 11.57% MSCI World Accumulation (AUD) 2.00% 3.27% 18.56% 20.88% 14.89% 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. Dividends Dividend Payments Dividends – fully franked FY21 FY22 FY24 FY24 FY25 12.0cps 13.5cps 13.5cps 14.0cps 15.5cps Dividends are paid on a half-yearly basis. Please ensure your bank account details are up to date by logging into InvestorS erv e. Top 10 Core Portfolio Holdings Our top 10 holdings represents 42% of total portfolio holdings (in alphabetical order) Conference Portfolio Holdings Our conference holdings represents 33% of total portfolio holdings (in alphabetical order) All figures as at 30 June 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 at 30 June 2025 News from the HM1 Network A golden year for Wall Street’s Australian stock picker Matthew McLennan, Co-Head of the Global Value team of First Eagle Investments, will be joining the 2025 Sohn Hearts & Minds Conference lineup. Matthew is one of Australia's most successful fund managers on Wall Street, responsible for overseeing more than A$140 billion in assets at First Eagle Investments. Learn more in recent Australian Financial Review article here. Discover the next chapter for Guzman y Gomez Guzman y Gomez (ASX: GYG) has gone public, expanded rapidly and surpassed $1B in network sales. It is also one of TDM Growth Partners’ stock picks for the HM1 Core Portfolio. In a recent episode of Scaling Up hosted by TDM, Steven Marks (Founder of GYG) shares what it takes to lead through hypergrowth while staying true to the brand’s original vision. Listen to the episode here. Finding structural winners: Nick Griffin’s investment edge In a recent episode of Success and More Interesting Stuff hosted by Livewire Markets, Nick Griffin of Munro Partners (Core Fund Manager) shares how he grew Funds Under Management from $20 million to more than $5 billion. He also reveals the key signals he looks for in structural winners and what's next for AI, healthcare, and defence investing. Listen to the episode here. Does brain cancer communicate with neurons? Primary brain cancer affects nearly 2,000 Australians each year and tragically, remains incurable. On The Florey’s Brain Matters podcast, they unpack how neuroscience may help improve outcomes for those living with brain cancer. Guests include Professor Lucy Palmer, Professor Kate Drummond and Janet Micallef, who has been living with recurring brain tumours for over 40 years. Listen to the episode here. Bold ideas. Real impact. Live in Sydney this November. Sohn Hearts & Minds returns to Sydney on 14 November, unlocking bold ideas and exclusive insights in support of medical research. It’s a unique opportunity for shareholders to hear directly from the fund managers whose stock picks help shape 35% of the HM1 portfolio for the year ahead. Shareholders can access discounted tickets, email us at ir@hm1.com.au for details. Join us on 14 November in Sydney. 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 at 30 June 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.