Announcement PDF 15 January 2024 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 12 January 2024 was: Estimated Net Tangible Asset Backing Per Ordinary Share 1 Pre Tax NTA2 $2.93 Post Current Tax NTA3 $3.01 Post Tax NTA4 $2.95 For and on behalf of the board, Tom Bloomfield 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 on operating profits/losses and a provision for tax on realised gains and losses on the investment portfolio. 4Post tax NTA includes the provision for tax on operating profits, and a provision for tax on both realised and unrealised gains and 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