Announcement PDF The Hearts and Minds Investments Limited (ASX:HM1) Board of Directors declared an increased final fully franked dividend of 10.0 cents per share payable in October 2026. The Board intends to continue to pay fully franked dividends to shareholders subject to sufficient profit reserves and franking balance. Post-tax net tangible assets (‘NTA’) reduced from $3.44 per share on 30 June 2025 to $3.38 on 30 June 2026, reflecting the mixed performance over the year which saw returns on the portfolio slightly below the dividends paid. The discount to post-tax NTA has stabilised at 12.7%. This result, combined with dividends of 18.5 cents per share, delivered a total shareholder return of 3.1% for FY26. The Board is committed to narrowing the share price discount to HM1’s NTA per share. HM1 Investment Performance is calculated after expenses and before all taxes. Inception was 14 November 2018. Annualised fully franked dividend of 20.0cps divided by share price on 30 June 2026. All figures as of 30 June 2026 unless otherwise stated. This announcement has been authorised by the Board of Hearts and Minds Investments Limited. # hm1.com.au 10.0cps Increased final fully franked dividend 6.8% Annualised fully franked dividend yield# Investment performance since inception (Nov 2018) +10.7% PER ANNUM $96.1m Collectively with Sohn Hearts & Minds since 2016 Hearts and Minds Investments Limited increases fully franked dividend to 10.0cps Portfolio Highlights The financial year ended 30 June 2026 was marked by strong equity market performance despite periods of significant volatility largely driven by geopolitical events. Returns broadened beyond the US, with particularly strong performance from parts of Asia and Europe, with the AI infrastructure related businesses leading the way. There was significant underperformance in the stocks seen as AI losers and the software sector was hit particularly hard. Against this backdrop, the HM1 investment portfolio delivered 5.2% (pre-tax) for the year ended 30 June 2026. Since inception, HM1 has achieved a compound annual pre-tax return of 10.7%. HM1 is currently working closely with Plato Asset Management to significantly enhance its investment risk management process. This includes incorporating Plato's red flag analysis to exclude stocks with significant current or historical issues, strengthening the discipline and quality behind HM1's stock selection. The proprietary system examines each stock across more than 150 categories encapsulating forensic accounting, governance, remuneration, management behaviour and several other factors. We will communicate more detail on this process in the coming months. We are grateful to Plato for generously sharing their propriety system with HM1 and being part of our mission to generate strong investment performance whilst funding medical research. HM1’s portfolio typically comprises between 25 to 30 global stocks, reflecting the high conviction recommendations of our selected Core Fund Managers and Conference Fund Managers. The Core Portfolio had mixed performance in FY26 with some large share price gains in several of our holdings, namely TSMC, Royalty Pharma, Cameco, Nvidia and CK Hutchison, offset by large falls in Zillow, SAP, Microsoft and Guzman y Gomez. In September 2025, HM1 welcomed Prusik Investment Management, the first offshore-based Core Fund Manager, enhancing the portfolio's global diversification. Prusik has had a great start, performing strongly in its first year and playing an active role in communicating with the CIO of HM1. The Conference Portfolio has performed well over the year. Similarly to the Core Portfolio there were some large moves in both directions. The top performer, up 283% since purchase, was ACM Research pitched by Beeneet Kothari of Tekne Capital Management. Also performing strongly were Brookdale Senior Living (Vihari Ross from Antipodes) and Steel Dynamics (Peter Rutter from Life Cycle Investment Partners). These wins were somewhat offset by weakness in Monday.com and Blackline. Results Announcement 9 September 2026 10 September 2026 14 September 2026 15 October 2026 Ex-dividend date: Record date: DRP election date: Payment date: Philanthropic Purpose In line with its philanthropic objective, HM1 provides financial contributions equivalent to 1.5% of NTA per annum to leading Australian medical research organisations to fund the development of new medicines and treatments and to drive a new generation of medical research in Australia. This is effectively funded by HM1’s participating fund managers, its Board of Directors and Committees all working on a pro bono basis. In FY26, we were able to donate $11.4 million to our designated Australian medical research partners and increase our accrual for future donations by $0.1 million from $8.2 million to $8.3 million. Since the first Sohn Hearts & Minds Conference in 2016, HM1 and the conference have collectively donated $96.1 million to pioneering research across cardiovascular disease, neurodegenerative conditions, diabetes, genomics, immunotherapies and paediatric medicine. We extend our gratitude to our Core and Conference Fund Managers for their invaluable insights and continued generosity. We also thank our Board and Investment Committee who continue to offer their services pro bono, alongside our service providers who work with us on a pro bono or highly discounted basis to help us maximise our philanthropic impact. And to our shareholders, thank you for your trust and ongoing support of HM1’s unique model. We remain focused on delivering investment performance and enduring social impact. For further information on Hearts and Minds Investments Limited and view the Annual Report to 30 June 2026, please visit hm1.com.au. All figures as at 30 June 2026 unless otherwise stated. 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 Limited (AFSL No. 563036). This announcement has been authorised by the Board of Hearts and Minds Investments Limited. Fully franked dividends since inception Fully franked dividend dates Latest dividend payable 15 October 2026 10.0cps *The Board of HM1 intends to continue to pay fully franked dividends to shareholders subject to sufficient profit reserves and franking balance. **Prior to FY24, HM1 paid dividends annually. The dividend in April 2023 was 13.5cps. For the purposes of this chart, we have allocated 7.0cps to the FY23 financial year. Dividends prior to FY23 were 12.0cps in April 2021 and 13.5cps in April 2022. 14.0 14.5 17.0 19.5 hm1.com.au Results Announcement About Hearts & Minds Hearts and Minds Investments Limited (ASX: HM1) gives investors access to a concentrated global equities portfolio built from high conviction ideas from selected leading fund managers. Instead of management fees, 1.5% of NTA is donated annually to Australian medical research. Over $96.1m has been donated to pioneering medical research since 2016, together with the Sohn Hearts & Minds Conference. Fully franked dividends supported by profit reserve 74.4cps^ ^Based on franking balance of 3.3cps (supporting franked dividends of 7.6cps), plus tax liabilities on balance sheet of 28.6cps which, if and when paid as tax, will support franking of a further 66.8cps of dividends. The Company holds a profits reserve equal to 77.8cps.