Announcement PDF Monthly Investment Update at 31 August 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 September 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 August 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 August 2026 Pre-Tax NTA1 $3.61 Post-Tax NTA1 $3.34 Share Price (ASX: HM1) $3.10 Investment Performance p.a. (Since inception 14 Nov 2018) 10.29% Latest Dividend (Final fully franked payable 15 October 2026) 10.0cps Annualised Dividend Yield2 (Fully franked) 6.45% Cash Weighting 4% Cumulative Medical Research Funding3 $96.1m 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 0.6% for the month of August, and since inception it has delivered an annualised pre-tax investment return of 10.3% p.a. As at 31 August, its annualised dividend yield was 6.5%, fully franked. August’s strongest contributors were SLB (+21%), SAP (+21%) and Monday.com (+16%). The weakest performers were Brookdale Senior Living (-19%) and Steel Dynamics (-7%). FY26 Results &Dividend We recently released our FY26 Results announcement, declaring an increased final fully franked dividend of 10.0 cents per share, payable on 15 October 2026. We suggest shareholders log into InvestorServe, to ensure their bank account details are up to date for payment. You can read the the full results announcement here. Sohn Hearts &Minds Conference We’re also excited to announce Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, as the headline speaker for Sohn Hearts & Minds in Queenstown on 6 November. The program will also feature Isaac Kim of Lightspeed Venture Partners and Bobby Yazdani of Cota Capital. Also joining the program are our first six fund managers, who will pitch their highest-conviction investment ideas, with the selected ideas forming the HM1 Conference Portfolio for the following 12 months. Limited tickets are available 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 30 June 2026. 2 Annualised fully franked dividend of 20.0cps divided by share price on 31 August 2026. 3 Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 31 August 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). Past performance is not a reliable indicator of future returns. Monthly Investment Update at 31 August 2026 HM1 Investment Performance HM1 Investment Performance is calculated after expenses and before Australian taxes. Inception 14 Nov 2018. Past performance is not a reliable indicator of future returns. 1 month 6 months 1 year 3 years per annum Since Inception per annum Investment Performance 0.63% 8.65% -1.05% 12.61% 10.29% Conference Portfolio Holdings Our conference holdings represents 31% of total portfolio holdings (in alphabetical order) All figures as at 31 August 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 46% of total portfolio holdings (in alphabetical order) Fully franked dividends since inception Fully franked dividend dates *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. Monthly Investment Update at 31 August 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 Protecting the heart when every minute matters Medical Research Partner • Article • 5 minutes Professor Kazuaki Negishi and his team at the Victor Chang Cardiac Research Institute are investigating whether sonoperfusion could help protect the heart, potentially reducing lasting damage and improving outcomes for patients following a heart attack. You can read more about the approach here. Equity Mates | Adviser Day: 23 October Media Partner • Event • 2 minutes Hearts & Minds is proud to support Equity Mates’ Adviser Day on Friday, 23 October at Carriageworks, an afternoon dedicated to high- conviction investment ideas. Hearts & Minds alumni Bill Ackman will feature via a streamed session, alongside Joe Aston as a keynote speaker. You can learn more here. Why Antipodes is finding value beyond the AI trade Conference Fund Manager • Video • 59 minutes Vihari Ross of Antipodes Partners recently joined The Rules of Investing podcast to discuss where she’s finding value beyond AI and her top pick to hold for five years: Brookdale Senior Living, the same stock she pitched at the 2025 Sohn Hearts & Minds Conference (now up 28% since purchase). You can watch the interview here. Sohn Hearts & Minds 2026: Robert F. Smith to headline We’re excited to announce Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, as the headline speaker for Sohn Hearts & Minds in Queenstown on 6 November. The lineup will also feature Isaac Kim of Lightspeed Venture Partners and Bobby Yazdani of Cota Capital, who will explore the next wave of AI opportunity. Also joining the program are our first six fund managers, who will pitch their highest-conviction investment ideas, with the selected ideas forming the HM1 Conference Portfolio for the following 12 months. If you would like to hear their pitches directly, you can purchase tickets here. Monthly Investment Update at 31 August 2026 Conference Fund Managers Contributing their highest-conviction investment ideas to the HM1 portfolio on a pro bono basis. A Portfolio Powered by the Bright Minds of Global Investing Supporting World Leading Australian Medical Research Over $96.1m has been donated since 2016, together with the Sohn Hearts & Minds Conference. Service Providers Working with us on a pro bono or highly discounted basis to help us maximise our philanthropic impact. 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). Core Fund Managers