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Australian United Investment Company Limited 2026 Annual General Meeting 1
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Disclaimer Any information in this document has been prepared for the purposes of providing general information only, without taking account of any particular investor's objectives, financial situation or needs. Australian United Investment Company Limited is not licensed to provide financial product advice in relation to its shares or any other financial products. This document is not an offer for issue or sale, or a recommendation of any financial product and is not intended to be relied on by investors in making an investment decision. Past performance is not a reliable indicator of future performance. Before acting on anything that any investor may interpret as advice, they should consider the appropriateness of that interpretation and advice having regard to their objectives, financial situation, and needs. 2026 Annual General Meeting Australian United Investment Company Limited 2
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• To create and maintain a diversified portfolio of quality Australian companies, primarily through shares listed on the ASX, as well as an international investment portfolio, held mainly through international managed funds, to an agreed minority percentage of the portfolio, with the overall investment portfolio being held with a medium to long term view of providing income and capital appreciation; • To manage the portfolio to monitor and reduce risks and identify market opportunities as they arise; and • To provide dividend income to shareholders which is sustainable over the long-term, maintaining full franking when possible. 2026 Annual General Meeting Australian United Investment Company Limited Investment Objectives 3
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$10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Strong Long -term Performance 2026 Annual General Meeting Australian United Investment Company Limited 25 years to June 2026: $10k in AUI NTA Accum. = $76,605 $10k in ASX200 Accum. = $70,714 4 Source: Company data, IRESS
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Profit after tax 2026 Annual General Meeting Australian United Investment Company Limited * Statutory profit less special income and merger related items. 5 51.1 55.2 47.8 49.5 59.3 20.9 1.2 1.3 0.4 1.9 20 40 60 80 2022 2023 2024 2025 2026 Underlying profit * Special income Merger related items 49.9 159.2 200 220 220.4 72.0 56.4 49.1 Profit after tax, $M
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Dividends Paid 2026 Annual General Meeting Australian United Investment Company Limited As announced on 20 August 2026, AUI intends (subject to unforeseen circumstances) to declare an annual special dividend of eight cents per share in each of the next three years. - 5 10 15 20 25 30 35 40 45 Ordinary Dividends Special Dividends Annual growth rate: 4.1% (excl. special) 6
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Quarterly Dividend Payments 2026 Annual General Meeting Australian United Investment Company Limited 7 Dividend for the quarter ending Expected amount, cents per share fully franked * Expected payment timing 30 September 2026 9 cents ordinary December 2026 31 December 2026 9 cents ordinary March 2027 31 March 2027 9 cents ordinary June 2027 30 June 2027 10 cents ordinary plus 8 cents special September 2027 * Amounts are indicative only and based on the FY2027 dividend outlook announced on 20 August 2026. The declaration and amount of each dividend remain subject to Board approval. • AUI will move from half -yearly to quarterly dividend payments from FY2027. • The first quarterly dividend is expected to be paid in December 2026, in respect of the quarter ended 30 September 2026. • No change to AUI’s dividend policy or the total dividends expected to be paid. • The Dividend Reinvestment Plan will continue to apply to each quarterly dividend. Proposed FY2027 dividend timetable:
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Merger with DUI 2026 Annual General Meeting Australian United Investment Company Limited 8 Successfully implemented 30 April 2026 At 30 September 2026 Portfolio value $3.1 billion Market capitalisation $2.6 billion International portfolio 10.5% Benefits of the merger Increased scale Portfolio diversification Reduction in operating costs Improved liquidity Increase in post-tax NTA
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Merger with DUI 2026 Annual General Meeting Australian United Investment Company Limited 9 Shareholder details • Details of a number of former DUI shareholders were not able to be transferred to their new AUI shareholdings, including: • Bank account details, and • DRP participation elections. • AUI recognises the importance of accurate shareholder records and is working with its Share Registry, MUFG, and those affected to ensure their details are updated. • Affected shareholders will be contacted directly.
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At 30 June 2026 2026 Annual General Meeting Australian United Investment Company Limited FY26 FY25 Operating expenses 0.09% 0.10% - including managed fund fees 0.10% 0.10% Bank borrowing facilities $225M $145M Bank borrowings drawn $70M $25M Net debt / portfolio ex-cash 0.7% 0.8% 10
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2026 Annual General Meeting Australian United Investment Company Limited Sector Allocations As at 30 September 2026 Banks and Financials - 30.7% Mining and Energy - 21.5% Consumer and Communications - 13.7% Healthcare - 8.9% Industrials, Utilities and IT - 11.0% Real Estate - 2.4% International - 10.5% Cash and equivalents - 1.3% 11
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2026 Annual General Meeting Australian United Investment Company Limited Portfolio Transactions During the year to 30 June 2026 Largest acquisitions: New investments in Dexus, TPG Telecom Addition to holdings in Macquarie, Northern Star and Origin Energy Largest disposals: Sale of holding VanEck Gold Miners ETF Reduction of holdings in Commonwealth Bank, Santos, Worley and Northcape Capital Global Emerging Markets Fund Transactions since 30 June 2026 Addition to holdings in ResMed, Stockland and TPG Telecom Sale of holding in ASX Reduction of holding in Transurban 12
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NTA Accumulation Performance 2026 Annual General Meeting Australian United Investment Company Limited 10 years to 30 June 2026 1 year 3 years 5 years 10 years AUI Pre-tax NTA Accum. % p.a. 9.5 12.8 9.3 10.2 AUI Share price Accum. % p.a. 6.1 8.9 6.0 8.9 S&P/ASX200 Accum. Index % p.a. 6.1 10.6 7.8 9.4 Source: Evans and Partners 13 80 100 120 140 160 180 200 220 240 260 280 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AUI Pre-tax NTA Accumulation Performance AUI Share Price Accumulation Performance ASX200 Accumulation Performance
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2026 Annual General Meeting Australian United Investment Company Limited On-market Share Buyback During the year to 30 June 2026 Shares bought back 1,166,405 Total spent $12.9 million Since 30 June 2026 * Shares bought back 895,513 Total spent $10.6 million 14 * To 9 October 2026.
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2026 Annual General Meeting Australian United Investment Company Limited Discount to NTA 15 Source: www.theaic.co.uk Source: www.CEFA.com -10% -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% -16% -14% -12% -10% -8% -6% -4% -2% 0% UK Association of Investment Companies (AIC) Industry average discount, monthly North America Closed-End Fund Association (CEFA) Closed-End Equity Funds - Average discount, weekly
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2026 Annual General Meeting Australian United Investment Company Limited Discount to NTA 16 Source: Company data, IRESS -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% Dot com bubble, March 2000 to October 2002 (peak to trough) GFC, November 2007 to March 2009 (peak to trough) COVID crash, February 2020 to March 2020 (peak to trough)
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2026 Annual General Meeting Australian United Investment Company Limited Discount to NTA 17 Source: Company data, Weekly NTA ASX announcements, IRESS -21% -18% -15% -12% -9% -6% Discount to Pre-tax NTA AUI AFI ARG At 9 October 2026: AUI -14.3% AFI -11.9% ARG -15.1%
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Australian United Investment Company Limited 2026 Annual General Meeting 18
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Resolution 2 That the Remuneration Report that forms part of the Directors’ Report for the Company for the financial year ended 30 June 2026 be adopted. 2026 Annual General Meeting Australian United Investment Company Limited Remuneration Report For Open Against Abstain 99,169,544 1,255,241 4,718,140 355,307 94.32% 1.19% 4.49% Proxy and direct votes received prior to the meeting are as follows: 19
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Resolution 3 2026 Annual General Meeting Australian United Investment Company Limited Election of Mr Mark Freeman For Open Against Abstain 101,618,869 1,252,432 4,280,320 198,518 94.84% 1.17% 3.99% Proxy and direct votes received prior to the meeting are as follows: That Mr Robert Mark Freeman, having been appointed as a Director of the Company since the last Annual General Meeting and, being eligible, offering himself for election, be elected as a Director of the Company. 20
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Resolution 4 2026 Annual General Meeting Australian United Investment Company Limited Re-election of Mr Fred Grimwade For Open Against Abstain 102,032,415 1,247,112 3,859,751 198,518 95.23% 1.16% 3.60% Proxy and direct votes received prior to the meeting are as follows: That Mr Frederick Sheppard Grimwade, a Director retiring by rotation in accordance with clause 65 of the Constitution and, being eligible, offering himself for re -election, be re-elected as a Director of the Company. 21
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Resolution 5 2026 Annual General Meeting Australian United Investment Company Limited Increase in Non -Executive Directors’ Fee Limit For Open Against Abstain 97,924,425 1,244,612 5,985,635 350,207 93.12% 1.18% 5.69% Proxy and direct votes received prior to the meeting are as follows: That, for the purposes of Clause 68.1 of the Constitution and Listing Rule 10.17, the maximum amount that may be paid to Directors as a whole in respect of their services in any year is increased from $800,000 to $1,000,000. 22
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