HM1 H2 2026 Financial Report

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Appendix 4E _____________________________________________ Hearts and Minds Investments Limited ACN 628 753 22 0 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 The Dividend Reinvestment Plan (‘DRP’) will be in o peration and participating shareholders can reinves t their cash dividend in new HM1 shares at the DRP issue price. The DRP issue price will be based on the market pri ce of shares issued or acquired under the on market acquisition provisions of the DRP. Cents per O rdinary share Franking % Dividend per ordinary share 10.0 100% Dividend dates: Ex -dividend date: 9 September 202 6 Record date: 10 September 202 6 DRP election date: 14 September 202 6 Payment date: 15 October 202 6 Brief Explanation of Results: For the year ended 30 June 2026, Hearts and Minds I nvestments Limited (‘HM1’ or the ‘Company’) recorde d a total comprehensive income after tax of $29.6 million (2025 : total comprehensive income after tax of $124.8 mill ion). As a listed investment company, HM1’s returns are driven by the change in value of its investment portfolio. The investment portfolio generated returns after expenses and befor e all taxes of 5.2% (2025: 25.5%). The result was dr iven by the Conference Portfolio performing well, although with some large moves in both directions, and a mixed pe rformance in the Core Portfolio. The composition of the investment returns comprised $73.7 million in realised invest ment returns (which includes dividends and other income of $9.9 m illion), and $18.4 million in unrealised losses. The net asset value of the Company decreased from $78 6.7 million on 30 June 2025 to $773.9 million as of 30 June 2026. The decrease comprised total comprehensive in come after tax of $29.6 million less fully franked divi dends paid to shareholders of $42.4 million. Since the incepti on of the Company in November 2018, HM1 has generate d a compound annual pre-tax investment return of 10.7%. Further information on the financial position of the Company and the movement in net asset values is contained i n the Investment Committee Report which is part of t he Annual Report. In line with its philanthropic objective, HM1 provi des financial contributions equivalent to 1.5% of N TA per annum to leading Australian medical research organisations t o fund the development of new medicines and treatment s and to drive a new generation of medical research in Austr alia. This is effectively funded by HM1’s participati ng fund managers, its Board of Directors and Committees all working on a pro bono basis. During the year ended 30 June 2026, the Company pai d $11.4 million in funding to medical research and i ncreased its accrual for future donations by $0.1 million from $8.2 million to $8.3 million. Further provisioning for the year beginning 1 July 2026 is made on the basis of 1.5% of NTA. Thes e monies will be used by the medical research organ isations to fund important research into the prevention and trea tment of chronic diseases and mental health disorder s. Further details on the results are included in the Annual R eport.

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A n n u a l R e p o r t F o r t h e y e a r e n d e d 3 0 J u n e 2 0 2 6 A C N 6 2 8 7 5 3 2 2 0 H e a r t s a n d M i n d s I n v e s t m e n t s L i m i t e d

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Hearts and Minds Investments Limited For the year ended 30 June 2026 Contents Corporate Directory 1 Chair and Managing Director’s Letter 2 Investment Committee Report 4 Medical Research Organisations Report 12 Directors’ Report to Shareholders 17 Auditor’s Independence Declaration 32 Financial Statements Statement of Comprehensive Income 33 Statement of Financial Position 34 Statement of Changes in Equity 35 Statement of Cash Flows 36 Notes to the Financial Statements 37 Consolidated Entity Disclosure Statement 63 Directors’ Declaration 64 Independent Auditor’s Report to the Shareholders 65 ASX Additional Information 70

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Hearts and Minds Investments Limited ACN 628 753 220 Corporate Directory 1 Corporate Directory Directors Christopher Cuffe AO Chair and Independent Director Lorraine Berends AM Independent Director Guy Fowler OAM Independent Director Matthew Grounds AM Independent Director Michael Traill AM Independent Director Gary Weiss AM Independent Director Geoffrey Wilson AO Independent Director David Wright Independent Director Richard Howes Managing Director Company Secretary Natalie Climo Investment Committee Lorraine Berends AM Chair David Wright Christopher Cuffe AO Matthew Grounds AM Brett Paton Richard Howes Core Fund Managers Caledonia (Private) Investments Magellan Investment Partners Munro Partners Prusik Investment Management LLP TDM Growth Partners 2025 Conference Fund Managers Advent Global Opportunities Marathon Resource Advi sors Ampfield Management Munro Partners Antipodes Partners Square Peg J O Hambro Capital Management Stillpoint Investment s Life Cycle Investment Partners Tekne Capital Manage ment Registered Office Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 Auditor Pitcher Partners Sydney Level 16, Tower 2 Darling Park 201 Sussex Street Sydney NSW 2000 Telephone: (02) 9221 2099 Administrator Citco Fund Services (Australia) Pty Limited Level 22, 45 Clarence Street Sydney NSW 2000 Telephone: (02) 9005 0400 Share Registrar Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 Telephone: +61 2 9290 9600 Stock Exchange Australian Securities Exchange The home exchange is Sydney ASX code: HM1 Ordinary Shares

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Hearts and Minds Investments Limited Chair and Managing Director’s Letter For the year ended 30 June 2026 2 Chair and Managing Director’s Letter Dear Shareholders, On behalf of the Board and management, we thank you for your continued support of Hearts and Minds Inve stments Limited (hereafter referred to as ‘HM1’, ‘Hearts & Minds’ or the ‘Company’). We are pleased to share our Annual Report for the ye ar ended 30 June 2026, and to update you on the pro gress of our investment portfolio and philanthropic contributions . HM1 was founded in 2018 with the combined objective of providing a concentrated portfolio of the highest conviction global equities, recommended by selected fund manage rs, whilst also supporting Australia’s leading medical research institutes. The Company was born out of the investme nt and philanthropic vision of the Sohn Hearts & Min ds Conference. As we celebrated the tenth annual Sohn Hearts & Min ds Conference, we were reminded of our commitment to engaging bright investment minds to help unlock bol d ideas in medical research, delivering value for our community of shareholders and partners who share in our dual m ission. Investment Portfolio and Performance FY26 Performance Overview The financial year ended 30 June 2026 was marked by strong equity market performance despite periods of s ignificant volatility largely driven by geopolitical events. Returns broadened beyond the US, with particularly s trong performance from parts of Asia and Europe, with the AI infrastruct ure related businesses leading the way. There was s ignificant 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-t ax return of 10.7%. Portfolio Construction & Key Contributors HM1’s portfolio typically comprises between 20 to 2 5 global stocks, reflecting the high conviction recommendations of our selected Core Managers and Conference Managers. The Conference Portfolio perform ed well, although with some large moves in both dir ections, and the Core Portfolio had a mixed performance. Concentration risk is managed through disciplined p ortfolio construction and manager selection, while preserving the high conviction approach. Shareholder Returns and Dividends 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. The share price reduced from $3.04 to $2.95, and the discount to po st-tax NTA moved from 11.8% to 12.7% over the year. 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 dis count to HM1’s NTA per share.

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Hearts and Minds Investments Limited Chair and Managing Director’s Letter (continued) For the year ended 30 June 2026 3 HM1 has declared an increased final fully franked dividend of 10.0 cents per share payable in October 20 26. The Board intends to continue to pay fully franked dividends to shareholders subject to sufficient profit reserves and franking balance. 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 t o fund the development of new medicines and treatment s and to drive a new generation of medical research in Austr alia. 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 a nd increase our accrual for future donations by $0.1 million from $8. 2 million to $8.3 million. Since the first Sohn Hear ts & Minds Conference, HM1 and the conference have collectively donated $96.1 million to pioneering research acros s cardiovascular disease, neurodegenerative condition s, diabetes, genomics, immunotherapies and paediatr ic medicine. Further details on the extraordinary work of our selected medical research organisations can be found in the Medical Research Report. Sohn Hearts & Minds turns ten This past year marked a special milestone with the 10th anniversary of the Sohn Hearts & Minds Confere nce, celebrated before our largest audience yet at the Joan Sutherla nd Theatre, Sydney Opera House. What began as an ev ent to spotlight great investors has become a national phi lanthropic platform bringing together global thinker s, philanthropists and entertainers. As we approach $1 00 million in cumulative donations to medical resea rch since inception, we are reminded of just how much impact can be achieved when great investors put their best ideas to work for a greater cause. The conference remains central to HM1’s identity and investment strategy. Approximately 35% of our port folio is allocated to the highest conviction ideas presented on stage each year, making it a dynamic component of our model. Looking ahead, we're excited to be taking the conference internationally for the first time in its history, hosting this year's event in Queenstown, New Zealand on Friday 6 Novemb er 2026. We look forward to hearing this year's stock picks from some of the world's most respected investors and the opportunities they will bring for shareholders. Acknowledgments We extend our gratitude to our Core and Conference Fund Managers for their invaluable insights and cont inued generosity. We also thank our Board and Investment Committee who continue to offer their services pro b ono, alongside our service providers who work with us on a pro bono or highly discounted basis to help us m aximise our philanthropic impact. And to our shareholders, thank you for your trust a nd ongoing support of HM1’s unique model. We remain focused on delivering investment performance and enduring soci al impact. Chris Cuffe AO Chair Richard Howes Managing Director

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Hearts and Minds Investments Limited Investment Committee Report For the year ended 30 June 2026 4 Investment Committee Report The Investment Committee of HM1, in conjunction with the Chief Investment Officer (‘CIO’) Charlie Lanchester, is responsible for implementing the Company’s investmen t strategy, including the selection of fund managers, managing the investment portfolio and reviewing fund manager performance. The Company’s Investment Commit tee consists of Lorraine Berends (Chair), David Wright, Christopher Cuffe, Matthew Grounds, Brett Paton and Richard Howes. The Investment Committee’s experience and qualificat ions are provided in the Directors’ Report. HM1 Investment Strategy HM1 invests in a concentrated portfolio of global securities based on the highest conviction ideas from t wo groups of fund managers.  65% of the investment portfolio is held in up to 20 securities based on the highest conviction ideas of our Core Fund Managers. The Core Fund Managers together with the CIO regularly monitor their recommendations.  35% of the investment portfolio is held in 10 to 15 securities based on the annual investment recommend ations of our Conference Fund Managers. HM1 generally alloc ates an equal weight investment to each of these recommendations. These securities are expected to b e held in the investment portfolio for a period of up to 12 months. After this period the securities are expected to be sold to invest in the recommendations of the selected Conference Fund Managers who present at th e next conference. The Board’s view is that the investment strategy offers investors an opportunity to:  gain exposure to the highest conviction ideas, inve stment approach and expertise of each fund manager, a number of whom are not readily accessible to Austral ian retail investors;  benefit from having a portfolio that is not concentrated on the philosophy or investment style of just one fund manager; and  access a concentrated portfolio of global securities which are expected to provide attractive shareholde r returns over the medium term (being five years or m ore). HM1 aims to be fully invested subject to an appropriate cash buffer to meet tax liabilities, dividend payments, donation payments and general expenses. Company Performance As a listed investment company, we use three key me asures to evaluate the performance of HM1: 1. Investment portfolio performance, which measures the total return of the investment portfolio on a pre-tax basis and after the payment of all expenses, including the donation payments and provisions. Our invest ment portfolio performance is reported to shareholders on a monthly basis; 2. Net tangible asset (‘NTA’) growth, which is a post-tax measure and represents the change in the value of the Company’s assets less liabilities. The post-tax NTA of the Company is essentially the realisable value of the Company at a point in time. The pre- and post-tax N TA per share of the Company is reported to sharehold ers on a weekly basis; and 3. Total shareholder return, which measures the total return to shareholders from share price growth and dividends paid. Each of these is set out on the following pages.

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 5 1. Investment Portfolio Performance Performance to 30 June 2026 1 year % pa 2 years % pa 3 years % pa Since inception 1 % pa HM1 Investment Portfolio Performance 5.2% 14.9% 13.8% 10.7% HM1 Investment Performance is calculated after expe nses and before all taxes. 1. Inception 14 November 2018 The HM1 investment portfolio generated pre-tax retur ns of 5.2% for the year ended 30 June 2026 building on the strong performance of the prior year. Since the inception of the Company in November 2018, HM1 has generated a c ompound annual pre-tax investment return of 10.7 %. 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 Hutchis on, offset by large falls in Zillow, SAP, Microsoft and Guzman y Gomez. Our one unlisted name, Rokt, was held at US$ 45, consistent with 30 June 2025. Rokt’s continued strong revenue and gross profit growth, attractive profitability characteristics and positive medium -term outlook support the existing valuation. This conclusion is further supported by the updated DCF analysis, which indicates a value b roadly in line with the current carrying value, and by the compara ble company analysis, under which the implied EV / Gross Profit multiple remains reasonable relative to relevant listed peers. On 1 September 2025, HM1 welcomed Prusik Investment Management, the first offshore-based Core Fund Manag er, 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 CI O 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 Kot hari of Tekne Capital Management. Also performing strongly were Br ookdale Senior Living (Vihari Ross from Antipodes) and Steel Dynamics (Peter Rutter from Life Cycle Investment Par tners). These wins were somewhat offset by weakness i n Monday.com and Blackline. Both the Conference Portfolio and the Core Portfolio h ad some exposure to the so called ‘Saaspocalypse’. Over the past year, investors have dramatically reassessed t he outlook for Software-as-a-Service (SaaS) business es as generative AI has shifted from being viewed as a prod uctivity tailwind to a potential disruptor of the traditional software model. The market has become increasingly concerned that AI agents capable of performing complex workflo ws will reduce demand for per-seat software subscriptions, l ower switching costs and erode the competitive moat s of many application-layer software companies. As a result, v aluation multiples have compressed sharply, particu larly for companies selling point solutions or horizontal software, while capital has rotated into AI infrastructure winners such as semiconductors, hyperscalers and data centres. T he sell-off has been broad and, at times, indiscrimin ate, with many high-quality software companies declining along side weaker peers despite continuing to report soli d growth and profitability. More recently, sentiment has begun to stabilise as investors distinguish between companies that can successfully embed AI into their products and those whose offerings risk being displaced by it. Corporate Travel Management (CTD) was a major detra ctor during the year. In November 2025, HM1 made the decision to fair value CTD at zero. HM1 has a holding of 1,251,663 shares in the company which has been suspended from trade since 22 August 2025.

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 6 HM1 is currently working closely with Plato Asset Management to significantly enhance its investment ri sk management process. This will help to guard against possible future mishaps. HM1 will incorporate Plato’s red flag analysis to exclude stocks with significant current or historical issues. The proprietary system examines each stock acros s more than 150 categories encapsulating forensic accounting, govern ance, remuneration, management behaviour and severa l other factors. We will communicate more detail on this pro cess in the coming months. We are grateful to Plato for generously sharing their propriety system with HM1 and being p art of our mission to generate strong investment per formance whilst funding medical research. 2. Post-tax NTA Performance The following chart shows the components of the cha nge in post-tax NTA per share over the year. The ma jor increase in post-tax NTA came from both unrealised and reali sed gains from the investment portfolio equating to 2 0 cents per share. After the payment of donations, expenses and t ax, the post-tax NTA per share increased 3.8% over the year prior to the payment of dividends. HM1 paid fully franked dividends amounting to 18.5 cents per share during th e year. On 30 June 2026, HM1’s post-tax NTA per share was $3.38 a nd the pre-tax NTA per share was $3.67. HM1 NTA Performance 3. Total Shareholder Return Total shareholder return measures the change in the HM1 share price plus dividends paid. HM1’s share price reduced from $3.04 at 30 June 2025 to $2.95 on 30 June 2026. In addition, HM1 paid fully franked dividends totalling 18.5 cents per share during the year. The resulting total shareholder return for FY26 was 3.1%. Since inception, HM1 has paid 87.0 cents in fully franked dividends to shareholders. Over the same peri od the HM1 share price has risen from 2.50 to 2.95. On the basis that dividends are reinvested at the time received, this represents a total shareholder return of 6.6%. The HM1 share price of $2.95 on 30 June 2026 repres ented a 12.7% discount to the post-tax NTA per shar e of HM1 of $3.38.

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 7 Investments at Fair Value on 30 June 2026 Company Name Stock Exchange Fair Value % of Portfolio TAIWAN SEMICONDUCTOR MNFTG ADR 5 ORD NYSE $67,248,315 7.9% ACM RESEARCH CL A ORD Nasdaq $63,073,709 7.4% NVIDIA ORD Nasdaq $41,923,344 4.9% BLOCK CL A ORD NYSE $40,962,358 4.8% BROOKDALE SENIOR LIVING ORD NYSE $40,849,837 4.8% AMAZON COM ORD Nasdaq $36,402,771 4.3% ROKT Pte Ltd Unlisted $36,247,092 4.3% STEEL DYNAMICS ORD Nasdaq $35,477,523 4.2% LIVE NATION ENTERTAINMENT ORD NYSE $32,676,953 3.9% ROYALTY PHARMA CL A ORD Nasdaq $32,408,063 3.8% CAMECO ORD TSX $31,472,038 3.7% SLB ORD NYSE $31,438,942 3.7% CKH HOLDINGS ORD HKSE $30,514,885 3.6% ADIDAS N ORD DAX $30,200,093 3.6% SWIRE PACIFIC A ORD HKSE $26,627,828 3.1% GUZMAN Y GOMEZ ORD ASX $26,287,500 3.1% AIA ORD HKSE $25,933,092 3.1% MICROSOFT ORD Nasdaq $25,008,861 3.0% CATL ORD H HKSE $23,539,344 2.8% ZILLOW GROUP CL C ORD Nasdaq $22,772,921 2.7% PUUILO ORD XHEL $20,748,659 2.4% MONDAYCOM ORD Nasdaq $19,142,215 2.3% SAP ORD DAX $17,913,295 2.1% HEIDELBERG MATERIALS ORD DAX $15,700,622 1.9% BLACKLINE ORD Nasdaq $13,587,819 1.6% DIDI GLOBAL 4 ADR CL A ORD PNK $12,779,423 1.5% MORIMATSU INTL HKSE $12,718,144 1.5% CORPORATE TRAVEL MANAGEMENT ORD ASX $0 0.0% CASH AND CASH EQUIVALENTS $33,956,774 4.0% Total Portfolio $847,612,422 100.0%

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 8 Portfolio Characteristics The investment portfolio is concentrated in a relati vely small number of securities and sector exposure is clearly weighted to certain industry sectors. The following charts summarise the characteristics o f HM1’s investment portfolio at 30 June 2026.

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 9 Lorraine Berends Chair Charlie Lanchester Chief Investment Officer

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 10 Our Fund Managers We sincerely thank our participating fund managers that provide their time, expertise and highest conv iction investment ideas on a pro bono basis. The notional value to HM1 of the investment management fees and p erformance fees foregone in the year ended 30 June 2026 is equivalent to $12.4 million. Core Fund Managers During the period, these five Core Fund Managers each provided their three highest conviction investment ideas which are reviewed quarterly. These securities represent 65% of the total investment portfolio. Each Core Fund Manager nominates where a portion of HM1’s annual donation is directed. For details on the projects supported by HM1, refer to the Medical Research Report. Caledonia is global investment management firm that has been compounding capital for over 30 years. Managed by Co-Chief Investment Officer s, Will Vicars & Michael Messara, Caledonia’s goal is to achieve high absolute return s over the long-term, through a concentrated long/short equity strategy with a focus on deep fundamental research & high conviction investing. Magellan Investment Partners is a dedicated investm ent manager and partner with nearly 20 years of expertise, focused on understanding clien t needs and delivering specialist investment solutions. The firm combines exceptional global knowledge with the accessibility of dedicated teams. Its proven and hig hly qualified distribution team and institutional-grade platform enable investment manag ers to focus on delivering long- term financial outcomes. Headquartered in Australia , Magellan Investment Partners brings to market investment solutions managed by Magellan Global Equities, Magellan Global Listed Infrastructure, Airlie Funds Management (Australian equities) and Vinva Investment Management (global and Australian systematic equiti es). Munro Partners is a global investment management pa rtnership specialising in growth equities. Founded in 2016 by an award-winning team with a proven track record of delivering strong returns, it is majority owned and controlled by employees. Their proprietary investment process, combined with a glo bal network and deep industry expertise, positions Munro Partners’ portfolios to capitalise on the key structural changes occurring in the world today. Fully aligned with their investors' goals, the team invests in its products alongside clients. Munro Partners is Austr alian-domiciled, with offices in Melbourne and Toronto, Canada. Prusik Investment Management LLP is a specialist As ian equity manager established in 2005. The firm focuses exclusively on Asia ex-Japan through a high-conviction, long-only strategy, aiming to deliver attractive risk-adjusted returns. Prusik’s team brings deep regional expertise and alignment with investors, wi th employees investing alongside clients. TDM Growth Partners Pty Limited is a global invest ment firm with offices in Sydney and New York. TDM invests in fast growing companies run by passionate management teams. Their unique and flexible mandate allows them to invest in public and private companies globally over long-term time horizons. TDM has a hi ghly focused approach to investing, with a portfolio of no more than 1 5 investments globally.

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Hearts and Minds Investments Limited Investment Committee Report (continued) For the year ended 30 June 2026 11 Conference Fund Managers The remaining 35% of the investment portfolio is invested in 10 to 15 recommendations from the fund mana gers who present at the annual Sohn Hearts & Minds Investmen t Leaders Conference. Each year this group of fund ma nagers will change based on the conference program of speake rs and their eligible recommendations. The speakers are invited onto the program following a thorough selection process by the Conference Fund Manager Selection Working Group. The 2025 Conference Fund Managers are set ou t below. Mohammed Anjarwala Advent Global Opportunities (USA) Ben Hensman Square Peg (AUS) Beeneet Kothari Tekne Capital Management (USA) Qiao Ma Munro Partners (AUS) Samir Mehta J O Hambro Capital Mgmt (SG) Emerson Moore Ampfield Management (USA) Robert Mullin Marathon Resource Advisors (USA) Vihari Ross Antipodes Partners (AUS) Peter Rutter Life Cycle Investment Partners (UK) Eric Wong Stillpoint Investments (USA)

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Hearts and Minds Investments Limited Medical Research Organisations Report For the year ended 30 June 2026 12 Medical Research Organisations HM1 supports a diverse group of Australia’s leading medical research organisations to unlock bold ideas . This Medical Research Report highlights some of the impor tant projects and discoveries led by HM1’s partners using the funding donated by HM1. Beneficiaries are nomina ted by the Company’s Core Fund Managers and Board o f Directors. Baker Heart and Diabetes Institute Dedicated to diagnosing, preventing and treating diabetes, cardiovascular disease and associated metabolic diseases. Supporting a groundbreaking trial to improve health outcomes for patients with type 2 diabetes in remote Aboriginal and Torres Strait Isl ander communities. Diabetes is a significant issue in these areas, where socioeconomi c disadvantages and limited healthcare access are prevalent. The trial aims to establish a sustainable model of care that can be adopted more broadly across remote comm unities. Learn more: heartsandmindsgroup.com.au/beneficiaries/baker Bionics Institute Solving the world’s most challenging conditions with innovative technology. Supporting the institute's research into the viability of abdominal vagus nerve stimulation as a treatment and potential functional cure for Parkinson’s disease. Learn more: heartsandmindsgroup.com.au/beneficiaries/bionics Brain and Mind Centre Transforming brain and mind health with world-leadi ng research. Supporting innovative research to identify the molec ular drivers of Progressive Supranuclear Palsy (PSP), a rare neurological condition. By uncovering the protein changes in the brain that drive PSP, this research aims to pave the way for new treatments and improve the lives of those affected by this disorder. Learn more: heartsandmindsgroup.com.au/beneficiaries/brain-and- mind-centre Brain Cancer Australia More brain cancer breakthroughs – faster. Supporting Brain Cancer Australia’s vision to defeat brain cancer through its development of three nationally coordinated research infrastructure platforms to accelerate research, collaboration and the translation of discoveries into life-saving treatments and improved care for Australians facing the disease. Learn more: heartsandmindsgroup.com.au/beneficiaries/brain -cancer -australia

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Hearts and Minds Investments Limited Medical Research Organisations Report (continued) For the year ended 30 June 2026 13 Breakthrough T1D The leading global type 1 diabetes research, advocacy and support organisation. Supporting a clinical trial exploring whether tirzepatide, currently used in the treatment of type 2 diabetes, may also be safe and beneficial for people living with type 1 diabetes, with the aim of improving future treatment options. Learn more: heartsandmindsgroup.com.au/beneficiaries/breakthrou gh-t1d Centre for Population Genomics Creating a world where genomic information enables comprehensive disease prediction, accurate diagnosis, and effective therapeutics for all. Supporting rare disease diagnosis for families in und er-represented ancestry groups. Many families from these minority population groups s truggle to access genetic diagnoses, limiting their ability to receive appropriate medical care and support. Learn more: heartsandmindsgroup.com.au/beneficiaries/population -genomics Cerebral Palsy Alliance Great minds working together to deliver a world of opportunity for people with cerebral palsy and similar disabilities, and their families. Supporting cerebral palsy research to improve early detection methods and comprehensive support for both infants and parents. Learn more: heartsandmindsgroup.com.au/beneficiaries/cerebral-p alsy-alliance Harry Perkins Institute of Medical Research Innovative medical research, translating discoverie s from the lab to the bedside. Supporting research towards safe and effective treatm ents for rare genetic muscle diseases. The institute aims to identify lead therap eutics capable of addressing the underlying cause of these diseases, ultimately translating treatments into clinical trials. Learn more: http://www.heartsandmindsgroup.com.au/beneficiaries/ perkins Murdoch Children’s Research Institute Transforming child health through research and disc overy. Advancing breakthrough research to tackle some of th e most complex health challenges, from rare disease diagnosis and blood disorders to chronic menstrual and pelvic pain. By combining genomics, stem cell science and precision medicine, these projects aim to deliver earlier diagnoses, more personalised treatm ents and improved quality of life for children, young people and families facing significant health conditions. Learn more: heartsandmindsgroup.com.au/beneficiaries/mcri

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Hearts and Minds Investments Limited Medical Research Organisations Report (continued) For the year ended 30 June 2026 14 Muscular Dystrophy NSW Supporting and connecting people with neuromuscular conditions. Supporting cutting-edge research to improve the liv es of individuals living with neuromuscular conditions. HM1 will support two full-time postgraduate scholarships, and one part-scholarship offering financial support to yo ung research talent. This initiative aims to develop new treatments and improve patient outcomes. Learn more: heartsandmindsgroup.com.au/beneficiaries/mdnsw Neuroscience Research Australia (NeuRA) Impact of NeuRA’s Sydney Brain Bank. The Sydney Brain Bank collects brain and spinal cord tissue from donors who experience neurodegenerative disease and from neurologically no rmal individuals. Tissue is processed, characterised and stored to provide high -quality specimens to national and international scientists for the purpose of research into these devastating diseases. Learn more: heartsandmindsgroup.com.au/beneficiaries/neura Online Pain Education Network (OPEN) Transforming how healthcare professionals understan d and treat chronic pain and improve pain care outcomes. The OPEN Clinical Pain Training Program is helping transform chronic pain care by equipping healthcare professionals with practical, evidence-based skills in contemporary pain management. Through accessible, interdisciplin ary online education, OPEN is strengthening workforce capability and improving ou tcomes for Australians living with chronic pain. Learn more: heartsandmindsgroup.com.au/beneficiaries/pain Peter MacCallum Cancer Centre Pioneering Next-Generation Cancer Treatments Since its establishment at Peter Mac in 2019, the C entre of Excellence in Cellular Immunotherapy (CoE CIT) has become one of Australia’ s leading hubs for developing next-generation, cell-based cancer therapies. The C entre bridges the critical gap between laboratory discovery and patient care – identifying the most promising research and advancing it into safe, manufacture-ready therapies for early clinical trials. Learn more: heartsandmindsgroup.com.au/beneficiaries/peter-mac

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Hearts and Minds Investments Limited Medical Research Organisations Report (continued) For the year ended 30 June 2026 15 RPA Green Light Institute for Emergency Care Seeking to lead improvement in emergency care and p atient outcomes through collaborative research and innovation. The RPA Green Light Institute is advancing the future of emergency care through clinical research and collaboration. Its work spans state-of -the-art AI, patient flow, trauma, cardiac arrest, sepsis and mental health, translati ng research into better outcom es for patients and health services. Learn more: heartsandmindsgroup.com.au/beneficiaries/rpa SpinalCure Australia Identifying and funding the world’s most promising c ure-focused research for spinal cord injury. SpinalCure's mission is to cure spinal cord injury (SCI) by funding breakthrough research, technologies and providing job security for Australia’s bright scientists. Their diverse cure- focussed research portfolio includes neurostimulation clinical trials, injury mapping using machine learning, an iVig trial and researching mic roscopic self-repairing worms. They aim to develop Australia's first treatments for 21,000+ Australians living with an SCI. Learn more: heartsandmindsgroup.com.au/beneficiaries/spinalcure St Vincent's Clinic Research Foundation (SVCRF) Bridging the gap from bench to bedside through tran slational research. SVCRF supports early-phase projects that advance me dical knowledge and improve patient care, helping early-career researchers buil d their track record and enabling established researchers to pursue new ideas. Learn more: heartsandmindsgroup.com.au/beneficiaries/svcrf Sydney Children’s Hospital Foundation (SCHF) SCHF raises funds to help ensure every child can access the best possible care, when and where they need it. Supporting the development of a strategic plan to ha rness big data, biobanking, innovative trial designs and long-term neurodevelop mental outcomes in children following critical illness and intensive care admission. Learn more: heartsandmindsgroup.com.au/beneficiaries/kids -critical -care -research

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Hearts and Minds Investments Limited Medical Research Organisations Report (continued) For the year ended 30 June 2026 16 The Florey Where remarkable minds advance brain research. The Florey is the largest brain research centre in the Southern Hemisphere, with teams of researchers dedicated to building knowledge across a range of brain and mental health conditions. Learn more: heartsandmindsgroup.com.au/beneficiaries/the-florey UNSW Turning research into real-world impact. Supporting the development of a new glioblastoma the rapy combining copper chelation with CAR T and checkpoint inhibitors, while investigating the role of eccDNA in immune– tumour interaction. Learn more: heartsandmindsgroup.com.au/beneficiaries/unsw Victor Chang Cardiac Research Institute Australia’s home of heart research – globally renown ed for scientific discoveries in cardiovascular disease. Empowering several research projects across the Ins titute, including a world-first ultrasound 'microbubble' treatment — sonoperfusion — that initiates treatment much earlier in the pre-hospital setting. This approach protects the heart during the critical window around a heart attack, giving patients who face a delay to surgery far greater odds of survival. Learn more: heartsandmindsgroup.com.au/beneficiaries/victor-cha ng WEHI Collaborating and innovating to help people live healthier, longer lives. Supporting a portfolio of research projects aimed at improving understanding across a range of complex diseases. This includes uncovering the genetic causes of autoimmune diseases, pancreatic and breast cancers, as well as improving the safety and effectiveness of CAR T-cell therapy. Learn more: heartsandmindsgroup.com.au/beneficiaries/wehi

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Hearts and Minds Investments Limited Directors’ Report to Shareholders For the year ended 30 June 2026 17 Directors’ Report to Shareholders The Directors of Hearts and Minds Investments Limited (hereafter referred to as ‘HM1’ or the ‘Company’) present their report together with the annual report of the Company (‘Annual Report’) for the year ended 30 June 2026. Principal Activity HM1 was established in 2018 with the combined objective of providing a concentrated investment portfolio of the highest conviction ideas from selected fund managers , while also supporting Australian medical research organisations. No change in this activity took place during the period or is likely in the future. Review of Operations For the year ended 30 June 2026, the Company recorded a total comprehensive income after tax of $29.6 million (2025: total comprehensive income after tax of $124.8 million). As a listed investment company, the Company’s results are driven by the performance of the investment portfolio. The investment portfolio generated a pre-tax return of 5.2% for the year ended 30 June 2026 building on strong performance in the prior year. The Conference Portfolio perform ed well, although with some large moves in both directions, and the Core Portfolio had a mixed performance. Since the inception of the Company in November 2018, HM1 has generated a compound annual pre-tax investment retur n of 10.7%. Further details of the performance of the investment portfolio and the Company can be found in the Investment Committee Report. Financial Position The net asset value of the Company decreased from $786.7 million on 30 June 2025 to $773.9 million as of 30 June 2026, comprising total comprehensive income after ta x of $29.6 million less fully franked dividends paid to shareholders of $42.4 million. Further information on the financial position of the Company and the movement in net asset values is contained in the Investment Committee Report. Dividends HM1 provides shareholders with exposure to a concentrated portfolio of Australian and international securities. As such, returns to shareholders are predominantly delivered through capital growth which, when realised from the sale of securities, is taxed at the corporate tax rate, and may be paid as franked dividends to shareholders. The Board is committed to paying fully franked dividends to shareholders provided the Company has sufficient profit reserves and franking credits and it is within prudent business practice. During the year, HM1 paid fully franked dividends amounting to 18.5 cents per share. HM1 has declared a final fully franked dividend for the year ended 30 June 2026 of 10.0 cents per share payable in October 2026. Corporate Tax Rate The Company is taxed at the corporate rate of 30.0%. The Company maintains a franking account.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 18 Medical Research 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. During the year ended 30 June 2026, HM1 paid $11.4 million to its designated medical research organisations and increased its accrual for future donations by $0.1 million from $8.2 million to $8.3 million. These monies will be used by the medical research organisations to fund important research into the prevention and treatment of many diseases. Directors The following persons held office as Directors during the period or since the end of the period and up to the date of this report: Christopher Cuffe AO Chairman and Independent Direct or Lorraine Berends AM Independent Director Guy Fowler OAM Independent Director Matthew Grounds AM Independent Director Michael Traill AM Independent Director Gary Weiss AM Independent Director Geoffrey Wilson AO Independent Director David Wright Independent Director Richard Howes Managing Director Information of Directors Christopher Cuffe AO (Chairman and Independent Dire ctor) Experience and expertise Commencing his career as a chartered accountant, Christopher Cuffe entered the fund management industry in 1985. In 1988, he joined Colonial First State where he was CEO from 1990 until 2003. In 2003, he became CEO of the listed Challenger Group. He holds a Bachelor of Commerce from the University of New South Wales and a Diploma from the Securities Institute of Australia. In October 2007 Christopher was inducted into the Australian Fund Manager’s RBS Hall of Fame for services to the investment industry. Christopher Cuffe has been Chair of the Company since 12 September 2018, the date of incorporation. Other current directorships Christopher Cuffe is currently involved in a portfolio of activities in the investment and non-profit sectors which includes director of listed investment company Staude Capital Global Value Fund Limited; founder, director and portfolio manager of Third Link Growth Fund; portfolio manager of Australian Philanthropic Services Foundation General Portfolio; and Investment Manager of Partners Horizon Fund.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 19 Information on Directors (continued) Christopher Cuffe AO (Chairman and Independent Dire ctor) (continued) Special responsibilities Chair of the Board and member of the Investment Committee. Interests in shares of the Company Details of Christopher Cuffe’s interests in shares of the Company are included later in this report. Interests in contracts Christopher Cuffe has no interests in contracts of the Company. Lorraine Berends AM (Independent Director) Experience and expertise Lorraine Berends has worked in the financial services industry for over 40 years and possesses extensive experience in both investment management and superannuation. Befo re moving to a non-executive career in 2014, she worked for 15 years with US based investment manager Marvin & Palmer Associates. She contributed extensively to industry associations throughout her executive career, serving on the boards of the Investment Management Consu ltants Association (now the CIMA Society of Australia) for 13 years (7 years as Chair) and the Association of Superannuation Funds Australia (ASFA) for 12 years (3 years as Chair). She has been awarded life membership of both the CIMA Society and ASFA. She holds a Bachelor of Science from Monash University, is a fellow of the Actuaries Institute and a fellow of ASFA. Other current directorships Lorraine Berends is an independent Non-Executive Director of ASX listed Pinnacle Investment Management Group Limited (appointed September 2018) and of listed investment companies Plato Income Maximiser Limited (appointed February 2017) and Spheria Emerging Companies Limited (appointed September 2017). She is also a Non-Executive Director of the PNI Foundation Limited. Special responsibilities Chair of the Investment Committee. Interests in shares of the Company Details of Lorraine Berends’ interests in shares of the Company are included later in this report. Interests in contracts Lorraine Berends has no interests in contracts of the Company.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 20 Information on Directors (continued) Guy Fowler OAM (Independent Director) Experience and expertise Guy Fowler is a co-founder of the Hearts and Minds Investment Leaders Conference which was the precursor to the formation of HM1. Guy is also the founder and Co-Executive Chair of Barrenjoey Capital Partners Pty Ltd. He worked in a range of senior positions at UBS Australia for over 25 years including as the Head of Capital Markets and as the Head of the Corporate Advisory business. In these roles he has advised on many of the largest and most complex equity capital markets and corporate transactions completed in Australia. He is a qualified Chartered Accountant. Other current directorships None. Special responsibilities None. Interests in shares of the Company Details of Guy Fowler’s interests in shares of the Company are included later in this report. Interests in contracts None. Matthew Grounds AM (Independent Director) Experience and expertise Matthew Grounds is a co-founder of the Hearts and Minds Investment Leaders Conference which was the precursor to the formation of HM1. Matthew is also the Co-Executive Chair of Barrenjoey Capital Partners. Prior to joining Barrenjoey, Matthew held a variety of senior roles at UBS including as CEO and Country Head for the ANZ business for 11 years, Joint Global Head of the Global Investment Banking business and he served as a member of the Global Executive Committee for several years. In these roles, Matthew has advised on many of the largest and most complex M&A and equity capital markets and corporate transactions. He is also Chairman of Victor Chang Cardiac Research Institute, and a Director of the Financial Markets Foundation for Children. He served as a member of UNSW Council for 18 years, retiring in 2025. Matthew holds a Bachelor of Commerce (Finance major) and a Bachelor of Laws from the University of New South Wales. Other current directorships None. Special responsibilities Member of the Investment Committee. Interests in shares of the Company Details of Matthew Grounds’ interests in shares of the Company are included later in this report.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 21 Information on Directors (continued) Matthew Grounds AM (Independent Director) (continue d) Interests in contracts Matthew Grounds is Chairman of Victor Chang Cardiac Research Institute which is a designated charitable beneficiary of Hearts and Minds Investments Limited. Michael Traill AM (Independent Director) Experience and expertise Michael Traill was founding CEO Social Ventures Australia in 2002, after 15 years as a co-founder and Executive Director of Macquarie Group’s private equity arm, Macquarie Direct Investment. He is the author of “Jumping Ship – From the world of corporate Australia to the heart of social investment” which won the prestigious Ashurst Business Literature Prize. In 2010, he was made a member of the Order of Australia in recognition of his services to non-profit organisations. He holds a BA (Hons) from the University of Melbourne and an MBA from Harvard University. He is also an Adjunct Professor for the Centre for Social Impact (UNSW) and Chair of the Federal Government Task Force on Social Impact Investing. Other current directorships Michael Traill currently has a range of primarily social purpose Chair and board roles including Executive Chair of For Purpose Investments, a Director of M H Carnegie & Co, For Purpose Aged Care Australia, the Grattan Institute, For Purpose Education and Australian Philanthropic Services, and Chair of the Investment Committee for Palisade Impact. Special responsibilities None. Interests in shares of the Company Details of Michael Traill’s interests in shares of the Company are included later in this report. Interests in contracts Michael Traill has no interests in contracts of the Company.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 22 Information on Directors (continued) Gary Weiss AM (Independent Director) Experience and expertise Gary Weiss is a co-founder of the Hearts and Minds Investment Leaders Conference which was the precurso r to the formation of HM1. Gary was formerly Chair of Coats PLC, Estia Health Limited and Clearview Wealth Limited and is a former Non-Executive Director of Premier Investments Limited and Westfield Holdings Limited, a former Executive Director of Whitlam , Turnbull & Co and Guinness Peat Group PLC and sat on the board of several other public companies. He has also been involved in overseeing large businesses with operations in many regions including Europe, China and India and is familiar with investments across a wide range of industries, corporate finance and private equity type deals. He holds an LLB (Hons) and LLM from Victoria University of Wellington and a Doctor of the Science of Law (JSD) from Cornell University. He was admitted as a Barrister and Solicitor of the Supreme Court of New Zealand, a Barrister and Solicitor of the Supreme Court of Victoria and as a Solicitor of the Supreme Court of New South Wales. Other current directorships Gary Weiss is currently the Executive Director of Ariadne Australia Limited (appointed November 1989), the Chairman of Coast Entertainment Holdings Limited (appointed September 2017), Cromwell Property Group (appointed March 2021), Interim Chairman of Webjet Group Ltd (appointed May 2026) and Deputy Chairman of Myer Holdings Limited (appointed November 2023). Gary is also a Non-Executive Director of The Straits Trading Company Limited (appointed April 2026), Thorney Opportunities Limited (appointed November 2013) and the Victor Chang Cardiac Rese arch Institute. He is also a Commissioner of the Australian Rugby League Commission. Special responsibilities None. Interests in shares of the Company Details of Gary Weiss’ interests in shares of the Company are included later in this report. Interests in contracts Gary Weiss is a Non-Executive Director of Victor Chang Cardiac Research Institute which is a designated charitable beneficiary of Hearts and Minds Investments Limited. Geoffrey Wilson AO (Independent Director) Experience and expertise Geoff Wilson has more than 46 years’ direct experience in investment markets, having held a variety of senior investment roles in Australia, the UK and the US. He founded Wilson Asset Management in 1997, which today comprises 20 investment professionals with more than 250 years of combined investment experience. Wilson Asset Management manages over $6 billion on behalf of more than 130,000 investors as the investment manager for nine listed investment companies (LICs) and two unlisted funds: Wilson Asset Management Leaders Fund and Wilson Asset Manageme nt Founders Fund. Geoff is the founder of Australia’s first listed philanthropic wealth creation vehicles: Future Generation Australia and Future Generation Global. He holds a Bachelor of Science, a Graduate Management Qualification, and is a Fellow of the Financial Services Institute of Australia and the Australian Institute of Company Directors.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 23 Information on Directors (continued) Geoffrey Wilson AO (Independent Director) (continue d) Other current directorships Geoff Wilson is currently Chairman of WAM Capital Limited (appointed March 1999), WAM Leaders Limited (appointed March 2016), WAM Research Limited (appointed June 2003), WAM Active Limited (appointed July 2007), WAM Microcap Limited (appointed March 2017), WAM Global Limited (appointed February 2018), WAM Strategic Value Limited (appointed March 2021) and WAM Income Maximiser Lim ited (appointed October 2023). He is the Founder and a Director of Future Generation Australia Limited (appointed July 2014), Future Generation Global Limited (appointed May 2015) and Future Generation Women Limited (appointed February 2024). He is also a Director of WAM Alternative Assets Limited (appointed September 2020), Staude Capital Global Value Fund Limited (appointed April 2014), Sporting Chance Cancer Foundation (appointed August 1997) and the Australian Rugby Foundation (appointed February 2024). Special responsibilities None. Interests in shares of the Company Details of Geoffrey Wilson’s interests in shares of the Company are included later in this report. Interests in contracts Geoffrey Wilson has no interest in contracts of the Company. David Wright (Independent Director) Experience and expertise David is the Head of Client Solutions at Pinnacle Investment Management Group Ltd (ASX:PNI), a group with 19 affiliate investment managers and over A$200 billion in funds under management. Prior to that he co-founded Zenit h Investment Partners where he was CEO of the Group until December 2023 before moving to the Investment Director role where he had overall responsibility for the strategic direction of the investment functions of the Group. David has over 35 years of investment and wealth management ex perience covering investment research, investment consulting, asset allocation and investment committee advice. He holds a Bachelor of Commerce (Economi cs & Commercial Law) and a Graduate Diploma in Advanced Finance and Investment. Other current directorships None. Special responsibilities David is a member of the Investment Committee.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 24 Information on Directors (continued) David Wright (Independent Director) (continued) Interests in shares of the Company Details of David Wright’s interests in shares of the Company are included later in this report. Interests in contracts David Wright has no interests in contracts of the Company. Richard Howes (Managing Director) Experience and expertise Richard Howes is a globally experienced executive and director with over 30 years in financial services. He was Group CEO and Managing Director of Challenger Limited, an ASX-listed financial services company managing over $100 billion in assets, where he spent 19 years in senior roles including Chief Investment Officer and CEO of Challenger’s leading annuity business. Prior to Challenger, Richard held leadership positions at Zurich Capital Markets, Macquarie and Bankers Trust, following a start to his career in strategy at QIC. Richard holds Commerce (Hons) and Economics degrees from UQ and is a graduate of Harvard Business School’s Advanced Management Program. Other current directorships Richard currently serves on the UTS Council and its Finance Committee and sits on the board of Edge Zero. Special responsibilities Richard is a member of the Investment Committee. Interests in shares of the Company Details of Richard Howes’ interests in shares of the Company are included later in this report. Interests in contracts Richard Howes has no interests in contracts of the Company outside of the services agreement under which he provides services as an executive. Managing Director Richard Howes (appointed 1 June 2025) Richard Howes is also a Director. Please refer above for details of Richard Howes’ experience and qualifications.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 25 Chief Investment Officer Charlie Lanchester Charlie is an accomplished fund manager and investor with over 30 years active funds management experience at leading investment organisations. Most recently Cha rlie was Head of Fundamental Australian Active Equities at BlackRock. Prior to that Charlie held senior investment roles at Perpetual Investments, Platinum Asset Management and Schroder Investment Management. Charlie is also currently the Chair of Surf Aid International and Chrome Temple Investments Pty Ltd, and a director of SMEV SPV5 Pty Ltd and SMEV SPV7 Pty Ltd. Company Secretary Natalie Climo Ms. Climo is an employee of Boardroom Group Australia, a leading corporate and financial services provider. Natalie is an experienced governance professional and lawyer with extensive experience in corporate governance and board advisory of ASX listed and unlisted companies. Natalie is currently the company secretary to several ASX-listed entities and advises companies across several sectors. Members of the Investment Committee The experience and qualifications of the members of the Investment Committee at the end of the financial period, up to the date of this report are set out below: Brett Paton Brett Paton is currently Chairman of ASX listed Pointsbet Limited and Murray Cod Australia Limited. He is also Chairman of EFM Asset Management. He has worked in a range of senior positions including Chairman of Escala Pty Ltd, Vice Chairman at UBS Australia where he spent 23 years and 5 years at Citi serving as Vice Chairman Australia, Institutional Clients Group. Brett has served as a Non-Executive Director of Tabcorp Limited. He was a Council Member at RMIT University and Chair of the Risk and Audit Committee. He is a qualified Chartered Accountant. Christopher Cuffe AO Christopher Cuffe is also a Director. Please refer above for details of Christopher Cuffe’s experience and qualifications. Lorraine Berends AM Lorraine Berends is also a Director. Please refer above for details of Lorraine Berends’ experience and qualifications. David Wright David Wright is also a Director. Please refer above for details of David Wright’s experience and qualifications. Matthew Grounds AM Matthew Grounds is also a Director. Please refer above for details of Matthew Ground’s experience and qualifications. Richard Howes Richard Howes is also a Director. Please refer above for details of Richard Howes’ experience and qualifications.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 26 Remuneration Report (Audited) The responsibility for the Company’s remuneration policy rests with the Board of Directors. Given the size of the Company, its charitable nature, that the Company has only four employees and that Directors have agreed to waive Directors’ fees on an ongoing basis, the Company has not formed a separate remuneration committee. a) Remuneration of Directors and Other Key Managemen t Personnel Key management personnel (‘KMP’) include the Direct ors, the Managing Director and the Chief Investment Officer. Directors have agreed to waive their Directors’ fees on an ongoing basis. For the year ended 30 June 2026, no Directors’ fees were paid by the Company. The remuneration of the Managing Director and the Chief Investment Officer is based on the scope and responsibilities of their roles. The Board determines the remuneration levels and ensures they are competitively set to attract and retain appropriately qualified and experienced candidates to these roles. The remuneration of the Managing Director and the Chief Investment Officer is set out below. The Chief Investment Officer is employed under a standard employment contract wi th a three-month notice period. The Managing Direct or is retained via a services company under a services agreement with a 90-day notice period. The remuneration of the Managing Director and the Chief Investment Officer is fixed and does not include securities or options in the Company and no element of the remuneration is tied to Company performance. The Chief Investment Officer is not provided with retirement benefits apart from statutory superannuation. The Managing Director does not receive retirement benefits or superannuation. Year ended 30 June 202 6 Short-term fixed remuneration $ Termination benefits $ Post- employment benefits superannuation $ Total remuneration $ Charlie Lanchester 225,000 – 25,500 250, 500 Richard Howes * 237,500 – – 237,500 * Fees provided in relation to Managing Director role pursuant to services agreement Year ended 30 June 202 5 Short-term fixed remuneration $ Termination benefits $ Post- employment benefits superannuation $ Total remuneration $ Charlie Lanchester 282,692 – 29,932 312,624 Richard Howes* (appointed 1/6/25) 16,041 – – 16,041 Past Employee Brett Jollie (employed 9/12/24 - 30/6/25) 180,644 160,034** 17,336 358,0 14 Paul Rayson (employment ceased 19/2/25) 175,780 210,741 ** 19,153 405,674 * Commenced 1 June 2025. Fees provided in relation to Managing Director role pursuant to services agreement ** Includes payment for notice period and statutory entitlements

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 27 Remuneration Report (Audited) (continued) Company performance measures and KMP remuneration 202 6 202 5 202 4 202 3 202 2 Total comprehensive income/(loss) ($) 29,5 53 ,502 124,783,447 53,454,775 62,953,931 (219,589,213) Dividends (cents per share) 18 .5 15.5 14.0 13.5 13.5 NTA after tax ($ per share) 3. 38 3.44 3.05 2.95 2.81 Share Price ($ per share) 2.95 3.04 2.58 2.26 2.02 Total KMP remuneration ($) 488,000 1, 092,353 609,891 781,871 501,000 Shareholders’ Equity ($) 773,8 90 ,492 786,699,289 697,407,504 675,522,876 641,129,695 b) Other KMP Related Transactions Matthew Grounds is Chairman of Victor Chang Cardiac Research Institute which is a designated medical research beneficiary of Hearts and Minds Investments Limited. Hearts and Minds Investments Limited donated $4,961,966 to Victor Chang Cardiac Research Institute for the year ended 30 June 2026 (2025: $4,501,788). Gary Weiss is a Non-Executive Director of Victor Chang Cardiac Research Institute which is a designated medical research beneficiary of Hearts and Minds Investments Limited. Hearts and Minds Investments Limited dona ted $4,961,966 to Victor Chang Cardiac Research Institute for the year ended 30 June 2026 (2025: $4,501,788). Michael Traill was a Chair of Paul Ramsay Foundation until 30 June 2026. Paul Ramsay Foundation held 4,270,106 shares in HM1 on 30 June 2026 (2025: 4,270,106). c) Equity Instruments Disclosures of Directors, Other Key Management Personnel and Related Parties As at the date of this report, the Directors, other key management personnel and their related parties held the following interest in the Company: Ordinary shares held Opening balance at 1 July 202 5 Acquisitions Disposals Closing balance at 30 June 202 6 Christopher Cuffe AO 100,000 50,000 – 150,000 Lorraine Berends AM 45,000 – – 45,000 Guy Fowler OAM 1,426,211 – – 1,426,211 Matthew Grounds AM 1,260,959 – – 1,260,959 Michael Traill AM 72,281 – – 72,281 Gary Weiss AM 504,500 3,346 – 507,846 Geoffrey Wilson AO 1,687,500 – – 1,687,500 David Wright 100,090 6,149 – 106,239 Charlie Lanchester 89,061 – – 89,061 Richard Howes* 105,000 – – 105,000 * Holdings held prior to commencement with the Company

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 28 Remuneration Report (Audited) (continued) c) Equity Instruments Disclosures of Directors, Other Key Management Personnel and Related Parties (con tinued) Directors, other key management personnel and Director related entities acquired and disposed of ordinary shares in the Company on the same terms and conditions available to other shareholders. There has been no change in the interests of Directors, other key management personnel and Director Related entities since the end of the financial year to the date of this report. The Directors have not, during or since the end of financial year, been granted options over unissued shares or interests in shares of the Company as part of their remuneration. - End of remuneration report -

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 29 Directors’ Meetings Director No. of eligible to attend Attended Christopher Cuffe AO 4 4 Lorraine Berends AM 4 4 Guy Fowler OAM 4 4 Matthew Grounds AM 4 4 Michael Traill AM 4 3 Gary Weiss AM 4 4 Geoffrey Wilson AO 4 4 David Wright 4 4 Richard Howes 4 4 Investment Committee Meetings Member No. of eligible to attend Attended Christopher Cuffe AO 4 4 Lorraine Berends AM 4 4 Brett Paton 4 3 David Wright 4 3 Matthew Grounds AM 4 3 Richard Howes 4 4 Events Occurring After the Reporting Period The Company has declared an increased final fully franked dividend of 10.0 cents per share payable in October 2026. The Directors are not aware of any other events subsequent to 30 June 2026 that would materially affect the operations of the Company, the results of those operations or the state of affairs of the Company. Future Developments HM1’s future performance is dependent on the performance of the HM1 investment portfolio, which in turn is impacted by investee company-specific factors and prevailing industry conditions. In addition, a range of external factors including economic growth rates, interest rates, exchange rates and macro-economic conditions impact t he overall equity market. Accordingly, it is not possible or appropriate to accurately predict the future performance of HM1’s investment portfolio and HM1’s performance. Environmental Regulation The Company’s operations are not subject to any particular or significant environmental regulation under a law of the Commonwealth or of a State or Territory in Australia.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 30 Risk Management Philosophy and Approach The Board of Directors’ risk policies and controls are designed to be robust and relevant to the investment objectives and investment strategy. The Board of Directors is committed to robust corporate governance practices to create value and provide accountability and a control system commensurate with the risk involved. The Board of Directors will monitor the investment portfolio to ensure compliance with the investment strategy and the investment guidelines. The Investment Committee, in conjunction with the C hief Investment Officer, is responsible for managing the investment portfolio. The Investment Committee meet s quarterly, and more frequently as required, to review the investment portfolio and ensure that HM1 continues to deliver on its investment objective and investment strategy. The Investment Committee has recently engaged with Plato to improve HM1’s investment risk management process. Indemnification and Insurance of Officers and Directors The Company has director protection deeds with each Director. Under these deeds, the Company has agreed to indemnify, to the extent permitted by the Corporations Act 2001 , each Director in respect of certain liabilities which the Director may incur as a result of, or by reason of, being or acting as a Director of the Company. The Company has also agreed to maintain in favour of each officer of the Company, a directors’ and officers’ policy of insurance for the period that they are officers and for seven years after they cease to act as officers. No indemnities have been given or insurance premiums paid during or since the end of the financial period, for any person who is or has been an auditor of the Company. Proceedings on Behalf of the Company No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in an y proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. Non-Audit Services During the year, Pitcher Partners, the Company’s auditor, did not perform any non-assurance services in addition to their statutory duties for the Company. Related entities of Pitcher Partners perform certain taxation services for the Company. Details of the amounts paid to the auditors are disclosed in Note 5 of the financial statements. The Board of Directors is satisfied that the provision of non-audit services during the period is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 . The Directors are satisfied that the services disclosed in Note 5 did not compromise the external auditor’s independence for the following reasons:  all non-audit services are reviewed and approved by the Board prior to commencement to ensure they do not adversely affect the integrity and objectivity of the auditor; and  the nature of the services provided do not compromis e the general principles relating to auditor independence in accordance with the APES 110: Code of Ethics for Professional Accountants including Independence Standards set by the Accounting Professional and Ethical Standards Board.

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Hearts and Minds Investments Limited Directors’ Report to Shareholders (continued) For the year ended 30 June 2026 31 Rounding of Amounts In accordance with the ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 2026/183 , the amounts in the Directors’ Report to Shareholders and Annual Report have been rounded off in accordance with that Class Order to the nearest dollar or unless otherwise indicated. Corporate Governance Statement The Company’s Corporate Governance Statement for the year ended 30 June 2026 is provided on the Company website at heartsandmindsinvestments.com.au Auditor’s Independence Declaration A copy of the Auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the following page. This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001 . Christopher Cuffe AO Chair and Independent Director Sydney 26 August 2026

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Hearts and Minds Investments Limited Statement of Comprehensive Income For the year ended 30 June 2026 The accompanying notes form part of these financial statements. 33 For the For the year ended year ended 30 June 30 June 2026 2025 Notes $ $ Investment income from ordinary activities Net realised gains on financial assets at fair value through profit or loss 79,593,475 56 ,054 ,278 Net unrealised (losses) /gains on financial assets at fair value through profit or loss (6,343,252) 96 ,703 ,955 Net realised gains/( losses ) on foreign exchange transactions 6,003,828 (9 ,439 ,257) Net unrealised (losses)/ gain s on foreign exchange transactions (9,824,532) 13 ,241 ,863 Dividend income 4 9,884,630 8,575 ,602 Interest income 6,959 – Other income 15 346 ,740 Total investment income 79,321,123 165 ,483 ,181 Expenses Donations 7 (11,519,428) (11 ,254 ,469) Employee costs (991,861) (1 ,384 ,917) Other expenses (1,181,953) (768 ,308) Total expenses (13,693,242) (13 ,407 ,694) Income before income tax 65,627,881 152 ,075 ,487 Income tax expense 3 (19,254,326) (45 ,257 ,466) Net income for the year 46,373,555 106 ,818 ,021 Other comprehensive income Items that will not be reclassified to profit or loss: Net realised (losses)/gains on investments taken to equity, net of tax 9 (b) (15,227,329) 19 ,283 ,879 Net unrealised losses on investments taken to equit y, net of tax 9 (b) (1,592,724) (1 ,318 ,453) Net realised and unrealised (losses)/gains on investments taken to equity , net of tax (16,820,053) 17 ,965 ,426 Other comprehensive (loss)/income, net of tax (16,820,053) 17 ,965 ,426 Total comprehensive income 29,553,502 124 ,783 ,447 Cents Cents Earnings per share attributable to the ordinary equity holders of the Company: Basic and diluted earnings per share 12 20.2 5 46.65

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Hearts and Minds Investments Limited Statement of Financial Position 30 June 2026 The accompanying notes form part of these financial statements. 34 30 June 30 June 2026 2025 Notes $ $ Assets Current assets Cash and cash equivalents 10 33,956,774 36 ,005 ,126 Financial assets at fair value through profit or los s 14 783,751,332 767 ,636 ,384 Other receivables 6 383,478 244 ,352 Total current assets 818,091,584 803 ,885 ,862 Non -current assets Financial assets at fair value through other compreh ensive income 14 29,904,316 54 ,067 ,663 Total non -current assets 29,904,316 54 ,067 ,663 Total assets 847,995,900 857 ,953 ,525 Liabilities Current liabilities Current tax liabilities 3 15,906,848 7,876,414 Donation provision 7 8,290,178 8,155 ,264 Other payables 266,298 332 ,015 Total current liabilities 24,463,324 16 ,363 ,693 Non -current liabilities Deferred tax liabilities 3 49,642,084 54 ,890 ,543 Total non -current liabilities 49,642,084 54 ,890 ,543 Total liabilities 74,105,408 71 ,254 ,236 Net assets 773,890,492 786 ,699 ,289 Equity Share capital 8 574,939,172 574 ,939 ,172 Reserves 9 (a) 198,951,320 145 ,980 ,035 Retained earnings – 65 ,780 ,082 Total equity 773,890,492 786 ,699 ,289

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Hearts and Minds Investments Limited Statement of Changes in Equity For the year ended 30 June 2026 The accompanying notes form part of these financial statements. 35 Investment portfolio Share revaluation Profits Retained capital reserve reserve earnings Total Note $ $ $ $ $ Balance at 1 July 2024 574 ,939 ,172 732 ,053 132 ,918 ,270 (11 ,181 ,991) 697 ,407 ,504 Net income for the year – – – 106 ,818 ,021 106 ,818 ,021 Other comprehensive income for the year , net of tax 9 (b) – 17 ,965 ,426 – – 17 ,965 ,426 Transfer to profits reserve 9 (c) – (19 ,283 ,879) 49 ,139 ,827 (29 ,855 ,948) – Transactions with equity holders in their capacity as owners: Dividends 9 (d) – – (35 ,491 ,662) – (35 ,491 ,662) Balance at 30 June 2025 574 ,939 ,172 (586 ,400) 146 ,566 ,435 65 ,780 ,082 786 ,699 ,289 Balance at 1 July 2025 574 ,939 ,172 (586 ,400) 146 ,566 ,435 65 ,780 ,082 786 ,699 ,289 Net income for the year – – – 46,373,555 46,373,555 Other comprehensive loss for the year , net of tax 9 (b) – (16,820,053) – – (16,820,053) Transfer to profits reserve 9 (c) – 15,227,329 96,926,308 (112,153,637) – Transactions with equity holders in their capacity as owners: Dividends 9 (d) – – (42,362,299) – (42,362,299) Balance at 30 June 2026 574,939,172 (2,179,124) 201,130,444 – 773,890,492

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Hearts and Minds Investments Limited Statement of Cash Flows For the year ended 30 June 2026 The accompanying notes form part of these financial statements. 36 For the For the year ended year ended 30 June 30 June 2026 2025 Notes $ $ Cash flows from operating activities Dividends received 9,689,105 8,616,604 Interest income received 6,959 – Other income received 56,414 303,968 Donations paid (11,384,514) (9,543,045) Payments for other expenses (2,239,531) (1,961,210) Income tax (paid)/refund (9,263,757) 30,706 Net cash used in operating activities 11 (13,135,324) (2,552,977) Cash flows from investing activities Proceeds from sales of investments 460,897,005 412,183,551 Payments for purchases of investments (403,627,030) (407,861,225) Net cash provided by investing activities 57,269,975 4,322,326 Cash flows from financing activities Dividends paid 9 (d) (42,362,299) (35,491,662) Net cash used in financing activities (42,362,299) (35,491,662) Net increase/(decrease) in cash and cash equivalents 1,772,352 (33,722,313) Cash and cash equivalents at the beginning of the ye ar 36,005,126 65,924,833 Effect of foreign currency exchange rate changes on ca sh and cash equivalents (3,820,704) 3,802,606 Cash and cash equivalents at the end of the year 10 33,956,774 36,005,126

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Hearts and Minds Investments Limited Notes to the Financial Statements For the year ended 30 June 2026 37 1 General information Hearts and Minds Investments Limited (the ‘Company’ ) is a company limited by shares, incorporated and domiciled in Australia, whose shares are publicly traded. The registered office is Level 8, 210 George Street, Syd ney NSW 2000. The Company was incorporated on 12 September 2018. Its shares were admitted for quotation on the Official List of ASX Limited (‘ASX’) on 9 November 2018 and commenced op erations on 14 November 2018. The Company has no subsidiaries and does not prepare consolidated finan cial statements. Accordingly, these financial state ments of the Company are of an individual entity for the year end ed 30 June 2026. The financial statements were authorised for issue on 26 August 2026 by the Board of Directors. 2 Summary of material accounting policy information (a) Basis of preparation These general purpose financial statements have been prepared in accordance with the Australian Account ing Standards, Australian Accounting Interpretations, o ther authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001 . The financial statements of the Company also comply with International Financial Reporting Standards as issu ed by the International Accounting Standards Board. The Company is a for-profit entity for the purpose of preparing th e financial statements. Material accounting policies adopted in the preparation of these financial statements are present ed below and have been consistently applied unless stated otherwise. These financial statements have been prepared on an accruals basis, and are based on historical cost c onvention except for the revaluation of financial assets at fair value through profit or loss, financial assets at fa ir value through other comprehensive income and cash flow information. In accordance with ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 2026/183 , the amounts in the financial report have been rounded to the neare st dollar, unless otherwise indicated. The Company has adopted all of the new and amended A ccounting Standards and Interpretations issued by t he AASB that are mandatory for the current reporting year a nd there was no material impact on adoption. (b) Investment income Dividends Dividends are recognised as revenue in the Statemen t of Comprehensive Income when the right to receive payment is established. (c) Financial instruments Initial recognition and measurement Financial assets and financial liabilities are recog nised when the Company becomes a party to the contr actual provisions of the instrument. For financial assets, t his is equivalent to the date that the Company comm its itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted).

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 38 2 Summary of material accounting policy information (continued) (c) Financial instruments (continued) Initial recognition and measurement (continued) At initial recognition, the Company measures a finan cial asset at its fair value in the Statement of Fina ncial Position. Transaction costs for financial assets carried at fai r value through other comprehensive income are incl uded as part of the initial measurement. Classification of financial assets Financial assets recognised by the Company are subs equently measured in their entirety at either amort ised cost or fair value. Financial assets not irrevocably designated on init ial recognition at fair value through other comprehe nsive income (‘FVTOCI’) are classified as ‘Fair Value through Profit or Loss’ (‘FVTPL’). For all investments in equity instruments (financial assets) made between 12 September 2018 and 11 Octo ber 2021 the Company made an irrevocable election to present sub sequent changes in the fair value of these investment s (and the related tax thereon) in other comprehensive inc ome. Such financial assets were classified at FVTOC I and were considered long-term in nature and not held for tra ding. Some financial assets are still classified in this way at balance date. From 12 October 2021, the Company classifies new in vestments in equity instruments (financial assets) a t FVTPL in accordance with the entity’s business model test an d cash flow characteristics. Gains and losses arisi ng from changes in fair value (and the related tax thereon) are incl uded in the net income for the period and the corres ponding basic and diluted earnings per share in the period in whi ch they arise. Classification of financial liabilities Financial liabilities recognised by the Company are subsequently measured at amortised cost. Measurement The fair value of financial assets is based on the pr ice that would be received to sell an asset in an o rderly transaction between market participants at the measurement date . Usually, the quoted market prices on a recognised exchange or, in its absence, the most advantageous market to which the Company has access at that date. The Com pany’s accounting policy on fair value is disclosed in Note 14. Changes in the fair value for financial assets at fair value through other comprehensive income are recogn ised through the investment portfolio revaluation reserve after deducting a provision for the potential deferre d tax liability. Other receivables Other receivables are non-derivative assets and are stated at their amortised cost less any provision for impairment. Derecognition Financial assets are derecognised when the rights t o receive cash flows from the financial assets have e xpired or have been transferred and the Company has substantially transferred all the risks and rewards of ownership.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 39 2 Summary of material accounting policy information (continued) (c) Financial instruments (continued) Derecognition (continued) When a financial asset held at fair value through oth er comprehensive income is disposed, the cumulative gain or loss, net of tax thereon, is transferred from the investmen t portfolio revaluation reserve to the profits reserv e. (d) Donation provision In line with the Company’s philanthropic objectives , the Company donates a percentage of the Company’s net tangible assets to leading Australian medical resea rch organisations every six months. The donations a re equal to 1.5% per annum of the average monthly net tangible assets of the previous half-year. The donation provision r epresents the amount provided for donations at the reporting date. (e) Foreign currency translation Functional and presentation currency Items included in the financial statements are measu red using the currency of the primary economic envi ronment in which the Company operates. The financial statement s are presented in Australian dollars (‘AUD’ or ‘$’ ) which is the Company’s functional and presentation currency. Transactions and balances Foreign currency transactions are translated into t he functional currency using the exchange rates pre vailing at the date of the transactions. Foreign exchange gains and losses resulting from the settlement of such transac tions and from the translations at year end exchange rates of monetary assets and liabilities denominated in forei gn currencies are recognised in profit or loss. Non-monetary items that are measured at fair value i n a foreign currency are translated using the exchan ge rates at the date when fair value was determined. Translation differences on assets and liabilities carried at fai r value are reported as part of fair value gain or loss. (f) Income tax The income tax expense or benefit for the year is the tax payable on that year’s taxable income based on the applicable income tax rate, adjusted by changes in deferred ta x assets and deferred tax liabilities attributable to temporary differences and unused tax losses, where applicable. Deferred tax assets and liabilities are recognised f or temporary differences at the tax rates expected t o apply when the assets are recovered or liabilities are settled , based on those tax rates that are enacted or subs tantively enacted. Deferred tax assets are recognised for deductible tem porary differences and unused tax losses only if it i s probable that future taxable amounts will be available to uti lise those temporary differences and losses. The carr ying amounts of recognised and unrecognised deferred tax assets a re reviewed at each reporting date. Deferred income tax is provided in full, using the l iability method, on temporary differences arising be tween the tax bases of assets and liabilities and their carrying a mounts in the financial statements.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 40 2 Summary of material accounting policy information (continued) (f) Income tax (continued) Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to o ffset current tax assets and current tax liabilities and when the def erred tax balances relate to the same taxation auth ority. Current tax assets and liabilities are offset where the Company h as a legally enforceable right to offset and intends to settle on a net basis. Current and deferred tax is recognised in the Profit and Loss or Other Comprehensive Income consistent with the classification of financial assets. (g) Cash and cash equivalents Cash and cash equivalents include cash on hand, dep osits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertibl e to known amounts of cash and which are subject to an insignificant ri sk of changes in value. (h) Issued capital Ordinary shares are classified as equity. Costs dire ctly attributable to the issue of ordinary shares h ave been recognised in the Statement of Comprehensive Income, net of any tax effects. (i) Profits reserve A profits reserve is made up of amounts transferred from current and retained earnings that are preserve d for future dividend payments. (j) Dividends Provision is made for the amount of any dividend decl ared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting year but not distributed at the end of t he reporting year. (k) Critical accounting estimates and judgements The Directors evaluate estimates and judgements inc orporated into the financial report based on histori cal knowledge and best available current information. Estimates a ssume a reasonable expectation of future events and are based on current trends and economic data. The investments of the Company are recommended by fun d managers who provide their expertise and stock recommendations to the Company on a pro bono basis. Therefore, the investment portfolio of the Company d oes not incur any fund management fees. It is estimated tha t the investments fees forgone by the fund managers ba sed on normal commercial terms for the year ended 30 June 2 026 equates to $12,422,470 (2025: $11,861,715). This notional benefit to the Company is not included in the financ ial statements of the Company. During the year ended 30 June 2026, the Company mad e no purchases of unlisted securities which are not quoted in an active market (2025: $4,030,600). At 30 June 2026, the Company held an unlisted security which is n ot quoted in an active market of $36,247,092 (2025: $38,117,003). The Company holds shares in Corporate Travel Manageme nt which was suspended from trading in the Australian Securit ies Exchange on 22 August 2025, so the shares are c urrently not traded in an active market. These investments are v alued at their fair value. The methods used to deter mine the fair value of these investments are outlined in Note 14.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 41 2 Summary of material accounting policy information (continued) (k) Critical accounting estimates and judgements (continued) Other than these estimates, there are no estimates or judgements that have a material impact on the Co mpany’s financial results for the year ended 30 June 2026 (2 025: None). (l) New standards and interpretations issued but not yet effective Certain new accounting standards and interpretation s have been published that are not mandatory for the 30 June 2026 reporting period. The Company's assessment of t he impact of these new standards and interpretations is set out below. AASB 18 Presentation and Disclosure in Financial Statements (‘AASB 18’) was issued in June 2024 and is effectiv e for annual reporting periods beginning on or after 1 Jan uary 2027, with early adoption permitted. AASB 18 r eplaces AASB 101 Presentation of Financial Statements and introduces new requirements for the presentati on of the Statement of Comprehensive Income, including defined categorie s and subtotals, disclosure of management-defined performance measures, and enhanced principles on agg regation and disaggregation of financial statement l ine items. The Company has not yet completed its assess ment of the impact of AASB 18 on its financial stat ements however, changes to the presentation of the Statemen t of Comprehensive Income, Statement of Cash Flows a nd additional disclosures are expected. Other than the above, there are no other new accoun ting standards and interpretations that are issued but not yet effective and that would be expected to have a materi al impact on the Company in the current or future re porting periods. 3 Income tax (a) Income tax expense The prima facie tax on profit or loss before income tax is reconciled to the income tax expense as foll ows: For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Prima facie income tax expense on the net profit at 30% 19,688,365 45 ,622 ,646 Imputation credits and foreign tax credits claimed a t 100% (879,561) (521 ,686) Imputation credits gross up on dividends received 263,868 156 ,506 Franking credits on dividends received (107,143) – Franking credits gross up on dividends received 32,143 – Adjustment for income tax expense 256,654 – Income tax expense recognised in profit or loss 19,254,326 45 ,257 ,466 Income tax (credit)/expense on net realised (losses)/gains on investments (6,525,998) 8,264,520 Deferred tax credit on net unrealised losses on investments (682,596) (565,051) Income tax (credit)/expense recognised in other comprehensive income (7,208,594) 7,699,469 Total income tax expense 12,045,732 52 ,956 ,935

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 42 3 Income tax (continued) (b) Total income tax expense results in a: For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Current income tax liabilities 24,067,837 (388,106) Deferred tax assets 665,444 32,948,799 Deferred tax liabilities (5,478,955) 12,696,773 Income tax expense recognised in profit or loss 19,254,326 45,257,466 Current income tax liabilities (6,525,998) 8,264,520 Deferred tax liabilities (682,596) (565,051) Income tax (credit)/expense recognised in other comprehensive income (7,208,594) 7,699,469 Total income tax expense 12,045,732 52,956,935 (c) Balance of current tax liabilities: 30 June 30 June 2026 2025 $ $ Current tax liabilities (15,906,848) (7 ,876 ,414) Current tax payable (15,906,848) (7 ,876 ,414) Closing balance (15,906,848) (7 ,876 ,414) Movement in current tax liabilities: Opening balance (7 ,876 ,414) – Charged to profit or loss (22,432,846) 388 ,106 Charged to other comprehensive income 6,525,998 (8 ,264 ,520) Current tax liabilities paid during the year 7,876,414 – Closing balance (15,906,848) (7 ,876 ,414)

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 43 3 Income tax (continued) (d) Balance of deferred tax assets: 30 June 30 June 2026 2025 $ $ Deferred tax assets – – Tax losses carried forward – – Accrual not deductible at balance date – – Increase in provision for employee entitlements – – Unrealised losses on foreign exchange – – Dividend receivable at balance date – – Closing balance – – Movement in deferred tax assets: Opening balance – 9,744,087 Charged to profit or loss – (9,744,087) Charged to other comprehensive income – – Closing balance – – (e) Balance of deferred tax liabilities: 30 June 30 June 2026 2025 $ $ Deferred tax liabilities (49,642,084) (54 ,890 ,543) Tax liability in relation to unrealised gains on investments (49,642,084) (54 ,890 ,543) Closing balance (49,642,084) (54 ,890 ,543) Movement in deferred tax liabilities: Opening balance (54 ,890 ,543) (19 ,523 ,404) Charged to profit or loss 5,248,459 (35 ,367 ,139) Closing balance (49,642,084) (54 ,890 ,543)

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 44 3 Income tax (continued) (f) Dividend franking account For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Opening balance 26,058,949 41,288,184 Franking credits on dividends received 107,143 – Franking credits on dividends paid (18,155,271) (15,210,712) Tax paid/(received) during the year 9,255,338 (18,523) Closing balance of franking account 17,266,159 26,058,949 Franking credits on dividends receivable – 16,132 Franking credits on tax payable 15,906,848 7,876,414 Franking credits available for use in subsequent reporting periods 33,173,007 33,951,495 4 Dividend income Dividend income from financial assets at fair value For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Dividend income from financial assets at fair value – Investments sold during the year 2,285,197 1,088 ,056 Dividend income from financial assets at fair value – Investments held at year end 1 8,478,994 8,009 ,232 Dividend income from financial assets at fair value 10,764,191 9 ,097 ,288 Withholding tax on dividends (879,561) (521 ,686) Dividend income from financial assets at fair value 9,884,630 8,575 ,602 1 Dividend income related to investments in other co mprehensive income as of 30 June 2026 is $165,396 (2025: $203,542).

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 45 5 Remuneration of auditors During the year, the following fees were paid or pay able for services provided by the auditor of the Comp any, its related practices and non-related audit firms: For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Audit and review of financial statements 67,559 68,802 Other services provided by related practice of the a uditor Taxation services 12,400 7,442 Total remuneration for audit and other assurance services 79,959 76,244 6 Other receivables 30 June 30 June 2026 2025 $ $ Dividend receivable 383,46 1 187 ,936 Other receivables 17 56 ,416 Total other receivables 383,478 244 ,352 7 Donation provision 30 June 30 June 2026 2025 $ $ Donation provision 8,290,178 8,155 ,264 Total donation provision 8,290,178 8,155 ,264 For the year ended 30 June 2026, the amount recogni sed in the Statement of Comprehensive Income as an e xpense was $11,519,428 (2025: $11,254,469). This amount re presents donations paid or payable to medical resea rch beneficiaries to advance medical research in Austral ia. As at 30 June 2026, the amount recorded as a do nation provision in the Statement of Financial Position of $8,290,178 (2025: $8,155,264) represents a provision for donations payable to medical research beneficiaries at balance date.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 46 8 Share capital Issued capital 30 June 30 June 2026 2026 No. of shares $ Ordinary shares 228,982,167 574,939,172 30 June 30 June 2025 2025 No. of shares $ Ordinary shares 228,982,167 574,939,172 There were no movements in the share capital of the Company for the years ended 30 June 2025 and 30 Jun e 2026. During the year ended 30 June 2026, the Company acq uired fully paid ordinary shares on market and tran sferred them to shareholders pursuant to the Dividend Reinvestme nt Plan (‘DRP’). 612,652 fully paid ordinary shares were transferred to shareholders on 16 October 2025, and 809,633 ful ly paid ordinary shares were transferred on 16 April 2026. During the year ended 30 June 2025, the Company acq uired fully paid ordinary shares on market and tran sferred them to shareholders pursuant to the DRP. 708,304 fully p aid ordinary shares were transferred to shareholder s on 17 October 2024, and 713,180 fully paid ordinary shares were tr ansferred on 17 April 2025. These transactions are the only non-cash financing activities relevant to the Company for the current a nd prior years. 9 Reserves (a) Reserves 30 June 30 June 2026 2025 $ $ Investment portfolio revaluation reserve (2,179,124) (586 ,400) Profits reserve 201, 130,444 146 ,566 ,435 Total reserves 198, 951,320 145 ,980 ,035

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 47 9 Reserves (continued) (b) Investment portfolio revaluation reserve For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Opening balance (586,400) 732,053 Net realised (losses)/gains on investments taken to equity (21,753,327) 27,548,399 Income tax credit/(expense) on net realised (losses)/gains on investments taken to equity 6,525,998 (8,264,520) Net unrealised losses on investments taken to equit y (2,275,320) (1,883,504) Deferred tax credit on net unrealised losses on inve stments taken to equity 682,596 565,051 Transfer to profits reserve 15,227,329 (19,283,879) Closing balance (2,179,124) (586,400) (c) Profits reserve For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Opening balance 146 ,566 ,435 132 ,918 ,270 Transfer from retained earnings 112, 153,637 29 ,855 ,948 Transfer from investment portfolio revaluation reserv e (15,227,329) 19 ,283 ,879 Dividends (42,362,299) (35 ,491 ,662) Closing balance 201, 130,444 146 ,566 ,435 (d) Dividends During the year ended 30 June 2026, the Company pai d fully franked dividend of 18.5 cents per share to s hareholders amounting to a total dividend payment of $42,362,29 9, of which $2,231,866 was reinvested by shareholder s in HM1 shares via the DRP. Refer to Note 8 for details of the DRP. During the year ended 30 June 2025 the Company paid fully franked dividend of 15.5 cents per share to sha reholders amounting to a total dividend repayment of $35,491,6 62, of which $2,132,408 was reinvested by shareholde rs in HM1 shares via the DRP. Refer to Note 8 for details of th e DRP. (e) Dividends not recognised at year end In addition to the above dividends, since the end o f the year, the Directors have declared a final fully franked dividend of 10.0 cents per share payable on 15 October 2026. This dividend has not been recognised as a liabilit y at 30 June 2026.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 48 10 Cash and cash equivalents Cash at the end of the reporting year as shown in th e Statement of Cash Flows is reconciled to the rela ted items in the Statement of Financial Position as follows: 30 June 30 June 2026 2025 $ $ Cash in bank 259,384 1,620,503 Cash at custodian 33,697,390 34,384,623 Total cash and cash equivalents 33,956,774 36,005,126 The cash at bank, at call and denominated in AUD is held in both interest bearing and non-interest bea ring accounts. The cash at custodian, at call and denominated in A UD, United States Dollars (“USD”), Canadian Dollars (“CAD”), Euros (“EUR”) and British Pound Sterling (“GBP”) is non-interest bearing. 11 Reconciliation of net income for the year to net cash used in operating activities For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Net income for the year 46, 373,555 106 ,818 ,021 Fair value gains/(losses) and movements in financial assets at fair value through profit or loss (73,250,223) (152 ,758 ,233) Effects of foreign currency exchange rate changes on ca sh and cash equivalents 3,820,704 (3 ,802 ,606) Change in operating assets and liabilities: Increase in other receivables (139,126) (1 ,770) Decrease in deferred tax assets – 9 ,744 ,087 Increase in current tax liabilities 8,030,434 7,876 ,414 Increase in donation provision 134,914 1,711 ,424 Increase in deferred tax liabilities 1,960,135 27 ,667 ,671 (Decrease)/increase in other payables (65,717) 192 ,015 Net cash used in operating activities (13,135,324) (2 ,552 ,977)

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 49 12 Basic and diluted earnings per share For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Net income for the year used in the calculation of b asic and diluted earnings per share attributable to the ordinary equity holde rs of the Company 46,373,555 106 ,818 ,021 For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Basic and diluted earnings per share attributable t o the ordinary equity holders of the Company 20.2 5 46.65 Weighted average number of shares used as denominat or For the For the year ended year ended 30 June 30 June 2026 2025 No. of shares No. of shares Weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share at tributable to the ordinary equity holders of the Company 228,982,167 228 ,982 ,167 At the end of the year, there were no outstanding se curities that are potentially dilutive in nature for the Company (2025: None). 13 Financial risk management The Company’s financial instruments consist mainly o f cash and cash equivalents, other receivables, fin ancial assets at fair value through profit or loss, financial asset s at fair value through other comprehensive income a nd other payables. The Company’s activities expose it to a variety of f inancial risks: market risk (including currency risk, interest rate risk, and equity price risk), credit risk, liquidity risk and other risks. The Board of the Company has imple mented a risk management framework to monitor and manage these ri sks. Risks are managed in the context of the Company’s st rategic objectives, the size and complexity of its operations, and the Board’s expectations and attitude to risk. The Company has implemented a risk management framework based on the Australian/New Zealand International Standar d Organisation 31000:2018 Risk management – Guidelines . Details of the Company’s risk management framework are availa ble on the Company’s website.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 50 13 Financial risk management (continued) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate b ecause of changes in market prices. The investment portfolio is exposed to market risk. The market risk of securities in the Company’s inve stment portfolio can fluctuate as a result of market conditions. The value of the investment portfolio may be impacted by factors such as economic conditions, interest rates, currency ex change rates, regulations, sentiment and geopolitic al events as well as environmental, social and technological changes. In addition, as the Company is listed on the ASX, its securities are exposed to market risks. As a result, the security price may trade at a discount or a premium to its n et tangible assets. Currency risk The Company holds monetary assets denominated in cu rrencies other than the Australian dollar. The Comp any monitors the exposure on all foreign currency denom inated assets and liabilities. The Company does not hedge against its foreign excha nge exposure and consequently the impact of foreign exchange movements is directly reflected in the Stat ement of Comprehensive Income. While the Company has direct exposure to foreign exc hange rate changes on the value of non-Australian do llar denominated investments, it may also be indirectly affected by the impact of foreign exchange rate changes on the earnings of many of the Company’s investments, even i f those investments are denominated in Australian do llars. For that reason, the sensitivity analysis below may not necessarily indicate the total effect on the Compan y’s equity of future movements in foreign exchange rates. The table below summarises the Company’s financial assets exposed to foreign currency risk at 30 June 2 026 and 30 June 2025: 30 June 2026 30 June 2025 Net currency Net currency exposure* exposure* % % United States Dollar 68 70 Hong Kong Dollar 15 1 Euro 10 8 Canadian Dollar 4 5 Pound Sterling – 2 Total 97 86 * As percentage of investment portfolio exposure.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 51 13 Financial risk management (continued) Market risk (continued) Currency risk (continued) Sensitivity The following tables illustrate the sensitivities of the Company’s financial assets to foreign currency risk, assuming a tax rate of 30%. The analysis is based on the assumption that the AUD weakened/strengthened by 10% against the other currencies. USD impact HKD impact EUR impact CAD impact GBP impact As at 30 June 2026 AUD AUD AUD AUD AUD Impact on profit and loss +/ - 38,164,74 0 +/ - 8,685,166 +/ - 5,997,037 +/ - 2,203,043 +/ - – Impact on other comprehensive income +/ - 2,093,302 +/ - – +/ - – +/ - – +/ - – USD impact HKD impact EUR impact CAD impact GBP impact As at 30 June 2025 AUD AUD AUD AUD AUD Impact on profit and loss +/ - 36 ,623 ,116 +/ - 712 ,335 +/ - 6 ,051 ,251 +/ - 2,878 ,097 +/ - 1,340 ,088 Impact on other comprehensive income +/ - 3,784 ,736 +/ - – +/ - – +/ - – +/ - – Equity price risk The Company is exposed to equity price risk on its financial assets classified in the Statement of Financ ial Position as financial assets at FVTPL and financial assets at FVT OCI. There is a risk that securities will fall in value over short or extended periods of time. Equity markets are volati le, and individual share prices may fluctuate and un derperform both the broader equity market and other asset clas ses over extended periods of time. Industry factors as well as factors specific to individual companies (such as ear nings shocks, management changes, regulatory issues , product failures and others) can drive valuation changes. Th e Company’s typical investment portfolio comprises 2 5 to 30 securities, which represents a high level of investm ent concentration. The lower the number of investmen ts, the higher the concentration and, in turn, the higher the expe cted volatility. The Company seeks to achieve some diversification by constructing the portfolio based on the stock rec ommendations provided by a number of fund managers. Some of the Company’s equity price risk arises from its investments in unlisted securities, whose valua tion is not directly observed in the form of a listed equity pric e but is instead derived from factors, some of which a re themselves impacted by equity market movements. The Company ma nages its exposure to equity price risk associated with unlisted securities through constraining the extent of exposure to unlisted securities and through a du e diligence process prior to making unlisted investments. Due d iligence considers both qualitative and quantitativ e criteria in the areas of financial performance, business strategy and risk, based on information obtained through the inv estment manager recommending the stock and from information gathered from external sources. The Company also per forms ongoing monitoring procedures primarily through dis cussions with the underlying investment managers.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 52 13 Financial risk management (continued) Market risk (continued) Equity price risk (continued) Sensitivity The following table illustrates the effect on the Com pany’s equity from changes in the fair value of financ ial assets that were considered reasonably possible based on the eq uity price risk that the Company was exposed to at reporting date, assuming a tax rate of 30%. 30 June 2026 30 June 2025 $ $ Impacts on total profit and loss Change in variable +/ - 20% 109,725,18 6 107,469,094 Change in variable +/ - 10% 54,862,593 53,734,547 Change in variable +/ - 5% 27,431,297 26,867,273 Impacts on other comprehensive income Change in variable +/ - 20% 4,186,604 7,569,473 Change in variable +/ - 10% 2,093,302 3,784,736 Change in variable +/ - 5% 1,046,651 1,892,368 Cash flow and interest rate risk The Company’s interest-bearing financial assets exp ose it to risks associated with the effects of fluctu ations in the prevailing levels of market interest rates on its fin ancial position and cash flows. The tables below su mmarise the Company’s exposure to interest rate risks: Interest Non -interest 30 June 2026 bearing bearing Total $ $ $ Financial assets Cash and cash equivalents 67,064 33,889,710 33,956,774 Financial assets at fair value through profit or los s – 783,751,332 783,751,332 Financial assets at fair value through other compreh ensive income – 29,904,316 29,904,316 Other receivables – 383,478 383,478 Total financial assets 67,064 847, 928,836 847,995,900 Financial liabilities Other payables – 266,298 266,298 Total financial liabilities – 266,298 266,298

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 53 13 Financial risk management (continued) Market risk (continued) Cash flow and interest rate risk (continued) Interest Non -interest 30 June 2025 bearing bearing Total $ $ $ Financial assets Cash and cash equivalents – 36 ,005 ,126 36 ,005 ,126 Financial assets at fair value through profit or los s – 767 ,636 ,384 767 ,636 ,384 Financial assets at fair value through other compreh ensive income – 54 ,067 ,663 54 ,067 ,663 Other receivables – 244 ,352 244 ,352 Total financial assets – 857 ,953 ,525 857 ,953 ,525 Financial liabilities Other payables – 332 ,015 332 ,015 Total financial liabilities – 332,015 332,015 Sensitivity Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents as a result o f changes in interest rates. At 30 June 2026, if interest rates h ad increased or decreased by 300 basis points relat ive to year-end rates, with all other variables held constant, post -tax profit for the year would have varied by $704 ( 2025: Nil). This variance would reflect an increase in the event of hi gher rates and a decrease in the event of lower rate s, corresponding to the change in interest income earn ed on cash and cash equivalents. Interest rate risk also arises from the effects of fluc tuations in the prevailing levels of market interest rates on the Company’s financial assets at FVTPL and financial as sets at FVTOCI. The sensitivity to changes in the v alue of financial assets at FVTOCI is set out in the equity price ris k and currency risk sensitivity tables. The Directo rs do not consider it meaningful to provide a separate analysis of the se nsitivity of the investment portfolio to changes in i nterest rates. Credit risk Credit risk is the risk that one party to a financia l instrument will cause a financial loss for the othe r party by failing to discharge an obligation. Credit risk primarily arises from cash and cash equ ivalents, deposits with banks and other financial in stitutions and other receivables. The maximum exposure to credit risk at balance shee t date of recognised financial assets is the carryin g amount, net of any provisions for expected credit losses of those assets, as disclosed in the Statement of Financial P osition.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 54 13 Financial risk management (continued) Credit risk (continued) The Company held no collateral as security or any o ther credit enhancements. None of the assets expose d to a credit risk are overdue or considered to be impaired. HM1 only deals with what it assesses to be creditworthy counterparties. HM1 is satisfied that the counterparties are of suffic ient quality and diversity to minimise any individu al counterparty risk. Credit risk on cash and cash equivalents is n ot considered to be a significant risk to the Compan y. Liquidity risk Liquidity risk is defined as the risk that an entity will encounter difficulty in meeting obligations ass ociated with financial liabilities. The Board and Investment Committee mon itor the Company’s cash flow requirements in relati on to the investment portfolio taking into account dividends, tax payments and investing activity. The Company’s inward cash flows depend on the level of dividend and interest revenue received, investm ent disposals and capital raising initiatives from time to time. T he Company will adjust investments and disposals in order to manage its liquidity. As noted in the discussion on equity price risk, a small part of the portfolio is invested in illiquid unlisted equity securities which are less easy to b e disposed. The major cash outflows are investments , donations, general expenditure and future dividends paid to sha reholders and the level of these outflows is managed by the Board and Investment Committee. Prudent liquidity r isk management implies maintaining sufficient cash an d marketable securities. A sufficient level of the Comp any’s cash is held at call to meet cash outflows and mitigate liquidity risk. In addition, a significant portion of the investment portfolio is in liquid listed equity securities. The tables below summarise the maturity profile of t he Company’s financial assets and financial liabilit ies based on contractual undiscounted cash flows: 30 June 2026 On demand 1 to 3 months 3 to 12 months More than 12 months No fixed maturity Total $ $ $ $ $ $ Financial assets Cash and cash equivalents 33,956,774 – – – – 33,956,774 Financial assets at fair value through profit or loss – – – – 783,751,332 783,751,332 Financial assets at fair value through other comprehensive income – – – – 29,904,316 29,904,316 Other receivables 383,478 – – – – 383,478 Total financial assets 34,340,252 – – – 813,655,648 847,995,900 Financial liabilities Other payables 266,298 – – – – 266,298 Total financial liabilities 266,298 – – – – 266,298

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 55 13 Financial risk management (continued) Liquidity risk (continued) 30 June 2025 On demand 1 to 3 months 3 to 12 months More than 12 months No fixed maturity Total $ $ $ $ $ $ Financial assets Cash and cash equivalents 36 ,005 ,126 – – – – 36 ,005 ,126 Financial assets at fair value through profit or loss – – – – 767 ,636 ,384 767 ,636 ,384 Financial assets at fair value through other comprehensive income – – – – 54 ,067 ,663 54 ,067 ,663 Other receivables 244 ,352 – – – – 244 ,352 Total financial assets 36 ,249 ,478 – – – 821 ,704 ,047 857 ,953 ,525 Financial liabilities Other payables 332 ,015 – – – – 332 ,015 Total financial liabilities 332,015 – – – – 332,015 14 Financial assets Fair value measurements (a) Fair value estimation Fair value is the price that would be received to s ell an asset in an orderly transaction between mark et participants at the measurement date. The fair value measurement is based on the presumption that the transaction to se ll the asset takes place either in the principal market for the a sset or, in the absence of a principal market, in th e most advantageous market for the asset. The principal or the most advantageous market must be accessible to the Company. The fair value of an asset is measured using the assumptions that market participants would use when pricing the asset, assuming that market participant s act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market p articipant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the as set in its highest and best use. For all other financial instruments not traded in an active market, the fair value is determined using v aluation techniques deemed to be appropriate in the circumst ances. Valuation techniques include the market appr oach (i.e., using recent arm ’s length market transactions, adjusted as necessar y, and reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models making as much use of availabl e and supportable market data as possible). The fair value for financial instruments traded in act ive markets at the reporting date is based on their quoted closing price, without any deduction for transaction costs.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 56 14 Financial assets (continued) Fair value measurements (continued) (b) Fair value hierarchy AASB 13 Fair Value Measurement requires the disclosure of fair value information us ing a fair value hierarchy reflecting the significance of the inputs in making the measurem ents. The fair value hierarchy consists of the followi ng levels:  Quoted prices (unadjusted) in active markets for id entical assets or liabilities (Level 1);  Inputs other than quoted prices included within Lev el 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and  Inputs for the asset or liability that are not base d on observable market data (unobservable inputs) ( Level 3). The following tables present the Company’s assets an d liabilities measured and recognised at fair value at: 30 June 2026 Level 1 Level 2 Level 3 Total $ $ $ $ Financial assets at fair value through profit or loss Listed equity securities on major exchanges 747,504,240 – – 747,504,240 Unlisted equity securities – – 36,247,092 36,247,092 Financial assets at fair value through other comprehensive income Listed equity securities on major exchanges 29,904,316 – – 29,904,316 Total financial assets at fair value 777,408,556 – 36,247,092 813,655,648 30 June 2025 Level 1 Level 2 Level 3 Total $ $ $ $ Financial assets at fair value through profit or loss Listed equity securities on major exchanges 710 ,047 ,137 – – 710 ,047 ,137 Unlisted equity securities and managed investment schemes – 19 ,472 ,244 38 ,117 ,003 57 ,589 ,247 Financial assets at fair value through other comprehensive income Listed equity securities on major exchanges 54 ,067 ,663 – – 54 ,067 ,663 Total financial assets at fair value 764 ,114 ,800 19 ,472 ,244 38 ,117 ,003 821 ,704 ,047 On 22 August 2025, Corporate Travel Management shar es were suspended from trading in the Australian Sec urities Exchange. This resulted in the transfer of the Compan y’s investment in its listed equity securities from Level 1 to Level 3. There were no transfers between levels for the year ended 30 June 2025. The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at t he end of the reporting period. This resulted in zero value being transferred between Level 1 and Level 3 on 30 June 2026, because the Company’s holding in Corporate Travel Managemen t was fair valued at zero in November 2025.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 57 14 Financial assets (continued) Fair value measurements (continued) (b) Fair value hierarchy (continued) The carrying amounts of other receivables and other payables are assumed to approximate their fair value s due to their short-term nature. Valuation techniques and key inputs used in Level 2 and Level 3 fair value measurements: Fair value as at 30 June 2026 Valuation techniques Unobservable inputs Range inputs $ Recurring fair value measurements Financial assets at fair value through profit or loss: Unlisted equity securities 36,247,092 Discounted cash flows Revenue growth rate EBITDA margin 15% 18% Fair value as at 30 June 2025 Valuation techniques Unobservable inputs Range inputs $ Recurring fair value measurements Financial assets at fair value through profit or loss: Unlisted equity securities 38 ,117 ,003 Discounted cash flows N/A N/A Unlisted managed investment schemes 19 ,472 ,244 Daily unit price N/A N/A (c) Level 2 fair value measurements The Company’s investment in unlisted managed invest ment schemes (‘MIS’) pertained to Regal Australia L ong Short Equity Fund which is an actively managed fund that t akes position in Australian equities. The unlisted MIS is measured at fair value through profit or loss and its valuati on methodology is determined based on the daily uni t prices provided by the MIS manager. These prices represent the amou nt at which units can be redeemed on any given busi ness day. The holding in the Regal Australia Long Short Fund was sold during the year. As at 30 June 2026, the Company does not hold any u nlisted MIS categorised as Level 2 investments .

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 58 14 Financial assets (continued) Fair value measurements (continued) (d) Level 3 fair value measurements The table below shows reconciliation of all movement s in the fair value of Level 3 investments: 30 June 30 June 2026 2025 $ $ Opening balance 38,117,003 20,896,686 Transfer from Level 1* – – Net change in unrealised (losses)/gains (1,869,911) 17,220,317 Closing balance 36,247,092 38,117,003 * Zero value was transferred between Level 1 and Lev el 3 because the Company’s holding in Corporate Tra vel Management was fair valued at zero in November 2025. The net change in unrealised losses on Level 3 inve stments still held as at year end amounted to $1,86 9,911 and net change in unrealised gains on Level 3 investments a s at year end 30 June 2025 amounted to $17,220,317. These were included in the investment income from ordinary acti vities section of the Statement of Comprehensive inc ome. Valuation process for Level 3 investment The Company holds an investment in an unlisted secu rity which is not quoted in an active market and th e inputs for measuring fair value are not based on observable mar ket data. Transactions in such investment do not oc cur on a regular basis. This investment is valued at fair val ue and is considered Level 3 in the fair value hiera rchy. The methods that the Company uses to determine the fair value in clude:  Market approach: fair value is derived by reference to recent transactions in the unlisted security;  Income approach: such as the discounted projected c ash flow method. The Company has the following control procedures in place to evaluate whether the carrying value of th e unlisted security is calculated in a manner consistent with AASB 13 Fair Value Measurement :  Through ongoing monitoring procedures, primarily di scussions with the underlying investment fund managers;  Review of the financial statements, key assumptions and significant judgements used in discounted cash flow models; and  Review of detailed valuation models. Due to the inherent uncertainty of the valuation of the unlisted security, the values used and the met hodologies and assumptions adopted in the valuation may differ signi ficantly from the values that would have been used ha d a ready market for the investment existed. These values may need to be revised as circumstances change and mate rial adjustments may still arise as a result of revaluati on of the unquoted investments fair value within the next financial period.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 59 14 Financial assets (continued) Fair value measurements (continued) (d) Level 3 fair value measurements (continued) Valuation process for Level 3 investment (continued) The fair value of the Company’s unlisted equity secur ity has been determined using an income approach. D uring the year ended 30 June 2026, if the discount rate on fai r value moved by -1%/+1%, the impact on valuation w ould be an increase of $5,934,387 and a decrease of $4,585,134, respectively (2025: None). The Company also holds an investment in a company w hich has been suspended from trade on the Australian Securities Exchange since August 2025 and the input s for measuring fair value are not based on observab le market data. This investment is valued at fair value and is considered Level 3 in the fair value hierarchy. Giv en the length of the suspension, the uncertainty around the ongoing busi ness and the likelihood of fines and penalties, the fa ir value has been set at zero. If the company were to recommence trading at the last-traded price, the impact on val uation would be +$20.1 million. 15 Segment information The Company is solely engaged in investment activit ies, deriving revenue from dividend income, interest income and from the sale of its investments. It has no reportabl e business or geographical segments. The Company’s investments are listed equity securit ies on major exchanges other than one unlisted secu rity as set out in Note 14. The split of the Company’s investme nts by the country of listing is set out below. 30 June 30 June 2026 2025 Country of Listing % % United States 65 70 Hong Kong 15 1 Germany 8 8 Taiwan 4 – Australia 3 14 Finland 3 – Canada 2 5 United Kingdom – 2 100 100

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 60 15 Segment information (continued) The Company operates in one operating segment, bein g investment in listed and unlisted equities. Divid end income from external sources, based on the country of listin g of the entities from which dividend is derived, is as follows: 30 June 30 June 2026 2025 $ $ Australia 2,535,198 4,693,369 Foreign 7,349,432 3,882,233 Dividend income 9,884,630 8,575,602 16 Key management personnel compensation The names and positions held of the Company’s key ma nagement personnel (‘KMP’) (including Directors in office at any time during the year ended 30 June 2026) are: Christopher Cuffe AO Chair and Independent Director Lorraine Berends AM Independent Director Guy Fowler OAM Independent Director Matthew Grounds AM Independent Director Michael Traill AM Independent Director Gary Weiss AM Independent Director Geoffrey Wilson AO Independent Director David Wright Independent Director Richard Howes Managing Director Charlie Lanchester Chief Investment Officer Remuneration Key management personnel (‘KMP’) include the Direct ors, the Managing Director and the Chief Investment Officer. Directors have agreed to waive their Directors’ fee s on an ongoing basis. For the year ended 30 June 2 026, no Directors’ fees were paid by the Company. The remuneration of t he Managing Director and the Chief Investment Office r is based on the scope and responsibilities of their roles. T he Board determines the remuneration levels and ens ures they are competitively set to attract and retain appropriate ly qualified and experienced candidates to these ro les. The remuneration of the Managing Director and the Chief Investment Officer is set out below. The Chief Invest ment Officer is employed under a standard employment contract wi th a three-month notice period. The Managing Direct or is retained via a services company under a services ag reement with a 90-day notice period. The remunerati on of the Managing Director and the Chief Investment Officer is fixed and does not include securities or options i n the Company and no element of the remuneration is tied to Compan y performance. The Chief Investment Officer is not pro vided with retirement benefits apart from statutory supera nnuation. The Managing Director does not receive re tirement benefits or superannuation.

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 61 16 Key management personnel compensation (continued ) Remuneration (continued) Short -term Post- employment fixed Termination benefits Total remuneration benefits superannuation remuneration $ $ $ $ Total KMP remuneration paid year ended 30 June 2026 462,500 – 25,500 488,000 Total KMP remuneration paid year ended 30 June 2025 655 ,157 370 ,775 66 ,421 1,092 ,353 17 Related party transactions All transactions with related entities were made on normal commercial terms and at market rates, excep t as noted below. Investment and management fees All participating fund managers provide investment m anagement services to the Company at no cost. A pro portion of donation payments paid by the Company are paid to medical research organisations nominated by the participating fund managers. The Company Secretary is an employee of Boardroom Pt y Limited. Boardroom Pty Limited provides company secretarial services to the Company. The Company ho lds professional indemnity insurance to her benefit. Matthew Grounds is Chair of Victor Chang Cardiac Re search Institute which is a designated medical rese arch beneficiary of Hearts and Minds Investments Limited. The Company donated $4,961,966 to Victor Chang Card iac Research Institute for the year ended 30 June 2026 (2025: $4,501,788). Gary Weiss is a Non-Executive Director of Victor Cha ng Cardiac Research Institute which is a designated medical research beneficiary of Hearts and Minds Investments Limited. The Company donated $4,961,966 to Victor Chang Cardiac Research Institute for the year ended 30 Jun e 2026 (2025: $4,501,788). Michael Traill was Chair of Paul Ramsay Foundation until 30 June 2026. Paul Ramsay Foundation held 4,2 70,106 shares in HM1 on 30 June 2026 (2025: 4,270,106). Directors’ fees The Directors have agreed to waive any right to be paid director fees (see Note 16). 18 Commitments and contingencies The Company had no material contingent liabilities or commitments as at 30 June 2026 (2025: Nil).

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Hearts and Minds Investments Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 62 19 Events occurring after the reporting year The Company has declared an increased final fully fra nked dividend of 10.0 cents per share payable in Oct ober 2026. No other matter or circumstance has occurred subseq uent to year end that has significantly affected, or may significantly affect, the operations of the Company, t he results of those operations or the state of affairs of the Company in subsequent financial years.

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Hearts and Minds Investments Limited Consolidated Entity Disclosure Statement For the year ended 30 June 2026 63 Consolidated Entity Disclosure Statement The Company is not required to prepare consolidated financial statements by Australian Accounting Stand ards. Accordingly, in accordance with subsection 295(3A) of the Corporations Act 2001 , no further information is required to be disclosed in this consolidated entity disclosure statement.

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Hearts and Minds Investments Limited Directors’ Declaration For the year ended 30 June 2026 64 Directors’ Declaration In accordance with a resolution of the Directors of H earts and Minds Investments Limited (the ‘Company’) , the Directors of the Company declare that: (a) The financial report as set out in pages 33 to 6 2 and the additional disclosures included in the Di rectors’ Report designated as ‘Remuneration Report (Audited)’, as s et out on pages 26 to 28, are in accordance with th e Corporations Act 2001 , including: (i) complying with Australian Accounting Standards, which, as stated in Note 2 to the financial statem ents, constitutes compliance with International Financial Reporting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requireme nts; and (ii) giving a true and fair view of the financial position of the Company as at 30 June 2026 and of its per formance, as represented by the results of the operations and the cash flows, for the year ended on that date. (b) At the date of this declaration, in the Director s’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when t hey become due and payable. (c) The Directors have been given the declaration r equired by section 295A of the Corporations Act 2001 from the person who performs the Chief Executive Officer and C hief Financial Officer functions, for the purpose of the Corporations Act 2001 . (d) The consolidated entity disclosure statement re quired by subsection 295(3A) of the Corporations Act 2001 is true and correct. Signed in accordance with a resolution of the Board of Directors made pursuant to section 295(5)(a) of t he Corporations Act 2001 . Christopher Cuffe AO Chair and Independent Director Sydney 26 August 2026

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Pitcher Partners Sydney ABN 17 795 780 962 Level 16, Tower 2 Darling Park 201 Sussex Street Sydney NSW 2000 Postal address GPO Box 1615 Sydney NSW 2001 +61 2 9221 2099 sydneypartners@pitcher.com.au pitcher.com.au Pitcher Partners is an association of independent firms. Pitcher Partners Sydney ABN 17 795 780 962 . Liability limited by a scheme approved under Professional Standards Legislation. Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members of which are separate an d independent legal entities. Adelaide | Brisbane | Melbourne | Newcastle | Perth | Sydney 65 Independent Auditor’s Report To the Members of Hearts and Minds Investments Limited ABN 61 628 753 220 Report on the Audit of the Financial Report Opinion We have audited the financial report of Hearts and M inds Investments Limited (“the Company”), which comprises the statement of financial position as at 30 June 2026, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of material accounting policy information, the consolidated entity disclosure statement , and the Directors’ declaration. In our opinion, the accompanying financial report of Hearts and Minds Investments Limited is in accordance with the Corporations Act 2001 , including: i. giving a true and fair view of the Company’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and ii. complying with Australian Accounting Standards an d the Corporations Regulations 2001 . Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional and Ethical Standards Board (“the Code”) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethi cal responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 , which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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66 Pitcher Partners Sydney ABN 17 795 780 962 An association of independent firms Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our audit addressed the matter Existence and Valuation of Financial Assets Refer to Not e 14 : Financial Assets We focused our audit effort on the existence and valuation of the Company’s financial assets as they represent the most significant driver of the Company’s Net Tangible Assets and Profit. In accordance with Australian Accounting Standards, these investments are disclosed as either “Level 1” (i.e. where the fair value is based on quoted prices in active markets) or “Level 3” (i.e. where key inputs to fair value are based on unobservable inpu ts). The Company’s investments consist of both listed and unlisted securities. Investments are valued by multiplying the quantity held by the respective quoted market price or estimated fair value per security for unlisted investments. Our audit procedures included the following: /g120Obtained an understanding of and evaluated the design and implementation of the investment management processes and controls; /g120Reviewed and evaluated the independent auditor ’s report on the design and operating effectiveness of internal controls (ASAE 3402 Assurance Reports on Controls at a Service Organisation ) for the Administrator and Custodian; /g120Made enquiries as to whether there have been any changes to these controls or their effectiveness from the periods to which the auditor ’s report relate to and obtained a bridging letter; /g120Obtained confirmation of the investment holdings directly from the Custodian or alternatively directly with the investee; /g120Assessed and recalculated the Company’s valuation of individual Level 1 investment holdings using independent observable pricing sources and inputs ; /g120Assessed the fair value adopted by management and any other relevant supporting information, for material Level 3 investments where there were limited or no observable inputs; and /g120Assessed the adequacy of disclosures in the financial statements.

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67 Pitcher Partners Sydney ABN 17 795 780 962 An association of independent firms Other Information The Directors are responsible for the other information. The other information comprises the information included in the Company’s Annual Report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the Financial Report The Directors of the Company are responsible for the preparation of: a) the financial report (other than the consolidated e ntity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and b) the consolidated entity disclosure statement that i s true and correct in accordance with the Corporations Act 2001 ; and for such internal controls as the Directors determine is necessary to enable the preparation of: i. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatemen t, whether due to fraud or error; and ii. the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the Directors are res ponsible for assessing the ability of the Company to continue as a going concern, disclosing, a s applicable, matters related to going concern and using the going concern basis of accounti ng unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Austr alian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggrega te, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

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68 Pitcher Partners Sydney ABN 17 795 780 962 An association of independent firms Auditor’s Responsibilities for the Audit of the Financial Report ( Continued) As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: /g120Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from frau d is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. /g120Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. /g120Evaluate the appropriateness of accounting policies u sed and the reasonableness of accounting estimates and related disclosures made by the Directors. /g120Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertain ty exists, we are required to draw attention in our auditor’s report to the related disc losures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. /g120Evaluate the overall presentation, structure, and cont ent of the financial report, including the disclosures, and whether the financial report represen ts the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, includ ing any significant deficiencies in internal contro l that we identify during our audit. We also provide the Directors with a statement that w e have complied with relevant ethical requirements regarding independence, and to communicat e with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the Directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s repor t unless law or regulation precludes public disclosure about the matter or when, in extremely rare c ircumstances, we determine that a matter should not be communicated in our report because the a dverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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69 Pitcher Partners Sydney ABN 17 795 780 962 An association of independent firms Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in p ages 26 to 28 of the Directors’ Report for the year ended 30 June 2026. In our opinion, the Re muneration Report of Hearts and Minds Investments Limited, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001 . Responsibilities The Directors of the Company are responsible for the p reparation and presentation of the Remuneration Report in accordance with section 300A o f the Corporations Act 2001 . Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Richard King Pitcher Partners Partner Sydney 26 August 2026

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Hearts and Minds Investments Limited ASX Additional Information For the year ended 30 June 2026 70 Additional Securities Exchange Information In accordance with ASX Listing Rule 4.10, the Compa ny provides the following information to shareholders not elsewhere disclosed in this Annual Report. The infor mation is current as at 14 August 2026. Corporate Governance Statement The Company has prepared a statement which sets out the corporate governance practices that were in op eration throughout the financial year for the Company, ident ifies any Recommendations that have not been followe d and provides reasons for not following such Recommendatio ns (‘Corporate Governance Statement’). In accordance with ASX Listing Rules 4.10.3 and 4.7 .4, the Corporate Governance Statement will be avai lable for review on HM1’s website (www.heartsandmindsinvestments.com.au) and will be lodged together with an Appendix 4G wi th ASX at the same time that this Annual Report is lod ged with ASX. Number of Holdings of Equity Securities As at the Reporting Date, the number of holders in e ach class of equity securities on issue in HM1 is as follows: Security type No. of securities No. of shareholders Fully Paid Ordinary Shares 228,982,167 7, 833 Voting Rights of Equity Securities The only class of equity securities on issue in the Company which carry voting rights is ordinary share s. At a general meeting of the Company, every holder of ordinary shares present in person or by proxy, att orney or representative has one vote on a show of hands and o n a poll, one vote for each ordinary share held. On a poll, every member (or his or her proxy, attorney or representa tive) is entitled to vote for each fully paid share held and in respect of each partly paid share, is entitled to a fraction of a vote equivalent to the proportion which the amo unt paid up (not credited) on that partly paid share bears to the to tal amounts paid and payable (excluding amounts cre dited) on that share. Amounts paid in advance of a call are ignored when calculating the proportion. Distribution of Holders of Ordinary Shares Class of Ordinary Shares Total holders Units % Units 1-1,000 1,238 530,638 0.232 1,001 -5,000 2,158 6,010,243 2.625 5,001 -10,000 1,496 11,666,307 5.095 10,001 -100,000 2,746 73,520,389 32.107 100,001 -9,999,999,999 195 137,254,590 59.941 Totals: 7,833 228,982,167 100.000

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Hearts and Minds Investments Limited ASX Additional Information (continued) For the year ended 30 June 2026 71 Unmarketable Parcels The number of holders of less than a marketable par cel of ordinary shares is as follows: Unmarketable Parcels as at 14 August 2026 Minimum parcel size Holders Units Minimum $500.00 parcel at $ 3.29 per unit 16 3 241 15,087 Substantial Holders The number of shares held by substantial shareholde rs and their associates, as stated on their most re cent Substantial Shareholder notice, are set out below: Shareholder Number of Shares % of Shares on Issue Saba Capital Management GP , LLC * 20,741,756 9.058 % * Notice released to ASX on 25 June 2024 Twenty Largest Holders of Quoted Equity Securities The Company only has one class of quoted securities, being ordinary shares. The names of the 20 largest holders of ordinary shares, the number of ordinary shares and the percentage of capital held by each holder as at the Reporting Date, is as follows: Shareholder name Shares held % Held HSBC Custody Nominees (Australia) Limited 20,754,049 9.064 % Citicorp Nominees Pty Limited 14,106,103 6.160 % BNP Paribas Nominees Pty Ltd <Cowen and Co LLC> 11,594,959 5.064 % Charles & Cornelia Goode Foundation Pty Ltd <CCG Fo undation A/C> 8,165,626 3.566 % JP Morgan Nominees Australia Pty Limited 8,159,389 3.563 % BNP Paribas Noms Pty Ltd 7,268,293 3.174 % Netwealth Investments Limited <Wrap Services A/C> 6,921,152 3.023 % Koll Pty Ltd <No 1 Account> 4,443,750 1.941 % BNP Paribas Nominees Pty Ltd <Hub24 Custodial Serv Ltd> 2,410,155 1.053 % Associated World Investments Pty Ltd 2,250,000 0.983 % Skip Enterprises Pty Limited <Farquhar A/C> 2,250,000 0.983 % Jane Hansen Super Pty Ltd <Jane Hansen Super Fund A /C> 2,200,228 0.961 % The Ian Potter Foundation Ltd <No 1 A/C> 1,800,000 0.786 % Wilson Foundation Pty Ltd <Wilson Foundation A/C> 1,687,500 0.737 % Morgan Stanley Australia Securities (Nominee) Pty L imited <No 1 Account> 1,629,475 0.712 % Australian Philanthropic Services Foundation Pty Lt d <APS Foundation A/C> 1,100,000 0.480 % Mightyboy Pty Ltd 981,858 0.429 % Kennbros Pty Limited 906,260 0.396 % IOOF Investment Services Limited <IOOF IDPS A/C> 904,828 0.395 % Sortie Pty Limited <Sortie Super Fund A/C> 883,558 0.386 % Total number of shares of Top 20 Holders: 100,417,183 43.856 % Total Securities: 228,982,167 100.000 %

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Hearts and Minds Investments Limited ASX Additional Information (continued) For the year ended 30 June 2026 72 Unquoted Equity Securities There are no unquoted equity securities. Company Secretary The Company Secretary is Ms. Natalie Climo. Registered Office The address and telephone number of the Company’s re gistered office is: Level 8, 210 George Street Sydney NSW 2000 Telephone: +61 2 9290 9600 Share Registry The address and telephone number of the Company’s sh are registry, Boardroom Pty Limited is: Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 Phone No: +61 2 9290 9600 Stock Exchange Listing The Company’s ordinary shares are quoted on the Aus tralian Securities Exchange (ASX issuer code: HM1). Other Information There are no issues of securities approved for the pu rpose of Item 7 of Section 611 of the Corporations Act 2001 which have not yet been completed. No securities were pur chased on-market during the reporting period under or for the purposes of an employee incentive scheme or to satis fy the entitlements of the holders of options or other rights to acquire.

Annual report