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MFF Capital Investments Limited 2026 Annual General Meeting 20 OCTOBER 2026
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This presentation has been prepared by MFF Capital Investments Limited ABN 32 121 977 884 (“MFF”) for informational purposes only. It does not constitute an offer, invitation, solicitation or recommendation to subscribe for or purchase securities in MFF or any other financial product. While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made by MFF or its affiliates, or their directors, officers or employees as to the accuracy, adequacy or reliabil ity of any statements, estimates, opinions or other information contained in the presentation. To the maximum extent permitted by law, none of those persons accept any liability for any loss arising from the use of this presentation or its contents. This presentation may contain forward-looking statements. These forward-looking statements have been made based upon MFF’s current expectations and are subject to risks and uncertainty which are, in many instances, beyond MFF’s control. No assurance is given that future developments will be in accordance with MFF’s expectations. Actual results could differ materially from those expected by MFF . No representation or warranty (express or implied) is given that any forward-looking statement will prove to be correct, that any assumptions will be realised, or that any projected outcomes will be achieved. Investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as at the date of this presentation, and MFF disclaims any obligation to update or revise them, except as required by law or the ASX Listing Rules. Past performance is not necessarily indicative of future results and no person guarantees the performance of any financial product or service or the amount or timing of any return from it. There can be no assurance that the financial product or service will achieve any targeted returns, that asset allocations will be met or that the financial product or service will be able to implement its investment strategy and investment approach or achieve its investment objective. The information contained in this presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any person, and is not intended to be relied upon as advice to investors or potential investors. Before making an investment decision, investors should consider the appropriateness of the information in light of their own circumstances and seek independent professional advice. MFF does not offer financial advice in any form whatsoever, express or implied. To the extent anyone attempts to imply gene ral financial product advice is contained in this presentation, it is by MFF as a corporate authorised representative of Montaka Global Pty Ltd ACN 604 878 533 AFSL 516 942. Important Information 2
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Chairman’s Address Annabelle Chaplain
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CEO & Managing Director’s Update Gerald Stack
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FY26 Overview 5 5 Year ended 30 June 2026 $2,968.5m Investment assets mark-to-market $159.6m Net profit after tax mark-to-market $2,523.0m Net assets after tax on unrealised gains $119.5m Cash tax paid $225.0m Net profit before tax mark-to-market $431.8m Net deferred tax liabilities $38.0m Dividend & distribution income received net of withholding tax $119.2m Net cash1 FY25: $615.6m FY25: $432.0m FY25: $91.6m FY25: $32.8m 30 June 2025: $2,940.9m 30 June 2025: $2,441.3m 17% of net assets 4% of investment assets 1. Cash and short-term deposits less borrowings
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6 6 There are three measures used to assess performance in the chart above: 1. MFF Pre-tax NTA (tax reinstated) shows pre-tax NTA per share return for MFF’s investment portfolio adjusted for cash tax paid and with dividends assumed to be reinvested in MFF shares. MFF paid approximately $0.5 billion in tax over the 10-year period. The portion of the total return that relates to tax paid is shown in the shaded area 2. MFF Post-tax NTA shows post-tax NTA per share return for MFF’s investment portfolio with dividends assumed to be reinvested in MFF shares and the value of franking credits associated with franked dividends paid by MFF included but not reinvested 3. Share Price TSR shows the total shareholder return for MFF shareholders over time based on the change in the MFF share price and the dividends received by shareholders. This assumes dividends are reinvested in MFF shares and the value of franking credits associated with franked dividends paid by MFF included but not reinvested Shareholder Returns Years ended 30 June 2026 20.6% 14.4% 15.5% 19.6% 14.0% 14.7% 30.3% 17.3% 15.2% 0% 5% 10% 15% 20% 25% 30% 35% 3 year 5 year 10 year Compound Returns (% per annum) MFF Pre-tax NTA (tax reinstated) MFF Post-tax NTA Share Price TSR MFF Portfolio
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6.5 7.5 9.5 13 17 21 12 0 5 10 15 20 25 FY21 FY22 FY23 FY24 FY25 FY26 FY27 Annual fully franked dividends (cents per share) Interim dividend Final dividend Intended interim dividend 7 7 26% Five-year dividend compound annual growth rate (CAGR)2 100% franking Long-term record of franked dividends3 $272m (45.4cps) Franking credits balance MFF intends to increase the rate of the six-monthly dividend to 12 cents per share for the period ending 31 December 20261. 12 cps 11.0 cents per share FY26 declared final dividend $1,769m Retained profits & profit reserve 1. Subject to prevailing corporate, legal, tax and regulatory considerations 2. Reflects the five-year compound annual growth rate of the FY26 final (six-monthly) dividend 3. 100% franked dividends since 2015 other than FY17 interim dividend franked at 85% As at 30 June 2026 Dividends
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8 FY07 – FY13 Magellan Flagship Fund FY14 – FY25 MFF Capital Investments FY26 MFF Capital Investments External IMA Internal PM Internal PMInvestment management1 Outsourced Outsourced Internal2 Additional research support Outsourced Outsourced InternalBack-office capabilities Our Evolution 1. ""External IMA" denotes MFF's portfolio being managed under an external investment management agreement. "Internal PM" denotes MFF's portfolio being managed in-house 2. Expanded global equities research capabilities via 100% owned Montaka Global Investments. 3. Average management expense ratio (MER) for each period is calculated using the average of the annual MER for each financial year within that period. The annual MER is defined as operating expenses (total expenses excluding income tax and interest) divided by average total assets less borrowings for that financial year. 4. From FY07 to FY16, performance fee expenses were incurred by MFF in connection with the services arrangements in place with Magellan Asset Management. Average Mgt Expense Ratio (MER)3 1.30%4 FY14-164: 1.46% 0.75%FY17-25: 0.45% MFF’s newly internalised structure delivers a more resilient platform, with greater potential to capture new opportunities and realise scale benefits over time
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9 • MFF is positioned to withstand current market volatility and make opportunistic portfolio changes/additions over time ꟷ Portfolio remains concentrated in advantaged businesses, with resilience demonstrated throughout the challenging conditions of 2026 ꟷ Unconstrained mandate ꟷ Capital structure enables patience and selectivity ꟷ $200+ million in available liquidity, plus significant prudent debt capacity • People, capabilities and culture in place to drive long-term growth ꟷ 19 full time employees across corporate, operations and investments ꟷ Global equities research capabilities extended via Montaka Global Investments ꟷ Long-term incentive plan introduced to maximise alignment between team and long-term shareholder outcomes 9 Outlook
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Portfolio Manager’s Update Chris Mackay
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10-year Outcomes 11 11 FY2017 – FY2026 Total dividends1 $558m fully franked, other than FY17 interim dividend franked at 85% Cash tax paid $513m supporting payment of fully franked dividends and franking credit balance of $272m Net profits after tax $2,052m after full 30% tax on unrealised and realised gains 1. Total dividends is calculated prior to DRP/BSP elections $2,052m $140m $146m $558m $43m $786m $2,523m $0m $500m $1,000m $1,500m $2,000m $2,500m $3,000m Opening statutory net assets Net profits after tax Total dividends¹ DRP/BSP Share buy-backs Capital raised (Bonus Options) Closing statutory net assets
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MFF’s Top Portfolio Holdings 12 12 As at 30 September 2026 % % MasterCard 8.8 Lloyds Banking Group 2.7 Visa 8.6 Lowe’s 2.6 Alphabet Class A 8.5 DBS Group 2.5 Amazon 7.5 Oversea – Chinese Banking 2.1 Bank of America 7.4 Blackstone Group 1.9 Microsoft 6.8 KKR & Co 1.8 American Express 5.9 US Bancorp 1.5 Home Depot 4.5 United Overseas Bank 1.5 United Health Group 4.4 CK Hutchison 1.1 L1 Group 3.3 Other holdings 8.2 Net cash 8.6 Notes: • Figures sourced from MFF Monthly NTA release to the ASX for September 2026 and are unaudited and approximate • Holdings are shown as a percentage of investment assets including net cash and may not add to 100% due to rounding • Excludes Montaka Global investments