Slides
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SNC Shareholder Presentation September 2026
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This presentation is prepared by Sandon Capital Investments Limited (SNC) for general information purposes only. The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context. The presentation is not a recommendation, offer or invitation by any person or to any person to buy, sell or apply for securities or interests in any company. You should not construe the contents of this presentation as tax or investment advice. No financial product advice is provided in this presentation and nothing in it should be taken to construe a recommendation or statement of opinion that is intended to influence a person in making a financial product decision. Neither SNC, its manager, Sandon Capital Pty Ltd (Sandon Capital), nor any related or associated companies guarantees the performance of SNC, the return of investor’s capital or any specific rate of return. Nothing in this presentation takes into account any person’s investment objectives, financial situation or particular needs. You should seek advice before making any investment decision. The projected results and any forward-looking statements contained in this presentation are not historical facts. They are based on current expectations, speak only as of the date of this presentation, as the case may be, and are susceptible to a number of risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of SNC and Sandon Capital. Although we believe that the assumptions underlying any projected results and forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate. In light of the significant uncertainties inherent in such forward-looking statements, the inclusion of such information should not be regarded as a representation to future results or that the objectives and plans expressed or implied by such forward-looking statements will be achieved. We will not undertake, and specifically decline any obligation to disclose the results of, any revisions that may be made to any forward- looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of any events. In addition, it is our policy generally not to make any projections as to future results, and we do not endorse any projections regarding future performance that may be made by third parties. Any quoted performance is post fees and expenses but before tax and assumes distributions were reinvested. Dollars are AUD, unless otherwise stated. We are not responsible for the statements made by or attributed to others in this presentation. Past performance is no guarantee, nor does it provide any indication, of future returns. © Sandon Capital Investments Limited 2026 Lonsec Research Ratings and Logos: The rating issued 10/2025 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and received a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2026 Lonsec. All rights reserved. 2 Important Information
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Opportunity – monthly yield at a discount to NTA Highlights • SNC shares trade at an attractive yield of 7.7% (10.3% grossed up for franking)1 • The SNC portfolio can be bought at a 10.1% discount to NTA 2 • Many of SNC’s investments trade at meaningful discounts to our estimate of their intrinsic value • Current profits reserves and franking balance allow SNC to sustain the current dividend for ~3.6 years, all else held equal 3 0.47 cps fully franked monthly dividends • Monthly dividends provide more regular cashflow to shareholders • Board has announced dividends for October, November & December 2026 Portfolio companies • The bulk of the portfolio remains exposed to resilient, performing sectors of the economy • The majority of our investments have very strong balance sheets, leaving them well placed to deal with any economic headwinds as well as undertaking capital management initiatives Turnaround opportunities • Board and management change over the last three years at some companies has delivered better financial and operational performance Sandon Capital Investments Ltd (ASX:SNC) 3 1. Based on SNC closing share price on 14 Sep 2026 ($0.735) 2. Based on pre-tax NTA as at 31 Aug 2026 ($0.8178) 3. As at 31 Aug 2026 ATTRACTIVE DIVIDEND YIELD 7.7% (10.3% incl. franking)1 DISCOUNT TO NTA 10.1%1,2 SOLID PROFITS RESERVES & FRANKING 3 46.7 cps 6.8 cps
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Investment Highlights 4 Sandon Capital Investments Limited • Performance from September 25 to June 26 was disappointing • Some underperformance was due to unrealised marked-to- market losses, notably FWD and COG • We consider such performance as temporary. These companies have begun to return to positive performance • Our performance was also adversely affected by QPM Energy, whose administration impacted the portfolio by approximately 7%. This was a rare permanent impairment. • We discuss QPM in more detail later Gross Performance to 31 Aug 2026 FY27 YTD 1 yr return 3 yr return (p.a.) Since inception (annualised) SNC 14.1% -11.7% 9.0% 8.1% Small Ordinaries Accumulation Index 1.8% -1.2% 9.8% 7.1% outperformance +12.3% -10.5% -0.8% +1.0% All Ordinaries Accumulation Index 3.6% 3.5% 10.9% 9.0% outperformance +10.5% -15.2% -1.9% -0.9% Source: Bloomberg, Sandon Capital analysis Note: SNC Gross performance is after management fees but before any performance fees, corporate expenses and taxes. Chart illustrates an index of SNC’s gross performance indexed against market indices 100,000 120,000 140,000 160,000 180,000 01-Sep-22 01-Sep-23 01-Sep-24 01-Sep-25 SNC Portfolio Performance since Sep 2022 Small Ord Accumulation Index All Ords SNC Gross Performance
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Investment Highlights 5 Sandon Capital Investments Limited • SNC has paid fully franked dividends each year since inception • The current annualised dividend is 5.64cps1 • Monthly dividends provide regular cashflow1 • The Board has announced its intention to pay monthly dividends of 0.47cps through to 31 Dec 20261 Source: Sandon Capital Investments Ltd 1. Annualised dividend is calculated as 12 x 0.47cps monthly dividend. Note dividends are not guaranteed 3.290 0.47 0.47 0.47 0.47 0.47 0.47 0.47 0.9400 0.00 1.00 2.00 3.00 4.00 5.00 Jun 26 (paid) Jul 26 (paid) Aug 26 (paid) Sep 26 (announced) Oct 26 (announced) Nov 26 (announced) Dec 26 (announced) Cumulative Monthly Dividends to 31 Dec 2026 (cents per share) Monthly Dividends Imputation Credits
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Investment Highlights 6 Sandon Capital Investments Limited • SNC currently trades at a larger discount and a higher yield when compared to other monthly income paying LICs Sources: Bloomberg, Sandon Capital Investments Ltd analysis. LIC price data is as of 14 Sep 2026. Peer data is based on announced or target yields, where appropriate. SNC Yield 7.7%, P/NTA -10.1% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% P/NTA Yield Monthly Dividend Equity LICs Prem/(Disc) -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 SNC Price-to-NTA Premium Discount
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Investment highlights – to 31 August 2026 7 Sandon Capital Investments Limited Sources: Sandon Capital, Enfusion. Win/Loss ratio is calculated as return before all fees and expenses for those investments owned between 1 Sep 22 and 31 Aug 26. This includes both realised and unrealised (marked-to market) gains and losses. Performance in rising and falling markets uses gross returns of the SNC portfolio after investment management fees but before any performance fees, corporate expenses and taxes. • Win/loss ratio of 57%/43% reflects challenging performance since Sep/Oct 2025 • Long term evidence remains positive and encouraging 2.8% -3.3% 1.7% -1.2% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Up Market Average Down Market Average SNC Gross Performance in Rising and Falling Markets (since inception to 31 Aug 2026) All Ords SNC Gross -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% SNC Win/Loss Ratio (1 Sep 22- 31 Aug 26)
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Portfolio overview 8 Sandon Capital Investments Ltd GICs Sector Portfolio Exposure Industrials 27.0% Financials 22.7% Materials 12.5% Information Technology 9.8% Consumer Discretionary 9.4% Energy 7.9% Communication Services 7.0% Health Care 1.4% Consumer Staples 1.3% Real Estate 1.0% Sources: Sandon Capital, Enfusion Portfolio exposure on a gross basis as at 31 Aug 2026 Name Portfolio Weighting Fleetwood Ltd 16% COG Financial Services Ltd 12% BCI Minerals Ltd 9% Carbon Conscious Investments Ltd 9% Spectra Systems Inc. 8% Southern Cross Media Group Ltd 7% Yellow Brick Road Holdings Ltd 5% Joyce Corporation Ltd 5% Karoon Energy Ltd 5% Magellan Financial Group Ltd 4%
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QPM Energy Ltd (QPM) 9 Sandon Capital Investments Ltd Financial Summary• QPM appointed administrators in early July 2026 • QPM began the year with much promise, completing a share purchase plan, an oversubscribed placement and announcing a convertible note term sheet • Later QPM received key development and environment approvals and upgraded the Moranbah gas reserves and resources as well as securing NAIF approval for a loan facility • We expected, and the company was advising, that financing could be completed and construction would proceed • The appointment of administrators was an abrupt, unwelcome change. The position was written down to nil during July 2026 • QPM has cost SNC portfolio approximately 7.0% • At this stage QPM shareholders are in the dark on what exactly occurred • We have tightened our position-sizing discipline: where an investment carries both financing and regulatory approval risk, it will be held at a smaller weight • No other portfolio position carries this risk combination Share price - Market capitalisation - Net debt / (cash) - Enterprise value (EV) - Gas reserves >100PJ
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Fleetwood Ltd (FWD) 10 Sandon Capital Investments Ltd Financial Summary Sources: FWD ASX Announcements, Share price as at 11 Sep 2026. • FWD has two business units: • Building Solutions – Australia’s largest modular builder • Community Solutions –manages (Osprey) and owns (Searipple) accommodation facilities • It recently sold RV Solutions and closed down the NSW Building Solutions site, though it continues to sell product in NSW • In mid-July 2026, it announced the acquisition of Red Dog Village in Karratha, subject to completion. FWD will pay $20m for Red Dog, and advises it could contribute $10-$20m on earnings on annual basis • FY27 occupancy at Searipple is expected to be in the 82-92% range • Governments are increasingly turning to manufactured solutions for critical and low-cost housing • Board has conducted a $5m on-market buy-back in addition to a 100% payout ratio for dividends Share price $2.88 Market capitalisation $259.4m Net debt / (cash) ($47.9m) Enterprise value (EV) $211.5m Perth property value ($25.0m) EV adjusted for property $186.5m Dividend Yield (historical) 7.9% $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26
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COG Financial Group Ltd (COG) 11 Sandon Capital Investments Ltd Financial Summary Sources: COG ASX Announcements, Bloomberg. Share price as at 11 Sep 2026 1. COG Share of unrestricted cash. Refer 26 Aug 26 Results Presentation p33 • COG is: • Australia’s largest SME finance broker network (~24% share) • a fast-growing salary packaging / novated lease provider • a specialist lender through its Westlawn business • Full year results were positive – 9% revenue growth drove 27% operating profit per share growth • Salary packaging is a growing industry, within which COG is rapidly gaining market share • Segment revenues grew 51% contributing to EBITDA to shareholders growing 88% • Broking and aggregation segment reported solid revenue growth, though this did not translate into earnings growth as COG is investing in people and systems to support future growth • We note the broker network is extremely difficult to replicate, providing COG with significant strategic and competitive advantages • COG is well positioned to grow organically and via acquisition Share price $1.69 Market capitalisation $360.5m Unrestricted Cash1 $73.7m FY27E P/E ratio ~9x $1.00 $1.50 $2.00 $2.50 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26
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BCI Minerals Ltd (BCI) 12 Sandon Capital Investments Ltd Financial Summary Sources: BCI Financial Reports, ASX Announcements, Bloomberg, Sandon Capital analysis Share price as at 11 Sep 2026. • BCI is developing the Mardie Salt project in WA • Construction is largely complete and salt ponds are flooded • Salt is beginning to precipitate in the crystallisers with 49kt of crystallised salt as at 30 June 2026 • First salt on ship is expected in the June half of calendar 2027 • Limited ongoing capital requirements combined with attractive industry fundamentals – growing demand for high-quality salt and limited new supply – bodes well for cash flow generation • If successful, a pilot plant to test production of sulphate of potash will lead to future incremental revenues • Excess port capacity and potential for additional products derived from sea water (for example bromine, magnesium) provides optionality for future growth Share price $0.55 Market capitalisation $1,615.7m Net debt / (cash) $600.2m $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 $0.55 $0.60 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Aug-26
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Carbon Conscious Investments Ltd 13 Sandon Capital Investments Ltd • CCIL manages large scale projects (~17,000 ha) registered with the Clean Energy Regulator that generate Australian Carbon Credit Units (ACCUs) • CCIL has Carbon Plantation Agreements (CPAs) with Origin Energy and BP • The CPAs are management / ACCU offtake contracts that extend to December 2027 and 2030 • During the contracted period, most ACCUs are attributable to Origin and BP. CCIL’s major revenue source is management and license fees • Once the CPAs have ended, all ACCUs generated will be credited to CCIL and will become the basis of revenue through to late 2039, providing exposure to ACCU prices • CCIL ACCUs are high quality environmental plantings and attract a premium to the ACCU spot price • SNC expects to receive another fully franked final dividend from CCIL before year end • CCIL currently holds ~$2.4 million in cash and ~8,000 ACCUs Source: Bloomberg $35.00 $36.00 $37.00 $38.00 $39.00 $40.00 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Generic ACCU Last Price
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About us
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Extensive contacts We build coalitions of like-minded investors Stakeholders include institutional investors, directors, proxy advisers, investment bankers, journalists and ultimate owners Built and nurtured over many years When public, our analysis is widely circulated and read We seek change to create or enhance value 15 Why Sandon Capital Our track record and investor base allows us to be careful and patient Long, established track record of outperformance, with an investor base that supports us to play a long game with investments. Pre-eminent and unique track record of shareholder activism We have unrivalled experience in >50 public and private campaigns
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We invest in undervalued companies 16 Investment Opportunities Prices are below their intrinsic value We can encourage positive changes As value investors, we look for undervalued assets, where: Human nature creates attractive investment opportunities that require shareholders to liberate or create value.
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Identify companies that are mispriced and where there are opportunities to promote positive changes, and shape the future. Transform a company so its value is better appreciated by the market. Takes time for our approach to bear fruit. Capital we manage is similarly aligned. Allows us to be patient and persistent. Use rigorous analysis to build shareholder consensus. We actively engage with companies to promote positive changes Our Approach 17
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We unlock value by taking a proactive approach Our Activism Technique 18 Discount Less Visible More Visible Intrinsic Value We focus on engaging to maximise the certainty of our value creation strategies We adapt to each unique situation, employing both a range of visible and less visible techniques Proxy contests Seek board & management changes Multilateral meetings with other shareholders Public Presentations Bilateral meetings with board and management Letters to the board (Asset Value) (Opportunity)
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19 Our Team Led by a team with decades of success The CIO is the ultimate decision maker however the depth of expertise and industry experience results in a collaborative process Gabriel Radzyminski Founder, CIO & Portfolio Manager +30 YRS EXPERIENCE As the founder of Sandon Capital in 2008, Gabriel has been involved in the financial services sector for more than 25 years. Gabriel has a BA(Hons) and MCom both from the University of New South Wales. Campbell joined Sandon Capital in 2014 and has over 20 years of experience in both Australian and international financial markets. Prior to joining Sandon Capital, Campbell worked in the United States for Millennium and Citadel, two global hedge funds. Campbell has a Bachelor of Commerce and Bachelor of Science, both from the University of Melbourne Derek Skeen Chief Operating Officer +30 YRS EXPERIENCE Derek is the Chief Operating Officer of Sandon Capital and has over 25 years experience in the asset management industry. Derek commenced his career at Macquarie Bank in 1995 and over 25 years held increasingly senior roles in the including as Chief Operating Officer – APAC and, most recently, as Global Head of Investment Operations. Derek has a Master of Business Administration from the AGSM at the University of New South Wales. Campbell Morgan Portfolio Manager +25 YRS EXPERIENCE Scarlett is Head of Client Solutions for Sandon Capital and has nearly 20 years’ experience in the finance sector. Scarlett has held senior executive roles at MSCI and Blackrock where she has developed deep expertise across distribution, marketing, management, product and strategy. More recently Scarlett was the Head of Investment Solutions at Morgan Stanley Wealth Australia. Scarlett holds a Bachelor of Commerce from the University of Sydney. Scarlett Dorney Head of Client Solutions ~20 YRS EXPERIENCE
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Gabriel Radzyminski CIO & Portfolio Manager T 02 8014 1188 M 0408 936 357 E gabriel@sandoncapital.com.au CONTACT