Hi everyone,

I am delighted to introduce myself as the new Chief Investment Officer of Hearts and Minds Investments. My name is Charlie Lanchester, and I have spent the last 30 years working in the investment industry as a portfolio manager, both in Australia and the UK. I am thrilled to be joining the Hearts and Minds team and look forward to contributing to the growth and success of the fund.

I am aware that the fund has faced some short-term challenges, with a decline in performance contributing to the current share price trading at a significant discount to the net tangible assets (NTA) of the portfolio. While this is disappointing, I feel confident that the underlying investments are sound and that this represents an opportunity to buy some great quality companies at below market price. As an organisation, we have access to some of the brightest minds in the industry, both here in Australia and in global markets. The mix of stocks across sectors and geographies makes this investment proposition quite unique and a great addition to any portfolio. We have a strong bench of talented investment professionals, and I look forward to working closely with them in the coming years.

We are in the process of curating this year's conference, which will return to Sydney on Friday 17th November. We have approached some exciting new fund managers with a particular focus on global opportunities now that travel has become a little easier. We are constantly looking for ways to enhance our portfolio and provide our shareholders with exposure to the best investment opportunities available. Our commitment to seeking out highly skilled, value-creating managers remains unwavering.

Moving forward, we will be introducing a new feature in our reporting.  We will aim to do a deep dive into one of the stocks in our current portfolio. Over time, this will bring the portfolio to life and demonstrate the thoughts and processes that drive the investment decisions from our talented team of fund managers.

I’m also thrilled to highlight the excellent philanthropic contribution that the company has made. Since the inception of Hearts and Minds Investments Ltd in 2018, we have donated more than $43 million to our designated medical research organisations. These contributions have made a significant impact on the lives of many people and will lead to new medical treatments. Personally, I am excited to be part of supporting these important causes and I look forward to learning more about the medical research organisations we support. I will have the privilege of seeing first-hand the incredible work that is being done, and I intend to update you with some of the details of these world class institutions.

Finally, I would like to invite you to get in touch with me here if you have any suggestions about how we can communicate better in the future. We value your feedback and are committed to providing our shareholders with timely and transparent updates on the performance and progress of the company.

Thank you for your ongoing support. I look forward to working with you all to strive to deliver exceptional investment opportunities whilst at the same time supporting some world class medical research here in Australia.

Warm regards,

Charlie

Disclaimer: this communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited.