Information Meetings - Presentation

26 May 2025


The Manager
ASX Market Announcements
Australian Securities Exchange
Exchange Centre
Level 4
20 Bridge Street
Sydney NSW 2000



Electronic Lodgement




Australian Foundation Investment Company Limited
Information Meetings – Presentation



Dear Sir / Madam



Please find attached the presentation to be given at the Information Meetings being
held in Tasmania in May 2025.




Yours faithfully



Matthew Rowe
Company Secretary


ASX Release authorised by the Company Secretary.

Tasmania Shareholder Meetings
May 2025
ASX: AFI ASX: DJW ASX: MIR ASX: AMH

Australian Foundation Investment Company, Djerriwarrh Investments Limited, Mirrabooka Investments Limited and
AMCIL Limited and their service provider Australian Investment Company Services Limited (AICS) (AFSL 303209), their
related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the
information contained in these materials in good faith. However, no warranty (express or implied) is made as to the
accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these
materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim
all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or
all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on
anything contained in or omitted from these materials.
This information has been prepared and provided by AICS. To the extent that it includes any financial product advice,
the advice is of a general nature only and does not take into account any individual’s objectives, financial situation or
particular needs. Before making an investment decision an individual should assess whether it meets their own needs
and consult a financial advisor.
2
Disclaimer

Equity Market Returns – A Long-Term Perspective
Source: FactSet.
10
100
1000
10000
194019501960197019801990200020102020
Poseidon Bubble
-35%
'73-'74 Crash
- 58%
COVID-19
-33%
World War II
-22%
Korean War
- 34%
Eastern Aust Drought
-37%
Black Monday
-44%
GFC
- 51%
9.2%
ASX All Ordinaries Accumulation
Index CAGR since 1992 (inception)
3

Where the market is currently trading against the long term
4
ASX 200 Index Price Earnings RatioASX 200 Index Dividend Yield
Source: FactSet

Where the US market is currently trading against the long term
5
S&P500 Index Price Earnings Ratio
S&P500 Index Dividend Yield
Source: FactSet

Market volatility – positioning for future opportunities
Trump tariffs
• Trade negotiations are driving volatility in
markets and share prices in the immediate term
• Current policy uncertainty significantly affects
business decision making
• Consequential earnings downgrades seem
likely, though hard to quantify currently
• Ultimate tariff levels likely higher than previous,
weighing on economic growth and increasing
inflation
• Uncertain environment persists – what changes
next?
6

7
Diversified Australian and
New Zealand Equities –
capital and fully franked
dividend growth over the
long term
MER
Managing four
funds with different
investment objectives
adds significantly
to the effectiveness of
the investment process
and idea generation
No external funds
management business
taking a management
and/or performance
fees
Total FUM of
approximately
$12 billion
Grossed up
dividend yield
$10.1 billion
0.15%
Fully franked yield that is
higher than that available
from the ASX 200 Index
utilising option strategies,
long term capital growth
MER
$940 million
0.42%
Australian and New
Zealand small/midcap
sector, capital growth
over the long term and
fully franked dividends
MER
$625 million
0.56%
High conviction
portfolio, strong capital
growth over the long
term and fully franked
dividends
MER
$385 million
0.56%
5.3%7.4%6.0%5.3%
Grossed up
dividend yield
Grossed up
dividend yield
Grossed up
dividend yield
Dividend yields based on share price on 30 April 2025

A Closer Look at our Investment Approach
Attributes of a high-quality company that we seek:
• Unique assets that are hard to replicate or have an
Industry leadership position (or developing one)
• Sustainability of competitive advantage
• Not unduly burdened by external risk factors
• Conservative balance sheets (low debt)
• Consistency of earnings
• Run by effective, passionate management with
ownership alignment
Why this matters:
• The presence of these factors drives a competitive
advantage
• Which leads to high return on capital
• And allows for reinvestment opportunities
to drive growth
• Which allows for market share capture – and
further enhancement of leadership position
• Which combines to deliver long term shareholder
value creation
We seek to buy these companies when we identify long term value and reduce
or exit when they no longer meet these characteristics.
8

Australian Foundation Investment Company
Portfolio Performance – to 30 April 2025
Recent Dividend History
AFIC’s franking reserve balance (in part enabled by the LIC
structure) ensures we can pay a consistent dividend even
through volatile times.
Per annum returns. Assumes the full benefit of franking credits.
Only includes franking that has been paid out.
Past performance is not indicative of future performance.
Cents per share
9

Attractive Total Returns Over the Long-term
$10k in AFIC  $167k
$10k in the Index  $138k
Excludes the benefit of franking.
AFIC NTA vs S&P ASX 200 Accumulation Index
10

Portfolio Set to Perform in Most Economic Settings
Stalwarts
Growth Companies
Income
Cyclicals
Portfolio at 30 April 2025, excludes cash.
11

Banking Sector - Valuations
Source FactSet
12
Price Earnings Ratio - NTM Dividend Yield - NTM

ResMed – the benefit of long-term investing
Source: Diogenes Research
Source: ResMed
Note: ASX 200 is indexed to company’s share price
ResMed - EPS vs Share Price
13

AFIC Recent Portfolio Activity*
Purchases
Sales
*Calendar Year 2025
14

Djerriwarrh: Enhanced Yield- 30 April 2025*
*Assumes an investor can take full advantage of the franking credits. Yield based on the interim dividend and final dividend paid – in total 15.25 cents per share.
Past performance is not indicative of future performance.
15

Djerriwarrh: Capital Growth - 30 April 2025*
*Assumes an investor can take full advantage of the franking credits.
Past performance is not indicative of future performance.
16
Portfolio Per Annum ReturnsPortfolio Performance Since Strategy Reset

Djerriwarrh Portfolio Update: Summary
Constructing a diversified portfolio of high-quality companies across different sectors andwith the appropriate balance
ofIncome and Growthis the keyforDjerriwarrhtodeliver on itsInvestment Objectivesin a variety of market
conditions.
Top 20 Holdings
Source: Based on 30 April 2025 Portfolio.
* Portfolio Value is based on the Investment Portfolio plus the
Trading portfolio, not including the Options portfolio.
$908m
Key Portfolio Statistics
Portfolio Value*
45%
Call Option Exposure
1%
Put Option Exposure
$3.32
Net Tangible Asset (NTA) Backing Per Share
45
Stocks in the Portfolio
17

Mirrabooka Portfolio Performance – Per Annum Returns to 30 April 2025*
* Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculate after management
fees, income tax and capital gains tax on realised sales of investments. It should be noted that Index returns for the market do not include
management expenses or tax.
Past performance is not indicative of future performance.
18

Mirrabooka Rights Issue
19
•1 for 7 Rights Issue – Non Renounceable. Raising up to approximately $85 million.
•Issue price of $3.06* – approximately 5% discount to current share price.
•New shares entitled to dividend of 6.5 cents with results in July^. Paid in August.
•Shareholders can apply for more than their entitlement but may be subject to scale back.
•Entitlement Offer closes 2 June 2025.

*Equal to the average of the weekly estimated pre-tax value of the net tangible asset backingper Mirrabooka share over the period from Friday, 4
April2025 to Friday,2 May2025 (inclusive)
^The amount, and payment, of this final dividend remains subject to approval by the Mirrabooka Directors at the time of approval of the annual financial
statements of Mirrabooka in July 2025

Rationale for raising additional capital
20
•Market volatility – we have seen greater opportunities arise in early 2025, positioning for more
•Replenishing capital – since our first special dividend in 2013, $81 mil paid out in cash dividends
and Capital Gains Tax, net of capital raised through DRPs and SPPs
•Investment flexibility – tax effective portfolio repositioning as selected stock weightings can be
reduced without selling down holdings
•Mirrabooka shareholders have consistently expressed interest in supporting further capital raising
•Significant franking credit reserves to support dividend capacity on additional shares
•Scale – absence of FUM linked fees means shareholders benefit from reduced MER

Greater investment opportunities – stock purchases in 2025 YTD
21
$72 million of purchases across 40 stocks, largest below:
40
50
60
70
80
90
100
8
9
10
11
12
13
14
15
1.80
2.00
2.20
2.40
2.60
2.80
3.00
3.20
20
25
30
35
40
45
50
2.00
2.20
2.40
2.60
2.80
3.00
3.20
6
7
8
9
10

* Indicates that options were outstanding against part of the holding.
Company
% of
Portfolio
Ownership Period
5.2%
4.4%
4.0%
3.6%
3.5%
3.3%
2.8%
2.8%
2.6%
2.4%
8.5 yrs
8 yrs
Company
% of
Portfolio
Ownership Period
4 yrs
2.3%
2.3%
2.3%
2.2%
2.0%
1.9%
1.8%
1.7%
1.6%
1.6%
14.5yrs
13.5yrs
19.5yrs
7.5yrs
3 yrs
20*
19
18
17
16
15*
14
13
12
11*
10
9
8
7
6
5
4
3
2*
1
5 yrs
Note: ResMed, Breville Group, Vista Group, IDP Education, James Hardie and REA Group have been held previously by Mirrabooka.
Mirrabooka Top 20 Holdings – 30 April 2025
6.5yrs
9.5 yrs
1.5 years
7.5yrs
9.5 yrs
14.5yrs
19.5yrs
10 yrs
22
19yrs
6 yrs
5 yrs

AMCIL Portfolio Performance – Per Annum Returns to 30 April 2025*
* Assumes an investor can take full advantage of the franking credits. AMCIL’s portfolio return is also calculated after
management fees, income tax and capitalgains tax on realised sales of investments. It should be noted that Index
returns for the market do not include management expenses or tax.
Past performance is not indicative of future performance.
23

AMCIL Recent Portfolio Activity*
24
Purchases
Sales
*Calendar Year 2025

* Note: have been held previously by AMCIL. Ownership period rounded to closest year.
Company
% of
Portfolio
Ownership Period
8.1%
5.3%
4.8%
4.6%
4.5%
3.3%
4.4%
3.5%
3.2%
3.4%
6 yrs
6 yrs
Company
% of
Portfolio
Ownership Period
2.5%
3.2%
2.3%
2.6%
2.4%
2.3%
2.1%
2.0%
2.1%
7 yrs
13yrs
15yrs
10yrs
4 yrs
8 yrs
20
19
18*
17*
16
15*
14*
13*
12*
11*
10
9*
8
7
6
5
4*
3*
2
1
6 yrs
AMCIL Top 20 Holdings - 30 April 2025
ALS
25
3 yrs
5 yrs
21yrs
13yrs
15yrs
2.4%
2 yrs
6 yrs
8 yrs
2 yrs
1 yr
1 yr

Share price relative to Net Asset Backing – 30 April 2025
26

27