New Zealand Information Meeting Presentation

1 December 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
NZ Information Meeting – Presentation



Dear Sir / Madam

Please find attached a presentation that will be delivered to shareholders at the
information meeting being held in New Zealand.

Yours faithfully

Matthew Rowe
Company Secretary


ASX Release authorised by the Company Secretary.

NZ Shareholder Meeting
December 2025

NZ Presentation – December 2025
Australian Foundation Investment Company Limited and its subsidiary AICS (AFSL 303209), its
related entities and each of its 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.
All figures are in Australian dollars.
Disclaimer
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NZ Presentation – December 2025
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
Dividend Yield
$10.3 billion
0.16%
Fully franked yield that is
higher than that available
from the ASX 200 Index
utilising option strategies,
long term capital growth
MER
$910 million
0.47%
Australian and New
Zealand small/midcap
sector, capital growth
over the long term and
fully franked dividends
MER
$797 million
0.54%
High conviction portfolio,
strong capital growth
over the long term and
fully franked dividends
MER
$386 million
0.56%
4.4%5.1%3.4%6.3%
Dividend YieldDividend YieldDividend Yield
Dividend yields based on share price on 24 November 2025. Includes special dividend for AFIC and AMCIL.
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NZ Presentation – December 2025
AFIC
Invests predominantly in Australian and New Zealand companies
Largest listed investment company on the ASX, 150k shareholders, independent Board of Directors
Shareholders own the ‘management rights’ to the portfolio
Management expense ratio of 0.16% with no performance fees
Long term investor with low turnover (tax effective). Portfolio and share price returns less volatile than the index
Long history of stable to growing dividends
Team manages three other funds – Djerriwarrh, Mirrabooka and AMCIL
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NZ Presentation – December 2025
Investment Goals - stable to growing dividends over time
AFIC’s reserve balance ensures we can pay a consistent dividend even through
volatile times – full year dividends for the last 7 financial years
5
Cents per share

NZ Presentation – December 2025
Investment Goals - Attractive Total Returns Over the Long-Term
$10k in AFIC  $170k
$10k in the Index  $148k
AFIC NTA vs S&P ASX 200 Accumulation Index
Past performance may not be indicative of future performance.
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NZ Presentation – December 2025
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Jul-89Jul-90Jul-91Jul-92Jul-93Jul-94Jul-95Jul-96Jul-97Jul-98Jul-99Jul-00Jul-01Jul-02Jul-03Jul-04Jul-05Jul-06Jul-07Jul-08Jul-09Jul-10Jul-11Jul-12Jul-13Jul-14Jul-15Jul-16Jul-17Jul-18Jul-19Jul-20Jul-21Jul-22Jul-23Jul-24Jul-25
Long term history of share price relative to NTA
Tech bubble
Property
crash/bank
crisis
Tech crash
7
RBA interest rate
cutting cycle
Pre GFC
Post GFC
Black Monday Aug 2011
/US credit rating
downgraded
RBA i rate cutting
cycle
COVID -19
Rising
interest rates

NZ Presentation – December 2025
Recent Market Conditions
ASX 200 Price Index to 31 October 2025
Sector Performance to 31 October 2025
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Source: FactSet

NZ Presentation – December 2025
Valuation Metrics – Price to Earnings of CBA vs. CSL
Source: FactSet
Times
Times
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NZ Presentation – December 2025
The Gold Price Has Run to All Time Highs
Source: Macrotrends
The gold price has reached record highs,
driven by geopolitical uncertainty, Central
Bank Buying, rising Government debt, and
easing monetary conditions (rate cuts)
History shows these moves are often
extreme in both directions
Gold mining stocks have outperformed
substantially
These companies can have complex
operations and limited lifespans, meaning it
can be difficult to have long-term conviction
Price (USD)
10

NZ Presentation – December 2025
Where the market is currently trading against the long term
ASX 200 Index Price Earnings RatioASX 200 Index Dividend Yield
Source: FactSet
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NZ Presentation – December 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.
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NZ Presentation – December 2025
AFIC has a diversified portfolio of quality companies
Top 25 Holdings
Based on 31 October 2025 Portfolio.
$10.3b
Key Portfolio Statistics
Portfolio Value*
$8.13
Net Tangible Asset (NTA) Backing Per Share
59
Stocks in the Portfolio
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NZ Presentation – December 2025
Djerriwarrh: Dividend Yield & Share Price to NTA
– 31 October 2025
Yield
31 October 2025
NTA: $3.39
Share price: $3.11
Share Price Relative to NTA
Assumes an investor can take full advantage of franking credits.
Past performance is not indicative of future performance.
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The Djerriwarrh Portfolio consists of high-quality
companies across different sectors,with an appropriate
balance ofIncome and Growth
Top 20 Holdings
Source: Based on 31 October 2025 Portfolio.
* Portfolio Value is based on the Investment Portfolio, not
including the Options portfolio.
$910m
Key Portfolio Statistics
Portfolio Value*
45%
Call Option Exposure
nil
Put Option Exposure
$3.39
Net Tangible Asset (NTA) Backing Per Share
42
Stocks in the Portfolio
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NZ Presentation – December 2025
Mirrabooka: Portfolio Performance & Share Price to NTA
– 31 October 2025
Portfolio ReturnShare Price Relative to NTA
31 October 2025
NTA: $3.48
Share price: $3.29
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NZ Presentation – December 2025
* Indicates that options were outstanding against part of the holding.
Company
% of
Portfolio
Ownership Period
6.8%
4.4%
3.1%
3.6%
2.4%
2.3%
2.3%
2.3%
2.5%
2.2%
9 yrs
8.5 yrs
Company
% of
Portfolio
Ownership Period
2.0%
1.8%
1.7%
1.7%
1.6%
1.7%
15yrs
20
19
18
17
16
15
14
13
12
11
10
9*
8
7
6
5
4
3
2
1
Note: ResMed, Breville Group, Cleanaway, Peet, Vista Group, Worley and Infomedia have been held previously and re-purchased by Mirrabooka.
6 yrs
1.5 years
20yrs
10 yrs
5.5yrs
Mirrabooka Top 20 Holdings – 31 October 2025
14yrs
20yrs
15yrs
2 yrs
8 yrs
10.5 yrs
4 yrs
1.6%
1.7%
1.8%
1.8%
1 year
19yrs
4.5yrs
3.5 yrs
6.5yrs
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NZ Presentation – December 2025
Outlook
Low economic growth is providing an increasingly challenging environment for companies to
grow earnings. Slowing revenue growth means cost out initiatives increasingly required.
In many cases, the valuations of companies with perceived earnings certainty is now at extreme
levels, driven more by capital flows rather than a true reflection of fundamental value.
Portfolio positioning increasingly defensive with a particular focus on balance sheet strength.
We are cautious on valuations, over paying for even high quality companies will likely to lead to
poor investment returns over the longer term.
The portfolio is invested in well managed companies with proven track records of financial
discipline capturing value-accretive opportunities as they arise.

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