Information Meetings - Presentation

12 March 2026


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 March 2026.




Yours faithfully



Matthew Rowe
Company Secretary


ASX Release authorised by the Company Secretary.

Shareholder Meetings
March 2026
ASX: AFI ASX: DJW ASX: MIR ASX: AMH

Shareholder Meeting March 2026
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

Shareholder Meeting March 2026
Agenda
•Introduction - Mark Freeman
•Market Overview - Brett McNeill and Kieran Kennedy
•Portfolios:
oBrett McNeill - AFIC
oOlga Kosciuczyk - Djerriwarrh
oKieran Kennedy - Mirrabooka
oMark Freeman - AMCIL
•Closing Remarks - Mark Freeman
•Questions
3

The Australian sharemarket finished February at an all-time high level
4
S&P/ASX 200 Price Index
Source: FactSet
Shareholder Meeting March 2026

Shareholder Meeting March 2026
Within the Index, there has been significant divergence between companies
5
Source: FactSet
Share price performance over the year to February 2026

Shareholder Meeting March 2026
The Australian sharemarket is offering its lowest dividend yield in 20 years
6
Source: FactSet, Consensus Next 12 Months Forecast Dividend Yield grossed up for franking credits; assumes 70% franking level for the Index.
S&P/ASX 200 Dividend Yield (including franking)

Shareholder Meeting March 2026
Iran War – a resolution remains unclear
Oil Price: Brent Crude Oil, USD/bbl
Source: FactSet
7

Shareholder Meeting March 2026
Companies such as Woodside are well positioned to deal with market dislocations
8
Source: Woodside Investor Presentation, November 2025

Shareholder Meeting March 2026
Artificial Intelligence (AI) – How are corporates responding?
A notable shift from curiosity to adoption
Significant change in
business processes to
occur.
Use cases evolving: from
simple efficiency to more
complex product
development.
Divergent views on employment
impacts:
•some see technology roles
being dramatically replaced by
AI agents,
•others scaling output with a
similar workforce.
9

Shareholder Meeting March 2026
Artificial Intelligence (AI) – How is it featuring in our investment thinking?
Market volatility creates a
richer investment
opportunity set in
high-quality companies.
We are alert and open-minded but competitive advantage assessment was
already key to our investment process.
Effective defence to come from:
•“moats” (proprietary data,
licences, network effects
etc) and
•long term focused
management, prepared to
adapt and invest.
Significant change unsettles
markets – broad based
selling of technology related
stocks
10

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
$10.3 billion
0.11%
Fully franked yield that is
higher than that available
from the ASX 200 Index
utilising option strategies,
long term capital growth
MER
$968 million
0.38%
Australian and New
Zealand small/midcap
sector, capital growth
over the long term and
fully franked dividends
MER
$697 million
0.49%
High conviction
portfolio, strong capital
growth over the long
term and fully franked
dividends
MER
$354 million
0.43%
6.5%7.5%5.6%10.0%
Grossed up
dividend yield
Grossed up
dividend yield
Grossed up
dividend yield
Dividend yields based on share price on 27 February 2026. Includes special dividends for AFIC and AMCIL. MER’s are annualised half year figures. Portfolio as at 27 February 2026. Assumes investors can take full advantage of franking credits.
Portfolio return
10 years per annum
10.6%9.3%10.8%8.7%
Portfolio return
10 years per annum
Portfolio return
10 years per annum
Portfolio return
10 years per annum
11
Shareholder Meeting March 2026

Shareholder Meeting March 2026
AFIC Portfolio Performance* to 28 February 2026
* Per annum returns. Assumes the full benefit of franking credits.

Past performance is not indicative of future performance.
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Shareholder Meeting March 2026
AFIC: Recent transactions
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Major transactions for Calendar Year 2026 to 28 February shown.
Buying - Income
Sales
Buying - Growth

Shareholder Meeting March 2026
Djerriwarrh: Enhanced Yield- 28 February 2026*
*Assumes an investor can take full advantage of the franking credits. Yield based on the interim dividend and final dividend paid – in total 15.5 cents per share.
Past performance is not indicative of future performance.
14

Shareholder Meeting March 2026
Djerriwarrh: Option Income ($million) over the last 5 financial years
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Shareholder Meeting March 2026
Djerriwarrh: Capital Growth - 28 February 2026*
*Assumes an investor can take full advantage of the franking credits. Past performance is not indicative of future performance.
Portfolio Per Annum Returns
16

Shareholder Meeting March 2026
Djerriwarrh’s key recent buying: JBH and CAR
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Source: FactSet, Dividends don’t include franking credits. FY26e is Consensus Forecast Dividend
Dividends Per Share

Shareholder Meeting March 2026
Mirrabooka Portfolio Performance – Per Annum Returns to 28 February 2026*
* 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

Company
% of
Portfolio
Ownership Period
7.4%
3.9%
3.3%
3.4%
2.7%
2.5%
2.5%
2.7%
3.0%
2.3%
9.5 yrs
8.5 yrs
Company
% of
Portfolio
Ownership Period
2.1%
2.0%
1.6%
1.8%
1.6%
1.7%
13yrs
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
Represents recent stock purchases – we have made approximately $70 million of purchases in these holdings over the Financial Year to Date.
Temple and Webster, Gentrack, Life360 and Netwealth purchases were at an average 40% discount to sales made earlier in the Financial Year.
6 yrs
1.5 years
19.5yrs
Mirrabooka Top 20 Holdings – 28 February 2026
14.5yrs
20yrs
15.5yrs
2 yrs
7.5 yrs
10.5 yrs
4 yrs
1.6%
1.7%
2.0%
2.0%
6.5yrs
9 yrs
15.5yrs
6 yrs
2.5yrs
8.5 yrs
6 yrs
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Shareholder Meeting March 2026

Shareholder Meeting March 2026
AMCIL Portfolio Performance – Returns to 28 February 2026*
* 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.
20
Portfolio Per Annum Returns
15 Year Portfolio and Share Price Returns

Shareholder Meeting March 2026
AMCIL had no exposure to the banks and gold sectors... with
CAR Group typical of many of our holdings that have retraced
21
CBA Price to Earnings RatioGold New York Spot (US$/oz)CAR Group Price to Earnings Ratio
Source: FactSet
Times
Times

Shareholder Meeting March 2026
Portfolio well positioned for the future
Growth
Stalwart
Income
AMCIL’s portfolio is well placed to navigate a wide range of economic outcomes
Cyclical / Asset Play
22

Shareholder Meeting March 2026
Share price relative to Net Asset Backing – 28 February 2026
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Shareholder Meeting March 2026
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Long term history of AFIC share price relative to NTA
Tech bubble
Property
crash/bank
crisis
Tech crash
RBA interest rate
cutting cycle
Pre GFC
Post GFC
Black Monday Aug 2011
/US credit rating
downgraded
RBA interest rate
cutting cycle
COVID -19
Rising interest
rates
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May 2024
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