Slides
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Annual General Meeting October 2026
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Annual General Meeting – October 2026 Board Members Graham Goldsmith AO Chairman and Independent Non-Executive Director Bruce Brook Independent Non-Executive Director Geoffrey Roberts Independent Non-Executive Director Alison Gibson Managing Director Kathryn Fagg AC Independent Non-Executive Director Catherine Brenner Independent Non-Executive Director Rebecca McGrath AM Independent Non-Executive Director 2
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Annual General Meeting – October 2026 Asking Questions Online Only Shareholders and Proxyholders are able to ask questions Click on “Ask a Question” Select “General Business” or a specific resolution Type in your question and click “Submit” Comments on resolutions can also be submitted through “Ask a Question” Asking questions 3
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Annual General Meeting – October 2026 Voting Online 4 Click “Get a Voting Card” (top and bottom of platform) Enter your SRN/HIN or Proxy Number and Postcode Click “Submit Details and Vote” Fill out your voting card for each item of business Lodging your votes Click “Submit Vote”
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Annual General Meeting Presentation October 2026
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Annual General Meeting – October 2026 Disclaimer 6 Djerriwarrh Investments Limited, its related entity (Australian Investment Company Services Limited, AFSL: 303209) 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. Any reader is strongly advised to make their own enquiries and seek independent professional advice regarding information contained in these materials. These materials have been prepared solely for the purpose of information and do not constitute, nor are they intended to constitute advice nor an offer or invitation to any person to subscribe for, buy or sell any shares or any other securities. ABN 38 006 862 693
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Annual General Meeting – October 2026 Agenda 7 CEO Address Alison Gibson Financial Year in Summary Andrew Porter Portfolio Update and Outlook Brett McNeill and Olga Kosciuczyk
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Annual General Meeting – October 2026 CEO Address
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Annual General Meeting – October 2026 Why did I rejoin the business? Purpose People Strong foundations Ability to make a difference 9
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Annual General Meeting – October 2026 What am I looking to improve? 1) Balancing the enhanced yield objective with capital growth 10 Yield at 31 August 2026 Based on Interim Dividends Paid and Final Dividend Declared Portfolio & Share Price Performance Total Returns over 5 years to 31 August 2026 6.7% 7.4% 3.9% 5.2% Djerriwarrh Net Asset Backing – including franking Djerriwarrh Share Price – including franking S&P/ASX 200 Index – including franking 12 Month Term Deposit Rate Assumes investors can take full advantage of the franking credits. Dividend yields for Djerriwarrh and the S&P/ASX 200 Index are based on dividends paid in last 12 months, with 70% franking assumed for the S&P/ASX 200 Index. Past performance is not indicative of future performance. 80 100 120 140 160 DJW Net Asset Backing per share, including franking S&P/ASX 200 Accumulation Index, including franking DJW Share Price, including franking
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Annual General Meeting – October 2026 What am I looking to improve? 2) Communicating our value more effectively DJW Share Price relative to Net Tangible Asset Backing 11 -20% -10% 0% 10% 20% 30% 40% 50%
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Annual General Meeting – October 2026 Looking ahead 12 Continue to deliver on investment objectives Internally managed Permanent capital Income backed by real dividends
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Annual General Meeting – October 2026 Financial Year in Summary
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Annual General Meeting – October 2026 Financial Year in Summary 13 *Assumes a shareholder can take full advantage of the franking credits. Net Operating Result $41.4m $40.8m in 2025 Fully Franked Dividend Per Share First Half Interim 7.25¢ March Quarter 4.25¢ June Quarter 4.25¢ 15.75¢ Total 15.5 cents total in 2025 Portfolio Dividend Yield 7.0% Including franking* S&P/ASX 200 Index yield 4.1% (including franking) Total Portfolio $855.0m Including cash at 30 June. $893.5 million in 2025 Management Expense Ratio 0.41% 0.47% in 2025 Share Buy Backs ~3.0m Cost of $8.9m Shares bought back
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Annual General Meeting – October 2026 Portfolio Update and Outlook
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Annual General Meeting – October 2026 6.7% 6.8% 6.5% 6.5% 7.0% 5.1% 5.6% 4.7% 4.2% 4.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% FY2022 FY2023 FY2024 FY2025 FY2026 DJW yield on net asset backing, including franking S&P/ASX 200 yield, including franking 15 Djerriwarrh’s Enhanced Yield has been consistently strong over the last five financial years. DJW yield based on NTA as at 30 June each year and dividends declared for the financial year period. S&P/ASX 200 dividend yield is based on LTM dividends paid as at 30 June each year. 70% franking assumed for the S&P/ASX 200. Source: S&P/ASX 200 dividend yields from Factset.
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Annual General Meeting – October 2026 16 The Enhanced Yield has been delivered in addition to growth in the dividend over this period DJW Dividend (cents per share) 13.75 15.00 15.25 15.50 15.75 12.50 13.00 13.50 14.00 14.50 15.00 15.50 16.00 FY2022 FY2023 FY2024 FY2025 FY2026
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Annual General Meeting – October 2026 17 The Dividend continues to be fully covered by Net Operating Profit DJW Dividend and Earnings (cents per share) 13.75 15.00 15.25 15.50 15.75 14.33* 15.16 15.35 15.50 15.74 12.50 13.00 13.50 14.00 14.50 15.00 15.50 16.00 FY2022 FY2023 FY2024 FY2025 FY2026 Dividend per share Earnings per share *FY22 excludes demerger dividends.
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Annual General Meeting – October 2026 18 Our Option Income has been a consistent contributor to our Enhanced Yield DJW Option Income ($m) 12.5 14.8 16.6 16.7 18.6 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 FY2022 FY2023 FY2024 FY2025 FY2026
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Annual General Meeting – October 2026 Recent Buying: Newmont and Evolution Mining $4.3 $3.2 $2.8 $6.4 $10.3 $13.2 FY21 FY22 FY23 FY24 FY25 FY26e $0.8 $0.7 $1.3 $2.0 $2.6 $2.7 FY22 FY23 FY24 FY25 FY26 FY27e Source: FactSet, Company Reports; FY26e and FY27e Operating Cash Flow are Consensus estimates. Operating Cash Flow (USD$b) Operating Cash Flow (AUD$b) 19
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Annual General Meeting – October 2026 Recent Buying: ProMedicus and TechnologyOne $0.43 $0.58 $0.79 $1.10 $1.39 $1.82 FY22 FY23 FY24 FY25 FY26 FY27e $0.23 $0.27 $0.32 $0.36 $0.42 $0.50 FY21 FY22 FY23 FY24 FY25 FY26e Earnings Per Share Earnings Per Share Source: FactSet, Company Reports; FY26e and FY27e Earnings are Consensus estimates; TNE has a 30 September fiscal year-end with full year results reported in November. 20
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Annual General Meeting – October 2026 Other Recent Portfolio Activity: Additions Option Exercises Complete Disposals Based on major transactions for Calendar Year 2026. 21
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Annual General Meeting – October 2026 August Results Season: Key themes Relief Rallies Consumer Softness Good Dividend Growth Takeover Activity 22
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Annual General Meeting – October 2026 Good dividend growth from our largest holdings 23 August Reporting Season – Dividend Growth from some of DJW’s largest holdings Source: Factset, Company Reports; Dividend growth measured as ordinary dividends declared for the six months to June 2026 versus the prior corresponding period. +50% +33% +21% +11% +8% +6% +3% +0% -3% -8% BHP RIO JBH TLS WES TCL RGN RMD WDS CSL
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Annual General Meeting – October 2026 Portfolio Summary 24 Constructing a diversified portfolio of high-quality companies across different sectors and with the appropriate balance of Income and Growth is key for Djerriwarrh to deliver on its Investment Objectives in a variety of market conditions. Top 20 Holdings * Portfolio Value is based on the Investment Portfolio plus the Trading portfolio, including Cash and the Options portfolio. All figures as at 31 August 2026. Key Portfolio Statistics $980m Portfolio Value* 40% Call Option Exposure 1% Put Option Exposure $3.36 Net Tangible Asset (NTA) Backing Per Share 47 Stocks in the Portfolio