1 Top Management and Board of Directors; 2 Peer Comparison & Ranking of DUI; 3 Currency Synopsis: Australian Dollar (AUD) Top Management and Board of Directors Top Management Top Management [Two top executives with tenure > 5 yrs] Name Designation Since Appointment Charles B Goode Chairman 33 Yrs, 10 Mos James Pollard Company Secretary 5 Yrs, 5 Mos Board Of Directors Board Of Directors [Three directors with tenure > 13 yrs] Name Designation Since Appointment Stephen Hiscock Non-Executive Director 13 Yrs, 8 Mos Anthony Burgess Non-Executive Director - Andrew Larke Non-Executive Independent Director - Resignations in the past 4 years Name Designation Date of Resignation Andrew Sisson Non-Executive Director 19 December 2024 Andrew Hancock Non-Executive Chairman 30 April 2021 Peer Comparison & Ranking of DUI PEER COMPARISON: DUI IN INDICES Diversified United Investment is a constituent of the following indices. Its market capitalisation is $757 million and accounts for 0.04% of the combined MCap of the S&P/ASX 300 Index. Index Name MCap of Index ($ b) DUI MCap as % of Index S&P/ASX 300 Index 1,930 0.04 All Ordinaries Index 1,975 0.04 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Diversified United Investment vs Australian Market Out of 1,440 stocks in the Australian Market, Diversified United Investment is ranked eighth(8) by EBITDA Margin%, 114th(114) by Premium to 52-Wk Low, 222nd(222) by Yield and 224th(224) by Market Cap in $. Australian Avg DUI DUI Rank EBITDA Margin% 4.5 85.4 8 Premium to 52-Wk Low (%) 20.6 10.4 114 Yield (%) 3.2 2.97 222 Market Cap $ 1.6 B 757 M 224 Net Profit $ 20.5 M 23.5 M 245 P/Earnings - 31.7x 320 Price/Net Tangible Assets 3.7x 1.1x 368 ROA (%) 0.8 2.7 430 ROE (%) 3.9 3.5 491 Revenue $ 531.8 M 30.3 M 558 Discount to 52-Wk High (%) 3 2.4 1544 Negative values are shown in brackets. Stock in Index and Stock in Sector Description DUI All Ordinaries Index % of All Ordinaries Index Diversified financials sector % of Diversified financials sector Net Profit $ 23.5 M 64.4 B 0.04 9.8 B 0.2 Revenue $ 30.3 M 676.3 B 0.004 53.9 B 0.1 Total Assets $ 872 M 4,653.9 B 0.02 472.6 B 0.2 MCap $ 757 M 1,974.6 B 0.04 124.9 B 0.6 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description DUI All Ordinaries Index Avg. Diversified financials sector Avg. Price/Earnings 31.7 26.9 19.2 Yield (%) 2.97 3.31 2.55 Price/Net Tangible Assets 1.12 3.94 2.87 GLOBAL RANK [out of 45,772 stocks] AND RANK OF DIVERSIFIED UNITED INVESTMENT IN THE ASIA PACIFIC REGION [out of 1,820 stocks] Description Value Global Rank In APAC Region MCap ($) 757M 10,808 237 Total Assets ($) 876.1M 11,427 214 Revenue ($) 30.5M 27,217 586 Net Profit ($) 23.6M 11,670 228 Return on Equity % 3.5 23,390 495 Net Profit Margin % 77.5 1,083 47 Price to Book 1.1 13,491 524 Price/Earnings 30.2 17,688 432 Yield % 3.1 9,081 205 PV1000 (1Year) $* 1,066 20,439 669 $* Change (1Year) % 3.7 17,834 571 * 1 year ago AUD 1 = $ 0.67 Jul 16, 2025: AUD 1 equals $ 0.65 RANK OF DIVERSIFIED UNITED INVESTMENT IN THE ALL ORDINARIES INDEX [out of 304 stocks], IN THE AUSTRALIAN MARKET [out of 1658 stocks] AND IN THE DIVERSIFIED FINANCIALS SECTOR [out of 126 stocks] Description Value In All Ordinaries Index In Australian Market In Diversified financials sector MCap ($A) 1.2B 173 213 20 Total Assets ($A) 1.3B 156 187 23 Revenue ($A) 46.5M 259 524 56 Net Profit ($A) 36M 161 206 33 Return on Equity % 3.5 196 442 74 Net Profit Margin % 77.5 20 43 17 Price to Book 1.1 57 479 64 Price/Earnings 31.7 147 387 71 Yield % 3.0 115 225 64 PV1000 (1Year) AUD 1,108 158 606 69 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Diversified United Investment is ranked number 20 out of 160 listed diversified financials companies in the Australia with a market capitalization of $A1.2 billion. In the diversified financials companies it has the 26th highest total assets and 65th highest revenues. Within its sector it has a relatively moderate P/E of 31.7 and moderate Price/Sales of 25. It has a moderate relative ROE of 3.5% and ROA of 2.7%. The company paid a dividend of 7.0c in the last twelve months. The dividend yield is moderate at 3%. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Currency Synopsis: Australian Dollar (AUD) % Change of AUD vs Currency Basket Period-Based In the past year the Australian Dollar fell 3.2% against the US Dollars; in the past three years the Australian Dollar fell 3.2% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % AUD1=0.655USD United States Of America -0.1 0.2 -3.2 -3.2 AUD1=4.701CNY China -0.1 0.3 -4.4 3.3 AUD1=96.73JPY Japan 0.1 1.2 -9.6 3.4 AUD1=0.561EUR European Union -0.2 0.7 -9.8 -16.5 AUD1=904.807KRW South Korea - 1.2 -3.4 2.2 AUD1=0.84SGD Singapore -0.1 0.5 -7.6 -11.1 AUD1=1.095NZD New Zealand -0.1 0.8 -1.4 -0.8 AUD1=0.488GBP United Kingdom 0.1 1.6 -6.6 -14.1 AUD1=5.144HKD Hong Kong -0.1 0.2 -2.7 -3.0 AUD1=0.522CHF Switzerland -0.2 0.2 -13.9 -21.3 AUD1=0.897CAD Canada -0.1 0.5 -3.0 2.2 AUD1=6.296SEK Sweden 0.1 1.3 -11.9 -12.0 AUD1=6.637NOK Norway -0.4 0.5 -8.8 -4.0 AUD1=12.271MXN Mexico 0.1 0.8 2.4 -12.7 1 Dividend; 2 Financials as Reported H1/2024, FY 2024, Past 10 Years Dividend Dividend History In the past 5 years annual dividends have increased by 0.5c from 15.5c to 16.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years. Date Paid Value (c) Type 28 Feb 2025 7 Interim 26 Aug 2024 9 Final Tr 12 Months 16 2023 - 2024 16 2022 - 2023 16 2021 - 2022 15.5 2020 - 2021 15.5 Financials as Reported H1/2024, FY 2024, Past 10 Years Financials as reported (Half Year) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED Description $A Thousand $A Thousand Dec 31 2024 2023 Change % Revenue from investment portfolio 22,961 22,699 Up 1.2 Fair value movements on unlisted managed funds -49 306 Deterioration Administration and other expenses -823 -809 Deterioration 1.7 Finance expenses -1,210 -2,704 Improved 55.3 Profit before tax 20,879 19,492 Up 7.1 Income tax expense -2,364 -1,723 Deterioration 37.2 Profit after tax 18,515 17,769 Up 4.2 Other comprehensive income Items that will not be reclassified to profit or loss: Revaluation of the investment portfolio for the period 81,247 52,245 Up 55.5 Provision for tax expense on revaluation of the investment portfolio for the period -23,592 -15,994 Deterioration 47.5 Other comprehensive profit after tax 57,655 36,251 Up 59.0 Total comprehensive profit 76,170 54,020 Up 41.0 Basic and diluted earnings per share (cents) 9.0c 8.0c Up 12.5 Weighted average number of ordinary share Basic 215,794,894 217,404,138 Down 0.7 BALANCE SHEET AS REPORTED Description $A Thousand $A Thousand Dec 31, 2024 Jun 30, 2024 Change % Assets Cash and cash equivalents 31,638 3,794 Up 733.9 Receivables 3,952 8,112 Down 51.3 Other assets 108 92 Up 17.4 Current assets 35,698 11,998 Up 197.5 Investment portfolio 1,313,149 1,325,562 Down 0.9 Non-current assets 1,313,149 1,325,562 Down 0.9 Total assets 1,348,847 1,337,560 Up 0.8 Liabilities Borrowings - interest bearing 10,000 Payables 216 667 Down 67.6 Current tax payable 3,732 664 Up 462.0 Current liabilities 13,948 1,331 Up 947.9 Borrowings - interest bearing 77,500 Net deferred tax liability 246,738 224,931 Up 9.7 Non-current liabilities 246,738 302,431 Down 18.4 Total liabilities 260,686 303,762 Down 14.2 Net assets 1,088,161 1,033,798 Up 5.3 Equity Issued capital 452,581 454,975 Down 0.5 Reserves 635,580 578,823 Up 9.8 Total equity 1,088,161 1,033,798 Up 5.3 CASH FLOW AS REPORTED Description $A Thousand $A Thousand Dec 31 2024 2023 Change % Cash flows from operating activities Interest received 278 121 Up 129.8 Dividends and trust distributions received 23,685 23,756 Down 0.3 Foreign income received 2,848 1,646 Up 73.0 Other income 10 7 Up 42.9 Administration and other expenses paid -858 -711 Deterioration 20.7 Finance costs paid -1,649 -2,639 Improved 37.5 Income taxes paid -774 -368 Deterioration 110.3 Net cash from operating activities 23,540 21,812 Up 7.9 Cash flows from investing activities Proceeds from sale of investments 104,818 14,175 Up 639.5 Purchases of investments -11,207 -16,477 Improved 32.0 Net cash from / (used in) investing activities 93,611 -2,302 Recovery Cash flows from financing activities Proceeds from borrowings 35,000 39,000 Down 10.3 Repayment of borrowings -102,500 -35,500 Deterioration 188.7 On-market share buyback -4,726 Dividends paid net of Dividend Reinvestment Plan -17,081 -17,465 Improved 2.2 Net cash used in financing activities -89,307 -13,965 Deterioration 539.5 Net increase in cash held 27,844 5,545 Up 402.1 Cash and cash equivalents at 1 July 3,794 4,119 Down 7.9 Cash and cash equivalents at 31 December 31,638 9,664 Up 227.4 Financials as reported (FY 2024 [year-ended 30 June 2024 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Revenue from investment portfolio 46,518 51,095 Down 9.0 Fair value movements on unlisted investments -17 1,927 Deterioration Administration and other expenses -1,595 -1,588 Deterioration 0.4 Finance expenses -5,174 -5,582 Improved 7.3 Profit before tax 39,732 45,852 Down 13.3 Income tax expense -3,699 -3,014 Deterioration 22.7 Profit after tax 36,033 42,838 Down 15.9 Other comprehensive income Items that will not be reclassified to profit or loss: Revaluation of the investment portfolio for the year 91,321 86,924 Up 5.1 Provision for tax expense on revaluation of the investment portfolio for the year -28,047 -26,167 Deterioration 7.2 Other comprehensive profit after tax 63,274 60,757 Up 4.1 Total comprehensive profit 99,307 103,595 Down 4.1 Basic and diluted earnings per share (cents) 17.0c 20.0c Down 15.0 NO OF SHARES 217,286,000 216,156,000 Up 0.5 BALANCE SHEET AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Assets Cash and cash equivalents 3,794 4,119 Down 7.9 Receivables 8,112 6,720 Up 20.7 Other assets 92 99 Down 7.1 Current assets 11,998 10,938 Up 9.7 Investment portfolio 1,325,562 1,252,086 Up 5.9 Non-current assets 1,325,562 1,252,086 Up 5.9 Total assets 1,337,560 1,263,024 Up 5.9 Liabilities Payables 667 695 Down 4.0 Current tax payable 664 29 Up 2,189.7 Current liabilities 1,331 724 Up 83.8 Borrowings - interest bearing 77,500 90,000 Down 13.9 Net deferred tax liability 224,931 195,512 Up 15.0 Non-current liabilities 302,431 285,512 Up 5.9 Total liabilities 303,762 286,236 Up 6.1 Net assets 1,033,798 976,788 Up 5.8 Equity Issued capital 454,975 462,497 Down 1.6 Reserves 578,823 514,291 Up 12.5 Total equity 1,033,798 976,788 Up 5.8 CASH FLOW AS REPORTED (FY 2024 [year-ended 30 June 2024 ]) Description $A Thousand $A Thousand Jun 30 2024 2023 Change % Cash flows from operating activities Interest received 370 283 Up 30.7 Dividends and trust distributions received 40,224 45,394 Down 11.4 Foreign income received 3,395 4,027 Down 15.7 Other income 178 9 Up 1,877.8 Administration and other expenses paid -1,511 -1,574 Improved 4.0 Finance costs paid -5,286 -5,412 Improved 2.3 Income taxes paid -583 -697 Improved 16.4 Net cash from operating activities 36,787 42,030 Down 12.5 Cash flows from investing activities Proceeds from sale of investments 39,920 81,578 Down 51.1 Purchases of investments -22,235 -46,499 Improved 52.2 Net cash from used in investing activities 17,685 35,079 Down 49.6 Cash flows from financing activities Proceeds from borrowings 43,000 140,500 Down 69.4 Repayment of borrowings -55,500 -200,500 Improved 72.3 Payments for shares bought back -11,491 Share Purchase Plan 11,772 Dividends paid net of Dividend Reinvestment Plan -30,806 -30,100 Deterioration 2.3 Net cash used in financing activities -54,797 -78,328 Improved 30.0 Net decrease in cash held -325 -1,219 Improved 73.3 Cash and cash equivalents at 1 July 4,119 5,338 Down 22.8 Cash and cash equivalents at 30 June 3,794 4,119 Down 7.9 Download DIVERSIFIED UNITED INVESTMENT Financials Past 10 Years Description (June 30) 2024 2023 2022 2021 2020 Income Statement Revenue per share 0.21 0.24 0.27 0.18 0.17 Tax (3.7 M) (3 M) 301,000 (4.3 M) (2.6 M) Net profit (M) 36 42.8 45.8 31 (23.2) EPS 0.17 0.2 0.22 0.15 0.14 Balance Sheet Equity Share Capital 1 B 976.8 M 891.5 M 939.2 M 804.2 M Total Assets (B) 1.3 1.3 1.2 1.3 1 Current Asset (M) 12 10.9 11.5 14.8 38.2 Working Capital (M) 10.7 10.2 9.9 13.7 36.8 Cash Flow Operating Cash Flow (M) 36.8 42 54.4 26.2 32.6 Investing Cash Flow (M) 17.7 35.1 (58) (70.7) (22) Financing Cash Flow (M) (54.8) (78.3) 3.8 16.5 (50.9) Net Cash Flow (325,000) (1.2 M) 182,000 (27.9 M) (40.3 M) Description (June 30) 2019 2018 2017 2016 2015 Income Statement Revenue per share 0.22 0.2 0.19 0.18 0.2 Tax (2.2 M) (1.5 M) (1.3 M) 708,000 842,000 Net profit (M) 38 99.3 98.2 30.5 33.7 EPS 0.18 0.17 0.16 0.15 0.17 Balance Sheet Equity Share Capital (M) 855.9 798.3 724.9 651.7 669.3 Total Assets 1.1 B 1 B 929.6 M 827.2 M 845.3 M Current Asset (M) 80.5 17.9 29.8 11.9 27.5 Working Capital (M) 56.7 16.4 29.3 11.5 25.8 Cash Flow Operating Cash Flow (M) 42.3 33.4 30.5 29.4 31.3 Investing Cash Flow (M) 54.8 (24) 10.1 (30.5) (119) Financing Cash Flow (M) (27.9) (25.9) (25) (14.9) 101.8 Net Cash Flow (M) 69.3 (16.5) 15.7 (16) 14.1