SCHOOLBLAZER LIMITED — AGM Information 2024

Feb 14, 2024

15 February 2024

Company Announcements Office Australian Securities Exchange

AGM PRESENTATION

Please find the attached presentation to be made by the Company at the 120th Annual General Meeting of Hancock & Gore Limited (HNG) which will be held today at 2.00pm (Sydney Time).

This announcement has been authorised for release to ASX by the HNG Board. For more information, please contact the Executive Chair, Sandy Beard on 0412 308 263.

ABOUT H&G

H&G is a diversified investment company with a focus on active management and driving shareholder returns through investing in a broad range of opportunities across Private Equity, ASX Listed Equities, funds management and real property, debt funding and other alternative investments. We seek to become a trusted partner of choice that aims to solve our partners' problems, identifying and pursuing opportunities that benefit all parties.

120th Annual General Meeting

15th February 2024

Focus on Long Term Earnings and Cashflow

Hancock & Gore Ltd (ASX: HNG)

1. H&G Purpose

2. 2023 Results

3. H&G Strategy

4. Operating Pillar - Mountcastle

5. Strategic Capital Pillar

AGENDA

1. Funds Management Pillar

2. H&G Objectives

3. Proxy Results

H&G PURPOSE – Diversified Investment Manager

Delivery of 15%+ p.a. long-term investment returns through partnership of capital with skills

AlignmentDirectors/KMP own ~25% H&G	Market Capitalisation1$114m (+65%pcp)		Total Shareholder Return2+50% p.a.under new management
& listed3Cash$17.5m	Dividends paid24.5 cps (fully franked)		External FUM4$38m (+36% pcp)
Our strategy:Our values: Honed over 120 years
1Extensive trusted networks driving deal origniationand execution			Integrity
2Alignment of values and performance with investee partners			Alignment
3Long-term investment objectives/counter cyclical view			Flexibility
4Ability to inject operational expertise to investees			Longevity

As at 31 Jan 2024 From FY20 | Recapitalisation and establishment of new management team As at year end (30 Sep 23) Excluding Hyde Road property, exited post year end (30 Sep 23)

PERFORMANCE HIGHLIGHTS FOR THE FULL-YEAR ENDED 30 September 2023

H&G STRATEGY & KEY INVESTMENT PILLARS

Hancock & Gore exists to deliver superior investment returns for shareholders in excess of 15% p.a. through different investment offerings

OPERATING BUSINESS PILLAR – MOUNTCASTLE

Move to 100% ownership of MTC

• Binding agreement to buyout minorities to reach 100% ownership
• Continued alignment with Steve Doyle and Brad Aurisch swapping Mountcastle shareholding for HNG scrip, to be approved at this AGM
• Steve Doyle and Brad Aurisch to continue as Chairman and CEO of Mountcastle, respectively. Both to be incentivised to drive H&G TSR through Mountcastle's contribution, to be approved at this AGM

Highly Experienced & Aligned Leadership Team

Steve Doyle – Chairman Brad Aurisch – CEO

• Appointed Chairman in March 2023
• More than 30 years in the retail sector including senior executive roles at Super Retail Group and Lovisa

• Appointed CEO following the acquisition of LW Reid in 2019
• Relative of LW Reid founder with over 20 years' management experience

Cash generating defensive asset growing market share

• Expansion into retail & New Zealand market

• Acquisitions integration

• Executive team transition and new key hires

• Core Schoolwear business remains strong – back to school period ongoing

• Softer conditions in discretionary corporate & fashion segments

• H&G move to 100% ownership at close of this AGM

• Continue accretive M&A activity – broad pipeline to execute

• Diversify Mountcastle nationally

• Expanding retail and corporate offering

• Enhance vertically integrated manufacturing and sales capabilities

• E-commerce and AI implementation

FY24 Long Term Horizon

STRATEGIC CAPITAL PILLAR

Strategic Private Investments

• Disruptive Packaging Continued focus on execution of manufacturing and geographic expansion
• Rino Recycling Operations have commenced successfully at state-of-the-art recycling facility in Pinkenba Queensland

Strategic ASX Listed Investments

• Anagenics (AN1) integration and turnaround continuing
• FOS (FOS) Focus on M&A execution

Deal Pipeline

• Strong focus on simplifying Strategic Capital portfolio and bringing on a new high conviction asset
• Favourable risk-return investments continually and patiently being assessed

H&G Investment Management (HGIM) profitable, generating performance fees and scalable

HGIM FY23 closing external fee-paying FUM1 $38m (+36% pcp)

H&G High Conviction Fund (ASX:HCF - FUM $28M)

• o HCF represents 73% of HGIM FUM. HCF performed well FY23 +10.7% pre-tax net of fees, in addition to a maiden 2 cents fully-franked dividend
• o HCF generated FUM growth of 58% or $10.3m. Importantly all capital raised at prevailing NTA due to tight & supportive register
• o The near-term FUM target for HCF is $50m

Other HGIM Funds and Initiatives

• o Recently launched Dynamic Credit Fund in partnership with Causeway Asset Management is a new offering providing investors exposure to private credit opportunities > 15% IRR
• o Exploring synergistic partnerships to add scale and FUM
• o Looking to expand private equity syndicates and property exposure

Strategic Intent for HGIM is to scale into a capital light high ROI business that is a strong and consistent contributor to H&G operating earnings and cashflow

2023 OBJECTIVES UPDATE

Achievement across majority of strategic objectives set at the 2023 AGM

OBJECTIVE	BASELINE GOAL 2023	ACHIEVED
Drive investor awareness ofpotential value in H&G	Introduce new investors, refresh communications and marketing, launch funds andparticipate in M&A activity
Quality of investment pipeline	Increase structured and asset backed opportunities with >15% p.a. returns
Cash & Asset redeployment	Target material realisationsfrom portfolio and establish a new cornerstone asset
Assist value creation inMountcastle & DisruptivePackaging	Meaningful acquisitions, organic growth and external capital raising
Capital management initiatives	Continue to pay fully franked dividends
Funds management vehicle	Invest in direct distribution capability & channel strategies.Grow H&G High Conviction FUMorganically & via innovative inorganic models to $50m+
Drive active ASX listedOpportunities portfolio & capitalmarkets activity	Find at least 2 strategic long term listed positions with active H&G involvement
Strategic support for FOS andAN1	Significant listed positions with H&G board representation, continue to support in theirongoing transformations
Enhance funds managementteam	Enhance distribution and compliance skill set to facilitate AUM growth

2024 OBJECTIVES

Build on the momentum of 2023's achievements

OBJECTIVE	BASELINE GOAL 2024
Mountcastle optimization and cashgeneration	Integration of acquisitions, strategic M&A and positioning for long term earnings growth whilstcontinuing to provide dividend flow to H&G
New pillar identification	Build opportunity pipeline and identify material operating asset to sit alongside Mountcastle as akey driver of sustainable earnings growth and cashflow generation for H&G
Optimiseportfolio	Target material realisationsfrom portfolio to redeploy to highest ROI activities
Treasury support	Continue to deliver low risk cash returns from portfolio outside of MTC with an active andflexible balance sheet
Capital Management initiatives	Continue to pay fully franked dividends
Grow funds management business	Grow H&G High Conviction and HGIM FuMto build a high ROI funds management business withmeaningful contribution to H&G profit and cashflow

IMPORTANT NOTICES

Not investment advice

The information contained in this presentation is not investment or financial product advice (nor tax, accounting or legal advice) nor is it a recommendation to acquire securities in HNG.This presentation does not and will not form any part of any contract for the acquisition of securities in HNG. This presentation has been prepared without taking into account your investment objectives, financial situation or particular needs. Before making an investment decision you should consider whether it is a suitable investment for you in light of your own investment objectives, financial situation and particular needs, having regard to the merits or risks involved and seek appropriate adv ice, including financial, legal and taxation adv ice appropriate to your jurisdiction and circumstances. This presentation and its contents are provided on the basis that recipients will not deal in the securities of HNG in breach of applicable insider trading laws.

Financial information

This presentation contains certain financial information that has been presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards, the International Financial Reporting Standards (including the interpretations of the International Financial Reporting Interpretations Committee) and other mandatory professional reporting requirements applicable to financial reports prepared in accordance with the Corporations Act. The financial information provided in this presentation is for illustrative purposes and is not represented as being indicative of HNG's (or anyone else's) view of its, nor anyone else's, future financial condition and/or performance. All dollar values are in Australian dollars ($ or A$) unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Company information

HNG's historical information in this presentation is, or is based on, information that has been released to ASX. This presentation should be read in conjunction with HNG's other periodic and continuous disclosure information lodged with ASX, which are available at www2.asx.com.au.

Third party information

Certain market and industry data used in connection with this presentation may have been obtained from research, survey or studies conducted by third parties, including industry or general publications. The HNG Parties have not independently verified any such market or industry data.

Historical information

Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Forward looking information

This presentation contains certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as "anticipate", "estimate", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of HNG, the outcome and effects of the Equity Raising, and the use of proceeds from the Equity Raising. HNG can give no assurance that these expectations will prov e to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the HNG Parties represent or warrant that such Forward Statements will be achieved or prov e to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including, without limitation, risks associated with future capital needs, general economic uncertainty and other risks detailed from time to time in HNG's announcements to ASX. HNG does not undertake any obligation to release publicly any revisions to any "forward- looking statement" to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws.

MR. SANDY BEARD EXECUTIVE CHAIRMAN

0412 308 263 www.hancockandgore.com.au