Appendix 4D and 2022 Half Year Results

Appendix 4D

MFF Capital Investments Limited

ABN 32 121 977 884

Interim Report

Results for Announcement to the Market for the half year ended 31 December 2021

Interim dividend

Prior year interim dividend (paid 14 May 2021)

Interim dividend dates

Ex-dividend date

Record date

DRP election date

Payment date

The Dividend Reinvestment Plan ("DRP") will operate in respect of the interim dividend and no discount will be applied.

The Company recorded a pre-tax profit of $150,266,000 (December 2020: pre-tax profit $32,994,000) and a net profit after income Fortax of $105,223,000 (December 2020: $23,130,000) for the period ended 31 December 2021. Earnings per share were 18.35 cents

(December 2020: 4.17 cents) (18.05 cents diluted for MFF 2022 options (December 2020: 4.15 cents)).

The Company had pre-tax net tangible assets ("NTA") of $3.463 per ordinary share (before net tax liabilities of $0.514 per ordinary share) as at 31 December 2021 compared with $3.279 per ordinary share (before net tax liabilities of $0.474 per ordinary share) as at 30 June 2021. The Company also had a post-tax NTA of $2.949 per ordinary share as at 31 December 2021 compared with $2.805 per ordinary share as at 30 June 2021.

On 25 January 2022, the Directors reiterated their intention to increase the rate of the six monthly dividend from the current rate of

3.5 cents per ordinary share to 5.0 cents per ordinary share by the final dividend for the year ended 30 June 2023, subject to corporate, legal and regulatory considerations, with continued operation of the DRP (at zero discount).

Financial Report

This report is based on the 31 December 2021 Interim Report which has been reviewed by Ernst & Young.

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onlyuse personalForMFF Capital Investments Limited

Interim Report

For the half year ended 31 December 2021

ABN 32 121 977 884

The interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, the report is to be read in conjunction with the annual report for the year ended 30 June 2021 and any public announcements made by MFF Capital Investments Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Directors' Report

for the half year ended 31 December 2021

The Directors of MFF Capital Investments Limited ("MFF" or the "Company") submit their interim report in respect of the period ended 31 December 2021.

The principal activity of the Company is the investment in a minimum of 20 exchange listed international or Australian companies.

4. Review of Financial Results and Operations Financial Results for the Period

The Company recorded a pre-tax profit of $150,266,000 (December 2020: pre-tax profit $32,994,000) and a net profit after income

tax of $105,223,000 (December 2020: $23,130,000) for the period ended 31 December 2021. Earnings per share were 18.35 cents

(December 2020: 4.17 cents) (18.05 cents diluted for MFF 2022 options (December 2020: 4.15 cents)). MFF 'marks to market' its investment portfolio and the results principally reflect movements in the market prices of the portfolio.

The Company had pre-tax net tangible assets ("NTA") of $3.463 per ordinary share (before net tax liabilities of $0.514 per ordinary hare) as at 31 December 2021 compared with $3.279 per ordinary share (before net tax liabilities of $0.474 per ordinary share) as at 30 June 2021. The Company also had a post-tax NTA of $2.949 per ordinary share as at 31 December 2021 compared with $2.805

per ordinary share as at 30 June 2021.

The ongoing COVID-19 pandemic impacted the companies in MFF's investment portfolio during the period. As markets will always be subject to fluctuations, the investment performance and results of the past period to 31 December 2021 should not be considered to be representative of results and returns in future financial periods.

Operations - Portfolio and Activities

ForThe Company's financial results, investment returns, portfolio composition and changes during the period are summarised in the Portfolio Manager's Report (refer page 7) and detailed in the Financial Statements.

Strategy and Future Outlook

The Company is invested in equities, mainly denominated in foreign currencies. As equity and currency markets continue to be subject to fluctuations, it is not meaningful or prudent to provide a detailed outlook statement or statement of expected results of operations.

The Company provides regular updates in the weekly and monthly NTA announcements, which can be found in the Australian Securities Exchange ("ASX") announcements and in the investor centre section of the MFF website, www.mffcapital.com.au. Releases to shareholders and the ASX have included discussions in relation to the Company's investment processes and some investee companies from time to time.

The Company sets out its portfolio holdings at 31 December 2021 in the Portfolio Manager's Report (this information was also released to the ASX on 4 January 2022 as part of the December 2021 monthly NTA release), and further details are provided in Note 4 to the Financial Statements.

The Company's capital structure is detailed in Note 5 to the Financial Statements including the MFF 2022 Options ("Options").