Page 4 - Private Wealth Specialist Income Moderate

In the March quarter, global property securities markets saw a slight loss in hedged Australian Dollar terms with the FTSE EPRA/NAREIT Developed
Index down a marginal 0.10% The best performing region was Australia, where AREIT’s returned a remarkable 16.2%. Global infrastructure assets
delivered a 2.0% return in Q1 2024, trailing the global equities rally. This was due to changed investor perceptions for interest rate cuts in 1H24 which
weighed on yield-sensitive sectors.

Portfolio Update
Portfolio returns for the March quarter were strong again, following on from a healthy December quarter, pushing annual returns well above historical
averages and our expectations.

Momentum is clearly winning out in markets with any disappointment regarding delays to pending rate cuts being patched over by ongoing resiliency
in economic fortunes versus previous recessionary fears.

Equities drove portfolio returns in the quarter, in particular global equities. US equities continue to dominate global equity markets with the
“Magnificent 7” becoming the “Fab 4” in the quarter, further exacerbating the narrowness of the current rally as A.I. fever took an even firmer grip.
Australian small companies outperformed large companies whilst emerging markets lagged developed markets. Global listed property and
infrastructure produced admirable returns, but were left in the wake of global equities, whilst it was a mixed bag for bonds in the period with
government bonds weak as yields rose and tighter spreads on credit securities pushing prices higher.

Within Australian equities, stock selection within the direct equities held were amongst the portfolio highlights. The stock portfolio strongly
outperformed its benchmark owing to some bumper returns from a wide range of stocks including Ventia Services, Suncorp Group, Downer EDI,
Scentre Group, Insurance Australia Group, and Westpac Bank. Very pleased with the eclectic mix of winners. Vanguard MSCI Australian Small
Companies also assisted as small companies outperformed large company stocks.

Within Global equities, iShares Core S&P 500 and iShares Global 100 were the highlights, particularly the latter with its significant overweight to
technology and communication services sectors and sizable positioning in many of the “Magnificent 7” names. In contrast, relative returns were
dragged down by Vanguard All World Ex-US Shares given the absence of US stocks and higher weighting to Asian / emerging markets, though it still
produced a very strong return.

Within Property & Infrastructure, portfolio returns were significantly boosted by the continued strong rally in Australian listed property with a bumper
result for the quarter as investors continued to reduce their underweight positioning to the sector.

Within Cash & Bonds, positioning assisted in the period given our underweight to interest rate risk as bond yields rose (prices fell), whilst investment
selection also helped with hybrid securities performing well as hybrid spreads tightened.

On an absolute basis, the best and worst performing investments were as follows:

Top 3:

- Ventia Services

- Suncorp Group

- Downer EDI

Bottom 3:

- BHP Group

- Rio Tinto

- Atlas Arteria

Portfolio changes during the quarter:
There were quite a few portfolio changes in the quarter, as previously communicated. The portfolio was de-risked by lowering the exposure to growth
assets in favour of defensive assets. There was also a raft of investment changes as we sought to ensure the holdings in the portfolio better reflected
our forward-looking view of the pending market environment. These included:

• Insurance Australia Group and Downer EDI sold

• Metcash and Transurban bought

• Betashares Australian Bank Senior Floating Rate Bond ETF bought

• Betashares Australian High Interest Cash ETF bought