Page 3 - SMA changes rationale_Specialist Growth Moderate

Resolution Capital Global Property Securities ETF (RCAP) – Bought – as noted above the inclusion of
listed property, we have bought one of our highest conviction picks in the listed property peer group
to complement the portfolio’s existing listed infrastructure exposure. We have conviction in
Resolution Capital’s long-standing approach and highly experienced team which sees them focus on
companies with high quality management with a history of successful execution and debt
conservatism, holding high quality property assets that are either hard to replicate or extremely well
managed. We also like the valuation discipline here.

Betashares Active Australian Hybrids ETF (HBRD) – Sold – whilst our conviction remains here, new
product developments in the ETF market have resulted in a pivot to a broader bond exposure (across
security types and regions) and a more active approach to managing bond assets.

Betashares Australian Major Banks Hybrid Index ETF (BHYB) – Sold – whilst our conviction remains
here, new product developments in the ETF market have resulted in a pivot to a broader bond
exposure (across security types and regions) and a more active approach to managing bond assets.

Macquarie Income Opportunities Active ETF (MQIO) – Bought – this is a new ETF which is based on a
fund that we’ve covered for more than 17 years now. We like the active and flexible approach that
seeks out opportunities both locally and offshore in bond markets. The investment philosophy is clear
and simple in seeking to deliver attractive returns across different market conditions. The strategy is
powering a core portfolio of highly rated investment grade securities, supplemented by opportunistic
allocations to more riskier parts of the bond spectrum. The team here is very large and highly
experienced, with stable leadership at the top.

Macquarie Dynamic Bond Active ETF (MQDB) – Bought – this is a new ETF which is based on a fund
that we’ve covered for more than 17 years now. We like the active and flexible approach that seeks
out opportunities both locally and offshore in bond markets. The investment philosophy is clear and
simple with a focus on capital preservation and liquidity. The very large and highly experienced team
seeks out the best opportunities available across the global bond spectrum. The highly flexible
approach sees the team adopt a strategic approach to interest rate exposure (duration) which may
bear little resemblance to the benchmark, whilst also taking advantage (to a lesser extent) of more
opportunistic ideas in riskier parts of the bond spectrum.

Betashares Australian High Interest Cash ETF (AAA) – Bought – this is our best pick in the enhanced
cash listed peer group and has been included in the portfolio as part of the increase in defensive
assets discussed above. The investment provides exposure to Australian cash deposits held with
selected banks in Australia, generally earning wholesale rates of return given the size and scale of the
ETF.

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PSK Financial Services Group Pty Ltd (ABN 24 134 987 205) trading as PSK Private Wealth and Employee Representatives of PSK Advisory Services Pty Ltd trading as PSK Private Wealth are all representatives of AFS licensee, PSK
Advisory Services Pty Ltd (ABN 30 008 587 595) AFSL #234656. This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to
consider your financial situation and needs before making any decisions based on this information.