TEN13 Management Pty Ltd ACN 634 071 579 (TEN13 Management) and TEN13 Nominee Pty Ltd ACN 634 071 597 (TEN13 Nominee and together, the TEN13 Group) are corporate authorised representative’s (CARs) (CAR Numbers 1298306 and 1298307) of Boutique Capital Pty Ltd ACN 621 697 621 (Boutique Capital) AFSL 508011.

This document contains general advice only and has been prepared by the TEN13 Group for individuals identified as wholesale investors for the purposes of providing a financial product or financial service, under Section 761G or Section 761GA of the Corporations Act 2001 (Cth).

The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investafsment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information.

The investment summarised in this document is subject to known and unknown risks, some of which are beyond the control of the TEN13 Group and their directors, employees, advisers or agents. The TEN13 Group does not guarantee any particular rate of return or performance, nor does the TEN13 Group and its directors personally guarantee the repayment of capital or any particular tax treatment. Past performance is not indicative of future performance.

The materials contained herein represent a general summary of the TEN13 Group’s current portfolio construction approach. The TEN13 Group is not constrained with respect to any investment decision making methodologies and may vary from them materially at its sole discretion and without prior notice to investors. Depending on market conditions and trends, the TEN13 Group may pursue other objectives or strategies considered appropriate and in the best interest of portfolio performance.

There are risks involved in investing in the TEN13 Group’s strategy. All investments carry some level of risk, and there is typically a direct relationship between risk and return. We describe what steps we take to mitigate risk (where possible) in the relevant investment documentation. It is important to note that despite taking such steps, the TEN13 Group cannot mitigate risk completely.

This document was prepared as a private communication to clients, is confidential, and is not intended for public circulation or publication or for the use of any third party, without the approval of the TEN13 Group. Whilst this document is based on information from sources which the TEN13 Group considers reliable, its accuracy and completeness cannot be guaranteed. Data is not necessarily audited or independently verified. Any opinions reflect the TEN13 Group’s judgment at this date and are subject to change. The TEN13 Group has no obligation to provide revised assessments in the event of changed circumstances. To the extent permitted by law, Boutique Capital, the TEN13 Group and their directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this report, or for any negligent misstatements, errors or omissions.

This document is for informational purposes only and is not a solicitation for any investment .

TEN13 Disclaimer

TEN13 Nominee may, from time to time hold securities referred to in the information herein and may trade in these securities as a nominee (either as principal or as agent). TEN13 Nominee may receive commissions, fees or other forms of remuneration from transactions involving investments referred to in the investment documentation. By accepting the materials contained herein, you agree to indemnify TEN13 Management, TEN13 Nominee, Transition Level Investments Pty Ltd ACN 154 457 155, TEN13 Holding Pty Ltd ACN 634 042 783, and Birkdale Holdings (Qld) Pty Ltd ACN 120 407 981 ATF the Baxter Family Trust and any of their respective directors, officers, employees, consultants, advisors or agents (TEN13 Parties) against any claim, liability, action, damage, loss, cost or expense sustained by any of them arising from or as a result of any breach by you of the confidentiality obligation under this disclaimer.

The TEN13 Parties:

• disclaim and exclude all liability for all losses, claims, damages, costs and expenses of any nature arising out of or in connection with the materials contained herein (or any accompanying or subsequent information); and


• do not have any obligation to advise any person if they become aware of any inaccuracy in, or omission from, the materials contained herein (or any accompanying or subsequent information).