The Level 18 Fund increased by +4.0 per cent net of fees for the month.

Matthew Kidman talks about the outlook for markets and the investment opportunities in the current market. Kidman says, “we’re entering a phase of the market where liquidity is going to be paramount. As an investor, you do not want to be in illiquid assets under any circumstances. We’re in the late stages of a bull market, and investor sentiment is approaching fever pitch” Investing in this phase of the market cycle can be incredibly rewarding, it is fraught with volatility and "strange behaviour." Kidman's message is simple: Remain nimble. In this interview, Kidman expands on his bull market thesis, why he is happy holding his winners (for now) and where he sees the next opportunity.

As we approach the end of FY26, we have recorded a short video presentation designed to give unit holders an update regarding our outlook for equities over the next year. We have also provided some additional details regarding our plans to limited FUM growth and to close the Fund at $300M in August 2026.

The Level 18 Fund increased by +1.9 per cent net of fees for the month.

Defensive positioning has protected capital in a falling market Markets have been volatile and eventful since the beginning of 2026. During March, headlines associated with the conflict in the Middle East dominated global equity markets delivering a sell-off as investors lowered risk and allocated capital to defensive exposures. However, markets have subsequently rallied following the announcement of a ceasefire and the start of peace negotiations between the US and Iran. The outlook for the Australian equity market is less “bullish” than it was six months ago due primarily to the increase in local interest rates. The move higher is in response to rising inflation which risks being exacerbated by the increased energy costs associated with the conflict in the Middle East. Inflation continues to sit at 3.8 per cent, above the target range of 2 to 3 per cent. Higher rates are expected to slow household spending and consumer demand within the Australia economy and corporate earnings risk disappointing investor expectations. As a result, the portfolio has a more defensive structure compared to six months ago. Exposure to interest rate sensitive (property trusts, debt providers & banks) and consumer discretionary (retail) sectors have been lowered and companies with lower-risk capex exposed earnings growth (mining services, engineering contractors and data centres) have been prioritised. We continue to believe that several key growth sectors are likely to support stock price performance and positioning within the portfolio. Data centre construction growth As a result of artificial intelligence and cloud infrastructure demand, data centres are now the fastest growing non-residential construction sector in Australia. A recent Macromonitor report estimates the value of data centre commencements increased by 52 per cent in the year to June 2025 and a further 10 per cent in forecast for 2025/26. Our analysis suggests that consensus is potentially underestimating the magnitude and speed of cloud and AI computing demand over the medium-term. Industry estimates suggest that more than $50B to $60B of total data centre build cost will be required to meet demand over the next 5 years. Forecast data centre construction demand is expected drive outperformance for construction/engineering and speciality service companies exposed to the sector. Defence Industry sector growth A combination of geopolitical drivers, recent commitments to long-term government funding, and technological innovation have led to significant expenditure upgrades in the outlook for defence industry growth. Specifically, Federal government military expenditure is forecast to increase by $53B over the next 10 years. Within the domestic ASX listed universe, engineering, construction and infrastructure facilities management groups are well positioned to benefit from the forecast growth in defence sector expenditure. Brisbane Olympics / infrastructure investments Construction plans for new and upgraded venues, accommodation and transport infrastructure associated with the Brisbane Olympics are expected to contribute to economic growth and construction sector demand within southeast Queensland between now and 2032. An estimated $7.0B is forecast to be invested in Olympic venue construction alone. Ancillary investments are expected to lift the total expenditure meaningfully higher. Listed building materials, civil construction and engineering groups are all expected to benefit from exposure to the forecast regional growth. Major construction contracts associated with the main stadium, aquatic centre, athletes’ village and several other regional competition venues are expected to be awarded in the next 12 months.

Dear Investors, As we approach the end of FY26, we would like to provide investors with an update regarding Funds Under Management (FUM) capacity at the Centennial Level 18 Fund and some outlook commentary for the Australian equity market over the next 12 to 18 months. Consistent long-term outperformance Since inception (Aug 2012), the Fund has delivered a performance after all fees of +388.7 per cent compared to +143.2 per cent for the S&P/ASX Small Ordinaries Accumulation Index and +258.5 per cent for the All-Ordinaries Accumulation Index respectively. A $100,000 invested at inception would be worth $488,678 today. Level 18 Fund approaching capacity of $300M Investors will be aware that we believe limiting the size of the Centennial Level 18 Fund optimises liquidity and contributes to long-term outperformance. As a result, once FUM reaches $300M, we plan to close the Fund to additional investments and allow it to grow organically with performance. With Funds Under Management (FUM) of approximately $260M, we expect to hit our $300M target by August 31, 2026. Please contact Michael Carmody ( mcarmody@centennialfunds.com.au or +61 414 952 985) if you would like to invest in the Fund prior to it reaching capacity. July remains the Level 18 Fund’s seasonally strongest month It is important to note that July is traditionally the strongest performance month for the Fund. The table below outlines the Level 18 Fund’s monthly performance post fees since inception and records the Fund’s performance in July of each year. Monthly Net Returns Since Inception

The Level 18 Fund increased by +1.9 per cent net of fees for the month.

Markets have been volatile and eventful since the beginning of 2026. During March, headlines associated with the conflict in the Middle East dominated global equity markets delivering a sell-off for global equities as investors lowered risk and allocated capital to defensive exposures. However, markets have subsequently rallied following the announcement of a ceasefire and the start of peace negotiations between the US and Iran. The outlook for the Australian equity market is less “bullish” than it was six months ago. During that period, interest rates have risen three times. The move higher is in response to rising inflation which risks being exacerbated by the increased energy costs associated with the conflict in the Middle East. Higher rates are expected to slow household spending and consumer demand within the Australia economy and corporate earnings risk disappointing investor expectations. As a result, the portfolio has a more defensive structure than compared to six months ago. Exposure to interest rate sensitive (property trusts, debt providers & banks) and consumer discretionary (retail) sectors have been lowered and companies with lower-risk capex exposed earnings growth (mining services, engineering contractors and data centres) have been prioritised. Notwithstanding the more challenging macroeconomic back drop, below are several key fundamental valuation drivers that we believe support equity market performance and stock selection positioning within the portfolio. Data centre construction, defence industry and Brisbane olympics/infrastructure investment growth are sectors that are expected to make a strong contribution to the portfolio’s performance over the next 12-24 months. Our quarterly video below provides investors with additional detail regarding our equity positioning and a number of stock specific ideas.

The Level 18 Fund decreased by -6.6 per cent net of fees for the month.