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.

The Level 18 Fund decreased by -0.1 per cent net of fees for the month.

The Level 18 Fund increased by +0.1 per cent net of fees for the month.

We expect small cap outperformance to continue over the next 12-24 months. Our ‘Bullish’ view regarding the performance outlook for small caps is unchanged. Post the recent AGM season, we have added several new exposures that look well positioned to deliver a recovery in earning growth over the next 12-24 months. We continue to identify a number of investment opportunities at attractive valuations. The economy is expected to grow at a similar rate to last year. The labour market should remain robust, particularly given the backdrop of improving global growth. However, given the uncertainty regarding the interest rate outlook, some risks remain regarding consumer sentiment and discretionary spending. Business investment should grow in 2026 on the back of forecast spending for the Brisbane Olympics, defence-related infrastructure, data centre construction, mining expansion and energy transmission projects. Importantly, corporate earnings are expected trend higher in the year 12 months. Commodity and Capex investment trends continue to support positive earnings upgrades for the market. Morgan Stanley estimates that aggregate consensus earnings growth in FY26 now sits at +7.0 per cent vs the long-term trend of +4.0 per cent. While valuations are somewhat elevated, the risk of a market multiple de-rate is low in an environment where earnings growth is forecast to be above the long-term trend. The domestic Housing & Defence sectors 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 increased by +0.2 per cent net of fees for the month.

The Level 18 Fund decreased by -0.5 per cent net of fees for the month.