Australian Secure Capital Fund - Market Update Australian Secure Capital Fund June 2024 For the 16th consecutive month, property prices across the capital cities have risen, with CoreLogic's Home Value Index reporting a 0.8% increase for the month of May, the largest monthly gain since October 2023. The regions also continue to experience growth, with a combined 0.6% increase. Perth continues to be the highest performing market, increasing by a whopping 2% for the month, with Adelaide and Brisbane also recording strong growth of 1.8% and 1.4% respectively. Sydney, Canberra and Melbourne also experienced growth for the month, increasing by 0.6%, 0.5% and 0.1% respectively, whilst only Hobart and Darwin recorded a reduction in dwelling values, of 0.5% and 0.3% respectively. The RBA is scheduled to next meet on the 18th of June. Whilst we believe a further increase to interest rates is unlikely, the undersupply of new housing and low tenancy vacancy rates should, in our view, ensure property prices remain strong regardless of the RBA decision. Clearance Rates & Auctions week of 2nd of June 2024   Property Values as at 1st of June 2024   Median Dwelling Values as at 1st of June 2024 Quick Insights Investor's Rush Loans in the investment property market spiked in April, new home loan commitments to investors jumped 5.60% from March, the fastest rate of gain since November 2021. Commonwealth Bank senior economist Belinda Allen said, "There's no end to price impacts from the lack of supply and strong demand. It's economics 101″. Source: Australian Financial Review Australian Apartments Up Again There has been a 26% national increase in apartment selling prices, primarily benefiting higher-end developments, this surge alone is driving the rise in new home completions to 28,000 this calendar year. This figure marks the highest in four years, compared to the previous total of 32,000. However, Urbis director Mark Dawson emphasized that without a corresponding decrease in borrowing or materials costs to make lower-priced unit projects financially feasible, the current spike in completions might taper off in the future. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund

Australian Secure Capital Fund - Market Update Australian Secure Capital Fund May 2024 National property values continue to perform strongly, with CoreLogic's National Home Value Index recording another 0.6% increase in April, the same which was achieved in February and March, resulting in 15 months of continuous monthly growth. Yet again, Perth performed the strongest, increasing by a whopping 2.0% for the month, with Adelaide and Brisbane again achieving the second and third largest growth with 1.3% and 0.9% respectively. Darwin, Sydney, Hobart and Canberra also experienced growth with 0.6%, 0.4%, 0.3% and 0.2% respectively, whilst Melbourne recorded a slight reduction of 0.1%. This raised the quarterly national growth rate to 1.8%, with combined capitals increasing by 1.7% and the combined regions by 2.1%. The RBA meeting on the 7th of May indicated that we may experience higher interest rates for longer than anticipated, and has not ruled out a further increase in rates, however inflation is beginning to fall, albeit at a slightly slower pace than forecasted. However, with the fundamental undersupply of property, we anticipate the property market to remain strong throughout 2024. Clearance Rates & Auctions week of 29th of April 2024 Property Values as at 1st of May 2024 Median Dwelling Values as at 1st of May 2024 Quick Insights The Foreign Housing Fight In his budget reply speech, Mr Dutton said he would put a two-year ban on foreign investors and temporary residents purchasing homes in Australia if the Opposition won the next federal election. Ms Tu of "luxury property concierge" firm Black Diamondz, said that, contrary to the perception that foreign buyers were taking housing away from Australians, they injected money into the economy which has helped fund infrastructure and commercial development. We expect this debate to continue until the next election. Source: Australian Financial Review Australia's Race to Lose There is no doubt that red tape at all levels of government continues to exacerbate the housing shortfall in Australia, with other comparable countries doing a far better job. Victoria and NSW are experiencing the longest average development approval wait times at 144 and 114 days respectively, according to new research by the federal Treasury. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund

Australian Secure Capital Fund - Market Update Australian Secure Capital Fund April 2024 Property values continue to increase across the majority of the country, with CoreLogic's National Home Value Index recording a further 0.6% increase in March, on par with what was achieved in February, resulting in 14 months of continuous monthly growth. Perth continued to be the strongest performer, increasing by a mammoth 1.9% for the month, followed closely by Adelaide with 1.4% and Brisbane with 1.1%. Signs of cooling have begun in Canberra, Sydney and Hobart, with 0.4%, 0.3% and 0.2% growth respectively. Melbourne achieved parity for the month, whilst Darwin is the only capital to experience a loss, falling by 0.2%. This monthly data contributes to a 1.6% national increase for the quarter, with all capital cities experiencing some level of quarterly growth except for Melbourne, where a 0.2% reduction has occurred. As we wait for the next RBA meeting, scheduled for the 7th of May, there are growing calls by economists for a rate reduction to occur, driven by the continued slowing of GDP growth and falling inflation. Whether or not a reduction is made in May, it appears all but certain that throughout 2024 there will be reductions, which will likely result in a further bump to property prices in the coming months. Clearance Rates & Auctions week of 2nd of April 2024   Property Values as at 31st of March 2024   Median Dwelling Values as at 31st of March 2024 Quick Insights Steadfast Forecast Oxford Economics Australia, a leading economic institute has forecasted median property to grow to almost $2 million in Sydney alone within the next 3 years. "You have a fundamentally undersupplied market and with net overseas migration running at half a million people, a growing participation by foreign buyers, downsizers and cash buyers, demand has outweighed that drag that interest rates would typically have.", said Maree Kilroy, Oxford Economics senior economist. Source: Australian Financial Review Affordability is the Trend The medium-high end of the Sydney housing market may have finally reached a peak that lower end buyers cannot afford as a flood of homebuyers move into previously affordable suburbs driving prices up. The lower end market has grown 5 times as fast as the higher end in past 6 months, and is likely to continue as more people seek to delay the effect of the housing crisis in their lives. Source: Australian Financial Review Author: Filippo Sciacca, Director - Investor Relations, Asset Management and Compliance Funds operated by this manager: ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund