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Ausbil Investment Ausbil Global Management Limited ABN 26 076 316 473 AFSL 229722 Resources Fund Level 27 225 George Street Sydney NSW 2000 Monthly performance update GPO Box 2525 Sydney NSW 2001 Phone 61 2 9259 0200 March 2021 Fax 61 2 9259 0222

‘Our Base Metals and Energy views are Returns as at 31 March 2021 driven by a global reopening and supply chain Period Fund Bench- Out/Under restocking cycle as the impact of COVID % mark1 Performance % % dissipates’ Net Net 1 month -2.19 0.00 -2.19 3 months 23.08 0.00 23.08 Performance Review 6 months 60.03 0.02 60.00 Fund performance for the month of March 2021 was -2.19% (net of FYTD 68.00 0.05 67.95 fees), underperforming the Fund’s Bloomberg AusBond Bank Bill Index CYTD 23.08 0.00 23.08 which returned 0.00%. For the calendar year-to-date, the Fund 1 year 85.00 0.11 84.89 returned +23.08%, a very strong result, versus the MSCI Select Natural Resources Index performance of +14.6% in the same period. 2 years pa 37.77 0.67 37.10 Since inception pa 21.54 1.06 20.48 Key detractors for the month primarily came from our sectoral positioning Date: 31 May 2018 in Gold (broad-based exposure), Energy (primarily in Occidental and APA Corporation), Copper (primarily through Excelsior Mining and Nevada Copper), and Nickel (mainly in IGO and Panoramic Resources). Market Exposure Key contributors for the month came from our sectoral positioning in Exposure (month end) % Battery Materials. During the month, we used the opportunity to capitalise on the volatility within the sector to increase our exposure to our core long Long 138 positions. Short -56 Net 82 Commodity prices were largely weaker, with the positive momentum Gross 194 cooling across the commodities complex. Base Metals were weaker, with Copper down -4.0%, Nickel down -14.2%, Zinc up +0.8%, and Aluminium up +2.6%. Bulk commodities were mixed, with Iron Ore down -4.6%, but Largest 5 Long Positions by Company Thermal coal up +13.1% and Metallurgical coal down -12.5%. Precious metals continued to be weaker with Gold down -1.5% and Silver down Company % -8.4%. Oil prices were soft, as uncertainty regarding COVID implications 1. Corp 7.6 in Europe, and Iranian sanctions, weighed on the market, with WTI down 2. Pilbara Minerals Ltd 6.9 -3.8% and Brent down -1.2%. 3. Nevada Copper Corp 6.4 4. Orocobre Ltd 5.9 Outlook 5. Hudbay Minerals Inc 5.5 March was a volatile month in equity markets, with a mid-month selloff in broader equity markets in part driven by investor expectations Largest 5 Short Positions by Sector around increasing inflation. Perversely, increasing inflation expectations should be positive for commodities and commodity Sector % equities, as commodities represent one of the few inflation hedges. 1. Iron Ore Mining -5.1 We remain of the view that we are in the early stages of a multi-year commodity bull cycle, and commodity related equities should benefit 2. Gold Mining -5.1 in an inflationary environment. 3. Exploration & Production -5.0 4. Battery Materials -4.2 Strategy 5. Diversifieds -3.9 Core positioning for the Fund includes long Battery Materials, Base Metals and Energy. Our Base Metals and Energy views are driven by Regional Exposure a global reopening and supply chain restocking cycle as the impact of COVID dissipates. We believe markets for Battery Materials are Region Long Short Gross Net % % % % tight, which is likely to support commodity pricing for the medium term. Short exposure and portfolio hedging is focussed on Iron Ore Australia 80 -32 113 48 and the global diversified miners, as we see better leverage in the /US 52 -22 74 31 pure play names. Given our positive outlook, we expect portfolio net Europe 5 -2 7 3 exposure to remain towards the upper end of our Normal operating Other 0 0 0 0 band, however we retain portfolio protection in the form of out-of- Total 138 -56 194 82 the-money put options to manage exposure and volatility. 1. The benchmark is the Bloomberg AusBond Bank Bill Index.

11 Contribution of Alpha - Net of fees (Month of March) Attribution, Long vs Short Attribution, by Sub Commodity Attribution, Long vs short Attribution, by Sub Commodity 1.50% 3.00 Battery Materials 1.00% 0.50% 0.00% 2.00 Other Metals -0.50% -1.00% 1.00 -1.50% -2.00% Nickel, Lead & Zinc -2.50% 0.00 -3.00% -3.50% Copper -1.00 Long attribution Short attribution

-2.00 Energy

-3.00 Gold

-4.00 Other -5.00

Monthly Returns (net) Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

% % % % % % % % % % % % 2018 -2.93 3.32 -0.85 3.88 -6.54 0.56 -6.43 2019 -0.73 0.57 0.97 2.17 7.71 4.87 -1.49 -6.26 4.19 -2.35 0.53 4.71 2020 -0.35 -9.19 -0.67 2.59 5.90 1.36 4.25 2.35 -1.61 6.08 13.76 7.74 2021 18.84 5.88 -2.19

Ausbil Global Resources Fund - long, short and net exposures 150% Ausbil Global Resources Fund - Long, Short and Net Exposures 150% Exposure Net Exposure 100% Ausbil Global Resources Fund - Long, Short and Net Exposures 100% Long/Short Long/Short

50% 50%

0% 0%

-50% -50%

-100% -100%

Long (LHS) Short (LHS) Net Exposure (RHS)

2 Ausbil Investment Management Limited Level 27 225 George Street Sydney NSW 2000 Australia Toll Free 1800 287 245 Unless otherwise specified, any information contained in this publication is current as at the date of this report and is prepared by Ausbil Investment Management Limited (ABN 26 076 316 473 AFSL 229722) (Ausbil). Ausbil is the issuer of the Ausbil Global Resources Fund (ARSN 623 619 590) (Fund). This report contains general information only and the information provided is factual only and does not constitute financial product advice. It does not take account of your individual objectives, financial situation or needs. Before acting on it, you should seek independent financial and tax advice about its appropriateness to your objectives, financial situation and needs. Securities and sectors mentioned in this monthly report are presented to illustrate companies and sectors in which the Fund has invested and should not be considered a recommendation to purchase, sell or hold any particular security. Holdings are subject to change daily. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance. Unless otherwise stated, performance figures are calculated net of fees and assume distributions are reinvested. Due to rounding the figures in the holdings, breakdowns may not add up to 100%. No guarantee or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained herein (any of which may change without notice) and should not be relied upon as a representation express or implied as to any future or current matter. You should consider the Product Disclosure Statement which is available at www.ausbil. com.au before acquiring or investing in the fund. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. Further information is available at www.msci.com. A short notice on the COVID-19 public health event, and how it can impact investments Given the currently evolving issues around the Coronavirus (or Covid-19) globally, which has officially been designated a pandemic by the World Health Organisation, we wish to notify that, as with many firms, business may be disrupted. A public health crisis, pandemic, epidemic or outbreak of a contagious disease, such as the recent outbreak of Coronavirus (or Covid-19) in Australia, Italy, , South Korea, the and other countries, could have an adverse impact on global, national and local economies, which in turn could negatively impact investment returns in any of Ausbil Investment Management Limited’s registered managed investment schemes (the Funds). Disruptions to commercial activity relating to the imposition of quarantines or travel restrictions (or more generally, an inability on behalf of authorities to contain this pandemic) may adversely impact any investment, including by delaying or causing supply chain disruptions or by causing staffing shortages. The outbreak of Coronavirus has contributed to, and may continue to contribute to, volatility in financial markets. The impact of a public health crisis such as the Coronavirus (or any future pandemic, epidemic or outbreak of a contagious disease) is difficult to predict, which presents material uncertainty and risk with respect to any investment or fund performance.

Contactus@ ausbil.com.au