Webinar 27 July 2021 COVID update NSW in lockdown

For the 2 informed Source: MST investor. Reporting Season – & NZ What to expect in Australia

ASX 200 consensus estimates

For the 3 informed Source: Citi investor. Reporting Season – Australia & NZ What to expect in New Zealand

For the 4 informed Source: Forsyth Barr investor. Trans-Tasman portfolio Top overweights

Top Overweights Position (%) Resmed 3.3% 3.0% Contact Energy 2.5% 2.3% ANZ 2.0% Freightways 1.9% 1.7% BHP 1.7% Virgin Money 1.6% Coles 1.5% 1.4%

Performance (after fees before tax) Performance to 30 Jun 2021 3 Months % 6 Months % 1 Year % 3 Years p.a. % 7 Years p.a. % Devon Trans-Tasm an Fund 4.10 7.25 21.71 9.41 10.33 Trans-Tasman Index (NZ$) Gross 3.86 4.92 19.45 10.64 11.23 Relative Performance 0.23 2.33 2.26 -1.24 -0.91

For the 5 informed Source: IRESS, Macquarie investor. Fisher & Paykel Healthcare (FPH) and Resmed (RMD) Philips recall is a major positive for RMD while FPH risks lower device and consumables sales on lower hospitalisations

Number of COVID patients in hospital per million people

For the 6 informed Source: Macquarie investor. Resmed (RMD) Upside risks to earnings

Flow generator growth and market share RMD – S9 and S10 growth rates suggest positive launch for the 2021 2022 2023 2024 S11 at the time of a major recall Industry value Flow Gens (US$bn) 2811 3036 3279 3541 % chg 8% 8% 8% RMD share 55% 60% 65% 65% 40% RMD revenue 1546 1821 2131 2302 S10 S11 Growth 18% 17% 8% 35% 2021 2022 2023 2024 Industry value masks (US$bn) 2672 2859 3088 3335 30% % chg 7% 8% 8% RMD share 45% 50% 55% 55% S9 RMD revenue 1202 1430 1698 1834 25% 19% 19% 8% Group revenue 3659 4298 4652 20% consensus 3117 3430 3753 4103 10% 9% 9% 15% RMD versus FPH valuation 10% 2020 2021 2022 2023 2024 5% Devon RMD P/E 47.9 43.7 35.5 28.9 25.3 0% Consensus RMD P/E 45.7 41.6 36.5 33.5 FY09 FY10 FY15 FY16 FY22? FY23? Consensus FPH P/E 31.2 53.3 46.0 38.4

For the 7 informed Source: Macquarie, MST, Devon investor. BHP/ Commodity prices and potential capital return warrant exposure

Global growth recovery is driving commodity prices = BHP Billiton upgrades

250 5 4.5 200 4 3.5 150 3 2.5 100 2 1.5 50 1 0.5 0 0

Iron ore - US$/t (LHS) Brent Oil - US$/bbl (LHS) Copper - Usc/lb (RHS)

Free cashflow yields

For the 8 informed Source: IRESS, Macquarie investor. Sustainability Fund

Top Overweights Position (%) National Australia Bank 3.3% Ramsay Healthcare 2.9% Performance to 30 Jun 2021 1 Month % 3 Months % 6 Months % Resmed 2.8% Devon Retail Sustainability Fund 1.63 5.20 7.28 Freightways 2.7% 50/50 Portfolio G ASX200G 2.26 4.95 5.77 Contact Energy 2.6% Relative Performance -0.63 0.25 1.51 Fletcher Building 2.2% Mercury 2.1% 2.0% Ooh!Media 1.7% ANZ 1.7%

For the 9 informed investor. (NEC) Good momentum

For the Source: MST, company data 10 informed investor. Coles (COL) Attractive valuation

Source: Morgans Source: Bloomberg

For the 11 informed investor. INFORMATION AND DISCLAIMER: This document is not a Product Disclosure Statement (PDS) under New Zealand law or under any other law. It is for information purposes only and contains summarised information. Accordingly, this document neither purports to be exhaustive nor contains all of the information which a prospective investor or the recipient may require to make an investment decision. This document does not contain all of the information which would otherwise be required by New Zealand law or any other law to be disclosed in a PDS or similar disclosure document required under foreign law. Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

A PDS for the fund/s mentioned in this presentation is available free from Devon Funds Management Limited. Investors should read and understand the PDS for the relevant fund(s) in which they invest and satisfy themselves they understand all the terms and conditions of investment in the fund/s. The information in this document is not intended to be advice. In preparing this document, Devon Funds Management Limited did not take into account the investment objectives, financial situation and particular needs of any particular person. Devon Funds Management Limited recommends that potential investors consult their financial adviser and obtain professional financial advice on their individual requirements before making any investment decisions.

Past performance is not indicative of future results. Investments in any of the Devon Funds are subject to investment risk, including possible delays in repayment and loss of income and capital invested. Neither Devon nor any related company of Devon, guarantees any particular rate of return on, or the performance of, the Devon Funds, nor do they guarantee the repayment of capital from the Devon Funds.

For the informed investor.