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Home , Afterpay, Chorus Limited, Infratil, Kiwi Property Group, Mainfreight, Metlifecare

Medical Assurance Society Retirement Savings Plan

Fund Holdings

As at 31 March 2020 Contents

Conservative Fund 3 Moderate Fund 5 Balanced Fund 7 Growth Fund 9 Aggressive Fund 11 Global Equities Fund 13

2 Medical Assurance SocietySociety Retirement Retirement Savings Savings Plan Plan | Fund| Fund H Hr oldingsending 31as Marchat 31 March 2020 2020 Conservative Fund Holdings AAs at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 18.87% JBWere Premium Call Account - NZD 14.24% Bank of China Term Deposit 2.27% BNZ Term Deposit 1.51% JBWere Premium Call Account - USD 0.58% JBWere Premium Call Account - AUD 0.22% JBWere Premium Call Account - EUR 0.05% fixed interest 19.01% NZ Government inflation indexed bonds 20/09/2030 11.46% Vector Bond 14/03/2024 1.62% IAG 15/06/2043 1.46% 06/12/2023 1.22% Quayside Holdings Perpetual Security 1.16% Intl. Airport 04/10/2021 0.78% Bank of China 17/10/2022 0.67% Ltd 15/12/2029 0.53% ANZ Bank Ltd 25/05/2020 0.12% International fixed interest 45.78% Hunter Global Fixed Interest Fund 45.78% New Zealand equities 4.12% Fisher & Paykel Healthcare Ltd 0.75% A2 Milk Company Ltd 0.72% Infratil Ltd 0.46% Limited 0.40% Ltd 0.26% Ltd 0.24% Ltd 0.20% International Airport Ltd 0.18% Ltd 0.16% Mercury NZ Limited 0.16% Chorus Ltd 0.15% Ltd 0.12% Investore Property Limited 0.11% Ltd 0.08%

3 Asset Class & Holdings Total Freightways Ltd 0.07% Ebos Group Ltd 0.04% Ltd 0.03% Australian equities 0.73% CSL Limited 0.18% Limited 0.11% Resmed Inc 0.09% Corp Ltd 0.08% Ltd 0.06% Ltd 0.05% Bingo Industries Limited 0.05% News Corp-CDI Class B 0.04% Ltd 0.02% National Bank Ltd 0.02% Limited 0.01% International equities 11.49% MAS Responsible Investing Global Mandate* 10.28% Technology Select Sector SPDR Exchange Traded Fund 0.86% Health Care Select Sector SPDR Exchange Traded Fund 0.44% SPDR S&P Bank Exchange Traded Fund 0.41% iShares U.S. Medical Devices 0.25% iShares EUR 600 Telecoms DE 0.22% Alphabet Inc Class A 0.07% Netflix Inc 0.04% AUD/NZD forward exchange contract 0.02% CAD/NZD forward exchange contract -0.01% GBP/NZD forward exchange contract -0.03% CHF/NZD forward exchange contract -0.03% JPY/NZD forward exchange contract -0.09% EUR/NZD forward exchange contract -0.11% USD/NZD forward exchange contract -0.81% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

4 Moderate Fund Holdings A As at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 10.67% JBWere Premium Call Account - NZD 5.93% Bank of China Term Deposit 1.64% BNZ Term Deposit 1.64% JBWere Premium Call Account - USD 0.99% JBWere Premium Call Account - AUD 0.35% JBWere Premium Call Account - EUR 0.11% New Zealand fixed interest 17.11% NZ Government inflation indexed bonds 20/09/2030 2.22% Vector Bond 14/03/2024 2.10% IAG 15/06/2043 2.06% Chorus Limited 06/12/2023 1.91% ANZ Bank Ltd 20/03/2024 1.67% Bank of China 17/10/2022 1.61% Infratil Ltd 15/06/2022 1.22% ASB Bank Ltd 15/12/2021 1.14% Christchurch Intl. Airport 04/10/2021 0.84% Mighty River Power Limited 07/09/2021 0.80% Infratil Ltd 15/12/2029 0.72% ANZ Bank Ltd 25/05/2020 0.58% Banking 01/09/2021 0.24% International fixed interest 41.64% Hunter Global Fixed Interest Fund 41.64% New Zealand equities 8.05% Fisher & Paykel Healthcare Ltd 1.48% A2 Milk Company Ltd 1.42% Infratil Ltd 0.90% Meridian Energy Limited 0.78% Spark New Zealand Ltd 0.51% Mainfreight Ltd 0.47% Fletcher Building Ltd 0.39% Auckland International Airport Ltd 0.34% Port of Tauranga Ltd 0.31% Mercury NZ Limited 0.30%

5 Asset Class & Holdings Total Chorus Ltd 0.28% Metlifecare Ltd 0.28% Z Energy Ltd 0.16% Freightways Ltd 0.14% Investore Property Limited 0.14% Ebos Group Ltd 0.08% Kiwi Property Group Ltd 0.05% Australian equities 1.49% CSL Limited 0.36% Afterpay Limited 0.21% Resmed Inc 0.19% Telstra Corp Ltd 0.17% Suncorp Group Ltd 0.13% Bingo Industries Limited 0.11% Macquarie Group Ltd 0.11% News Corp-CDI Class B 0.08% Coles Group Ltd 0.06% Ltd 0.04% Wesfarmers Limited 0.03% International equities 21.04% MAS Responsible Investing Global Mandate* 18.82% Technology Select Sector SPDR Exchange Traded Fund 1.57% Health Care Select Sector SPDR Exchange Traded Fund 0.80% SPDR S&P Bank Exchange Traded Fund 0.75% iShares U.S. Medical Devices 0.45% iShares EUR 600 Telecoms DE 0.41% Alphabet Inc Class A 0.14% Netflix Inc 0.06% AUD/NZD forward exchange contract 0.04% CAD/NZD forward exchange contract -0.01% GBP/NZD forward exchange contract -0.05% CHF/NZD forward exchange contract -0.06% JPY/NZD forward exchange contract -0.17% EUR/NZD forward exchange contract -0.21% USD/NZD forward exchange contract -1.49% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

6 Balanced Fund Holdings AAs at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 10.76% JBWere Premium Call Account - NZD 5.35% Bank of China Term Deposit 1.86% JBWere Premium Call Account - USD 1.70% BNZ Term Deposit 1.24% JBWere Premium Call Account - AUD 0.46% JBWere Premium Call Account - EUR 0.14% New Zealand fixed interest 12.68% NZ Government inflation indexed bonds 20/09/2030 3.10% Vector Bond 14/03/2024 1.59% Chorus Limited 06/12/2023 1.44% Westpac Banking 01/09/2021 0.98% ANZ Bank Ltd 20/03/2024 0.94% Bank of China 17/10/2022 0.84% IAG 15/06/2043 0.81% ANZ Bank Ltd 25/05/2020 0.64% Quayside Holdings Perpetual Security 0.64% Infratil Ltd 15/06/2022 0.62% Infratil Ltd 15/12/2029 0.53% Mighty River Power Limited 07/09/2021 0.30% ASB Bank Ltd 15/12/2021 0.28% International fixed interest 27.15% Hunter Global Hunter Global Fixed Interest Fund 27.15% New Zealand equities 12.64% Fisher & Paykel Healthcare Ltd 2.32% A2 Milk Company Ltd 2.23% Kiwi Property Group Ltd 0.09% Meridian Energy Limited 1.24% Infratil Ltd 1.42% Spark New Zealand Ltd 0.83% Mainfreight Ltd 0.75% Fletcher Building Ltd 0.62% Auckland International Airport Ltd 0.56% Mercury NZ Limited 0.49% Port of Tauranga Ltd 0.49%

7 Asset Class & Holdings Total Chorus Ltd 0.46% Metlifecare Ltd 0.38% Z Energy Ltd 0.25% Freightways Ltd 0.23% Investore Property Limited 0.15% Ebos Group Ltd 0.14% Australian equities 2.55% CSL Limited 0.62% Afterpay Limited 0.35% Resmed Inc 0.33% Telstra Corp Ltd 0.29% Suncorp Group Ltd 0.22% Bingo Industries Limited 0.20% Macquarie Group Ltd 0.18% News Corp-CDI Class B 0.14% Coles Group Ltd 0.10% National Australia Bank Ltd 0.07% Wesfarmers Limited 0.06% International equities 34.22% MAS Responsible Investing Global Mandate* 30.60% Technology Select Sector SPDR Exchange Traded Fund 2.56% Health Care Select Sector SPDR Exchange Traded Fund 1.30% SPDR S&P Bank Exchange Traded Fund 1.21% iShares U.S. Medical Devices 0.73% iShares EUR 600 Telecoms DE 0.66% Alphabet Inc Class A 0.22% Netflix Inc 0.11% AUD/NZD forward exchange contract 0.07% CAD/NZD forward exchange contract -0.02% GBP/NZD forward exchange contract -0.08% CHF/NZD forward exchange contract -0.09% JPY/NZD forward exchange contract -0.28% EUR/NZD forward exchange contract -0.34% USD/NZD forward exchange contract -2.42% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

8 Growth Fund Holdings As at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 7.09% JBWere Premium Call Account - NZD 2.54% JBWere Premium Call Account - USD 2.44% Bank of China Term Deposit 0.67% JBWere Premium Call Account - AUD 0.67% BNZ Term Deposit 0.54% JBWere Premium Call Account - EUR 0.23% New Zealand fixed interest 5.71% NZ Government inflation indexed bonds 20/09/2030 2.93% Vector Bond 14/03/2024 0.54% Chorus Limited 06/12/2023 0.54% IAG 15/06/2043 0.52% ANZ Bank Ltd 25/05/2020 0.36% Quayside Holdings Perpetual Security 0.29% Infratil Ltd 15/12/2029 0.18% ASB Bank Ltd 15/12/2021 0.16% Westpac Banking 01/09/2021 0.13% Bank of New Zealand 17/12/2020 0.07% International fixed interest 16.74% Hunter Global Fixed Interest Fund 16.74% New Zealand equities 17.64% Fisher & Paykel Healthcare Ltd 3.29% A2 Milk Company Ltd 3.01% Infratil Ltd 1.91% Meridian Energy Limited 1.69% Spark New Zealand Ltd 1.28% Mainfreight Ltd 1.02% Fletcher Building Ltd 0.84% Auckland International Airport Ltd 0.80% Port of Tauranga Ltd 0.66% Chorus Ltd 0.66% Mercury NZ Limited 0.66% Metlifecare Ltd 0.58% Z Energy Ltd 0.34%

9 Asset Class & Holdings Total Freightways Ltd 0.31% Investore Property Limited 0.25% Ebos Group Ltd 0.18% Kiwi Property Group Ltd 0.14% Australian equities 3.53% CSL Limited 0.85% Afterpay Limited 0.51% Resmed Inc 0.45% Telstra Corp Ltd 0.37% Suncorp Group Ltd 0.29% Bingo Industries Limited 0.27% Macquarie Group Ltd 0.26% News Corp-CDI Class B 0.20% Coles Group Ltd 0.15% National Australia Bank Ltd 0.10% Wesfarmers Limited 0.08% International equities 47.95% MAS Responsible Investing Global Mandate* 42.88% Technology Select Sector SPDR Exchange Traded Fund 3.58% Health Care Select Sector SPDR Exchange Traded Fund 1.83% SPDR S&P Bank Exchange Traded Fund 1.70% iShares U.S. Medical Devices 1.03% iShares EUR 600 Telecoms DE 0.92% Alphabet Inc Class A 0.31% Netflix Inc 0.15% AUD/NZD forward exchange contract 0.10% CAD/NZD forward exchange contract -0.03% GBP/NZD forward exchange contract -0.12% CHF/NZD forward exchange contract -0.13% JPY/NZD forward exchange contract -0.39% EUR/NZD forward exchange contract -0.47% USD/NZD forward exchange contract -3.39% Alternatives 1.34% The Maui Capital Aqua Fund 1.14% Pencarrow IV Investment 0.19% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

10 Aggressive Fund Holdings As at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 7.76% JBWere Premium Call Account - NZD 3.29% JBWere Premium Call Account - USD 2.44% BNZ Term Deposit 1.05% JBWere Premium Call Account - AUD 0.75% JBWere Premium Call Account - EUR 0.23% New Zealand fixed interest 3.25% NZ Government inflation indexed bonds 20/09/2030 1.98% Bank of China 17/10/2022 0.43% ANZ Bank Ltd 25/05/2020 0.34% Chorus Limited 06/12/2023 0.21% Infratil Ltd 15/12/2029 0.19% IAG 15/06/2043 0.10% International fixed interest 10.36% Hunter Global Fixed Interest Fund 10.36% New Zealand equities 19.71% Fisher & Paykel Healthcare Ltd 3.73% A2 Milk Company Ltd 3.36% Infratil Ltd 2.08% Meridian Energy Limited 1.87% Spark New Zealand Ltd 1.48% Mainfreight Ltd 1.13% Fletcher Building Ltd 0.95% Auckland International Airport Ltd 0.93% Chorus Ltd 0.79% Port of Tauranga Ltd 0.74% Mercury NZ Limited 0.73% Metlifecare Ltd 0.59% Z Energy Ltd 0.39% Freightways Ltd 0.35% Investore Property Limited 0.24% Ebos Group Ltd 0.20% Kiwi Property Group Ltd 0.15% Australian equities 3.82%

11 Asset Class & Holdings Total CSL Limited 0.91% Afterpay Limited 0.54% Resmed Inc 0.50% Telstra Corp Ltd 0.40% Suncorp Group Ltd 0.30% Bingo Industries Limited 0.30% Macquarie Group Ltd 0.29% News Corp-CDI Class B 0.21% Coles Group Ltd 0.17% National Australia Bank Ltd 0.11% Wesfarmers Limited 0.10% International equities 54.54% MAS Responsible Investing Global Mandate* 48.77% Technology Select Sector SPDR Exchange Traded Fund 4.07% Health Care Select Sector SPDR Exchange Traded Fund 2.08% SPDR S&P Bank Exchange Traded Fund 1.94% iShares U.S. Medical Devices 1.17% iShares EUR 600 Telecoms DE 1.05% Alphabet Inc Class A 0.35% Netflix Inc 0.17% AUD/NZD forward exchange contract 0.11% CAD/NZD forward exchange contract -0.04% GBP/NZD forward exchange contract -0.13% CHF/NZD forward exchange contract -0.15% JPY/NZD forward exchange contract -0.45% EUR/NZD forward exchange contract -0.54% USD/NZD forward exchange contract -3.86% Alternatives 0.56% The Maui Capital Aqua Fund 0.38% The Maui Capital Indigo Fund 0.14% Pencarrow IV Investment 0.05% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

12 Global Equities Fund Holdings As at 31 March 2020

Asset Class & Holdings Total Cash and cash equivalents 6.44% JBWere Premium Call Account - USD 2.92% JBWere Premium Call Account - NZD 2.38% JBWere Premium Call Account - AUD 0.83% JBWere Premium Call Account - EUR 0.31% New Zealand equities 23.47% Fisher & Paykel Healthcare Ltd 4.48% A2 Milk Company Ltd 4.01% Infratil Ltd 2.48% Meridian Energy Limited 2.24% Spark New Zealand Ltd 1.77% Mainfreight Ltd 1.35% Fletcher Building Ltd 1.13% Auckland International Airport Ltd 1.11% Chorus Ltd 0.94% Port of Tauranga Ltd 0.88% Mercury NZ Limited 0.87% Metlifecare Ltd 0.72% Z Energy Ltd 0.46% Freightways Ltd 0.42% Ebos Group Ltd 0.24% Investore Property Limited 0.20% Kiwi Property Group Ltd 0.18% Australian equities 4.18% CSL Limited 1.00% Afterpay Limited 0.63% Resmed Inc 0.55% Telstra Corp Ltd 0.40% Macquarie Group Ltd 0.34% Bingo Industries Limited 0.32% Suncorp Group Ltd 0.31% News Corp-CDI Class B 0.23% Coles Group Ltd 0.17% National Australia Bank Ltd 0.12%

13 Asset Class & Holdings Total Wesfarmers Limited 0.10% International equities 65.33% MAS Responsible Investing Global Mandate* 58.38% Technology Select Sector SPDR Exchange Traded Fund 4.88% Health Care Select Sector SPDR Exchange Traded Fund 2.49% SPDR S&P Bank Exchange Traded Fund 2.32% iShares U.S. Medical Devices 1.40% iShares EUR 600 Telecoms DE 1.26% Alphabet Inc Class A 0.42% Netflix Inc 0.21% AUD/NZD forward exchange contract 0.12% CAD/NZD forward exchange contract -0.04% GBP/NZD forward exchange contract -0.16% CHF/NZD forward exchange contract -0.17% JPY/NZD forward exchange contract -0.53% EUR/NZD forward exchange contract -0.64% USD/NZD forward exchange contract -4.60% Alternatives 0.58% The Maui Capital Aqua Fund 0.39% The Maui Capital Indigo Fund 0.13% Pencarrow IV Investment 0.05% Grand Total 100%

Holdings are subject to change at any time. * The detailed holdings are on the MAS website

14 The RIAA Certification Symbol signifies that a product or service ofers an investment style that takes into account certain environmental, social, governance or ethical considerations. The Symbol also signifies that the Medical Assurance Society Retirement Savings Plan adheres to the strict operational and disclosure practices required under the Responsible Investment Certification Program for the category of Superfund Option. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and the Medical Assurance Society Retirement Savings Plan Plan’s methodology and performance can be found at www.responsiblereturns.com.au, together with details about other responsible investment products certified by RIAA.

The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.