Medical Assurance Society Retirement Savings Plan Conservative Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 20.40% Cash Total 20.40% Bonds Vector 4.00% ASB Bank Ltd 3.76% IAG 2.32% Mighty River Power Limited 1.83% Bank of China 1.64% 1.54% Quayside Holdings 1.51% 1.15% Int Airport 1.02% ANZ National Bank Ltd 0.16% New Zealand Bonds Total 18.93% International Bonds Hunter Global Bond Fund 41.01% International Bonds Total 41.01% New Zealand Equities A2 Milk Company Ltd 0.55% Infratil Ltd 0.43% Limited 0.43% Fisher & Paykel Healthcare Ltd 0.38% International Airport Ltd 0.27% Ltd 0.26% Ltd 0.26% Ltd 0.22% Ltd 0.19% Ltd 0.18% Mercury NZ Limited 0.15% Ltd 0.14% Investore Property Limited 0.13% Stride Property Ltd and Stride Invest Mgmt Ltd 0.12% Freightways Ltd 0.11% Chorus Ltd 0.08% Ltd 0.08% City Entertainment Group 0.04% Evolve Education Group Limited 0.01% Holdings Ltd 0.01% New Zealand Equities Total 4.04% Australian Equities Touch Group Limited 0.25% CSL Limited 0.15% Healthscope Limited 0.13% Ltd 0.11% Corp Ltd 0.11% Ltd 0.10% Aust and NZ Banking Group 0.10% Ltd 0.09% Airports 0.08% Propertylink 0.07% Resmed Inc 0.07% Bingo Industries Limited 0.05% Group 0.04% National Bank Ltd 0.03% Banking Corp 0.03% Ltd 0.02% Ltd 0.02% Ltd 0.02% Limited 0.02% Seek Ltd 0.02% Ltd 0.01% Brambles Ltd 0.01% Ltd 0.01% Australian Equities Total 1.55% International Equities MAS SRI Global Mandate* 10.59% Technology Select Sect Spdr 1.02% SPDR S&P Bank ETF 0.84% Health Care Select Sector 0.61% iShares U.S. Medical Devices 0.36% iShares EUR 600 Telecoms DE 0.34% Amazon.Com Inc 0.11% Facebook Inc-A 0.07% Netflix Inc 0.04% Alphabet Inc Class A 0.10% International Equities Total 14.08% Grand Total 100.00%

Holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy. Medical Assurance Society Retirement Savings Plan Moderate Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 14.37% Cash Total 14.37% New Zealand Bonds Vector 3.06% ASB Bank Ltd 2.55% IAG 1.92% Bank of China 1.71% ANZ National Bank Ltd 1.70% Chorus Limited 1.51% Christchurch Int Airport 1.08% Infratil 1.05% Mighty River Power Limited 0.65% Westpac Bank 0.22% New Zealand Bonds Total 15.45% International Bonds Hunter Global Bond Fund 35.31% International Bonds Total 35.31% New Zealand Equities A2 Milk Company Ltd 1.02% Meridian Energy Limited 0.82% Infratil Ltd 0.82% Fisher & Paykel Healthcare Ltd 0.73% Auckland International Airport Ltd 0.49% Fletcher Building Ltd 0.49% Mainfreight Ltd 0.48% Spark New Zealand Ltd 0.41% Metlifecare Ltd 0.37% Z Energy Ltd 0.34% Mercury NZ Limited 0.28% Port of Tauranga Ltd 0.27% Freightways Ltd 0.21% Air New Zealand Ltd 0.16% Chorus Ltd 0.16% Stride Property Ltd and Stride Invest Mgmt Ltd 0.15% Investore Property Limited 0.11% Sky City Entertainment Group 0.08% Evolve Education Group Limited 0.02% Kathmandu Holdings Ltd 0.02% New Zealand Equities Total 7.44% Australian Equities Afterpay Touch Group Limited 0.56% CSL Limited 0.30% Healthscope Limited 0.29% Suncorp Group Ltd 0.24% Rio Tinto Ltd 0.22% Telstra Corp Ltd 0.22% Aust and NZ Banking Group 0.20% Sydney Airports 0.18% Macquarie Group Ltd 0.18% Propertylink 0.17% Resmed Inc 0.14% Bingo Industries Limited 0.12% Transurban Group 0.08% Ltd 0.08% Westpac Banking Corp 0.07% Coles Group Ltd 0.06% Amcor Ltd 0.06% Aristocrat Leisure Ltd 0.05% Wesfarmers Limited 0.04% Boral Ltd 0.03% Seek Ltd 0.03% Brambles Ltd 0.02% Crown Resorts Ltd 0.02% Australian Equities Total 3.35% International Equities MAS SRI Global Mandate* 18.11% Technology Select Sect Spdr 1.74% SPDR S&P Bank ETF 1.44% Health Care Select Sector 1.05% iShares U.S. Medical Devices 0.61% iShares EUR 600 Telecoms DE 0.59% Alphabet Inc Class A 0.18% Amazon.Com Inc 0.18% Facebook Inc-A 0.12% Netflix Inc 0.06% International Equities Total 24.08% Grand Total 100.00%

Holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy. Medical Assurance Society Retirement Savings Plan Balanced Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 4.79% Cash Total 4.79% New Zealand Bonds Vector 5.90% Chorus Limited 2.98% ANZ National Bank Ltd 1.68% ASB Bank Ltd 1.59% Westpac Bank 1.06% Bank of China 0.89% IAG 0.70% Quayside Holdings 0.69% Infratil 0.69% Mighty River Power Limited 0.31% Z Energy 0.28% New Zealand Bonds Total 16.76% International Bonds Hunter Global Bond Fund 25.06% International Bonds Total 25.06% New Zealand Equities A2 Milk Company Ltd 1.51% Infratil Ltd 1.20% Meridian Energy Limited 1.19% Fisher & Paykel Healthcare Ltd 1.05% Auckland International Airport Ltd 0.74% Fletcher Building Ltd 0.72% Mainfreight Ltd 0.71% Spark New Zealand Ltd 0.62% Metlifecare Ltd 0.53% Z Energy Ltd 0.49% Mercury NZ Limited 0.41% Port of Tauranga Ltd 0.40% Freightways Ltd 0.31% Chorus Ltd 0.24% Air New Zealand Ltd 0.21% Stride Property Ltd and Stride Invest Mgmt Ltd 0.15% Investore Property Limited 0.11% Sky City Entertainment Group 0.11% Evolve Education Group Limited 0.03% Kathmandu Holdings Ltd 0.03% New Zealand Equities Total 10.78% Australian Equities Afterpay Touch Group Limited 0.80% CSL Limited 0.43% Healthscope Limited 0.41% Suncorp Group Ltd 0.34% Rio Tinto Ltd 0.33% Telstra Corp Ltd 0.31% Aust and NZ Banking Group 0.29% Macquarie Group Ltd 0.26% Sydney Airports 0.25% Propertylink 0.24% Resmed Inc 0.20% Bingo Industries Limited 0.17% Transurban Group 0.12% National Australia Bank Ltd 0.11% Westpac Banking Corp 0.11% Amcor Ltd 0.08% Coles Group Ltd 0.08% Aristocrat Leisure Ltd 0.08% Wesfarmers Limited 0.05% Boral Ltd 0.04% Brambles Ltd 0.04% Seek Ltd 0.04% Crown Resorts Ltd 0.03% Australian Equities Total 4.82% International Equities MAS SRI Global Mandate* 28.43% Technology Select Sect Spdr 2.73% SPDR S&P Bank ETF 2.26% Health Care Select Sector 1.65% iShares U.S. Medical Devices 0.95% iShares EUR 600 Telecoms DE 0.92% Amazon.Com Inc 0.29% Alphabet Inc Class A 0.28% Facebook Inc-A 0.20% Netflix Inc 0.09% International Equities Total 37.80% Grand Total 100.00%

Holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy. Medical Assurance Society Retirement Savings Plan Growth Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 4.08% Cash Total 4.08% New Zealand Bonds Vector 4.05% ANZ National Bank Ltd 0.93% IAG 0.54% Chorus Limited 0.29% Quayside Holdings 0.29% Bank of China 0.27% ASB Bank Ltd 0.16% Westpac Bank 0.13% Infratil 0.08% Bank of New Zealand 0.07% New Zealand Bonds Total 6.82% International Bonds Hunter Global Bond Fund 14.26% International Bonds Total 14.26% New Zealand Equities A2 Milk Company Ltd 2.08% Meridian Energy Limited 1.67% Infratil Ltd 1.67% Fisher & Paykel Healthcare Ltd 1.48% Auckland International Airport Ltd 1.01% Fletcher Building Ltd 1.00% Mainfreight Ltd 0.99% Spark New Zealand Ltd 0.84% Metlifecare Ltd 0.75% Z Energy Ltd 0.69% Mercury NZ Limited 0.57% Port of Tauranga Ltd 0.56% Freightways Ltd 0.44% Stride Property Ltd and Stride Invest Mgmt Ltd 0.34% Air New Zealand Ltd 0.33% Chorus Ltd 0.32% Investore Property Limited 0.24% Sky City Entertainment Group 0.17% Evolve Education Group Limited 0.05% Kathmandu Holdings Ltd 0.05% New Zealand Equities Total 15.24% Australian Equities Afterpay Touch Group Limited 1.09% Healthscope Limited 0.59% CSL Limited 0.58% Rio Tinto Ltd 0.45% Suncorp Group Ltd 0.44% Telstra Corp Ltd 0.41% Aust and NZ Banking Group 0.40% Sydney Airports 0.39% Macquarie Group Ltd 0.38% Propertylink 0.32% Resmed Inc 0.28% Bingo Industries Limited 0.24% National Australia Bank Ltd 0.15% Transurban Group 0.15% Westpac Banking Corp 0.13% Coles Group Ltd 0.12% Amcor Ltd 0.11% Aristocrat Leisure Ltd 0.10% Wesfarmers Limited 0.08% Boral Ltd 0.06% Seek Ltd 0.05% Brambles Ltd 0.05% Crown Resorts Ltd 0.04% Australian Equities Total 6.61% International Equities MAS SRI Global Mandate* 38.88% Technology Select Sect Spdr 3.73% SPDR S&P Bank ETF 3.08% Health Care Select Sector 2.25% iShares U.S. Medical Devices 1.30% iShares EUR 600 Telecoms DE 1.26% Amazon.Com Inc 0.39% Alphabet Inc Class A 0.38% Facebook Inc-A 0.27% Netflix Inc 0.13% International Equities Total 51.69% Alternatives Maui Capital Aqua Fund 1.12% Pencarrow IV Investment 0.19% Alternatives Total 1.31% Grand Total 100.00%

The above holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy. Medical Assurance Society Retirement Savings Plan Aggressive Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 6.54% Cash Total 6.54% New Zealand Bonds Chorus Limited 3.28% Vector 1.70% Bank of China 0.48% ANZ National Bank Ltd 0.40% IAG 0.12% New Zealand Bonds Total 5.97% International Bonds Hunter Global Bond Fund 4.36% International Bonds Total 4.36% New Zealand Equities A2 Milk Company Ltd 2.30% Infratil Ltd 1.84% Meridian Energy Limited 1.83% Fisher & Paykel Healthcare Ltd 1.62% Auckland International Airport Ltd 1.13% Fletcher Building Ltd 1.10% Mainfreight Ltd 1.08% Spark New Zealand Ltd 0.94% Metlifecare Ltd 0.81% Z Energy Ltd 0.75% Mercury NZ Limited 0.62% Port of Tauranga Ltd 0.62% Freightways Ltd 0.48% Chorus Ltd 0.36% Air New Zealand Ltd 0.34% Stride Property Ltd and Stride Invest Mgmt Ltd 0.20% Sky City Entertainment Group 0.17% Investore Property Limited 0.16% Evolve Education Group Limited 0.05% Kathmandu Holdings Ltd 0.05% New Zealand Equities Total 16.45% Australian Equities Afterpay Touch Group Limited 1.26% Healthscope Limited 0.72% CSL Limited 0.66% Rio Tinto Ltd 0.52% Suncorp Group Ltd 0.48% Sydney Airports 0.47% Telstra Corp Ltd 0.46% Aust and NZ Banking Group 0.45% Macquarie Group Ltd 0.43% Propertylink 0.34% Resmed Inc 0.32% Bingo Industries Limited 0.26% National Australia Bank Ltd 0.17% Transurban Group 0.17% Westpac Banking Corp 0.15% Coles Group Ltd 0.15% Amcor Ltd 0.13% Aristocrat Leisure Ltd 0.12% Wesfarmers Limited 0.10% Boral Ltd 0.07% Brambles Ltd 0.06% Crown Resorts Ltd 0.05% Seek Ltd 0.05% Australian Equities Total 7.59% International Equities MAS SRI Global Mandate* 43.87% Technology Select Sect Spdr 4.21% SPDR S&P Bank ETF 3.48% Health Care Select Sector 2.54% iShares U.S. Medical Devices 1.47% iShares EUR 600 Telecoms DE 1.43% Amazon.Com Inc 0.44% Alphabet Inc Class A 0.43% Facebook Inc-A 0.30% Netflix Inc 0.15% International Equities Total 58.32% Alternatives Maui Capital Aqua Fund 0.41% Maui Capital Indigo Fund 0.29% Pencarrow IV Investment 0.05% Alternatives Total 0.75% Grand Total 100.00%

The above holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy. Medical Assurance Society Retirement Savings Plan Global Equities Fund as at 31 March 2019

Asset Class Asset Total Cash JBWere Premium Call Accounts - NZ and offshore 3.22% Cash Total 3.22% New Zealand Equities A2 Milk Company Ltd 2.67% Infratil Ltd 2.13% Meridian Energy Limited 2.13% Fisher & Paykel Healthcare Ltd 1.88% Auckland International Airport Ltd 1.30% Fletcher Building Ltd 1.28% Mainfreight Ltd 1.26% Spark New Zealand Ltd 1.08% Metlifecare Ltd 0.95% Z Energy Ltd 0.88% Mercury NZ Limited 0.72% Port of Tauranga Ltd 0.72% Freightways Ltd 0.56% Chorus Ltd 0.41% Air New Zealand Ltd 0.41% Sky City Entertainment Group 0.21% Evolve Education Group Limited 0.06% Kathmandu Holdings Ltd 0.06% New Zealand Equities Total 18.71% Australian Equities Afterpay Touch Group Limited 1.34% Healthscope Limited 0.75% CSL Limited 0.72% Rio Tinto Ltd 0.58% Sydney Airports 0.50% Suncorp Group Ltd 0.49% Aust and NZ Banking Group 0.49% Macquarie Group Ltd 0.48% Telstra Corp Ltd 0.46% Resmed Inc 0.36% Propertylink 0.35% Bingo Industries Limited 0.29% National Australia Bank Ltd 0.18% Transurban Group 0.17% Westpac Banking Corp 0.15% Coles Group Ltd 0.15% Amcor Ltd 0.14% Aristocrat Leisure Ltd 0.12% Wesfarmers Limited 0.10% Boral Ltd 0.07% Brambles Ltd 0.06% Seek Ltd 0.05% Crown Resorts Ltd 0.05% Australian Equities Total 8.05% International Equities MAS SRI Global Mandate* 52.08% Technology Select Sect Spdr 5.00% SPDR S&P Bank ETF 4.13% Health Care Select Sector 3.02% iShares U.S. Medical Devices 1.75% iShares EUR 600 Telecoms DE 1.69% Amazon.Com Inc 0.53% Alphabet Inc Class A 0.51% Facebook Inc-A 0.36% Netflix Inc 0.17% International Equities Total 69.25% Alternatives The Maui Capital Aqua Fund 0.43% The Maui Capital Indigo Fund 0.28% Pencarrow IV Investment 0.06% Alternatives Total 0.77% Grand Total 100.00%

The above holdings are subject to change at any time. * The detailed holdings on the MAS website are as at 18 June 2019, to reflect a recent refinement in responsible investment strategy.