With rate cuts looking like they are coming to the end of the cycle, Pendal's head of government bond strategies Tim Hext provides his insights on the outlook for 2026. "It is an unclear picture, but definitely the global rate cutting cycle - which was a feature of late 2024 and most of this year - is now over," explains Tim.  He says rate cuts in Australia are highly unlikely at least for the next six to nine months based on the latest inflation data. However, Tim is optimistic that inflation will not hit a level that is unsettling for the bond market. "If you think back to last decade, we had inflation consistently slightly undershooting to 2% at the bottom of the RBA band, and we're going to see inflation consistently shooting above 3% for the first half of next year, but not at a level which will make things unsettled," he says.  How does this rate uncertainty shape portfolio construction? Tim explains in this podcast. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

What’s driving the rotation in equities around the globe at the moment? Pendal portfolio manager Elise McKay points to the evolving flow of money. “The rise of passive, the rise of systematic trading have contributed to an increase of volatility in our market," Elise explains in our latest podcast. “During the extreme market moves we saw last week, ETFs were accounting for 38% of market volumes compared to a historical average of around 28%.”  With the market crowding into long-duration growth stocks, any sign of uncertainty in the economy or questions over the easing cycle help drive heavy rotation into cyclicals and financials. How should investors approach this volatile period? Elise explains in this podcast. --//-- Find out more about Pendal's Australian equities strategies here. --//-- *Pendal has a position in the stocks mentioned in this podcast. This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

As tariff news has died down, markets have come flying back in the last few months. “But we do have a world now where the US tariff rate on average is around 18%,” observes Pendal’s head of government bonds Tim Hext. “That is not a world we have seen for almost 100 years, not since World War II." It’s an environment made for active investors, says Tim in this new short podcast. It can take years to understand the full impact of trade tariffs, yet markets tend to be very short-term focused, he says. "That does present a lot of opportunities for an active manager," says Tim. "It gives does give us plenty of good opportunities to add value in active portfolios, and that's what we're doing at the moment." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

After two days of talks in London, China and the US last week agreed in principle to de-escalate trade tensions. How that plays out is unclear. But in this new podcast, Pendal’s head of income strategies Amy Xie Patrick explains the outlook for the world's two biggest economies and what it means for investors. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Australia is in a surprisingly good position to weather the Trump administration’s trade policies, says Pendal’s head of government bonds TIM HEXT in this fast podcast “We have reasons to be optimistic down here, albeit it's not going to be quite as good as it could have been," says Tim. “We're going to get very close to all our long-term aspirations this year. Inflation is expected to end the year around 2.7% – within a whisker of the 2.5% target. Growth is likely to be around 2.25%, unemployment around 4.25% and wages around 3% to 3.25%, he says. “The trouble of course is what Trump and his tariffs may do to that – but I still think we can be reasonably confident Australia will weather the upcoming storm well." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Fixed-income investors looking for lower yields – and therefore higher prices on their bond investments – may be disappointed with the recent cycle. But investors need not be concerned, since conditions still favour a rate-cutting environment, says Amy Xie Patrick, who leads Pendal’s fixed-income strategies. Underlying inflation is under control – supported by a looser US labour market which has not yet been impacted by President Trump’s mooted immigration crack-down. In Australia a tighter labour market has not led to significant wage increases. “The market's priced in two more US cuts this year, maybe another two in Australia. "The RBA has enough room to get back to neutral fairly quickly… And the Federal Reserve probably has the ability to move a little bit more than the market’s priced in. “It’s still a choppy year ahead – but this is where a proven active process for duration and rates really does count for fixed-income portfolios.” --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Investors could not be blamed for feeling a bit queasy at Donald Trump’s whiplash approach to tariffs. What does it mean for inflation and markets? “The tariff threat does add to this argument that inflation isn't about to come down anytime soon,” says Pendal’s head of bond strategies Tim Hext. “The market is right to be a little bit concerned. Obviously free trade – or some version of free trade – is generally to the benefit of both parties. “The law of comparative advantage says you end up focusing on what you are a cheap producer of. “If you start throwing sand into the gears of free trade that’s not a good thing. “Ultimately, I think it is bad for growth and will mean slightly higher inflation, but not enough to suddenly cause rate hikes in the near future.” It creates a lot of short-term noise, but fortunately investors with a medium-to-long-term time-frame can leave it to people like me to worry about that." Tim says investors should hold course for now. In the podcast Tim lays out his latest thinking on fixed interest investing. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

One of the surprises of 2024 was the absence of rate cuts in Australia. What happened and how long will the Reserve Bank sit on its hands? Pendal’s head of income strategies AMY XI PATRICK explains in this review of 2024 and outlook for 2025. This is our final podcast for 2024. We wish our listeners a happy and safe Christmas and new year. We will return in 2025. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

For years, Australian investors flocked to bank hybrid securities as a cornerstone of income-generating portfolios. Hybrids — debt instruments issued by banks that can convert to equity in times of trouble — have been popular with everyday investors due to their accessibility. But investors will soon need to find alternatives, after regulators announced plans to phase them out from 2027. In her latest podcast, Pendal’s head of income strategies Amy Xie Patrick explains the options for investors. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

This week’s Aussie inflation data was a mixed bag. While the headline number dropped into the RBA’s target range at 2.8%, the trimmed measure remained above target at 3.5%. It will take a few more quarters until the more important trimmed measure heads down towards 3%, says Pendal’s head of government bonds Tim Hext in a new fast podcast. Tim doesn’t expect a rates move before the RBA’s February meeting. “There won't be enough information by December. The market is 50-50 on whether they'll cut rates there.” For bond investors Tim sees value in some areas after the recent sell-off. In this podcast, Tim also covers the impact of next week’s US election and war in the Middle East. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Pendal’s head of income strategies AMY XIE PATRICK explains the latest market volatility, rates outlook and why she believes investors should be thinking about their defensive allocation. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

August is a live meeting in terms of potential rate changes – and next week’s CPI figures will be key to the decision, says Pendal's head of bond strategies Tim Hext in this fast podcast. A higher-than-expected CPI number could prompt a hike. A lower-than-expected number would likely mean rates stay where they are. However, if an August rate hike eventuates, investors should largely ignore it, Tim  argues. “I think they will be cutting rates early next year. Whether they hike in early August or not, I think the environment will be far more friendly for inflation. “ In this podcast Tim explains why – and what it means for bonds. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an Australian based asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Investors have been getting used to good news on inflation. But does the latest US data suggest we’re getting ahead of ourselves? In this new fast podcast Pendal’s head of bond strategies TIM HEXT reviews the evidence and explains why he still thinks there's juice left in bonds. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Reckon you’ve got 2024 figure out? Stay on your toes, because markets could go in any direction this year, says Pendal’s head of income strategies AMY XIE PATRICK in our latest podcast. In this edition Amy explains the risks that investors may not be considering and how she is preparing her income portfolios. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Have investors missed the boat on bonds after they touched 5% in October? No, says Pendal’s head of bond strategies Tim Hext. In this latest Pendal fast podcast he explains why. "When I look across the spectrum of what you can buy in bonds, government bonds are around 4.5%, state government bonds 5.25% and bank debt around 6%. "On term deposits, my question to investors would be: Okay, let's assume term deposits are at 5% and you're locking yourself into those with no liquidity. "Where do you think on average they're going to be over the next five or 10 years?" "I think most people would assume they're going to be a little bit lower, not higher; and that cash rates will come down rather than go up a lot more. "And yet, right now you can lock in, for five or 10 years, rates above 5% in bonds. "The other advantage of bonds is that they're liquid. "You can sell them anytime. You're not locked up like you are in a term deposit. "That's particularly important, that if you saw a sudden sharp sell-off in equities and you're wanting to buy them — but your money's locked up in term deposits."  --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

US and local bond yields are hitting multi-year highs. Why is it happening and what’s next? Resilience in the US economy is the main factor, says Pendal’s head of bond strategies Tim Hext. That’s due to the dominance of fixed-rate loans there and Joe Biden's big-spending government. Meanwhile the Australian economy is holding up better than expected and the fixed-rate cliff hasn’t impacted as much as people thought. Bond investors should reward investors in two ways, argues Tim: the return and the insurance role. “If things were to get out of hand, if you get a collapse in equities, if you see major geopolitical disruptions in this heightened risk environment, then bonds should perform their defensive role. I do think they’re cheap insurance.” --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

China’s political and economic outlook has a huge impact on Australian investors. In this new podcast, Pendal’s head of income strategies AMY XIE PATRICK explains the latest. An excerpt: Why doesn’t Beijing pump stimulus into the Chinese economy as other countries do? “We have to remember that the Chinese political system is not a democratic system, and its principles are very socialist at heart,” says Pendal’s head of income strategies, Amy Xie Patrick. “A very classic characterisation of the Chinese style of socialism is they don't believe in ‘helicopter money’. "They believe money going directly into people's pockets isn't the way to common prosperity. Instead, everyone should toil in order to achieve that prosperity. However, now we're reaching a point where the drag from the Chinese property story is so severe that they kind of have to choose a lesser of two evils. ...I think the government is on the cusp of considering more direct-to-consumer stimulus, at least just to keep the current positive momentum going for China." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

You’re probably thinking “so far, so good” on rate rises and the economy. No evidence yet of a sharp slow-down and fixed mortgage holders seem to be adjusting ok to higher rates, partly due to strong employment. But we're only halfway through the six-month fixed-rate cliff period, points out Pendal’s head of government bond strategies TIM HEXT in this latest fast podcast. “It's definitely too early to say there hasn't been any significant damage,” Tim says. What’s next then? Find out in this fast podcast. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

The Albanese government is getting ready to launch Australia’s first sovereign green bonds, which are designed to fund public net-zero projects. As with all new green bond issuances, investors will be looking to make a good return and a positive impact. When it comes to positive impact, investors should be looking “additionality” in the projects funded by Albo's green bonds, say Pendal’s head of credit and sustainable strategies George Bishay and ESG credit analyst Murray Ackman. In other words, projects that bring about real step-change. Here George and Murray explain more about green bonds and what investors should be looking for.   --//-- Find out more about Pendal Sustainable Australian Fixed Interest fund at pend.al/SAFI Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

The RBA seems happy that inflation is heading in the right direction, but it’s a difficult path from here to the 2-3% band, notes Pendal’s head of government bond strategies Tim Hext. A soft landing is more likely, but we're unlikely to see rates cuts unless the economy turns weaker.  Here's a quick overview from Pendal portfolio manager Tim Hext, who heads up government bond strategies for our Income and Fixed Interest team.  --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Inflation isn’t under control and the RBA still has work to do, argues Oliver Ge, an assistant portfolio manager with Pendal's income and fixed interest team “I think at 4.1% we're still at least a couple of hikes away,” says Oliver in our latest fast podcast. Oliver points to three things blunting the impact of rate rises: “Firstly, the Australian economy is demonstrating a level of resilience that's greatly surpassed most expectations. “Secondly, there seems to be a wage-price spiral in certain aspects of inflation that continues to channel within the CPI basket, so it persists at a level that warrants concern. “Thirdly, despite market chatter about the potential fallout from high interest rates – particularly for mortgage holders – our analysis shows that Australians, on aggregate, aren't as vulnerable as one might assume.” --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an Australian asset manager and part of the global Perpetual Group. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

It looks like RBA boss Phil Lowe's “got one more hike he's itching to do” in July or August, says our head of government bond strategies Tim Hext in our latest fast podcast “The inflation data will start to turn down from that point,” says Tim. “The RBA should then use that as a reason to be on pause for the rest of the year. “Looking further beyond, towards the middle of next year, I think what you're going to see is potentially the US starting to cut rates early next year. “With that backdrop, there is a possibility we get lower rates in the second half of next year, even if inflation – and particularly wages – remain a bit sticky.” For now, Tim argues investors should consider 10-year bonds as they hover around the 4% mark. He explains why in this podcast. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

China has emerged quickly from the zero-Covid era, but a property slowdown is holding the economy back. What does that mean for fixed income investors? “We think there are many strong reasons both cyclically and structurally to be favouring fixed income and bonds in portfolios right now," argues Pendal's head of income strategies, Amy Xie Patrick. “The way the China growth story is shaping up for 2023 presents as one of the top reasons to be buying bonds right now.” --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Consumers are feeling gloomy, but are we still headed for recession? With inflation “sufficiently well-behaved”, the main factors to watch now are unemployment and wages, says our head of bond strategies Tim Hext in our latest fast podcast. Here Tim explains the outlook for wages and jobs -- and what it tells us about the likelihood of recession in the US and Australia. He also explains why we are unlikely to see rate cuts this year.  --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

How should fixed interest investors think about the turmoil among US regional banks? In our latest fast podcast, Pendal assistant portfolio manager Oliver Ge gives a plain-language explanation. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

There are a mind-boggling number of issues investors need to stay on top of in 2023: the potential for recession, government intervention, wages growth, inflation and rates to name a few. And there are differing views on these issues across the investing spectrum. To cut through the noise and find some answers, our latest podcast brings together two of Pendal’s top investment managers: our head of equities Crispin Murray and head of government bond strategies Tim Hext. For more information about Pendal's investment strategies, head to www.pendalgroup.com

An economic recession is highly likely in 2023, says Pendal’s head of income strategies Amy Xie Patrick. How should investors respond? EXCERPT: We think an economic recession is highly, highly likely in 2023. How should investors be positioning their portfolios? An easy decision is to consider long-duration government bonds, says Amy. Regardless of whether your view is of a mild or a deep recession, bonds should rally when recessions hit. This is why being in duration or government bonds should be the crux of your portfolio decision this year. Compared to the beginning of 2022, government bonds are far more attractive now in terms of the income stream that they can provide, compared to other risky assets like equities. But it shouldn't be a set-and-forget strategy. We fear that 2023 will be just as volatile a market environment as 2022. There will be new fears about whether inflation's really behind us, whether monetary policy tightening is closer to an end or not, and that will drive volatility in both equity and bonds this year. So putting a larger weight to fixed income and putting it with an actively managed strategy that has proven to be tactical and agile through market volatility will be key. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

Internet search has been upended by ChatGPT – an example of “generative artificial intelligence” that can scan existing knowledge and create new and original data such as images, text and music. Will programs such as ChatGPT bring real, sweeping change to everything we know? Or is it just the next dot com bubble? Pendal’s head of global equities ASHLEY PITTARD explains in this new Pendal Fast Podcast. --//-- Find out about Ashley Pittard's Pendal Concentrated Global Share Fund at pend.al/COGS Pendal is a global asset manager. Find out more at pendalgroup.com

In our final fast podcast for the year, Pendal’s head of multi-asset Michael Blayney talks about the lessons of 2022, how he’s valuing major asset classes right now and suitable portfolio settings. Pendal's fast podcast series will return in 2023. --//-- Find out about Pendal’s multi asset funds at pend.al/multiasset Pendal is an independent, global asset manager. Find out more at pendalgroup.com

What will prompt central banks to stop hiking interest rates altogether? Look to wages for the answer, says Pendal’s head of income strategies AMY XIE PATRICK Excerpt: “The US Fed is looking for inflation not only peaking but coming down very convincingly to its 2% target,” says our head of income strategies, Amy Xi Patrick in her latest fast podcast. “Wage growth in Australia is only at around about 2.5% to 3%. “The RBA is comfortable for it to go up to 3.5%, maybe even temporarily to 4%.” “Wage growth in the US however, is hovering at about 5.5% to 6% percent, which is clearly not consistent with the 2% inflation rate. “ This means inflation will be stickier than the market expects. Central banks may slow down hikes, but they will be hiking for longer next year than the market currently expects, says Amy. Higher-quality fixed income assets will help offer some buffer for future volatility, says Amy. Listen to Amy’s fast podcast to find out how. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

There are signs that inflation has peaked and is due to come off in the next few quarters. That would invariably take us to a position, maybe in Q2 2023, where it looks quite compelling for us to own bonds, says Oliver Ge, an assistant portfolio manager with Pendal's Income and Fixed Interest team. "At that point you’d already see inflation pressures come off and growth indicators start to materially deteriorate. "Then central banks will in all likelihood tilt their reaction function to be more benign, more dovish. They're not accelerating, there likely won't be more hikes. "That environment is conducive to owning bonds. You're looking at returns of five to 6% per annum at that point." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

What do this week's Budget and inflation numbers — and next week’s likely 25-point rate rise — mean for 2023? And how will that impact the role of bonds in portfolios? Here's a quick explanation from Pendal’s head of government bond strategies Tim Hext. --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

Bonds can be an appropriate investment in a hiking cycle – as long as you know what to look for, argues Pendal’s head of income strategies AMY XIE PATRICK Excerpt: "Even though central banks may need to keep on hiking, now their mantra is very well flagged to the market there is hope that bonds do better in the second half of this hiking cycle. "It does mean you probably want to look at having bonds in your portfolio as a defensive pillar, more towards the longer end of curves. "Because the shorter end is directly tied to where policy rates are going. And as we know, nobody has signaled that they're ready to peak and pivot more dovishly just yet." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

We’re in an average recessionary market, but that doesn’t mean there aren’t opportunities, argues Pendal’s CHRIS LEES in this fast podcast. “If you don't think there's a banking crisis coming, then it's actually time to gently start buying again, and that's what we're doing," says Chris. “We think that we're in a normal recessionary bear market. We're not going into, we think, a global banking crisis market. “Therefore equity markets around the world are probably in a double-bottoming process. “So there are opportunities now for us to start adding into our funds for our clients.” Chris co-manages pend.al/globalselect with Nudgem Richyal. The pair have been working together in global equities investing for more than 20 years. Pend.al/globalselect is a global equities portfolio with a distinctive, yet proven approach. 

An edited excerpt from this interview with Pendal’s head of government bond strategies Tim Hext: I think the 50 percentage point rises are probably over for now [in Australia]. But you’ve got two lags going on. Firstly, it takes several months for a rise to feed through to your mortgage. So given they only started in May, the full impact of rate rises won't be felt until the end of the year around Christmas. The RBA will probably do two more 25s this year. They might put a third in up to 3.1%, but let's call it 3%. I think then they'll sit back and see what impact it's had. Secondly, on the goods inflation side there's a huge amount of evidence that we've seen the peak in the US. There's every chance we'll get some negative CPI US prints. This doesn't mean inflation's over. It doesn't mean they're going to cut rates, but that certainly takes the pressure off for hiking rates. * Tim Hext is head of government bond strategies in Pendal's Income and Fixed Interest team. Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com.

China is one of the few countries lowering interest rates. Pendal’s head of income strategies AMY XIE PATRICK explains why — and what it means for investors Excerpt: "The first thing to remember about these China authorities is they are not independent monetary authorities as we know them in Australia and the US. "The central bank in China has been lowering interest rates because the economy quite frankly is in a rut. "Most major investment bank analysts expect growth in China will fall to levels not seen over the last decade. "Quite frankly China will struggle to get above the 4% threshold for the next year or perhaps even more. "So the reason why China central bank is easing when the rest of the world is tightening, is because its economic situation looks a lot more dire." --//-- Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

How can ASX investors pick the right mid-cap stocks in this environment of rising inflation and interest rates? Pendal portfolio manager BRENTON SAUNDERS has a few tips in this fast podcast. Brenton is a portfolio manager with Pendal's Australian equities team. He co-manages Pendal MidCap Fund and our natural resources portfolio, drawing on more than 25 years of expertise in resources, derivatives, investment banking and private equity.  Pendal MidCap Fund features 40-60 Australian midcap shares. The fund leverages insights and experience gained from Pendal’s access to senior executives and directors at ASX-listed companies. Pendal operates one of Australia's biggest Aussie equities teams under the experienced leadership of Crispin Murray. Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management.  Find out more at http://pend.al/midcaps.

Few sectors of the economy are as sensitive to changes in interest rates as property. In this fast podcast, Pendal portfolio manager JULIA FORREST explains the outlook for Australian Real Estate Investment Trusts (REITs). Julia Forrest is a portfolio manager with Pendal’s Australian Equities team. Julia has managed Pendal’s property trust portfolios for more than a decade and has 25 years of experience in equities research and advisory, initial public offerings and capital raisings. Pendal (www.pendalgroup.com) is an independent, global investment management business focused on delivering superior investment returns for our clients through active management. Pendal Property Securities Fund invests mainly in Australian listed property securities including listed property trusts, developers and infrastructure investments. Find out more at https://www.pendalgroup.com/products/pendal-property-securities-fund/ -//- This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at June 21, 2022. PFSL is the responsible entity and issuer of units in Pendal Property Securities Fund (Fund) ARSN: 087 593 584. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8:00am to 6:00pm (Sydney time) or visit our website www.pendalgroup.com

Wasn’t inflation expected to taper off? We asked Pendal’s Tim Hext to explain what’s happened and what’s next. In this podcast Tim explains how the nature of inflation is changing, what's driving recession fears and which asset classes look promising. Tim Hext is head of government bond strategies in Pendal's Income and Fixed Interest team. Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com.

WHEN is the right time to start buying global equities and how best to value stocks during these volatile times? Pendal global equities fund manager Nudgem Richyal has some answers in this quick podcast. Nudgem co-manages Pendal Global Select Fund with Chris Lees. The pair have been working together in global equities investing for more than 20 years. Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach and a 17-year track record of outperformance. 

ESG investors can have a lot of influence over businesses, but countries are harder to influence. Will this change in the wake of Russia’s invasion of Ukraine? We asked Pendal ESG credit analyst Murray Ackman during this fast podcast. Credit ESG analyst Murray Ackman is part of Pendal's award-winning Income & Fixed Interest team. Regnan Credit Impact Trust is a defensive investment strategy that puts capital to work for positive change. Find out more at pend.al/CIT Pendal Sustainable Australian Fixed Interest Fund is a defensive Australian bond fund that delivers market-leading performance with positive environmental and social outcomes. Find out more at pend.al/SAFI For more information contact Head of Regnan and Responsible Investment Distribution Jeremy Dean at jeremy.dean@regnan.com.

What's the outlook for inflation in Australia, how will the Reserve Bank react and is it time to consider going overweight bonds? Pendal’s head of government bond strategies TIM HEXT explains his views in this fast podcast. Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com.

Some leading indicators for China’s growth have dropped back to levels last seen at the start of the pandemic, says Pendal's head of income strategies Amy Xie Patrick in this 9-minute fast podcast. What does that mean for the global economy – and specifically for fixed income investing? “If the growth situation in China gets materially worse – which isn't our base case –fixed income portfolios that look a lot like equities portfolios with a lot of credit and high yield in them will fare poorly," says Amy in the podcast. “But if you are willing to once again dip your toe into more pure fixed income portfolios that rely much more heavily on that duration lever – those portfolios will be more reliable at delivering a defensive performance profile if the worst scenario eventuates out of China.” Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

What does the recent fall in the Japanese Yen versus the US dollar mean for global equities investors? Pendal’s Nudgem Richyal, co-manager of Pendal Global Select Fund, explains in this fast podcast. An excerpt: “We take currency seriously in our beta view of the market and we think you cannot afford to be oblivious to it," says Pendal’s Nudgem Richyal.. The depreciation of the Yen has been one of its fastest moves in 50 years, says Nudgem.  Many investors expect this to continue as money flows out of the Yen into US bonds for example. What does that mean for global equities investors? “At this stage we wouldn't be keen to step in and say, well, actually this [Yen depreciation] has gone too far, we need to get involved on the other side,” says Nudgem, who co-manages Pendal Global Select Fund. “From a portfolio perspective our views are much more medium-to-long-term and it wouldn't make too much difference. “We have a couple of Japanese exporters and we're not suddenly going to sell them because we think ‘well, this yen move means that so much more can be priced in. “Trends go on longer than most people expect. I'm not going to call a top, because it's too dangerous to stand in front of a steam roller.” However Nudgem advises investors to kepe an eye on US 10-year bond yields. “The one macro variable that may put pause to this is if the 10-year [yield] in the US stops going up. It could be that inflation's peaked. It could be the Fed has broken something. That may put a pause to this move." -//- Nudgem Richyal co-manages Pendal Global Select Fund with Chris Lees. The pair have been working together in global equities investing for more than 20 years. Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach and a 17-year track record of outperformance. 

Bond yields have been rising and fixed income investing is gaining advocates. But not all income funds are in the right position to take advantage. Pendal’s head of income strategies Amy Xie Patrick explains why in this seven-minute podcast. Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com

It's now clear that the humanitarian tragedy unfolding in Ukraine is a major inflection point in history, says Pendal Global Select Fund co-manager Chris Lees  in this fast podcast. "Number one, obviously it's a tragic humanitarian disaster," says Chris. "Because it's such a geopolitical inflection point, this is also a genuine financial market regime shift. "With such a great big genuine financial inflection point, we're seeing things like the rotation from growth to value as a factor seems to have stopped since the Ukraine invasion. "Now there's a rotation from value to defensive, low beta, quality, growth stocks for example. Those are the type of medium-to-long term things that we think people should be looking for." Chris Lees co-manages Pendal Global Select Fund, which has for many years been one of the most successful investment strategies offered by Pendal Group’s UK-based asset manager, J O Hambro Capital Management. In 2021 the fund became available to Australian investors as Pendal Global Select Fund. Find out more at www.pendalgroup.com/pendal-global-select-fund. Pendal is an independent, global asset manager.

Markets have now anticipated a lot of rate hikes over the next year or two. How does that affect bond-buying decisions today? Pendal’s head of government bond strategies TIM HEXT explains in this fast podcast. Edited excerpt: "There's a view that US cash rates will peak towards the end of next year somewhere between 2.5% and 3%. "So a lot of hikes are priced in, which means if you buy a bond today, you're getting all those future cash rate hikes implicit in the price. "This is an important point to make to people. Bonds don't sell off once rate hikes begin, they sell off well in advance. “Often by the time rate hikes are actually beginning, bonds are close to peaking,” says Pendal’s head of government bonds Tim Hext. “There's been a good case for being underweight bonds over the last couple of years because yields really were just far too low, given inflation. And yields even outside of inflation – which we call a real yield – were negative. "Right now, though, we're back to positive real yields – in Australia anyway and the US is starting to get there. And inflation expectations are quite high. "I would suggest people who are underweight bonds should at least be looking to get back to their benchmark, or what they consider neutral in a balanced portfolio. "I wouldn't be going overweight bonds yet because I think this has a bit more to play out and you might see some better levels. "But certainly bonds will at some stage perform at a strong defensive task for your balanced portfolio. "It's early days, but certainly I would be back to neutral in my allocation to bonds right here." Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com.

The Australian Real Estate Investment Trust sector had a good reporting season for the December half. But we’re seeing significant change in retail behaviour, Pendal portfolio manager Julia Forrest explains in this fast podcast. Julia is a portfolio manager with Pendal’s Australian Equities team. Julia has managed Pendal’s property trust portfolios for more than a decade and has 25 years of experience in equities research and advisory, initial public offerings and capital raisings. Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management. Find our more about Pendal at www.pendalgroup.com  

In times like these how should investors think about their global equities portfolio? Hunker down? Buy the dips? Sell? In this fast podcast Pendal Global Select Fund co-manager Chris Lees explains his approach. Chris Lees co-manages Pendal Global Select Fund, which has for many years been one of the most successful investment strategies offered by Pendal Group’s UK-based asset manager, J O Hambro Capital Management. In 2021 the fund became available to Australian investors as Pendal Global Select Fund. Find out more at www.pendalgroup.com/pendal-global-select-fund. Pendal is an independent, global asset manager. An excerpt from this podcast: Every cycle is slightly different. What I think will be slightly different this time is the Fed is starting to raise interest rates as the global economy was already slowing. In the past, the Fed was raising interest rates as the global economy was still accelerating, but because of Covid it got delayed. So this time is slightly different. I just repeat that. This time is slightly different in that the Fed hasn't even started raising rates – it's talking about them. Actually, if you look at GDP growth rates, they're beginning to slow and inflation rates are probably peaking. So it will be very volatile. It'll be a very volatile time for financial assets. It always is as you look in history when interest rates go up. And it'll be slightly different from previous playbooks because the timing and the sequencing is slightly different.

Investors should be looking to upweight bonds in their portfolios for a medium-to-long term outlook, argues Pendal’s head of government bond strategies TIM HEXT in this fast podcast. Excerpt: "We're now seeing 10-year bond yields get back towards 2.5%. "I think that's important because most asset allocators are underweight bonds. "Bonds of course are still a defensive instrument. And if we did see a recession or a sharp downturn, they will perform that task. "The beauty of it now is that if you own those bonds up around 2.5% your downside on capital is going to be more limited. "It's not to say that the surge we're going to potentially see this year in services inflation and the economy itself, won't see rates move higher than there. "All I'm trying to do is make the point on a medium-to-long term basis at 2.5% I can sit here and tell people that bonds are no longer expensive. "They may not be cheap, but at least you should be looking to upweight them in your portfolio for a medium-to-long term outlook." Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com.