The Core Value Portfolio (CVP) returned +2.00% for the month of May, a solid result given the defensive stance
of the Portfolio.

May was a volatile month for the Australian equity market; however it finished the month up +5.0%. SGH ICE
(+7.1%), Firetrail High Conviction (+5.3%), and Allan Gray (+5.5%) all produced returns exceeding the index. The
remaining investments, Macquarie Australian Equity True Index (+4.6%) and the IML Equity Income Fund (+3.0%),
generated positive returns but underperformed the benchmark.

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