Overview: The Investment Committee met yesterday and decided not to make any changes to
your existing portfolio.

Markets have remained at heightened levels of volatility driven by “risk off” sentiment due to a combination of rising interest rates and the ongoing Russian/Ukrainian conflict.

We remain cautiously optimistic on markets and have tactically allocated to areas where we believe provides the highest margin of safety especially in the equities market given lofty valuations predominantly seen in developed markets. These areas have had recent corrections which provides us with higher conviction over their longer term potential in portfolios.

We continue as always to follow markets and world events closely and look to meet again in
a month.