Paul Heath on The Koda Way

Australian shopping centres are attracting strong investor interest, with near record transaction volumes and growing competition for quality assets reflecting the sector's attractive investment fundamentals. MA Financial has been at the forefront of this activity, acquiring $2 billion in retail real estate assets over the past year, taking our total retail real estate holdings to almost $5 billion. In this episode of What Matters, our Group Vice Chairman Andrew Pridham AO is joined by Chris Lock, our Co-Head of Core Real Estate. Drawing on his experience investing across multiple market cycles, Chris shares his insights into what he believes is driving the sector's momentum and where he sees the greatest opportunities emerging. Chris and Andrew discuss: Why retail real estate continues to attract strong investor interest, supported by predictable income, transparency, downside protection and relatively low volatility. How shopping centre assets have demonstrated resilience despite cost-of-living pressures and elevated inflation. The significant opportunity in large format retail, including the potential for rental growth in a highly fragmented market. The retail brands and chains performing particularly well. Why the sector continues to perform despite competition from online shopping. This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable. This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial. © All rights reserved 2026. See omnystudio.com/listener for privacy information.

In the latest episode of our What Matters podcast, David Moberley, Managing Director in our Asset Management division, explores the rapidly evolving economics of AI compute and the next phase of the AI investment cycle. Drawing on his experience investing in high-growth technology businesses, David examines the enormous capital requirements behind the AI build-out and the forces shaping future demand for compute. Highlights include: • Why capital could emerge as the next major bottleneck as investment in AI infrastructure accelerates towards unprecedented levels. • How AI infrastructure financing is evolving, including Nvidia’s emerging role in helping unlock capital for the expanding NeoCloud sector. • Why falling token costs could drive greater AI consumption, and how AI agents, which can consume multiples more compute than simple chatbot interactions, could accelerate demand further. • Whether the significant capital flowing into AI is beginning to generate returns. David also shares some of the indicators he’s currently keeping an eye on to assess the sector’s future economics. This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prove to be correct or that the assumptions on which the Forward Statements are based are reasonable. This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial. © All rights reserved 2026. See omnystudio.com/listener for privacy information.

In the latest episode of our What Matters podcast, our Joint CEO Julian Biggins is joined by Russell Grady, CEO of FDC Construction and Fitout. Russell joined FDC as a cadet in his early twenties and recently led the business through its billion-dollar ASX listing, the largest listing on the ASX so far this year. Highlights from their conversation include: What it takes to build and scale a successful business while preserving culture and managing risk. Why FDC’s approach to pricing starts with knowing how to pull a project apart and put it back together again, understanding the fine detail to price every element accurately.

In this episode, MA Financial's Group Vice Chairman Andrew Pridham AO is joined by MA Financial's Head of Global Credit Solutions, Frank Danieli. The discussion centres on Frank's latest Global Credit Solutions investor letter, The Beautiful Game: Why process matters more than individual talent, which explores why the strongest teams don't succeed because of individual talent alone – but rather through structure, depth and consistent execution – and why this same principle applies to private credit investing. In this quarter's letter, Frank explains why successful investment outcomes in credit aren’t driven by star loan pickers identifying winners, but by the discipline and consistency of the investment process. From rigorous underwriting and thoughtful structuring to portfolio construction, ongoing monitoring and disciplined risk management, he outlines why a repeatable process underpins capital preservation and consistent income across market cycles. DISCLAIMER The information in this podcast is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975) is the responsible entity for the MA Credit Income Trust ARSN 681 002 531 (MA1) and EQT Responsible Entity Services Pty Ltd (ABN 94 101 103 011) (AFSL 223271) is the responsible entity of the MA Credit Income Fund ARSN 683 242 659 (CIF). Equity Trustees Limited and EQT Responsible Entity Services Pty Ltd are subsidiaries of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). MAAM RE Ltd (ACN 135 855 186) (AFSL 335783) is the responsible entity of the MA Priority Income Fund ARSN 648 809 849 (PIF). MA Credit Portfolio Holdings Limited ACN 691 943 638 is the issuer of the MA Credit Portfolio Notes (Notes). Before making any decision, you should read the disclosure document and TMD for PIF available at mafinancial.com/MA1, for CIF at mafinancial.com/invest/private-credit/ma-creditincome-fund and mafinancial.com/invest/private-credit for PIF, and mafinancial.com/invest/privatecredit/ma-credit-portfolio-notes for the Notes. An investment in MA1, CIF, PIF and the Notes involves risk. Past performance is not a reliable indicator of future performance. This podcast, including the information contained herein, is the sole property of MA Financial and may not be copied, reproduced, republished, or posted in whole or in part, in any form without the prior written consent of MA Financial. See omnystudio.com/listener for privacy information.

In this episode, MA Financial’s Group Vice Chairman Andrew Pridham AO is joined by Viola Private Wealth Executive Chair and Founding Partner Charlie Viola, and Good Housing incoming CEO Kristy Simmonds. They discuss today’s investment landscape as well as an increasingly important part of Australia’s social infrastructure – Specialist Disability Accommodation (SDA). Charlie shares his views on global growth, portfolio construction and the recent Australian Federal Budget, including how high-net-worth investors are positioning themselves in response to proposed tax and wealth structuring changes. He also explains why he believes investors should continue to invest through the cycle and remain focused on long-term opportunities, while discussing the growing role of private market assets in diversified portfolios. The conversation then turns to Specialist Disability Accommodation (SDA), an increasingly important social infrastructure and alternative real estate asset class, with Kristy Simmonds joining Charlie to explore how private capital, government support and specialist operators are partnering to help address a critical housing need, delivering both meaningful social outcomes and attractive investment returns. As a Non-Executive Director of Autism Awareness Australia, Charlie also shares his personal connection to the sector and reflects on the importance of providing appropriate housing and support for people living with severe and permanent disabilities. Highlights 3:40 – Charlie Viola’s outlook on global growth 4:20 – Charlie Viola: “The only way you’ll ever get wealthy is by continuing to invest” 4:40 – Andrew Pridham: “I never make decisions based on tax” 5:10 – How high-net-worth investors are responding to proposed Federal Budget changes 7:45 – Will advisers start unwinding family trusts? 13:30 – Charlie Viola’s views on allocating to private market assets 15:15 – Charlie Viola: “We’re a stay rich business, we’re not a get rich business.” 17:45 – What is Specialist Disability Accommodation (SDA)? 18:30 – The housing challenge SDA is designed to solve 19:40 – Kristy Simmonds: “People regardless of whether they have a disability or not want to choose where they live” 21:00 – Why institutional-quality capital is needed to meet growing SDA demand 22:20 – How Good Housing was founded 24:00 – Kristy Simmonds: “It does take true partnership” 25:35 – Why some SDA housing is being built in the wrong locations 26:30 – What makes Good Housing different? 28:20 – Regulatory risk: Why government has an incentive to support SDA 29:40 – Charlie Viola on the bipartisan support underpinning SDA 36:00 – Why location matters in SDA This information in this podcast series is being made available by MA Financial Group Limited (ACN 142 008 428) and its related bodies corporate (“MA Financial”) for informational purposes only and reflects the views of its participants as at the date indicated. Information may include general advice only and does not take into account your individual objectives, financial situation, needs or tax circumstances. The information contained does not constitute and should not be construed as an offering of advisory services, personal investment advice, or an offer to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. MA Financial cannot guarantee the accuracy of the information in this podcast and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. The information in the podcast may contain forward-looking statements, forecasts, estimates and projections (“Forward Statements”). Neither any member of MA Financial nor any independent third party has reviewed the reasonableness of any Forward Statements or the assumptions that underlie them. No member of MA Financial represents or warrants that any Forward Statements will be achieved or will prov