Continuous Disclosure

18 May 2026: Conversion of the Resolution Capital Real Asset Fund to the Resolution Capital Global Real Asset Fund

The purpose of this disclosure is to notify unitholder of proposed changes to the Resolution Capital Real Assets Fund (ARSN 131 850 363) (Fund).

This disclosure has been prepared jointly by Pinnacle Fund Services Limited (Pinnacle) as the responsible entity of the Fund and Resolution Capital Limited (Resolution Capital) as the investment manager of the Fund.

Following careful review and consideration of unitholder interests, Pinnacle proposes to change the investment strategy of the Fund, as set out in this disclosure and the Notice of Meeting and Explanatory Memorandum enclosed with this disclosure. This disclosure summarises the key changes, the rationale behind them and what this means for unitholders and sets out details of the unitholder’s meeting to vote on a resolution to approve the change of investment strategy for the Fund.

Subject to approval at the unitholder’s meeting, the change of investment strategy is proposed to take effect on and from 1 July 2026. Concurrently, the Fund will be renamed the Resolution Capital Global Real Assets Fund (Global Real Assets Fund).

Why We Are Making This Change

Since its last conversion in 2019 from a dedicated Australian REIT (A-REIT) fund to a broader Australian real asset fund, including investment in Australian listed infrastructure securities, the Fund has delivered strong relative performance for clients. However, the investable universe available to the Fund has narrowed considerably since 2019. Several major Australian infrastructure companies – including Sydney Airport, Spark Infrastructure and AusNet – have been privatised, reducing the range of investable securities and increasing concentration risk within the portfolio.

As a result, the Fund’s exposure to A-REITs has grown to approximately 80-85% of the portfolio, with a single stock (Goodman Group) representing approximately 34% of the Fund. The proposed conversion to the Global Real Asset Fund addresses these structural constraints by materially expanding the opportunity set and improving diversification for the Fund.

What Is Changing

Fund Structure

The Global Real Asset Fund will adopt a master-feeder fund structure, investing into two existing Resolution Capital funds: the Resolution Capital Global Property Securities Fund (Managed Fund) (ARSN 128 122 118) and the Resolution Capital Global Listed Infrastructure Fund (ARSN 653 043 442) (the Underlying Funds). The existing security holdings in the Fund will be sold and the proceeds invested into the Underlying Funds.

Investment Guidelines and Benchmark

The new benchmark for the Fund will be a 60% Global Listed Infrastructure (GLI) / 40% Global Real Estate Securities (GREITs) composite benchmark, replacing the existing S&P/ASX 300 AREIT Accumulation Index. This 60%/40% split reflects the long-term neutral asset allocation for the Global Real Asset Fund.

The Fund will be able to tilt asset allocation between the Underlying Funds on a dynamic basis up to a maximum of 80% and a minimum of 20% (of net assets, excluding cash) in each Underlying Fund. The benchmark will remain neutral irrespective of tilt. The specific indices comprising the benchmark are:

• 60% FTSE Developed Core Infrastructure 50/50 (AUD Hedged) Net TRI (GLI); and
• 40% FTSE EPRA/NAREIT Developed Index (AUD Hedged) Net TRI (GREITs).

Fees

The management fee will increase to 0.75% p.a. (from 0.65% p.a. currently) for Class A unitholders, reflecting the expanded global investment mandate and the dynamic asset allocation between the Underlying Funds.

Performance fee mechanics remain unchanged: 20% of outperformance over the benchmark, net of fees and costs. The performance fee is calculated daily and paid annually as at 30 June each year, subject to the Fund attaining a return net of management fees that is 0% or greater for the performance fee period. Any accrued underperformance of the Fund relative to the benchmark at the end of the performance fee period will be carried forward and must be offset by subsequent outperformance before any performance fee becomes payable to the Manager.

Key Benefits of the Global Real Asset Fund

• Expanded opportunity set: Access to approximately A$6.8 trillion in global equity market capitalisation, compared to the materially smaller A-REIT universe of ~$166 billion.
• Reduced concentration risk: The portfolio will gain exposure to between 50-100 stocks via the Underlying Funds compared to 24 stocks in the existing portfolio, drawn from a combined benchmark of approximately 490 names, significantly reducing dependence on any single holding or market.
• Improved risk-return profile: Historically, the 60%/40% GLI/GREIT blend has demonstrated lower volatility than standalone REIT exposure, particularly during stress periods such as the GFC, COVID-19 and the 2022 interest rate shock.
• Simplified portfolio access: A single fund providing FX-hedged exposure to both global listed real estate and global listed infrastructure.
• Stable income: The blended structure is expected to deliver a consistent income stream with less variability than single asset-class exposure.

Important: Tax Implications

The conversion to the Global Real Asset Fund will require the existing securities held in the Fund to be sold and converted to cash before investing into the Underlying Funds. This will crystallise capital gains for unitholders. As at 30 April 2026, the estimated total capital gain is approximately $7.5 million, representing approximately 15% of the Fund.¹ There are no carried-forward losses available to offset this liability. This capital gain will be attributed to unitholders as part of the transition. We encourage you to consult your financial adviser or tax professional regarding the implications for your individual circumstances.

Governance

Asset allocation decisions for the Global Real Asset Fund will be overseen by a dedicated Asset Allocation Committee, comprising Resolution Capital’s Chief Investment Officer and the portfolio managers responsible for the GLI, GREIT and Core+ strategies. The Asset Allocation Committee will meet formally on a monthly basis, with the ability to adjust allocations at any time in response to market conditions.

Resolution Capital Core Plus Series II Fund

Unitholders that would like to maintain an A-REIT exposure may consider the Resolution Capital Core Plus Property Securities Fund – Series II (Core Plus Fund). For further information on the Core Plus Fund, please go to https://rescap.com/resolution-capital-core-plus-property-securities-fund-series-ii/.

The Fund (existing investment strategy) and the Core Plus Fund share the same primary investment objective of achieving an annual total return that exceeds the total return of the S&P/ASX 300 AREIT Accumulation Index after fees on a rolling 3 year basis, and the same consumer attributes, with the only differences being the underlying asset exposures of the funds. The differences between the underlying asset exposures of the Fund (existing investment strategy) and the Core Plus Fund are set out in the table below.

Pinnacle and Resolution Capital express no view on whether the Core Plus Fund is a suitable investment for unitholders. Before making a decision to acquire, or continue to hold units in, the Fund or the Core Plus Fund, you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) of the relevant fund which are available at https://rescap.com/resolution-capital-real- assets-fund/ and https://rescap.com/resolution-capital-core-plus-property-securities-fund-seriesii/.

For historic TMDs, please contact Pinnacle client service by phone on 1300 010 311 or by email at service@pinnacleinvestment.com.

Further Information

If you have any questions regarding the transition, or would like more information regarding your investment, please contact Pinnacle Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.

¹The Fund’s tax position will be finalised as at 30 June 2026, being the final trading date for securities held by the Fund.

28 February 2025: Change of registry

The Resolution Capital Global Listed Infrastructure Fund – Class B (Hedged) (ARSN: 653 043 442 APIR: WHT5725AU) (‘the Fund’) is launching as an Active ETF (‘Active ETF’) on the Australian Securities Exchange (“ASX”).

To facilitate the Active ETF launch:

• Effective 28 February 2025, the Fund and the Resolution Capital Global Listed Infrastructure Fund – Class A (ARSN: 653 043 442, WHT5739AU) have transitioned unit registry services from Citigroup Pty Ltd to Automic Pty Ltd; and
• Effective 25 March 2025, the Fund will be known as the Resolution Capital Global Listed Infrastructure Fund – Active ETF.

Please note that this results in some important administration changes to the way you manage your account.

What’s changing?

• Unitholders should have received a new Investor Number.
• The Product Disclosure Statement and Investor Forms have changed.
• Details of bank accounts and where to send forms have changed.
• Access to the online portal have changed.

Unitholders will receive a new Investor Number

Unitholders should have received a communication the week prior to the transition date (21 February 2025) advising them of their new Investor Number with instructions on how to access the secure online investor portal.

Effective 12pm 28 February 2025, unitholders are required to use their new Investor Number for any transactions (including applications, redemptions and changes of details).

New Investor Numbers will appear on all periodic statements from 31 March 2025. If unitholders are unable to access their new Investor Number, please call Pinnacle Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or email service@pinnacleinvestment.com.

Updates to investor forms and Product Disclosure Statement

Effective 12pm 28 February 2025, new investor forms are available on the Resolution Capital website https://rescap.com/.

Effective 12pm 28 February 2025, a new Product Disclosure Statement will be available on the Resolution Capital website https://rescap.com/.

These documents will include amendments to registry contact and transactional bank account details.

To ensure all instructions are processed promptly, please use the latest versions. Applications and monies sent to our old registry will be accepted until 14 March 2025, however processing times will be slowed. Applications made using the old forms will not be accepted after 14 March 2025.

Details of bank accounts and where to send forms have changed

Effective 12pm 28 February 2025 the new registry contact details are:

Postal address
Resolution Capital
c/- Automic Group
GPO Box 5193
Sydney NSW 2001

Fax number
+61 2 8583 3040

Application bank details
Resolution Capital kindly requests you update your records to capture the new application bank account details.

New application bank account valid on and from 12pm 28 February 2025:

Bank: Westpac
Payee: ITF RGIF App Account
BSB: 036-051
Account No: 629399
Reference: Account Number (as provided by Automic)

Further information

If you have any questions regarding the transition, or would like more information regarding your investment, please contact Pinnacle Client Services on 1300 010 311 Monday to Friday between 8.30am and 5.30pm (Sydney time) or via email at service@pinnacleinvestment.com.