Metrics Master Income Trust Reports Net Tangible Asset Value of $2.01 per Unit as of July 17, 2026

Trust Structure and Responsible Entity Details for MXT

Metrics Master Income Trust is managed by The Trust Company (RE Services) Limited (Perpetual), which holds the required financial services licenses and regulatory approvals to act as the Responsible Entity. The Trust Company possesses an Australian Financial Services License number 235150 and ABN 45 003 278 831, confirming its regulatory compliance within Australia’s financial services framework. This governance structure ensures professional management with appropriate oversight aligned with Australian Securities and Investments Commission (ASIC) standards.

Perpetual group, the parent company of The Trust Company (RE Services) Limited, brings extensive institutional expertise in funds management, financial advisory, and trustee services. This affiliation provides the trust with access to professional investment management, operational infrastructure, and risk management systems designed to support its investment goals. Unit holders benefit from Perpetual’s institutional backing and adherence to regulatory frameworks across its financial services operations.

Investment Mandate Focused on Monthly Income and Capital Stability

Metrics Master Income Trust’s investment mandate centers on three key objectives: delivering monthly cash income, maintaining low capital loss risk, and achieving portfolio diversification. The trust prioritizes income generation over capital growth, catering to investors seeking regular cash flow alongside capital preservation. Active management of diversified loan portfolios allows the manager to adjust strategies responsively to market conditions while maintaining a defensive income-focused positioning.

The manager employs active strategies to balance achieving a stated Target Return with preserving investor capital across market cycles. This approach demands disciplined portfolio management and rigorous loan underwriting. By targeting monthly distributions and minimizing capital volatility, the trust appeals to investors with lower risk tolerance or those requiring steady income streams.

Diversified Loan Portfolio Strategy in Australia’s Corporate Lending Market

The trust gains exposure to Australia’s corporate loan market through actively managed diversified loan portfolios, enabling participation in lending opportunities typically dominated by major banks. This diversification reduces concentration risk and enhances income stability. By engaging in Australia’s bank-led corporate lending sector, the trust accesses a mature, well-regulated credit market with established underwriting standards.

Active management allows selective loan portfolio construction aligned with the trust’s risk-return criteria, avoiding lower-quality or higher-risk loans that could jeopardize capital. This selective approach supports the trust’s dual objectives of income generation and capital preservation.

Daily NTA Publication and Valuation Methodology

As of 17 July 2026, Metrics Master Income Trust’s Net Tangible Asset (NTA) per unit was $2.0098. This daily NTA figure offers unit holders a current valuation benchmark to monitor investment performance and assess per-unit asset value. Publishing daily NTA aligns with industry standards, enabling investors to track portfolio value changes and make informed decisions.

The trust treats Net Asset Value (NAV) and Net Tangible Assets (NTA) as equivalent, both representing total asset value divided by units on issue. This valuation method provides transparency of the underlying asset backing per unit. The NTA figure is unaudited, reflecting a preliminary calculation consistent with daily reporting frequency.

Institutional Support from Perpetual Group and Fund Management Expertise

Perpetual’s ownership of The Trust Company (RE Services) Limited brings significant institutional experience and market presence to Metrics Master Income Trust. Perpetual is a diversified financial services group with proven capabilities in funds management, advisory, and trustee operations. This institutional backing offers unit holders professional investment management, compliance expertise, and operational infrastructure built on decades of experience.

Perpetual’s broad financial services platform provides additional institutional strength and continuity. The Trust Company leverages Perpetual’s resources, risk management frameworks, and expertise to maintain investment discipline and compliance standards, reinforcing protection for unit holder interests and capital preservation.

Target Return Framework and Active Portfolio Management

The trust follows a Target Return framework guiding portfolio construction and investment decisions. The manager implements active strategies to balance achieving the Target Return while preserving investor capital. This requires disciplined management to ensure income generation does not compromise capital protection and defensive positioning.

Active portfolio management enables responsiveness to credit market changes, borrower creditworthiness, and interest rate shifts by adjusting loan portfolio composition. This tactical flexibility supports income objectives and capital preservation across market environments. The trust’s active approach allows selective capital deployment into lending opportunities aligned with its return and risk criteria.

Regulatory Compliance and Financial Services Licensing

The Trust Company (RE Services) Limited operates under ASIC regulatory oversight, holding Australian Financial Services License number 235150 and ABN 45 003 278 831. These credentials confirm compliance with Australian financial services laws and standards, ensuring the trust operates within required governance and conduct frameworks to protect unit holders.

Regulatory requirements include responsible entity conduct, fund governance, unit holder reporting, and asset custody. The Trust Company’s adherence to these standards supports operational integrity and provides unit holders with regulatory protections inherent in Australia’s managed funds framework. The trust’s inclusion in the Perpetual group further strengthens compliance capabilities through established ASIC relationships and proven compliance management.

Performance Disclosures and Investment Considerations

The trust’s documentation includes the standard disclaimer that historical performance does not guarantee future results, complying with Australian regulatory requirements. Future returns may vary due to market conditions, interest rate changes, credit cycles, and portfolio management decisions.

Investors should recognize that the trust operates within Australia’s corporate lending market, subject to credit cycle dynamics, economic factors, and borrower creditworthiness that affect loan portfolio performance. Monthly income distributions depend on sufficient interest income and minimal credit losses. Changes in economic conditions or loan portfolio composition could impact future distributions and capital stability, which investors should monitor regularly.

Access to Information and Unit Holder Resources

Unit holders and prospective investors can find further information about Metrics Master Income Trust at the trust’s website, www.metrics.com.au, which offers updates on performance, investment strategy, and unit holder resources. This site serves as a key information hub for understanding the trust’s approach and reviewing fund documentation.

Additional details about the Perpetual group and its institutional context are available at www.perpetual.com.au, outlining Perpetual’s funds management, advisory, and trustee services. Unit holders with specific inquiries or needing personalized assistance are encouraged to contact the trust directly via provided channels. Multiple information sources ensure transparent access to fund information and management support.