The ratings published and issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec) include:

Australian Ethical Australian Shares Fund (Wholesale) (AUG0018AU); Published 10/2025
Australian Ethical Emerging Companies Fund (Wholesale) (AUG0027AU); Published 10/2025
Australian Ethical High Conviction Fund (AUG7919AU); Published 10/2025
Australian Ethical High Conviction Active ETF AUD; Published 10/2025
Australian Ethical High Conviction SMA Portfolio; Published 10/2025
Australian Ethical Diversified Shares Fund (Wholesale); Published 10/2025
Australian Ethical International Shares Fund (Wholesale); Published 04/2025
Australian Ethical Conservative Fund (Wholesale) (AUG6267AU); Published 04/2025
Australian Ethical Moderate Fund (Wholesale) (AUG7454AU); Published 04/2025
Australian Ethical Balanced Fund (Wholesale) (AUG0017AU); Published 04/2025
Australian Ethical High Growth Fund (Wholesale) (AUG0020AU); Published 04/2025
Australian Ethical Altius Bond Fund; Published 11/2025
Australian Ethical Altius Credit Income Fund; Published 11/2025
Australian Ethical Altius Green and Sustainable Bond Fund; Published 11/2025
Australian Ethical Altius Short Duration Bond Fund; Published 11/2025

Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) ratings referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Australian Ethical Conservative Fund (Wholesale) (AUG6267AU); Assigned September 2025
Australian Ethical Moderate Fund (Wholesale) (AUG7454AU); Assigned September 2025
Australian Ethical Balanced Fund (Wholesale) (AUG0017AU); Assigned September 2025
Australian Ethical High Growth Fund (Wholesale) (AUG0020AU): Assigned September 2025
Australian Ethical Altius Green and Sustainable Bond Fund (AUS9041AU); Assigned June 2025
Australian Ethical Altius Short Duration Bond Fund (AUS0071AU); Assigned June 2025
Australian Ethical Altius Credit Income Fund (AUS1392AU); Assigned June 2025
Australian Ethical Australian Shares Fund (Wholesale) (AUG0018AU) Assigned June 2025
Australian Ethical High Conviction Fund (AUG7919AU): Assigned June 2025
Australian Ethical High Conviction Fund - Active ETF (CHIX:AEAE); Assigned June 2025
Australian Ethical Emerging Companies Fund (AUG0027AU); Assigned February 2026