NOTICE TO UNIT-HOLDERS OF PACIFIC BALANCED FUND

October 6, 2023

Weathermen Capital Advisors is pleased to announce that we have been appointed Interim Trustee for Pacific Balanced Fund (PBF), The appointment of Weathermen Capital Advisors was made by the Securities Commission of Papua New Guinea pursuant to its’ powers under Section 202 of the Capital Market Act 2015. In addition to being appointed Interim Trustee, the Securities Commission has tasked Weathermen Capital Advisors with the following directives, among others:

• Conduct a thorough review of the Trust Deed

• Undertake an in-depth investment analysis on PBFs’ performance

• Conduct a governance assessment on how PBF was managed

• Develop and implement a compliance reporting framework

• Develop a plan for separating the roles of the Trustee and Fund Manager

• Undertake a review and update of the unit register with completion strategy

• Conduct detailed fee analysis of fees charged by Trustee and Manager

• Update assets register and records of all transactions within PBF

• Conduct a unit holder meeting as soon as possible.

Weathermen Capital Advisors is progressing with the above tasks and will be engaging with all relevant stakeholders over the coming weeks. We have formally requested the former Trustee and Manager to hand over all information and files pertaining to PBF to ensure a smooth transition of the Fund. The former Trustee pursuant to its duties under Section 205 of the Capital Markets Act 2015, has taken steps to assist Weathermen Capital Advisors in achieving a smooth transition by commencing to handover records and relevant information. We aim to conclude this transition as soon as practicable.​

Weathermen Capital Advisors is committed to upholding the interests of the Fund and all its unit holders.​

For all unit holder enquiries contact us on email: enquiries@weathermencapital.com.​pg

Authorized for Release By:

WEATHERMEN CAPITAL ADVISORS LIMITED