Fund ReviewLincoln Managed Investments

Lincoln Australian Growth Fund Lincoln Australian Income FundFor investors seeking Growth A reliable income and reduced equity market risk exposure

Distribution frequency Half-yearly Quarterly

Wholesale Wholesale

Fund return1 ASX All Ordinaries Accumulation Index4

S&P/ASX Small Ordinaries

(XSOAI)

Fund income(a) Benchmark income(b)

Total Fund return(d)

Total Bench-mark return(b)

1 month 5.42% 4.69% 3.38% 0.00% 0.00% 4.47% 4.98%

3 months 1.55% 5.86% 4.69% 0.96% 0.93% 4.60% 6.27%

1-year 15.97% 24.88% 18.84% 5.95% 5.58% 20.13% 26.41%

3 years p.a. 16.47% 12.40% 12.12% 8.17% 5.68% 12.73% 13.93%

5 years p.a. 10.83% 9.64% 11.18% 8.59% 5.79% 8.24% 10.88%

Financial Year to Date 0.70% 8.44% 7.40% 2.73% 2.69% 4.48% 8.91%

Since inception p.a.(2)(c) 7.96% 8.25% 5.08% 8.35% 5.73% 11.97% 12.63%

Retail Retail

Fund return1 ASX All Ordinaries Accumulation Index4

S&P/ASX Small Ordinaries

(XSOAI)

Fund income(a) Benchmark income(b)

Total Fund return(d)

Total Bench-mark return(b)

1 month 5.36% 4.69% 3.38% 0.00% 0.00% 4.41% 4.98%

3 months 1.39% 5.86% 4.69% 0.96% 0.93% 4.40% 6.27%

1-year 15.29% 24.88% 18.84% 5.95% 5.58% 19.19% 26.41%

3 years p.a. 15.68% 12.40% 12.12% 8.17% 5.68% 11.85% 13.93%

5 years p.a. 10.04% 9.64% 11.18% 8.59% 5.79% 7.37% 10.88%

Financial Year to Date 0.32% 8.44% 7.40% 2.73% 2.69% 3.99% 8.91%

Since inception p.a.(3)(c) 4.10% 5.26% 0.91% 8.35% 5.73% 11.11% 12.63%

1 Growth Fund returns are calculated using exit prices and are net of management fees, ongoing fees and expenses, and assume distributions are reinvested and no tax is deducted. 2 Growth Fund - 11 January 2005.3 Growth Fund - 1 June 2007.4 Benchmark All Ordinaries Accumulation Index over the medium to long term.Past performance is not an indicator of future performance.

(a) Gross income accrued, inclusiveof franking credits.(b) S&P/ASX 200 Accumulation Index inclusive of franking credits.Source: Macquarie Equities.(c) Income Fund - 2 April 2012.

(d) Income Fund Total Fund returns are calculated using exit prices and are net of management fees, ongoing fees and expenses, and assume distributions (inclusive of franking credits) are reinvested and that no tax is deducted.

January 2020 Month in review

Performance to 31 January 2020

Tim LincolnCo-Founder, Executive Chairman and Chief Investment Officer

Australian shares had a strong start to the year despite global stocks experiencing a period of weakness following the coronavirus outbreak in China, with the MSCI index returning -0.7%. In particular, trade-exposed industries such as mining, oil and gas, and transport were amongst the worst performing sectors.

While a coordinated global effort to contain the spread of the virus continues, we expect the markets to see ongoing sensitivity in the short-term. The Lincoln Australian Income and Growth Funds do not have a significant exposure to Chinese demand, but in the few instances where there are short-term disruptions to operations, we view any share price weaknesses as an opportunity to invest in fundamentally great quality companies.

Lincoln Australian Growth Fund

The Lincoln Australian Growth Fund has experienced a strong recovery in the first month of 2020, producing a stellar 5.42% monthly return and outperforming its benchmark of 4.69%.

In stock specific news, we were pleased to see strong financial results from ResMed (returning 14% for the month), driven by growth across the board. The company’s ‘sleep and respiratory care’ and ‘software as a service’ segments were exceptional standouts for performance, and recorded revenue growth of approximately 18% and 57% respectively. Gross margins continue to remain strong at approximately 59% and trading in line with its recent 1Q20 period.

We are now firmly focused on the February reporting period, as we expect our portfolio of high-quality growth stocks to deliver strong operating results. After experiencing a period of short-term

underperformance, we are highly confident that a solid reporting period will quickly see this trend reverse.

Lincoln Australian Income Fund

The Lincoln Australia Income Fund experienced another month of positive returns, returning 4.47% for the month and only marginally underperforming its benchmark. Considering the incredibly strong market, we are pleased our defensive portfolio has delivered total returns of 20.13% over the past 12 months.

In stock specific news, we were pleased to see yet another positive financial result from Credit Corp (returning 15% for the month). The core Australian and New Zealand segment reported record collections and net profit after tax – further complemented by the recent acquisition of Baycorp assets, with integration ahead of schedule. The US segment also reported robust growth and remained on track for full-year profit growth of 45% to 65%.

We are now firmly focused on the February reporting period, and intend to actively position the portfolio to maximise the yield generation for the quarter. Following a period of sustained commodity price strength, particularly in iron-ore, the strong free cash flow generation from stocks such as BHP, Rio Tinto and Fortescue Metals Group should translate into above average dividend payments.

Kind regards,

Tim Lincoln Co-Founder, Executive Chairman and Chief Investment Officer

Fund ReviewLincoln Managed InvestmentsJanuary 2020

Lincoln Australian Growth Fund - Top 10 holdings

Code Company Portfolio HoldingAPX Appen Limited 7.65%

SAR Saracen Mineral Holdings Limited 4.28%

IEL IDP Education Limited 3.49%

BRG Breville Group Limited 3.38%

ALU Altium Limited 3.32%

WTC Wisetech Global Limited 3.31%

FPH Fisher & Paykel Healthcare Corporation Limited 3.24%

RMD ResMed Inc. 3.23%

IDX Integral Diagnostics Limited 3.18%

IRE IRESS Limited 3.13%

Total 38.22%

Lincoln Australian Income Fund - Top 10 holdings

Code Company Portfolio HoldingMQG Macquarie Group Limited 5.22%

MFG Magellan Financial Group Limited 5.08%

CCP Credit Corp Group Limited 4.15%

CHC Charter Hall Group 4.08%

WES Wesfarmers Limited 3.82%

SPK Spark New Zealand Limited 3.74%

CLW Charter Hall Long Wale REIT 3.69%

APA APA Group 3.63%

BHP BHP Group Limited 3.61%

CBA Commonwealth Bank of Australia 3.51%

Total 40.53%

as at 31 January 2020as at 31 January 2020

Data referred to in this performance commentary relates to the Lincoln Wholesale Australian Growth Fund unless otherwise stated.

Performance highlights Performance contributors this month included: Saracen Mineral Holdings Limited (SAR) was the best performing stock in the portfolio (+19.34%) in January. Underpinning the strong result were boosted production figures after acquisition was completed in December, together with the strong underlying gold price throughout January.

ResMed Inc. (RMD) strongly outperformed the market (+14.38%). RMD released positive results with stronger than expected earnings. The result was driven by growth across the board, with exceptional standouts being the ‘sleep and respiratory care’ and ‘software as a service’ segments. Management has yet to provide FY20 earnings guidance, however we continue to expect RMD to maintain its gross margins around current levels moving forward.

Jumbo Interactive Limited (JIN) underperformed (-9.86%) as the market was concerned about contract risks with Tabcorp Holdings Limited post-2022. However, with its strategy to turn the Jumbo Lottery platform into a ‘software as a service’ provider, aiming to further diversify its revenue stream and reduce its reliance on Tabcorp Holdings Limited, we see a strong case for JIN to continue to be a growth stock.

Lincoln Australian Growth Fund Lincoln Australian Income FundPerformance highlights Performance contributors this month included: Macquarie Group Limited (MQG) was the best performing stock in

the portfolio (+18.12%) in January. This is a high beta stock and was boosted by the strong equity performance. The large new inflows to MQG have also led to this result.

Charter Hall Group (CHC) was a strong performing stock in the portfolio (+16.06%) in January. The continued low interest rate environment strengthened their property funds, with CHC benefitting from large inflows into their funds as a result.

Insurance Australia Group Limited (IAG) underperformed (-7.57%) due to the impact of the recent bushfires. The larger than expected claims and the bushfires’ uncertain duration and d amage contributed to t his f all in January.

Data referred to in this performance commentary relates to the Lincoln Wholesale Australian Income Fund unless otherwise stated.

As part of our transparency of the Fund portfolios, a full list of the portfolio holdings is provided to investors only.

Lincoln Wholesale Australian Income Fund

Lincoln Retail Australian Income Fund

ETL0324AU ETL0323AU

2 April 2012 2 April 2012

$250,000 $20,000

0.95% p.a. 1.75% p.a.

Nil Nil

Quarterly Quarterly

8 - 9% 8 - 9%

$1.1424/$1.1344 $1.0897/$1.0859

$436.30m

Equity Trustees Ltd

Key data Lincoln Wholesale

Australian Growth FundLincoln Retail

Australian Growth Fund

APIR code ETL0043AU ETL0089AU

Fund inception 11 January 2005 1 June 2007

Minimum initial investment

$250,000 $20,000

Management costs 0.76% p.a. 1.40% p.a.

Performance Fee 20% of the amount by which the Fund’s performance exceeds the All Ordinaries Accumulation Index

Entry/exit fees Nil Nil

Distribution frequency Half-yearly Half-yearly

Estimated average yield1

Entry/exit unit price2 $1.7556/$1.7434 $1.2391/$1.2348

Fund size2 $281.66m

Responsible entity Equity Trustees Ltd

1 These estimated dividend yields are as at 31 January 2020. The Income Fund yield is inclusive of franking credits.2 As at 31 January 2020.

Fund ReviewLincoln Managed Investments

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About Lincoln Lincoln has been helping Australians invest successfully in the Australian Securities Exchange (ASX) for over 30 years. We believe investing in a concentration of financially healthy and fundamentally sound stocks will deliver the best performance outcome to investors over the long-term.

Lincoln Managed Investments provides investors with flexibility via the choice of two professionally managed funds, the Lincoln Australian Growth Fund and the Lincoln Australian Income Fund. Each managed fund is backed by Lincoln’s academically-proven Financial Health analysis and proprietary investment methodology – the Lincoln Golden Rules. Our experienced and dedicated Managed Investments team use our stock analysis program, Stock Doctor, as the core research tool for each managed fund. The team apply additional qualitative and valuation analysis to identify stocks that meet our stringent investment criteria.

Lincoln’s unique investment Methodology has consistently identified the best performing companies on the ASX and is substantiated by Lincoln Managed Investments’ stellar performance track-record.

Important information. This information is issued by the Investment Manager, Lincoln Indicators Pty Ltd (Lincoln) ABN 23 006 715 573, as Corporate Authorised Representative of Lincoln Financial Group Pty Ltd ABN 70 609 751 966, AFSL 483167. The Responsible Entity of the Fund is Equity Trustees Limited ABN 46 004 031 298, AFSL 240975, a subsidiary of EQT Holdings Limited ABN 22 607 797 615, a publicly listed company on the Australian Securities Exchange (ASX:EQT). All figures, information and illustrations are as at 31 January 2020 unless stated otherwise. Portfolio holdings are subject to change without notice. This communication contains general information only. It has been prepared without taking into account the objectives, financial situation or needs of any individual investor. As a result, you should consider its appropriateness in regard to your particular objectives, financial situation and needs. This publication may contain forward-looking statements regarding our intent, belief or current expectations with respect to market conditions. Readers are cautioned not to place undue reliance on these forward-looking statements. You should also consider obtaining your own independent advice before making any financial decisions. You should read the Product Disclosure Statement (PDS) and the Reference Guide where references are made for additional information in the PDS for the Lincoln Australian Growth Fund or Lincoln Australian Income Fund before making any decision about whether to acquire or continue to hold in either product. Applications to acquire units can only be made on an Application Form attached to a current PDS. You should also read and consider our Financial Services Guide (FSG), which sets out key information about the services we provide. A copy of each PDS, including the Reference Guide and our FSG are available by contacting Lincoln on 1300 676 333 or via our website www.lincolnindicators.com.au.Lincoln, Lincoln Financial Group Pty Ltd, its employees and/associates of these entities may hold interests in companies listed in this communication. This position may change at any time without notice. Investments go up and down. Past performance is not a reliable indicator of future performance. Lincoln will be remunerated based on funds invested. Neither Lincoln, Equity Trustees Limited, or their directors, employees or agents provide any guarantee, representation or warranty as to the reliability, accuracy or completeness of the information in this document; and do not accept any responsibility or liability arising in any way (including by reason of negligence) for errors in, or omissions from, this document. This disclaimer does not purport to exclude any warranties implied by law which may not be lawfully excluded. Neither Lincoln, Equity Trustees Limited, or their directors, employees or agents guarantees the performance of, or the repayment of capital or income invested in the Funds.

January 2020