Regal Investment Fund (ASX:RF1) Investor Update and Q&A

September 15, 2022

This presentation deck accompanies an audio recording at 11:30am AEST on September 15, 2022. To view the full webcast please click on the link here and register for the webinar.

To accessthe replay of thisrecording, please reach out to: [email protected].

For any questions on RF1, please reach out to the registry,Link Market Services: [email protected].

On behalf of Equity Trustees Limited ("Equity Trustees") (ABN 46 004 031 298), AFSL 240975, the Responsible Entity for the Regal Investment Fund (RF1). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). Regal Funds Management Pty Ltd ABN 30 107 576 821 AFSL 277737 ("Regal") is the investment manager of RF1.

Distribution & Marketing Regal Funds Management

2021-2022 Financial Year: September Quarter Update Regal Investment Fund (ASX:RF1)

0 September 2022

Disclaimer

Equity Trustees Limited ("Equity Trustees") (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Regal Investment Fund and has authorised the issue of this document (Information). Equity Trustees is a subsidiary of EQT HoldingsLimited (ABN 22607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

This document (Information) is provided by Regal Partners Marketing Services Pty Ltd (ACN 637 448 072) (Regal Partners Marketing), a corporate authorised representative of Attunga Capital Pty Ltd (ABN 96 117 683 093) (AFSL 297385) (Attunga). Regal Partners Marketing and Attunga are businesses of Regal Partners Limited (ABN 33 129 188 450) (together, referred to as Regal Partners). The Regal Partners Marketing Financial Services Guide can be found on the Regal PartnersLimited website or is available on request.

This Information has been prepared for general information purposes only and without taking into account any recipient's investment objectives, financial situation or particular circumstances (including financial and taxation position). The Information does not (and does not intend to) contain a recommendation or statement of opinion intended to be investment advice or to influence a decision to deal with any financial product nor does it constitute an offer, solicitation or commitment by Equity Trustees or Regal Partners. Regal Partners may now, or in the future, have a position in any securities which are referred to in this Information.

It is the sole responsibility of the recipient to consider the risks connected with any investment strategy contained in the Information. None of Equity Trustees, Regal Partners, their related bodies corporate nor any of their respective directors, employees, officers or agents accept any liability for any loss or damage arising directly or indirectly from the use of all or any part of the Information. Neither Equity Trustees or Regal Partners represents or warrants that the Information in this document is accurate, complete or up to date and accepts no liability if it is not.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) ("Zenith") rating (assigned to ASX:RF1 on 23 June 2022) 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. Independent Investment Research available at https://independentresearch.com.au/

Past performance

The historical financial information and performance figures given in this document are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Equity Trustees' or Regal Partners' views on the future performance of RF1, or other Funds or strategies managed by Regal Partners or its related bodies corporate. You should note that past performance of RF1, or Funds or strategies managed by Regal Partners or its related bodies corporate cannot be relied upon as an indicator of (and provide no guidance asto) future performance.

Forward-looking statements

This document contains certain "forward-looking statements" that are based on management's beliefs, assumptions and expectations and on information currently available to management. Forward-looking statements can generally be identified by the use of forward-looking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" "outlook", "guidance" and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this document speak only as of the date of this document and are based on assumptions and contingencies and are subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this document are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Equity Trustees or Regal Partners, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including Equity Trustees, Regal Partners, their related bodies corporate or any of their respective directors, officers, employees, agents or advisers). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Except as required by law or regulation, Equity Trustees and Regal Partners disclaim any obligation or undertaking to update forward-looking statements in this document to reflect any changes in expectations in relation to any forward-looking statement or change in events, circumstances or conditions on which any statement is based.

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Agenda

1	Introducing Regal Partners Limited (RPL)	4
2	Regal Investment Fund (RF1) –Overview	7
3	Market Update	11
	Resource Update3a	17
	China Weakness3b	21
	Australian Equities –Consumer Sector3c	23
4	Cullen Gunn -Introducing the Water Strategy (Kilter Rural)	27
5	Regal Investment Fund (RF1) –Outlook	32
6	Investor Q&A	35

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Speakers

Introduction to Regal Partners Limited (ASX:RPL)

Parent Company of Regal Funds Management

Regal Partners Limited (RPL.ASX)

ASX-Listed Specialist Alternatives Manager

Regal Partners Limited is an ASX-listed, specialist alternative investment manager with over A$5.0bn in funds under management1

Regal Partners (RPL.ASX) was formed on 3 June 2022, following the merger of ASX-listed VGI Partners Limited and privatelyowned Regal Funds Management Pty Limited.
The Merger combines two of Australia's most recognised and successful hedge fund businesses, creating a market-leading provider of alternative investment strategies in the Asia-Pac region.
The Group houses four dedicated alternative investment management businesses: Regal Funds Management, VGI Partners, Kilter Rural and Attunga Capital, together employing over 100 employees3, located in offices across Sydney, Victoria, Singapore and New York.

$5.0bn Assets Under Management (AUM)1 RPL ASX ticker $601m Market Capitalisation2 4 Global Offices ~100 Employees3 48 Investment Professionals

Regal Partners – A strong platform for continued growth Well diversified across asset class, liquidity profile and client type – FUM as at 30 June 2022

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Regal Investment Fund (ASX:RF1)

RF1 provides investors with exposure to a selection of alternative investment strategies with an objective to produce attractive risk-adjusted absolute returns over a period of more than five years with limited correlation to equity markets

Since listing on 17 June 2019, RF1 has delivered a total return to investors of +110%1

Source: Regal as at 9 September 2022. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance of the Fund's performance. 1. Total return is net of fees, before tax, and assumes reinvestment of all distributions.

The Regal Investment Fund (ASX:RF1)

HIGHLIGHTS

- Performance: Since inception in June 2019, RF1 has generated a total unitholder return of 110%1 , including cash distributions totalling $1.69 per unit

Team: Highly experienced investment team consisting of 28 investment professionals, in offices across Sydney, Singapore, Victoria and New York
Strong Alignment: Significant personal investments in RF1 and underlying strategies by investment management team
Supportive structure: Unitholder-friendly structure in place to support RF1 listed vehicle, including:
- Weekly NAV updates
- Regular communication and marketing schedule
- On-market buyback facility
- Distribution Reinvestment Plan (DRP)

RF1 FUND PERFORMANCE

Source: Regal, Bloomberg as at 9 September 2022. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance of the Fund's performance. 1. Total return is net of fees, before tax, and assumes reinvestment of all distributions.

Launch date

17 June 2019

Annualised Return Since Inception1

+26%

Total Return Since Inception1 +110%

Distributions Paid to Date

RF1 Investment Strategies

Source: Regal as at 31 August 2022. Gross of fees. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance of the Fund's performance. Note: 1. Reflects return since strategy inception in RF1 on 7 Sep 2020 to 31 August 2022. 2. Refer to 12 September 2022 ASX announcement.

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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RF1 Strategy Allocations – August 2021 vs. August 2022

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Rising bond yields weigh on NASDAQ

NASDAQ vs. 10yr US Treasury yield (inverted)

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Recent rise in US 10yr Treasury yields put into context

Source: Bloomberg as at September 2022 (monthly data). Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Echoes of 2001 – Resources outperformed technology

100 = 31 January 1990

Source: Regal, Bloomberg as at September 2022.

Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Record takeover activity continues

Announced M&A involving an Australian target (A$bn)

15 Source: Dealogic as at September 2022. Announced M&A with an Australian target. Excludes buybacks. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Changing market leadership

Mining investment continues to lag

Mining investment and commodity prices

Source: Minack Advisors as at September 2022.

Note: 1. Annual data interpolated using quarterly new capital expenditure data. 2. RBA non-rural commodity index in special drawing rights (SDR) terms — leading by 3 quarters. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Commodity prices over the last 100 years

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Shortfalls in most commodity inventories are expected to persist

Balances as % of demand

Global battery market outlook

US$bn per annum

Source: Accenture; Roskill (2020) Lithium-ion Batteries: Outlook to 2029 – Roskill projections supplemented with IRENA data (high case); International Renewable Energy Agency.

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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China equity markets closer to capitulation

Index levels rebased to 100

Source: Bloomberg as at September 2022 (weekly data). Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance. China developers' sales slowdown showing no sign of turnaround

Contracted sales growth (January-August, yoy%)

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Australian Equities – Consumer Sector

Portfolio Manager Jovita Khilnani -

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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ASX-listed discretionary retailers have underperformed post results

Discretionary retailers have generally underperformed the market since results commenced on 15 August 2022 despite delivering results ahead of market expectations

The consumer is spending now but cautious about the future

Westpac-Melbourne Institute Consumer Confidence Consumer Sentiment

Source: Westpac Banking Corporation, Bloomberg. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Inventory levels are elevated

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Kilter Rural Water Strategy

Chief Executive Officer Cullen Gunn -

Australia's most experienced water investment manager

Established in 2004, Kilter Rural are one of the largest water managers in Australia, delivering long-term value to investors through uncorrelated, resilient, farmland and water investments for 18 years.

Operating in the Southern Murray Darling Basin, we are the manager of the Water strategy added to RF1 in August 2022.

Kilter is 61% owned by Regal Funds Management.

EXPERIENCED

With investments dating back to 2006, Kilter is the most experienced water investment manager in Australia.

INNOVATIVE

Kilter has initiated and deployed almost every water product in the Southern Murray Darling Basin water market.

CONNECTED

Over 14 years have built one of the most extensive client books in the market.

TRACK RECORD

A history of outperforming target returns.

RESPECTED

Highly respected in market with a strong social licence to operate.

Exposure to the most sophisticated water market in the world

An introduction to the Australian Water Market

$33b market
Annual turnover in Entitlements and Allocation > A$1Bn
By value state and federal govt. owns 26% of water
Investors estimated to own 10%
Farmers 64%
Investible opportunity of over A$3bn

Asset features

History of strong and uncorrelated returns
Secure property rights certainty of title, perpetual, transferable, mortgageable
Real tangible asset
No limit on useful life No R&M, no depreciation

Kilter Water Strategy – performance and overview

The Kilter Water strategy invests in water entitlements and water allocations.
Permanent water entitlements generate income by either selling or leasing the annual water allocation attached to that entitlement each year.
Water users are farming families and business producing a diversity of produce including milk, citrus, table grapes, wine grapes and almonds.
Permanent water entitlements are tradeable and can generate capital growth.
The market is currently experiencing its third above average rainfall (La Nina) season in a row. Climate change modelling suggests a longer-term trend to water scarcity.
In our view, the fundamentals of increasing demand and reducing supply provide an attractive outlook for water.

Kilter Water Strategy
Inception date	July 2014
Since inception annualised return	+15.2%
Rolling 12 month return to August 2022	+24.0%
Annualised volatility	10.7
Correlation to S&P/ASX 300 Accumulation Index	0.00

Water Allocation Available to Irrigators

Since 1980: Water supplied to irrigators has declined by >50%, whilst value of irrigated agriculture has grown by 500%

Southern Murray Darling Basin Irrigated Agriculture Production Value

RF1 Portfolio & Investment Characteristics – 31 August 2022

CURRENT EXPOSURE BY STRATEGY (NAV)

Percentage of Positive Months 72%

Current Number of Strategies

Sharpe Ratio 1.05

Sortino Ratio 1.06

GROSS RETURNS IN RF1 BY STRATEGY1

STRATEGY PERFORMANCEWITHIN RF11	3MTH	1 YR	2YRS P.A.	SINCEINCEPTIONP.A.
Market Neutral	-1%	+34%	+37%	+27%
Aus. Long Short Equity	+3%	+7%	+18%	+18%
Aus. Small Companies	-6%	-35%	+16%	+20%
Emerging Companies	-5%	-5%	+16%	+45%
Long Short Health Care	+2%	+2%	+9%	+9%
Global Alpha	+6%	+57%	+79%	+84%
Water Strategy1	-	-	-	-

BALANCE SHEET EXPOSURES (% OF NAV)

SECTOR	LONG	SHORT	NET
Communication Services	7	-3	4
Consumer Discretionary	10	-12	-2
Consumer Staples	4	-6	-2
Diversified	5	0	5
Energy	22	-3	19
Financials	22	-8	14
Health Care	27	-18	9
Industrials	15	-8	6
Information Technology	21	-14	7
Materials	33	-14	19
Real Estate	9	-7	2
Utilities	1	-2	0
Total	176	-95	80

REGION	LONG	SHORT	NET
Asia	19	-9	10
Australia/NZ	145	-53	91
EMEA	6	-2	4
Americas	6	-31	-24
Total	176	-95	80

From 17 June 2019 listing date to 31 August 2022. Performance is calculated gross of all fees. Past performance is not a reliable indicator of future performance and it should not be relied upon as an indication of the future performance of the Fund. Note: 1. Introduced to RF1 in August 2022.

Delivering Unitholder Value

(30%) (15%) --% 15% 30% 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 A$/share Premium/(discount) to NAV RF1 STATISTICS Launch date 17 June 2019 RF1 NAV AND SHARE PRICE PREMIUM – ADJUSTED FOR DISTRIBUTIONS $3.232 +110% $1.85 +20% RF1 share price, premium/(discount) to NAV (A$/share) S&P/ASX 300 Total Return Index rebased to RF1 NAV (A$/share Regal Investment Fund NAV (A$/share $1.541

Net Asset Value

$3.23

ASX Market Price

$3.14

Annualised Return Since Inception

+26%

Total Return Since Inception

+110%

Distribution Yield (last 12 months)

Source: Regal, Bloomberg as at 9 September 2022. Note: (1) Adjusted to reflect lower capital base due to distributions since inception, (2) net of all fees. Past performance is not a reliable indicator of future performance. It should not be relied upon as (and is not) an indication of future performance.

Key Pillars of a Successful Listed Investment Vehicle

RF1 Fund Size $573m

Return Since Inception1 26% p.a.

ASX Listing Date 17 Jun 2019

Investment Performance

Deliver attractive risk-adjusted absolute returns over the medium term

Perform in line or above market expectations

Explain mistakes/underperformance

+26% p.a. return (NAV) +110% total return1

Investor Engagement & Communication

Experienced sales and marketing team

Structured client engagement program (performance updates, webinars, broker meetings and calls)

Scalable marketing technology and CRM platform

Consistent communication schedule designed to inform and engage unitholders

Capital Management Initiatives

Defined distribution policy

Buyback utilised meaningfully when trading at a discount

Grow and raise capital via a structure that reflects alignment

Buyback actively in place Cash distribution of $1.69 per unit paid since inception2

Regal Partners	RF1 -Overview	Market Update	Water Strategy	RF1 -Outlook	Q&A
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Investor Q&A

Thank you for joining the Investor Update for the,

Regal Investment Fund (ASX: RF1)

If you have any questions following this presentation, please contact our Registry on: [email protected]

Alternatively, please visit the manager's website: www.regalfm.com

Thank you again for your continued support