Benefits of investing in MXT

Key benefits of investing in the Trust include:

Monthly cash income with low risk of capital loss

The Trust has consistently delivered cash income of 5.8% per annum over the twelve months including March 2019 and 5.5% per annum since listing in October 2017. Past performance is not a reliable indicator of future performance. The Trust's Target Return is the RBA Cash Rate plus 3.25% per annum net of fees (currently 4.75%) and pays cash distributions monthly. Corporate loans generally have floating interest rates with lender protections such as security, resulting in an expected stable capital value and low loss rates. The Trust may not be successful in achieving its objective or Target Return.

Attractive risk‐adjusted returns from a diversified portfolio

The Trust offers direct, diversified exposure to the bank‐dominated Australian corporate loan market and its attractive risk‐adjusted returns. The Trust is diversified with over 100 loans to borrowers across industries and the credit spectrum and Offer proceeds will be used to further enhance diversification.

An experienced and active management team

Metrics comprises a high calibre Investment Team who have on average over 30 years of market experience in direct lending, supported by a team of over 20 investment professionals. The Manager seeks out proprietary origination opportunities, undertakes detailed risk analysis and attends to the legal documentation, execution and ongoing portfolio risk management of loan portfolios. Metrics has an organisational culture focused on risk management and investor capital preservation.

Portfolio diversification from an investment in Australian corporate fixed income

Fixed income is an important component of a balanced investor portfolio offering stable cash yields with low risk of capital loss. Australian investors typically have limited domestic fixed income investment alternatives, and limited ability to access the attractive risk‐adjusted returns offered by direct lending to Australian companies. The Trust's NAV and traded Unit Price evidence the diversification benefits from this asset class demonstrating strong defensive characteristics and little correlation to public equities and bonds, bank hybrids or term deposits.

Low management fees

Base management fees are equivalent to fees paid by wholesale investors in Metrics' Wholesale Funds.

About the Trust

The Trust provides investors with direct exposure to the Australian corporate loan market, a market which is dominated by regulated banks and has in the past typically been hard for non‐bank investors to access.

The Trust has delivered investors regular monthly cash income above the Trust's Target Return and a stable Net Asset Value (NAV) by lending to over 100 Australian companies and projects diversified across borrowers, industries and the credit spectrum. Past performance is not a reliable indicator of future performance.

The Trust provides investors with a means of diversifying their own portfolios as the Trust's units have traded with little correlation to public domestic and international equity and bond markets. The Trust continues to enjoy a strong pipeline of lending opportunities and will invest proceeds from the Offer to further diversify the Trust.

The Trust provides this exposure through investments in and alongside wholesale funds managed by Metrics Credit Partners Pty Ltd (ACN 150 646 996; AFSL 416 146) (Metrics or Manager).

How we invest your money

The Trust's Investment Strategy is to maintain a diversified exposure to Australian corporate loans generally reflecting activity in the corporate loan market providing investors with exposure to an investment portfolio diversified by borrower, industry and credit quality. Through active portfolio risk management, the Manager seeks to preserve investor capital. The capital is intended to be invested in a manner which targets the following Portfolio Construction:

Diversified by borrowers

• Lending to public and private companies and projects (currently>100 individual investments).

• No more than 5% of the Trust's assets are to be invested in a single borrower.

Diversified by industries

• Lending across industry sectors.

• It is not intended that the Trust will invest in the banking sector (i.e. regulated banks that otherwise issue public debt securities and hybrid securities).

Diversified by credit quality

• Lending across the credit spectrum reflective of the corporate loan market.

• Borrowers are Australian domiciled (greater than 80%) with investments in debt products typical in the Australian corporate loan market, including being secured or unsecured, senior or subordinated, investment grade or sub‐investment grade, with such investments undertaken by the Manager to best achieve the Investment Objective.