Harbour Australasian Equity Fund

Harbour Australasian Equity Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund provides actively managed exposure to New Zealand and Australian listed equities. This Fund has a growth-oriented investment approach to generate alpha (return over the benchmark) for investors. Benchmark S&P/NZX 50 Index including imputation credits. Fund Objective The investment objective of the Fund is to achieve a gross return of 5.0% per annum above the benchmark over the long term. Fund Update Portfolio performance was behind the benchmark for November. The mini reporting round saw downgrades to earnings for several companies. Corporate activity continued with a potential takeover offer for Trademe and more concrete details for Restaurant Brands. Relative weakness in Australian positions plus a downgrade to earnings in Lend Lease, weakness in CSL, Challenger and GTN were the key drivers of underperformance. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return -2.37% -9.55% 4.35% 15.94% 15.43% 14.66% 14.54% 0.88% -4.89% 8.92% 14.43% 14.42% 14.37% 13.58% (after deductions for charges, before tax)** -2.46% -9.82% 3.18% 14.64% 14.13% 13.34% 12.92% * Gross for the Australasian Equity Fund wholesale, in which this retail Fund invests. Inception: April 2010. ** for the Australasian Equity Fund retail. $35,000 $32,500 $30,000 $27,500 $25,000 $22,500 $20,000 $17,500 $15,000 $12,500 $10,000 $7,500 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 28,579 Australasian Equity Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Health Care Consumer Staples Industrials Cash Financials Information Technology Utilities Materials Consumer Discretionary Energy Property 0 5 10 15 20 25 A2 Milk Mainfreight Spark New Zealand Fletcher Building Summerset Group Holdings Auckland Intl Airport Fisher & Paykel Healthcare Contact Energy CSL Macquarie Group 13.53% 7.30% 6.37% 4.82% 4.75% 4.48% 4.16% 3.78% 3.72% 3.30% Security Type Key Information 22.57% 1.30% 76.13% NZD Equities AUD Equities Cash Unit Price 2.6581 Unit Pricing Daily Fund Size (GAV) $240,846,625 Fund Inception Date 11 April 2010 Currency NZD Estimated Total Fund charge: 1.10%pa Performance fee Yes Entry/exit fees Distribution frequency Not for this fund Risk Profile This Fund has a risk rating of 5, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Andrew Bascand Managing Director Shane Solly Director, Portolio Manager Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Australasian Equity Fund

Harbour Australasian Equity Focus Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund is an actively managed fund investing in New Zealand and Australian listed equities. It is a high conviction fund where the portfolio will consist of companies our analysts have researched and have a high belief will perform over the medium to longer-term. A higher rated company will have a higher weighting in the portfolio. Benchmark 50% S&P/NZX 50 and a 50% S&P/ASX 200 Index (which is 50% hedged into NZ dollars). Fund Update Portfolio performance was behind the benchmark for November. Relative weakness in Australian positions dragged negatively on returns. Weakness in CSL, Challenger, Lend Lease, GTN and Pacific Edge were the key drivers of underperformance. Click here for the Harbour Market Commentary for this month. Fund Objective The investment objective of the Fund is to deliver medium to long term capital growth through investing in quality businesses with strong growth prospects. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return -3.75% -12.89% 2.04% 17.29% 14.51% na 13.79% -1.17% -7.66% 2.93% 10.84% 10.89% na 9.85% (after deductions for charges, before tax)** -3.85% -12.94% 0.60% 15.38% 12.65% na 11.88% * Gross for the Australasian Equity Focus Fund wholesale, in which this retail Fund invests. Inception: March 2014. ** for the Australasian Equity Focus Fund retail. $20,000 $19,000 $18,000 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 16,845 Harbour Australasian Equity Focus Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Health Care Consumer Staples Financials Information Technology Industrials Cash Consumer Discretionary Materials Property Energy 0 5 10 15 20 25 30 A2 Milk CSL Mainfreight Macquarie Group Summerset Group Holdings Challenger Vista Group International Scales Corp Kathmandu Holdings Gentrack Group 14.10% 9.92% 9.20% 7.00% 6.82% 5.70% 4.92% 4.58% 4.29% 3.40% Security Type Key Information 39.18% 1.18% NZD Equities AUD Equities Cash & Cash Equivalents Unit Price 1.6606 Unit Pricing Daily Fund Size $19,866,617 Fund Inception Date 10 April 2014 Currency NZD Estimated Total Fund charge: 1.26%pa Performance fee Yes Entry/exit fees 59.64% Distribution frequency Not for this fund Risk Profile This Fund has a risk rating of 5, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Andrew Bascand Managing Director Shane Solly Director, Portolio Manager Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Australasian Equity Focus Fund

Harbour NZ Equity Advanced Beta Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund provides exposure to New Zealand equities. The Fund is designed to track the market index with some quantitative tilting to selected companies. 70% of the Fund mirrors the market index with the remaining 30% of the Fund tilted towards those companies in the index that score well on our financial models for value, yield & growth. Benchmark S&P/NZX 50 Portfolio Index. Fund Objective The investment objective of the Fund is to outperform the benchmark. Performance Fund Update The NZ Equity Advanced Beta Fund generated a positive return and outperformed its benchmark in November. All the strategies outperformed the market, with Yield performing the strongest. Mid cap stocks displayed stronger performance than their large-cap counterparts. Underweight positions in large-caps Fletcher Building, Ryman Healthcare and Fisher & Paykel Healthcare were positive for performance. Overweight positions in Kathmandu and takeover target Trade Me were also positive for performance. Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return 1.56% -3.62% 8.60% 14.08% 13.92% na 13.99% 1.26% -3.42% 9.09% 15.47% 14.82% na 14.23% (after deductions for charges, before tax) 1.52% -3.76% 8.00% 13.47% 13.28% na 13.33% Inception: December 2014. $18,000 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: $ 16,487 after all fund charges but before tax. Harbour NZ Equity Advanced Beta Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Utilities Health Care Industrials Real estate Cash Consumer Discretionary Consumer Staples Financials Energy Materials Information Technology Telecommunication Services 0 5 10 15 20 Spark New Zealand A2 Milk Meridian Energy Contact Energy Mercury NZ Mainfreight Auckland Intl Airport Trade Me Group Skycity Entertainment Group Summerset Group Holdings 4.88% 4.35% 4.07% 3.96% 3.78% 3.71% 3.70% 3.56% 3.22% 3.14% Actual Investment Mix 1.47% 98.53% NZD Equities Cash & Cash Equivalents Key Information Unit Price 1.5674 Unit Pricing Daily Fund Size (GAV) $157,420,005 Fund Inception Date 3 December 2014 Currency Estimated Total Fund charge: NZD 0.54%pa Performance fee Entry/exit fees Distribution frequency Not for this Fund Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Susanna Lee Director, Portfolio Manager Andrew Bascand Managing Director Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour NZ Equity Advanced Beta Fund

Harbour Australasian Equity Income Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund is designed to generate quarterly income from a diversified portfolio of Australasian listed equities that pay sustainable and growing dividend yields (the amount a company pays out in dividends each year relative to its share price) as well as holding cash and fixed interest securities. Benchmark 60% S&P/ASX Industrials Index (equally weighted and 90% hedged to NZD) and 40% S&P/NZX Portfolio Index. Fund Objective Fund Update Portfolio performance was ahead of the benchmark for November. The mini reporting round saw downgrades to earnings for several companies. Corporate activity continued with a potential takeover offer for Trademe and more concrete details for Restaurant Brands. Strong performance by defensive companies Spark, Contact and Meridian, and solid results from Kathmandu and Mainfreight were drivers of performance. Click here for the Harbour Market Commentary for this month. The investment objective of the Fund is to generate a higher yield than the New Zealand and Australian markets. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 1.29% -1.81% 4.59% 9.43% 8.20% 12.21% 15.07% -0.22% -7.14% 3.41% 12.02% 11.92% 12.02% 14.57% (after deductions for charges, before tax)** 1.17% -2.11% 3.40% 8.22% 6.99% 10.95% 13.38% * Gross for the Australasian Equity Income Fund wholesale, in which this retail Fund invests. Inception: November 2011. ** for the Australasian Equity Income Fund retail. $26,000 $24,000 $22,000 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 24,345 Harbour Australasian Equity Income Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Property Cash Utilities Industrials Financials Consumer Discretionary Materials 0 10 20 30 40 Contact Energy Meridian Energy Mainfreight Kathmandu Holdings Spark New Zealand Vital Healthcare Property Precinct Properties NZ Restaurant Brands NZ Macquarie Group Goodman Property Trust 4.66% 4.61% 4.01% 3.69% 3.48% 3.33% 3.28% 3.19% 3.10% 3.08% Security Type Key Information 40.67% 4.04% 55.29% NZD Equities AUD Equities Cash & Cash Equivalents Unit Price 1.7298 Unit Pricing Daily Fund Size (GAV) $35,554,323 Fund Inception Date 1 November 2011 Currency NZD Estimated Total Fund charge: 1.05%pa Performance fee Entry/exit fees Distribution frequency Quarterly Last distribution CPU 2.08 Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Craig Stent Executive Director Head of Equities Shane Solly Director, Portolio Manager Andrew Bascand Managing Director Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Australasian Equity Income Fund

Harbour NZ Corporate Bond Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund provides access to favourable income yields through a diversified portfolio of primarily investment grade corporate bond fixed interest securities. Benchmark S&P/NZX A-Grade Corporate Bond Total Index. Fund Objective The investment objective of the Fund is to exceed the return of the benchmark portfolio after fees on a rolling 12 month basis. Fund Update Portfolio performance was fractionally ahead of benchmark during November. Contributions were made by interest rate positioning (duration) and security selection, all happening within a market that was more volatile than usual. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return (after deductions for charges, before tax) 0.01% 0.50% 3.96% 4.53% 4.46% 5.30% 5.89% -0.09% 0.37% 3.81% 4.43% 4.33% 5.32% 5.81% -0.04% 0.35% 3.31% 3.87% 3.80% 4.64% 5.23% Inception: February 2009 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 16,476 NZ Corporate Bond Fund

Credit Sectors 35% 30% 25% 20% 15% 10% 5% 0% Top 10 Issuer Exposures New Zealand Local Government Cash ASB Bank Bank of New Zealand Dunedin City Treasury Ltd Westpac Banking Corp ANZ Bank New Zealand Fonterra Co-operative Group New Zealand Government Christchurch City Council % Portfolio 11.7% 7.5% 6.5% 6.1% 5.8% 4.6% 4.4% 4.1% 3.2% 2.7% Ratings Key Information 14% 10% 0% 3% 14% 3% AAA AA Govt AA Other (and A- 1+) A (and A-1) Unit Price Unit Pricing Fund Size (GAV) 1.0733 Daily $375,260,677 Fund Inception Date 16 February 2009 Estimated Total Fund charge: Performance fee Entry/exit fees 0.63%pa BBB (and A-2) Distribution frequency Quarterly BB Last distribution CPU Portfolio Yield 0.78 2.93% 56% NR Portfolio Duration Immigrant Investor Category 2 % eligibility 3.13 77.3% Risk Profile This Fund has a risk rating of 2, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Mark Brown Director, Fixed Income Portfolio Manager Christian Hawkesby Executive Director, Head of Fixed Income & Economics Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. NZ Corporate Bond Fund

Harbour Income Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description Fund Objective The Fund is designed to give a favourable level of income. The Fund invests predominantly in New Zealand investment grade fixed interest securities and Australasian equities which pay a sustainable dividend yield. Other tools, such as active management and scope to invest in sub investment grade securities may also be used to enhance returns. Fund Benchmark 68% S&P/NZX A Grade Corporate Bond Total Index; 16% S&P/ASX200 Industrials Index (100% hedged to NZ dollars); and 16% S&P/NZX Portfolio Index. Performance The investment objective of the Fund is to exceed the Official Cash Rate (OCR) plus 3.5% pa over rolling three year periods. Fund Update The Income Fund s gross return (before fees and tax) was 0.21% in November. The Fund s benchmark return was -0.04%, which reflected weakness coming from the Australian ASX200 Index and NZ corporate bonds. The Fund s outperformance was mainly due to the defensive nature of the equity holdings and the decision to add equity exposure when the market softened late in the month. Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return (after deductions for charges, before tax) 0.21% -0.65% 3.92% 5.94% 5.53% na 5.40% -0.04% -1.85% 3.74% 6.40% 6.44% na 6.42% 0.15% -0.81% 3.18% 5.12% 4.72% na 4.59% Inception: 28 October 2015. $11,750 $11,500 $11,250 $11,000 $10,750 $10,500 $10,250 $10,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 11,488 Harbour Income Fund

Yield Top 10 Issuer Exposures % Portfolio INCOME FUND COMBINED RUNNING YIELD (including imputation credits) Running Yield on Corporate Bonds S&P Corporate A Grade Index Running Yield 12m Fwd Dividend Yield on Australasian Equities (including imputation credits) 12m Fwd Dividend Yield on Australasian Equities (excluding imputation credits) NZX 50 Index 12m Fwd Dividend (including imputation credits) NZ 6 Month Term Deposit Rate* 3.57% 13.1% 6.6% 2.48% Westpac Banking Group Limited 5.7% Harbour Real Estate Investment Fund 5.1% 2.77% PIE Cash 5.0% 5.36% 4.50% 5.31% 3.26% New Zealand Government Harbour Australasia Eq Focus Wsale PIE NAB Low Carbon Shared Portfolio Genesis Energy Limited Realm Capital Series Fund Contact Energy Limited ASB Bank 4.1% 3.8% 2.8% 2.8% 2.1% Actual Investment Mix Key Information 2% Risk Profile 5% 11% 50% Australasian Equities International Equities International fixed interest 32% NZ Fixed Interest Cash & cash equivalents This Fund has a risk rating of 3, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Unit Price 0.9732 Unit Pricing Daily Fund Size (GAV) $77,043,541 Fund Inception Date 28 October 2015 Currency Estimated Total Fund charge: Performance fee Entry/exit fees Distribution frequency Investment Team for this Fund NZD 0.63%pa Monthly Last distribution CPU 0.41 Mark Brown Director, Fixed Income Portfolio Manager Craig Stent Executive Director,Head of Equities Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Income Fund

Harbour NZ Core Fixed Interest Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund is an actively managed investment grade bond fund that invests mainly in New Zealand Government and corporate bond fixed interest securities. Benchmark 50:50 weighted average of S&P/NZX Govt Bond Index and S&P/NZX A-Grade Corporate Bond Total Index. Fund Objective The investment objective of the Fund is to outperform the benchmark by 100 basis points per annum over a rolling three year period. Fund Update Portfolio performance was fractionally ahead of benchmark during November, with our active positions adding value overall. However, within this outcome were some offsetting contributions, all happening within a market that was more volatile than usual. Interest rate positioning (duration) and relative value trades added value, while inflation-indexed bonds and credit detracted. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 0.03% 0.44% 3.79% 4.59% 4.74% 5.55% 5.47% -0.05% 0.32% 3.87% 4.31% 4.25% 5.29% 5.11% (after deductions for charges, before tax)** -0.05% 0.28% 3.10% 3.93% 4.03% 4.78% 4.72% * for NZ Core Fixed Interest Fund- wholesale in which this retail Fund invests. Inception: May 2011. ** for the NZ Core Fixed Interest Fund- retail. $15,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) $14,000 $13,000 $12,000 $11,000 $10,000 If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: $ 14,151 after all fund charges but before tax. Harbour NZ Core Fixed Interest Fund

Cash & Deposits Government Offshore Govt Agency Supranational Local Authority Financials Utilities Corporate Telecom Property Asset-Backed Derivatives FX Credit Sectors 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Top 10 Issuer Exposures New Zealand Government New Zealand Local Government Bank of New Zealand Westpac Banking Corp ANZ Bank New Zealand ASB Bank Cash Fonterra Co-operative Group Kiwibank Nordic Investment Bank % Portfolio 46.3% 5.8% 3.6% 3.6% 3.5% 3.1% 2.7% 2.4% 2.2% 2.1% Ratings Key Information 28% 11% Risk Profile 5% 1% 9% 46% AAA AA Govt AA Other (and A- 1+) A (and A-1) BBB (and A-2) This Fund has a risk rating of 2, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). BB Entry/exit fees Distribution frequency Investment Team for this Fund Unit Price 1.1195 Unit Pricing Fund Inception Date 24 May 2011 Estimated Total Fund charge: Performance fee Portfolio Yield 2.66% Portfolio Duration 3.60 Immigrant Investor Category 2 % eligibility Daily Fund Size (GAV) $159,615,890 0.63%pa Quarterly Last distribution CPU 0.68 87.0% Mark Brown Director, Fixed Income Portfolio Manager Christian Hawkesby Executive Director, Head of Fixed Income & Economics Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour NZ Core Fixed Interest Fund

Harbour Real Estate Investment Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund aims to capture the income yield and medium-term capital growth characteristics of investing principally in listed real estate assets and enhance diversification and return potential against the benchmark. Fund Benchmark S&P/NZX All Real Estate Index. Fund Objective The investment objective of the Fund is to exceed the benchmark return plus 1% per annum over the medium term. Performance Fund Update Portfolio performance was behind the benchmark for November. Negative returns from Australian real estate securities Lend Lease, Goodman Group, Scentre Group and Charter Hall dragged on returns. Lend Lease was particularly weak following a cut to earnings forecasts. The NZ property sector profit reporting season for the September period was generally positive. Several NZ property securities improved the sustainability of their dividend distributions by rebasing them to refer to conservative funds from operations and available funds from operations earnings definitions. Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 2.52% na na na na na -0.60% 3.97% na na na na na 0.42% (after deductions for charges, before tax) 2.46% na na na na na -0.73% * Gross for the Real Estate Investment Fund. Inception: October 2018. Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) 12,000 10,000 8,000 6,000 4,000 2,000 0 If you had invested $10,000 in this Fund at inception, as at 30 Nov 2018 it would be worth: after all fund charges but before tax. $ 9,919 Harbour Real Estate Investment Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Property Australasian Equities Cash 0% 20% 40% 60% 80% 100% Kiwi Property Group Precinct Properties NZ Property For Industry Goodman Property Trust Argosy Property Vital Healthcare Property Stride Property Goodman Group Arena REIT Industria REIT 13.94% 13.76% 10.58% 10.39% 10.28% 10.00% 6.76% 3.09% 2.10% 1.97% Security Type 8% 0% 3% 89% Listed property Unlisted property Australasian Equities Cash & Cash Equivalents Key Information Unit Price Unit Pricing Fund Size (GAV) Fund Inception Date Currency Estimated Total Fund charge: Performance fee Entry/exit fees Distribution frequency 0.9919 Daily $4,201,572 1 October 2018 NZD 0.72% No 6 monthly Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Shane Solly Director, Portolio Manager Craig Stent Executive Director, Head of Equities Andrew Bascand Managing Director This Fund Fact Sheet is provided for general information purposes only. The information is given in good faith and has been prepared from published information and other sources believed to be reliable, accurate and complete at the time of preparation but its accuracy and completeness is not guaranteed. Information and any analysis, opinions or views contained herein reflect a judgement at the date of publication and are subject to change without notice. The information provided is not intended to constitute advice to any person. To the extent that any such information, analysis, opinions or views constitutes advice, it does not take into account any person s particular financial situation or goals and, accordingly, does not constitute personalised advice under the Financial Advisers Act 2008. The information, analysis, opinions and views in this fund fact sheet provided do not constitute advice of a legal, accounting, tax or other nature to any persons. You should consult your tax adviser in order to understand the impact of investment decisions on your tax position. Reference to taxation or the impact of taxation does not constitute tax advice. The rules on and bases of taxation can change. The value of any tax reliefs will depend on your circumstances. Neither Harbour Asset Management Limited nor any other person guarantees repayment of any capital or payment of any returns on capital invested in the investments referred to in this Fund Fact sheet. The price, value and income derived from investments may fluctuate in that values can go down as well as up and investors may get back less than originally invested. Actual performance will be affected by fund charges. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance. Harbour Asset Management Limited is the issuer and manager of the Harbour Investment Funds (Funds). Investors must receive and should read carefully the Product Disclosure Statement for the Funds before making a decision is made to invest in the Funds. A copy of the Product Disclosure Statement is available at www.harbourasset.co.nz. We are also required to publish quarterly updates for each Fund. The updates show the returns and the total fees actually charged to investors, during the previous year. The latest fund updates are available at www.harbourasset.co.nz. Full disclaimer for use of the S&P/NZX Index data can also be found on our website. Harbour Real Estate Investment Fund

T. Rowe Price Global Equity Growth Fund MONTHLY FUND FACT SHEET Information as at 30 November 2018 Fund Description The Fund invests in a broadly diversified portfolio of global equities, typically comprising around 130 stocks. Fund Benchmark Fund Objective To provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. MSCI All Country World Index (unhedged). Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return -2.09% -10.58% 1.82% 19.30% 10.39% na 11.23% -3.55% -8.94% -1.07% 12.85% 6.84% na 7.43% (after deductions for charges, before tax)** Inception: 21 October 2015-2.19% -10.93% 0.48% 17.79% 8.98% na 10.05% Market Review In New Zealand dollar terms, global equities fell in November as investors digested news on mixed economic data, continuing developments between the U.S. and China on trade, and central bank policy. Major U.S. stock indexes were volatile. The U.S. midterm elections were held on November 6, with the Democratic Party gaining control of the U.S. House of Representatives, and the Republican Party maintaining control of the U.S. Senate. As the month progressed, stocks pressed downward as trade worries returned to the spotlight and weighed on sentiment. Disappointing U.S. economic data also unnerved investors, as data released during the month showed that core durable goods orders were flat in October and that September s decline was worse than previously estimated. Weekly jobless claims also hit highs not seen since the summer. Developed European markets lost ground. On the positive side, Danish shares were the top performers. Italian shares were volatile throughout the month due to continuing tensions with the European Union over the Italian government s plans to increase spending. British shares declined as the European Union (EU) and UK reached a draft deal that outlined future ties between the EU and the UK, although domestic opposition could complicate any progress. Stocks in Norway one of Europe s largest oil producers were hurt by falling oil prices. Ireland and Finland also fell. Developed Asian markets were mostly negative, though Hong Kong was a bright spot. Japanese shares were flat for the month, as a late-month rally lifted shares out of the red. Disappointing Japanese economic news weighed on the market, as data released during the month showed that the Japanese economy contracted by a 1.2% annualized rate in the third quarter. Emerging markets stocks were positive and outperformed developed equity markets. In emerging Europe, Turkish shares soared, thanks in part to a much stronger lira and falling oil prices. The falling price of oil weighed on Russian shares and the ruble, however. Emerging Asian markets were mostly positive, as many oil-importing nations in the region benefited from crumbling crude oil prices. Strong economic data lifted Chinese stocks; data released during the month showed a surge in October exports despite the implementation of U.S. tariffs. In Latin America, Mexican shares were very volatile, falling to four-year lows. Sector performance in the MSCI All Country World Index was mostly negative. Energy, information technology, and materials were the worst performers, while health care, real estate, and utilities were positive. T. Rowe Price Global Equity Growth Fund

Fund review The fund outperformed the MSCI All Country World Index for the one-month period ended November 30, 2018. Apple was the largest relative contributor in the portfolio over the period. While shares sank, their underweight to the stock versus the benchmark made it a relative contributor for the month. At the sector level, stock selection in financials contributed the most to relative returns, especially their holdings in Kotak Mahindra Bank, Bank Central Asia, and HDFC Bank. Conversely, holdings in industrials and business services weighed on relative returns, especially T Rowe Price positions in Assa Abloy, Legrand, and Boeing. T. Rowe Outlook While investors should probably lower their near-term return expectations, there are catalysts that could help move markets higher. Specifically, T. Rowe Price would expect stock markets to react favorably to resolutions on geopolitical issues in general and trade disputes in particular. While they maintain a more cautious view of the market overall than T Rowe Price did entering the year and have incrementally de-risked the portfolio, T Rowe Price still believe that their robust research platform and worldwide, fundamentally driven investment process will be well suited for increasingly selective markets. Sector Diversification % Top 10 Holdings Country Financials Information Technology Consumer Discretionary Health Care Industrials & Business Services Communication Services Consumer Staples Energy Materials Real Estate Utilities 0% 5% 10% 15% 20% Alibaba Group Holding Alphabet Altaba Amazon.com Boeing Charles Schwab Facebook SM Investments Tencent Holdings Tesla China United States United States United States United States United States United States Philippines China United States Geographical Diversification (Top 10) Key Information 2.8% 2.5% 2.4% 2.2% United States China 3.3% India 3.5% Japan 3.6% United Kingdom 5.9% 7.6% Philippines Indonesia Netherlands Unit Price 1.5383 Unit Pricing Daily Fund Size (GAV) $52,429,172 Fund Inception Date 21 October 2015 Estimated Total Fund charge: 1.22%pa Performance fee No Entry/exit fees Distribution frequency Not for this Fund 49.8% France Peru Risk Profile This Fund has a risk rating of 5, based on returns data from the 5 years to 30 November 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). T. Rowe Price Global Equity Growth Fund

Investment Team for this Fund Andrew Bascand Managing Director & Portfolio Manager Simon Pannett Investment Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. T. Rowe Price Disclaimer: T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, and other countries. This material is intended for use only in select countries. T. Rowe Price is not the issuer of this document nor authorized the issue thereof. T. Rowe Price takes no responsibility for the content herein, including but not limited to accuracy, timeliness and/or completeness. Accordingly, T. Rowe Price will not be liable or responsible to you or any other parties for any and all liabilities arising directly or indirectly from the use and/or reliance of this document. T. Rowe Price Global Equity Growth Fund