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Our team brings together seasoned professionals with diverse expertise across property development, investments, finance and governance. The Royce Capital Team Our team brings together seasoned professionals with diverse expertise across property development, investments, finance and governance. Together we combine vision with experience and commitment to excellence, allowing us to deliver lasting value. Performance Validation Harvey Kalman Senior executive and board member with over 25 years in financial services providing leadership and strategic advisory across business growth, risk management, funds management, service provision, operations and innovation. ► Executive Leader | 25 years in executive leadership teams at Equity Trustees, Financial Services Council and ANZ. ► Board Member | 10 years as a Non-Executive Director and committee chair in not-for-profit, financial services and regulatory compliance organisations, including Victorian Legal Services Board and Menzies Foundation. ► Business Growth | Outcomes-driven and highly networked globally, having grown business revenue from $1m to $34m, and FUM from $0.7b to $100b, and expanded Australian businesses to the UK, US and Europe. ► Financial Services | 30+ years in financial services with expertise in the commercial, financial, regulatory and public policy issues surrounding financial systems, future trends and the inner mechanics of financial markets. ► Funds Management | Leading authority on tax and structural issues relating to Funds Management, having collaborated and advised government and industry bodies on how to solve issues affecting the sector. ► Innovation | Recognised innovator in financial services, having developed enhancements to industry products, a new business model and launched over 400 new financial products and services. ► Operational Excellence | 22 years managing teams, business units and companies with up to 12 direct and 60 headcount globally, providing a no-surprises approach and a hands-off trusting style that sets clear accountabilities. ► Global Relationship Management | Access to 200+ firms globally including 120 Funds Managers, 15 Custodian Administrators, 10 Auditors/ Tax advisors, 25 Legal firms and 25 Financial Services centres of influence. ► Not-For-Profit (NFP) Sector | Over 16 years in NFP as a chair, board and committee member at Menzies and Bialik, providing strategy and oversight across audit and risk, funds management, grants programs and fundraising. ► Legal & Regulatory Compliance Sector | 4 years as a board member for Victorian Legal Services, assisting regulation of the legal profession in Victoria. Chaired grants committee and member of audit and investment committee. ► Governance, Risk Management & Compliance (GRC) | 25 years in GRC as a member of boards, Due Diligence Committees, Management Risk Committee - Australia; UK and Europe, and Audit and Risk Committees Louie Kortesis Louie is an experienced Director with a demonstrated history of working in the financial services industry. Skilled in Cash Flow, Tax Preparation, Business Planning, Business Development, and Strategic Planning. Louie is a strong professional with a Bachelor of Economics (Honours) majoring in Accounting from La Trobe University. Manish Agarwal An Accomplished Technology and Infrastructure leader with over two decades of experience excelling in Transforming and Managing Complex Technical Environments, Responsible for Business Growth, P&L ,Domain Consultancy, Large & Complex Program Delivery. Worked with Top 7 Telcos and over 100+ Enterprises across multiple geographical locations. Leveraged business acumen and technical expertise to translate business needs to realizable and secure solutions in the infrastructure space. Ground zero engagements in Australia, Brazil, India, UK, Germany, Spain & Japan. Ferhat E. Kaan Kaymak Ferhat have a diverse and interdisciplinary education background, with bachelor's degree in business administration and management and a credential for readiness (CORe) from Harvard Business School Online, focusing on business analytics, economics for managers, and financial accounting. Currently, Ferhat is a senior data scientist at Milangaz, a leading energy company in Turkey, where analytical skills and financial risk management knowledge to optimize the company's operations and performance. In previous roles, Ferhan have gained valuable experience in financial analysis, treasury management, and hedge strategies, working with different projects, markets, and stakeholders. Prepared and analysed financial and risk models, executed relations with banks and evaluated the company's capital, provided consultancy on strategic decisions, and made presentations to senior management. Also managed cash-flows, inter-company loans, bank relations, payments, FX settlements and collections, and used spot and derivative instruments to mitigate financial risks. Developed hedge strategies compatible with the company’s current balance sheet and future objectives, and monitored local/global financial markets and economic calendars. Contributed to the company's growth and profitability, while also learning from the best practices and insights of my colleagues and partners. Ferhat is very passionate about data science, finance, and economics, and enjoy solving complex problems, finding innovative solutions, and creating value for the organisation and the society. Omar Rahim Accomplished Chief Risk Officer with 20+ years of experience in risk management across banking and wealth management. Proven expertise in designing, implementing, and scaling enterprise-wide risk frameworks for financial institutions, with a strong focus on small to medium-sized banks. Adept at navigating complex regulatory environments while balancing risk management with business objectives. Competent in managing financial and non-financial risks, including capital, liquidity, credit, operational, financial crime, regulatory compliance, and conduct risk. A strategic and hands on leader, fostering collaboration to embed a proactive risk culture while safeguarding the bank’s assets and reputation. Experienced in engaging regulators, boards, and C-suite executives to shape risk strategy and governance. Passionate about leveraging technology, AI, and data analytics to transform risk management into a strategic advantage - driving confident decision making, stronger investor trust, and enabling safe and sustainable business growth.

$80B AUM | Proven Multi-Asset Performance | Top-Quartile Returns Across 1, 3, 5 & 7-Year Horizons Performance Validation The Royce Team The Royce Team has managed several multi-asset portfolios comprised of circa $10b AUD of assets under management, to top quartile performance relative to peers. These portfolios spanned the risk and return spectrum, with performance achieved over multiple time horizons including 1,3,5 and 7 years. The Royce Team has also aided private clients achieve their targeted risk adjusted returns whilst at UBS through offering clients and their advisers a robust well researched product list.

Royce America Real Estate Investment Trust (REIT) Royce America REIT will invest in a portfolio of residential and commercial real estate assets and development sites across the United States of America with a significant focus on major metropolitan areas.

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Investment Performance History 5 year Global Real Estate fund return overview and 2025 forward Real estate investment funds can provide different returns depending on the property market conditions. Generally, returns range from 11% to 15% over a five-year period, depending on the region and market cycle. Looking at the past 5 years, many real estate funds have shown positive returns, especially those in sectors like industrial properties, logistics, and residential housing. U.S. Real Estate Funds (REITs) The U.S. market, particularly the residential and industrial sectors, performed well over the last 5 years. REITs focused on industrial properties (like warehouses and logistics centres) saw significant growth due to the rise in e-commerce. For example, Vanguard Real Estate ETF (VNQ), which tracks the U.S. real estate market, has seen positive returns over the past five years, with an average annual return of around 6-8%. REITs focused on residential properties, especially single-family rentals, also performed well as home prices rose. Global Real Estate Funds Real estate funds focusing on global properties, especially in growing markets like Asia-Pacific, have had varied returns. Some funds in growing markets, particularly in emerging economies, have seen positive returns, but the performance is often more volatile. Funds such as Schroder Global Property Fund and JPMorgan Global Real Estate Fund have shown positive returns in the last 5 years, often averaging 5-7% annually. Specialized Real Estate Funds: Industrial Real Estate : REITs and funds that specialize in logistics, warehouses, and industrial properties have seen solid growth, especially as e-commerce and supply chains grew during the pandemic. For example, funds like Prologis (PLD), a logistics-focused REIT, posted strong returns, often outperforming broader market indices. Residential and Healthcare REITs : These funds, including those focused on multi-family housing, senior housing, and healthcare properties, have also had positive returns. The aging population and demand for housing drove growth in these areas. Property Outlook Through global surveys, the market has indicated that commercial real estate owners and investors are hopeful of a positive 2025. This driven by several key themes: Disinflation & Capital Expenditure The property sector has been a casualty of global inflation and persistently high interest rates, leading to the compression in valuations. Capital expenditure has been costly the past years with capacity constraints, higher cost of borrowing, post Covid supply and labour issues, coupled with a move away from globalisation through near shoring. With the global narrative changing to one of disinflation, interest rates falling, and supply issues lifting, raises expectations for 2025 through enticing greater liquidity in the sector, spreads compressing, and lowering costs for capital expenditures which enhance the investment narrative. Balanced Competitor Environment With the current position in the cycle, this has opened access to high quality / trophy assets. This opportunity though is expected to be short lived as the flight to quality intensifies. It does have a flow on impact on lower quality assets, raising the need for capital expenditure and asset holders to embrace technology driven efficiencies to remain relevant and attractive to future investors / tenants. New Liquidity Cycle Capital markets are anticipated to open throughout the course of 2025. As returns are anticipated to increase in the sector through cap rate compression, narrowing spreads, and good fundamentals, so does the flow of capital. Structurally, the rate of increased liquidity is anticipated to be further enhanced by the growing need to deploy a growing pool of retirement capital. Supply Constraints The global inflation narrative has led to material decreases across the globe in property development. Of note is in the industrial space where demand is increasing as onshoring gathers pace. This has supported industrial valuations and will continue to do so as supply shortages continue into increase in 2025. Most prominently in Europe and the US, with some, but insufficient, supply appearing in Asia Pacific. Return to Office Mandates The office sector has attracted many industry headlines over the past years with drastic valuation declines (up to 25-30%), higher vacancy rates due to post-pandemic hybrid work arrangements, and loan distress as rates stayed higher for longer. The sector appears to be coming out of this negative phase as company policies push for workers to return to the office, driving demand for additional floor space. It is recognised that with the availability of office space, a drive toward quality is expected, increasing occupancy rates and rental yields for A-Grade locations. This will drive lower grade locations to upgrade and embrace technology to remain competitive. Contact Us **Past performance is not indicative of future results. The value of investments and the income generated from them can fluctuate, and you may not get back the amount originally invested. Previous performance does not guarantee future returns. Investors should consider their personal risk tolerance, financial goals, and seek professional financial advice before making investment decisions.

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Our funds will provide exposure predominantly in real estate and property development with a modest allocation to cash for liquidity purposes. Our Funds Our funds will provide exposure predominantly in real estate and property development with a modest allocation to cash for liquidity purposes. Investment Performance History Royce Global Investments LP Royce Global Investments Fund will invest in a portfolio of residential and commercial real estate assets and development sites across Australia and worldwide, with a significant focus on Australian capital cities and leading regional centres. Royce America Real Estate Investment Trust (REIT) Royce America REIT will invest in a portfolio of residential and commercial real estate assets and development sites across the United States of America with a significant focus on major metropolitan areas. Read More

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Royce Capital is a premier property investor, private equity, and fund manager specializing in stable operating assets and luxury hospitality developments. With 15+ years of experience and $1B+ in projects across Asia Pacific, our Luxuria team delivers top-tier results through expert stakeholder management, meticulous design, and strategic investments. We create dynamic portfolios that balance income and capital growth while fostering cultural and community well-being. About Us Royce Capital is a bespoke pure-play property stakeholder that operates as an investor, private equity, and fund manager of diversified portfolio with a strong focus on stable steady state operating assets complimented by development opportunities extending to luxury hospitality assets. The creation of a portfolio with a dynamic mix of development projects and operating assets provides for a mix of income and capital returns. With over 15 years of experience within the luxury property space, the Luxuria team has delivered over $1b worth of projects throughout the Asia Pacific region. Central to this success is Luxuria’s unique vision and commitment to excellence. In a domain where every detail matters, Luxuria's meticulous approach reconciles the exacting standards to meet clients need to foster tradition, encourage cultural exchange and contribute positively to the health and wellbeing of local communities. The Luxuria team focus on delivering extraordinary outcomes reflects an understanding that luxury is not merely about price, but an unparalleled experience underpinned by design, knowledge, and craftsmanship. Beyond the technical expertise, Luxuria's success is underpinned by their ability to cultivate and maintain relationships with those at the vanguard of professional and creative practice. The Luxuria team stakeholder management skills are invaluable. Whether liaising with clients, architects or investors, the team’s ability to foster trust is testament to their acumen and ease. Leadership & Governance Our Board and Leadership Team bring a wealth of expertise, ensuring robust risk management and adoption of industry best practices. This foundation allows us to maintain trust and confidence among our stakeholders. Our Commitment We are committed to enduring partnerships and exceptional outcomes in the luxury hospitality sector. Our Team