METRICS CREDIT PARTNERS

August 2019

MCP Master Income Trust (MXT)

MCP Income Opportunities Trust (MOT)

IN-CONFIDENCE 2

MANAGER OVERVIEW

METRICS CREDIT PARTNERS

> Australian-based alternative asset manager specialising in private debt and credit.

> 4 Partners with ~30 years debt market experience supported by a team of 30 investment professionals.

> Founded in 2013, has grown to over A$4.6b AUM.

> 2 ASX-listed retail funds feeding multiple wholesale funds comprising superannuation, insurance and other institutional investors.

> Provide wholesale and retail investors with unique access to Australia’s private debt and credit markets.

Commercial Real Estate Project FinanceCorporate Lending Acquisition Finance

LOAN PRODUCT MARKETS

> Metrics actively lends across all the various bank-dominated corporate and institutional loan markets.

IN-CONFIDENCE 3

BORROWER RELATIONSHIPS

METRICS HAS LENT ~6.4BN ACROSS 238 TRANSACTIONS SINCE JUNE 2013

IN-CONFIDENCE 4

AUSTRALIAN CORPORATE DEBT

CORPORATE LOANS COMPRISE MOST AUSTRALIAN CORPORATE DEBT ISSUED (2018)

~US$5bn (4%)

A$ Corporate Loans

~US$10bn (8%)

US Private Placement

US High Yield / TLB

~US$4bn (3%)

US 144a / Public

~US$3bn (2%)

Euro MTN

~US$0bn (0%)

A$ MTN

~US$96bn (77%)

A$ Retail/Hybrid

~US$7bn (6%)

Notes: Metrics analysis. 2018 primary issuance by Australian domiciled corporate companies and projects.Transactions exceeding A$500 million (equivalent)

Source: Loanconnector, Bloomberg and S&P CapitalIQ, Private Placement Letter, ANZ, NAB and KPMG

IN-CONFIDENCE 5

AUSTRALIAN LOAN FEATURES

CORPORATE LOANS PROVIDE STABLE CASH YIELD WITH LOW CAPITAL VOLATILITY

CORPORATE LOANS ARE TYPICALLY PRICED AT

A MARGIN OVER BANK BILLS (BBSW)

LOSS RATES ARE LOW REFLECTING DEBT’S

SUPERIOR RANKING IN THE CORPORATE

CAPITAL STRUCTURE

Notes: As at September 2016. Corporate Loan Interest Rate is the weighted average variable

interest rate on bank credit provided to businesses with outstanding amounts over $2 million.

Source: RBA, Bloomberg, Capital IQ

Notes: MCP analysis of the market is based on major banks’ APRA APS 330 reports and other publicly

available information

Source: Major Banks APS 330, MCP analysis

CORPORATE LOAN INTEREST RATES LOSS RATES

IN-CONFIDENCE 6

POSITION IN THE CAPITAL STRUCTURE

SENIORITY PROVIDES DOWNSIDE PROTECTION COMPARED TO EQUITIES

Rankin

g (

for

inte

rest/

dis

trib

utions a

nd c

apital re

turn

s)

Highest

Priority /

Lowest

Risk

Senior

Debt

Subordinated

Debt

Preferred

Equity

Lowest

Priority /

Highest

Risk

Common

Equity

– Superior position in the capital structure

– First-order claim on assets and/or earnings of a borrower

– Can be either secured or unsecured

– If secured can enforce claims ahead of unsecured creditors

– Junior or second-order claim on assets and/or earnings of a borrower

– Generally higher yielding than senior debt

– Can benefit from upside via equity instruments that are attached to the

debt structure

– Receives preferred payment in respect to dividends

– Rank ahead of common equity in an insolvency situation

– Unlimited upside but no downside protection

– No right to contracted or preferred distributions

– Typically, first loss in an insolvency or corporate reorganisation

IN-CONFIDENCE 7

METRICS’ FUNDS

MCP Secured Private Debt

Fund

MCP Master Income Trust (ASX:MXT)

IPO October 2017Market cap: $1.3B

MCP Wholesale Investments Trust

MCP Income Opportunities Trust (ASX:MOT)

IPO April 2019Market cap: $310m

MCP Wholesale Income Opportunities Trust

MCP Credit Trust

MCP Diversified Australian

Senior Loan Fund

MCP Secured Private Debt

Fund II

MCP Real Estate Debt

Fund

Lower Risk/Return

Higher Risk/Return

BBSW+275 to 325bps

BBSW+400bps

BBSW+500bps

11-14%Target

Returns*

ASX-listed funds for retail investors

Wholesale funds for institutional investors

NOTE: * Target returns only and may not be achieved

METRICS’ ASX-LISTED FUNDS FEED INTO WHOLESALE FUNDS TO INVEST TOGETHER WITH SUPERANNUATION, INSURANCE AND OTHER INSTITUTIONAL INVESTORS

RBA+3.25%* 8-10%*Target

Returns*

IN-CONFIDENCE 8

PORTFOLIO OUTCOMES

RISK / RETURN

BANK BILLS (BBSW)

RBA CASH RATE

Lower risk Higher riskRisk Spectrum

MXT

MOT

MXT = MCP Master Income Trust (retail) SPDF II = MCP Secured Private Debt Fund II (wholesale)MOT = MCP Income Opportunities Trust (retail) REDF = MCP Real Estate Debt Fund (wholesale)DASLF = Metrics Credit Partners Diversified Australian Senior Loan Fund (wholesale) CT = MCP Credit Trust (wholesale)

INVESTORS CAN ACCESS THE DIRECT LENDING AND PRIVATE CREDIT MARKETS THROUGH DIFFERENTIATED PRODUCTS

IN-CONFIDENCE 9

FUND PERFORMANCE

TARGETING REGULAR INCOME WITH STABLE CAPITAL VALUE

NAV/UNIT AND UNIT PRICE PERFORMANCE FUND PERFORMANCE

NOTE: Past performance is not a reliable indicator of future performance.

Assumes participation in Distribution Reinvestment Plan (DRP).

NOTE: First distribution end December 2017 and month end thereafter.

Entitlement Offer announced 26 February 2018 and closed 27 March 2018.

Entitlement Offer announced on 16 April 2019 and closed 29 May 2019, with

further placements announced on 29 May 2019 and 4 June 2019.

1mth 1yr 3yr(1) 5yr(1) Incep(1)(2)

Net Return (%) 0.33 5.96 - - 5.54

RBA Cash Rate (%) 0.10 1.49 - - 1.50

Distribution (%) 0.50 6.00 - - 5.53

Spread to RBA (%) 0.39 4.51 - - 4.041.90

1.95

2.00

2.05

2.10

2.15

2.20

Oct'17 Dec'17 Feb'18 Apr'18 Jun'18 Aug'18 Oct'18 Dec'18 Feb'19 Apr'19 Jun'19

Monthly distributions

Unit Price

NAV/Unit

NAV/UNIT AND UNIT PRICE PERFORMANCE FUND PERFORMANCE

NOTE: Past performance is not a reliable indicator of future performance.

Assumes participation in Distribution Reinvestment Plan (DRP).

NOTE: First distribution end June 2019 and quarter end thereafter.

1mth 1yr 3yr(1) 5yr(1) Incep(1)(3)

Net Return (%) 0.58 - - - 6.03

RBA Cash Rate (%) 0.10 - - - 1.43

Distribution (%) 1.02 - - - 5.60

Spread to RBA (%) 0.92 - - - 4.17

MCP MASTER INCOME TRUST (MXT:ASX)

MCP INCOME OPPORTUNITIES TRUST (MOT:ASX)

1.90

1.95

2.00

2.05

2.10

2.15

2.20

Apr'19 May'19 Jun'19

Unit Price

NAV/Unit

Notes: (1) Annualised (2) IPO October 2017 (3) IPO April 2018

IN-CONFIDENCE 10

PURPOSE OFPRESENTATIONThis document has been prepared by Metrics Credit

Partners Pty Ltd, ABN 27 150 646 996, AFSL 416146

(Metrics) on a confidential basis for distribution only

to wholesale clients in Australia whose ordinary

business is to buy or sell investments of the type

described in this document in circumstances where

disclosure is not required to be made to investors

under the Corporations Act 2001 (Cth)

(“Corporations Act”). It is not intended for, and

should not be distributed to, any other person and it

must not be distributed to any person who is a retail

client for the purpose of the Corporations Act or to

any person outside of Australia. This document is not

a Product Disclosure Statement or Prospectus

required to be lodged with the Australian Securities

and Investments Commission in accordance with the

Corporations Act and it does not contain all of the

information that such a Product Disclosure

Statement or Prospectus is required to contain or

that an offer document for the products described

herein would contain. It is not an offer of interests

in respect of any financial product.

INVESTMENT RISKAn investment in a Fund is subject to investment

risk. It is not a deposit with, nor does it represent a

liability of the trustee or responsible entity of such

Fund (the “Trustee”), Metrics or any other person.

None of the Trustee of a Fund, Metrics, its related

bodies corporate or any other person guarantees the

capital value or performance of the investment of

any Fund or guarantees any particular return from a

Fund, increase in the value of any amount invested

in a Fund or repayment of any amount invested in a

Fund.

RESPONSIBILITY FOR INFORMATIONMetrics has prepared this document from sources it

believes to be correct and based on the information

available to it and the facts and circumstances in

existence as at the date of this document. Neither

Metrics nor any of its related entities, associates,

officers, employees or agents make any representation

or warranty, express or implied as to or assume any

responsibility or liability for the authenticity, origin,

validity, accuracy or completeness of any information,

statement or opinion contained in this document or in

any accompanying, previous or subsequent material or

presentation. To the maximum extent permitted by

law, Metrics and each of its related entities, associates,

officers, employees or agents disclaims all and any

responsibility or liability for any loss or damage which

may be suffered by any person relying upon any

information contained in, or any omissions from,

this document.

THE FUNDSTerms and service providers in respect of the MCP Master Income Trust and the MCP Income Opportunities Trust (together the Funds) are current as at the date of this document and are subject to change without notice. Please refer to the fund offer documents in relation to each Fund for further information about that Fund.

RELIANCE ON PRESENTATIONThe information outlined in this document is general

information only and has been prepared without

taking into account any particular person’s objectives,

financial situation or needs; does not purport to

identify the nature of specific market or other risks

associated with any investments described within it

and does not

constitute any legal, taxation, investment or

accounting advice. All information in this document is

indicative, is based on certain assumptions and

current market conditions and is subject to change

without notice. No information contained in this

document constitutes a prediction or forecast as to

the performance of any investments. Any historical

information contained in this document is provided by

way of illustration only, past performance is not a

guide to future performance and actual performance

may differ materially. Assumptions upon which

financial illustrations are based may differ from actual

circumstances. No reliance should be placed on the

information in this document and any investment

decision should be based only on the information in

final offer documents in respect of the Fund and the

purchaser’s own due diligence, inquiry, assessment

and advice in respect of the products and investments

described herein.

CONFIDENTIALThis document and all of the information contained in it

must not be disclosed to any person or replicated in any

form without the prior written consent of Metrics.

DISCLAIMER