• Netwealth subsidiary submitted Part 23 application for financial assistance
• 1,088 Netwealth members impacted with $101 million total exposure
• Financial assistance sought to restore members to pre-fraud position

Netwealth Group Limited (ASX: NWL) has provided an update on the collapse of the First Guardian Master Fund (FGMF). On 24 October 2025, Netwealth's subsidiary, Netwealth Superannuation Services Pty Ltd (NSS), submitted an application to the Minister for Financial Services for financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993. The application seeks to restore 1,088 Netwealth members who are impacted with a total exposure of approximately $101 million. Netwealth believes the losses arose from fraudulent conduct by Falcon Capital Limited, the Responsible Entity of First Guardian, as well as other entities and individuals. While work by liquidators and ASIC is ongoing, Netwealth believes sufficient evidence exists to establish that the losses were due to fraud and that the Part 23 requirements have been met. However, the timing and outcomes of the Minister's consideration are still uncertain, and any financial assistance granted may only partially compensate members for their losses. Netwealth is continuing to work with all relevant stakeholders, including the government, regulators, and liquidators, to pursue the best possible financial outcomes for its members while also supporting their wellbeing.