Equity Portfolio Cost: S$559, 160 Equity Portfolio Market Value: S$704, 902 Equity Portfolio Unrealised Profit: +S$145, 742 (+26.1%) Portfolio XIRR (9M 2023): -7.6% (inclusive of dividends) Dividends Collected (9M 2023): S$33, 201 (+18.7% yoy) Total Cumulative Dividends (2010 - 9M 2023): S$274, 707 Current Cash & Cash Equivalents (SSB/T-bills): S$43, 000 (*All figures are accurate as of 30 September 2023) Portfolio Actions in Q3 2023:

• Initiated a position on Sheng Siong at S$1.50
• Accumulated more UOB at S$27.95

How I Prepare To Ride Through The Storm...

1. Diversify Into Recession-Proof, Cash-Rich Sheng Siong

Q3 2023 had been brutal to REITs as the US Fed signalled higher rates for longer to fight inflation. I foresee REITs' dpu to weaken in the coming quarters. Therefore, it is time to further optimise my portfolio for more sustainable passive income. Actually I already started this recalibration a couple of years back. Distributions from REITs were consistently re-invested into the local banks (DBS, UOB & OCBC), Big Tech & Propnex. These are cash-rich companies with strong...