Benefits of investing in the Pengana Harding Loevner International Fund

The Fund offers investors the following benefits:

• Access to Harding Loevner's specialised investment expertise

• Participation in an investment strategy which focuses on quality growth international listed securities

• Exposure to investment opportunities that individual investors may not be able to access on their own
• Active portfolio and risk management

Investor suitability

The Fund may be suited to you if:

• you want to gain exposure to a portfolio of global equities actively managed by an investment manager with an emphasis on quality growth companies.

• you are looking to invest for at least 5 years and are seeking primarily capital growth with some income.

About the Fund

The Fund is an actively managed portfolio of listed international securities. The Fund's investments are managed by Harding Loevner, a US based investment management firm founded in 1989. Harding Loevner seeks to invest in high-quality, growing businesses at reasonable prices over the long term.

The Fund's investment objective is to obtain returns greater than the MSCI All Country World Total Return Index (net, AUD) (Index') over the medium to long term.

How we invest your money

The Fund invests principally in listed (or soon to be listed) global equities. The Fund will typically have 35 to 75 holdings and can invest in developed and emerging markets.

The Fund's Investment Manager believes that investing in high-quality, growing businesses at reasonable prices leads, over the long term, leads to superior risk-adjusted returns. This "quality-growth investment philosophy has been the foundation of Harding Loevner's strategies since the firm was founded. The philosophy is expressed in the four key criteria that a company must meet before it can be considered for investment:

• Competitive Advantage: a strong industry position, enabling it to earn better financial returns than rivals

• Quality Management: skilful managers with a good record, a clear strategy, and a consistent regard for shareholders

• Financial Strength: cash generation and all-weather borrowing capacity to fund growth

• Sustainable Growth: an industry structure supporting long-term growth in revenues, earnings, and cash flow

Indicative strategic asset allocation

The Fund's Investment Manager aims to manage the Fund within the following guidelines:

• Typically 35 to 75 securities

• 0%-10% of the Fund held in cash and cash equivalents (typically 3%)

• No more than 5% in a single position

• No more than 25% in one sector

• No more than 25% in Emerging Markets

• Individual country constraints determined by market size and development

The Fund can invest in securities that are not part of the Index.

The Fund's investment manager will endeavour to work within the above guidelines - however these should be viewed as objectives only and not absolute limits.