Benefits of investing in the Ironbark RREEF Global Property Securities Fund

• the opportunity to invest in property securities listed on recognised stock exchanges around the world (excluding Australia) in a single investment;

• access to Deutsche Asset Management's experienced global securities investment team staffed with senior portfolio managers and analysts local to the region of coverage;

• access to Deutsche Asset Management's highly regarded real estate research and other international resource teams;

• access to an established and proven investment process with attention to risk management before, during and after portfolio construction;

• participation in income distributions made from the Fund, which we intend to pay quarterly to investors; and
• diversification that comes from investing globally.

Investor suitability

The Fund is intended to be suited to investors who seek income returns and long term capital growth and accept that fluctuations in investment returns may be experienced.

About the Fund

The Ironbark Global Property Securities Fund aims to outperform its benchmark over three year rolling periods, on a net of fees basis. The investment team seek to maximise risk-adjusted returns by identifying by property trusts and property related companies from around the globe (the Americas, Europe, Asia and Australia) that are priced inefficiently.

About the Investment Manager

RREEF America manages the investments of the Fund on behalf of the Responsible Entity. RREEF America is part of DWS Group GmbH &Co. KGaA (DWS'), a publicly-listed firm that is a majority owned subsidiary of Deutsche Bank AG. With approximately US$804 billion of assets under management (as at 30 September 2018), DWS is one of the world's leading asset managers. DWS offers individuals and institutions traditional and alternative investment capabilities across all major asset classes.

Why invest?

The Fund's investment approach focuses on active stock selection through the on-the-ground research of local investment teams, along with a top-down overlay of strategic allocation and risk management. The importance of underlying real estate fundamentals is stressed throughout the selection, valuing and portfolio construction stages of the investment process.

The Fund offers investors:

• Low correlation to other asset classes such as equities and bonds, therefore reducing the portfolio's overall risk

• Exposure to a geographically diversified portfolio of high quality commercial, retail and residential property

• True real estate exposure with the benefit of liquidity

• Access to an actively managed portfolio with the added benefit of local specialists who understand regional dynamics

How we invest your money

The Fund invests in property securities listed on recognised stock exchanges around the world (including Australia). The Fund may also invest in unlisted Initial Public Offering (IPO') securities, provided those securities are expected to be listed within three months of issue.

The Fund may have exposure to derivatives for investment and currency management purposes. In particular, derivatives may be used by the Investment Manager for hedging to protect an asset in the Fund against market value fluctuations; to reduce volatility in the Fund; as a substitute for a physical security; or when adjusting asset exposures within the investment parameters of the Fund.

Asset allocation

• Global property securities (including property trusts and property related companies): 90% - 100%

• Cash: 0% - 10%

The Fund may temporarily move outside the ranges due to certain factors such as the receipt of significant cash flows. If this occurs, action will be taken to bring the Fund back within these ranges as soon as practicable.