Benefits of investing in the OC Premium Small Companies Fund

• Focus on high quality businesses, favouring companies with: strong management; a simple and transparent business model; a sustainable competitive advantage; favourable operational risk characteristics; and attractive valuation metrics based on our proven financial analysis and valuation techniques.

• Access to our highly experienced investment team focussed on generating strong returns.

• A proven bottom-up approach to active investment management where the research effort is internally driven and focussed on company visits and industry analysis.

• An emphasis on risk management where we screen out complex or speculative businesses from our investment process.

• Flexible cash weightings of up to 20%.

• Strong alignment of interests with clients, the managers are owners of the business and investors in the Fund, providing strong investment performance incentive.

• A limit on the total amount of funds under management to avoid compromising investment performance by lack of transactional flexibility.

Risk level

High

Investor suitability

• Investors seeking a diversified exposure to quality Australian listed small and mid-cap companies

• Those looking to complement their direct large-cap Australian equity holdings or large-cap Australian equity managed funds

• Investors seeking an active investment approach

• Those with an investment horizon of five years or more

About the Fund

The OC Premium Small Companies Fund is a long-only, benchmark-unaware managed investment scheme with a target investment universe of securities listed on the Australian Securities Exchange (ASX), outside the S&P/ASX 100 Index.

Investment objective

The Fund aims to provide investors with strong long-term returns through investment in high quality small-to- medium-sized companies with sustainable business models and attractive investment fundamentals.

The Fund aims to provide a total return (after fees and expenses) in excess of the S&P/ASX Small Ordinaries Accumulation Index of 3-5% per annum over a rolling five- year period.

How we invest your money

Investment strategy

The Fund's investment universe includes all companies listed or about to be

listed on the ASX regardless of their size or business sector. Despite the broad investment universe, we focus on small businesses (ex ASX 100) believing they are easier to understand, simpler to value and more accessible to research. We look to invest in simple businesses we can understand, with a history of profits and dividends, and that offer a predictable future earnings stream that we are able to value. Access to key management and earnings transparency is critical.

Cash isn't allocated strategically, rather it is a result of the investment process, with the cash balances simply being the residual after the investments have been purchased or sold.

Strategic asset allocation

The Fund typically invests within the following guidelines:

• Australian listed securities: 80%-100%

• Cash: 0%-20%

While our equity investments are predominantly in smaller companies, from time to time we may invest in stocks within the S&P/ASX 100 Index as long as we feel they are consistent with our investment strategy.