Benefits of investing in the Pendal Australian Share Fund

Investing in the Fund offers investors a range of benefits:

• access to a professionally managed portfolio of Australian shares and the potential for long term capital growth and tax effective income;

• access to Pendal's investment expertise and core investment style;

• broad based coverage of the Australian sharemarket;

• regular investment statements and an annual tax statement to keep you up-to-date on your investment;

• ability to keep track of your investments in the secure client area by visiting the login section at www.pendalgroup.com.

Risk level

Medium to High

Investor suitability

This Fund is designed for investors who want the potential for long term capital growth and tax effective income, diversification across a broad range of Australian companies and industries and are prepared to accept higher variability of returns.

About the Fund

The Pendal Australian Share Fund is an actively managed portfolio of Australian shares.

Investment Philosophy

Pendal seeks to deliver consistently superior performance to exploit investment opportunities that we believe arise due to the inefficient market pricing of securities. We believe that all types of companies can outperform and we do not construct the portfolio with any pre-determined style bias and seek to source ideas from across the spectrum of the market.

How we invest your money

Pendal's investment process for Australian shares is based on our core investment style and aims to add value through active stock selection and fundamental company research. Pendal's core investment style is to select stocks based on our assessment of their long term worth and ability to outperform the market, without being restricted by a growth or value bias. Our fundamental company research focuses on valuation, franchise, management quality and risk factors (both financial and non-financial risk).

Asset Classes and Asset Allocation Ranges*

• Australian shares: 80%-100%

• Cash: 0%-20%

*The reference to the Fund investing in an asset class includes all types of investments which give exposure to that asset, directly or indirectly, including through derivatives and investment in other funds which invest primarily in that asset class, and through any type of investment which would ordinarily be understood in financial markets to be included in that asset class. It does not preclude investment in other types of assets where we consider it appropriate to do so in the interests of investors.