Benefits of investing in the Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund

Benefits of investing in the Fund include:

• Access to a portfolio of high quality global companies with attractive income and capital appreciation potential;

• Portfolio holdings generate strong free cash flow and use their excess cash to provide shareholder yield - dividends, share buybacks and debt pay downs - without taking undue business risk;

• Active management by an experienced investment team;

• Risk management integrated with the investment process;

• Aims to distribute quarterly; and

• Governance of the Fund in accordance with its Constitution and the Corporations Act.

• Reduction of foreign currency exposure by substantially hedging the Fund back into Australian dollars;

Risk level

High

Investor suitability

The Fund is designed for investors who want a medium to long term exposure to a portfolio of high quality global companies with attractive income and capital appreciation potential, and who are prepared to accept the risks of the Fund set out in Section 4 of the PDS.

Fund overview

The Fund is designed to seek attractive total returns with an above average level of income from a diversified portfolio of global companies that are sustainably growing their free cash flow year after year, and returning that cash to shareholders through consistent or increasing dividends, share buybacks and debt reduction. Epoch defines these uses of free cash flow as shareholder yield'.

Investment strategy

While the portfolio is constructed from the bottom up, decisions are made with consideration of the macro context. Epoch's Investment Policy Group, composed of senior members of its different strategy groups, provides insight and guidance on the global market environment and macroeconomic and industry trends.

Epoch invests with the expectation that not only will the company meet their current shareholder yield targets but that it will also grow and meet these targets again next year. Sales, or reductions in securities occur when managements do not maintain a capital allocation philosophy consistent with Epoch's shareholder yield philosophy e.g. they do not use capital to buy back shares, pay dividends or reduce debt as promised. Additional position adjustments may occur if industry or company specific changes negatively impact the company's ability to either generate or pay shareholder yield.

How we invest your money

Investment process

The Fund pursues attractive total returns with an above average level of income by investing in a diversified portfolio of global companies with strong and growing free cash flow. Companies in the portfolio possess managements that focus on creating value for shareholders through consistent and rational capital allocation policies with an emphasis on cash dividends, share repurchases and debt reduction - the key components of shareholder yield. The portfolio generally holds between 90 and 120 stocks from equity markets worldwide, with risk controls to diversify the sources of shareholder yield and minimise volatility. A senior member of the quantitative Research and Risk Management team is a co-portfolio manager on all Epoch's strategies which highlights the importance of risk management in Epoch's investment process.

Asset classes and asset allocation ranges

(Asset: Minimum-Maximum)

• Cash*: 0-10%

• Equities**: 0-90%

* Including cash equivalents such as other investment grade interest-bearing securities.

** The investment guidelines provide an indication of the intended holdings in the Fund and may be higher or lower from time to time.