Benefits of investing in the Pendal Global Property Securities Fund

Investing in the Fund offers investors a range of benefits:

• access to a professionally managed portfolio of international listed property securities and the potential for long term capital growth and income;

• access to AEW's investment expertise with on-the-ground presence in the United States, Europe and Asia;

• broad based coverage of international listed property securities;

• 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

High

Investor suitability

This Fund is designed for investors who want the potential for long term capital growth and income, diversification across a broad range of international listed property securities and are prepared to accept higher variability of returns.

About the Fund

The Pendal Global Property Securities Fund (Fund) is an actively managed diversified portfolio of international property securities in North America, Europe and Asia. The management of Pendal's international property securities portfolios is outsourced to US-based AEW Capital Management, L.P. (AEW), one of the world's leading real estate managers.

Investment Return Objective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the return from the FTSE EPRA/NAREIT Developed ex Australia hedged in AUD Net TRI over the medium to long term. The suggested investment time frame is five years or more.

Investment Style

The international property securities portfolios are managed in an active, value driven, risk controlled style that integrates top-down research with hands-on real estate and capital markets expertise.

How we invest your money

The Fund invests primarily in listed property securities in North American, European and Asian (ex Australia) markets. The investments of the Fund are generally in publicly traded Real Estate Investment Trusts (REITs) and real estate related securities, including securities of companies whose principal activities include development, ownership, construction, management or sale of real estate. The Fund may also hold cash and may use derivatives.

As manager for the Fund, AEW's investment process for international listed property securities is based on their value-driven, risk controlled investment style and aims to add value by integrating active security selection and top-down quantitative research. AEW's value-driven investment style is to identify securities that are mis-priced relative to each other. AEW's investment approach takes advantage of these opportunities by collecting and evaluating research data, assessing the relative value of individual securities and managing portfolio risk. AEW's top-down quantitative research focuses on macroeconomic analysis and forecasting, which seeks to identify the key influences on underlying property fundamentals.

The Fund has assets that are denominated in foreign currencies. This means that changes to the Australian dollar relative to foreign currencies may affect the value of the assets of the Fund. The Fund's foreign currency exposure will generally be fully hedged back to the Australian dollar to the extent considered reasonably practicable.

Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets.

Asset Classes and Asset Allocation Ranges

• International property securities: 0%-90%

• Cash: 0%-10%