Benefits of investing in APL

APL aims to provide investors with:

1. access to a Portfolio that:

• will be predominantly comprised of Long and Short Positions in international listed securities;

• aims to generate returns over each full investment cycle (which the Manager and the Company consider to be a period of typically 3 to 5 years) in excess of the MSCI All Country World Net Index; and

• will be actively managed with a focus on capital preservation; and

2. benefit from a manager, Antipodes Partners Limited that:

• has deep expertise across equity markets;

• has, since July 2015 as the manager of the Antipodes Global Fund, successfully implemented the same Investment Strategy now proposed for the Company; and

• has a strong and robust investment process (see Section 4 of the Prospectus for details).

About the Fund

Antipodes Global Investment Company Limited (the Company') offers investors access to a long-short global securities investment portfolio with a currency overlay. The Company's portfolio will be constructed in accordance with the investment approach of Antipodes Partners Limited (the Manager'), which aspires to grow wealth over the long-term by generating positive returns in excess of the benchmark at below market levels of risk. The Manager seeks to purchase securities in what it considers to be great businesses that are not valued as such, and build a high conviction portfolio with a capital preservation focus.

The Company's investment objectives are to:

1. provide capital growth and income through investing in a concentrated portfolio, predominantly comprised of long and short positions in international listed securities, that will be actively managed with a focus on capital preservation; and
2. achieve returns in excess of the benchmark, MSCI All Country World Net Index in AUD, with reduced levels of risk,

in each case, over a full investment cycle (which the Manager and the Company consider to be a period of typically 3 to 5 years).

How we invest your money

The Company's portfolio is constructed in accordance with the Manager's investment strategy, which is to invest in a select number of companies listed on global share markets that the Manager considers to be attractively valued and which represent clusters of uncorrelated sources of return. The portfolio typically has net equity exposure of 50% to 100% of the portfolio's net asset value with a maximum allowable gross exposure limit of 150% of the portfolio's net asset value. The Company may also be invested in currencies, derivatives and other financial instruments (including cash) to achieve the investment objective and to reduce risk or manage the portfolio more efficiently.

Long positions focus on holdings with an attractive starting valuation ("margin of safety) combined with sustainable business resilience borne out of any combination of competitive dynamics, product cycle, regulatory, management/financial or macro/style factors ("multiple ways of winning). The opposite logic is applied for short positions.

The investment process seeks to add value through stock selection achieved by qualitative fundamental analysis married within a quantitative framework.