Benefits of investing in OPH

The key benefits include:

• the Fund has previously been hard closed' to new applications, meaning existing Unitholders can only add to their investment by acquiring Units through a reinvestment of any distributions paid to them. If the Fund becomes listed, both existing and new investors will be able to acquire Units on market without impacting the underlying capacity of the Fund (subject to the availability of Units for purchase and sale);

• the Fund will be a closed-ended fund, which provides the Manager with a permanent, fixed pool of capital, which means the Manager can fully deploy capital into attractive opportunities as they present, without a need to maintain a consistent cash buffer to fund redemptions (the amount and timing of which the Manager has no control over), as may be the case with an open-ended fund. Nor will the Manager be required to sell underlying investments to meet redemptions (again, the amount and timing of which the Manager has no control over). This would provide the Manager with a significant competitive advantage over other investment structures, particularly through the full length of a market cycle as the Manager will not be forced to sell the Fund's assets below their fair value and/ or into a falling or illiquid market in order to make cash available to fund redemption requests;

• the risk of needing to freeze or delay processing of redemptions from the Fund in severe market downturns generally will not arise;

• while the Fund is hard closed' to new applications, Unitholders can only add to their investment in the Fund by acquiring more Units through a reinvestment of any distributions paid to them. If the Fund becomes listed, existing Unitholders may also be able to acquire more Units on market, subject to the availability of Units for sale;

• Unitholders will be able to sell Units on ASX, subject to liquidity;

• prospective Unitholders may acquire Units on ASX, subject to there being sufficient Unitholders willing to sell their Units at the desired price;

• previously all Unitholders were required to be wholesale clients (as defined by the Corporations Act) with a minimum investment of $100,000 with retail investors only being able to access the Fund via investor directed platforms. If the Fund becomes listed, retail investors will be able to access the Fund directly by acquiring Units on market, with no minimum investment amount;

• Unitholders will be able to hold their Units through CHESS, providing the convenience afforded to other listed Australian securities;

• it is possible that the market price of the Units on ASX at certain times may exceed the NAV per Unit. If this is the case, a Unitholder selling their Units on ASX may receive a higher price than they would have if they had redeemed their Units at the NAV per Unit;

• subject to any restrictions imposed under the Corporations Act, the Listing Rules and the Constitution, the Responsible Entity may undertake an on-market buy-back of Units. All other things being equal, a buy-back will reduce the supply of Units in the Fund available on the market, which might be expected to increase the market price of Units traded on ASX. Further information about buy-backs is set out in section 4.7 of the PDS; and

• Unitholders will benefit from an additional layer of governance as the Responsible Entity must comply with the Listing Rules as well as the Corporations Act and the Constitution.

About the Fund

The Ophir High Conviction Fund seeks to provide investors with a concentrated exposure to a high quality portfolio of listed companies outside the S&P/ASX 50.

Employing an extensive investment process that combines a rigorous company visitation schedule and fundamental bottom-up analysis, the Fund aims to identify businesses operating within structural growth sectors with the ability to meaningfully grow and compound earnings over time.

Typically, the majority of businesses within the portfolio will already have well-established business models with large or growing end markets and a clearly identifiable pipeline of future growth opportunities.

As a concentrated portfolio, the Fund seeks to identify the very best of these opportunities in order to ensure each portfolio position delivers a meaningful impact on overall portfolio returns.

The Fund seeks to provide Unitholders with a concentrated exposure to a high quality portfolio of listed companies outside the S&P/ASX 50. On occasion, the Fund may also invest in listed securities in New Zealand.

Employing an extensive investment process that combines a rigorous company visitation schedule and fundamental bottom-up analysis, the Fund aims to identify businesses operating within structural growth sectors with the ability to meaningfully grow and compound earnings over time.

Typically, the majority of the businesses within the portfolio will already have well-established business models with large and/ or growing end markets and a clearly identifiable pipeline of future growth opportunities. As a concentrated portfolio, the Fund seeks to identify the very best of these opportunities to ensure each portfolio position delivers a meaningful impact on overall portfolio returns.

How we invest your money

Ophir employs a fundamental, bottom-up research approach aimed at identifying businesses with the ability to meaningfully grow and compound earnings over time. Typically, the investment process will look to uncover businesses that:

• are operating within, or about to enter, a period of structural growth;

• are generating cash or have a clearly identifiable pathway toward free cash flow generation;

• operate with sound capital structures;

• have high quality leadership teams; and

• are under-researched, under-appreciated and/ or not well understood by the broader market.

• In order to identify these opportunities, the Ophir investment team spend a considerable amount of time understanding the quality of the business and the environment in which it operates.

There are six key elements to Ophir's investment identification and evaluation process:

1. Extensive Company Visitation
2. Qualitative Assessment
3. Management Assessment
4. Financial Modelling
5. Valuation
6. Database and Ranking

Following the application of the investment process, Ophir will construct a portfolio of appropriate stocks (in the Fund's case this will typically be 15-30 stocks), appropriately diversified by industry and risk factor. The portfolio weightings of the individual stocks will reflect:

• the valuation gap between the current market price and Ophir's assessed value;
• level of Ophir's conviction and views on appropriate investment timing; and
• liquidity and market capitalisation of the company.

The Fund will not borrow. Derivatives will not be used to gear the Fund.

Asset allocation

(Asset: Min-Max / Target)

• Listed securities: 75-100% / 90%

• Cash: 0-25% / 10%

Ophir actively adjusts the investment mix within the ranges above. The "target position is where Ophir aims to have the Fund invested given a fairly valued investment market. All other things being equal, the "target position would represent the portfolio allocation of the Fund.