Benefits of investing in the Ironbark Royal London Concentrated Global Share Fund

• Management expertise and research capabilities: The Fund accesses a skilled investment management team that has an established investment process and track record. The team adopts a detailed fundamental research approach and operates within a structured framework.

• Differentiated and repeatable investment process: The Fund is differentiated through its use of a cash flow economic return framework and the application of its corporate Life Cycle approach. We believe the strategy uses a long-term, repeatable and robust investment process.

• Risk-controlled framework: The Fund benefits from a disciplined risk management construct and is overseen by the performance and risk team.

• Access to investment opportunities and overseas markets: The structure of the Fund pools investors' money into one unit trust. This means that investors can access and benefit from investment opportunities that typically require scale and breadth, while only investing a comparatively small amount. Although an individual may be able to directly invest in overseas stocks, a managed Fund can tap into global information networks. The Fund has the infrastructure to access and trade in global markets, but in an efficient and cost-effective manner.

Risk level

High

Investor suitability

The Fund is intended to be suited to investors who seek long term capital growth and accept that fluctuations in investment returns may be experienced.

About the Fund

The Ironbark Royal London Concentrated Global Share Fund seeks to outperform the MSCI World NR (AUD) by 2-3% after fees, over five year rolling periods.

The Fund is a concentrated, actively managed international share strategy with a fundamental stock picking approach that is designed to identify high conviction and undervalued wealth-creating stocks around the globe. The Fund invests in recognised stock exchanges of any country which is a constituent of the MSCI World Benchmark regardless of market cap size and sector, through Royal London's established investment philosophy and process.

The Fund is a long-only equity strategy that invests in approximately 20-45 companies globally. The team identify and invest in securities that fulfill three key criteria - they must demonstrate evidence of future shareholder wealth creation; be priced with an attractive valuation; and exhibit a stock specific investment margin of safety.

How we invest your money

The Fund adopts a high conviction, long-only stock picking approach that invests in listed shares of 20-45 companies around the globe, which Royal London believe will:

• create shareholder wealth as a result of their intentional management strategy and/or superior business models;

• are priced at a significant discount to conservative estimates of cash-based, long-term intrinsic value; and

• demonstrate a reasonable investment margin of safety' in the analysis of the above two attributes.

The Fund aims to be fully invested in global listed shares, however can have exposure to cash. The combination of management strategy, capital allocation, business models, long-term valuation opportunities and an investment margin of safety' leads to a style that is both valuation and quality focused.

Asset allocation

• Global listed equities: 80-100%

• Cash: 0-20%