Benefits of investing in the Antipodes Wholesale Plus Global Fund

Some of the benefits that may arise from an investment in the Fund include the following:

• Professional management: Antipodes Partners' well-resourced and experienced team manages the Fund using a disciplined investment approach aimed at delivering attractive long-term returns.

• Alignment of interests: Antipodes Partners is majority owned by its investment team with a performance culture underpinned by sensible incentives, a concentrated strategy offering and the outsourcing of non-investment functions to maximise long-term alignment with investors in the Underlying Fund.

• Robust investment process: Application of Antipodes Partners' comprehensive and integrated investment approach and process.

Other additional benefits that can be more generally obtained by investing in managed funds include the following:

• Increased buying power: Managed funds are able to access a range of domestic and international assets that may not be available to many individual investors.

• Receipt of income and reinvestment of distributions: You will generally receive income from your investment in the form of distributions and will generally have the ability to top-up' your investment by reinvesting distributions in additional units in the Fund.

• Managing risk: Investing in managed funds can assist you in establishing a portfolio appropriate to your investment needs and your risk profile.

• Access to your investment: Generally you can submit applications to or withdrawals from the Fund on any Business Day.

Risk level

High

This product is designed for customers who:
– seek returns in the form of long term capital growth and income
– want exposure to a professionally managed diversified portfolio of international equities and other permitted international
investments
– are comfortable to invest over the Fund's suggested minimum investment timeframe of 6 to 7 years
– have a tolerance (with respect to their investment allocation to this product) for investing at the higher end of the risk
spectrum. A customer (or class of customer) may intend to hold a product as part of a diversified portfolio (typically
with an intended product use of satellite/small allocation or core component). In such circumstances, the product

 The Fund isn't open to direct investors. The Fund is only accessible through an Investor Directed Portfolio Service
(IDPS), IDPS-like scheme or a nominee or custody service, a managed account or any other service or platform approved
by us (collectively referred to as an 'Investment Service') or through a Superannuation Fund

About the Fund

The Fund invests all of its assets (other than some cash or cash equivalents) in units of the Antipodes Global Fund APIR IOF0045AU (Underlying Fund). The Underlying Fund provides the Fund with exposure to investments in securities listed on global markets. The Underlying Fund may use derivatives, predominantly to establish short positions in securities or market indices and thus reduce the Underlying Fund's net exposure to markets, and to hedge currencies.

Antipodes Partners' investment style

The investment philosophy of Antipodes Partners is that equity investment returns are primarily a function of:

• economic performance of the business you own or business resilience'

• price paid or starting valuation.

Antipodes Partners defines investment risk as the chance of permanent loss of capital or unforeseen volatility and, in this sense, it believes risk is best controlled by:

• ensuring the price paid for a stock includes a margin of safety, that is, represents a discount to intrinsic value

• developing a deep understanding of each stock within the context of the broader portfolio.

Business resilience' is determined by the degree and sustainability of competitive advantage and is ultimately subject to ongoing tests as excess returns will attract change in the operating environment, including new competition, technological disruption, greater regulation and management missteps. However, the market as an extrapolation engine is selectively irrational around the continuum of operating environment changes:

• cyclical

• structural

• socio/macroeconomic.

How we invest your money

The Fund invests in units in the Underlying Fund.

We employ a rigorous process in the selection of any underlying fund into which we invest, which focuses on a range of factors. The Underlying Fund was selected based on its investment strategy, which is supported by Antipodes Partners' sound investment process and philosophy and the strength of the Antipodes Partners organisation and its key personnel.

The investment strategy of the Underlying Fund is to take advantage of the market's tendency for irrational extrapolation in response to changes in the operating environment, identify great businesses that are not valued as such and build high conviction portfolios with a capital preservation focus. Whilst the Underlying Fund primarily invests in international equities, the Underlying Fund's constitution permits a wide range of investments including but not limited to: cash and deposits; fixed income and debt securities; company securities other than shares (including options, convertible notes, rights and debentures); derivatives - exchange traded and over-the-counter (including options, participatory notes, futures and swaps for equity, fixed income, currency and credit default exposures); currency contracts; interests in managed investment schemes and collective investment vehicles; unlisted securities and securities that are not traded on a recognised market; bullion, land and other physical commodities.

The Underlying Fund typically invests in a select number of attractively valued companies listed on global share markets (usually a minimum of 30 long holdings). The Fund may use derivatives predominantly to establish short positions in securities or market indices and thus reduce the Fund's net exposure to markets, and to hedge currencies. Derivatives may also be used to amplify high conviction ideas. In the absence of finding individual securities that meet Antipodes' investment criteria, cash may be held. The Fund aims to provide income and some capital growth over the long-term.

Asset allocation

• International listed equities: 50-100%

• Cash equivalent investments: 0-50%