Benefits of investing in the Cooper Investors Global Equities Fund (Unhedged)

Benefits of investing in the Fund include:

• Access to investment opportunities in offshore markets that may be difficult for individual investors to identify or research; and

• A fund constructed with limited reference to the benchmark and which seeks to outperform the benchmark over the long term.

The Fund is generally suitable for investors seeking exposure to global equities.

About the Fund

The Fund will invest in global equities where we identify a compelling value proposition through the application of our VoF investment process. We focus on stocks with management that display proprietorial behaviours such as family and founder-linked companies, owner-operator business models or focused teams charged with driving change. The Fund may differ significantly from the benchmark, will generally hold 30-50 stocks and be fully invested. The Fund may invest in stocks of any size however investments will typically be in medium or larger-sized companies (US$5-75bn market capitalisation).

The Investment Manager - Cooper Investors Pty Limited (CI')

CI is a specialist equities fund manager with funds under management of over A$13.8 billion as at 30 September 2019. CI commenced operations in 2001 and manage money for a range of clients including large pension and superannuation funds, listed Australian companies, religious institutions, Australian State Government agencies, school endowments, charities and high net worth families. CI is 100% owned by its employees.

CI manages 8 pooled investment trusts (CI Australian Equities Fund, CI Brunswick Fund, Cooper Investors Endowment Fund, Cooper Investors Asian Equities Fund, Cooper Investors Global Endowment Fund, Cooper Investors Family and Founder Fund, Cooper Investors Global Equities Fund (Hedged) and Cooper Investors Global Equities Fund (Unhedged)) and a number of individual mandates which invest in either Australian equities, international securities or a mixture of both. Employees are encouraged to invest in the CI trusts.

The CI Edge - What makes us different

• Adherence to CI values in corporate action and investment management.

• Small, experienced, focused teams.

• Performance reviews - Reward both cultural and performance contributions.

• Decision making - Flat management structure that is flexible but disciplined.

• Management own the business and invest in the CI funds.

• Critical mass - funds under management are big enough to gain market access but not too big to compromise the investment objectives.

• High quality integrated administration and proprietary investment decision support systems.

• A' grade service providers.

How we invest your money

The Fund operates under the following portfolio guidelines:

• The Benchmark is the MSCI All Countries World net dividends in Australian dollars (Benchmark').

• Target number of stocks is typically between 30 and 50.

• Maximum individual stock exposure of 10% of Net Asset Value or 2x the stock's weighting in the Benchmark, whichever is greater.

• Maximum cash of 12% of Net Asset Value.

• Maximum developing markets (as defined by MSCI) weighting of 30% of Net Asset Value or Benchmark +20%, whichever is greater.

• Maximum industry group GICS (second level) of Benchmark +/-25%.

• Maximum small cap (i.e. any stock with a market capitalization of less than US$1.5b) of 20% of Net Asset Value or Benchmark +10%, whichever is greater.

• The Fund can invest in pre-IPO securities that are expected to list within 12 months, limited to a maximum of 5% of Net Asset Value.

• No short selling.

• No leverage except where temporarily caused by foreign exchange, trade settlement and other operational issues.

• Maximum 30% of foreign assets hedged.