Benefits of investing in the Tribeca Australian Smaller Companies Fund

The Fund provides exposure to listed Australian companies outside of the top 50 and predominantly outside of the top 100 ASX listed companies by market capitalisation. This provides:

• the ability to gain exposure to businesses earlier in their development, long before their earnings growth has tapered off or the market has priced in all of the potential growth of the company; and

• portfolio diversification, as smaller companies tend to perform differently through market cycles than larger ones.

Risk level

High

Investor suitability

Suited to long-term investors seeking an active Australian equity small companies investment strategy.

About the Fund

The strategy is an actively managed, long-only strategy with flexibility to enhance alpha through its ability to invest up to 20% of the Fund in mid-cap stocks outside the ASX-50 Index.

By investing in companies outside of the top 50 and limiting exposure to top 100 ASX-listed companies by market capitalisation, the Fund seeks to benefit from the concept of information arbitrage.

This refers to the fact that the largest companies tend to be very well covered by stockbrokers, reducing the opportunity to profit from information gained through research; smaller companies are often ignored and detailed research on these companies can uncover unrecognised value.

Tribeca approaches small companies investing by comparing the relative merits of a broad range of smaller companies and identifying those with a suitable degree of financial stability that demonstrates superior growth, or other attractive attributes.

Tribeca's investment process aims to identify the market leaders of the future and will have a bias toward companies with relatively high quality and sustainable earnings streams.

The Fund at a glance

• A proven investment process that has been effective through a number of market cycles spanning 15+ years

• A focus on high quality companies that are expected to deliver superior returns in the long term

• Proprietary risk management tools used to manage overall portfolio risk

• Targeted outperformance of the S&P/ASX Small Ordinaries Accumulation Index of 5-10% p.a., before fees, over a rolling three to five year period, with an expected tracking error of 5-6% p.a.

About Tribeca Investment Partners Pty Ltd

Established in 1998, Tribeca proudly retains its boutique structure and culture and is owned by Tribeca employees. At the date of this PDS, Tribeca manages approximately $2.2 billion in funds for clients, invested across all major asset Classes. Tribeca's success is based on a culture of investment creativity balanced by a range of disciplined and comprehensive processes.

Tribeca believes that a systematic investment process that identifies mis-priced securities enhances the potential to achieve returns that consistently outperform the market. This process needs to generate an information advantage as well as be able to exploit observed market biases. A multi-faceted investment approach enables the development of a range of products that apply specific skills to maximum effect in different segments of the market.

How we invest your money

The assets of the Fund will generally be invested in accordance with the following guidelines:

• The Fund aims to invest in a portfolio of securities that are listed, or expected to be listed within 6 months, on the Australian Securities Exchange ("ASX).

• Securities which are expected to be listed on the ASX should not exceed 10% the Fund's Net Asset Value.

• Securities included in the S&P/ASX 100 Index are normally limited to 20% of Net Asset Value.

• Securities added to the S&P/ASX 50 Index must be sold within 6 months of inclusion.

• The Fund's net exposure to securities will range between 90% and 100% of its Net Asset Value.

• The Fund aims to hold no more than 10% of its Net Asset Value in cash.

• The Fund will normally invest in 40-60 securities.

• The Fund will not borrow, except by using overdraft facilities as and when required for the efficient settlement of transactions.

• The Fund is permitted to use Derivatives for hedging purposes rather than to leverage the Fund. All Derivatives used will be covered by cash, physical securities or a combination of both.

• Futures may be used to maintain market exposure when cash is held in the Fund.