Benefits of investing in the Colchester Global Government Bond Fund (Class I)

Investing in the Class I units provides investors with the following significant features and benefits:

• Access to Colchester's investment management expertise in relation to sovereign bonds;

• Access to investment opportunities in offshore markets that Colchester considers attractive;

• Prudent risk management;

• Access to investment opportunities and diversification through pooling of assets that may not be available to individual investors

• Potential for a regular income stream by way of quarterly distributions (the Responsible Entity may change the distribution frequency without notice); and

• Potential for diversification when employed in conjunction with other asset classes and investment styles.

About the Fund

The Fund is actively managed in accordance with Colchester's investment philosophy as outlined in Section 5 of the PDS. The Fund aims to generate income and increase the amount invested by investing in a globally diversified portfolio of government bonds and currencies. An associated objective is the preservation and enhancement of principal. The Fund may also use forward foreign exchange transactions (including non-deliverable foreign exchange transactions), as further described in Section 5 of the PDS. Colchester believes both bond and currency markets can be valued in terms of their real returns on offer, thereby providing an indication of their relative attractiveness or otherwise.

Investment objective

The Fund aims to generate income and increase the amount invested by investing in a globally diversified portfolio of government bonds and currencies. Colchester does not guarantee the repayment of capital or the performance of the Fund or make any representation concerning any of these matters.

Portfolio characteristics

• Low correlation to growth assets such as equities and other fixed income securities such as credit & high yield

• Liquid assets during times of market stress

How we invest your money

Investments held/investment strategy/investment guidelines and restrictions

The Fund generally will acquire positions in debt securities, such as fixed and floating rate bonds, inflation -indexed bonds, zero-coupon bonds, discount bonds, eurobonds, global bonds and yankee bonds, and in currencies of countries that are rated Investment Grade. Colchester may, in its sole discretion, determine the weightings of such debt and currency investments. In the event that such acquired investments are downgraded to below Investment Grade, Colchester will review the securities in question and may decide, in its sole discretion, to continue to hold such securities, provided that no more than 20% of the NAV of the Fund may be exposed to below Investment Grade securities. In the event of a subscription into the Fund, the Fund may purchase further securities in the name of such downgraded issuer to ensure that the same proportion of such securities continues to be held by the Fund.

The Fund may invest in developed and emerging markets.

Colchester will seek to achieve the investment objective of the Fund principally by investing in a portfolio of debt obligations issued by: (i) world governments, their agencies and instrumentalities and government owned corporations; (ii) state, provincial, county, and city governments, as well as those of public utilities and other quasi-governmental bodies; (iii) supranational entities; and (iv) entities guaranteed by any of (i), (ii) and (iii) above that are listed or traded on regulated markets.

Forward foreign exchange transactions (including non-deliverable foreign exchange transactions) may be used by the Fund to reduce the risk of adverse market changes in exchange rates or to increase exposure to foreign currencies or to shift exposure in order to address foreign currency fluctuations between currencies. Both long and short currency positions may be established through the use of currency forwards (including non-deliverable currency forwards) in global currencies and may be held without owning securities denominated in such currencies. Typically positions are balanced such that the sum of currency active long positions matches the sum of currency active short positions. Colchester will normally seek to hedge the Class I's foreign currency exposure between 70% to 130% to Australian Dollars. The sum of all active foreign currency long exposures shall not exceed 60% of the net asset value of the assets attributable to the Class I units.