Benefits of investing in the P/E Global FX Alpha Fund

• Potential for long-term absolute returns - via exposure to global foreign exchange

• Potential to capitalise on changing market conditions - via a systematic statistical investment approach focussed on key macroeconomic and financial factors

• Differentiated sources of return - low correlation to traditional asset classes and other alternative strategies

• Multi-layered approach to risk management - minimise downside risk

• Experienced and committed team - deep expertise in currency and gold markets

Investor suitability

The Fund employs specialist trading and investment techniques that involve the use of short positions and derivatives. You should only consider investing in the Fund if:

• you have a high risk tolerance and a medium to long-term investment horizon

• the amount you invest only makes up a small proportion of your broader portfolio of investments (that is, excluding your principal place of residence), and you will have additional funds at your disposal after you have invested in the Fund

• you are advised by a financial adviser or have a high level of financial literacy and experience in investing in alternative investment strategies

• you have carefully read all of the PDS

• you understand and are comfortable with the risks associated with investing in the Fund

• you have considered whether to seek, and if appropriate, you have sought, professional legal, taxation and financial advice to determine whether an investment in the Fund is appropriate for you, and

• you have carefully considered the potential benefits and the risks involved in investing in the Fund, in light of your particular investment needs, objectives and financial and taxation circumstances.

About the Fund

The Fund aims to deliver investors long-term absolute returns via exposure to developed and emerging market currencies.

Global FX exposure

• Aims to capitalise on macroeconomic and financial factors through foreign exchange markets

Systematic statistical approach

• Flexibility to dynamically adapt to changing return drivers

Potential for long-term absolute returns

• Low correlation to equities, bonds and other alternative strategies

About P/E

P/E Global LLC (P/E) is a quantitative absolute return currency manager, developing strategies that leverage the firm's extensive experience in portfolio management, asset allocation, market analysis and risk management. Founded in 1995 in Boston, Massachusetts, P/E believes effective diversification, thorough analysis, and consistent risk management can lead to superior investment performance.

How we invest your money

P/E Global's investment process combines new and existing information in an adaptive framework to predict future currency movements.

The strategy is based on P/E Global's belief that:

1. fundamental factors drive currency exchange rates
2. the importance of each factor varies over time, and
3. statistical analysis can provide an adaptive framework for understanding movements in currency markets.

P/E Global's investment process involves the use of a disciplined and dynamic quantitative model to determine the positions held by the Fund. The model relies on statistical analysis to forecast returns and volatilities for currencies based on underlying fundamental factors. P/E Global's investment process is systematic', which means that the vast majority of the Fund's portfolio exposures are based on the forecasts generated by P/E Global's model, other than rare instances where P/E Global deems the circumstances to be exceptional and may intervene to reduce risk.

P/E Global defines fundamental factors as economic inputs which they believe drive currency movements over time. These factors may include but are not limited to interest rates, inflation, credit spreads, and capital flows.

P/E Global undertakes statistical analysis of each of the fundamental factors independently to forecast returns and volatility for each of the currencies within the portfolio. For each fundamental factor, forecast returns are compared to actual returns at each step in time to determine the forecast error for each fundamental factor. P/E Global then weights the fundamental factors based on their forecast errors. Those factors with a lower forecast error receiving a higher weighting and vice versa. Forecast errors are fed back into the model as a signal for refinement of the model. P/E Global then calculates the expected returns for the currencies based on the fundamental factor weightings.

P/E Global combines the expected returns and the expected risk for the currencies, based on the forecast errors, to generate an optimised portfolio of long and short currency positions for the Fund.

Risk management

Multi-layered risk management is embedded into P/E's investment process:

• predetermined target portfolio volatility - measured using standard deviation

• investing globally across liquid markets

• portfolio market risk exposure - managed via a statistical technique measuring and quantifying the level of financial risk of the portfolio over a specific short timeframe, employing proprietary software

• limiting initial margin-to-equity and gross market exposures

• taking a mixture of long and short positions