Benefits of investing in the Munro Global Growth Fund

The benefits of investing in the Fund include:

• Access to investment opportunities. Munro, via its investment management team and investment process, has the ability to seek out and invest in some of the most innovative and fastest growing companies in the world today. the Fund provides pooled buying power allowing the Investment Manager to gain access to corporate investment opportunities and lower the overall cost of investing. these opportunities would be harder to find and harder to access by individual retail investors;

• Access to an experienced investment management team. Munro's investment manager has a proven 12-year track record in running global investment mandates. both the manager and the investment process have a strong track record of absolute returns and market outperformance over multiple market cycles; and

• Risk management. Munro only manages global absolute return funds. The flexible investment mandate allows the Fund to hold more cash when warranted, such as when no suitable investments can be found or short term market risks are high, and also allows Munro to dynamically hedge currency exposure. the Fund can actively manage risk, managing its market and currency exposure with the aim of protecting clients' capital and enhancing the potential long term returns of its investments.

Risk level

High

Investor suitability

The Fund has an investment horizon of three to five years and may be suitable for investors seeking capital growth and income via exposure to global shares and who are prepared to accept the risks of the Fund set out in Section 5 of the PDS.

About the Fund

About Munro Partners

Munro is an independent global absolute return equity manager whose core focus is on growth equities. Munro provides investors with a global investment manager with the ability to identify both the sustainable growth trends that are under appreciated and mispriced by the market, and the resulting winning and losing stocks.

Munro seeks to invest clients' money as it would invest its own.

How we invest your money

The Fund will invest in a portfolio of listed global equities with the aim of generating meaningful, risk adjusted, absolute returns to investors over the medium to long term while maintaining a capital preservation mindset. the number of equity holdings the Fund will hold will typically range between 30 and 50 holdings. the Fund will generally invest in:

1. listed global equities;
2. cash equivalent instruments;
3. exchange traded derivatives; and
4. over the counter equity swaps.

The portfolio will be constructed observing the following guidelines:

• Exposure management is driven by bottom-up idea generation. typical gross exposure ranges between 50-150% and typical net exposure between 50-100%;

• Portfolio concentration: typically the portfolio will range between 30-50 investments;

• Position sizing: typically average long Positions are 3% of the Fund's net asset Value (NAV) and average Short Positions are 1.5% of naV;

• Short philosophy: Short Positions are typically represented on a single stock basis targeting poorly positioned or overvalued companies, not as a portfolio hedging tool.

Asset allocation

• Listed global equities (including Exchange traded Funds (ETFs)): 0-100%

• Exchange traded derivatives (including equity options, futures and foreign currency futures and swaps): 0-100%

• Over-the-counter (OTC) derivatives (including swaps, contracts for a difference on listed equities and foreign currency positions): 0-100%

• Cash (including cash at bank, term deposits, money market instruments, bank bills of exchange, certificates of deposit, asset backed promissory notes and other cash- like instruments): 0-100%