Benefits of investing in the Presima Global Property Securities Concentrated Fund

Access to Presima's investment expertise

Presima is a boutique investment manager exclusively focused on listed global property securities.

The Fund's investments are selected and managed using Presima's disciplined, research-driven investment approach. Presima believes:

• Its one team, one location' approach ensures consistency in the investment process, efficient knowledge sharing and that only the best ideas make it into the portfolio.

• Listed property securities provide returns consistent with physical real estate over the long term, but may be periodically mispriced due to market inefficiencies.

• Its team's research efforts add value for investors by identifying these pricing inefficiencies through analysis of:

1. the underlying real estate assets of a REIT or REOC
2. its management and business strategy, and
3. the market where it's listed.

Access to global property opportunities

Presima looks for listed property security investment opportunities from around the world for the Fund.

Listed property securities generally provide investors with access to more opportunities and greater diversification across countries, sectors and properties than property investments that aren't listed. The global property market is considered far more diversified than the Australian market.

The Fund typically invests in a concentrated portfolio of 30-40 listed property securities. It's diversified across countries, property sectors and securities. It would be difficult for an individual investor to efficiently construct and manage a similar portfolio.

Hedged to the Australian dollar

The Fund's currency exposures are hedged to the Australian dollar. This means the Fund's total returns reflect the returns from its listed global property security investments, rather than currency fluctuations.

Risk level

High

Investor suitability

The Fund may be suited to you if you:

• want to invest in a portfolio of listed property securities from around the world, managed by a specialist manager

• want to diversify your portfolio with exposure to listed global property securities

• want to invest in a portfolio focused on long-term capital growth

• can tolerate fluctuations of income and the risk of capital loss, and

• want foreign currency exposures to be hedged to the Australian dollar.

About the Fund

The Fund invests in an actively managed portfolio of property securities listed on share markets around the world.

The structures that issue listed global property securities are Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs).

The Fund's foreign currency exposures will be substantially hedged to the Australian dollar.

Antares Capital Partners Ltd (ACP) is the Responsible Entity of the Fund and has appointed Presima Inc (Presima), a specialist global property securities manager, as investment manager of the Fund.

Presima seeks to construct a fundamental, bottom-up, high conviction portfolio of listed global property securities.

Presima also believes its one team, one location' approach ensures consistency in the investment process and that only the best ideas make it into the portfolio.

About Presima

Presima Inc (Presima) is a boutique investment manager with more than 14 years of experience specialising exclusively in the management of global listed real estate securities. Presima has a team of qualified professionals headquartered in Montreal, Canada and is wholly owned by the NAB Group.

How we invest your money

Presima has a disciplined, research-driven investment approach to managing the Fund. Through its extensive fundamental research the investment team seeks to identify high quality, undervalued investment opportunities within the global listed property securities market.

Presima's research gains insights into the fundamental value of listed property securities. It selects investments using a bottom-up approach, which starts with an indepth understanding of the issuer's properties, management and competitive advantage. Presima's investment team builds proprietary financial models on the larger issuers of listed property securities in the investment universe. These models allow the investment team to screen and compare risk-adjusted expected returns across issuers in real time.

The responsibilities of Presima's investment team are divided across global regions.

Indicative asset allocation ranges

• Global developed markets: 80-100%

• Global emerging markets: 0-10%

• Cash and cash equivalents: 0-10%

Currency management and hedging

The Fund's units are valued in Australian dollars but the Fund invests in assets located in other countries, so they are valued in different currencies. The Fund's exposure to international assets will be hedged to the Australian dollar. The intention is to hedge most foreign currency exposures relative to the Australian dollar in order to minimise currency impacts on returns, meaning that the value of an investment in the Fund will change mostly due to a change in asset values. The currency hedging overlay will be done using foreign exchange forward contracts (which will generally be rolled monthly) and currency futures contracts.