The Fund invests in an actively managed portfolio of equities listed (or expected to be listed) on share markets around the world. The Fund is not hedged to the Australian dollar.

The Fund aims to deliver a return that exceeds the Benchmark (before fees) over seven year periods.

Benefits of investing in the Intermede Global Equities Fund

Access to global investment opportunities

Intermede looks for investment opportunities from around the world for the Fund.

Its investments are diversified across countries in both developed and emerging markets.

An investor may have difficulty constructing and managing a similar portfolio on their own.

Focus on long-term growth

Intermede aims to deliver long-term capital growth by investing:

1. in high quality companies it chooses by rigorously applying its selection criteria
2. with the intention of holding investments for the long term, and
3. only when it believes a company's share price is good value.

Investment expertise

Intermede uses an investment approach that a key manager of the Fund has applied to managing global equities funds for many years.

Intermede believes that by using this investment approach, outlined in section 5 of the PDS, the Fund can achieve better return outcomes than the MSCI All Country World Index (Net Dividends Reinvested) $A (Benchmark) (before fees) over seven year periods.

Risk level

High

Investor suitability

The Fund may be suited to you if you:

• want to invest in a portfolio of equities from around the world managed by a specialist global equities manager

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

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

• are comfortable having foreign currency exposure ie currency risk.

About the Fund

The Fund invests in an actively managed portfolio of equities listed (or expected to be listed) on share markets around the world. The Fund is not hedged to the Australian dollar.

Intermede engages in intensive research to identify investment opportunities in mid and large capitalisation companies and across developed and emerging markets. The Fund is a concentrated portfolio of approximately 40 equities.

Intermede's investment philosophy is that companies with good management and strong market positions in attractive industries will outperform if their shares are bought at the right price. Intermede implements its philosophy through a rigorous investment process. Intermede looks for companies that meet some or all of the following criteria:

• a sustainable competitive advantage e.g. a dominant position in their industry

• a superior business model eg their costs grow more slowly than revenue

• an excellent management team eg proven track record and clear strategy for growth, and

• a price lower than Intermede's valuation for the company.

About Intermede Investment Partners

Antares Capital Partners Ltd (ACP) is the Responsible Entity of the Fund and has appointed Intermede Investment Partners Limited (Intermede), a specialist global equities manager, as investment manager of the Fund.

Intermede is based in London and is majority owned by its investment team, with the remaining interest owned by the NAB Group.

The Intermede investment team has a single focus - global equities - as they believe this focus will deliver the best outcomes for clients.

Intermede aims to outperform global share markets by investing in companies with good management and strong market positions in attractive industries. In particular, Intermede looks for companies with a demonstrated sustainable competitive advantage.

How we invest your money

Intermede engages in intensive research to identify investment opportunities in mid and large capitalisation companies and across developed and emerging markets. The Fund is a concentrated portfolio of approximately 40 equities.

Intermede's investment philosophy is that companies with good management and strong market positions in attractive industries will outperform if their shares are bought at the right price.

Intermede implements its philosophy through a rigorous investment process. Intermede looks for companies that meet some or all of the following criteria:

1. a sustainable competitive advantage eg a dominant position in their industry
2. a superior business model eg their costs grow more slowly than revenue
3. excellent management team eg proven track record and clear strategy for growth, and
4. a price lower than Intermede's valuation for the company.

Indicative asset allocation ranges

• Global developed markets: 70-100%

• Global emerging markets: 0-30%

• Cash and cash equivalents: 0-10%

Currency management

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 is not hedged to the Australian dollar. This means the value of the Fund will change both due to movements in asset values and shifts in the exchange rate between the Australian dollar and overseas currencies.

However, at times, Intermede may wish to invest in companies in a particular country without having full exposure to its currency movements. In these cases, it may enter into currency hedging contracts.