Benefits of investing in the Realm Short Term Income Fund - Ordinary Units

Investing in the Fund offers a range of benefits, including:

• Professional Management - Access to an experienced investment management team with a proven track record in managing interest bearing securities;

• Independence - Realm's investment team is independent from the issuers of the Fund's investments and does not receive conflicted remuneration;

• Exposure to investment opportunities - Access to investment opportunities individual investors would typically not have access to; and

• Information - Regular updates on your investment in the Fund including performance information, found at www.realminvestments.com.au.

Risk level

Low

About the Fund

The Short Term Income Fund (Fund) targets an after fees total return of 1.50% - 2.0% p.a. over the RBA Cash rate over a rolling three-year period, while seeking to preserve capital.

The Fund provides access to a diversified, actively managed fixed income portfolio that invests in cash and domestic issued fixed interest securities. Our highly experienced team combine a risk first approach to investing in seeking to deliver strong risk adjusted returns.

How we invest your money

The Realm Short Term Income Fund will invest in a portfolio of Australian and New Zealand originated debt securities issued by major banks, their subsidiaries and other authorised deposit taking institutions which could be denominated in currencies other than the Australian and NZ dollar, for example the US dollar.

The Fund will invest in debt instruments issued by the following Authorised Deposit-taking Institutions and corporate issuers:

• ANZ & its subsidiaries

• CBA & its subsidiaries

• NAB & its subsidiaries

• Westpac & its subsidiaries

Other Australian and New Zealand Deposit-taking Institutions which the Investment Manager considers reputable

Corporate Debt issuers

Secured Funding and Securitised Debt

Cash & Negotiable Certificate of Deposits

All of the Fund will be targeted at investment grade assets: see below for details.

Mix of asset classes*

(Asset: Permitted Range / Target Range**)

• Australian and New Zealand issued investment grade asset- backed, bank-issued and corporate bonds***: 0-90% / 75-90%

• Cash & Negotiable Certificate of Deposits***: 10-100% / 10-25%

*The primary assets classes are unlisted but this does not prohibit the Fund investing in other asset classes in various currencies (including listed securities) where the Investment Manager believes it is appropriate and in the best interests of investors. The Fund will also use derivatives for the purpose of hedging interest rate and foreign currency exposures within the Fund.

**While the Investment Manager intends that the asset mix of the Fund will be within the target ranges, there are times when the asset mix will fall outside of the target ranges.

***Exposures may take the form of units in both registered and unregistered managed investment schemes, notes or securities.

Derivatives may be used as a risk management tool (such as managing or hedging the effect of interest rate or foreign currency movements). All derivative positions will be fully funded and will not use leverage when fully exposing and backing the derivative position.

The Investment Manager's approach for the Fund embraces the philosophy that best practice management combines a complete top down assessment of key macro and regulatory drivers supported by a bottom up process which provides a ground level market view of issuers and their markets.

All of the Fund will be targeted at investment grade assets. These are assets which are considered entities and/or securities that have an internal or external credit rating of BBB- or higher.

Issuers of investment grade securities are considered to have a strong capacity to meet their payment obligations (although no guarantee can be given about this matter).

The Fund's returns will be driven by the Investment Manager's relative value assessment around sector allocation as well as security selection. This relative value screen is embedded in the top down portion of the Investment Manager's process.