Benefits of investing in the ActiveX Ardea Real Outcome Bond Fund (Managed Fund)

Investing in the Fund offers investors a range of benefits including the following:

• Pure relative value' strategy:The Fund's differentiated pure relative value' investing approach is independent of the prevailing interest rate environment and unaffected by how bond markets are performing.

• Tight risk control:The Fund explicitly targets volatility-controlled returns to strictly limit performance volatility and prioritise capital preservation.

• Capital preservation:The Fund prioritises capital preservation by only investing in high quality government bonds, related derivatives and cash equivalent investments.

• Daily liquidity:The Fund aims to maintain daily liquidity by only investing in the most liquid segments of global fixed income markets.

• Diversification benefits: The Fund can offer significant diversification benefits because its relative value' investment approach is independent of conventional macroeconomic risk and return drivers.

• Inflation protection:The Fund targets returns exceeding Australian inflation rates in order to protect investors long term purchasing power.

• Experienced and stable investment team:Ardea's portfolio managers have experience in global relative value' investing spanning 20+ years. The firm maintains majority employee ownership to foster alignment of interests with clients and investment team stability.

The benefits of using Active ETFs

• Diversification:Active ETFs provide the ability to diversify a portfolio through holding a single security and to create a diversified portfolio of ETFs across asset classes.

• Liquidity & Flexibility:an Active ETF enables investors to trade on an exchange any time during market hours. This flexibility provides an efficient way to implement asset allocation changes to a portfolio.

• Transparency:assets held by the Active ETF are disclosed daily, enabling full transparency.

Risk level

Very Low

About the Fund

The Fund is a managed fund which has been established as a separate class of units in the ActiveX Trust, a registered managed investment scheme. Investors in the Fund acquire units in that specific class of units and the assets of the Fund are held on trust for the investors in the specific class that relates to the Fund. The Fund is administered as a separate trust by Fidante Partners. The Fund's units trade on the AQUA market on the ASX. This means investors have the opportunity to buy or sell a diversified portfolio of assets in a single transaction.

The Fund is a class of units in the ActiveX Trust and gains its exposure by investing in the Ardea Real Outcome Fund (ARSN 158 996 699) (Underlying Fund) and cash.

The Fund is actively managed by Ardea, a specialist 'relative value' focused fixed income manager. The Fund is intended to be suitable for investors who are seeking some income, along with protection against inflation, and the potential for capital growth over the long term.

How we invest your money

The Fund primarily invests in high quality government bonds, related derivatives and cash equivalent investments, across the most liquid segments of global fixed income markets.

The Fund uses derivative instruments for risk management, as well as to improve the precision, efficiency and liquidity of implementing the Fund's relative value' investment strategies. Derivatives are also used for hedging foreign currency exposure and the Fund is permitted to enter into repurchase agreements. Any proceeds from repurchase agreements may be invested in cash or cash equivalent securities.

Portfolio construction aims to control performance volatility and minimise exposure to varying market conditions, including extreme adverse scenarios. This is done by prioritising risk diversification and risk balance. The former, by intentionally diversifying risk across many modestly sized and independent investment strategies to mitigate the risk of a single strategy overwhelming the portfolio. The latter, by intentionally including a mix of different strategy types that can perform well in different scenarios, including larger allocations to strategies that outperform in adverse market environments. Ardea believes this approach delivers more stable returns, with lower risk, compared to portfolios with large directional positions that can overwhelm a fund's risk/return profile.

The Fund's net derivative value will not exceed 10% of the net asset value (NAV) of the Fund.

Strategic asset allocation ranges

(Asset class / Min % / Max %)

• Government bonds: 90-100%

• Derivatives*: 0-10%

*Calculations are based on the gross market value of government bond holdings and
the absolute net market value of derivative holdings

Ardea aims to hedge all foreign currency exposure back to the Australian dollar, as practicable.