Past performance is not an indicator of future performance.

*The Firetrail Australian High Conviction Strategy Composite Performance has been calculated using the monthly returns (after fees) of the Firetrail Australian High Conviction Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie High Conviction Fund between 29 November 2005 to 23 November 2017. The Firetrail Australian High Conviction Fund employs the same strategy as was used by the same investment team that managed the Macquarie High Conviction Fund as at 23 November 2017. The Composite returns for the Strategy and the S&P/ASX 200 Accumulation Index (Benchmark) excludes returns between 24 November 2017 and 13 March 2018. During this period the investment team did not manage the strategy. As such, the annualised performance periods stated are inclusive of the combined composite monthly returns, and do not include the period when the team were not managing the strategy. For example, the annualised return over 3 years for the strategy and benchmark are inclusive of 36 monthly performance periods available in the Composite return period, excluding the period between 23 November 2017 and 13 March 2018. For additional information regarding the performance please contact us through the link on our website.

**The Firetrail Absolute Return Strategy Composite Performance has been calculated using the monthly returns (after fees) of the Firetrail Absolute Return Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie Pure Alpha Fund between 30 June 2015 to 23 November 2017. The Firetrail Absolute Return Fund employs the same strategy as was used by the same investment team that managed the Macquarie Pure Alpha Fund as at 23 November 2017. The Composite returns for the Strategy and the RBA Cash Rate (Benchmark) excludes returns between 24 November 2017 and 13 March 2018. During this period the investment team did not manage the strategy. As such, the annualised performance periods stated are inclusive of the combined composite monthly returns, and do not include the period when the team were not managing the strategy. For example, the annualised return over 3 years for the strategy and benchmark are inclusive of 36 monthly performance periods available in the Composite return period, excluding the period between 23 November 2017 and 13 March 2018. For additional information regarding the performance please contact us through the link on our website.

1.The management fee is payable to the Investment Manager for managing the investments of the Fund. The management fee is calculated on the Fund’s net asset value, reflected in the daily unit price and payable monthly in arrears from the Fund.

2.Fees are inclusive of GST and of any applicable reduced input tax credits (‘RITC’).

3.The performance fee is calculated and accrued each business day and is payable quarterly, if applicable

4.The Firetrail Australian High Conviction Fund’s benchmark is the S&P/ASX 200 Accumulation Index. The Firetrail Absolute Return Fund’s benchmark is the RBA Cash Rate. Refer to ‘Performance fees’ information in ‘Additional explanation of fees and costs’ in the Product Disclosure Statement for further information.

5.The Responsible Entity has the discretion to accept lower initial investments. Does not apply to IDPS investments.

^The portfolio allocation ranges provided are indicative only. The Fund will be rebalanced within a resonable period of time should the exposure move outside these ranges. The Fund is typically expected to be fully invested. A portion of the portfolio may be allocated to cash or derivatives for liquidity purposes. The Fund may hold exchange traded derivatives to a maximum of 10% of the Fund’s NAV.