Past performance is not an indicator of future performance.

*Firetrail Australian High Conviction Fund (‘Fund’). Net Fund returns are calculated based on exit price with distributions reinvested, after ongoing fees and expenses but excluding taxation. **Fund inception is 14 March 2018. ***The Fund has been operating since 14 March 2018. To give a longer-term view of our performance for this asset class, we have also shown returns for the Firetrail Australian High Conviction Strategy Composite (‘Strategy’) which has been operating since 29 November 2005. Strategy performance has been calculated using the monthly returns (after fees) of the Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie High Conviction Fund (after fees) between 29 November 2005 to 23 November 2017. The 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. Firetrail has records that document and support the
performance achieved as the Macquarie High Conviction Fund. The composite returns for the Strategy and the S&P/ASX 200 Accumulation Index (Benchmark) exclude 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. Net Fund returns are in AUD terms. Net Fund returns are calculated based on exit price with distributions reinvested, after ongoing fees and expenses but
excluding taxation. Past performance is for illustrative purposes only and is not indicative of future performance. ****Strategy inception 29 November 2005.

*Firetrail Absolute Return Fund (‘Fund’). Net Fund returns are calculated based on exit price with distributions reinvested, after ongoing fees and expenses but
excluding taxation. **Fund inception is 14 March 2018. ***The Fund has been operating since 14 March 2018. To give a longer-term view of our performance for this
asset class, we have also shown returns for the Firetrail Absolute Return Strategy Composite (‘Strategy’) which has been operating since 30 June 2015. Strategy
performance has been calculated using the monthly returns (after fees) of the Fund from 14 March 2018 to current date, as well as the monthly returns of the Macquarie
Pure Alpha Fund (after fees) between 30 June 2015 to 23 November 2017. The 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. Firetrail has records that document and support the performance achieved as the Macquarie Pure
Alpha Fund. The composite returns for the Strategy and the RBA Cash Rate (Benchmark) exclude 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. Net Fund returns are in AUD terms. Net Fund returns are calculated
based on exit price with distributions reinvested, after ongoing fees and expenses but excluding taxation. Past performance is for illustrative purposes only and is not
indicative of future performance. ****Strategy inception 30 June 2015.

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.