Australian Standfirst Global Core Fund Information Memorandum€¦ · derivatives for both capital preservation and downside protection purposes. It has a clear focus on conservative

Global Core Fund

Australian Standfirst

Information Memorandum

ARSN 633 755 512

australianstandfirst.com

ISSUED BY Australian Standfirst Funds Management Limited

ABN 48 618 083 079 AFSL 510315

DATED 12th February 2020

Artwork By Celebrated Australian Artist Rachel Derum | rachelderum.com

02 | Information Memorandum

1 | IMPORTANT NOTICE ABOUT THIS INFORMATION MEMORANDUM

2 | ABOUT AUSTRALIAN STANDFIRST FUNDS MANAGEMENT LIMITED

3 | KEY FUND INFORMATION

4 | KEY FEATURES & SIGNIFICANT RISKS

5 | HOW TO INVEST

6 | TAXATION OF AUSTRALIAN RESIDENT INVESTORS

7 | ADDITIONAL INFORMATION

Contents

03

04

05

12

15

19

21

1300 153 653 | [email protected] | australianstandfirst.com

Information Memorandum | 03

1

Australian Standfirst Funds Management Ltd ACN 618 083 079 AFSL 510315 (“ASFML” or “Responsible Entity” or “we” or “us”) is the Responsible Entity of the Australian Standfirst Global Core Fund ARSN 633 755 512 (Fund) and the issuer of this Information Memorandum (IM). We have appointed Australian Standfirst Asset Management Pty Ltd ABN 51 612 265 219 (“ASAMPL” or “Manager”), which is a related company and corporate authorised representative number 1276948 of ASFML to be the investment manager of the Fund.

This IM is offered to wholesale investors only (“Investors” or “Unitholders”) and references in this IM to units in the Fund are to Class B units only. No other class of units in the Fund is offered in this IM. If you are not a wholesale investor pursuant to s761G of the Corporations Act 2001 (Cth), please obtain the Product Disclosure Statement which is available for investment in Class A units for the Fund.

You should read and consider this IM in full, before making a decision whether to invest in the Fund. The information provided in this IM is general information only and does not take into account your personal financial situation or needs. Investors should seek independent financial advice tailored to their personal circumstances before making a decision whether to invest in the

Fund, particularly about individual matters such as taxation, retirement planning and investment risk tolerance.

This IM does not constitute an offer or invitation in any place outside Australia where or to any person to whom it would be unlawful to make such an offer or invitation. The distribution of this IM (electronically or otherwise) in any jurisdiction outside Australia may be restricted by law and persons who come into possession of this IM should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable law. The Fund is only open to Australian tax residents.

All investors shall be bound by the contents of this IM. The information in this IM is current as at the issue date, and may be updated from time to time where that information is not materially adverse to investors. Updated information can be obtained from our website https://australianstandfirst.com.

Neither ASFML, ASAMPL, nor any related entity, guarantees the repayment of your capital or the performance of your investment or any particular taxation consequences of investing. Past performance is not a reliable indicator or guarantee of future returns.

Important Notice about this Information Memorandum

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https://australianstandfirst.com


Write To Us: Australian Standfirst, GPO Box 4808, Melbourne, VIC 3001 Australia Call: 1300 153 653 Email: [email protected] Online: https://australianstandfirst.com/

2

Australian Standfirst Funds Management Limited is the Responsible Entity for the Fund and is the issuer of this IM and of the Class B units in the Fund (Units).

ASFML holds an AFSL Number 510315 and amongst other things, is authorised to operate the Fund which is a registered managed investment scheme and provide general advice to retail and wholesale investors in relation thereto.

The Responsible Entity has appointed Australian Standfirst Asset Management Proprietary Limited ABN 51 612 265 219, which is a related company and corporate authorised representative number 1276948 of ASFML to be the investment manager of the Fund. The appointment has been made in accordance with ASFML’s related party policy, is in the best interest of scheme members and is conducted on an arms’ length basis.

The responsibilities and obligations of the Manager are generally governed by the Fund’s Constitution and the terms of the agreement entered into between ASFML and ASAMPL, together with the applicable laws and regulations. ASFML is entitled to

terminate ASAMPL’s appointment in writing, either immediately or within five (5) business days (depending on the circumstances) or otherwise within thirty (30) days.

ASAMPL has provided consent to the statements about it in the form and context in which they are included. ASAMPL was not otherwise involved in the preparation and distribution of this IM and is not responsible for the issue of this IM, nor is it responsible for any particular part of this IM other than those parts that refer to it. ASAMPL has not withdrawn its consent before the date of this IM.

The Fund’s Due Diligence & Portfolio Management (“DDPM”) team is made up of professionals with extensive experience in asset allocation, economic and market analysis, portfolio construction and risk management.

ASFML is responsible for ensuring the Fund is managed in accordance with its Constitution (as lodged with ASIC and amended from time to time) and disclosed investment strategy.

About Australian Standfirst Funds Management Limited

https://australianstandfirst.com/teams/australian-standfirst-asset-management-team/



3

Key Fund Information

The objective of the Fund is to generate long term responsible total returns (income and capital growth), across global markets and asset classes with a priority placed on stability, capital preservation, resilience and responsible investing optimisation.

The Fund will have a strong focus on displaying resilience in down markets, seeks maximum current income and total returns and creates a well-diversified portfolio that can take advantage of different market, business and economic cycles across geographies. All geographies except Australia and New Zealand are considered.

The Fund adopts a proprietary multi-asset class total return structure, which aims to negotiate the ups and downs of the market cycle. The primary objectives of this strategy are to achieve attractive risk-adjusted returns over the medium to long-term, while emloying risk-reduction measures.

A proprietary Global Macro Fund excluding Australia and New Zealand stratagem, solely designed via a proprietary Core Activity Indicators (“CAI”) qualification and veto process that is completed before optimising portfolio construction. The strategy provides a flexible global asset allocation framework that has three goals: capital appreciation and income, avoidance of capital loss and responsible investing optimisation throughout.

Subsequent trade execution is then aimed at delivering attractive risk-adjusted returns over the medium to long-term, while maintaining active risk management constraints, solely facing listed, quoted or regulated markets (for liquidity, latency and redemption of capital). By applying deep research, due diligence, independent thought and patience, the Due Diligence & Portfolio Management team support this investment process by developing independent estimates of the intrinsic value for each portfolio name, including an assessment of actual risk associated with the security.

The DDPM team construct a factor aware portfolio by calculating proprietary factors, understanding their behaviour and performance in different macro environments and market conditions. This prioritised focus on risk management reduces the jeopardy of permanent capital or geometric return losses and elevates capital preservation and downside protection as priorities from the very top down.

This approach operates contrariwise to most Exchange Traded Products (including ETF’s) prioritisation of ascertaining investment exposure first and then risk vulnerabilities second. The risk-reduction framework also achieves a more genuine and immediate alignment

Investment Objective

Investment Strategy

https://australianstandfirst.com/global-core-fund-series/fund-overview/


https://australianstandfirst.com/global-core-fund-series/responsible-investing-optimisation/





with evolving Environmental, Social and Governance (“ESG”) standards. Please refer to the Australian Standfirst Responsible Investment Optimisation Protocol.

The strategy is designed to perform best in strong trending markets or during periods of macroeconomic and asset class dislocations, enabled with the authority to short and employ derivatives for both capital preservation and downside protection purposes. It has a clear focus on conservative idea generation and is agnostic on asset class or instrument selection until the top-to-bottom process reveals the most effective way of capturing the global macro identified opportunity.

Investment Strategy (continued)

The Fund is suitable for Australian tax residents who wish to enhance their portfolios with global multi-asset class investment opportunities, which do not significantly overlap their existing ASX200 exposures or other parts of international markets that are closely linked to ASX companies, investments or mercantile activities.

For Australian Family Office, Private Investment Company (PIC) and Ultra High Net Worth (UHNW) individuals who seek a viable Exchange Traded Fund (ETF) alternative, based on concerns surrounding high portfolio concentrations, crowding, liquidity events and the advent of High Frequency Traders (“HFT”), which makes ETF’s particularly vulnerable to a potential positioning unwind. HFT’s have grown to become dominant suppliers of liquidity in major global markets, however, they often supply liquidity without taking into account fundamental information and are forced to withdraw liquidity during periods of market stress to avoid being “adversely selected.” There is some evidence from international markets that HFT volumes drop, in the minutes around macroeconomic events, raising the risk of seismic drops in liquidity, which may lead to geometric return losses, unavoidable during subsequent crises.

The Fund is not suited to investors who: (i.) Expect returns to replicate, mirror or better an index at all times, (ii.) Expect to make significant short-term gains – remembering the minimum suggested investment in the Fund is five or more years; or (iii.) Cannot tolerate that there may be fluctuations in the value of their investment. Markets can be volatile and fluctuations may effect the value of your investment in the Fund.

Please note that the Fund may fall within the definition of a hedge fund from time to time, when it has any two of the following features: complexity of investment strategy/structure, use of leverage, use of derivatives, use of short-selling and charging a performance fee.

Investor Suitability

The S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index for all asset classes, excluding cash. (“Benchmark”).

Benchmark

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https://us.spindices.com/indices/equity/sp-global-ex-australia-new-zealand-largemidcap-esg-and-sp-green-bond-70-30-blend-index-custom#overview



Please refer to the Australian Standfirst Responsible Investment Optimisation Protocol for details regarding how we take into account labour standards, environmental, social and ethical considerations.

Australian Standfirst at its core, holds a total commitment to responsible investing and in so doing, has developed a proprietary, innovative and better approach to optimising global investment returns which also enhances accuracy across all risk management activities, achieving a more genuine alignment with evolving ESG standards.

The Australian Standfirst Responsible Investing Optimisation technique adds and maintains enduring value over three very different but important stages:

Framework Optimisation: The codified Australian Standfirst Family Principles, overlay our original houseviews, allowing our DDPM team to demonstrate their differentiation, depth and the fullness of our humanity across every investment decision taken.

Core Optimisation: Australian Standfirst Asset Management has entered into a licensing agreement with S&P Dow Jones Indices (“S&P DJI”) and selected the global index provider’s S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index as an all asset classes excluding cash benchmarking tool.

Australian Standfirst is elevating funds management in the region by being the first active fund in Australia to integrated ESG into our benchmark, which will publicly hold us to account and elevate ESG as an enforceable performance criterion.

This S&P ESG Index utilises an ESG scoring methodology, overseen by S&P DJI’s governance group and calculated by SAM, a unit of RobecoSAM, recognised since 1995, as the preeminent global investment specialist focused exclusively on Sustainable Investing.

For more on the research and methodology on the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index and S&P DJI ESG Scores please visit: https://www.au.spindices.com/index-family/esg/core-esg

Tail Optimisation: Our proprietary optimisation techniques allow for more rigorous back-testing, augmenting greater degrees of accuracy across all risk management activities, while remaining in-step with our commitments to evolving responsible investing best practices.

Redesigning Responsible Investment Optimisation

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https://www.au.spindices.com/index-family/esg/core-esg


08 | Information Memorandum 1300 153 653 | [email protected] | australianstandfirst.com

The Fund prepares for large-scale events on the country-wide, continental, bloc and global scale by implementing proactive investment tactics positioned to capture prescient macroeconomic or geopolitical trends, identified early by the DDPM Determination Process.

Global Macro funds are, by their very nature, quintessential “top-down” investors, meaning that their approach involves first looking at the world in its entirety and only then, delving into the granularity.

Because of this, the Fund remains agnostic and neutral about company level, sectoral or asset allocations ahead of time and only considers investable instruments, asset classes and company specific exposures, once the top-down process funnels them from a global comprehensive perspective towards the specific way to capture said idea, opportunity or exposure.

Our Fund is therefore not required to allocate its investments in set percentages in particular countries or sectors and may invest in emerging markets, without limit.

The following table details probabilistic distribution of assets within the Fund and should not be viewed as deterministic, whilst remembering that these may also vary outside the cited ranges, where this is considered in the best interests of meeting the Fund’s objectives.

Please note, irrespective of asset class, we proactively avoid single party counterparty risk – we always seek to face the exchanges or regulated markets for over-the-counter (“OTC”) instruments.

Asset Allocation

ASSET CLASS RANGE % INSTRUMENT EXAMPLES PERFORMANCE BENCHMARK

International Shares

Equity Indices and Sectoral

Securities

Fixed Income

0-100

0-100

0-50

Listed Shares, Futures, Preferred and Capital

Securities

Index Futures, Index Future Options, ETP’s,

Total Return Swaps

Global Government Backed Securities,

Global Sovereign Bonds, Municipal Bonds, Corporate Bonds,

Convertible Bonds, Global inflation

linked bonds

S&P Global LargeMidCap Ex-Australia and New

Zealand ESG and Green Bond TR 70/30 Monthly

Blend Index



Blend Index



Blend Index


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ASSET CLASS RANGE % INSTRUMENT EXAMPLES PERFORMANCE BENCHMARK

Currency

Cash & Cash Equivalents

Credit

Commodities

0-30

0-20

0-30

0-30

Currency Swaps, Swaptions, Forwards,

Options

Securitised Credit, Global Syndicated

Loans, Global Investment Grade

Credit, Credit Default Swaps, Collateralised

Debt Obligations, Synthetic Indices



Blend Index

Not Applicable



Blend Index



Blend Index

Note, there remains a need for flexible asset allocations and if market movements, investments into or withdrawals from the Fund, or changes in the nature of an investment, cause the Fund to exceed these asset allocations, or a limit stipulated in this IM, this will be addressed by the DDPM team as soon as reasonably practicable.

You should read all the information about fees and costs as it is important to understand their impact on your investment.

Please note that unless otherwise stated, all fees and costs are quoted exclusive of GST and net of any input tax credits (ITCs) or reduced input tax credits (RITCs) as applicable. Where available, the prescribed RITC rate is currently 55% or 75% depending on the nature of the fee or cost incurred. Due to the impact of GST, ITC and RITC calculations, actual fees may vary slightly from those stated, which may be rounded to two decimal places.

The Constitution of the Fund sets out the fees and expenses payable to the Fund. The Constitution permits higher management fees to be charged as well as other fees (such as an entry or exit fee) which are not currently levied. We will give Unitholders written notice of any variation of fees and costs charged by the Fund, with atleast thirty (30) days’ notice before the effective change.

Fees



The following fees and costs are relevant to the Fund:

(i) Management Fee

A Management Fee of 1.00% (excluding GST/RITC) per annum of the Net Asset Value (NAV) of the Fund, is calculated monthly and paid quarterly. Please note, that this fee may be modified or rebated at ASMFL’s discretion.

(ii) Performance Fee

ASFML is entitled to a 20.00% Performance Fee, exclusive of net GST/RITC, when the Fund outperforms the hurdle return. The hurdle return is the return of the nominated Benchmark.

This Fee is accrued and reflected in the Fund’s unit price and is payable semi-annually, as at 30 June and 31 December (“Calculation Period”) and is reset to zero for the start of the next Calculation Period. If an Investor redeems their units prior to the end of a Calculation Period, the accrued Performance Fee will be deducted from the proceeds and paid to the Responsible Entity.

The Responsible Entity may elect to rebate all or part of the Performance Fee that it receives from one or more Investors at its discretion.

(iii) Transaction Costs (Buy/Sell spread)

Transaction costs are paid from the assets of the Fund. These charges generally include costs such as brokerage, government or bank charges, et cetera. They may be incurred by changes in the Fund’s investment portfolio or when there are cash flows in or out of the Fund. When the Fund incurs transaction costs from changing its investment portfolio, they are paid out of the assets of the Fund and reflected in the unit price.

When transaction costs are incurred because Unitholders buy or sell units in the Fund, they are offset by including in the calculation of the entry and exit unit prices a transaction cost allowance, which is referred to as a ‘buy/sell’ spread. The buy/sell spread aims to ensure that other Unitholders do not bear the costs associated with a particular Unitholder buying or selling units in the Fund. The amount of the buy/sell spread remains in the Fund and are not fees paid to the Responsible Entity.

The buy/sell spread is based upon our estimate of the average transaction costs which are incurred by the Fund.

This estimate may vary from time to time and there is no buy/sell spread for automatic reinvestment of distributions.

Fees (continued)


(iv) Indirect Costs

Indirect costs are those amounts paid from the assets of the Fund, which we know or estimate will reduce the return of the Fund and are separate from management costs. Indirect costs are currently estimated to be 0.15% per annum.

Management costs are deducted directly from the Fund assets as a whole. The fees stated in this IM represent the fee charged plus applicable GST, less any reduced input tax credits that may be claimed by the Fund. The Constitution of the Fund allows ASFML to recover expenses incurred in the proper administration of the Fund.

Fees (continued)

The objective of the Fund is to generate long term responsible total returns (income and capital growth), across global markets and asset classes with a priority placed on stability, capital preservation, resilience and responsible investing optimisation.

Investment in the Fund should be considered medium-high risk, based on industry standards in risk assessment of such investments (which estimate the number of likely negative returns over any 20 year period). However, such assessment cannot take into account all potential risks that might be encountered with the performance of the asset classes or the Fund, nor does it take into account any investor’s personal objectives, financial situation or needs.

Before you consider investing in the Fund, it is important you understand and consider the risks that can affect your investment. All investments carry risk, and different strategies/asset classes may carry different levels of risk. Generally, investments which are expected to produce higher long-term returns are considered to involve more short-term risk. Whilst such investments may be considered likely to produce higher returns over the long term than more conservative investments, over shorter periods they may fall in value and you may lose money.

It is important to understand that the value of your investment will vary, as will returns therefrom. No guarantee is provided regarding the performance of the Fund or that

Key Features

Significant Risks

4

Key Features & Significant Risks



distributions will be made or that the capital value of an investment in the Fund will increase or be maintained. Future returns may differ from past returns. The laws affecting registered managed investment schemes may change in the future and the level of risk for each investor will vary depending on factors such as age, investment time frames, other investments held and your risk tolerance (ability to withstand losses).

Some of the significant risks of an investment in this Fund include:

Country, Regulatory And Political Risk

The value of the Fund’s investments may be impacted directly or indirectly by factors such as economic, technological, taxation, legal or political change, as well as country conditions and market sentiment.

Individual Investment Risk

Risks of managed investment schemes vary depending on a number of factors, such as the type and mix of financial products that the fund invests in, such as international securities, fixed income securities and cash products and the change in value of those assets. Individual investments made by the Fund may fluctuate in value or may fall for many reasons, including changes in management or the business environment in which the company operates.

Derivatives Risk

The Fund’s portfolio may utilise derivatives contracts from time to time, which could accentuate or moderate the effect of market movements. Derivative risks include the value of derivative positions not moving in line with movement in the underlying asset, potential illiquidity of the derivative, the Fund being unable to meet payment obligations in relation to derivatives contracts and failure by a counterparty to meet its contractual obligations. Such products may also have embedded leverage, which could potentially magnify further losses.

Liquidity Risk

Liquidity risk is the risk that the investment may not be able to be sold quickly enough to prevent or minimise a loss (e.g. where the security is rarely traded or suspended), or that there may be insufficient cash available to pay withdrawal requests. Because the Fund may be fully invested, there may be delays in processing withdrawal requests, particularly if there is a national or international event which disrupts regular securities markets trading or clearing.

Market Risk

Market risk is the risk that the markets move in a direction not anticipated. Market conditions can and do impact the value of the Fund’s investments and are affected by a range of

Significant Risks (continued)


factors including economic developments, political events, terrorism, natural disasters, interest rate movements, legislative changes and market sentiment.

Interest Rate Risk

Changes in interest rates can have a positive or negative impact directly or indirectly on investment values. Fixed income, short term securities and equities can all be affected by movement in interest rates, affecting the value and return of the Fund.

Currency Risk

The Fund may invest in securities listed on exchanges outside of Australia and New Zealand. Such investments are usually denominated in the local currency and hence profits and losses are subject to foreign exchange risk. Further, exchange rules and laws in other countries will differ to those of Australia and may impact adversely on the Fund’s investment activities or value.

Fund, Responsible Entity And Manager Risk

Risks particular to the Fund include the risk that the Fund may not achieve its investment objective, the Fund could be terminated, the fees and costs could change, or that ASFML could be replaced as the responsible entity, or ASAMPL could be replaced as investment manager or that ASFML or ASAMPL’s key investment personnel could change.

Leverage and Gearing Risk

A geared or leveraged fund can magnify the potential gains and losses from investments and increase the volatility of the Fund’s return. A geared fund has a higher investment risk than an ungeared fund and investors should expect larger variations (both positive and negative) in a geared fund. Returns are also impacted by the level of gearing and the cost of borrowing, including interest rates. The use of leverage, by utilising derivatives, creates opportunities for greater total return but also incurs greater risk.

Significant Risks (continued)



5

How To Invest

To invest in the Fund, you will need to complete an Application Form, together with the identification verification requirements and submit these together. You can add to your investment at any time by completing and sending us an Additional Investment Form, together with your additional investment amount. The Fund requires a minimum initial investment of $100,000 for Class B investors, with minimum additional investment amounts of $50,000. We may accept lower amounts at our discretion and we also reserve the right, for any reason, not to accept an application to invest.

Your Application Form (or Additional Investment Form or written request if an additional investment) and application monies must be received before 4pm on the last Business Day of each month (being a business day in Melbourne, Victoria). Complete applications received before the cut-off time will be processed using the purchase price for that month. Applications received after this time, including those on a non-business day thereafter, will be taken to have been received before the cut-off time on the next application period and will be processed on last Business Day of the month corresponding to that application period. Confirmation of an investment will normally be issued to you within 5 business days of the Units being issued.

Application monies should be transferred, using your name as the reference, to the following account:

Applications

Bank

BSB

Account Number

Account Name

ANZ

012-003

838202511

RBC Investor Services Australia Nominees Pty ANF RBC Investor Services Trust ACF Australian Standfirst Funds Management Ltd

ASFML recommends that you keep your investment in the Fund for a minimum period of five (5) years, in order to optimise returns and weather short-term volatility. Provided the Fund is ‘liquid’ (as defined in the Corporations Act), you may make withdrawal requests for all or part of your investment in accordance with the Constitution.

Each withdrawal must be for a minimum of $50,000, provided that you maintain a balance of at least $100,000 (or such smaller amount at the discretion of the Responsible Entity) unless you are withdrawing your total investment. If your request for withdrawal would cause your balance to fall below the current minimum balance amount of $50,000, this will be treated as a request for full withdrawal.

Withdrawal requests are processed monthly at the end of each calendar month and must be received before 4pm Melbourne time on the second last Business Day of that month. Withdrawal requests not received prior to this 4pm deadline, will not be processed until the end of the following month.

Investors must request a withdrawal in writing, and it must be signed. A withdrawal request, either in whole or in part, once received by us may not be withdrawn without our agreement. We will require the following information when you make your withdrawal request: your account number; the full name(s) in which your investment account is held; the amount (dollar or units) you wish to withdraw; to which account you would like us to make the payment; and a daytime telephone number.

Withdrawal proceeds are usually paid within two (2) weeks after the end of the month and are paid by direct credit to your nominated bank account.

In certain circumstances, such as a freeze on withdrawals or where the Fund is not ‘liquid’ (as defined in the Corporations Act), you may have to wait a longer period of time before you can redeem your investment.

We may suspend withdrawal requests for up to sixty (60) days where it is impracticable for us to calculate the Fund’s NAV (and hence unit prices) or we reasonably estimate that we must sell 5% or more (by value) of all the Fund’s assets to meet withdrawals or there have been, or are likely to be, withdrawal requests that will require us to realise a significant amount of the Fund’s assets and this may either place a disproportionate expense or capital gains tax burden on remaining investors or impact negatively on the price we would achieve in selling the Fund’s assets or we reasonably consider it to be in the interests of investors to do so or the law otherwise permits.

Any withdrawal requests received during a period of suspension, or for which a unit price has not been calculated or confirmed prior to the commencement of a period of suspension, will be deemed to have been received immediately after the end of the suspension period.

You agree that if the type of payment you request results in bank fees being charged, we may deduct those fees from your withdrawal proceeds before remitting the net amount to you. Generally, if the payment for your withdrawal is returned to us and remains outstanding, we may reinvest the proceeds in the Fund; please refer to sections 10.2 and 10.3 of the Constitution. Any reinvestment of a withdrawal amount will be processed using the investment unit price current at the time of the reinvestment transaction.

Withdrawals



We may determine that some or all of the withdrawal amount consists of income (which may include net capital gains), rather than capital of the Fund. We will advise you when this is the case as soon as practicable after the end of the financial year in which the withdrawal occurred.

Please note that we take all care when acting on instructions and have in place policies and procedures to reduce the risk of fraud. However, in the absence of fraud or dishonesty on our part, we will not accept liability for acting on withdrawal instructions which appear to be validly received from an Investor but turn out to be fraudulent.

Withdrawals (continued)

Net income (and realised net capital gains) generated by the Fund are normally distributed

to investors on a bi-annual basis, usually within thirty (30) days after 30 June and 31

December each year. There may be times when the Responsible Entity decides not to make

a distribution, or otherwise decides to make a special distribution outside the usual period.

Distributions will be automatically reinvested or otherwise paid to you in the manner you

nominate on the Application Form. If you wish to alter your nomination regarding payment

of distributions, you should provide us with written notice of the change at least thirty (30)

Distribution Frequency/Franking Credits

For investment and withdrawal unit prices, the NAV is the value of all the Fund’s assets attributed to the Fund less the value of the Fund’s liabilities at the valuation time.

When calculating the NAV, we must use the most recent valuations of the Fund’s assets and the most recent determination of the liabilities.

The Fund’s assets and liabilities are usually valued monthly.

Generally, for unit pricing purposes, listed securities are valued using the last available market close price quoted on the relevant exchange.

Other assets are generally valued at recoverable value.

Any income entitlements, cash at bank, and any amount of Goods and Services Tax (GST) recoverable by the Fund from the Australian Taxation Office are also included in asset values used to calculate the investment and withdrawal unit price.

Generally, for unit pricing purposes, liabilities are valued at cost. Liabilities also include an accrual for management costs (which includes management and performance fees up to and including the calculation date) and for costs (if any) that an investor would ordinarily incur when investing in the Fund’s underlying assets.

Unit Pricing

days prior to 30 June or 31 December. The distribution amount will vary between distribution periods due to market conditions and investment performance – please note that it is not guaranteed.

Your entitlement to distributable income is calculated as at the last Business Day of the distribution period, by determining the income of the Fund for the period after allowing for all expenses incurred by the Fund; and dividing the distributable income for that period by the number of Units on issue on that day to determine the income per Unit; and then multiplying the income per Unit by the number of Units you hold.

As the Fund predominantly invests in foreign assets, the Fund does not generate or receive material franking credits.

Under the Fund’s constitution, we can accept or reject any application for units and are not required to give any reason or grounds for such a refusal. Monies from incomplete applications will generally be held on trust for a maximum period of thirty (30) days, commencing on the day we receive the monies and no interest is payable. After this period, your funds will be returned to the source of payment. Once we receive your properly completed application form, the monies held will be divided by the next determined unit price to calculate the number of units allocated to you.

If any documentation you provide is not in English, it must be accompanied by an original copy of an English translation prepared by an accredited translator. If we do not receive all required valid customer identity verification documents with your application, or we are unable to verify your identity at any time, we will not be able to commence your investment until we receive the required documents. We will contact you as soon as possible if we require more information.

Distribution Frequency/Franking Credits (continued)

Rejection of Applications



6

Taxation of Australian Resident Investors

Investing in the Fund is likely to have tax consequences.

ASFML does not provide tax advice and the information contained in this section is of a general nature only. Potential investors should not rely on this summary and should seek their own taxation advice in relation to the tax consequences of investing in the Fund prior to making any investment decision. The tax consequences may differ, depending on your own particular circumstances.

The taxation information contained in this IM reflects the income tax legislation in force, and the interpretation of the Australian Taxation Office (“ATO”) and the Courts, as at the date of issue of this IM.

Taxation laws are subject to continual change and there are changes in progress that may affect the taxation of trusts and investors.

The Fund has elected to become an Attribution Managed Investment Trust (“AMIT”).

Accordingly, investors will be subject to tax on the income of the Fund that is attributed to them under the AMIT rules each year ending 30 June. If there is income of the Fund that is not attributed to an investor, the Fund will be subject to tax at the highest marginal rate (plus Medicare levy) on that non-attributed income.

The AMIT rules also allow the Fund to reinvest part or all of your distribution, in which case the income of the Fund that is attributed to you (and which must be included in your income tax return) will be more than the distribution you receive.

Investors will be assessed for tax (reduced by any foreign income tax offsets) on the income and net capital gains generated by the Fund that is attributed to them under the AMIT rules. Investors will receive a tax statement after the end of each financial year (referred to as an AMIT Member Annual Statement) that will provide them with details of the amounts that have been attributed to them by the Fund to assist them in the preparation of their tax return.

If the Fund were to incur a tax loss for a year then the Fund cannot attribute that loss to investors. However, subject to the Fund meeting certain conditions, the Fund may be able to recoup such a loss against assessable income of the Fund in subsequent income years.

Depending on an investor’s particular circumstances, the investor may also be liable to pay capital gains tax (or income tax if they hold their Units on revenue account) when they make withdrawals.

AMIT Regime

Reforms to the taxation of trusts are generally ongoing. Investors should seek their own advice and monitor the progress of announcements and proposed legislative changes on the potential impact to their investment.

Taxation Reforms

Under the Foreign Account Tax Compliance Act (“FATCA”), Australian Standfirst is deemed to be a “foreign financial institution” and is required to collect and report information about certain investors identified as U.S. tax residents or citizens.

In order to comply with its FATCA obligations, Australian Standfirst may request investors to provide certain information (“FATCA Information”).

To the extent that all FATCA Information is obtained, the imposition of US withholding tax on payments from the US should not apply.

Although Australian Standfirst attempts to take all reasonable steps to comply with its FATCA obligations and to avoid the imposition of the withholding tax, this outcome is not guaranteed.

Under the terms of the intergovernmental agreement between the US and Australian Governments, Australian Standfirst may provide FATCA Information to the ATO.

Please be aware that Australian Standfirst may use an investor’s personal information to comply with FATCA and may contact an investor if additional information is required.

Foreign Account Tax Compliance Act

The Common Reporting Standard (“CRS”) is a global standard for the collection, reporting and exchange of financial account information on foreign tax residents.

The CRS requires Australian Standfirst to collect certain information about an investor’s tax residence. If an investor is a tax resident of any country outside Australia, Australian Standfirst may be required to pass certain information about the investor (including account-related information) to the ATO.

The ATO may then exchange this information with the tax authorities of another jurisdiction or jurisdictions, pursuant to intergovernmental agreements to exchange financial account information.

Although the CRS does not involve any withholding tax obligations, please be aware that Australian Standfirst may use an investor’s personal information to comply with the CRS obligations and may contact an investor if additional information is required.

Common Reporting Standard

Your investment in the Fund will not be subject to goods and services tax.

GST

It is not compulsory for investors to quote their TFN, ABN, or exemption details.

However, should an investor choose not to, the Responsible Entity is required to deduct tax from an investor’s distributions at the maximum personal rate plus the Medicare levy. Collection of TFNs is permitted by taxation and privacy legislation.

Quoting your Tax File Number (“TFN”) or an Australian Business Number (“ABN”)


The Fund is an unlisted registered managed investment scheme, in which your capital is pooled with that of other investors and you receive Units in the unit trust. A third party independent licensed professional custodian (the Custodian) holds the assets of the Fund. Short positions and derivatives may be held by a prime or clearing broker.

The assets of the Fund are selected and managed by a professional investment team, in a range of authorised investments. The duties and responsibilities of the Responsible Entity and the general operations of the Fund are set out in the Constitution in accordance with the Corporations Act 2001 (Cth).

Units in the Fund are issued to Investors, which represent your beneficial interest in the assets of the Fund as a whole. Investors do not have an entitlement to any particular asset of the Fund. The unit price of the Fund will vary as the market value of assets in the Fund rise or fall. The value of your investment is calculated by multiplying the number of Units you hold in the Fund by the applicable Unit price at that time.

The Fund is offered to retail investors (Class A investors) and wholesale investors (Class B investors). The Constitution contains further information regarding the distinction between Class A and Class B units. This IM only covers investment in Class B units for wholesale investors. If you are a retail investor and wish to purchase Class A units, please contact us for the Product Disclosure Document.

The Fund’s Constitution allows for borrowing, however ASFML does not intend to borrow on behalf of the Fund, except where required to cover short-term overdrafts arising from trade settlement delays or other extraordinary situations. Borrowing will be sourced from independent credit providers or from related entities on arms’ length commercial terms.

Leverage can be defined as the use of financial products (such as derivatives) or borrowing (such as a margin facility) to amplify the exposure of capital to an investment. A Fund may gain leveraged market exposure through the use of derivatives. Whilst there is no restriction on borrowing in the Fund’s Constitution, it is ASFML’s policy not to borrow on behalf of the Fund except to the extent short-term overdrafts arise from trade settlement delays.

The Fund may be leveraged through the use of derivatives which will amplify the Fund’s exposure to various investment themes. The assets of the Fund are held by the Custodian. Short positions

Legal Structure

Borrowing/Gearing


7

Additional Information


Derivatives are financial instruments whose value is derived from an underlying product (which may be a security, commodity, index or other financial instrument). The use of derivatives can enhance risk management and hedge exposures in the Fund and enhance investment returns. The Fund may use derivatives from time to time to implement the Fund’s strategy and or to hedge exposures. Where the Fund uses derivatives, ASFML will seek to ensure that the Fund maintained sufficient liquid assets to meet any obligations arising from such exposures.

Use of Derivatives

As required by Australian Anti-Money Laundering and Counter-Terrorism Financing (“AML/

CTF”) laws, ASFML has implemented AML/CTF compliance and monitoring programs.

Accordingly we must collect certain customer information and verify that information

before we can issue units in the Fund to an investor. The actual documentation required

will depend on whether you are an individual investor or a non-individual investor such as a

superannuation fund, a trust or a company.

Under relevant laws, we may be required to ask you for additional identity verification

documents and/or information about you, anyone acting on your behalf, or any related

persons that are beneficial owners in relation to your investment, either when we are

processing your investment request or at some stage after we have issued units in the Fund.

At times we may be obliged to disclose such information and documentation to Australian

regulatory and/or law enforcement agencies.

The Application Form has been designed to comply with the legal requirements. Australian

law may require ASFML to seek further information from an investor before accepting or

processing an application or withdrawal. We will refuse to accept an application from,

or issue units in a Fund to, an investor until we have satisfactorily concluded a customer

identification procedure in relation to the investor. We may also delay or refuse any

application, request or transaction, if we are concerned that the application, request or

transaction may cause it to contravene the Anti-Money Laundering and Counter-Terrorism

Financing Act 2006 (Cth). ASFML will incur no liability to an investor (including an applicant)

if it does so.

Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) regulation

and derivatives may be held by a prime or clearing broker. The assets of the Fund may also be transferred to a prime broker as collateral. They may have a security interest over the Fund as collateral.

If we amend this policy, we will notify Investors by placing a notice on our website.

Borrowing/Gearing (continued)


The Responsible Entity has entered into arrangements with licensed third parties to provide custody and administration services to the Fund. Short positions and derivatives may be held by a prime or clearing broker. The assets of the Fund may also be transferred to a prime broker as collateral. They may have a security interest over the Fund as collateral.

Custodian/Administrator

Your privacy is important to us. The information you provide ASFML and any other information provided by you in connection with your account will primarily be used for the processing of your account application and for complying with certain laws and regulations. We may use this information to send you details of other services or provide you with information that we believe may be of interest to you. Full details of our privacy policy are available from our website https://australianstandfirst.com/privacy/.

Privacy

The Fund’s Constitution details your rights as an Investor and includes provisions regarding the following:

Your right to share in Fund income and how it is calculated; Your right to withdraw from the Fund and your entitlements in relation thereto; Your voting and meeting attendance rights; Termination of the Fund; Amendments to the Constitution; Replacement of the Responsible Entity; ASFML’s powers in relation to operation of the Fund.

The Constitution provides that the liability of each Unitholder is generally limited to its investment in the Fund, however no complete assurance can be given in this regard as the ultimate liability of a Unitholder has not been finally determined by the courts. A copy of the Constitution is available free of charge, upon request.

Constitution

Constitution of theAustralian Standfirst Global Core Fund


AUSTRALIAN STANDFIRST FUNDS MANAGEMENT LIMITED (ACN 618 083 079) (“MANAGER”)

https://australianstandfirst.com/privacy/

https://australianstandfirst.com/

This Application Form accompanies the Information Memorandum dated 12th February 2020 (IM) issued by AUSTRALIAN STANDFIRST FUNDS MANAGMENT LTD in its capacity as trustee of the “AUSTRALIAN STANDFIRST GLOBAL CORE FUND” (Fund).

It is important that you read the IM in full and the acknowledgements contained in this Application Form before applying for Units.

Unless otherwise defined, capitalised terms used in this Application Form have the same meaning given to them in the IM.

IMPORTANT: The AUSTRALIAN STANDFIRST GLOBAL CORE FUND is available only to Australian Tax Residents.

Please tick one box below and complete the relevant Sections of the Application Form.

Individual/Joint Investors/Sole Traders Sections 1, 2, 5, 6, 7, 8 and 9

Company Sections 1, 3, 5, 6, 7, 8 and 9

Trust/Superannuation Fund with Individual Trustee Sections 1, 2, 4, 5, 6, 7, 8 and 9

Trust/Superannuation Fund with Corporate Trustee Sections 1, 3, 4, 5, 6, 7, 8 and 9

Investor Type Complete

Australian Standfirst Global Core Fund | Application Form Information Memorandum | 01 of 20

Australian Standfirst Global Core Fund Application Form

POST/DELIVER Please post completed Application Forms and all supporting documentation to:

AUSTRALIAN STANDFIRST FUNDS MANAGMENT LTD c/- RBC Investor Services Trust GPO Box 4471 Sydney NSW 2001

QUESTIONS If none of the above categories are applicable to you, or you have other questions relating to this Application Form, please contact Australian Standfirst on 1300 153 653.

I/we apply to invest in the AUSTRALIAN STANDFIRST GLOBAL CORE FUND.

I acknowledge that one of the following circumstances apply to me (please indicate):

(a) I am/we are applying for units at a price, or for the value of at least $500,000 under this Application Form

(b) I have/we have net assets of at least $2.5 million, and I am/we are applying for Units in the Fund for a purpose other than for use in connection with a business*

(c) I have/we have a gross income for each of the last two financial years of at least $250,000 per year, and I am/we are applying for Units in the Fund for a purpose other than for use in connection with a business*

(d) I am/we are a ‘professional investor’ as defined in the Corporations Act**

* If (b) or (c) applies, please ensure you complete the Accountant’s Certificate at the end of this application form.

** If (d) applies, please ensure you complete the Professional Investor Declaration at the end of this application form.

Amount: AUD

Date of Transfer:

Reference Used:

Please note the minimum initial investment amount is $100,000. Please make payment net of all bank charges. Only the net amount received will be invested in the Fund.

Please make Electronic Funds Transfer or Direct Deposit to:

Bank: ANZ Reference: ‘Your investor surname, company or trust name’ Account Name: RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY ANF RBC INVESTOR SERVICES TRUST ACF AUSTRALIAN STANDFIRST FUNDS MANAGEMENT LTD BSB: 012 003 Account Number: 838202511

Source of Investment Funds Please identify the source of your investable assets or wealth:

What is the purpose of this investment?

1. Investment Details


Gainful employment

Savings

Superannuation savings

Retirement Business account

Other - please specify

Inheritance/gift

Growth

Business activity

Income

1.1 Details

1.2 Wholesale Client

Complete this section if you are investing in your own name, including as a sole trader.

If there are more than two individuals, please provide details and attach to this Application Form.

Title

Title

Date of Birth

Date of Birth

Given Names

Given Names

Place of Birth (City/Town)


Mobile Number

Mobile Number

Telephone

Telephone

Suburb

Suburb

State

State

Postcode

Postcode

Country

Country

Residential Address (not a PO Box)

Residential Address (not a PO Box)

Email

Email

Occupation

Occupation

Country of Birth

Country of Birth

Surname

Surname

Investor 1

Investor 2 (Only applicable for joint investors)

2. Individual/Joint Investors/Sole Traders/Individual Trustees – Application Form


2.1 Investor Details

Politically Exposed Person (PEP) Are any of the Investors a PEP? Please refer to page 15 if you are unsure what PEP means.

Yes, please provide description of PEP’s position.

No

Complete this section if you are investing for, or on behalf of, a company.

To comply with Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, we must collect certain information from prospective investors and their beneficial owners supported by ORIGINAL CERTIFIED COPIES of relevant identification documents for all investors and their beneficial owners.

Please refer to page 15 for details of how to arrange certified copies. Please provide all documents in the proper format otherwise we may not be able to process your application for investment.

Full Company Name

Country of Formation, Incorporation or Registration

ARBN (if registered with ASIC)

Name of Regulator (if licensed by an Australian Commonwealth, State or Territory statutory regulator)

Tax File Number or Exemption Code (Australian residents) AFS License Number (if applicable)

Business Address in Australia or in Country of Formation

Principal Place of Business (not a PO Box address)

ACN/ABN (if registered in Australia)

3. Company/Corporate Trustee – Application Form


3.1 Company Details

2.2 Identification Documents

Additional information for sole traders (only applicable if applying as a Sole Trader)

Full Business Name (if any)

Australian Business Number (if obtained)

Suburb State Postcode Country

Address of Principal Place of Business (not a PO Box). If same as residential address given above, mark ‘As Above’.

SELECT ONE OF THE FOLLOWING OPTIONS to verify each investor and Beneficial Owner.

Registration status with ASIC

Provide a certified copy of a driver’s license that contains a photograph of the license/permit holder; or

Proprietary Company Public Company

Provide a certified copy of a passport that contains a photograph and signature of the passport holder.

Suburb

Suburb

State

State

Postcode

Postcode

Country

Country


Is the Company Listed?

Is the company a majority-owned subsidiary of an Australian listed company?

If there are more than six directors, please provide their full names on a separate page and attach to this Initial Application Form.

No

No

Yes – Name of Market/Stock Exchange

Yes – Name of Australian Listed Company

– Name of Market/Stock Exchange

Directors of the Company/Corporate Trustee

If the company is registered as a proprietary company by ASIC or a private company by a foreign registration body, please list the name of each director of the company.

Beneficial Owners of the Company/Corporate Trustee

If the company is an Australian proprietary company, an Australian non-listed public company or a foreign company, please provide details for each shareholder who own directly, jointly or beneficially owns 25% or more of the company’s issued share capital in Section 6.6. If no shareholder owns 25% or more of the company’s issued share capital, please list the persons who directly or indirectly control the company in Section 6.6. Please refer to page 15 if you are unsure as to what Beneficial Owner means.

Director 1 - Full Name






Politically Exposed Person (PEP) Are any of the company directors a PEP? Please refer to page 15 if you are unsure.

Politically Exposed Person (PEP) Are any of the Beneficial Owners a PEP? Please refer to page 15 if you are unsure what PEP means.



No

No

3.2 Contact Person Details (Financial Advisor details not accepted)

Given Names Surname

Mobile Number Telephone


Postal Address

Email


Type of Trust

(Please tick ONE box from the list below to indicate the type of Trust and provide the required information)

To comply with AML/CTF legislation, we must collect certain identification documents from prospective investors and their beneficial owners supported by ORIGINAL CERTIFIED COPIES of relevant identification documents for all investors and their beneficial owners.



SELECT ONE OF THE FOLLOWING OPTIONS to verify the company.

SELECT ONE OF THE FOLLOWING OPTIONS to verify the Officeholders who have signed the Application Form and Beneficial Owners identified in Section 6.6.

Perform a search of the ASIC database (unit registry to perform on behalf of the investor); or


Provide a certified copy of the certification of registration issued by ASIC or the relevant foreign registration body (must show full name of company, name of registration body, company identification number and type of company – private or public.


Complete this section if you are investing for, or on behalf of, a Trust/Superannuation Fund.

Full Name of Trust/Superannuation Fund

Country of Establishment

Tax File Number or Exemption Code Australian Business Number (if any)

4. Trust/Superannuation Fund

TYPE B: Government Superannuation Fund

Name of the legislation establishing the fund

TYPE C: Other Type of Trust/Unregulated Trust

Trust Description (e.g. family, unit, charitable)

TYPE A: Regulated Trust (e.g. self-managed superannuation fund)

Name of regulator (e.g. ASIC, APRA, ATO) Registration/Licensing details

4.1 Trust/Fund Details


4.2 Additional Information for Type C Trusts

4.3 Trustee Details

Settlor of The Trust

The material asset contribution to the trust by the settlor at the time the trust was established was less than $10,000.00.

Yes – Describe the class of beneficiaries below (e.g. unit holders, family members of named person, charitable purposes)

No – Provide the full names of each beneficiary in respect of the trust in Section 6.6 (includes beneficial owners who ultimately own 25% or more of the trust).

The settlor of the trust is deceased.

Neither of the above is correct: Provide the full name of the settlor of the trust.

Beneficiary Details

Do the terms of the Trust identify the beneficiaries by reference to a membership of a class?

Beneficial Owners of the TrustPlease provide details of the Beneficial Owners of the Trust in Section 6.6. A beneficial owner is an individual who ultimately owns 25% or more of the trust or an individual who controls (directly or indirectly) the trust. Control includes acting as a trustee, or as a result of, or by means of, trusts, agreements, arrangements, understandings and practices or exercising control through the capacity to direct the trustees, or having the ability to appoint or remove the trustees. Refer to page 15 if you are unsure as to what Beneficial Owner means.

If a trustee is an individual, please complete Section 2. If a trustee is a company, please complete Section 3.

Politically Exposed Person (PEP) Are any of the beneficiaries a PEP? Please refer to page 15 if you are unsure what PEP means.


No

To comply with AML/CTF legislation, we must collect certain information from prospective investors and their beneficial owners supported by ORIGINAL CERTIFIED COPIES of relevant identification documents for all investors and their beneficial owners.



For Trusts identified under 4.1 as Type A & Type B – select one of the following options to verify the Trust.

Perform a search of the relevant regulator’s website e.g. ‘Super Fund Lookup’ (unit registry to perform on behalf of the investor);

Provide a copy of an offer document of the managed investments scheme e.g. a copy of a Product Disclosure Statement; or

Provide a copy or relevant extract of the legislation establishing the government superannuation fund sourced from a government website.


For Trusts identified under 4.1 as Type C – select one of the following options to verify the Trust.

For Trusts identified under 4.1 as Type C – select one of the following options to verify the Beneficiaries and the Beneficial Owners identified in Section 6.6.

AND relevant identification documents for the trustee as specified in Section 2 or 3 (as applicable).

Provide a certified copy or a certified extract of the Trust Deed containing the cover page, recitals and signature page;


Provide an original letter from a solicitor or qualified accountant that confirms the name of the Trust and full name of the settlor of the Trust; or


Provide a notice issued by the Australian Taxation Office within the last 12 months (e.g. a Notice of Assessment).

IMPORTANT: The AUSTRALIAN STANDFIRST GLOBAL CORE FUND is available only to Australian Tax Residents.

The account holder is the person listed or identified as applicant in Sections 2, 3 and 4 (Account Holder).

The Account Holder’s Country of Tax Residence, TIN, GIIN, FATCA Status, CRS Status and Controlling Persons (includes Beneficial Ownership details) should be provided in this section. If the person opening the account is not a Financial Institution and is acting as an intermediary, agent, custodian, nominee, signatory, investment advisor or legal guardian on behalf of one or more other account holders this form must be completed by or on behalf of that other person who is referred to as the Account Holder.

If you are unable to complete this form, please seek an appropriate advice relating to the tax information required. For further details relating to the implementation of FATCA and CRS, please refer to The Australian Taxation Office’s guidance material link:

https://www.ato.gov.au/general/international-tax-agreements/in-detail/international-arrangements/automatic- exchange-of-information---guidance-material/

If you are applying:

i. As an Individual/Joint Investors/Sole Trader please complete Section 6.1. ii. All other types of entities please complete Sections 6.2, 6.3, 6.4, 6.5 and 6.6.

6. Account Holder’s Tax Residency and Classfication – FATCA & CRS

Reinvest in the Fund; or

Pay to my/our account (Please provide your financial institution account details as per below).

Please indicate how you would like your distributions to be paid by ticking one box only. If this is a new investment and no nomination is made, distributions will be reinvested. A nomination in this section overrides any previous nominations. There may be periods in which no distribution is payable, or we may make interim distributions. We do not guarantee any particular level of distribution:

The name of your nominated bank account must be the same as the Investor’s name.

5. Payment Instructions Distributions and Withdrawals

Financial Institution Account Details (must be an Australian financial institution)Please provide account details for the credit of withdrawals and credit of distributions. Unless requested otherwise, this will be the bank account we credit any withdrawal proceeds. By providing your nominated account details in this section you authorise the Issuer to use these details for all future transaction requests that you make until written notice is provided otherwise. For additional investments, a nomination in this section overrides any previous nominations.

Bank/Institution

BSB

Branch

Account Numbe

Account Name


Please provide details for all jurisdictions in which the Account Holder is resident for tax purposes.

Please provide details for all jurisdictions in which the Account Holder is resident for tax purposes.

If you are unable to complete this form, please seek an appropriate advice relating to the tax information required.

U.S. Taxpayer Identification Number (TIN):

U.S PERSON CERTIFICATION Is the Account Holder a specified U.S. person?

6.1 Tax Residence – Individual/Sole Trader

6.3 Tax Residence of the Account Holder – Companies, Trusts and other Types of Entities

6.2 Account Holder’s GIIN (if any) – Companies, Trusts and other Types of Entities

6.4 FATCA Status – Companies, Trusts and other Types of Entities

Country of Tax Residence 1


Account Holder’s GIIN (if any)

Sponsoring Entity’s Name (if the Account Holder is a sponsored entity, please provide the sponsor’s GIIN)





TIN Unavailable Explanation(s) – If any ‘TIN Unavailable’ box is checked, please provide an explanation.

TIN Unavailable Explanation(s) – If any ‘TIN Unavailable’ box is checked, please provide an explanation.

Taxpayer Identification Number 1






TIN Unavailable

TIN Unavailable

TIN Unavailable

I certify the tax residence countries provided represent all countries in which I am considered a tax resident.If Account Holder has additional countries of tax residence, please attach a statement to this form containing the Country and TIN for each such additional country.

I/We certify the tax residence countries provided represent all countries in which the Account Holder is considered a tax resident.If Account Holder has additional countries of tax residence, please attach a statement to this form containing the Country and TIN for each such additional country.

Is the Account Holder a U.S. Person? A U.S. person includes a U.S. citizen or resident alien of the U.S. even if residing outside the U.S.

Is the Account Holder a U.S. Person? If Yes, complete the U.S. Person certification

Yes If ‘Yes’, the Account Holder’s U.S. country of residence and U.S. Tax Identification Number must be provided above.

Yes Provide a U.S. TIN below.

No

No


Name of Securities Market:

Name of Related Entity:

NON U.S PERSON CERTIFICATION

Select a classification that matches your FATCA status:Select only a single category.

If No, complete the non U.S. Person certification

Yes If any tax residence country provided is not a participating CRS jurisdiction, then complete Section 6.6 – Controlling Persons.No

Participating FFI (Provide GIIN in Section 6.2)

Local/Partner Jurisdiction FFI (Provide GIIN in Section 6.2)

Deemed-Compliant FFI - Select deemed-compliant category:

Nonparticipating FFI

Government Entity, International Organisation and Central Bank

Exempt Beneficial Owner (includes self-managed superannuation fund)

Direct Reporting NFFE (Provide GIIN in Section 6.2)

Sponsored Direct Reporting NFFE (Provide GIIN and Sponsor’s name in Section 6.2)

Active NFFE

Other Active NFFE

Passive NFFE (Complete Section 6.6 – Controlling Persons)

Passive NFFE (Complete Section 6.6 – Controlling Persons)

Other – describe the FATCA status

Other – describe the CRS status

Start-up Company formed in the past 24 months Please provide the date the entity was organised:

Start-up Company formed in the past 24 months Please provide the date the entity was organised:

A corporation the stock of which is regularly traded on an established securities market (or entity related to such a corporation):

Non-Reporting Financial Institution (includes Broad Participation Retirement Fund, Narrow Participation Retirement Fund, Exempt Collective Investment Vehicle, Trustee Documented Trust and Self-managed Superannuation Fund)

Trustee-Documented Trust (Provide GIIN and Trustee name in Section 6.2)

Registered-Deemed Compliant FFI (Provide GIIN in Section 6.2)

Sponsored Investment Vehicle (Provide GIIN and Sponsor’s name in Section 6.2)

Other Deemed-Compliant Category

6.5 CRS Status – Companies, Trusts and other Types of Entities

Is the Account Holder a Financial Institution?Financial Institution Is the entity an Investment Entity managed by an FI or other Financial Institution?

Non-Financial Entity (NFE) If the Account Holder is a Non-Financial Entity (NFE), select a classification that matches your CRS status:


This section is considered an integral part of the self-certification to which it is associated. If there is a change in Controlling Persons/Beneficial Ownership, please submit an updated form within 30 days.

6.6 Controlling Persons (includes Beneficiary Details under Sections 3.1 and 4.2)

First Name

First Name

Family Name/Surname

Family Name/Surname

Current Residence Address

Current Residence Address

Date of Birth (DD/MM/YYYY)

Date of Birth (DD/MM/YYYY)



Country of Birth

Country of Birth



*Please tick the box/es to select the role types that are relevant to you (i.e. Controlling Person 1/Beneficial Owner 1).

*Please tick the box/es to select the role types that are relevant to you (i.e. Controlling Person 2/Beneficial Owner 2).

If there are more than 2 Controlling Persons or Beneficial Owners or Country of Tax Residences, please provide the details on a separate page and attach to this Application Form.

Legal Person*

Legal Person*

Legal Arrangement – Trust*

Legal Arrangement – Trust*

Legal Arrangement – Other*

Legal Arrangement – Other*







Controlling Person 1 / Beneficial Owner 1

Controlling Person 2 / Beneficial Owner 2

Suburb

Suburb

State

State

Postcode

Postcode

Country

Country

TIN Unavailable Explanation(s) – If TIN is not provided above, please provide an explanation.

TIN Unavailable Explanation(s) – If TIN is not provided above, please provide an explanation.

Controlling Person* /

Controlling Person* /

Beneficiary Type*

Beneficiary Type*

By Ownership

By Ownership

Settlor

Settlor - Equivalent

Settlor

Settlor - Equivalent

Trustee

Trustee - Equivalent

Trustee

Trustee - Equivalent

Protector

Protector - Equivalent

Protector

Protector - Equivalent

Beneficiary

Beneficiary - Equivalent

Beneficiary

Beneficiary - Equivalent

Other

Other - Equivalent

Other

Other - Equivalent

By Other Means

By Other Means

Senior Management Official

Senior Management Official


Please tick the box if you consent to your personal information being used and disclosed for marketing purposes as broadly described in the Privacy statement in this IM.

7. Privacy

I/we wish to receive information regarding future investment opportunities. You may change your election at any time by contacting the Issuer.

Please tick the box below if you would like to receive all communications, including periodic statements, via email.

8. Email Communication Consent

I/we would like to receive all communications via email. If the above box is not ticked all communications will be posted to you.

I do not wish to receive the Annual Financial Report(s) for those fund(s) in which I am invested, and I acknowledge and agree that this is a standing request by me until further notice from me.

When you complete this Application Form you make the following declarations:

I/we have read and understood the IM to which this Application Form applies, including any supplemental information;

I/we have received and accepted the offer to invest in Australia;

The information provided in my/our Application Form is true, correct and complete in all respects;

I/we agree to be bound by the provisions of the Constitution governing the Fund and the terms and conditions of the IM, each as amended from time to time;

I/we acknowledge that none of the Issuer, their related entities, directors or officers have guaranteed or made any representation as to the performance or success of the Fund, or the repayment of capital from the Fund. Investments in the Fund are subject to various risks, including delays in repayment and loss of income or principal invested. Investments in the Fund are not deposits with or other liabilities of the Issuer or any of its related bodies corporate or associates;

I/we acknowledge the Issuer reserves the right to reject any application or scale back an application in its absolute discretion;

If applicable, after assessing my/our circumstances, I/we have obtained my/our own independent financial advice prior to investing in the Fund;

If this Application Form is signed under Power of Attorney, each Attorney declares he/she has not received notice of revocation of that power (a certified copy of the Power of Attorney should be submitted with this Application Form);

I am/we are over 18 years of age and I/we are eligible to hold units/investment in the Fund;

I/we have all requisite power and authority to execute and perform the obligations under the IM and this Application Form;

I/we acknowledge that application monies will be held in a trust account until invested in the Fund or returned to me/ us. Interest will not be paid to applicants in respect of their application monies regardless of whether their monies are returned;

9. Investor Declaration and Signatures

Declaration and Signatures


I/we have read the information on privacy and personal information contained in the IM and consent to my/our personal information being used and disclosed as set out in the IM;

I/we acknowledge that the Issuer may deliver and make reports, statements and other communications available in electronic form, such as e-mail or by posting on a website;

I/we indemnify the Issuer and each of its related bodies corporate, directors and other officers, shareholders, servants, employees, agents and permitted delegates (together, the Indemnified Parties) and to hold each of them harmless from and against any loss, damage, liability, cost or expense, including reasonable legal fees (collectively, a Loss) due to or arising out of a breach of representation, warranty, covenant or agreement by me/us contained in any document provided by me/us to the Issuer, its agents or other parties in connection with my/our investment in the Fund. The indemnification obligations provided herein survive the execution and delivery of this Application Form, any investigation at any time made by the Issuer and the issue and/or sale of the investment;

To the extent permitted by law, I/we release each of the Indemnified Parties from all claims, actions, suits or demands whatsoever and howsoever arising that I/we may have against any Indemnified Party in connection with the IM or my/ our investment;

Other than as disclosed in this Application Form, no person or entity controlling, owning or otherwise holding an interest in me/us is a United States citizen or resident of the United States or any other country for taxation purposes;

I/we will promptly notify the Issuer of any change to the information I/we have previously provided to the Issuer, including any changes which result in a person or entity controlling, owning or otherwise holding an interest in me/us;

You confirm that your financial advisor’s remuneration arrangements as set out above are the arrangements agreed between you and your financial advisor and you instruct to Responsible Entity to pay those fees to your financial advisor;

I/we consent to the Issuer disclosing any information it has in compliance with its obligations under the US Foreign Tax Compliance Act (FATCA) and the OECD Common Reporting Standards for Automatic Exchange of Financial Account Information (CRS) and any related Australian law and guidance implementing the same. This may include disclosing information to the Australian Taxation Office, who may in turn report that information to the relevant tax authorities as required;

I/we acknowledge that the collection of my/our personal information may be required by the Financial Transaction Reports Act 1988, the Corporations Act 2001, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, the FATCA and CRS (includes any related Australian law and guidance) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Otherwise, the collection of information is not required by law, but I/we acknowledge that if I/we do not provide personal information, the Issuer may not allow me/us to invest in the Fund;

I am/we are not aware and have no reason to suspect that the monies used to fund my/ our investment in the Fund have been or will be derived from or related to any money laundering, terrorism financing or similar or other activities illegal under applicable laws or regulations or otherwise prohibited under any international convention or agreement (AML/CTF Law);

I/we will provide the Issuer with all additional information and assistance that the Issuer may request in order for the Issuer to comply with the AML/CTF Law, FATCA and CRS;

I/we acknowledge that the Issuer may decide to delay or refuse any request or transaction, including by suspending the issue or redemption of investment in the Fund, if the Issuer is concerned that the request or transaction may breach any obligation of, or cause the Issuer to commit or participate in an offence (including under the AML/CTF Law, FATCA and CRS).


Joint applicants must both sign;

Company applications must be signed by two Directors, a Director and Secretary or the Sole Director and Secretary of the company, details of which appear in Section 3.1; or

For trust/superannuation fund applications each individual trustee must sign.

Post your original signed Application Form and original certified copies of your identification document(s) to:

AUSTRALIAN STANDFIRST GLOBAL CORE FUND

c/- RBC Investor Services Trust GPO Box 4471 Sydney NSW 2001

Please ensure that you have transferred or deposited your application monies.

Signature 1*

Company Seal (if applicable)

Signature 2*

Date Date

Tick capacity (mandatory for companies): Tick capacity (mandatory for companies):

Full Name Full Name

Sole Director and Company Secretary Sole Director and Company Secretary

Director Director

Secretary Secretary


All documents must be provided in a certified copy format – in other words, a copy of the original document that has been certified by an eligible certifier.

A ‘certified extract’ means an extract that has been certified as a true copy of some of the information contained in a complete original document by one of the persons described below.

Please note that we require the copy which was actually signed by the certifier (i.e. the original penned signature of the certifier).

People who can certify documents or extracts are:

1. A lawyer, being a person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described).

2. A judge of a court.

3. A magistrate.

4. A chief executive officer of a Commonwealth court.

5. A registrar or deputy registrar of a court.

6. A Justice of the Peace.

7. A notary public (for the purposes of the Statutory Declaration Regulations 1993).

8. A police officer.

9. An agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public.

10. A permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public.

11. An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955).

12. An officer with 2 or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993).

13. A finance company officer with 2 or more continuous years of service with one or more financial companies (for the purposes of the Statutory Declaration Regulations 1993).

14. An officer with, or authorised representative of, a holder of an Australian financial services license, having 2 or more continuous years of service with one or more licensees.

15. A member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership.

Certifying a Copy of an Original Document

To comply with AML/CTF laws, we require you to disclose whether you are, or have an association with, a Politically Exposed Person (‘PEP’). A PEP is an individual who holds a prominent public position or function in a government body or an international organisation in Australia or overseas, such as a Head of State, or Head of a Country or Government, or a Government Minister, or equivalent senior politician. A PEP can also be an immediate family member of a person referred to above, including spouse, de facto partner, child, and a child’s spouse or a parent. A close associate of a PEP, i.e. any individual who is known to have joint beneficial ownership of a legal arrangement or entity is also considered to be a PEP. Where you identify as, or have an association with, a PEP, we may request additional information from you.

Politically Exposed Persons (PEP)

To comply with AML/CTF laws, we require you to disclose the Beneficial Owners. Beneficial Owner means an individual who ultimately owns or controls (directly or indirectly) the investor.

‘Owns’ means ownership (either directly or indirectly) of 25% or more of the investor.

‘Controls’ includes control as a result of, or by means of, trusts, agreements, arrangements, understandings and practices, whether or not having legal or equitable force and whether or not based on legal or equitable rights, and includes exercising and control through the capacity to determine decisions about financial and operating policies.

Beneficial Owner


The Corporations Act currently deems that an investment transaction of $500,000 or more is made by a wholesale investor. Australian Standfirst Funds Management Ltd in its capacity as trustee of the AUSTRALIAN STANDFIRST GLOBAL CORE FUND, may at its sole discretion accept an initial application for less than $500,000 when accompanied by a completed and valid Professional Investor Declaration.

This Professional Investor Declaration form must be fully completed and advise of how you are able to claim professional investor status. Proof must be provided where required and also where requested by the Trustee. The completed form must be attached to a completed application form from the AUSTRALIAN STANDFIRST GLOBAL CORE FUND Information Memorandum.

Investors who do not complete the Wholesale Client Declaration, and provide relevant proof where required or requested, may only make investments of $500,000 or more.

The terms in this document have the same meaning as in the Corporations Act.

Please provide the name of the holding (in a format that you want to appear on the Register of unitholders)

The investor declares to AUSTRALIAN STANDFIRST FUNDS MANAGMENT LTD that they are a Professional Investor by reason of the fact that they meet the following criteria (please tick the appropriate category):

A financial services licensee acting as principal

A body regulated by APRA, other than a trustee of a regulated superannuation fund, an approved deposit fund, a pooled superannuation trust or a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993

A body registered under the Financial Corporations Act 1974

A trustee of a superannuation fund, an approved deposit fund, a pooled superannuation trust, or a public sector superannuation scheme within the meaning of the Superannuation Industry (Supervision) Act 1993

A financial services licensee acting as principal

A person who controls at least $10 million (including any amount held by an associate or under a trust that the person manages, where the fund, trust or scheme has net assets of at least $10m to qualify as a Professional Investor)

Professional Investor Declaration

Section 1 – Investor Details

Section 2 – Declaration

Full Given Name(s)

Telephone

Company name / Trustee Name / Account Name

Email

Address (PO Box is NOT acceptable)

Surname

Facsimile



A foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding categories above (please specify which one)

Net assets of at least $2.5 million

A gross income of at least $250,000 for each of the last two financial years

Section 3 – Qualified Accountant Certification

Accountant

Qualified Accountant Signature

Investor Signature

Telephone

Address

Company Name

Date

Date

Facsimile

I certify that I am a qualified accountant within the meaning of Corporations Act and certify that the investor on Page 1 of this declaration has:

I certify that I am a profession investor as advised in this certification.

Section 4 – Investors Certification


I,

Of

To: AUSTRALIAN STANDFIRST FUNDS MANAGMENT LTD c/- RBC Investor Services Trust GPO Box 4471 Sydney NSW 2001

Certify as follows:

1. I am a qualified accountant for the purposes of the Corporations Act, being a member of the Institute of Chartered Accountants in Australia/Australian Society of Certified Practicing Accountants/National Institute of Accountants and am subject to, and comply with, that body’s continuing education requirements.

2. I am giving this certificate in accordance with Section 761G(7)(c) of the Corporations Act at the request of, and with reference to,

(Investor) and acknowledge that this certificate will be relied upon to make offers of financial products to the Investor without disclosure under Part 7.9 of the Corporations Act.

3. I certify that, having reviewed the financial position of the Investor:

(a) the Investor has net assets of at least A$2.5 million; or

(b) the Investor had a gross income for each of the last two financial years of at least A$250,000 a year.

Accountant’s Certificate that Client is Wholesale under Section 761G(7) Of the Corporations Act

THE FOLLOWING FORM IS FOR THE USE OF AUSTRALIAN APPLICANTS ONLY WHO ARE INVESTING LESS THAN AUD $500,000

Signature

Date

Notes

The certificate should be:

1. Provided before any offer is made; and 2. Given no earlier than two years before the offer is made

Full Name


Additional Investment Form For Existing Investors

ADDITIONAL INVESTMENT FORM AUSTRALIAN STANDFIRST GLOBAL CORE FUND

Please use this form if you are already an investor in the ‘Name of Fund’ and wish to make an additional investment. New investors should go to page 2 of the Application Form.

Investor Details

Additional Investment Details

Number

Company/Fund/Super Fund Name

Full Name

Amount: AUD

Please include your Investor Number in the reference field of your funds transfer to ensure that the investor account is properly credited.

Date of Transfer:

Reference Used:

Please note the minimum additional investment amount is $50,000. Please make payment net of all bank charges. Only the net amount received will be invested in the Fund.

Please make Electronic Funds Transfer or Direct Deposit to:

Bank: ANZ Reference: ‘Your investor surname, company or trust name’ Account Name: RBC INVESTOR SERVICES AUSTRALIA NOMINEES PTY ANF RBC INVESTOR SERVICES TRUST ACF AUSTRALIAN STANDFIRST FUNDS MANAGEMENT LTD BSB: 012 003 Account Number: 838202511

Investor Confirmation

By signing this form, I/we:

declare that I/we have read and understand the current (and any Supplementary) IM for the relevant fund(s);

declare that all details provided in this request form are true and correct and I/we undertake to inform you of any changes to the information supplied as and when they occur;

(If signing under power of attorney) declare that I/we have not received notice of revocation of that power;

acknowledge and agree to be bound by the declarations and conditions provided by me/us as outlined in the relevant Application Form;

acknowledge that investments in the fund(s) are subject to investment risk. For further information on the risks associated with the fund(s) please refer to the relevant IM.


Joint applicants must both sign;

Company applications must be signed by two Directors, a Director and Secretary or the Sole Director and Secretary of the company; or

For trust/superannuation fund applications each individual trustee must sign.

Signature 1*

Company Seal (if applicable)

Signature 2*

Date Date

Tick capacity (mandatory for companies): Tick capacity (mandatory for companies):

Full Name Full Name

Sole Director and Company Secretary Sole Director and Company Secretary

Director Director

Secretary Secretary

The following is included at the request of Standard & Poor’s.

The “S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and RobecoSAM AG, and has been licensed for use by Australian Standfirst Funds Management Ltd (AFSL 510315). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); “RobecoSAM” are trademarks of the RobecoSAM AG and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Australian Standfirst Funds Management Ltd (AFSL 510315). It is not possible to invest directly in an index. Australian Standfirst Global Core Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”) or RobecoSAM AG. Neither S&P Dow Jones Indices nor RobecoSAM AG make any representation or warranty, express or implied, to the owners of the Australian Standfirst Global Core Fund or any member of the public regarding the advisability of investing in securities generally or in Australian Standfirst Global Core Fund particularly or the ability of the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ and RobecoSAM AG only relationship to Australian Standfirst Funds Management Ltd (AFSL 510315) with respect to the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index is determined, composed and calculated by S&P Dow Jones Indices or RobecoSAM AG without regard to Australian Standfirst Funds Management Ltd (AFSL 510315 or the Australian Standfirst Global Core Fund. S&P Dow Jones Indices and RobecoSAM AG have no obligation to take the needs of Australian Standfirst Funds Management Ltd (AFSL 510315) or the owners of Australian Standfirst Global Core Fund into consideration in determining, composing or calculating the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index. Neither S&P Dow Jones Indices nor RobecoSAM AG are responsible for and have not participated in the determination of the prices, and amount of Australian Standfirst Global Core Fund or the timing of the issuance or sale of Australian Standfirst Global Core Fund or in the determination or calculation of the equation by which Australian Standfirst Global Core Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices and RobecoSAM AG have no obligation or liability in connection with the administration, marketing or trading of Australian Standfirst Global Core Fund. There is no assurance that investment products based on the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

Neither S&P Dow Jones indices nor third party licensor guarantees the adequacy, accuracy, timeliness and/or the completeness of the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. S&P Dow Jones Indices and RobecoSAM AG shall not be subject to any damages or liability for any errors, omissions, or delays therein. S&P Dow Jones Indices and RobecoSAM AG makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by Australian Standfirst Funds Management Ltd (AFSL 510315), owners of the Australian Standfirst Global Core Fund, or any other person or entity from the use of the S&P Global LargeMidCap Ex-Australia and New Zealand ESG TR and S&P Green Bond AUD TR 70/30 Monthly Blend Index or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall S&P Dow Jones Indices or RobecoSAM AG be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possiblity of such damages, whether in contract, tort, strict liability, or otherwise. There are no third party beneficiaries of any agreements or arrangements between S&P Dow Jones Indices and Australian Standfirst Funds Management Ltd (AFSL 510315), other than the licensors of S&P Dow Jones Indices.

S&P Disclaimer

Information Memorandum 1300 153 653 | [email protected] | australianstandfirst.com
