ABN 87 095 773 390AFSL 246 744

ISSUER

Specialised Private Capital Ltd Issue Date 12 August 2019

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DISINVESTMENT POLICY

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Background & ApplicationThis Disinvestment Policy (Policy) has been prepared and issued by Specialised Private Capital Ltd, trading as Centric Capital. The Policy has been approved by the Centric Capital Board and applies to the Centric Platform Investor Directed Portfolio Service (Centric), where Centric Capital acts as the operator. This policy does not apply to any Managed Discretionary Accounts held on Centric.Centric is an Investor Directed Portfolio Service (IDPS) that allows for investment in a variety of professionally managed ‘pooled’ investments, unit trusts or listed securities. These investments are held by an appointed custodian on behalf of the client. This Policy sets out Centric Capital’s approach to the disinvestment of assets, to ensure that investors maintain cash above minimum requirements. In this Policy, an Account Holder means an Investor, or potential Investor, who holds a Centric Account.

Disinvestment PolicyCentric Capital’s approach to the disinvestment of assets is as follows:1. When an Account Holder’s cash balance is below

50% of their minimum cash balance, the Account Holder and their Nominated Financial Adviser, if they have one, will be notified that their cash is below the minimum cash balance.

2. When an Account Holder’s cash balance is below 15% of their minimum cash balance, the Account Holder and their Nominated Financial Adviser, if they have one, will receive a notification stating that if they don’t increase their cash balance to the minimum cash balance, Centric will trigger disinvestment of assets in 6 business days.

3. After 6 business days, if the Account Holder’s cash balance remains below the minimum cash balance, Centric will trigger asset disinvestment as follows:

i. Centric will select an instrument type to be disinvested based on the following priority (one instrument type will be disinvested first):

1. Listed securities 2. Managed funds 3. Term deposits

ii. Once an instrument type has been selected, Centric will then select a specific instrument based on the following strategy (one instrument will be disinvested first):

1. The least volatile instrument will be selected.

2. If two or more instruments have the same volatility, the largest holding will be selected first.

3. If two or more instruments have the same volatility and the same value, an instrument will be selected at our discretion.

iii. Centric will never trigger automatic disinvestment from the following instrument types:

1. Commercial property 2. Any instrument that is

externally held.

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Disclosure Disclosure has been provided within our IDPS Guide, application forms or other disclosure documents to inform clients and/or their nominated representative of restrictions in this regard.Centric will make this Policy available to clients free of charge upon request. Centric Capital reserves the right to update this Policy at any frequency it deems appropriate and recommends that clients review the latest version of the Policy prior to submitting any request to Centric Capital.

Disclaimer This document does not take into account any clients’ objectives, financial situation or needs. Before acting on this information, clients should consider whether it is appropriate for their situation. Centric Capital has exercised reasonable care in preparing this document. Centric Capital and each of its related bodies corporate, and each director, officer, agent and employee of Centric Capital and each of its related bodies corporate will not be liable for any loss, harm or damage suffered by any person arising out of or related to this document.