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Standard Life Investments Absolute Return Global Bond Strategies Trust Product Disclosure Statement ARSN 125 896 988 APIR ETL0134AU Issue Date 28 September 2017 New Zealand Investors: Selling Restriction The offer made to New Zealand investors is available only to, and may only be accepted by, a Wholesale Investor who has completed a Wholesale Investor Certification. Each New Zealand investor acknowledges and agrees that: (a) he, she or it has not offered, sold, or transferred, and will not offer, sell, or transfer, directly or indirectly, any units in a Fund; and (b) he, she or it has not granted, issued, or transferred, and will not grant, issue, or transfer, any interests in or options over, directly or indirectly, any units in a Fund; and (c) he, she or it has not distributed and will not distribute, directly or indirectly, a PDS or any other offering materials or advertisement in relation to any offer of any units in a Fund, in each case in New Zealand other than to a person who is a Wholesale Investor; and (d) he, she or it will notify Equity Trustees Limited if he, she, or it ceases to be a Wholesale Investor. All references to Wholesale Investor in this document are a reference to Wholesale Investor in terms of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (New Zealand). Contents 1. Fund at a glance 3 2. ASIC benchmarks 4 3. Disclosure principles 5 4. Who is managing the Fund? 7 5. How the Fund Invests 8 6. Managing risk 13 7. Investing and withdrawing 16 8. Keeping track of your investment 19 9. Fees and other costs 20 10. Taxation 23 11. Other important information 26 12. Glossary of important terms 28 Investment Manager and Client Services Standard Life Investments Limited ABN 36 142 665 227 Incorporated in Scotland SC123321 Web: australia.standardlifeinvestments.com/ institutional Ph: +612 9947 1500 Administrator and Custodian State Street Australia Limited Unit Registry Level 14, 420 George Street SYDNEY NSW 2000 Ph: +612 9323 6000 Fax: +612 9323 6411 Responsible Entity Equity Trustees Limited ABN 46 004 031 298, AFSL 240975 GPO Box 2307 Melbourne VIC 3001 Ph: +613 8623 5000 Web: www.eqt.com.au/insto Standard Life Investments Absolute Return Global Bond Strategies Trust PDS 1

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Page 1: Standard Life Investments Absolute Return Global …. Fund at a glance Fund details Name of the Fund Standard Life Investments Absolute Return Global Bond Strategies Trust ARSN 125

Standard Life InvestmentsAbsolute Return Global BondStrategies TrustProduct Disclosure StatementARSN 125 896 988APIR ETL0134AUIssue Date 28 September 2017

New Zealand Investors: Selling RestrictionThe offer made to New Zealand investors is available only to, and may only beaccepted by, a Wholesale Investor who has completed a Wholesale InvestorCertification. Each New Zealand investor acknowledges and agrees that:

(a) he, she or it has not offered, sold, or transferred, and will not offer, sell, ortransfer, directly or indirectly, any units in a Fund; and

(b) he, she or it has not granted, issued, or transferred, and will not grant, issue, ortransfer, any interests in or options over, directly or indirectly, any units in a Fund;and

(c) he, she or it has not distributed and will not distribute, directly or indirectly, aPDS or any other offering materials or advertisement in relation to any offer of anyunits in a Fund, in each case in New Zealand other than to a person who is aWholesale Investor; and

(d) he, she or it will notify Equity Trustees Limited if he, she, or it ceases to be aWholesale Investor.

All references to Wholesale Investor in this document are a reference to WholesaleInvestor in terms of clause 3(2) of Schedule 1 of the Financial Markets ConductAct 2013 (New Zealand).

Contents1. Fund at a glance 3

2. ASIC benchmarks 4

3. Disclosure principles 5

4. Who is managing the Fund? 7

5. How the Fund Invests 8

6. Managing risk 13

7. Investing and withdrawing 16

8. Keeping track of yourinvestment 19

9. Fees and other costs 20

10. Taxation 23

11. Other important information 26

12. Glossary of important terms 28

Investment Manager and ClientServicesStandard Life Investments LimitedABN 36 142 665 227Incorporated in Scotland SC123321Web:australia.standardlifeinvestments.com/institutionalPh: +612 9947 1500

Administrator and CustodianState Street Australia LimitedUnit RegistryLevel 14, 420 George StreetSYDNEY NSW 2000Ph: +612 9323 6000Fax: +612 9323 6411

Responsible EntityEquity Trustees LimitedABN 46 004 031 298, AFSL 240975GPO Box 2307Melbourne VIC 3001Ph: +613 8623 5000Web: www.eqt.com.au/insto

Standard Life Investments Absolute Return Global Bond Strategies Trust PDS 1

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This Product Disclosure Statement (“PDS”) was issued on28 September 2017. This PDS is for the offer of interests in theStandard Life Investments Absolute Return Global BondStrategies Trust ARSN 125 896 988 (referred throughout thisPDS as the “Fund“).

This PDS has been prepared and issued by Equity TrusteesLimited (ABN 46 004 031 298, Australian Financial ServicesLicence (“AFSL”) No. 240975 in its capacity as the responsibleentity of the Fund (referred throughout this PDS as the“Responsible Entity”, “Equity Trustees”, “us” or “we”). Theinvestment manager is Standard Life Investments Limited(referred to throughout this PDS as “Standard Life Investments”or the “Investment Manager”).

The Responsible Entity has authorised the use of this PDS asdisclosure to investors and prospective investors who investdirectly in the Fund, as well as investors and prospectiveinvestors of an investor directed portfolio service, master trust,wrap account or an investor directed portfolio service-likescheme (“IDPS”). This PDS is available for use by personsapplying for units through an IDPS (“Indirect Investors”).

The operator of an IDPS is referred to in this PDS as the “IDPSOperator” and the disclosure document for an IDPS is referredto as the “IDPS Guide”. If you invest through an IDPS, yourrights and liabilities will be governed by the terms and conditionsof the IDPS Guide. Indirect Investors should carefully read theseterms and conditions before investing in the Fund. IndirectInvestors should note that they are directing the IDPS Operatorto arrange for their money to be invested in the Fund on theirbehalf. Indirect Investors do not become unitholders in the Fundor have rights of unitholders. The IDPS Operator becomes theunitholder in the Fund and acquires these rights. IndirectInvestors should refer to their IDPS Guide for informationrelating to their rights and responsibilities as an Indirect Investor,including information on any fees and charges applicable to theirinvestment. Information regarding how Indirect Investors canapply for units in the Fund (including an application form(“Application Form”) where applicable) will also be contained inthe IDPS Guide. Equity Trustees accepts no responsibility forIDPS Operators or any failure by an IDPS Operator to provideIndirect Investors with a current version of this PDS as providedby Equity Trustees or to withdraw the PDS from circulation ifrequired by Equity Trustees.

Please ask your adviser if you have any questions aboutinvesting in the Fund (either directly or indirectly through anIDPS).

This PDS is prepared for your general information only. It is notintended to be a recommendation by the Responsible Entity,Investment Manager, any associate, employee, agent or officerof the Responsible Entity, Investment Manager or any otherperson to invest in the Fund. This PDS does not take intoaccount the investment objectives, financial situation or needs ofany particular investor. You should not base your decision toinvest in the Fund solely on the information in this PDS. You

should consider the suitability of the Fund in view of yourfinancial position and investment objectives and needs and youmay want to seek advice before making an investment decision.

Equity Trustees and its employees, agents or officers do notguarantee the success, repayment of capital or any rate ofreturn on income or capital or the investment performance of theFund. Past performance is no indication of future performance.Units in the Fund are offered and issued by the ResponsibleEntity on the terms and conditions described in this PDS. Youshould read this PDS in its entirety because you will becomebound by it if you become a direct investor in the Fund.

The offer made in this PDS is available only to WholesaleClients receiving this PDS in Australia (electronically orotherwise) and persons who qualify as ‘wholesale investors’within the meaning of clause 3(2) of Schedule 1 of the FinancialMarkets Conduct Act 2013 receiving this PDS in New Zealand(electronically or otherwise) who have completed a wholesaleinvestor certification. This PDS has not been, and will not be,lodged with the Registrar of Financial Service Providers in NewZealand and is not a product disclosure statement under theFinancial Markets Conduct Act 2013. New Zealand WholesaleInvestors wishing to invest in the Fund should be aware thatthere may be different tax implications of investing in the Fundand should seek their own tax advice as necessary. If youreceived this PDS electronically we will provide a paper copyfree upon request during the life of this PDS. Please callStandard Life Investments on +612 9947 1500 for a copy.

This PDS does not constitute a direct or indirect offer ofsecurities in the US or to any US Person as defined inRegulation S under the US Securities Act of 1933 as

amended (“US Securities Act”). Equity Trustees may vary itsposition and offers may be accepted on merit at Equity Trustees’discretion. The units in the Fund have not been, and will not be,registered under the US Securities Act unless otherwisedetermined by Equity Trustees and may not be offered or sold inthe US to, or for, the account of any US Person (as defined)except in a transaction that is exempt from the registrationrequirements of the US Securities Act and applicable US statesecurities laws.

Information in this PDS that is not materially adverse is subjectto change from time to time. We may update this information.You can obtain any updated information:

• by calling Standard Life Investments on +612 9947 1500; or

• by visiting Standard Life Investments website athttps://australia.standardlifeinvestments.com/institutional/literature/index.html

A paper copy of the updated information will be provided free ofcharge on request. Unless otherwise stated, all fees quoted inthis PDS are inclusive of GST, after allowing for an estimate forReduced Input Tax Credits (“RITC”), and all amounts are inAustralian dollars.

2 Standard Life Investments Absolute Return Global Bond Strategies Trust PDS

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1. Fund at a glanceFund details

Name of the Fund Standard Life Investments Absolute Return Global Bond Strategies Trust

ARSN 125 896 988

APIR ETL0134AU

Investment objective1 The primary investment objective of the Fund is to deliver a positive absolute return over themedium to long term in all market conditions. The fund is actively managed, with a wideinvestment remit to target a level of return over rolling 3 year periods equivalent to cash^ plus 3%per year, gross of fees. We would expect annualised volatility* to be between 2% and 4% inordinary market conditions.

Investments held The Fund will invest in the Australian Dollar Hedged Share Class of the Standard Life InvestmentsGlobal SICAV Absolute Return Global Bond Strategies Sub Fund (“Underlying Fund”) and mayhold up to 5% in cash.

Who should invest? The Fund is only available to institutional and individual investors who are Wholesale Clients (inAustralia) or Wholesale Investors (in New Zealand).

Recommended investmenttimeframe

The minimum suggested investment time frame for the Fund is at least 5 years.

We recommend that you consider, with your financial adviser, the suggested investment period forthe Fund in relation to your own investment timeframe.

You should review this regularly to ensure that the Fund continues to meet your investment needs.

Minimum initial investment $50,000

Minimum additionalinvestment

$5,000

Minimum withdrawal amount $5,000

Minimum balance $50,000

Cut off time for applicationsand withdrawals

3pm AEDT on a Business Day.

Cooling Off As the Fund is only available to Wholesale Clients and Wholesale Investors, no cooling off rightsapply.

Indirect Investors should seek advice from their IDPS Operator as to whether cooling off rightsapply.

Valuation frequency Daily.

Unit pricing Daily.

Access to funds Generally within 7 days of receipt of a withdrawal request.

The Constitution allows Equity Trustees to make payment up to 30 days after receipt of a requestwhich may be further extended in certain circumstances.

Income distribution The Fund usually distributes income (if any) annually at the end of June. Distributions arecalculated on the last day of each accounting period end (30 June), and are normally paid toinvestors within 14 days of the period end. Equity Trustees may amend the distribution frequencywithout notice.

Management costs 0.96% (inclusive of GST less RITC)

Entry fee/ exit fee Nil

Performance fee Nil

1 The investment objective is expressed before the deduction of management fees, expense recoveries and taxation. See pages20-22 for details on fees and costs and pages 23-24 for details on taxation. The investment objective is not a forecast. It is only anindication of what the investment strategy aims to achieve over the medium to long term, assuming financial markets remain relativelystable during that time. The Fund may not achieve its investment objective. Returns are not guaranteed.

^ Cash returns are referenced to Bloomberg AusBond Bank Bill Index

*measured over 3 years of monthly returns.

Standard Life Investments Absolute Return Global Bond Strategies Trust PDS 3

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2. ASIC benchmarksThe information summarised in this table and explained in detail in the identified section reference is intended to assist investors withanalysing the risks of investing in the Trust. Investors should consider this information together with the detailed explanation of variousbenchmarks and principles referenced throughout this PDS and the key risks of investing in the Trust highlighted in section 6 of thisPDS.

ASIC Benchmark

Is thebenchmarksatisfied? Summary

For furtherinformation

Valuation of assets

This benchmark addresseswhether valuations of theFund’s non-exchange tradedassets are provided by anindependent administrator oran independent valuationservice provider.

Yes We have appointed an independent administrator, StateStreet Australia Limited, to value the Fund’s assets.

Please refer topage 7 of thisPDS for furtherinformation.

Periodic reporting

This benchmark addresseswhether the responsible entityof the Fund will provideperiodic disclosure of certainkey information on an annualand monthly basis.

Yes We will report to you on the following as at 30 June eachyear:

• Net Asset Value (“NAV”) of the Fund;

• unit price

• actual asset allocation;

• liquidity profile of assets of the Fund;

• maturity profile of liabilities of the Fund;

• leverage ratio for the Fund;

• Derivative counterparties;

• updated investment performance; and

• any change in key service providers

We will provide the report as soon as practicable after30 June each year.

We will make this information available athttps://australia.standardlifeinvestments.com/institutional/literature/index.html and update it as required.

In addition to annual reporting, monthly updates (which maybe given on the website) are required for:

• current total NAV of the Fund and redemption value of aunit (for each class) when NAV calculated;

since last report on the following

• the net return on Fund’s assets after fees, costs andtaxes;

• any material change in Fund’s risk profile;

• any material change in Fund’s investment strategy; and

• any change in individuals playing a key role in investmentdecisions for Fund; and

• any change to key service providers, including anychange in their related party status.

Please refer topage 19 of thisPDS for furtherinformation.

4 Standard Life Investments Absolute Return Global Bond Strategies Trust PDS

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3. Disclosure principles

Summary

Section (forfurtherinformation)

Investment strategy The Fund will invest in the Underlying Fund and may hold up to 5% in cash.

The objective of the Underlying Fund is to deliver a positive absolute returnin the form of both income and capital growth over the medium to longerterm in all market conditions.

The Fund is actively managed, with a wide investment remit to target alevel of return over rolling 3 year periods equivalent to cash^ plus 3% peryear, gross of fees. We would expect it to exhibit annualised volatility* ofbetween 2% and 4% in ordinary market conditions.

The Fund has been established as a feeder fund for the UnderlyingFund and invests in:

- unlisted international equities (units in the Underlying Fund)(95–100%); and

- cash equivalent investments (0–5%).

The Underlying Fund may invest in:

- over the counter (“OTC”) Derivatives;

- fixed interest securities;

- cash equivalent investments; and

- other investments (including eligible transferable securities, andundertakings for collective investment).

Other than limits imposed by UCITS Regulations, the Underlying Funddoes not have explicit limits on the above investments. In practice, limits onthe above investment are determined in consideration of UnderlyingFund’s liquidity requirements and risk profile.

The Underlying Fund uses exchange traded and OTC Derivatives includingshort selling to achieve its investment objectives. At present the Fund andUnderlying Fund do not intend to borrow except for short-term cashmanagement purposes.

The strategy will produce investment returns through dynamic allocation toa wide range of return seeking investment opportunities in traditional andadvanced asset classes, and also separately exploits security selectionexpertise. The Underlying Fund routinely uses a variety of conventionalderivatives for investment, liquidity, efficiency and hedging purposes andmay take both long and short positions.

The key risks for this investment strategy include investment strategy risk,counterparty risk, Derivatives risk and collateral risk. See Section 6:Managing risk for an outline of key risk factors and Section 5.8:Diversification guidelines for key aspects of our risk management strategy.

The required notification will be provided to investors should any materialchange occur in the investment strategy of the Fund.

Section 5.2, 5.8and 6

Investment manager Standard Life Investments Limited

Standard Life Investments is the Investment Manager of the Fund and theUnderlying Fund and is approved and regulated by the Financial ConductAuthority in the United Kingdom.

Section 4

Trust structure The Fund is structured as an Australian trust, with Equity Trustees actingas responsible entity. The Fund invests in the Underlying Fund which is aLuxembourg domiciled SICAV regulated by the Commission DeSurveillance Du Secteur Financier (“CSSF”). The Fund is administered byState Street Australia Limited and the Underlying Fund is administered byBank of New York Mellon (Luxembourg) S.A.

The Fund pays investment management fees. No investment managementcharge is deducted from the Underlying Fund. There are some additionalexpenses in the Underlying Fund including audit, custody andadministration fees.

Section 5.3

Standard Life Investments Absolute Return Global Bond Strategies Trust PDS 5

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Summary

Section (forfurtherinformation)

Valuation, location andcustody of assets

The Fund assets are held by its custodian:State Street Australia Limited

The assets of the Underlying Fund are held by its custodian:The Bank of New York Mellon(Luxembourg) S.A.2-4 Rue Eugene Ruppert L-2453 Luxembourg

Section 5.7

Liquidity The Fund is available for subscriptions and redemptions on any BusinessDay.

The Underlying Fund is also available for subscription and redemption onany day that is a business day in Luxembourg. Because the UnderlyingFund is a Luxembourg domiciled SICAV, its liquidity is managed inaccordance with UCITS Regulations.

Section ?

Leverage The Fund and the Underlying Fund may borrow on a secured or unsecuredbasis for any purpose (up to 10% of the Fund). At present the Fund andUnderlying Fund do not intend to borrow except for short-term cashmanagement purposes.

The use of Derivatives and other instruments may cause the nominalinvestment exposure of the Underlying Fund to routinely exceed 100% ofthe value of assets.

Section 5.6

Derivatives Derivatives are not used in the Fund.

Derivatives are used in the Underlying Fund to achieve the investmentobjective.

The Underlying Fund will seek to maintain a diversified portfolio ofDerivatives including futures, options, swaps, forward currency contracts.

Section 5.10

Short selling The Fund does not take short positions.

The Underlying Fund has the ability to take both long and short marketexposures across a range of fixed income instruments and sectors,however it does not take short positions in individual securities and it wouldbe unlikely to be net short of credit exposure. There are no formal limits onthe level of short selling permitted but there are limits on the grossexposures of total positions for the fund as well as risk limits for differenttypes of exposures (interest rates, currencies, etc). This is done in a riskappropriate manner with risk analysis conducted prior to any new strategybeing implemented and diversification benefits explored on the overallportfolio level.

The Underlying Fund strategy is based on a proprietary multi-year view ofmarkets.

Section 5.9

Withdrawals Generally within 7 days of receipt of a withdrawal request. The Constitutionallows Equity Trustees to make payment up to 30 days after receipt of arequest, which can be extended in certain circumstances.

Section ?

^ Cash returns are reference to Bloomberg AusBond Bank Bill Index

*measured over 3 years of monthly returns.

6 Standard Life Investments Absolute Return Global Bond Strategies Trust PDS

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4. Who is managing the Fund?The Responsible Entity

Equity Trustees LimitedEquity Trustees Limited ABN 46 004 031 298 AFSL 240975(“Equity Trustees”), a subsidiary of EQT Holdings Limited ABN22 607 797 615, which is a public company listed on theAustralian Securities Exchange (ASX: EQT), is the Trust’sResponsible Entity and issuer of this PDS. Established as atrustee and executorial service provider by a special Act of theVictorian Parliament in 1888, today Equity Trustees is a dynamicfinancial services institution which continues to grow the breadthand quality of products and services on offer.

Equity Trustees’ responsibilities and obligations as the Trust’sResponsible Entity are governed by the Trust’s Constitution(“Constitution”), the Corporations Act and general trust law.Equity Trustees has appointed Standard Life as the InvestmentManager of the Trust. Equity Trustees has appointed aCustodian to hold the assets of the Trust. The Custodian has nosupervisory role in relation to the operation of the Trust and isnot responsible for protecting your interests.

The Investment Manager

Standard Life Investments LimitedStandard Life Investments is an investment company and hasbeen appointed by Equity Trustees as the Investment Manager.Standard Life Investments focuses on delivering consistentlyleading investment results for its clients. It does this by workingas an integrated global team using an investment style thatfocuses on change and processes that are both robust andrepeatable. Standard Life Investment’s global investmentnetwork, enhanced by their presence on the ground in keymarkets, gives them a clear understanding of worldwideinvestment issues.

Standard Life Investments Limited (ABN 36 142 665 227) isincorporated in Scotland (No. SC123321) and is exempt fromthe requirement to hold an AFSL under paragraph 911A(2)(l) ofthe Corporations Act 2001 (Cth) (the ‘Act’) in respect of theprovision of financial services as defined in Schedule A of therelief instrument no.10/0264 dated 9 April 2010 issued toStandard Life Investments Limited by the ASIC. These financialservices are provided only to wholesale clients as defined insubsection 761G(7) of the Act. Standard Life Investments isregulated in the United Kingdom by the Financial ConductAuthority under the laws of the United Kingdom, which differfrom Australian laws.

The appointment of Standard Life Investments may beterminated by the Responsible Entity if Standard LifeInvestments is in default under the investment managementagreement including if it breaches any material provision of theagreement and fails to rectify the breach within 10 BusinessDays’ of receiving written notice by the Responsible Entityrequiring it to do so.

At the date of this PDS, the key people involved in managing theUnderlying Fund are Roger Sadewsky, Katy Forbes and AdamSkerry. No adverse regulatory finding has ever arisen againstthem. Each of them is involved on a regular basis (as a team,usually spending between 90 and 120 hours in total per week) inmanaging the Fund.

Roger Sadewsky — Investment Director

Roger has been involved in the management of the AbsoluteReturn Global Bond Strategies Trust since inception. He

provides research input into the macro fixed incomeenvironment and has been central to the development andexpertise in credit Derivatives. His previous investmentexperience over 32 years includes rates, credit and creditDerivatives.

Roger’s qualifications include BA (Hons) in Politics, an MBA(Cranfield School of Management) and an InvestmentManagement Certificate.

It is expected Roger will spend approximately 30 hours per week(on average) on fund management activities which includemanaging the Underlying Fund.

Katy Forbes — Investment Director

Katy has been involved in the management of the AbsoluteReturn Global Bond Strategies Trust since Q4 2012. Katy’sinvestment experience, over 15 years, includes workingin treasury, Derivatives and inflation linked bonds.

Katy’s qualifications include a BSc (Hons.) in Maths andStatistics and an Investment Management Certificate. Katy is aChartered Financial Analyst Charterholder.

It is expected Katy will spend approximately 30 hours per week(on average) on fund management activities which includemanaging the Underlying Fund.

Adam Skerry — Investment Director

Adam Skerry joined Standard Life Investments as an InvestmentDirector on the Real Returns Team in March 2011. In May 2016he was appointed joint manager of the Absolute Return GlobalBond Strategies Fund with Roger and Katy. He also acts asmanager of both UK and Global Inflation Linked Bond portfoliosanalysing key market themes and feeding inflation insights intoboth his own funds and the absolute return suite of portfolios.He began his career in 1998 at PricewaterhouseCoopers andthen moved onto other investment management roles atHenderson Global Investors, Saxon Financial, and Baring AssetManagement. Adam has 18 years experience in the industry.

Adam’s qualifications include BA (Hons) in Modern History &Economics (1998), IMC (1999), ASIP (2001).

It is expected Adam will spend approximately 30 hours per week(on average) on fund management activities which includemanaging the Underlying Fund.

The Custodian and Administrator

State Street Australia Limited (“State Street”)

State Street is the administrator of the Fund and providesadministration and accounting services. State Street isresponsible for calculating the Fund’s NAV.

State Street has been appointed as the custodian andadministrator for the Fund under a custody and investmentadministration agreement dated 27 May 2014 (as amended)(“Custody and Investment Administration Agreement”).

State Street’s role as custodian is limited to holding assets of theFund. As administrator, State Street is responsible for the day today administration of the Fund. State Street has no supervisoryrole in relation to the operation of the Fund and has no liability orresponsibility to you for any act done or omission made inaccordance with the Custody and Investment AdministrationAgreement.

Standard Life Investments Absolute Return Global Bond Strategies Trust PDS 7

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5. How the Fund Invests5.1 Investment objectiveThe primary investment objective of the Fund is to deliver a positive absolute return over the medium to long term in all marketconditions. The Fund’s benchmark is the Bloomberg AusBond Bank Bill Index and its performance target is to outperform thebenchmark by 3% per annum gross of fees, on a three year rolling basis**.

The fund is actively managed, with a wide investment remit to target a level of return over rolling three-year periods equivalent to cash^plus 3% per year, gross of fees. We would expect annualised volatility* to be between 2% and 4%.

See pages 20-22 for details on fees and other costs and pages 23-24 for information on taxation. The investment objective is not aforecast, it is only an indication of what the investment strategy aims to achieve over the medium to long term. The Fund may notachieve its investment objective.

5.2, 5.8 and 6 Investment strategyThe Fund invests in the Underlying Fund, and holds up to 5% of its assets in cash.

The Underlying Fund aims to deliver a return of Sterling LIBOR +3% per annum, gross of fees, over rolling three-year periods. Theinvestment team who actively manage the Underlying Fund have a wide investment remit to help them try to achieve this aim. Theteam look to exploit market inefficiencies through active allocation to a diverse range of market positions. The Underlying Fund utilisesa combination of traditional assets (such as bonds, cash and money market instruments) and investment strategies based onadvanced Derivative techniques resulting in a highly diversified portfolio. The Underlying Fund can take long and short positions inmarkets, securities and groups of securities through Derivative contracts.

5.3 Trust StructureThe following diagram summarises the Fund structure at the date of this PDS.

^ Cash returns are referenced to Bloomberg AusBond Bank Bill Index

* Measured over 3 years of monthly returns.

** The investment objective is expressed before the deduction of management fees, expense recoveries and taxation, i.e.performance is measured relative to the Fund’s benchmark before fees and costs and taxes are deducted. The investment objective isnot intended to be a forecast. It is only an indication of what the investment strategy aims to achieve over the medium to long term,assuming financial markets remain relatively stable during that time. The Fund may not achieve its investment objective. Returns arenot guaranteed.

# These include but are not limited to audit, custody and administration fees and tax d’abonnement (a Luxembourg subscription tax).There is no performance fee for the Fund or the Underlying Fund.

Because the Underlying Fund is located in Luxembourg, it is subject to the risk of changes of law (including tax laws) which may affectits operation.

8 Standard Life Investments Absolute Return Global Bond Strategies Trust PDS

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5.4 Hedging and BenchmarksThe Fund invests in the Australian dollar hedged share class ofthe Underlying Fund. In this share class, Derivatives (forwardcurrency exchange forwards) are used to Hedge the impactbetween Australian Dollars and Sterling.

Investors should note that the Hedging strategy is designed toreduce, but not eliminate, exchange-rate risk. There is noguarantee that the exposure of the currency in which the Fund isdenominated can be fully Hedged against the Base Currency ofthe Underlying Fund. Investors should note that the hedgingstrategy is a passive investment strategy and is not intended forspeculative purposes. The successful implementation of thehedging strategy may reduce the benefit to the Fund ofdecreases in the value of the Australian Dollar in relation to theBase Currency of the Fund.

The Underlying Fund’s benchmark is 3 month Sterling LIBORbut, through hedging within the Australian Dollar share class ofthe Underlying Fund, Fund benchmark returns are expected tobroadly be in line with Bloomberg AusBond Bank Bill Index overtime.

There will be a performance differential between the Fund andthe Underlying Fund due to several factors including cash held inthe Fund and additional expenses.

5.5 Monitoring service providersThe Responsible Entity ensures that its key service providerscomply with their service level obligations through a serviceprovider monitoring programme. This involves a quarterlycompliance certification, complemented by a six monthly reviewmeeting with a standard agenda and a predefined list ofdocuments that need to be submitted by the service provider.

5.6 LeverageThe Fund and the Underlying Fund may borrow on a secured orunsecured basis for any purpose (up to 10% of the Fund). Atpresent the Fund and Underlying Fund do not intend to borrow

except for short- term cash management purposes. The Fundand the Underlying Fund will pay interest on such borrowedmonies.

The use of Derivatives and other instruments may cause thenominal investment exposure of the Underlying Fund toroutinely exceed 100% of the value of assets. As a regulatedEuropean Union UCITS fund leverage is restricted to 1000%(that is, for every $1 of the fund’s net asset value, the fund maybe leveraged up to $10).

Leverage in the Underlying Fund will be a result of the use ofDerivatives.

Derivative gearing may increase the volatility of the UnderlyingFund’s unit price by potentially magnifying gains and losses fromthe Underlying Fund’s investments. The value and liabilitiesassociated with leveraged investment strategies can be morevariable than traditional investments and there may be greaterexposure to possible losses. Accordingly, a geared fund may beregarded as having a higher risk profile than a comparable fundwhich has no Derivative gearing.

The use of Derivatives and the associated leverage issometimes required to implement volatility reduction strategies.The leverage exhibited in the Underlying Fund is monitored dailyto ensure any new risks that are introduced into the UnderlyingFund remain minimal and under control. If the leverageassociated with an individual strategy were to exceed a giventhreshold, specific stress testing would be undertaken.

As at the end of June 2017, the collateral posted by theUnderlying Fund was approx. GBP 40 million. As at the end ofJune 2017, the collateral held by the underlying fund wasapprox. GBP 22.5 million.

The Investment Manager uses diversified leverage in theUnderlying Fund to mitigate the overall risk and volatility of theFund.

For example if the portfolio in Table 1 was 200% leveraged in aglobal high yield portfolio then the aggregate risk would be twicethe risk of the unleveraged 100% portfolio as there is nodiversification of risk. Portfolio A in the table belowdemonstrates the impact of leveraged exposure of a singleinvestment risk.

However, if the leverage is used with a wide diversity ofstrategies then there is the ability to reduce risk throughdiversification. Potential diversification benefits are highlighted inPortfolio B below where the 200% exposure results in a portfolioof just 3.1% volatility, or one third the risk of an unleveraged100% global high yield portfolio. Please note this is an illustrativeexample – not reflective of maximum use of potential leverage inthe Fund.

This means that the ‘leveraged’ diversified portfolio shouldprovide more stable returns than a 200% fixed income portfolio.

Collateral is managed in the Underlying Fund on a daily basiswith a range of counterparties. This limits the impact on openpositions of the failure of a counterparty. Collateral is limited toaccepting only cash or G7 sovereign bonds under 30 years it isensured that in the event of needing to call on the collateral, ithas not itself been downgraded.

Table 1. Volatility of 180 equally weighted weekly returns from APT Market Risk Solution

PortfolioNominalexposure Weighting

Assetclass

volatilityWeightedvolatility

Aggregaterisk

Diversifiedrisk

Portfolio A 200% Global high yield 200% 5.3% 10.6% 10.6% 10.6%

Portfolio B 200% Italian v German duration 25.0% 9.8% 2.5% -- --

Long USD v SGD 25.0% 4.8% 1.2% -- --

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Table 1. Volatility of 180 equally weighted weekly returns from APT Market Risk Solution

PortfolioNominalexposure Weighting

Assetclass

volatilityWeightedvolatility

Aggregaterisk

Diversifiedrisk

UK investment grade credit 25.0% 3.8% 1.0% -- --

US investment grade credit 25.0% 2.6% 0.7% -- --

European long end steepener 25.0% 2.6% 0.7% -- --

Korean government bonds 25.0% 2.3% 0.6% -- --

US and Europe v UK duration 25.0% 1.9% 0.5% -- --

Short French forward-startinflation 25.0% 1.1% 0.3% 7.3% 3.1%

Data as at 31 December 2015

The following graph and table show how we expect that the current leveraged investment strategy of the Underlying Fund (withgreater than 100% gross exposure) would have performed (compared to an unleveraged strategy) during some of the key financialmarket events over the past 2 decades (Table 2) with the actual performance of the strategy shown on a continuous basis over thepast 5+ years (Graph 1). This simulated performance of Graph 1 has been calculated by Standard Life Investments using arecognised industry risk system (RiskMetrics) and shows simulated gross performance. No allowance is made for the costs incurredby the Underlying Fund, the fees you pay in the Fund, or any tax payable by you or the Underlying Fund.

Table 2.

Rate Rise 1994 (P)

Asian Crisis 1997 (P)

Russian Devaluation

1998

Sep 11th 2001 (P)

Gulf War (2003)

Bond Sell Off(2003)

Emerging Market Sell Off

(2006)

QE Jitters(2013)

Absolute Return Global Bond Strategies -0.01 -0.11 0.10 0.18 -0.21 1.45 -1.50 -0.99

Bloom Barc Global Agg Corp* -2.89 0.36 0.20 0.73 -0.58 -4.47 0.13 -3.50

JPM Global Fixed Int Bond** -11.06 1.40 0.56 0.78 -2.38 -4.36 -0.24 -3.04

-13

-11

-9

-7

-5

-3

-1

1

3

* Bloomberg Barclays Global Aggregate Corp

** JPM Global Fixed Interest Bond

Source: Standard Life Investments, RiskMetrics, 31 March 2017

The purpose of these charts is to show the relative effect of the use of leverage only. The simulated past performance of theUnderlying Fund is not a reliable indicator of future performance of the Fund. The past performance of the Underlying Fund shown isa simulation only. While Standard Life Investments believes the calculations on which it is based are accurate, and the data used asthe basis for the calculations are reliable, the completeness or accuracy of the information is not certain. Investors should not rely onthe chart, or the simulated performance as the basis for their investment decision. In any event, past performance is not a reliableindicator of future performance.

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Graph 1.

Absolute Return Global Bond Strategies vs 3m Euribor (cash) vs target return

98

102

106

110

114

118

122

Mar

11

Jun

11

Se

p 1

1

Dec 1

1

Mar

12

Jun

12

Se

p 1

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Dec 1

2

Mar

13

Jun

13

Se

p 1

3

Dec 1

3

Mar

14

Jun

14

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p 1

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Dec 1

4

Mar

15

Jun

15

Se

p 1

5

Dec 1

5

Mar

16

Jun

16

Se

p 1

6

Dec 1

6

Mar

17

Absolute Return Bond Strategies Fund (%)* Target return***3m Euribor (%)**

Pri

ce (

ind

exed

to

100 a

t in

cep

tio

n)

* Standard Life Investments Absolute Returns Global Bond Strategies Fund GBP shareclass converted to EUR until 04 April 2012then the EUR shareclass thereafter

** 3m Euribor from Thomson Reuters DataStream

*** Target of 3m Euribor +2.5% to 30 June 2013, then 3m Euribor +3.0% thereafter

Source: Standard Life Investments, gross price performance, from 30 March 2011 to 31 May 2017

Standard Life Investments claims compliance with the Global Investment Performance Standards (GIPS®). The fund specific datapresented above is supplementary information to the SICAV Absolute Returns Global Bond Strategy GIPS® composite report, whichis enclosed in the Appendix for your reference

5.7 Valuation, location and custody of assetsThe value of a unit is generally derived on a Business Day and isdetermined on the basis of the NAV of the Fund. The NAV iscalculated by deducting the value of the liabilities of the Fundfrom the gross value of the Fund assets. Generally, investmentswill be valued at the next available market value but othervaluation methods and policies may be applied by EquityTrustees if appropriate or if otherwise required by law orapplicable accounting standards. The application price of a unitin the Fund is based on the NAV divided by the number of unitson issue. The Responsible Entity can also make an allowancefor transaction costs required for buying investments when aninvestor acquires units.

Valuation Policy

The valuation and fund accounting services for the Fund areprovided by State Street Australia Limited.

The valuation and fund accounting services for the UnderlyingFund are provided by the Bank of New York Mellon(Luxembourg) S.A.

Type of assets

The Fund holds shares in the Underlying Fund.

The Underlying Fund can invest in a range of assets includingfixed interest securities, deposits, money market instruments,undertakings for collective investment and cash as well as arange of Derivatives. See 5.10 Derivatives.

For asset allocation and limits, see Investment strategy on page5.

5.8 Diversification guidelines

Diversification guidelines

The Underlying Fund is positioned to be capable of performingwell under a wide variety of possible future outcomes. It isintended that the Underlying Fund will be resilient underpotential stress scenarios that might cause material losses inindividual markets.

There is a comprehensive range of concentration limits thatensure that no one strategy dominates the risk profile of theportfolio. Instead of applying portfolio exposure limits in cashterms, which are inflexible, a risk based approach is used:

- No more than 40% of the ex-ante (predicted) aggregatestand-alone risk is to be associated with any single marketreturn strategy. These strategy groups are defined asduration, credit, currencies, cross-market inflation andvolatility

- No more than 30% of the ex-ante aggregate stand-alonerisk is to be associated with any single market returnsub-strategy (i.e. UK credit, Yen duration, etc.)

Location and custody of assets

The Fund holds shares in the Underlying Fund, which isdomiciled in Luxembourg.

Geographic location is not a consideration in the construction ofthe Underlying Fund assets.

Lending guidelines

The Fund does not lend stock or securities.

The Underlying Fund may lend stock and securities.

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5.9 Short sellingThe Underlying Fund may, subject to and in accordance with theUndertaking for Collective Investment Law and applicable CSSFcirculars, take long and short positions in markets, securities andgroups of securities through Derivative contracts.

In general, the risk when short selling is that the short soldsecurity increases in value and generates a loss for the Fund –in addition when physically short individual equity securities,there is the risk of the stock being recalled by the lender at atime that may trigger a loss for the Fund. However, thisUnderlying Fund does not take short positions in individualsecurities and it would be highly unlikely to be net short of equityexposure.

For how this risk is managed, see Short selling on page 5.

5.10 DerivativesListed below are the main types of Derivatives used in theUnderlying Fund:

• fixed income futures

• index futures

• currency swaps and options

• interest rate swaps

• currency forwards

• credit default swaps

• forward exchange contracts

• inflation linked swaps

• variance swaps

• interest rate options

• swaptions

• interest rate futures

• total return swaps

• options on futures

• assets swaps

• dividend futures and swaps

Derivatives are used in the Underlying Fund to achieve theinvestment objective.

The Underlying Fund can take positions in both OTC andexchange traded derivatives.

For an outline of the collateral provided and held by theUnderlying Fund, see Leverage on page 9.

Collateral provided by the Underlying Fund may be used tocover liabilities or exposures in the event of certain default ortermination scenarios, for example, the insolvency of theUnderlying Fund or a counterparty.

5.11 Suggested investment timeframeThe suggested investment timeframe is at least 5 years.

5.12 Labour standards and environmental,social and ethical considerationsStandard Life Investments may informally consider labourstandards and environmental, social and ethical considerationsas part of its investment process, but it does not apply anyspecific labour standards and environmental, social or ethicalcriteria when selecting, retaining or realising investments for theFund or the Underlying Fund.

5.13 Trust performanceUp to date Fund performance is available by contactingStandard Life Investments on +612 9947 1500 or online athttps://australia.standardlifeinvestments.com/institutional/literature/index.html

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6. Managing riskThere is an extensive risk management infrastructure to ensurethat the Fund and the Underlying Fund operates within thescope of their risk framework. Risk is monitored and controlledby a combination of organisational structures and processes.These include the Underlying Funds management team, theInvestment Risk team and the Risk and Exposure Committee aswell as other governance functions within the InvestmentManager.

RiskInvestment in any fund carries risks, including volatility ofreturns. Volatility refers to the degree to which returns mayfluctuate around their long-term average. Each Asset Class,whether it is cash, fixed interest, property, Australian orinternational shares, has associated investment risks and thereturn achieved by each will vary accordingly.

You should be aware that an investment in the Fund containsrisk and neither the performance of the Fund nor the security ofyour investment is guaranteed by Equity Trustees or StandardLife Investments. Investments in the Fund and the UnderlyingFund are generally subject to risks, including possible delays inthe payment of withdrawal proceeds, and loss of income andcapital. The following discussion of certain risk factors does notpurport to be an exhaustive list or a complete explanation of allthe risks involved in an investment in the Fund or the UnderlyingFund. We recommend you talk to an adviser about the risksinvolved in investing in the Fund and how it might impact on yourindividual financial circumstances.

General risk factors

• All investments involve risk and there can be no guaranteeagainst loss resulting from an investment in the Fund or theUnderlying Fund, nor can there be any assurance that theFund’s or the Underlying Fund’s investment objective will beattained. Neither Equity Trustees or Standard LifeInvestments, nor any of their worldwide affiliated entities,guarantee the performance of the Fund or the UnderlyingFund.

• Past performance is not a guide to future returns. Chargesalso affect what investors will get back and the amountreturned may be less than the original investment.

• The value of your investment and any income received fromit may go down as well as up.

• Tax laws may change in future.

• The fees and charges payable may increase in the future.

• Inflation reduces the buying power of your investment andincome.

Investment strategy risk

This is the risk that the investment strategy of the Fund or theUnderlying Fund will sustain losses due to the poor performanceof capital markets or poor decisions by the Investment Managerwithin the confines of the investment strategy.

Counterparty risk

This is the risk that parties to Derivatives contracts and otherinvestment instruments may not perform their contractualobligations and may default when settlement is due. TheInvestment Manager will seek to minimise the risk by enteringinto transactions with counterparties which are, in theInvestment Manger’s opinion, established and reputable. Inaddition, the Investment Manager of the Underlying Fund willlook to mitigate counterparty risk through the use of collateral forOTC Derivatives and all counterparties are subject to an

International Swaps and Derivatives Association MasterAgreement (ISDA). There are also internal limits on exposure toindividual counterparties.

Derivative risk

Derivatives are financial contracts that offer access to theperformance of an underlying asset and are used to implementinvestment strategies in the most risk efficient manner possible.The use of Derivatives to Hedge the risk of physical securitieswill involve ‘basis risk’, which refers to the possibility thatDerivatives may not move exactly in line with the physicalsecurity. Fluctuations in the price of Derivatives will be reflectiveof movements in the underlying assets, reference rate or indexto which the Derivatives relate. Consequently the Derivativesshould not be expected to fully Hedge the risk of the physicalsecurity. Derivatives are also used as substitutes for physicalsecurities. In doing so there is the risk that a Derivative may notbe a perfect substitute for the underlying security it aims toreplace, and may not mirror its movements completely. Otherrisks associated with Derivatives may include:

• Loss of value because of a sudden price move or becauseof the passage of time;

• Potential illiquidity of the Derivative;

• The Underlying Fund being unable to meet paymentobligations as they arise;

• The counterparty to any Derivative contract not being able tomeet its obligations under the contract; or

• Significant volatility in prices.

Note that neither the Responsible Entity nor the InvestmentManager guarantee that the Underlying Fund’s Derivativesstrategy will be successful.

Collateral risk

This is the risk of loss arising from errors in the nature, quality,pricing or characteristics of collateral securing a transaction withcredit risk.

Fund risk

As with all managed funds, there are risks particular to the Fund,including that it could terminate, the fees and expenses couldchange, Equity Trustees is replaced as Responsible Entity orStandard Life Investments is replaced as Investment Manager.There is also a risk that investing in the Fund may give differentresults than investing directly in securities because of income orcapital gain accrued in the Fund and the consequence ofwithdrawal or investment by other investors.

Interest rate risk

The value of fixed income securities held by the UnderlyingFund will generally vary inversely with changes in interest ratesand such variation may affect the value of the Underlying Fundaccordingly. While changes in interest rates may affect theUnderlying Fund’s interest income, such changes may alsopositively or negatively affect the NAV of the Fund andUnderlying Fund on a daily basis.

Investment selection risk

The Investment Manager uses an investment selection processto identify investment opportunities which it believes are mostlikely to outperform over the medium to long term. There is a riskthat these investments will not perform in line with theInvestment Manager’s expectations however this risk ismitigated to some extent by the knowledge, experience andprocesses of the Investment Manager.

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Investment in fixed income or other debt securities

All fixed income or other debt securities have the fundamentalrisk that the issuer may be unable to make interest payments orrepay the capital. Generally, government securities offer thelowest credit risk, which is reflected in their lower yield.Corporate debt offers a higher yield due to its higher risk.However changes in economic and political outlook affect thevalue of such securities.

Investment in high yielding debt securities

Due to the volatile nature of sub-investment grade assets andthe corresponding risk of default, there may be significanttemporary capital losses and the possibility of fluctuations in theincome return level of the Underlying Fund. The InvestmentManager will endeavor to mitigate the risks associated with sub-investment grade securities, by diversifying its holdings byissuer, industry and credit quality.

Sector selection risk

The Investment Manager may make poor investment decisionsresulting in sub-standard returns (for example, where theInvestment Manager gains exposure to a sector whichsignificantly underperforms relative to other sectors). This maybe brought about by a change of employees at the InvestmentManager or a change of Investment Manager.

Investment specific risk

There may be instances where an investment in which the Fundinvests will fall in price because of investment specific factors(for example, where a company’s major product is subject to aproduct recall). The value of investments can vary because ofchanges to management, product distribution, investorconfidence, internal operations or the company’s businessenvironment.

Warrants

With regard to investment in warrants investors should note thatthe gearing effect of investment in warrants and the volatility ofwarrant prices make the risk attached to the investment inwarrants higher than in the case with investment in equities.

Exchange rates

The Base Currency of the Underlying Fund is not necessarilythe investment currency of the Underlying Fund. Investmentsare made in those currencies that best benefit the performanceof the Underlying Fund in the view of the Investment Manager.Changes in foreign currency exchange rates will affect the valueof the Fund and Underlying Fund.

Investment in emerging marketsInvestments in emerging markets carry risks additional to thoseinherent in other investments. In particular, (i) investment in anyemerging market carries a higher risk than investment in adeveloped market (e.g. investment and repatriation restrictions,currency fluctuations, government involvement in the privatesector, investor disclosure requirements, possibility of limitedlegal recourse for the Company); (ii) emerging markets mayafford a lower level of information and legal protection toinvestors; (iii) some countries may place controls on foreignownership; and (iv) some countries may apply accountingstandards and auditing practices which do not conform with theresult that financial statements prepared in accordance withthose which would have been prepared by accountants followinginternationally accepted accounting principles.

In addition taxation of interest and capital gains received bynon-residents varies among emerging and less developedmarkets and, in some cases may be comparatively high. Theremay also be less well-defined tax laws and procedures and suchlaws may permit retroactive taxation so that the Fund could in

the future become subject to local tax liabilities that had not beenanticipated in conducting investment activities or valuing assets.

Market risk

Changes in legal and economic policy, political events,technology failure, changes in interest rates, economic cycles,investor sentiment and social climate can all directly or indirectlycreate an environment that may influence (negatively orpositively) the value of your investments in the Fund. In addition,a downwards move in the general level of the markets can havea negative influence on the performance of the Fund.

Operational riskOperational risk addresses the risks of trading and back officeerrors that may result in a loss to the Fund. This could be theresult of negligence, ineffective securities processingprocedures, computer systems problems or human error.

Gearing riskThe Fund and the Underlying Fund may borrow on a secured orunsecured basis for any purpose. At present the UnderlyingFund does not intend to borrow except for short-term cashmanagement purposes. The Underlying Fund will pay intereston such borrowed monies.

The Fund will not use Derivatives, although the Underlying Fundwill do so. The use of Derivatives and other instruments maycause the nominal investment exposure of the Underlying Fundto routinely exceed 100% of the value of assets. Such exposuremay exaggerate or diminish the effect on Net Asset Value of anyincrease or decrease in the market value of the portfolio. Theuse of leverage creates opportunities for greater total return butat the same time can create greater risks.

Gearing may increase the volatility of the Underlying Fund’s unitprice by potentially magnifying gains and losses from theUnderlying Fund’s investments. The value and liabilitiesassociated with leveraged investment strategies can be morevariable than traditional investments and there may be greaterexposure to possible losses. Accordingly, a geared fund may beregarded as having a higher risk profile than a comparable fundwhich has no gearing.

Liquidity riskThere may be times when securities may not be readily saleable(for example, in falling market conditions). If there is aninterruption to regular trading in the market generally, or for aparticular investment of the Fund or Underlying Fund, there maybe delays in processing withdrawal requests. Note that neitherthe Responsible Entity nor the Investment Manager guaranteesthe liquidity of the Fund’s investments.

Legal riskThis is an international investment and it is subject to the riskthat laws may change in any jurisdiction where the Fund isinvested or operates. There is also a risk that taxation or otherapplicable laws may change in Australia that may affect theoperation of the Fund or in Luxembourg which may affect theoperation of the Underlying Fund.

Suspension of valuation of units and withdrawalsThe Responsible Entity reserves the right to suspend thevaluation of the units during periods where the underlyinginvestments may not be easily valued or sold. If the ResponsibleEntity believes it is in the best interests of all investors, it mayalso suspend withdrawals and the payment of withdrawalproceeds during such periods.

Hedged share classesInvestors should note that the hedging strategy between thecurrency of the Fund and the Base Currency of the UnderlyingFund is designed to reduce, but not eliminate, exchange-raterisk. There is no guarantee that the exposure of the currency in

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which the Fund is denominated can be fully Hedged against theBase Currency of the Underlying Fund. Investors should notethat the hedging strategy is a passive investment strategy and isnot intended for speculative purposes. The successfulimplementation of the hedging strategy may reduce the benefitof decreases in the value of currency of investment in relation tothe Base Currency of the Underlying Fund.

Non-hedging transactionsThe Underlying Fund is authorised to use the Derivatives asoutlined in section 5. The use of non-hedging transactionsconstitutes a higher risk than investments in transferablesecurities due to their greater volatility and less liquidity. Suchtransactions will be used in a manner that does not interfere withthe investment objectives and policies of the Underlying Fund.

Securities lending transactionsThe Underlying Fund’s securities may be lent to financialinstitutions of high standing, or through recognised clearinginstitutions. Although risks from such transactions are mitigatedthrough collateral agreements, there is the risk that the stockborrower could default.

Transactions in options, futures and swap contractsFor the purpose of hedging, efficient portfolio management,duration management and risk management the UnderlyingFund may seek to protect or enhance the returns from theirunderlying assets by using options, futures and swap contractsas described in section 5. The ability to use these techniquesand instruments may be limited by market conditions andregulatory limits and there can be no assurance that theobjective sought to be attained from the use of these techniquesand instruments will be achieved. Participation in the options orfutures markets, in swap contracts and in foreign exchangetransactions involves investment risks and transaction costs towhich the Underlying Fund would not be subject if they did notuse these techniques and instruments. If the Investment

Manager’s predictions of movements in the direction of thesecurities, foreign currency and interest rate markets areinaccurate, the adverse consequences to the Underlying Fundmay leave the Underlying Fund in a less favourable position thanif such techniques and instruments were not used.

Risks specific to credit default swaps (CDSs)Counterparty risk, which is the risk that the counterparty of thecredit default swaps transaction, will default on its obligations. Asprotection buyer, the counterparty risk materialises only when acredit event occurs and if the protection seller would not be ableto pay the protection buyer the face value of the contract. Asprotection seller the counterparty risk materialises if theprotection buyer is not able to pay the periodic fees under thecontract. The counterparty risk is however mitigated by the factthat the Underlying Fund will only enter into CDS transactionswith highly rated financial institutions specialised in this type oftransaction as approved by the Investment Manager asDerivative counterparties;

Credit risk, which is the risk carried by the protection seller thata credit event would occur in respect to the reference entity. Incase of occurrence of a credit event, the capital loss for theprotection seller might be substantial (and in case of theUnderlying Fund rise to a total loss of the Underlying Fund’sassets) as the protection seller would have to pay the face valueof the contract to the protection buyer against being delivered bythe protection buyer the obligations mentioned in the contracthaving a market value near to recovery rate;

Mark-to-market risk, which is the risk that a credit default swapinvestor runs by unwinding its position before the maturity of thecontract. This risk is affected by the liquidity of the underlyingcontract. The lower the liquidity, the higher the unwinding costs.

Settlement risk, which is the risk of the protection buyer todeliver the underlying issues not held by the counterparty whenentering into the CDS transaction.

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7. Investing and withdrawingIndirect investors

The Responsible Entity has authorised the use of this PDS asdisclosure to investors or prospective clients of IDPSs (includingIDPS- like schemes, wraps and platforms) which provideinvestors with a menu of investment opportunities, referred to inthis PDS as Indirect Investors.

Indirect Investors may rely on the information in this PDS to givea direction to the IDPS Operator to invest in the Fund on theirbehalf. The Responsible Entity agrees to promptly provide noticeof any supplementary or replacement PDS to IDPS Operators.

Importantly, Indirect Investors do not become unitholders of theFund. In those instances, the unitholder of the Fund is the IDPSOperator. The unitholder’s rights set out in this PDS may only beexercised by the IDPS Operator on behalf of the IndirectInvestor for whom they have acquired the units.

Indirect Investors should read this PDS in conjunction with theoffer documents issued by the IDPS Operator. Indirect Investorscomplete the Application Form for their IDPS or IDPS-likescheme and receive reports concerning the Fund from theirIDPS Operator. Enquiries should be directed to the IDPSOperator.

Initial applicationsTo invest, please complete the Application Form accompanyingthis PDS and attach your cheque and send with relevantcertified identification documentation as outlined in theApplication Form to:

Standard Life Investments Absolute ReturnGlobal Bond Strategies TrustC/- State Street Australia LimitedLevel 14, 420 George St Sydney NSW 2000Fax +61 2 9323 6411

All cheques should be crossed ‘Not Negotiable’ and must be inAustralian currency, and drawn on an Australian domiciledfinancial institution.

Cheques should be made payable to:Standard Life Investments – Applications Account.Reference: Please quote the investor name as per yourApplication Form

Alternatively, transfer funds via EFT to:

Bank Name: Westpac Banking CorporationBank Address: Level 1, 275, Kent StreetSydney, NSW, 2000Account Name: Standard Life Investments – ApplicationsAccountBSB: 032 006Account Number: 707687Reference: Please quote the investor name as per yourApplication Form

Please note that cash cannot be accepted. Indirect Investors(investing through an IDPS) should use the application formattached to their IDPS Guide (and not the Application Formattached to this PDS) to invest in the Fund.

At the date of this PDS, the minimum initial investment amount is$50,000. New Zealand investors must specify the amount inAustralian dollars and application amounts quoted in NewZealand dollars are unable to be accepted. If you are an IndirectInvestor you should refer to the IDPS Guide or IDPS Operator forthe minimum initial investment amount.

New Zealand investors must also complete the wholesaleinvestor certification at the back of the Application Form.

If you are an Indirect Investor you should refer to the IDPS Guideor IDPS Operator for the minimum initial investment amount.

Additional applications

For additional applications you can either mail your completedApplication Form to the address above, or fax it to the followingnumber:

+61 2 9323 6411. The minimum additional investment is $5,000.Attention: Standard Life Investments AbsoluteReturn Global Bond Strategies TrustC/- State Street Australia LimitedLevel 14, 420 George St Sydney NSW 2000Fax +61 2 9323 6411

The same terms apply as for initial applications.

Terms and conditions for applications

If we receive correctly completed Application Forms,identification documents (if applicable) and cleared applicationmoney:

• before or on 3pm AEDT on a Business Day, the applicationwill be processed on that Business Day. This means you willreceive the application price calculated for that BusinessDay, and

• after 3pm AEDT on a Business Day, the application will beprocessed on the next Business Day. This means you willreceive the application price calculated for the next BusinessDay.

We will only start processing an application if:

• we consider that you have correctly completed theApplication Form

• you have provided us with the relevant identificationdocuments, and

• we have received the application money (in cleared funds)stated in your Application Form. The time it takes forapplication money to clear varies depending on how youtransfer the money and your bank (it may take up to fourBusiness Days).

Please note that we do not pay interest on monies received priorto the Application Cut Off Date (any interest is credited to theFund). If you are an Indirect Investor, you need to contact yourIDPS Operator regarding the cut-off times for pricing purposes.

Equity Trustees reserves the right to refuse any applicationwithout giving a reason. If for any reason Equity Trusteesrefuses or is unable to process your application to invest in theFund, Equity Trustees will return your application money to you,subject to regulatory considerations, less any taxes or bank feesin connection with the application. You will not be entitled to anyinterest on your application money in this circumstance.

Under the Anti-Money Laundering and Counter- TerrorismFinancing Act 2006 applications made without providing all theinformation and supporting identification documentationrequested on the Application Form cannot be processed until allthe necessary information has been provided. As a result,delays in processing your application may occur.

Cooling off periodNo cooling off period applies to the offer made in this PDS asthe units are only available to Wholesale Clients and WholesaleInvestors.

Indirect Investors should seek advice from their IDPS Operatoras to whether cooling off rights apply. The right to cool off maynot apply if you are an Indirect Investor, even if you are a RetailClient. The terms and conditions of the IDPS Guide or similartype document will govern your investment in relation to theFund and any rights you may have in this regard.

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Making a withdrawal

Investors (other than Indirect Investors) can withdraw theirinvestment by mailing a withdrawal request to:

Attention: Standard Life Investments AbsoluteReturn Global Bond Strategies TrustC/- State Street Australia LimitedLevel 14, 420 George StSydney NSW 2000Fax: +61 2 9323 6411

The minimum withdrawal amount is $5,000.

Withdrawal requests received from New Zealand investors mustspecify:

• The withdrawal amount in Australian dollars; or

• The number of units to be withdrawn.

We are unable to accept withdrawal amounts quoted in NewZealand dollars. Please note that the withdrawal amount paid toyou will be in Australian dollars and may differ from the amountyou receive in New Zealand dollars due to:

• Foreign Exchange spreads between Australian and NewZealand dollars (currency rate differs daily); and

• Overseas Telegraphic Transfer (“OTT”) costs.

Withdrawals will only be paid directly to the unit holder’s bankaccount held in the name of the unit holder with an Australiandomiciled bank. Withdrawal payments will not be made to thirdparties.

Withdrawal cut-off times

All withdrawal requests should be received by 3pm AEDT on aBusiness Day for processing that day. Any withdrawal requestreceived after that time will be treated as having been receivedthe following Business Day.

Once we receive a withdrawal request, we may act on it withoutfurther enquiry, if the request bears an account number orinvestor details and (apparent) signature(s), or the investor’sauthorised signatory’s (apparent) signature(s).

Withdrawal terms

The Responsible Entity is not required to give effect to awithdrawal request if it is for less than the minimum withdrawalamount. Equity Trustees has the right to fully withdraw aninvestor’s investment in the Fund where their holding falls belowthe minimum balance amount.

Equity Trustees can deny a withdrawal request in other certaincircumstances, including where accepting the request wouldcause the Fund to cease to be liquid or where accepting therequest would unfairly prejudice another investor. EquityTrustees will refuse to comply with any request if the requestingparty does not satisfactorily identify themselves as the investor.

Withdrawals will only be paid to the investor and will not be madeto third parties (including authorised nominees), and will only bepaid directly to the investor’s bank account held in the name ofthe investor at a branch of an Australian domiciled bank.

By lodging a faxed withdrawal you release, discharge and agreeto indemnify Equity Trustees from and against any and alllosses, liabilities, actions, proceedings, account claims anddemands arising from the faxed withdrawal request.

You also agree that any payment made in accordance with thefax instructions shall be a complete satisfaction of theobligations of Equity Trustees, notwithstanding any fact orcircumstance including that the payment was made without yourknowledge or authority. You agree that if the payment is made inaccordance with these instructions, you and any person claimingthrough or under you shall have no claim against Equity Trusteesin relation to the payment.

Withdrawal restrictions

Under Australian securities law (the Corporations\ Act), you donot have a right to withdraw from the Fund if the Fund is illiquid.In such circumstances you can only withdraw where EquityTrustees makes a withdrawal offer in accordance with theCorporations Act. Equity Trustees is not obliged to make suchoffers. The Fund will be liquid if at least 80% of its assets areliquid assets (generally cash and marketable securities). Inaddition, if Equity Trustees is unable to repatriate funds to meetwithdrawal payments, it may suspend the calculation of the NAVand withhold withdrawal proceeds.

Access to funds

Except where the Fund is not liquid (see below), theResponsible Entity will generally allow investors in the Fund toaccess their investment within 7 days after the next withdrawaldate provided your withdrawal request is received by StateStreet Australia Limited on the withdrawal cut off date. However,the Constitution allows the Responsible Entity to make paymentup to 30 days after receipt of a withdrawal request (which maybe extended by up to a further 30 days in certain circumstancesoutside the control of the Responsible Entity). Extension to thewithdrawal period will be notified through Equity Trustees’website. The Responsible Entity reserves the right to increase orreduce the withdrawal periods for the Fund subject to the aboveextensions of time.

If the Fund is not liquid (as defined in the Corporations Act) aninvestor does not have a right to withdraw from the Fund and canonly withdraw where the Responsible Entity makes a withdrawaloffer to investors in accordance with the Corporations Act. TheResponsible Entity is not obliged to make such offers. The Fundwill be liquid if at least 80% of the assets of the Fund are liquidassets. Broadly, liquid assets are money in an account or ondeposit with a financial institution, bank accepted bills,marketable securities, other prescribed property and otherassets that the Responsible Entity reasonably expects can berealised for their market value within the period specified in theConstitution for satisfying withdrawal requests while the Fund isliquid.

Equity Trustees will generally allow investors of the Fund toaccess their investment within 7 days of receipt of a withdrawalrequest by transferring the withdrawal proceeds to theirnominated bank account. However, the Constitution allowsEquity Trustees to make payment up to 30 days after receipt of arequest (which may be extended by a further 30 days in certaincircumstances).

The price at which units are withdrawn (“Withdrawal Price”) isdetermined in accordance with the Constitution. The WithdrawalPrice on a Business Day, is in general terms, equal to the NAV ofthe Fund, divided by the number of units on issue less anallowance for transaction costs required for selling investments.This allowance is known as the Sell Spread (“Sell Spread”). Atthe date of this PDS, the Sell Spread is 0.37%.

The Withdrawal Price will vary as the market value of assets inthe Fund rises or falls.

We reserve the right to fully withdraw your investment upon30 days notice if your investment balance in the Fund falls below$50,000 as a result of processing your withdrawal request. Thepayment of fees to your financial adviser is not regarded as awithdrawal request for these purposes.

Equity Trustees can deny a withdrawal request in certaincircumstances, including where accepting the request wouldcause the Fund to cease to be liquid or where the Fund is notliquid (as defined in the Corporations Act). When the Fund is notliquid, an investor can only withdraw when Equity Trustees

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makes a withdrawal offer to investors in accordance with theCorporations Act. Equity Trustees is not obliged to make suchoffers.

Indirect Investors, need to provide their withdrawal requestdirectly to their IDPS Operator. The time to process a withdrawalrequest will depend on the particular IDPS Operator.

Equity Trustees will notify you of any material changes towithdrawal terms or access to funds within 30 days.

Distributions

The Fund usually distributes income (if any) annually at the endof June. Distributions are calculated on the last day of eachaccounting period end, and are normally paid to investors within30 days of the period end. Equity Trustees may amend thedistribution frequency without notice.

An investor’s share of any distributable income is calculated inaccordance with the Constitution and is generally based on thenumber of units held by the investor at the end of the distributionperiod and the distributable income.

In some circumstances, where an investor makes a largewithdrawal request (5% or more of the units on issue at the startof the relevant distribution period), their withdrawal proceedsmay be taken to include a component of distributable income.

Investors can have their distribution reinvested or paid to anominated bank account. Investors who do not indicate apreference will have their distributions automatically reinvested.

Indirect Investors should review their IDPS Guide for informationon how and when they receive any income distribution.

If New Zealand investors elect to have their distribution paid out,they will need to nominate an AUD-denominated bank accountwith an Australian domiciled bank held in their own name.

Valuation of the FundThe value of the investments of the Fund is generallydetermined daily. Generally, investments will be valued at thenext available market value but other valuation methods andpolicies may be applied by Equity Trustees if appropriate.

The Responsible Entity reserves the right to suspend thevaluation of the units during periods where the underlyinginvestments may not be easily valued or sold. If the ResponsibleEntity believes it is in the best interests of all unitholders, it mayalso suspend withdrawals and the payment of withdrawalproceeds during such periods.

The value of a unit in the Fund is determined on the basis of thevalue of the investments in the Fund (after taking into accountany liabilities of the Fund), in accordance with the Constitution.The investment in units in the Underlying Fund are valued on amid-market value basis. The application price of a unit in theFund is based on the NAV of the Fund divided by the number ofunits on issue plus an allowance for transaction costs requiredfor buying investments. This allowance is known as the BuySpread (“Buy Spread”). At the date of this PDS, the Buy Spreadis 0.37%. Equity Trustees has developed a formal written policyin relation to the guidelines and relevant factors taken intoaccount when exercising any discretion in calculating unit prices(including determining the value of the assets and liabilities). Acopy of the policy and, where applicable and to the extentrequired, any other relevant documents in relation to the policywill be made available to investors free of charge on request toEquity Trustees.

Joint account operationFor joint accounts, each signatory must sign withdrawalrequests. Please ensure both signatories sign the declaration inthe Application Form. Joint accounts will be held as joint tenants.

Appointment of authorised nominee to operateaccountInvestors may elect to appoint an authorised nominee to operatetheir account. The relevant sections on the Application Formneed to be completed, including the name and signature of theauthorised nominee, the signature of the investor and the date.Only investors can appoint authorised nominees. If you appointan authorised nominee we suggest that you ensure that:

• they cannot appoint another nominee; and

• the appointment lasts until cancelled by you in writing or bythe Responsible Entity.

If the Responsible Entity determines that the circumstancesrequire, the Responsible Entity may cancel an appointment bygiving the investor 14 days notice in writing. If an appointment iscancelled, the Responsible Entity will not be obliged to act on theinstructions of the authorised nominee. If the instructions arevaried, the Responsible Entity will act only in accordance withthe varied instructions. By completing and lodging the relevantsections on authorised nominees on the Application Form yourelease, discharge and agree to indemnify the ResponsibleEntity from and against any and all losses, liabilities, actions,proceedings, account claims and demands arising from theResponsible Entity acting on the instructions of your authorisednominee.

You also agree that any instructions of your authorised nomineeto Responsible Entity, which are followed by Responsible Entity,shall be a complete satisfaction of the obligations ofResponsible Entity, notwithstanding any fact or circumstance,including that the instructions were made without yourknowledge or authority. You agree that if the authorisednominee’s instructions are followed by the Responsible Entity,you and any person claiming through or under you shall have noclaim against the Responsible Entity in relation to theinstructions.

An authorised nominee can, among other things:

• apply for additional investment units;

• request that distribution instructions be altered;

• change bank account details,

• withdraw all or part of your investment; and

• enquire as to the status of your investment and obtaincopies of statements.

Withdrawal payments will not be made to third parties. If acompany is appointed as an authorised nominee, the powers willextend to any director and authorised officer of the company. If apartnership, the powers will extend to all partners.

Electronic instructionsIf an investor instructs Equity Trustees by electronic means,such as facsimile, email or internet the investor releases EquityTrustees from and indemnifies Equity Trustees against, alllosses and liabilities arising from any payment or action EquityTrustees makes based on any instruction (even if not genuine)that Equity Trustees receives by an electronic communicationbearing the investor’s investor code and which appears toindicate to Equity Trustees that the communication has beenprovided by the investor e.g. a signature which is apparently theinvestor’s and that of an authorised signatory for the investmentor an email address which is apparently the investor’s. Theinvestor also agrees that neither they nor anyone claimingthrough them has any claim against Equity Trustees or the Fundin relation to such payments or actions. There is a risk that afraudulent withdrawal request can be made by someone whohas access to an investor’s investor code and a copy of theirsignature or email address. Please take care.

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8. Keeping track of your investmentEnquiries and complaintsIf you have any questions regarding the management of theTrust, you can contact the Investment Manager on+612 9947 1500. If you are not completely satisfied with anyaspect of our services regarding the management of the Trust,please contact Equity Trustees. Equity Trustees seeks to resolvepotential and actual complaints over the management of theTrust to the satisfaction of investors. If you wish to lodge aformal complaint please write to:

Compliance TeamEquity Trustees LimitedGPO Box 2307Melbourne VIC 3001Email: [email protected]

Equity Trustees will respond within 14 days of receiving thecomplaint and will seek to resolve your complaint as soon aspracticable but not longer than 45 days after receiving thecomplaint. If we are unable to resolve your complaint, you maybe able to seek assistance from the Financial OmbudsmanService (“FOS”). To find out whether you are eligible (and if so,to make a complaint) contact FOS on 1800 367 287 (Australia)or +61 3 9613 7366, [email protected] or GPO Box 3, MelbourneVIC 3001.

Please include the Equity Trustees FOS membership numberwith your enquiry. It is 10395.

FOS can assist you if Equity Trustees cannot. FOS may notconsider a dispute where the value of a person’s claim exceeds$500,000. FOS is only able to make a determination of up to$309,000 per managed investment claim (excludingcompensation for costs and interest payments). Thesemonetary limits and the FOS terms of reference do change fromtime to time. Current details can be obtained from the FOSwebsite (www.fos.org.au).

ReportsWe will make the following statements available to all investors;

• A transaction confirmation statement, showing a change inyour unit holding (provided when a transaction occurs or onrequest).

• The Fund’s annual audited accounts for each period ended30 June.

• Annual distribution, tax and confirmation of holdingsstatements for each period ended 30 June.

• Annual report detailing each of the following:

– the actual allocation to each asset type;

– the liquidity profile of the portfolio assets as at the end ofthe period;

– the maturity profile of the liabilities as at the end of theperiod;

– the derivative counterparties engaged (including capitalprotection providers); and

– the leverage ratio (including leverage embedded in theassets of the Trust, other than listed equities and bonds)as at the end of the period;

– the key service providers if they have changed since thelatest report given to investors, including any change intheir related party status.

The latest annual report will be available online fromwww.eqt.com.au/insto.

The following information is available on Equity Trustees’s’swebsite and/or is disclosed monthly:

• the current total NAV of the Trust and the redemption valueof a unit in each class of units as at the date the NAV wascalculated;

• the monthly or annual investment returns over at least afive-year period (or, if the Trust has not been operating forfive years, the returns since its inception);

• any change to key service providers if they have changedsince last report given to investors;

• for each of the following matters since the last report onthose matters:

– the net return on the Trust’s assets after fees, costs andtaxes;

– any material change in the Trust’s risk profile;

– any material change in the Trust’s strategy; and

– any change in the individuals playing a key role ininvestment decisions for the Trust.

By applying to invest in the Trust, you agree that, to the extentpermitted by law, any periodic information which is required to begiven to you under the Corporations Act or ASIC policy can begiven to you by making that information available on EquityTrustees’ or the Investment Manager’s website.

Please note that Indirect Investors who access the Trust throughan IDPS will receive reports directly from the IDPS Operator andnot from the Responsible Entity. However, Equity Trustees will beproviding the reports described above to relevant IDPSOperators. Indirect Investors should refer to their IDPS Guide forinformation on the reports they will receive regarding theirinvestment.

If and when the Fund has 100 or more direct investors it will beclassified by the Corporations Act as a ’disclosing entity’. As adisclosing entity the Fund will be subject to regular reporting anddisclosure obligations. Investors would have a right to obtain acopy, free of charge, of any of the following documents:

• the most recent annual financial report lodged with ASIC(“Annual Report”);

• any subsequent half yearly financial report lodged withASIC after the lodgement of the Annual Report; and

• any continuous disclosure notices lodged with ASIC afterthe Annual Report but before the date of this PDS.

Equity Trustees will comply with any continuous disclosureobligation by lodging documents with ASIC as and whenrequired to.

Copies of these documents lodged with ASIC in relation to theFund may be obtained from or inspected at an ASIC office.

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9. Fees and other costsThe warning statement below is required by law to be displayed at the beginning of the ‘Fees and other costs’ section of productdisclosure statements for managed investment products. The example given in the warning statement does not relate to anyinvestments described within this PDS.

DID YOU KNOW?Small differences in both investment performance and fees and costs can have a substantial impact on your long termreturns.

For example, total annual fees and costs of 2% of your investment balance rather than 1% could reduce your final returnby up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better memberservices justify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund oryour financial adviser.

TO FIND OUT MOREIf you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities andInvestments Commission (ASIC) website (www.moneysmart.gov.au) has a managed funds fee calculator to help you check outdifferent fee options.

This table shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from thereturns on your investment or from the Trust’s assets as a whole.

Information about taxation is set out in Section 10 of this document.

You should read all the information about fees and costs because it is important to understand their impact on your investment. ForIndirect Investors, the fees listed in the ‘Fees and other costs’ section of this PDS are in addition to any other fees and chargescharged by your IDPS Operator.

The table below shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, fromthe returns on your investment or from the Fund’s assets as a whole. Information about Taxation is set out in section 10 of thisdocument.

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

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the Trust

Establishment feeThe fee to open your investment

Nil There is no establishment fee payablewhen you set up your investment in theTrust.

Contribution feeThe fee on each amount contributed toyour investment

Nil There is no contribution fee payablewhen you invest in the Trust.

Withdrawal feeThe fee on each amount you take out ofyour investment

Nil There is no withdrawal fee payable whenyou redeem investments from the Trust.

Exit feeThe fee to close your investment

Nil There is no termination fee payable whenyou close your investment in the Trust.

Management costs1

The fees and costs for managing yourinvestment

Management fees:

0.75% p.a. of the value of your units inthe Fund2

Indirect costs:

0.21% p.a. of the value of your units inthe Fund3

1 All fees quoted above are inclusive of Goods and Services Tax (GST) and net of any Reduced Input Tax Credits (RITC). See belowfor more details as to how management costs are calculated.2 Management fees can be negotiated. See “Differential fees” below.3 The indirect costs are calculated with reference to the relevant costs incurred during financial year ended 30 June 2017. See“Indirect costs” below for more information.

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Additional Explanation of Fees and Costs

What do the Management Costs pay for?

Management Costs comprise the additional fees or costs that a unitholder incurs by investing in the Fund rather than by investingdirectly in the assets.

The management fees of 0.75% p.a. of the NAV of the Fund is payable to the Responsible Entity of the Fund for managing the assetsand overseeing the operations of the Fund. The management fees are accrued daily and paid from the Fund monthly in arrears andreflected in the unit price. As at the date of this PDS, ordinary expenses such as investment management fees, custodian fees,administration and audit fees, and other ordinary expenses of operating the Fund are covered by the management fees.

The Management Costs shown above do not include extraordinary expenses (if they are incurred in future), such as litigation costs orthe costs of convening unitholder meetings.

In addition, Management Costs do not include transactional and operational costs (i.e. costs associated with investing the underlyingassets, some of which may be recovered through Buy/Sell Spreads).

Indirect Costs

Indirect costs include fees and management costs (if any) arising from underlying funds and a reasonable estimate of the cost ofinvesting in over-the-counter derivatives to gain investment exposure to assets or implement the Fund’s investment strategy. Indirectcosts are reflected in the unit price of the Fund and borne by Investors, but they are not paid to the Responsible Entity or InvestmentManager.

The estimated components of the Fund’s indirect costs are based on the financial year ended 30 June 2017. Actual indirect costs forfuture years may differ. If in future there is an increase to indirect costs disclosed in this PDS, updates will be provided on EquityTrustees’ website at www.eqt.com.au/insto where they are not otherwise required to be disclosed to investors under law.

Transactional and operational costs

In managing the assets of the Fund, the Fund may incur transaction costs such as brokerage, settlement costs, clearing costs andapplicable stamp duty when assets are bought and sold. This generally happens when the assets of a fund are changed in connectionwith day-to-day trading or when there are applications or withdrawals which cause net cash flows into or out of a fund.

The Buy/Sell Spread reflects the estimated transaction costs incurred in buying or selling assets of the Fund when investors invest inor withdraw from the Fund. The Buy/Sell Spread is an additional cost to the investor but is incorporated into the unit price and incurredwhen an investor invests in or withdraws from the Fund and is not separately charged to the investor. The Buy/Sell Spread is paid intothe Fund and not paid to Equity Trustees or the Investment Manager. The estimated Buy/Sell Spread is 0.30% upon entry and 0.30%upon exit. The dollar value of these costs based on an application or a withdrawal of $50,000 is $150 for each individual transaction.The Buy/Sell Spread can be altered by the Responsible Entity at any time. The Responsible Entity may also waive the Buy/Sell Spreadin part or in full at its discretion.

Transactional costs which are incurred other than in connection with applications and redemptions arise through the day-to-daytrading of the Fund’s assets and are reflected in the Fund’s unit price. As these costs are factored into the net asset value of the Fundand reflected in the unit price, they are an additional implicit cost to the investor and are not a fee paid to the Responsible Entity. Thesecosts can arise as a result of bid-offer spreads (the difference between an asset’s bid/buy price and offer/ask price) being applied tosecurities traded by the Fund. Liquid securities generally have a lower bid-offer spread while less liquid assets have a higher bid-offerspread.

During the financial year ended 30 June 2017, the total transaction costs for the Fund were estimated to be 0.21% of the NAV of theFund, of which 31.5% of these transaction costs were recouped via the Buy/Sell Spread, resulting in a net transactional cost to theFund of 0.15% p.a.

IDPSFor Indirect Investors, the fees listed in the ‘Fees and other costs’ section of this PDS are in addition to any other fees and charges byyour IDPS Operator.

Alternative forms of remunerationAs a member of the Financial Services Council, we maintain an Alternate Forms of Remuneration Register. The register, which youcan review by contacting us, outlines some alternative forms of remuneration that we may pay to or receive from AFS licensees, fundmanagers or representatives (if any is paid or received at all in relation to the Fund).

Differential feesThe Responsible Entity or the Investment Manager may from time to time negotiate a different fee arrangement (by way of a rebate orwaiver of fees) with investors who are Wholesale Clients in Australia or Wholesale Investors in New Zealand.

Payments to IDPS operatorsSubject to the law, annual payments may be paid to some IDPS Operators because they offer the Fund on their investment menus.Product access is paid by BNP Paribas Asset Management out of its management fees and is not an additional cost to the investor. Ifthe payment of annual fees to IDPS Operators is limited or prohibited by the law, Equity Trustees will ensure the payment of such feesis reduced or ceased.

Can the fees change?Yes, all fees can change without investor consent. In most circumstances the Constitution defines the maximum fees that can becharged for fees described in this PDS. We have the right to recover all proper and reasonable expenses incurred in managing theFund and as such these expenses may increase or decrease accordingly. We will generally provide investors with at least 30 daysnotice of any proposed change to the Management Costs. Expense recoveries and Buy/Sell Spreads may change without notice, forexample, when it is necessary to protect the interests of existing members and if permitted by law.

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GSTAll fees and other costs quoted include GST less any reduced input tax credits.Example of annual fees and costsThis table gives an example of how the fees and costs for this managed investment product can affect your investment over a one yearperiod. You should use this table to compare this product against other managed investment products.

Example – Standard Life Investments Absolute Return Global Bond Strategies Trust

BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR

Contribution Fees Nil For every $5,000 you put in, you will be charged $0.

Plus

ManagementCosts comprising:

0.96% And, for every $50,000 you have in the Trust you will be charged $480 each year,comprising:

Management fees: 0.75% p.a. $375

Indirect costs: 0.21% p.a. $105

EqualsCost of Trust

If you had an investment of $50,000 at the beginning of the year and you put in an additional$5,000* during that year, then you would be charged fees of:$480**What it costs you will depend on any differential fees you may negotiate.

* This example assumes the $5,000 contribution occurs at the end of the first year, therefore management costs are calculated usingthe $50,000 balance only. Indirect costs are not a fee earned by or paid to the Responsible Entity or the Investment Manager.

**Additional fees may apply. Please note that this example does not capture all the fees and costs that may apply to you such as theBuy/Sell Spread. Additional fees may be paid to a financial advisor if you have consulted a financial adviser. You should refer to theStatement of Advice provided by your financial adviser in which details of the fees are set out.

ASIC provides a fees calculator on its website www.moneysmart.gov.au, which you could use to calculate the effects of fees and costson your investment in the Fund.

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10. TaxationThe following information summarises some of the Australiantaxation issues you may wish to consider before making aninvestment in the Fund and assumes that you hold yourinvestment in the Fund on capital account and are notconsidered to be carrying on a business of investing, trading ininvestments or investing for the purpose of profit making by sale.The information should be used as a guide only and does notconstitute professional tax advice as individual circumstancesmay differ.

A number of tax reform measures are currently under review bythe Australian Government, including the deregulation of theTaxation of Financial Arrangements (“TOFA”) regime. Thesereforms may impact on the tax position of the Fund and itsinvestors. Accordingly, it is recommended that investors seektheir own professional advice, specific to their owncircumstances, of the taxation implications of investing in theFund.

Australian Taxation Treatment of the Fund

General

The Fund is an Australian resident trust estate for Australian taxpurposes. On the basis that all of the Fund’s trust componentsare attributed to investors on a fair and reasonable basis underthe new AMIT regime or the Fund has distributable income towhich investors are presently entitled (which is the ResponsibleEntity’s intention if the Fund does not qualify to be an AMIT), andthe Fund is not a public trading trust, the Fund should be treatedas a flow-through trust for tax purposes. This means thatinvestors should be taxed on their attributed amounts or (in thecase of a fund that is not an AMIT) their share of the Fund’s nettaxable income, and the Fund should not be subject toAustralian income tax.

In the case where the Fund makes a loss for Australian taxpurposes, the Fund cannot distribute the tax loss to investors.However, the tax loss may be carried forward by the Fund foroffset against taxable income of the Fund in subsequent years,subject to the operation of the trust loss rules.

While the Fund is not expected to receive distributions ordividends from the Underlying Fund, it is expected to deriveassessable income upon the redemption or buyback of sharesin the Underlying Fund. It is likely that these shares will betreated as being held on revenue account by the Fund.

Deemed Capital Gains Tax (“CGT”) election

Eligible managed investment trusts (“MITs”) may make anirrevocable election to apply a deemed capital accounttreatment for gains and losses on disposal of certain eligibleinvestments (including equities and units in unit trusts butexcluding derivatives, debt securities and foreign exchangecontracts). The Fund did not make the election for deemedcapital account treatment. As such, the Fund holds its eligibleinvestments on revenue account. On this basis, the realisedgains of the Fund will be income or revenue gains and notcapital gains, with no entitlement to the CGT discountconcession. Realised losses will be revenue losses which,subject to the Fund meeting certain conditions, will be able to beclaimed as a deduction against any assessable income of theFund.

Controlled Foreign Company (“CFC”) ProvisionsThere are certain tax rules (i.e. the CFC provisions) which mayresult in assessable income arising in the Fund in relation to theFund’s investment in the Underlying Fund, where certain controlthresholds are met. The Fund’s investment strategy is expected

to minimise the impact of the CFC regime on the Fund.Nevertheless, the taxable income of the Fund may include gainsin respect of the Underlying Fund even though such gains areunrealised.

Taxation of Financial Arrangements (“TOFA”)

The TOFA rules should generally not currently apply to the Fundas it has been under the $100 million threshold for TOFA to applyat all relevant times, and the Fund has not elected into TOFA.Where the TOFA regime applies, itseeks to recognise“sufficiently certain” returns from financial arrangements on anaccruals basis for tax purposes rather than on a realisationbasis. Where returns from derivative instruments are not“sufficiently certain” they will continue to be recognised on arealisation basis, unless specific tax timing elections are made.

The main financial arrangement the Fund will have is the equityinvestment in the Underlying Fund. However, equities areeffectively excluded from the operation of the TOFA rules.Accordingly, the TOFA rules are not expected to have anysignificant impact on the taxation of the Fund. The Administratorof the Fund will assist the Responsible Entity in complying withthe TOFA rules.

Attribution Managed Investment Trusts (“AMITs”)

In May 2016, the Australian Federal Government enactedlegislation establishing a new tax system for AttributionManaged Investment Trusts (AMITs). Trusts that meet theeligibility criteria to be an AMIT may elect into the AMIT rules.Equity Trustees is intending that an election into AMIT be madeeffective from 1 July 2017 in respect of the Trust and thereafterthe following will apply:

Fair and reasonable attribution: Each year, the Fund’sdetermined trust components of assessable income, exemptincome, non-assessable non-exempt income and tax offsets (i.e.credits) will be allocated to investors on a “fair and reasonable”attribution basis, rather than being allocated proportionallybased on each investor’s present entitlement to the income ofthe Fund.

Unders or overs adjustments: Where the Fund’s determinedtrust components for a year are revised in a subsequent year(e.g. due to actual amounts differing to the estimates of income,gains / losses or expenses), then unders and overs may arise.Unders and overs will generally be carried forward and adjustedin the year of discovery.

Cost base adjustments: Where the distribution made is lessthan (or more than) certain components attributed to investors,then the cost base of an investor’s units may be increased (ordecreased). Details of cost base adjustments will be included onan investor’s annual tax statement, referred to as an AMITMember Annual Statement (AMMA).

Large redemptions: In certain circumstances, gains may beattributed to a specific investor, for example, gains on disposal ofassets to fund a large redemption being attributed to theredeeming investor.

Multi-class AMITs: A choice is available to elect to treatseparate classes of units as separate AMITs. EQT may makethe AMIT multi-class election if appropriate depending on thespecific circumstances involved.

Penalties: In certain circumstances (e.g. failure to comply withcertain AMIT rules), specific penalties may be imposed.

The new rules are intended to reduce complexity, increasecertainty and reduce compliance costs for managed investmenttrusts and their investors.

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Taxation Reform

The tax information included in this PDS is based on the taxationlegislation and administrative practice as at the issue date of thisPDS, together with proposed changes to the taxation legislationas announced by the Government.

However, the Australian tax system is in a continuing state ofreform, and based on the Government’s reform agenda, reformis likely to escalate rather than diminish. Any reform of a taxsystem creates uncertainty as to the full extent of announcedreforms, or uncertainty as to the meaning of new law that isenacted pending interpretation through the judicial process.

Current reforms in progress include refinements to the new taxsystem for AMITs, the Asia Region Funds Passport rules, theCorporate Collective Investment Vehicles (CCIV) regime and aTOFA deregulation review which may impact on the tax positionof the Fund and its investors. Accordingly, it will be necessary toclosely monitor the progress of these reforms, and investorsshould seek their own professional advice, specific to their owncircumstances, of the taxation implications of investing in theFund.

Tax File Number (“TFN”) and Australian BusinessNumber (“ABN”)It is not compulsory for an investor to quote their TFN or ABN. Ifan investor is making this investment in the course of a businessor enterprise, the investor may quote an ABN instead of a TFN.Failure by an investor to quote an ABN or TFN or claim anexemption may cause the Responsible Entity to withhold tax atthe top marginal rate, plus levies, on gross payments includingdistributions of income to the investor. The investor may be ableto claim a credit in their tax return for any TFN or ABN taxwithheld. Collection of TFNs is permitted under taxation andprivacy legislation.

By quoting their TFN or ABN, the investor authorises theResponsible Entity to apply it in respect of all the investor’sinvestments with Equity Trustees. If the investor does not want toquote their TFN or ABN for some investments, Equity Trusteesshould be advised.

Australian Taxation of Australian ResidentInvestors

DistributionsEach Australian resident investor will be subject to taxation ontheir attributed trust components under the new AMIT regime ortheir proportionate share of the net taxable income derived bythe Fund (if the Fund is not an AMIT) in proportion to their shareof the distributable income of the Fund. Such income will retainits character as it flows through the Fund, and may includecapital gains and Australian and foreign sourced income.Generally, an Australian resident investor’s entitlement (share) ofthe net income of a Fund for a year of income, includingamounts that are received in a subsequent year of income orwhich are reinvested, forms part of their assessable income forthat year.

The tax consequences for investors of receiving distributionsfrom the Fund depend on the components of the distributableincome to which investors have been attributed or becomeentitled.

Investors who are attributed trust components or becomeentitled to a distribution from the Fund in respect of a financialyear will receive an AMIT member annual statement (AMMAstatement) or an annual tax statement detailing all relevanttaxation information concerning distributions, including details ofany Foreign Income Tax Offset (“FITO”) entitlements and returnsof capital. Based on the investment strategy of the Fund, gainsderived by the Fund are likely to be treated as ordinary income,rather than capital gains.

Under current practice, distributions of non- assessableamounts are generally not subject to tax in the hands ofinvestors holding their units on capital account but are treated asreducing the cost base of the investors’ units. Similarly under thenew AMIT regime, the receipt of certain non-assessableamounts will reduce the cost base of the Australian residentinvestor’s units in the Fund for CGT purposes. This results ineither an increased capital gain, or a reduced capital loss, uponthe subsequent disposal of the investor’s units in the Fund.

Foreign Source Income and FITOs

The Fund is expected to predominantly derive foreign sourceincome that might be subject to tax overseas, for examplewithholding tax. Australian resident investors should includetheir share of both the foreign income and the amount of anyforeign tax withheld in their assessable income. In suchcircumstances, investors may be entitled to a FITO for theirshare of foreign tax paid, against the Australian tax payable onthe foreign source income. To the extent the investors do nothave sufficient overall foreign source income to utilise all of theFITOs relevant to a particular year of income, the excess FITOscannot be carried forward to a future income year.

Other Considerations

An investor may receive their share of the net income of theFund through distributions made during the year or where theyhave made a large withdrawal from the Fund, in which case theirwithdrawal proceeds may include a component of distributableincome. In addition, because Australian investors can move intoand out of the Fund at different points in time, there is the riskthat taxation liabilities in respect of gains that have benefitedpast investors may have to be met by subsequent investors.

Disposal of Units by Australian Resident InvestorsIf an Australian resident investor transfers or redeems their unitsin the Fund, this will constitute a disposal for tax purposes.Where an investor holds their units in the Fund on capitalaccount, a capital gain or loss on the disposal may arise andeach investor should calculate their capital gain or lossaccording to their own particular facts and circumstances. Asnoted above, proceeds on disposal may include a component ofdistributable income. In calculating the taxable amount of acapital gain, a discount of 50% for individuals and trusts or 331/3% for complying Australian superannuation funds may beallowed where the units in the Fund have been held for 12months or more. No CGT discount is available to corporateinvestors.

Any capital losses arising from the disposal of the investmentmay be used to offset other capital gains the investor may havederived. Net capital losses may be carried forward for offsetagainst capital gains of subsequent years but may not be offsetagainst ordinary income.

The discount capital gains concession may be denied in certaincircumstances where an investor (together with associates)holds 10% or more of the issued units of the Fund, the Fund hasless than 300 beneficiaries and other requirements are met.Investors who together with associates are likely to hold 10% ormore of the units in the Fund should seek advice on this issue.

Australian Taxation of Non-Resident Investors

Tax on IncomeThe Fund expects to derive predominantly foreign sourceincome which would generally not be subject to Australianwithholding tax when distributed by the Fund to non-residentinvestors.

Australian withholding tax may be withheld from distributions ofAustralian source income and gains paid to a non-residentinvestor. The various components of the net income of the Fund

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which will be regarded as having an Australian source mayinclude Australian sourced interest and Australian sourcedgains.

For a fund that is an AMIT, withholding tax may also be payablein respect of amounts attributed.

We recommend that non-resident investors seek independenttax advice before investing, taking into account their particularcircumstances and the provisions of any relevant DoubleTaxation Agreement/ Exchange of Information Agreement(“EOI”) between Australia and their country of residence.

Disposal of Units by Non-Resident InvestorsBased on the Fund’s investment profile, generally non-residentinvestors holding their units on capital account should not be

subject to Australian capital gains tax on the disposal of units inthe Fund unless the units were capital assets held by theinvestor in carrying on a business through a permanentestablishment in Australia. Australian tax may apply in certaincircumstances if the non-resident holds their units on revenueaccount. We recommend that non-resident investors seekindependent tax advice in relation to the tax consequences ofthe disposal of their units.

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11. Other important informationConsentThe Investment Manager has given and, as at the date of thisPDS, has not withdrawn:

• its written consent to be named in this PDS as theInvestment Manager of the Trust; and

• its written consent to the inclusion of the statements madeabout it which are specifically attributed to it, in the form andcontext in which they appear.

The Investment Manager and the Custodian have not otherwisebeen involved in the preparation of this PDS or caused orotherwise authorised the issue of this PDS. Neither theInvestment Manager, the Custodian nor their employees orofficers accept any responsibility arising in any way for errors oromissions, other than those statements for which it has providedits written consent to Equity Trustees for inclusion in this PDS.

Non-listing of unitsThe units in the Trust are not listed on any stock exchange andno application will be made to list the units in the Trust on anystock exchange.

Termination of the TrustThe Responsible Entity may resolve at any time to terminate andliquidate the Trust (if it provides investors with notice) inaccordance with the Constitution and the Corporations Act.Upon termination and after conversion of the assets of the Trustinto cash and payment of, or provision for, all costs, expensesand liabilities (actual and anticipated), the net proceeds will bedistributed pro-rata among all investors according to theaggregate of the Withdrawal Price for each of the units they holdin the Trust.

Our legal relationship with youEquity Trustees’ responsibilities and obligations, as theResponsible Entity of the Trust, are governed by the Constitutionof the Trust, as well as the Corporations Act and general trustlaw. The Constitution of the Trust contains a number ofprovisions relating to the rights, terms, conditions andobligations imposed on both Equity Trustees, as theResponsible Entity of the Trust, and investors.

Equity Trustees may amend the Constitution if it considers thatthe amendment will not adversely affect investors rights.Otherwise the Constitution may be amended by way of a specialresolution of investors.

To the extent that any contract or obligation arises in connectionwith the acceptance by Equity Trustees of an application orreliance on this PDS by an investor, any amendment to theConstitution may vary or cancel that contract or obligation.Further, that contract or obligation may be varied or cancelled bya deed executed by Equity Trustees with the approval of aspecial resolution of investors, or without that approval if EquityTrustees considers the variation or cancellation will notmaterially and adversely affect investor’s rights.

A copy of the Constitution of the Trust is available, free ofcharge, on request from Equity Trustees.

Compliance planEquity Trustees has prepared and lodged a compliance plan forthe Trust with ASIC. The compliance plan describes theprocedures used by Equity Trustees to comply with theCorporations Act and the Constitution of the Trust. Each yearthe compliance plan for the Trust is audited and the audit reportis lodged with ASIC.

Unit pricing discretions policyEquity Trustees has developed a formal written policy in relationto the guidelines and relevant factors taken into account whenexercising any discretion in calculating unit prices (includingdetermining the value of assets and liabilities). A copy of thepolicy and, where applicable and to the extent required, anyother relevant documents in relation to the policy (such asrecords of any discretions which are outside the scope of, orinconsistent with, the unit pricing policy) will be made availableto investors free of charge on request.

IndemnityEquity Trustees, as the responsible entity of the Trust, isindemnified out of the Trust against all liabilities incurred by it inperforming or exercising any of its powers or duties in relation tothe Trust. To the extent permitted by the Corporations Act, thisindemnity includes any liability incurred as a result of any act oromission of a delegate or agent appointed by the ResponsibleEntity. Subject to the law, Equity Trustees may retain or pay outfrom the assets of the Trust any sum necessary to affect such anindemnity.

Anti-Money Laundering and Counter TerrorismFinancing (“AML/CTF”)Australia’s AML/CTF laws require Equity Trustees to adopt andmaintain an AML/CTF Program. A fundamental part of theAML/CTF Program is that Equity Trustees knows certaininformation about investors in the Trust.

To meet this legal requirement, we need to collect certainidentification information and documentation (“KYCDocuments”) from new investors. Existing investors may also beasked to provide KYC Documents as part of a re-identificationprocess to comply with AML/CTF laws. Processing ofapplications will be delayed or refused if investors do not providethe applicable KYC Documents when requested.

Under the AML/CTF laws, Equity Trustees is required to submitregulatory reports to AUSTRAC. This may include the disclosureof your personal information. Equity Trustees may not be able totell you when this occurs.

The Responsible Entity shall not be liable for any loss you maysuffer because of compliance with the AML/CTF laws.

Privacy StatementWhen you provide instructions to Equity Trustees or its relatedbodies corporate, Equity Trustees will be collecting personalinformation about you. You must ensure that all personalinformation which you provide to Equity Trustees is true andcorrect in every detail, and should your personal details changeit is your responsibility to ensure that you promptly advise EquityTrustees of the changes in writing. This information is needed tofacilitate, administer and manage your investment, and tocomply with Australian taxation laws and other laws andregulations. Otherwise, your application may not be processedor Equity Trustees and its delegates will not be able toadminister or manage your investment.

The information that you provide may be disclosed to certainorganisations, including but not limited to:

• the ATO, AUSTRAC and other government or regulatorybodies;

• your broker, financial adviser or adviser dealer group, theirservice providers and/or any joint holder of an investment;

• organisations involved in providing, administering andmanaging the Trust, the administrator, custodian, auditors,or those that provide mailing or printing services; and

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• those where you have consented to the disclosure and asrequired by law.

Currently Equity Trustees does not disclose any privacyinformation to parties outside Australia but this is subject tochange.

Equity Trustees may from time to time provide you with directmarketing and/or educational material about products andservices Equity Trustees believes may be of interest to you.Should you not wish to receive this information from EquityTrustees (including by email or electronic communication), youhave the right to “opt out” by advising Equity Trustees bytelephoning +613 8623 5000, or alternatively by contacting usvia email at [email protected].

Subject to some exceptions allowed by law, you can ask foraccess to your personal information. We will give you reasons ifwe deny you access to this information. Equity Trustees’ PrivacyStatement outlines how you can request to access and seek thecorrection of your personal information. Equity Trustees’ PrivacyStatement is available at www.eqt.com.au and can be obtainedby contacting Equity Trustees’ Privacy Officer on+613 8623 5000, or alternatively by contacting us via email [email protected].

Equity Trustees’ Privacy Statement contains information abouthow you can make a complaint if you think Equity Trustees hasbreached your privacy and about how Equity Trustees will dealwith your complaint.

You should refer to Equity Trustees’ Privacy Statement for moredetail about the personal information that Equity Trusteescollects and how Equity Trustees collects, uses and disclosesyour personal information.

Common Reporting Standard (“CRS”)The CRS is a standardised set of rules developed by theOrganisation of Economic Co-operation and Development thatrequires certain financial institutions resident in a participatingjurisdiction to document and identify reportable accounts andimplement due diligence procedures. These financial institutionswill also be required to report certain information on reportableaccounts to their relevant local tax authorities.

Australia signed the CRS Multilateral Competent AuthorityAgreement and has enacted provisions within the domestic tax

legislation to implement CRS in Australia. Australian financialinstitutions need to document and identify reportable accounts,implement due diligence procedures and report certaininformation with respect to reportable accounts to the ATO. TheATO may then exchange this information with foreign taxauthorities in the relevant signatory countries.

In order to comply with the CRS obligations, we may requestcertain information from you. Unlike FATCA, there is nowithholding tax that is applicable under CRS. However, penaltiesmay apply for failing to comply with the CRS obligations.

Information on underlying investmentsInformation regarding the underlying investments of the Trustwill be provided to an investor of the Trust on request, to theextent Equity Trustees is satisfied that such information isrequired to enable the investor to comply with its statutoryreporting obligations. This information will be supplied within areasonable timeframe having regard to these obligations.

Foreign Account Tax Compliance Act (“FATCA”)In April 2014, the Australian Government signed anintergovernmental agreement (“IGA”) with the United States ofAmerica (“U.S.”), which requires all Australian financialinstitutions to comply with the FATCA Act enacted by the U.S. in2010.

Under FATCA, Australian financial institutions are required tocollect and review their information to identify U.S. residents thatinvest in assets through non-U.S. entities. This information isreported to the Australian Taxation Office (“ATO”). The ATO maythen pass that information onto the U.S. Internal RevenueService.

In order to comply with the FATCA obligations, we may requestcertain information from you. Failure to comply with FATCAobligations may result in the Trust, to the extent relevant, beingsubject to a 30% withholding tax on payment of U.S. income orgross proceeds from the sale of certain U.S. investments. If theTrust suffers any amount of FATCA withholding and is unable toobtain a refund for the amounts withheld, we will not be requiredto compensate unitholders for any such withholding and theeffect of the amounts withheld will be reflected in the returns ofthe Trust.

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12. Glossary of important termsAEDTAustralian Eastern Daylight Time

Application Cut Off Date1 Business Day prior to the Valuation Date.

Application FormThe Application Form used by investors who wish to subscribefor units directly in the Fund (other than indirectly through anIDPS Operator) and attached to this PDS.

ASICAustralian Securities and Investments Commission.

Asset ClassA category of financial assets. The major asset classes areshares, property, fixed interest securities and cash.

ATOAustralian Tax Office

Base CurrencyThe Base Currency of the Underlying Fund is Sterling.

Business DayA day other than a Saturday or Sunday on which banks are openfor general banking business in Sydney.

Buy/Sell SpreadThe difference between the application price and WithdrawalPrice of units in a Fund, which reflects the estimated transactioncosts associated with buying and selling the assets of a Fund,when investors invest in or withdraw from a Fund.

ConstitutionThe Constitution describes the rights, responsibilities andbeneficial interests of both investors and the Responsible Entityin relation to the Fund.

Corporations ActThe Corporations Act 2001 (Cth) and Corporations Regulations2001 (Cth), as amended from time to time.

DerivativeA financial contract that derives its value from an underlyingsecurity, liability or index. Derivatives come in many varieties,including forwards, futures, options and swaps.

GSTGoods and Services Tax.

HedgeAn investment made in order to reduce the risk of adverse pricemovements in an investment.

IDPSInvestor directed portfolio service. An IDPS is generally thevehicle through which an investor purchases a range ofunderlying investment options from numerous investmentmanagers, with the IDPS Operator providing the investor withconsolidated and streamlined transaction statements and otherreporting.

IDPS OperatorAn entity that operates and offers an IDPS.

Indirect InvestorA person who invests indirectly in units in a Fund through anIDPS.

LeverageThe use of borrowings, various financial instruments and/orborrowed securities to increase the potential return of an

investment. When Leverage is used by an underlying fund, theexposure of the fund to investments exceeds the Net AssetValue of the fund.

Net Asset Value or NAV

The value of assets of a Fund, less the value of the liabilities ofa Fund.

OTC

Over the Counter, traded other than on a formal exchange.

Retail Client

Persons or entities defined as retail clients under section 761Gof the Corporations Act.

RITC

Reduced Input Tax Credit. Equity Trustees will apply for reducedinput tax credits on behalf of the Fund, where applicable, toreduce the GST cost to the Fund.

UCITSUndertaking for Collective Investment In TransferrableSecurities.

UCITS RegulationsEuropean Union regulations governing UCITS.

US PersonA person so classified under securities or tax law in theUnited States of America (“US”) including, in broad terms, thefollowing persons:

(a) any citizen of, or natural person resident in, the US, itsterritories or possessions; or

(b) any corporation or partnership organised or incorporatedunder any laws of or in the US or of any other jurisdiction ifformed by a US Person (other than by accredited investors whoare not natural persons, estates or trusts) principally for thepurpose of investing in securities not registered under the USSecurities Act of 1933; or

(c) any agency or branch of a foreign entity located in the US; or

(d) a pension plan primarily for US employees of a US Person;or

(e) a US collective investment vehicle unless not offered to USPersons; or

(f) any estate of which an executor or administrator is a USPerson (unless an executor or administrator of the estate who isnot a US Person has sole or substantial investment discretionover the assets of the estate and such estate is governed bynon- US law) and all the estate income is non-US income notliable to US income tax; or

(g) any trust of which any trustee is a US Person (unless atrustee who is a professional fiduciary is a US Person and atrustee who is not a US Person has sole or substantialinvestment discretion over the assets of the trust and nobeneficiary (or settlor, if the trust is revocable) of the trust is aUS Person); or

(h) any discretionary account or similar account (other than anestate or trust) held by a dealer or other fiduciary for the benefitor account of a US Person; or

(i) any non-discretionary account or similar account (other thanan estate or trust) held by a dealer or other fiduciary organised,incorporated or (if an individual) resident in the US for the benefitor account of a US Person.

Valuation DateThe date the Fund is valued for calculating a unit price forapplications and redemptions.

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Wholesale ClientsPersons or entities defined as wholesale clients undersection 761G of the Corporations Act.

Wholesale InvestorIn the case of a New Zealand investor, has the meaning given inclause 3(2) of Schedule 1 of the New Zealand Financial MarketsConduct Act 2013.

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Standard Life Investments Trusts – Application Form – December 2017 Page 1 of 16

Standard Life Investments Trusts Application Form If completing by hand, use a black or blue pen and print within the boxes in BLOCK LETTERS Use ticks in boxes where applicable The applicant must complete, print and sign this form Keep a photocopy of your completed Application Form for your records Please ensure all relevant sections are complete before submitting this form

This application form is part of the Product Disclosure Statements ('PDS') issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975) relating to units in one of the following Funds:

• Standard Life Investments Global Absolute Return Strategies Trust • Standard Life Investments Absolute Return Global Bond Strategies Trust • Standard Life Investments Global Corporate Bond Trust • Standard Life Investments Global Equity Unconstrained Trust • Standard Life Investments Global Focused Strategies Trust

Each PDS contains information about investing in the Fund. You should read the PDS before applying for units in the Fund. • A person who gives another person access to the Application Form must at the same time and by the same means give the

other person access to the PDS. • Equity Trustees will provide you with a copy of the PDS and the Application Form on request without charge (If you make an

error while completing your application form, do not use correction fluid. Cross out your mistakes and initial your changes). US Persons: This offer is not open to any US Person. Please refer to the Product Disclosure Statement and Reference Guide for further information.

Section 1 – Introduction Are you an existing investor and the information provided for that investment remains current and correct?

YES – my details are:

Account Number

Account Name

Contact Telephone Number (Including Country Code)

Not appointing a power of attorney, agent or financial adviser Complete sections 8, 9, 10 Appointing a power of attorney, agent or financial adviser Complete sections 6 and/or 7, 8, 9, 10

* Please note there will be instances where we may be required to collect additional information about you and may ask you to provide certified copies of certain identification documents along with the Application Form.

NO – Only complete the sections relevant to you, as indicated below:

Select One Investor Type Sections to Complete Identification Requirement Groups to Complete

Individual(s) 1, 2, 7, 8, 9, 10 Group A

Partnership 1, 3, 7, 8, 9, 10 Group A and B

Trust:

1. Individual trustee(s) or 2. Corporate trustee(s)

1, 2, 4, 5, 7, 8, 9, 10

1. Group A and C 2. Group A, C and D

Company 1, 5, 7, 8, 9, 10 Group A and D

If you are appointing an agent or authorised representative or a financial advisor also complete the relevant section as indicated below:

Agents; Authorised Representatives; Financial Advisor 6 or 7 Group A or D

If you are an Association, Co-operative, Government Body or other type of entity not listed above, please contact the Fund.

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Standard Life Investments Trusts – Application Form – December 2017 Page 2 of 16

Contacting the Fund

Fund Manager: Standard Life Investments Limited Ph. +61 2 9947 1500

Post your completed application to:

State Street Australia Limited Attention: Unit Registry Level 14, 420 George St Sydney NSW 2000

AML/CTF Identity Verification Requirements

The AML/CTF Act requires the Responsible Entity to adopt and maintain an anti-money laundering and counter-terrorism financing ('AML/CTF') program. The AML/CTF program includes ongoing customer due diligence, which may require the Responsible Entity to collect further information. • Identification documentation provided must be in the name of the Applicant. • Non-English language documents must be translated by an accredited translator. • Applications made without providing this information cannot be processed until all the necessary information has

been provided. • If you are unable to provide the identification documents described please contact the Fund

These documents should be provided as an original or a CERTIFIED COPY of the original. GROUP A – Individuals

Each individual investor, individual trustee, partner, beneficial owner, or individual agent or authorised representative must provide one of the following primary photographic ID:

A current Australian driver’s licence (or foreign equivalent) that includes a photo and signature An Australian passport (or foreign equivalent) (not expired more than 2 years previously) An identity card issued by a State or Territory Government that includes a photo

If you do NOT own one of the above ID documents, please provide one valid option from Column A and one valid option from Column B.

Column A Column B Australian birth certificate Australian citizenship

certificate Pension card issued by

Department of Human Services

A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual’s name and residential address.

A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and residential address. Block out the TFN before scanning, copying or storing this document.

A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual’s name and residential address).

If under the age of 18, a notice that: was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school

GROUP B – Partnerships

Provide one of the following: A certified copy of the partnership agreement or equivalent, showing the full name of the partnership, name and

residential address of each partner. In addition, please provide verification documents for one partner(s) and beneficial owner(s) of the Partnership as listed under Group A for individuals. The beneficial owners of a partnership include partners with a 25% partnership share or more; partners (if any) who control the partnership; any managing partner. If in doubt, founding partners should be considered beneficial owners.

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Standard Life Investments Trusts – Application Form – December 2017 Page 3 of 16

GROUP C – Trusts

Registered Managed Investment Scheme, Government Superannuation Fund or a trust registered with the Australian Charities, Regulated Superannation Fund (including a self-managed super fund) and Not-for-profit Commission (ACNC),provide one of the following:

A copy of the company search of the relevant regulator’s website e.g. APRA, ASIC or ATO A copy or relevant extract of the legislation establishing the government superannuation fund sourced from a

government website. A copy from the ACNC of information registered about the trust as a charity Annual report or audited financial statements. A certified copy of a notice issued by the ATO within the previous 12 months. A certified copy of the Trust Deed

For all other Unregulated trust (including Foreign trust), provide the following:

A certified copy of the Trust Deed. If the trustee is an individual, please also provide verification documents for one trustee as listed under Group A. If the trustee is a company, please also provide verification documents for a company as listed under Group D.

GROUP D –Companies

For Australian Registered Companies provide one of the following (must clearly show the Company’s full name, type (private or public) and ACN):

A certified copy of the company’s Certificate of Registration or incorporation issued by ASIC. A copy of information regarding the company’s licence or other information held by the relevant Commonwealth,

State or Territory regulatory body e.g. AFSL, RSE, ACL etc. A full company search issued in the previous 3 months; If the company is listed on an Australian securities exchange, provide details of the exchange and the ticker

(issuer) code; If the company is a majority owned subsidiary of a company listed on an Australian securities exchange, provide

details of the exchange and the ticker (issuer) code for the holding company For Foreign Companies, provide one of the following:

A certified copy of the company’s Certificate of Registration or incorporation issued by the foreign jurisdiction’s in which the company was incorporated, established or formed.

A certified copy of the company’s articles of association or constitution. A copy of a company search on the ASIC database or relevant foreign registration body.

All of above must clearly show the company’s full name, its type (i.e. public or private) and the ARBN issued by ASIC, or the identification number issued to the company by the foreign regulator. In addition please provide verification documents for each beneficial owner (senior managing official and shareholder) as listed under Group A. A beneficial owner of a company is any customer entitled (either directly or indirectly) to exercise 25% or more of the voting rights, including a power of veto, or who holds the position of senior managing official (or equivalent).

GROUP E – Agents and Authorised Representatives

In addition to the above entity groups: If you are an Individual Agent or Representative – please also provide the identification documents listed

under Group A. If you are a Corporate Agent or Representative – please also provide the identification documents listed under

Group D All Agents and Authorised Representatives must also provide a certified copy of their authority to act for the investor e.g. the POA, guardianship order, Executor or Administrator of a deceased estate, authority granted to a bankruptcy trustee, authority granted to the State or Public Trustee etc.

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Standard Life Investments Trusts – Application Form – December 2017 Page 4 of 16

Additional Information

In most cases the information that you provide in this form will satisfy the AML/CTF Act, the US Foreign Account Tax Compliance Act (‘FATCA’) and the Common Reporting Standards (‘CRS’). However, in some instances the Responsible Entity may contact you to request further information. It may also be necessary for the Responsible Entity to collect information (including sensitive information) about you from third parties in order to meet its obligations under the AML/CTF Act, FATCA and CRS.

Declarations

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

I/We have received the PDS and made this application in

Australia or New Zealand. I/We have read the PDS to which this Application Form

applies and agree to be bound by the terms and conditions of the PDS and the Constitution of the Fund in which I/we have chosen to invest.

I/We have considered our personal circumstances and, where appropriate, obtained investment and / or taxation advice.

I/We hereby declare that I/we are not a US Person as defined in the PDS.

I/We acknowledge that (if a natural person) I am/we are 18 years of age or over and I am/we are eligible to hold units in the Fund in which I/we have chosen to invest.

I/We acknowledge and agree that Equity Trustees have outlined in the PDS provided to me/us how and where I/we can obtain a copy of the Equity Trustees Group Privacy Statement.

I/We consent to the transfer of any of my/our personal information to external third parties including but not limited to fund administrators, fund investment manager(s) and related bodies corporate who are located outside Australia for the purpose of administering the products and services for which I/we have engaged the services of Equity Trustees or its related bodies corporate and to foreign government agencies for reporting purposes (if necessary).

I/we hereby confirm that the personal information that I/we have provided to Equity Trustees is correct and current in every detail, and should these details change, I/we shall promptly advise Equity Trustees in writing of the change(s).

I/We agree to provide further information or personal details to the Responsible Entity if required to meet its obligations under anti-money laundering and counter-terrorism legislation, US tax legislation or reporting legislation and acknowledge that processing of my/our application may be delayed and will be processed at the unit price applicable for the Business Day as at which all required information has been received and verified.

If I/we have provided an email address, I/we consent to receive ongoing investor information including PDS information, confirmations of transactions and additional information as applicable via email.

I/We acknowledge that Equity Trustees does not guarantee the repayment of capital or the performance of the Fund or any particular rate of return from the Fund.

I/We acknowledge that an investment in the Fund is not a deposit with or liability of Equity Trustees and is subject to investment risk including possible delays in repayment and loss of income or capital invested.

I/We acknowledge that Equity Trustees is not responsible for the delays in receipt of monies caused by the postal service or the applicant’s bank.

If I/we lodge a fax application request, I/we acknowledge and agree to release, discharge and agree to indemnify Equity Trustees from and against any and all losses, liabilities, actions, proceedings, account claims and demands arising from any fax application.

If I/we have completed and lodged the relevant sections on authorised representatives/agents on the Application Form then I/we agree to release, discharge and indemnify Equity Trustees from and against any and all losses, liabilities, actions, proceedings, account claims and demands arising from Equity Trustees acting on the instructions of my/our authorised representatives, agents and/or nominees.

If this is a joint application each of us agrees that our investment is held as joint tenants.

I/We acknowledge and agree that where the Responsible Entity, in its sole discretion, determines that: o I/we are ineligible to hold units in a Fund or have

provided misleading information in my/our Application Form; or

o I/we owe any amounts to Equity Trustees, then I/we appoint the Responsible Entity as my/our agent to submit a withdrawal request on my/our behalf in respect of all or part of my/our units, as the case requires, in the Fund.

For Australian applicants - I/We acknowledge that I am / we are a Wholesale Client (as defined in Section 761G of the Corporations Act 2001 (Cth)) and are therefore eligible to hold units in the Fund.

For New Zealand applicants - I/We acknowledge and agree that: o I/we have read the New Zealand Wholesale Investor

Fact Sheet and PDS for the Fund; o I am/we are a Wholesale Investor and am/are therefore

eligible to hold units in the Fund; and o I/we have not: Offered, sold, or transferred, and will not offer, sell,

or transfer, directly or indirectly, any units in the Fund;

Granted, issued, or transferred, and will not grant, issue, or transfer, any interests in or options over, directly or indirectly, any units in the Fund; and

Distributed and will not distribute, directly or indirectly, the PDS or any other offering materials or advertisement in relation to any offer of units in the Fund,

in each case in New Zealand, other than to a person who is a Wholesale Investor; and

o I/we will notify EQT if I/we cease to be a Wholesale Investor; and

o I/we have separately provided a signed Wholesale Investor Certification.

All references to Wholesale Investor in this Declaration are a reference to Wholesale Investor in terms of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (New Zealand).

Terms and conditions for collection of Tax File Numbers (TFN) and Australian Business Numbers (ABN)

Collection of TFN and ABN information is authorised and its use and disclosure strictly regulated by tax laws and the Privacy Act. Investors must only provide an ABN instead of a TFN when the investment is made in the course of their enterprise. You are not obliged to provide either your TFN or ABN, but if you do not provide either or claim an exemption, we are required to deduct tax from your distribution at the highest marginal tax rate plus Medicare levy to meet Australian taxation law requirements. For more information about the use of TFNs for investments, contact the enquiries section of your local branch of the ATO. Once provided, your TFN will be applied automatically to any future investments in the Fund where formal application procedures are not required (e.g. distribution reinvestments), unless you indicate, at any time, that you do not wish to quote a TFN for a particular investment. Exempt investors should attach a copy of the certificate of exemption. For super funds or trusts list only the applicable ABN or TFN for the super fund or trust.

When you sign this Application Form you declare that you have read and agree to the declarations above.

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Standard Life Investments Trusts – Application Form – December 2017 Page 5 of 16

Section 2 – Individual(s) or Individual Trustee(s) Complete this section if you are investing in your own name or as an individual trustee.

For AML documentary requirements please refer to page 2. 2.1 Type of investor Tick one box only and complete the specified parts of this section.

Individual – complete 2.2 Sole Trader – complete 2.2 and 2.4 Jointly with another individual(s) – complete 2.2, 2.3

and 2.5 Individual trustee for an individual – complete 2.2, 2.3

and 2.5 (if there is more than one individual trustee) Individual trustee for a trust – complete 2.2 and 2.3

(also complete section 4) 2.2 Investor 1 Title Given Name(s) Surname

Telephone Number (Including Country Code) Email

Date of Birth (DDMMYY) Tax File Number (TFN) – or exemption code

Reason for TFN Exemption

Residential Address (not a PO Box) Unit Number Street Number Street Name

Suburb State Post Code

Country of Birth

What is your occupation?

Do you hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person?

No Yes, please give details

Are you a foreign resident for tax purposes? No Yes, please advise country of residence

Do you hold dual citizenship? No Yes, please advise which countries

2.3 Investor 2 Title Given Name(s) Surname

Telephone Number (Including Country Code) Email

Date of Birth (DDMMYY) Tax File Number (TFN) – or exemption code

Reason for TFN Exemption

Residential Address (not a PO Box) Unit Number Street Number Street Name

Suburb State Post Code

Country of Birth

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Standard Life Investments Trusts – Application Form – December 2017 Page 6 of 16

What is your occupation?

Do you hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person?

No Yes, please give details

Are you a foreign resident for tax purposes? No Yes, please advise country of residence

Do you hold dual citizenship? No Yes, please advise which countries

2.4 Sole Trader Details Business Name (if applicable, in full)

Australian Business Number (ABN) (if obtained)*

Street Address

Suburb State Postcode Country

2.5 Signing Authority Please tick to indicate signing requirements for future instructions (e.g. withdrawals, change of account details, etc.)

Only one investor required to sign All investors must sign

* See page 4 of the Application Form for terms and conditions relating to the collection of TFNs and ABNs

Section 3 – Partnerships Complete this section if you are investing for a partnership or as a partner.

For AML documentary requirements please refer to page 2. 3.1 General Information Full Name of Partnership

Registered Business Names of Partnership (if any)

Country where Partnership is established

Tax File Number (TFN) – or exemption code

Reason for TFN Exemption

3.2 Type of Partnership Is the partnership regulated by a professional association?

Yes, please provide details (need only give information below for partners with a 25% or greater interest or, if there are no such partners, for just one partner)

Name of Professional Association

Membership Details

No, provide number of partners

Partner 1 Title Given Name (s) Surname

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Standard Life Investments Trusts – Application Form – December 2017 Page 7 of 16

Telephone Number (including Country Code) (daytime) Date of Birth (DDMMYY)

Unit Street Number Street Name (residential address) Suburb State

Postcode Country Country of Birth

Does this partner hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or is the partner an immediate family member or a business associate of such a person?

No Yes, please give details

Partner 2 Title Given Name (s) Surname

Telephone Number (including Country Code) (daytime) Date of Birth (DDMMYY)

Unit Street Number Street Name (residential address) Suburb State

Postcode Country Country of Birth

Does this partner hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or is the partner an immediate family member or a business associate of such a person?

No Yes, please give details

Section 4 – Trust / Superannuation Fund

Complete this section if you are investing for a trust or superannuation fund. For AML docmentary requirements please refer to page 2.

4.1 General Information Full Name of Trust or Superannuation Fund

Full Name of Business (if any) Country where Trust established

Tax File Number (TFN) – or exemption code

Reason for TFN Exemption

4.2 Trustee Details How many trustees are there?

Individual - trustee(s) must complete Section 2 of this form Company - trustee(s) must complete Section 5 of this form Combination - trustee(s) from each investor type must complete the relevant section of this form

4.3 Type of Trust Registered Managed Investment Scheme

Australian Registered Scheme Number (ARSN)

Regulated Trust (including self-managed superannuation funds and registered charities that are trusts) Name of Regulator (e.g. ASIC, APRA, ATO, ACNC)

Registration/Licence Details Australian Business Number (ABN)*

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Standard Life Investments Trusts – Application Form – December 2017 Page 8 of 16

Other Trust (Unregulated) (also complete section 4.4) Please Describe

4.4 Beneficiaries of an Unregulated Trust Complete Section 4.4 and 4.5 only if you ticked ‘Other Trust’ in 4.3 Does the Trust Deed name beneficiaries?

Yes, how many?

Provide the full name of each beneficiary who directly or indirectly is entitled to an interest of 25% or more in the trust 1 2

3 4

No, describe the class of beneficiary: (e.g. the name of the family group, class of unit holders, the charitable purpose of charity name)

* See page 4 of the Application Form for terms and conditions relating to the collection of TFNs and ABNs.

4.5 Beneficial Owners and other persons of interest in an Unregulated Trust Please provide the full name of any beneficial owner of the trust. A beneficial owner is any individual who directly or indirectly has a 25% or greater interest in the trust or a person who exerts control over the trust. This includes the appointer of the trust (who holds the power to appoint or remove the trustees of the trust. All beneficial owner(s) who meet the above definition will need to provide information and AML verification documents set out in Group A, F, G or H. Please provide beneficial owners as an attachment if there is insufficient space below:

1. 3.

2. 4.

Does any beneficial owner hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or is the beneficial owner an immediate family member or a business associate of such a person?

No Yes, please give details

Please provide the full name of the settlor of the trust where the initial asset contribution to the trust was greater than $10,000 and the settlor is not deceased.

Section 5 – Company / Corporate Trustee Complete this section if you are investing for a company or where a company is acting as a trustee.

For AML documentary requirements please refer to page 2. 5.1 Company Type

Australian Listed Public Company – complete 5.2 Australian Proprietary Company or non-listed public company – complete 5.2 and 5.4 Foreign Company – complete all sections

5.2 Company Details Company Name ACN/ABN (if registered in Australia)

Tax File Number (TFN) – or exemption code

Reason for TFN Exemption

Given Name(s) of Contact Person

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Standard Life Investments Trusts – Application Form – December 2017 Page 9 of 16

Telephone Number (Including Country Code) Email

Registered Office Street Address (Not PO Box) Suburb

State Post Code Country

Principal place of business in Australia Note for non-Australian companies registered with ASIC: you must provide a local agent name and address if you do not have a principal place of business in Australia.

Tick if the same as above, otherwise provide: Registered Street Address (Not PO Box) Suburb

State Post Code

5.3 Additional Details for non-Australian Company Tick if the company is registered with ASIC

Australian Registered Body Number (ARBN)

Tick if the company is registered with a foreign regulatory body Name of Foreign Regulatory Body Company Identification Number Issued (if any)

Country of formation, incorporation or registration

Company type (eg private company)

Registered Company Address (Not PO Box) Suburb

State Post Code Country

5.4 Beneficial owners a. Senior Managing Official and controlling person: All proprietary or non-listed public domestic companies and foreign companies must provide the full name of each senior managing official and controlling person of the company (such as the managing director or a senior executive who exerts control over the company i.e. authorised to sign on the company’s behalf, make policy, operational and financial decisions):

1 2

3 4

If there are more than 4 directors please provide as an attachment. b. Shareholders and other beneficial owners: All proprietary or non-listed public domestic companies and foreign companies must provide the full name of each shareholder and those who owns directly, indirectly, jointly or beneficially 25% or more of the company’s issued capital.

1 2

3 4

If there are more than 4 shareholders please provide as an attachment.

Does any beneficial owner hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or is the beneficial owner an immediate family member or a business associate of such a person?

No Yes, please give details

* See page 4 of the Application Form for terms and conditions relating to the collection of TFNs and ABNs.

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Standard Life Investments Trusts – Application Form – December 2017 Page 10 of 16

Section 6 – Authorised representative or agent Complete this section if you are completing this Application Form as an agent under a direct authority such as a Power of Attorney. You must also complete the section relevant to the investor/applicant that you are acting on behalf of.

For AML documentary requirements please refer to page 2. 6.1 Appointment of Power of Attorney or other Authorised Representative

I am an agent under Power of Attorney or the investor’s legal or nominated representative - complete 6.2 Full name of authorised representative / agent Title of role held with applicant

Signature

6.2 Documentation You must attach a valid authority such as a Power of Attorney, guardianship order, grant of probate, appointment of bankruptcy trustee etc:

The document is an original or certified copy The document is signed by the applicant / investor or a court official The document is current and complete The document permits the attorney / agent / representative (you) to transact on behalf of the applicant / investor

Section 7 – Financial adviser

By completing this section you nominate the named adviser as your financial adviser for the purposes of your investment in the Fund. You also consent to give your financial adviser / authorised representative / agent access to your account information unless you indicate otherwise by ticking the box below.

For AML documentary requirements please refer to page 2. 7.1 Financial adviser I am a financial adviser completing this application form as an authorised representative or agent. Name of Adviser AFSL Number

Dealer Group

Name of Advisory Firm

Postal Address Suburb

State Post Code Country

Email Address of Advisory Firm (required)

Email Address of Adviser

Business Telephone Facsimile

7.2 Financial Adviser Declaration

• I/We hereby declare that I/we are not a US Person as defined in the PDS • I/We hereby declare that the investor is not a US Person as defined in the PDS • I/We have completed an appropriate Customer Identification Procedure (CIP) on this investor which meets the

requirements (per type of investor) set out above. AND EITHER I/We have attached the relevant CIP documents; OR I/We have not attached the CIP documents however I/We confirm that I/We have completed AML/KYC

checks on the applicant(s) in accordance to the AUSTRAC requirements. I/We agree to provide Equity Trustees the relevant CIP documents on request.

Financial Adviser Signature Date

7.3 Access to Information Unless you elect otherwise, your financial adviser will be provided access to your account information or receive copies of statements and transaction confirmations.

Please tick this box if you DO NOT want your financial adviser to have access to information about your investment. Please tick this box if you DO NOT want copies of statements and transaction confirmations sent to your adviser.

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Standard Life Investments Trusts – Application Form – December 2017 Page 11 of 16

Section 8 –INVESTMENT INSTRUCTIONS (All investors MUST complete) 8.1 Investment Details Full name investment to be held in (must include name of Applicant)

Mailing Address Suburb

State Post Code Country

Email Address Phone

Name of Fund APIR Code Investment Amount (AUD)

Distribution (indicated preference with an X) (See

8.2) Reinvest Cash

Standard Life Investments Absolute Return Global Bond Strategies Trust

ETL0134AU $

Standard Life Investments Global Absolute Return Strategies Trust

ETL0130AU $

Standard Life Investments Global Corporate Bond Trust ETL0132AU $

Standard Life Investments Global Equity Unconstrained Trust

ETL0489AU $

Standard Life Investments Global Focused Strategies Trust ETL0465AU $

8.2 Distribution Instructions We will automatically reinvest your distribution in units of your chosen fund if you do not make a selection between “reinvest distributions” and “pay distributions to the bank account below”. If you select to “pay distributions to the bank account below” for your distributions, please provide your bank details in section 8.3.

Reinvest distributions If you select this option your distributions will be reinvested in the Fund.

Pay distributions to the bank account below AUD-denominated bank account with an Australian domiciled bank

8.3 Investor Banking Details for Redemptions and Distributions (if applicable)(must match Applicant name) Account name

Financial Institution

Branch (including Country)

BSB

Account Number

8.4 Payment Method Cheque

Make cheque made payable to “Equity Trustees Ltd as RE for Standard Life Investments Trust”

Austraclear Funds should be transferred to Austraclear code SSBS20

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Standard Life Investments Trusts – Application Form – December 2017 Page 12 of 16

Electronic Funds Transfer

Bank Name & Address (including country)

Westpac Banking Corporation Level 1, 275 Kent Street, Sydney NSW 2000

Account Name Standard Life Investments – Applications Account BSB Number 032 006 Account Number 707687 Reference Please quote investor name as per application form

8.5 Elections Annual Financial Report

The annual financial report for the Fund will be available on www.eqt.com.au from 30 September each year, however, if you would like a hard copy of the annual financial report sent to you please tick the box.

Direct Marketing Do you wish to receive marketing information from Equity Trustees (and Equity Trustees’ related bodies corporate) about products and services that may be of interest to you? This information may be distributed by mail, email or other form of communication.

Yes No

8.6 Purpose of Investment and Source of Funds Please outline the purpose of investment (e.g. superannuation, portfolio investment, etc)

Please outline the source/s of initial funding and anticipated ongoing funding (e.g. salary, savings, business activity, financial investments, real estate, inheritance, gift, etc and expected level of funding activity or transactions)

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Standard Life Investments Trusts – Application Form – December 2017 Page 13 of 16

Section 9 – Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standard (CRS) Self-Certification Form - Australia

(All investors MUST complete) Existing investors Did your FATCA or CRS status change from what was previously provided?

Yes: Complete the below relevant sections No: Continue to question 12

SECTION I - INDIVIDUALS Please fill this Section I only if you are an individual. If you are an entity, please fill Section II.

1. Are you a US citizen or resident of the US for tax purposes?

Yes: Provide your Taxpayer Identification Number (TIN) below. Continue to question 2

Investor 1 TIN

Investor 2 TIN

No: Continue to question 2

2. Are you a tax resident of any other country outside of Australia?

Yes: Provide the details below and skip to question 12. If resident in more than one jurisdiction please include details for all jurisdictions

Country of Tax Residence

Tax Identification Number (TIN) or

equivalent

Reason Code if no TIN provided

Investor 1

1

2

3

Investor 2

1

2

3

If TIN or equivalent is not provided, please provide reason from the following options: o Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents o Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the

entity is unable to obtain a TIN in the below table if you have selected this reason) o Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant

jurisdiction does not require the collection of the TIN issued by such jurisdiction) If Reason B has been selected above, explain why you are not required to obtain a TIN

Investor 1

Investor 2

No: Skip to question 12

SECTION II – ENTITIES Please fill this Section II only if you are an entity. If you are an individual, please fill Section I.

3. Are you an Australian Retirement Fund? Yes: Skip to question 12

No: Continue to question 4

A. FATCA 4. Are you a US Person?

Yes: Continue to question 5

No: Skip to question 6 5. Are you a Specified US Person?

Yes: Provide your Taxpayer Identification Number (TIN) below and skip to question 7

TIN

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Standard Life Investments Trusts – Application Form – December 2017 Page 14 of 16

No: Please indicate exemption type and skip to question 7

Type: _____________________________________ 6. Are you a Financial Institution for the purposes of FATCA?

Yes: Provide your GIIN below and continue to question 7

GIIN

If you do not have a GIIN, please provide your FATCA status below and continue to question 7 Exempt Beneficial Owner

Type: _____________________________________

Deemed-Compliant FFI (other than a Sponsored FI or a Trustee Documented Trust)

Type: _____________________________________

Non-Participating FFI

Type: _____________________________________

Sponsored Financial Institution. Please provide the Sponsoring Entity’s name and GIIN.

Sponsoring Entity’s Name: ___________ Sponsoring Entity’s GIIN: ____________

Trustee Documented Trust. Please provide your Trustee’s name and GIIN.

Trustee’s Name: _______________ Trustee’s GIIN: _____________

Other

Details: ___________________________________

No: continue to question 7

B. CRS

7. Are you a tax resident of any country outside of Australia? Yes: Provide the details below and continue to question 8. If resident in more than one jurisdiction please include

details for all jurisdictions

Country of Tax Residence Tax Identification Number (TIN) or equivalent

Reason Code if no TIN provided

1

2

3

If TIN or equivalent is not provided, please provide reason from the following options:

o Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents o Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the

entity is unable to obtain a TIN in the below table if you have selected this reason) o Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant

jurisdiction does not require the collection of the TIN issued by such jurisdiction)

If Reason B has been selected above, explain why you are not required to obtain a TIN

No: Continue to question 8

8. Are you a Financial Institution for the purposes of CRS? Yes: Specify the type of Financial Institution below and continue to question 9

Reporting Financial Institution

Non-Reporting Financial Institution: Specify the type of Non-Reporting Financial Institution below

Trustee Documented Trust

Other: Please Specify _____________________________________

No: Skip to question 10 9. Are you an Investment Entity resident in a Non-Participating Jurisdiction for CRS purposes and

managed by another Financial Institution? Yes: Skip to question 11

No: Skip to question 12

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Standard Life Investments Trusts – Application Form – December 2017 Page 15 of 16

C. NON-FINANCIAL ENTITIES

10. Are you an Active Non-Financial Entity (Active NFE)? Yes: Specify the type of Active NFE below and skip to question 12

Less than 50% of the Active NFE’s gross income from the preceding calendar year is passive income

(e.g. dividends, distribution, interests, royalties and rental income) and less than 50% of its assets

during the preceding calendar year are assets held for the production of passive income

Corporation that is regularly traded or a related entity of a regularly traded corporation

Governmental Entity, International Organisation or Central Bank

Other: Please Specify _____________________________________

No: You are a Passive Non-Financial Entity (Passive NFE). Continue to question 11

D. CONTROLLING PERSONS

11. Does one or more of the following apply to you: o Is any natural person that exercises control over you (for corporations, this would include directors or

beneficial owners who ultimately own 25% or more of the share capital) a tax resident of any country outside of Australia?

o If you are a trust, is any natural person including trustee, protector, beneficiary, settlor or any other natural person exercising ultimate effective control over the trust a tax resident of any country outside of Australia?

Yes: Complete details below and continue to question 12

Name Date of

Birth Residential

Address

Country of Tax

Residence

TIN or equivalent

Reason Code if no TIN provided

1 2 3

If there are more than 3 controlling persons, please list them on a separate piece of paper. If TIN or equivalent is not provided, please provide reason from the following options:

o Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents o Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the

entity is unable to obtain a TIN in the below table if you have selected this reason) o Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant

jurisdiction does not require the collection of the TIN issued by such jurisdiction)

If Reason B has been selected above, explain why you are not required to obtain a TIN

No: Continue to question 12

E. DECLARATION

12. Signature

I undertake to provide a suitably updated self-certification within 30 days of any change in circumstances which causes the information contained herein to become incorrect. I declare the information above to be true and correct. Investor 1 Investor 2 Signature Signature

Date Date

Name of authorised representative Name of authorised representative

Name of entity/individual Name of entity/individual

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Standard Life Investments Trusts – Application Form – December 2017 Page 16 of 16

Section 10 – DECLARATIONS (All Investors MUST complete) By signing as or on behalf of the Applicant, you make all the declarations set out above, in all sections.

Applicant 1 Applicant Given Name(s)

Capacity Individual Signatory Director Executive Office Partner Sole Director / Secretary Authorised Signatory

Signature

Date

Company Seal (if applicable)

Applicant 2 Applicant Given Name(s)

Capacity Individual Signatory Director Executive Office Partner Sole Director / Secretary Authorised Signatory

Signature

Date

Company Seal (if applicable)

Application Checklist

Have you completed all sections relevant to you (as set out in the introduction)? Have you nominated your financial adviser in section 7 (if applicable)? Have you provided certified copies of your identification documents or has your financial adviser completed this for you? Have you completed all other relevant details and SIGNED the Application Form? New Zealand Investors: Have you completed the Wholesale Investor Certification?

If you can tick all of the boxes above, send the following: Completed Application Form; Certified copies of identification documents; A cheque made payable to “Equity Trustees Ltd as RE for Standard Life Investments Trust” (unless you are paying

by direct debit, Electronic Funds Transfer or Austraclear).

by post to: State Street Australia Limited Attention: Unit Registry Team – Standard Life Level 14, 420 George St Sydney NSW 2000 For additional applications the duly completed Application Form (including details regarding your direct credit payment) may be mailed to the postal address above or faxed to the following fax number: +61 2 9323 6411 State Street Australia Limited Attention: Unit Registry Team - Standard Life.

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Standard Life Investments Trusts – Application Form – September 2017 Page 1 of 4

Standard Life Investments Trusts – Wholesale Class Wholesale Investor Certification

(Clause 44 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA))

Warning

New Zealand law normally requires people who offer financial products to give information to investors before they invest. This information is designed to help investors make an informed decision.

If you are a wholesale investor, the usual rules do not apply to offers of financial products made to you. As a result, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for these investments.

Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.

Offence

It is an offence to give a certificate knowing that it is false or misleading in a material particular. The offence has a penalty of a fine not exceeding $50,000.

The Offer

Units in the Standard Life Investments Trusts (‘the Funds’) are offered and issued to investors by Equity Trustees Limited (‘Equity Trustees’), with Standard Life Investments Limited appointed as the Investment Manager in respect of the Fund.

Offers of units in the Fund in New Zealand are limited to wholesale investors within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013.

In order to access units in the Funds, please review the Standard Life Investments Trusts product disclosure statement (‘PDS’) and New Zealand Wholesale Investor Fact Sheet, read this form, select the type(s) of wholesale investor criteria that apply to you, and complete the certification below.

If you have any queries in relation to the Fund, please contact Equity Trustees at 1300 555 378. Any queries in relation to your wholesale investor certification should be directed to Equity Trustees’ Product Team at [email protected].

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Standard Life Investments Trusts – Application Form – September 2017 Page 2 of 4

The client identified below certifies that:

the client is a wholesale investor within the meaning of Schedule 1 of the FMCA, clause 3(2) (in relation to offers of financial products); and

the client understands the consequences of being certified as a ‘wholesale investor’ in terms of the FMCA and has received the Standard Life Investments Trusts PDS.

The type of wholesale investor outlined in Schedule 1 that applies to the client is identified below, along with the grounds on which the client claims that they fall within the identified type.

Unless Equity Trustees agrees otherwise, by completing this form the client is certifying that every transaction on the account referred to below is carried out on its own behalf and not on behalf of any third party. Please contact Equity Trustees if you are acting on behalf of any third party.

[Please select all types of wholesale investor below that are applicable by marking a or a in the relevant box(es). For each type that applies, please also select the relevant grounds on which the client is within the identified type].

The client is an investment business (clause 3(2)(a))

Note: other than authorised financial advisers, this applies to entities, not individuals

Grounds for claiming the client is within this type:

The client is an entity whose principal business consists of investing in financial products

The client is an entity whose principal business consists of acting as an underwriter

The client is an entity whose principal business consists of providing a financial adviser service within the meaning of section 9 of the Financial Advisers Act 2008) in relation to financial products

The client is an entity whose principal business consists of providing a broking service (within the meaning of section 77B of the Financial Advisers Act 2008) in relation to financial products

The client is an entity whose principal business consists of trading in financial products on behalf of other persons

The client is a registered bank (within the meaning of section 2(1) of the Reserve Bank of New Zealand Act 1989)

The client is a non-bank deposit taker (within the meaning of section 5 of the Non-bank Deposit Takers Act 2013)

The client is a licensed insurer (within the meaning of section 6(1) of the Insurance (Prudential Supervision) Act 2010)

The client is a manager of a registered scheme, or a discretionary investment management service, that holds a market services licence

The client is a derivatives issuer that holds a market services licence

The client is a QFE or an authorised financial adviser

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The client meets the investment activity criteria (clause 3(2)(b))

Grounds for claiming the client is within this type:

The client (including any entity that the client controls or controlled at the relevant time) owns, or at any time during the two-year period before the date of this certificate has owned, a portfolio of financial products (excluding category 2 products, interests in KiwiSaver or any other form of retirement scheme, or financial products issued by an associated person of the client) of a value of at least NZ$1 million (in aggregate)

The client (including any entity that the client controls or controlled at the relevant time) has, during the two-year period before the date of this certificate, carried out one or more transactions to acquire financial products (excluding category 2 products, interests in KiwiSaver or any other form of retirement scheme, or financial products issued by an associated person of the client) where the amount payable under those transactions (in aggregate) is at least NZ$1 million, and the other parties to the transactions were not associated persons of the client

The client is an individual who has, within the last 10 years before the date of this certificate, been employed or engaged in an investment business and has, for at least two years during that 10-year period, participated to a material extent in the investment decisions made by the investment business

The client is large (clause 3(2)(c))

Grounds for claiming the client is within this type:

As at the last day of each of the two most recently completed financial years before the date of this certificate, the net assets of the client and any entities controlled by the client exceeded NZ$5 million

In each of the two most recently completed financial years before the date of this certificate, the total consolidated turnover of the client and any entities controlled by the client exceeded NZ$5 million

The client is a government agency (clause 3(2)(d))

Grounds for claiming the client is within this type:

The client is a government department named in Schedule 1 of the State Sector Act 1988

The client is a Crown entity under section 7 of the Crown Entities Act 2004

The client is a local authority

The client is a State enterprise (within the meaning of section 2 of the State-Owned Enterprise Act 1986)

The client is the Reserve Bank

The client is the Board of Trustees of the National Provident Fund continued under the National Provident Fund Restructuring Act 1990 (or a company appointed under clause 3(1)(b) of Schedule 4 of that Act)

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Standard Life Investments Trusts – Application Form – September 2017 Page 4 of 4

D D M M Y Y Y Y

D D M M Y Y Y Y

D D M M Y Y Y Y

If the client is an entity, the client certifies that it was not established or acquired with a view to being used as an entity to which offers of financial products may be made in reliance upon this exclusion.

The client undertakes to provide Equity Trustees Limited with any information it reasonably requests in order to support the certifications provided.

The client acknowledges that this certificate is provided to Equity Trustees Limited and Standard Life Investments Limited for the purposes of determining the client’s eligibility to be treated as a wholesale investor for the purposes of the FMCA, and that they will be reliant upon the certifications provided in offering financial products or services to the client (whether as part of the Fund or otherwise).

The client understands that this certificate is valid and may be relied upon by Equity Trustees Limited and Standard Life Investments Limited for a period of two years following its date, unless earlier revoked.

Name of client:

Account number:

Signatures – all individuals/trustees/partners/officers and two directors must sign

Individual/Joint/Trustee/Director Signature Date

x

Full Name

Capacity

Individual/Joint/Trustee/Director Signature Date

x

Full Name

Capacity

Individual/Joint/Trustee/Director Signature Date

x

Full Name

Capacity