Tribeca Global Total Return Fund - Institutional Class/media/equitytrustees/files/instofunds/tribe… · Tribeca Global Total Return Fund - Institutional Class Information Memorandum

Tribeca Global Total ReturnFund - Institutional ClassInformation MemorandumARSN 152 544 413APIR ETL0301AUIssue Date 30 September 2017

Contents1. Fund at a glance 3

2. ASIC Benchmarks 4

3. Disclosure Principles 5

4. Who is Managing the Fund? 6

5. How the Fund Invests 7

6. Managing Risk 12

7. Investing and Withdrawing 14

8. Keeping Track of Your Investment 17

9. Fees and Other Costs 18

10.Taxation 20

11.Other Important Information 21

12.Glossary of Important Terms 24

Investment ManagerTribeca Investment Partners Pty LtdABN 64 080 430 100, AFSL 239070PO Box R278 Royal ExchangeSydney NSW 1225Phone: +615 9640 2600Web: www.tribecaip.com.au

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

AdministratorCitco Fund Services (Australia) Pty LtdABN 15 096 135 072Investor Relations GroupLevel 22, 45 Clarence Street,Sydney, NSW, Australia 2000Fax: (02) 9005 0444Email: [email protected]

Tribeca Global Total Return Fund - Institutional Class Information Memorandum 1

This Information Memorandum (“IM”) was issued on30 September 2017. This IM is for the offer of interests in theTribeca Global Total Return Fund - Institutional Class ARSN 152544 413 (referred throughout this IM as the “Fund“). This IM isavailable to Wholesale Clients only.

The IM 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 IM as the“Responsible Entity”, “Equity Trustees”, “us” or “we”). Theinvestment manager is Tribeca Investment Partners Pty Ltd(referred to throughout this IM as “Tribeca” or the “InvestmentManager”.

This IM has not been, will not be and is not required to belodged with the Australian Securities and InvestmentsCommission (“ASIC”). It does not constitute a productdisclosure statement, prospectus or other disclosure documentwithin the meaning of the Corporations Act.

This IM is prepared for your general information only. It is notintended to be a recommendation by the Responsible Entity,Investment Manager or any associate, employee, agent orofficer of the Responsible Entity, Investment Manager or anyother person to invest in the Fund. This IM does not take intoaccount the investment objectives, financial situation or needsof any particular investor. You should not base your decision toinvest in the Fund solely on the information in this IM. Youshould consider the suitability of the Fund in view of yourpersonal financial circumstances, investment objectives andneeds. You may want to seek advice before making aninvestment decision.

Equity Trustees, the Investment Manager and their employees,associates, agents or officers do not guarantee the success,repayment of capital or any rate of return on income or capital orthe investment performance of the Fund. Past performance is noindication of future performance. An investment in the Funddoes not represent a deposit with or a liability of Equity Trustees,the Investment Manager or any of their associates. Aninvestment is subject to investment risk, including possibledelays in repayment and loss of income or capital invested. Unitsin the Fund are offered and issued by the Responsible Entity onthe terms and conditions described in this IM. You should readthis IM in its entirety.

The forward looking statements included in this IM involvesubjective judgment and analysis and are subject to significantuncertainties, risks and contingencies, many of which areoutside the control of, and are unknown to, Equity Trustees, theInvestment Manager and their officers, employees, agents orassociates. Actual future events may vary materially from theforward looking statements and the assumptions on which those

statements are based. Given these uncertainties, you arecautioned to not place undue reliance on such forward lookingstatements.

There are references to past performance in this IM. Pastperformance is no guarantee of future performance.

In particular, in considering whether to invest in the Fund,investors should consider the risk factors that could affect thefinancial performance of the Fund. Some of the risk factorsaffecting the Fund are summarised in section 6.

All amounts quoted in this IM are in Australian dollars (“AUD”)unless stated otherwise.

Investors who invest under this IM do not have any rights tocooling off and cannot withdraw their application once it hasbeen made.

The offer made in this IM is available only to persons receivingthis IM in Australia (electronically or otherwise). If you receivedthis IM electronically we will provide a paper copy free uponrequest during the life of this IM. The IM is available onwww.eqt.com.au/insto or you can request a copy free of chargeby contacting Tribeca on (02) 9640 2600 or Equity Trustees on+613 8623 5000.

This IM does not constitute a direct or indirect offer of securitiesin the US or to any US Person as defined in Regulation S underthe US Securities Act of 1933 as amended (“US Securities Act”).Equity Trustees may vary its position and offers may be acceptedon merit at Equity Trustees’ discretion. The units in the Fundhave not been, and will not be, registered under the USSecurities Act unless otherwise determined by Equity Trusteesand may not be offered or sold in the US to, or for, the accountof any US Person (as defined) except in a transaction that isexempt from the registration requirements of the US SecuritiesAct and applicable US state securities laws.

Information in this IM is subject to change. We will notify you ofany changes that have a materially adverse impact on you orother significant events that affect the information contained inthis IM. Any updated information that is not materially adverse issubject to change from time to time and may be updated andobtained online at www.eqt.com.au/insto. Updated informationcan also be obtained by:

• by contacting Tribeca on (02) 9640 2600 or Equity Trusteeson +613 8623 5000; or

A paper copy of the updated information will be provided freeof charge on request.

Unless otherwise stated, all fees quoted in the IM are inclusive ofGST, after allowing for an estimate for Reduced Input TaxCredits (“RITC”).

2 Tribeca Global Total Return Fund - Institutional Class Information Memorandum

1. Fund at a glance

SummaryFor furtherinformation

Name of the Fund Tribeca Global Total Return Fund - Institutional Class Section 5

ARSN 152 544 413

Investment objective The Fund aims to generate long term capital growth by investing in allliquid asset classes. It aims to provide investors with a total investmentreturn, before fees and expenses, which outperform the Fund’s Benchmarkover the long term.

Section 5

Fund Benchmark Bloomberg AusBond Bank Bill Index Section 5

Investment strategy andinvestments held

The goal of the Fund’s investment strategy is to generate reliableinvestment returns while managing volatility and correlation to majormarket risks.

The investment strategy has no key dependencies or assumptions.

This is a global strategy with the typical asset classes held by the Fundbeing cash and cash equivalent instruments, global bond and bondequivalent instruments, global equities, convertibles and other equity-likesecurities, derivatives, foreign exchange contracts and other unit trusts.

Section 5

The type(s) of investors forwhom the Fund would besuitable

Long-term investors seeking a diversified total return investment strategywith a high level of risk

Section 5

Recommended investmenttimeframe

At least 5-7 years.

We recommend that you consider, with your financial adviser, thesuggested investment period for the Fund in relation to your owninvestment timeframe.

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

Section 5

Minimum initial investment $250,000 Section 7

Minimum additionalinvestment

$10,000 Section 7

Minimum withdrawal amount $10,000 Section 7

Minimum balance $200,000 Section 7

Cut off time for applicationsand withdrawals

Generally monthly 5:00pm, two Business days prior to the relevant PricingDate

Section 7

Cooling Off N/A Section 7

Valuation frequency Generally monthly, on the last day of the month Section 7

Unit pricing Generally monthly, on the last day of the month Section 7

Applications Generally monthly Section 7

Withdrawals Generally monthly Section 7

Income distribution Annually at the end of June

Reinvestment of distributions is available

Section 7

Management costs 1% (net of GST and RITC) p.a. of the Net Asset Value (“NAV”) of the Fund,plus a performance fee.

Section 9

Entry fee/ exit fee Nil Section 9

Buy/Sell Spread +/- 0.30% for applications (or withdrawals) into (or from) the Fund Section 9

Performance fee 20% (net of GST and RITC) of the Fund’s return above the Fund Benchmark. Section 9


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 Fund. Investors should consider this information together with the detailed explanation ofvarious benchmarks and principles referenced throughout this IM and the key risks of investing in the Fund highlighted in section 6 ofthis IM.

BenchmarkIs the benchmarksatisfied?

For furtherinformation

Valuation of assets

This benchmark addresses whether valuations of the Fund’s non-exchange tradedassets are provided by an independent administrator or an independent valuationservice provider.

Yes Please refer to page8 of this IM forfurther information.

Periodic reporting

This benchmark addresses whether the responsible entity of the Fund will provideperiodic disclosure of certain key information on an annual and monthly basis.

Yes Please refer to page17 of this IM forfurther information.


3. Disclosure Principles

SummarySection (for furtherinformation)

Investment strategy The goal of the Fund’s investment strategy is to generate reliableinvestment returns while managing volatility and correlation to majormarket risks.

The investment strategy has no key dependencies or assumptions.

This is a global strategy with the typical asset classes held by the Fundbeing cash and cash equivalent instruments, global bond and bondequivalent instruments, global equities, convertibles and other equity likesecurities, derivatives, foreign exchange contracts and other unit trusts.

The Fund may use derivatives and leverage as a part of its investmentstrategy.

Diversification guidelines for the Fund are set out in section 5.2. Thespecific risks of investing in the Fund are described in section 6.

Section 5.2

Investment manager Tribeca Investment Partners Pty Ltd is the investment manager. The Fund ismanaged by Chris Daily who is supported by an experienced team ofquantitative and fundamental analysts.

Further details in relation to the expertise of the Investment Manager andthe investment management agreement are set out in section 4.

Section 4

Fund structure The responsible entity of the Fund is Equity Trustees Limited who hasappointed Tribeca Investment Partners Pty Ltd as investment manager.

See section 5.3 for further information on other key service providers,Equity Trustees’ role in monitoring the performance of service providersand a diagram of flow of funds through the Fund.

Section 5.3

Valuation, location andcustody of assets

Interactive Brokers LLC and Morgan Stanley & Co International plc havebeen appointed as Prime Broker to provide a range of services, includingexecution, stock lending, margin loans, over-the-counter derivativesexposure and custody.

J.P.Morgan Chase Bank, N.A. (Sydney Branch) has been contracted toprovide traditional custodial services for unencumbered, unleveragedassets.

Citco Fund Services (Australia) Pty Ltd is the administrator of the Fund(“Administrator”) and provides administrative, accounting, registrar andtransfer agency services. The Administrator is responsible for determiningthe Fund’s Net Asset Value.

See section 5.4 for further information on custodial arrangement and thegeographical location of assets.

Section 5.4

Liquidity The Fund invests predominately in liquid assets and is expected to beliquid for the purposes of the Corporations Act.

Section 5.5

Leverage The Fund’s underlying strategy employs leverage which may result fromthe use of derivatives or the short selling of securities. See section 5.6 foran explanation of leverage and collateral arrangements for the Fund.

Section 5.6

Derivatives The Fund is permitted to hold derivatives (either exchange traded orover-the-counter). The Prime Broker is the main counterparty forderivatives.

Section 5.7

Short selling The Fund is permitted to short sell. Section 5.8

Withdrawals Generally monthly: Notify by 5:00 pm two Business Days before end ofmonth. Risks and limitation on withdrawal are set out in section 5.9

Section 5.9


4. Who is Managing the Fund?The Responsible EntityEquity 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 Fund’sResponsible Entity and issuer of this IM. Established as a trusteeand executorial service provider by a special Act of the VictorianParliament in 1888, today Equity Trustees is a dynamic financialservices institution which continues to grow the breadth andquality of products and services on offer.

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

The Investment ManagerTribeca Investment Partners Pty LtdEstablished in 1998, Tribeca proudly retains its boutiquestructure and culture and is majority owned by Tribecaemployees, with the remainder held by Grant Samuel FundsManagement Pty Limited. At the date of this IM, Tribecamanages approximately $2.2 billion in funds for clients, investedacross all major asset classes, investing in both small and largecapitalisation securities. Tribeca’s success is based on a cultureof investment creativity balanced by a range of disciplined andcomprehensive investment selection processes. Tribeca

believes that a systematic investment process that identifiesmis-priced securities enhances the potential to achieve returnsthat consistently outperform the market. This process needs togenerate an information advantage as well as be able to exploitobserved market biases. A multi-faceted investment approachenables the development of a range of products that applyspecific skills to maximum effect in different segments of themarket.

No significant adverse regulatory findings have been attributedto the Investment Manager.

The Responsible Entity has ultimate responsibility for themanagement of all assets of the Fund.

The Responsible Entity has the right to terminate the services ofTribeca as investment manager on specified grounds asidentified in the IMA between Tribeca and the ResponsibleEntity. For example, the Responsible Entity may terminate theIMA by giving 20 Business Days’ notice.

The Custodian and AdministratorCitco Fund Services (Australia) Pty LtdThe Administrator provides certain administrative, accounting,registrar and transfer agency services for the Fund. TheAdministrator has been appointed to provide these servicesunder an administration agreement between the ResponsibleEntity and the Administrator. The Administrator has no directrelationship with investors. Citco Fund Services is a globalleader in providing administration services to alternativeinvestment funds and has been consistently ranked as “Best inClass” and “Top-Rated” across all locations in recognisedindustry surveys of hedge fund administrators for both singlemanager funds and funds of hedge funds.


5. How the Fund Invests5.1 Investment objectiveThe Fund aims to generate long term capital growth byinvesting in all liquid asset classes. It aims to provide investorswith a total investment return, before fees and expenses, whichoutperform the Fund’s Benchmark over the long term.

5.2 Investment strategyThe goal of the Fund’s investment strategy is to generatereliable investment returns while managing volatility andcorrelation to major market risks.

The investment strategy has no key dependencies orassumptions.

To pursue its goals the Fund invests in a diversified range ofinvestment and trading strategies which span most liquid assetclasses and markets. Typical asset classes held by the Fund arecash and cash equivalent instruments, global bond and bondequivalent instruments, global equities, convertibles and otherequity like securities, derivatives, foreign exchange contractsand other unit trusts.

Leverage is regularly used in the Fund to increase themagnitude of returns derived from low volatility asset classes.

Derivatives will be used extensively to create long/shortportfolio positions in equities, equity indices, bonds, currencies,commodities, volatility indices and other types of exposurewhere appropriate. Both exchange traded and OTC derivativesare used. Leverage and counterparty exposure is monitoredclosely by the Investment Manager and is strictly controlled toachieve the aims of the Fund. The Fund regularly engages inshort selling, although in aggregate it is usually net long assets.

The Fund may invest in assets located in Australia and assetslocated in other countries. Investments of the Fund may bedenominated in Australian dollars or the foreign currencyreferrable to the location of the asset. The Investment Manager’sinvestment policy is not limited to investments in any index,country or currency. The Investment Manager also has thediscretion to invest across a broad range of liquid asset classes.Please refer to section 5.4 for further information on the range ofassets the Fund could invest in and the location and currencydenomination of those assets.

In implementing its investment strategy, the InvestmentManager may use leverage, derivatives and short selling to gainexposure to certain assets or asset classes or to hedge its risk.Please refer to sections 5.6, 5.7 and 5.8 for further details.

The success of the Fund’s investment strategy is subject to anumber of factors and subject to a number of key risks andassumptions. These risks factors, assumptions and the Fund’srisk management measures are summarised in section 6.

The Investment Manager reserves the right to change itsinvestment strategy from time to time. Any changes to theinvestment strategy will be notified to investors in accordancewith the law.

All investments carry risks. The risks of the Fund are the inherentrisks associated with a global macro strategy. More informationcan be found in section 6 “Managing Risks”.

5.3 Fund StructureThe investment offered under this IM is the only class ofunits currently on offer in the Tribeca Global Total Return Fund, aregistered managed investment scheme, governed by theConstitution. The Fund comprises assets which are acquired inaccordance with its investment strategy. Investors receiveinstitutional class units when they invest. In general, each unitrepresents an individual’s interest in the assets as a wholesubject to liabilities; however it does not give the investor aninterest in any particular asset.

The value of a unit in the Fund is determined by reference to theassets and liabilities referable to the Fund. Equity Trustees is theresponsible entity for the Fund and has appointed Tribeca as theinvestment manager to manage the investments of the Fund ona day to day basis.

The Responsible Entity has engaged a number of professionalservice providers to provide a range of investment,administration and back office services to the Fund includingcustody, brokerage, administration services, transactionexecution. The Responsible Entity has entered into serviceagreements with the service providers and will, with theassistance of Tribeca, regularly monitor the performance of theservice providers against service standards set out in therelevant agreements.


The service providers and their relationship to the Fund and the flow of funds through the Fund are shown in the diagram below.

As at the date of this IM, the service providers to the Fund are:

• Investment Manager: Tribeca is responsible for managingthe investments of the Fund. For further details on Tribeca’srole please refer to section 4.

• Responsible Entity: Equity Trustees Limited. For furtherdetails on Equity Trustee’s role please refer to section 4.

• Custodian: J.P. Morgan Chase Bank, N.A. (Sydney Branch) isresponsible for holding custody of application money,excess cash, short dated cash instruments and otherunencumbered, unleveraged instruments. The custodian islocated in Australia.

• Prime brokers: Morgan Stanley & Co International plc andInteractive Brokers LLC will act as prime brokers for theFund’s transactions. Prime brokers will hold securities onbehalf of the Fund and execute transactions on the Fund’sbehalf. Morgan Stanley & Co International plc is located inthe United Kingdom and Interactive Brokers LLC is locatedin the United States of America.

• Administrator: Citco Fund Services (Australia) Pty Ltd (the“Administrator”) has been appointed as the Fund’sadministrator to perform certain administrative, accounting,registrar, and transfer agency services for the Fund. TheAdministrator is located in Australia. For further details onCitco’s role please refer to section 4.

Service providers to the Fund may change without notice toinvestors. Risks relating to the use of third party service providersare outlined in section 6.

5.4 Valuation, location and custody of assetsAll positions in the Fund are independently valued by theAdministrator. The majority of assets currently traded and heldin the Fund are exchange traded and are generally valued on a

mark to market basis at the close of trading on each day. Assetsnot traded on exchanges include foreign exchange forwards,cash and cash equivalent instruments, bills of exchange andshort dated cash contracts. These assets are liquid and valuedindependently by the Administrator in accordance with themarket value of the assets.

For the purpose of calculating the NAV of the Fund, theAdministrator shall, and shall be entitled to, rely on, and will notbe responsible for the accuracy of, financial data furnished to itby the Fund’s prime broker(s), market makers and/orindependent third party pricing services. The Administrator mayalso use and rely on industry standard financial models in pricingany of the Fund’s securities or other assets. If and to the extentthat Equity Trustees or the Investment Manager are responsiblefor or otherwise involved in the pricing of any of the Fund’sportfolio securities or other assets, the Administrator mayaccept, use and rely on such prices in determining the Net AssetValue of the Fund and shall not be liable to the Fund in so doing.

Note that the Fund can take positions in instruments from anumber of asset classes including, but not limited to:

• Cash and cash equivalent instruments, bills of exchange orsimilar securities in all currencies;

• International government and corporate bonds and bondequivalent instruments – fixed interest and/or floating ratesecurities, corporate and/or government bonds of all levelsof credit worthiness;

• Australian listed equities and international listed equitieswhich may be listed on any world exchange;

• Australian unlisted equities and international unlistedequities which are expected to be listed within 90 days;

• Over-the-counter derivatives and exchange traded


derivatives including, but not limited to, equity indexfutures, government bond futures, commodity futures,volatility futures as well as options;

• Foreign exchange contracts – spot, forward and swap; and

• Other products such as structured products and other unittrusts.

There is no pre-determined strategic asset allocation to theseasset classes.

As described in section 5.3, excess cash, short dated cashinstruments and other unencumbered, unleveraged instrumentsare held in custody at J.P.Morgan Chase Bank, N.A. (SydneyBranch). Other assets are held in prime brokerage accounts andmay be subject to counterparty risk should issues arise withthose Prime Brokers.


The custodial arrangements in respect of various asset classes are described in the table below.

Asset Class Responsible Custodian Location of Custodian Custodian allocation range

All Interactive Brokers United States 0% – 100%

All Morgan Stanley United Kingdom 0% – 100%

Unencumbered assets J.P. Morgan Australia 0% – 100%

5.5 LiquidityThe majority of assets currently traded and held by the Fund areliquid. The Responsible Entity and Investment Manager expectthat the Fund will be able to realise at least 80% of the Fund’sassets, at the value ascribed to those assets in the most recentcalculation of NAV, within 10 Business Days.

It is unlikely that liquidity issues will result from withdrawalrequests. Generally, it is the Investment Manager’s policy toensure that the Fund remains liquid.

5.6 LeverageThe Fund’s underlying strategies employ leverage. Leverage isregularly used in particular to increase the magnitude of returnsderived from low volatility asset classes. As such, most leveragecomes from long/short positions in low volatility, liquid assetclasses such as government bonds and currencies. Note that thiscan result in gross notional exposure that is a multiple of thevalue of the Fund’s net asset value. This means gains and lossesare amplified and may be significantly greater than those in afund that is not leveraged.

Leverage is primarily obtained through the use of variousover-the-counter derivatives and exchange traded derivativessuch as futures, foreign exchange forwards and other financialinstruments. In addition, leverage can be obtained viaborrowings within prime broker margin accounts where certaincash and assets are posted as margin collateral. Note that if aprime broker becomes insolvent those assets may becomeimpaired and only partially recoverable.

Whilst there are no hard limits to total leverage levels, there is apolicy which seeks to limit gross exposure (longs plus absolutevalue of shorts) to 14 times the Fund’s net asset value. Animportant point is that this is not a statement about risk orvolatility. Traditional investors will often compare notional grossexposure rather than the amount of inherent risk or volatilitybetween strategies and this can lead to erroneous conclusionsabout the riskiness of particular strategies. As most of theexposure is in low volatility asset classes the expected volatilityof the Fund is generally lower than many common market risks,such as equity or commodity risk.

As the Fund can hold long and short positions across a range ofasset classes it is impossible to give a simple example of how thecombination of leverage and market returns will affect fundperformance. While in general the Fund seeks to be roughlyneutral on average to major market risks, such as market wideequity or bond returns, it can during certain periods be exposedto general market risk. The Fund usually has significant exposureto within asset class relative returns, although this too can vary.For example, at one point in time $100 invested in the Fund mayhave zero exposure to global equity risk, but significantexposure to one basket of equities returns versus another. Atanother point in time, the same $100 may move in line withglobal equities but have very little exposure to relative moveswithin equities. This flexibility allows the Fund to take advantageof the wide possible spectrum of opportunities.

5.7 DerivativesA derivative is a financial instrument whose value depends onunderlying variables. Derivatives used by the Fund may be

exchange traded or over-the-counter (“OTC”). The mostcommon derivatives are futures, options and swaps but may alsoinclude other tradable assets such as a security or commodity ornon-tradable items such as the temperature (in the case ofweather derivatives), the unemployment rate, or any other kindof index. A derivative is essentially a contract whose payoffdepends on the value of something else such as a benchmark orthe price of a security or currency. There is often leverage, orborrowing, inherent in derivative positions as only a small initialmargin is usually required to establish positions in mostderivatives. Risks associated with derivatives may includeadverse movement in the physical asset or benchmarkunderlying the derivative, potential illiquidity of the derivative,the Fund being unable to meet payment obligations as theyarise and the counterparty to any derivative contract not beingable to meet its obligations under the contract. For OTCderivatives, such as foreign exchange forwards and options,there is also counterparty risk.

Counterparty risk refers to the fact that certain portions ofexposure and margin (i.e. collateral) held at a prime broker areheld in the prime broker’s name. Exposure in assets, such asforeign exchange forwards and other OTC positions, as well asthe margin to support those positions, are held by the PrimeBroker in an account controlled by the Responsible Entity andthe Investment Manager but owned by the Prime Broker. Thismeans that the Fund becomes a general creditor to the PrimeBroker. It is therefore important to have multiple prime brokersand distribute risk among them.

In the Fund, derivatives will be used extensively to createlong/short portfolio positions in equities, equity indices, bonds,currencies, commodities, volatility indices and other types ofexposure where appropriate. Both exchange traded and OTCderivatives will be used. Leverage and counterparty exposure ismonitored closely and strictly controlled to achieve the aims ofthe Fund. The Investment Manager intends to managecounterparty risk by choosing multiple counterparties withrelatively large and stable businesses, leverage levels belowindustry norms and good systems to support dailymark-to-market.

5.8 Short sellingShort selling plays an important role in ensuring that securitiesare priced correctly relative to fundamentals. The Fund regularlyengages in short selling in order to participate in this process,although in aggregate it is usually net long assets.

In creating a short position the Fund will borrow a security from asecurities lender (such as a Prime Broker) and sell it with theintention of repurchasing the security when the price of thesecurity falls. If the price of the security rises, a loss is incurredwhich can be greater than the purchased value of the security ifthe price of the security continues to rise. There is also the riskthat the securities lender may recall a security that the Fund hasborrowed at any time which means that the Fund may have tobuy the security at an unfavourable price to meet its obligations.

These risks can be managed by ensuring short positions areprimarily in liquid securities rather than in low liquidity assetswhich are more regularly subject to price spikes and supplyissues.


5.9 WithdrawalsThe Fund trades predominately in liquid instruments andtherefore it is likely that withdrawal requests can be satisfied invirtually all market conditions. However, note that in exceptionalcircumstances the Responsible Entity has a right to suspendwithdrawals. Such circumstances may include, but are notnecessarily limited to:

• a severe breakdown in markets in which the Fund trades;

• a credit event at a Prime Broker where the Fund holdsmargin and assets; and

• a credit event which impairs the short dated cashinstruments held in custody;

In certain circumstances, such as when there is a suspension ofwithdrawals or where the proportion of liquid assets of the Fundfalls below the specified thresholds under the Corporations Act,investors may not be able to withdraw their investments withinthe usual period upon request.

In the unlikely event that material changes to withdrawal rightsare made, investors will be notified via correspondence.

Please see section 7 for details of applications and withdrawalsunder normal circumstances.

5.10 Suggested investment timeframeThe suggested investment timeframe is at least 5 to 7 years.

5.11 Labour standards and environmental, socialand ethical considerationsNeither Equity Trustees nor Tribeca takes labour standards orenvironmental, social or ethical considerations into accountwhen making their investment decisions. However, where thosefactors negatively impact the investment performance orcompany stability, Tribeca’s investment team will generallydiscuss these matters with company management and/or reviewthe decision to hold the specific investment. No specificmethodology is used for such reviews nor are therepre-determined views about the extent to which such factors willbe taken into account in a review.

5.12 Fund performanceFund performance will be available from www.tribecaip.com.auor by contacting Tribeca on (02) 9640 2600. Please note that dueto the historical nature of performance information and thevolatility of returns, future returns may differ from past returns.


6. Managing RiskAll investments carry risk. Different investment strategies maycarry different levels of risk, depending on the assets acquiredunder the strategy. Assets with the highest long-term returnsmay also carry the highest level of short-term risk. The significantrisks below should be considered in light of your risk profilewhen deciding whether to invest in the Fund. Your risk profilewill vary depending on a range of factors, including your age,the investment time frame (how long you wish to invest for), yourother investments or assets and your risk tolerance. NeitherEquity Trustees nor Tribeca guarantee the liquidity of the Fund’sinvestments, repayment of capital or any rate of return or theFund’s investment performance. You may lose money byinvesting in the Fund and your investment in the Fund may notmeet your objectives. Future returns may differ from pastreturns. In addition neither Equity Trustees nor Tribeca offersadvice that takes into account your personal financial situation,including advice about whether the Fund is suitable for yourcircumstances. If you require personal financial advice, youshould contact a licensed financial adviser.

The Fund should be considered as a high risk strategyinvestment. It is not intended as a complete investmentprogram. The Fund is designed only for informed and educatedinvestors who can bear the economic risks of the loss of theirinvestment in the Fund and who have a limited need for liquidityin their investment. There can be no assurance that the Fund willachieve its investment objective or that any investor will get theirmoney back.

Market riskChanges 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.

Fund riskAs with all managed funds, there are risks particular to the Fund,including that the Fund could terminate, the fees and expensescould change, the Investment Manager could be replaced andthe investment professionals could change. There is also a riskthat investing in the Fund may give different results thaninvesting directly because of income or capital gains accrued inthe Fund and the consequences of investment and withdrawalsby other investors. We aim to keep Fund risk to a minimum bymonitoring the Fund and acting in your best interests.

Liquidity riskThere may be times when there is a limited secondary market forthe securities in which the Fund may invest, and this may affectthe ability of the Fund to realise investments or to meetwithdrawal requests. Equity Trustees does not guarantee theliquidity of the Fund’s investments or your investments in theFund. Equity Trustees has attempted to mitigate the liquidityrisk factor by ensuring sufficient cash exposure in the Fund tomeet liquidity requirements.

Currency riskThe Fund has exposure to investments which are denominatedin foreign currencies. If the value of foreign currencies changesrelative to the Australian dollar, the value of the investments ofthe Fund may change. The Fund is managed on an unhedgedbasis so it is fully exposed to currency movements.

International investing riskThe Fund will hold investments in global securities. Certaincountries may impose restrictions on the ability of locallydomiciled companies to make payments of principal, dividendsor interest to investors located outside the country, due to

blockage of foreign currency exchanges, changes to tax laws,and changes to local regulations or otherwise. Generally, theremay be less publicly available information about foreigncompanies due to less rigorous disclosure or accountingstandards and regulatory practices. In addition, the Fund couldbe subject to risks associated with adverse political andeconomic developments in certain countries, which could causethe Fund to lose money on these investments.

Regulatory riskThis is the risk that domestic or international laws or regulations(including tax laws) are changed adversely or that regulatorysupervision of transactions and reporting is performed by theInvestment Manager at less than an appropriate standard. TheInvestment Manager aims to manage this risk by regularly andclosely reviewing changes in the regulatory and taxenvironment.

Credit riskThe Fund faces several types of credit risks including market,counterparty, prime brokerage and custodian risk.

• Market risk can result from explicit or implicit exposure tomarket instruments such as interest rate swaps, corporatebonds, credit default swaps, bank bills, etc.

• Counterparty risk can result when a party to a credittransaction fails to meet its obligations, such as acounterparty defaulting under a derivative contract or asecurities lender failing to deliver a borrowed security.

• Risk from Prime Brokers exists because Prime Brokers do notusually guarantee the return of collateral held and anycollateral may be lost in the event of insolvency of the PrimeBroker. Any assets of the Fund which are taken as collateralby a Prime Broker become the property of the Prime Brokerand the Prime Broker can use the Fund’s assets for anypurpose and, in the event of the insolvency of the PrimeBroker, the Fund may not be able to recover such equivalentassets in full. Even where the Fund is able to recover all of itscapital, its trading could be materially disrupted in theinterim, potentially resulting in material losses.

• Custodian risk can result from a failure of the Custodian tosecure custody of assets held there.

Key personnel riskTribeca is dependent to some extent upon the expertise of itsexisting investment team. Consequently, the Fund’sperformance could be adversely affected if key members of theinvestment team do not continue to provide their services toTribeca.

Interest rate riskChanges in official interest rates can directly and indirectlyimpact (negatively or positively) on investment returns. Thisrelates to the possibility of a reduction in the value of a security,especially a long bond position, resulting from a rise in interestrates. Similarly, short bond positions can experience a reductionin value from a drop in interest rates. Another source of interestrate risk is the Fund Benchmark, which is a short term floatingcash rate. As short term interest rates go down the returnsgenerated from the Fund Benchmark will also go down.

Leverage riskSee section 5.6

Derivatives riskSee section 5.7

Short selling riskSee section 5.8


Outsourcing riskThe Responsible Entity outsources key operational functionsincluding investment management, custody, execution,administration and valuation to a number of third party serviceproviders. There is a risk that third party service providers mayintentionally or unintentionally breach their obligations to theFund or provide services below standards which are expectedby the Responsible Entity causing loss to the Fund.

Risk Management PoliciesMany layers of risk control are in place to handle the broad set ofasset classes traded:

Basic position sizing by asset classA simple and robust approach to allocating risk and exposure isto understand that different asset classes have differentfundamental volatilities and liquidity characteristics. A 2 yeargovernment bond is both liquid and has a low volatility. AVolatility Index future (“VIX”) has very high volatility and is lessliquid. It is important to understand these characteristics andsize portfolio positions accordingly. Guidelines are set for netand gross exposure by asset class which are monitored daily viathe portfolio management system and via prime brokeragesystems.

Volatility and correlation modellingThe portfolio construction process for the bulk of positions inthe Fund requires explicit forecasts for volatilities andcorrelations of the investment universe. These estimates aredynamic in nature and can react to rapidly changing volatilitylevels and correlation relationships between assets. Thepractical outcome of these calculations is that as marketsbecome stressed expected volatility and correlations go up.Tribeca’s portfolio construction process takes this into accountand reduces positions on a daily basis if market conditionsdeteriorate.

Market stress modellingAn additional way to look at risk is to measure stresses usingmultiple metrics across a range of asset classes. Tribeca assignsthese measurements equal importance in its volatility andcorrelation modelling. Some example metrics Tribeca uses to

identify stressed environments include implied volatilities inseveral asset classes, correlation concentration by asset class,changes in policy rates, swap spreads, emerging marketdynamics, credit spreads, credit default swap levels, etc. Theavailability of these metrics allows investment ideas andsub-strategies to be viewed in the context of their exposure andresponse to stressed environments. That exposure is then variedwhere appropriate.

Optimisation constraintsAnother risk management tool in portfolio construction is to putexplicit limits on individual position sizes during portfolioconstruction optimisation. This prevents undesiredconcentration in individual assets and because it happensduring portfolio construction it allows rational tradeoffs to bemade.

Risk overridesAn important aspect of the risk management framework ismodification of positions to account for unique marketconditions. Tribeca aims to be keenly aware of any developmentthat could impact the expected alpha, volatility, correlation ormarket environment assumptions embedded in our systematicprocess. The response to a unique environment or events isalmost always to reduce risk in a way that mitigates exposure toareas of concern.

Real-time accountingWhile not strictly necessary for prudent management of thestrategy, the Fund has access to certain real-time accountingcapabilities. This allows a very rapid understanding of intradayprofit & loss and facilitates responses to developing situations.

Margin managementUnderstanding leverage and counterparty risk inherent in usingmargined Prime Broker services is essential. As a general policyTribeca aims to (a) be over margined in order to prevent margincalls and (b) keep a significant allocation of the Fund in liquid,unencumbered, high quality cash vehicles at the independentcustodian. To mitigate counterparty risk Tribeca aims to spreadthe positional risk and margin across as many counterparties aspractical for the funds under management size.


7. Investing and WithdrawingInitial applicationsInvestors who are Wholesale Clients can acquire units bycompleting an Application Form. Applicants must be 18 years ofage or over. The minimum investment amount for the Fund is$250,000.

To invest directly please complete the Application Formaccompanying this IM and send your original Application Formto:

Investor Relations GroupCitco Fund Services (Australia) Pty LtdLevel 22, 45 Clarence StreetSydney, NSW, Australia 2000

For any queries regarding the applications, investors cancontact the Investor Relations Group of Citco Fund Services(Australia) Pty Ltd at [email protected].

Application money should be transferred to the bank accountdetails shown in the Application Form. Please note that neithercash nor cheques will be accepted.

The price at which units are acquired is determined inaccordance with the Constitution (“Application Price”). TheApplication Price, in general terms, is equal to the NAV of theFund, divided by the number of units on issue.

Unit prices are generally calculated monthly. However, EquityTrustees may determine the price on another day, or more orless often than monthly. Each day on which unit prices aredetermined is a “Pricing Date”.

The cut-off time for applications is 5:00 pm two Business Daysbefore the month end date. The Application Price forapplications received by the cut-off time, which are accepted,will be determined on the relevant Pricing Date. Applicationsreceived after the cut-off time will not be processed until thefollowing Pricing Date

Transaction costs may reduce the number of units which aninvestor receives when applying for units. See the ‘Buy/Sellspread’ information in the fees section for further information.

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

Additional applicationsYou can make additional investments into the Fund at any timeby sending us your additional investment amount together witha completed Application Form.

The minimum additional investment into the Fund is $10,000.

Terms and conditions for applicationsApplications can be made at any time. Application cut-off timesand unit pricing are set out in the initial applications sectionabove.

Please note that we do not pay interest on application monies(any interest is credited to the Fund).

Equity Trustees reserves the right to refuse any applicationwithout giving a reason. If for any reason Equity Trustees refusesor is unable to process your application to invest in the Fund,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

all the necessary information has been provided. As a resultdelays in processing your application may occur.

Cooling off periodAs the offer in this IM is only available to Wholesale Clients,cooling off rights do not apply.

Making a withdrawalInvestors of the Fund can withdraw their investment by writtenrequest to:

Citco Fund Services (Australia) Pty LtdEmail: [email protected]: (02) 9005 0444

Originals must then be sent by mail to:

Investor Relations Group of Citco Fund Services (Australia) PtyLtdLevel 22, 45 Clarence StreetSydney, NSW, Australia 2000

For any queries, investors can contact the Investor RelationsGroup of Citco Fund Services (Australia) Pty Ltd [email protected]

The Administrator will acknowledge receipt of any withdrawalrequest, and in the event no acknowledgement is receivedwithin 5 Business Days of submitting the request, the investorshould assume that the withdrawal request has not beenreceived and should contact the Administrator via phone (02)9005 0400 to confirm the status of their request. Furthermore,investors who submit withdrawal requests initially by fax or emailare advised to contact the Administrator by telephone on (02)9005 0400 to confirm that the Administrator has received therequest.

The minimum withdrawal amount is $10,000. Refer below for‘Terms and conditions for withdrawals’. All withdrawal requestsmust be signed by the investor(s) and withdrawals will only bepaid directly to the unit holder’s bank account held in the nameof the unit holder with an Australian domiciled bank. Withdrawalpayments will not be made to third parties.

The price at which units are withdrawn is determined inaccordance with the Constitution (“Withdrawal Price”). TheWithdrawal Price, in general terms, is equal to the NAV of theFund, divided by the number of units on issue less anytransaction costs.

Unit prices are generally calculated monthly. However, EquityTrustees may determine the price on another day, or more orless often than monthly. Each day on which unit prices aredetermined is a “Pricing Date”.

The cut-off time for withdrawals is 5:00 pm two Business Daybefore the month end date. The Withdrawal Price for withdrawalrequests received by the cut-off time, which are accepted, willbe determined on the relevant Pricing Date. Withdrawalrequests received after the cut-off time will not be processeduntil the following Pricing Date.

Transaction costs may reduce the amount which an investorreceives on withdrawal. See the ‘Buy/Sell spread’ information inthe fees section for further information.The Withdrawal Price willvary as the market value of assets referrable to the Fund rises orfalls.

Access to fundsEquity Trustees will generally pay withdrawals within 10 BusinessDays of receipt of a withdrawal request for the relevant amount.However, the Constitution of the Fund allows Equity Trustees to


make payment up to 30 days after receipt of a withdrawalrequest (which may be extended by a further 30 days or more incertain circumstances).

Equity Trustees reserves the right to fully redeem yourinvestment upon 30 days notice if your investment balance inthe Fund falls below $200,000 as a result of processing yourwithdrawal request. Equity Trustees can deny a withdrawalrequest or suspend consideration of a withdrawal request incertain circumstances, including where accepting the request isnot in the best interests of investors in the Fund or where theFund is not liquid (as defined in the Corporations Act). When theFund is not liquid, an investor can only withdraw when EquityTrustees makes a withdrawal offer to investors in accordancewith the Corporations Act. Equity Trustees is not obliged tomake such offers.

Terms and conditions for withdrawalsOnce your withdrawal request is received, your instruction maybe acted on without further enquiry if the instruction bears youraccount number or investor details and your (apparent)signature(s), or your authorised signatory’s (apparent)signature(s).

Equity Trustees and/or the Administrator reserve the right to askfor the production of original documents or other information toauthenticate the communication. In the case of mis-receipt orcorruption of any message, you will be required to re-send thedocuments. Please note that messages sent via email mustcontain a duly signed document as an attachment.

No withdrawal proceeds will be paid until the Administrator hasreceived the withdrawal request signed by the investor or anauthorised signatory. Neither Equity Trustees nor theAdministrator shall be responsible for any mis-delivery ornon-receipt of any facsimile or email. Facsimiles or emails sentto the Administrator shall only be effective when actuallyreceived by the Administrator.

When you are withdrawing, you should take note of thefollowing:

• We are not responsible or liable if you do not receive, or arelate in receiving, any withdrawal money that is paidaccording to your instructions.

• We may contact you to check your details before processingyour withdrawal form. This may cause a delay in finalisingpayment of your withdrawal money. No interest is payablefor any delay in finalising payment of your withdrawalmoney.

• If we cannot satisfactorily identify you as the withdrawinginvestor, we may refuse or reject your withdrawal request orpayment of your withdrawal proceeds will be delayed. Weare not responsible for any loss you consequently suffer.

• As an investor who is withdrawing, you agree that anypayment made according to instructions received by post orcourier, email or fax, shall be a complete satisfaction of ourobligations, despite any fact or circumstances such as thepayment being made without your knowledge or authority.

• You agree that if the payment is made according to theseterms, you and any person claiming through or under you,shall have no claim against us about the payment.

• The Constitution allows Equity Trustees to make paymentup to 30 days after we accept a request (which may beextended by a further 30 days or more in certaincircumstances).

• Equity Trustees can deny a withdrawal request whereaccepting the request would cause the relevant fund tocease to be liquid or where that fund is not liquid (as definedin the Corporations Act). When a fund is not liquid, an

investor can only withdraw when Equity Trustees makes awithdrawal offer to investors in accordance with theCorporations Act. Equity Trustees is not obliged to makesuch offers.

Under the Corporations Act and the constitution for a fund, aninvestor does not have a right to withdraw from a fund if the fundis illiquid. In such circumstances you can only withdraw whereEquity Trustees makes a withdrawal offer in accordance with theCorporations Act. Equity Trustees is not obliged to make suchoffers.

A fund will be liquid if at least 80% of its assets are liquid assets(generally cash and marketable securities). In addition, if EquityTrustees is unable to repatriate funds to meet withdrawalpayments, it may suspend the calculation of the Net Asset Valueand withhold withdrawal proceeds.

DistributionsThe Fund usually distributes income annually at the end of June.Distributions are calculated on the last day of each period end(30 June), and are normally paid to investors within 14 BusinessDays of the period end although the distribution at 30 June maytake longer. Equity Trustees may amend the distributionfrequency 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 thedistribution period and the 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.

In some circumstances, where an investor makes a largewithdrawal request (5% or more of the units on issue in the Fundat the start of the relevant distribution period), their withdrawalproceeds may be taken to include a component of distributableincome.

Valuation of the FundThe value of the investments of the Fund is generallydetermined monthly but may be more frequent in accordancewith the Constitution. Generally, investments will be valued atthe next available market value but other valuation methods andpolicies may be applied by Equity Trustees if appropriate. Thevalue 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 Constitutionof the Fund.

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 jointtenants.

Authorised signatoriesYou can appoint a person, partnership or company as yourauthorised signatory. To do so, please nominate them on theinitial Application Form and have them sign the relevantsections. If a company is appointed, the powers extend to anydirector and officer of the company. If a partnership isappointed, the powers extend to all partners. Suchappointments will only be cancelled or changed once wereceive written instructions from you to do so.

Once appointed, your authorised signatory has full access tooperate your investment account for and on your behalf. Thisincludes the following:

• making additional investments;


• requesting income distribution instructions to be changed;

• withdrawing all or part of your investment;

• changing bank account details;

• enquiring and obtaining copies of the status of yourinvestment; and

• having online account access to your investment.

If you do appoint an authorised signatory:

• you are bound by their acts;

• you release, discharge and indemnify us from and againstany losses, liabilities, actions, proceedings, account claimsand demands arising from instructions received from yourauthorised representatives; and

• you agree that any instructions received from yourauthorised representative shall be complete satisfaction ofour obligations, even if the instructions were made withoutyour knowledge or authority.

Electronic instructionsIf an investor instructs Equity Trustees by electronic means, suchas facsimile, email or internet the investor releases Equity

Trustees from and indemnifies Equity Trustees against, all lossesand liabilities arising from any payment or action Equity Trusteesmakes based on any instruction (even if not genuine) that EquityTrustees receives by an electronic communication bearing theinvestor’s investor code and which appears to indicate to EquityTrustees that the communication has been provided by theinvestor eg. A signature which is apparently the investor’s andthat of an authorised signatory for the investment or an emailaddress which is apparently the investor’s. The investor alsoagrees that neither they nor anyone claiming through them hasany claim against Equity Trustees or the Fund in relation to suchpayments or actions. There is a risk that a fraudulent withdrawalrequest can be made by someone who has access to aninvestor’s investor code and a copy of their signature or emailaddress. Please ensure you protect this information at all timesagainst unauthorized access or use.


8. Keeping Track of Your InvestmentEnquiries and complaintsIf you have any questions regarding the management of theFund, you can contact the Tribeca on +61 2 9640 2600 or visitwww.tribecaip.com.au. If you are not completely satisfied withany aspect of our services regarding the management of theFund, please contact Equity Trustees. Equity Trustees seeks toresolve potential and actual complaints over the managementof the Fund 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 the letterof complaint and will seek to resolve it as soon as practicable butnot longer than 45 days after receiving the complaint. If we areunable to resolve your complaint, you may be able to seekassistance from the Financial Ombudsman Service (“FOS”). Tofind out whether you are eligible (and if so, to make a complaint)contact FOS on 1800 367 287 (Australia) or +613 9613 7366,[email protected] or GPO Box 3, Melbourne VIC 3001.

Please include the Equity Trustees’ FOS membership numberwith your enquiry. It is 13095.

FOS is an independent body that can assist you if EquityTrustees cannot. FOS may not consider a dispute where thevalue of a person’s claim exceeds $500,000. FOS is only able to

make a determination of up to $309,000 per managedinvestment claim (excluding compensation for costs and interestpayments). These monetary limits and the FOS terms ofreference do change from time to time. Current details can beobtained from the FOS website (www.fos.org.au).

ReportsRegular, simple to read reports are provided to Unit holders inthe Fund. These reports comprise:

• Annual Report including financial statements and auditor’sreport will be made available on the Equity Trustees websiteat www.eqt.com.au/insto from 30 September each year (youmay elect to receive a hard copy of this report by indicatingthis in the appropriate place in the application form).

• Transaction Reports confirming all additional investments,redemptions, and payments (issued following transactionsand on request).

• Distribution Statements - issued in line with distributionfrequency, notifying you of the value of your investment,income from investments and confirming the reinvestmentor payment to your nominated account.

• Tax Statements issued annually, providing Unit holders withtaxation information including a detailed summary of thecomponents of any distributions.

You can contact Equity Trustees on +613 8623 5000 for updatedinformation on performance, Unit prices, fund size and othergeneral information about the Fund.


9. Fees and Other CostsThe example given in the warning statement does not relate to any investments described within this IM.

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

For example, total annual fees and costs of 2% of your investment balance rather than 1% could reduce your final return by upto 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 member servicesjustify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or yourfinancial 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 Fund’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.

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the Fund1

Establishment feeThe fee to open your investment

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

Contribution feeThe fee on each amount contributed toyour investment

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

Withdrawal feeThe fee on each amount you take out ofyour investment

Nil There is no withdrawal fee payable whenyou withdraw investments from the Fund.

Exit feeThe fee to close your investment

Nil There is no exit fee payable when youclose your investment in the Fund.

Management costs1

The fees and costs for managing yourinvestment*

1.00%* (inclusive of the net impact ofGST and RITC) p.a. of the NAV of theFund (based on a constant investment of$250,000, the amount in dollars is $2,500p.a.)

Management costs (excluding theperformance fee) are calculated andaccrued monthly based on the NAV ofthe Fund. The accrued fees are paid inarrears from the Fund at the end of eachmonth.

Plus

A performance fee charged by theInvestment Manager at 20.05%* (inclusiveof the net impact of GST and RITC) of theinvestment return above the FundBenchmark.

The performance fee is calculatedmonthly, based on the NAV of the Fundand accrued in the Fund, subject to ahigh water mark. It is paid annually at30 June from the Fund’s assets.

1 * This fee can be negotiated. See “Differential fees” below.

Additional Explanation of Fees and CostsWhat do the management costs pay for?Management costs comprise the additional fees or costs that aunitholder incurs by investing in the Fund rather than byinvesting directly in the assets.

The management fees of 1.00% p.a. of the NAV of the Fund ispayable to the Responsible Entity of the Fund for managing theassets and overseeing the operations of the Fund. Themanagement fees are accrued monthly and paid from the Fundmonthly in arrears and reflected in the unit price. As at the dateof this IM, ordinary expenses such as investment management

fees, custodian fees, administration and audit fees, and otherordinary expenses of operating the Fund are covered by themanagement fees.

The management costs shown above do not includeextraordinary expenses (if they are incurred in future), such aslitigation costs or the costs of convening unitholder meetings.

In addition, management costs do not include transactional andoperational costs (i.e. costs associated with investing theunderlying assets, some of which may be recovered throughBuy/Sell Spreads).


Transactional and operational costsIn managing the assets of the Fund, the Fund may incurtransaction costs such as brokerage, settlement costs, clearingcosts and applicable stamp duty when assets are bought andsold. This generally happens when the assets of a fund arechanged in connection with day-to-day trading or when thereare applications or withdrawals which cause net cash flows intoor out of a fund.

The Buy/Sell Spread reflects the estimated transaction costsincurred in buying or selling assets of the Fund when investorsinvest in or withdraw from the Fund. The Buy/Sell Spread is anadditional cost to the investor but is incorporated into the unitprice and incurred when an investor invests in or withdraws fromthe Fund and is not separately charged to the investor. TheBuy/Sell Spread is paid into the Fund and not paid to EquityTrustees or the Investment Manager. The estimated Buy/SellSpread is 0.30% upon entry and 0.30% upon exit ($30 for each$10,000 invested or withdrawn). The Buy/Sell Spread can bealtered by the Responsible Entity at any time. The ResponsibleEntity may also waive the Buy/Sell Spread in part or in full at itsdiscretion.

Transactional costs which are incurred other than in connectionwith applications and withdrawals arise through the day-to-daytrading of the Fund’s assets and are reflected in the Fund’s unitprice. As these costs are factored into the Net Asset Value of theFund and reflected in the unit price, they are an additionalimplicit cost to the investor and are not a fee paid to theResponsible Entity. These costs can arise as a result of bid-offerspreads (the difference between an asset’s bid/buy price andoffer/ask price) being applied to securities traded by the Fund.Liquid securities generally have a lower bid-offer spread whileless liquid assets have a higher bid-offer spread reflecting thecompensation taken by market makers in providing liquidity forthat asset.

We estimate that the total transaction costs for the Fund over afull financial year will be 4.90% of the Net Asset Value of theFund, of which 17.66% of these transaction costs is reasonablyestimated to be recouped via the Buy/Sell spread whenapplications or withdrawals take place, resulting in a nettransaction cost of the Fund of 4.03% p.a.

Alternative forms of remunerationAs a member of the Financial Services Council, we maintain anAlternate Forms of Remuneration Register. The register, whichyou can review by contacting us, outlines some alternative formsof remuneration that we may pay to or receive from AFSlicensees, fund managers or representatives (if any is paid orreceived at all in relation to the Fund).

Differential feesA separate fee arrangement may be negotiated from time totime with certain investors who are Wholesale Clients or IDPSOperators. Please contact the Investment Manager if you wishto negotiate the fees

Performance feesIn addition to the investment management fees, the InvestmentManager may also receive a performance fee. The performancefee is only payable when the Fund outperforms the FundBenchmark.

A performance fee of 20.05% of the investment performance ofthe Fund above the Bloomberg AusBond Bank Bill Index (the“Fund Benchmark”) is payable to the Investment Manager as anexpense of the Fund.

In general terms:

• Each month, the performance of the Fund from theinception date is compared with the performance of the

Fund Benchmark for the same period. The Fund’sperformance is calculated after the deduction of themanagement costs (paid or accrued) but before thededuction of performance fees and disregarding anyapplications into and withdrawals out of the Fund. Thepositive difference is referred to as ‘outperformance’.

• A ‘high water mark’ is then set each time the level ofoutperformance exceeds the previous highest level ofoutperformance since inception of the Fund.

• The amount by which the Fund’s outperformance exceedsthe previous high water mark, if any, (Difference) is thencalculated.

• If the previous high water-mark is exceeded for a particularmonth, a performance fee of 20.05% of the Difference,multiplied by the Fund’s NAV, is then accrued. Theperformance fee is generally calculated monthly andpayable annually

• However, if the previous high water mark is not exceeded,no performance fee accrues that month, even if the Fundperformance has exceeded its benchmark performance onthat day.

Please note that it is not possible to provide a meaningfulestimate of the performance fee payable in any given period, aswe cannot accurately forecast performance of the Fund againstthe Fund Benchmark.

The performance fee is accrued at each Pricing Date andpayable in arrears after the end of the relevant performanceperiod (30 June).

Performance fee exampleAssume the following;

• The Fund’s performance for a period is 5% aftermanagement costs have been deducted

• The Fund’s benchmark performance is 3% over the sameperiod

• The high water mark is set at zero

• The Fund NAV is $250,000

The Fund’s return above benchmark is 2% (5% - 3%) for theperiod. The performance fee is calculated as 20.05% x 2% x$250,000 = $1,001 for that performance period.

If the Fund’s performance is lower than the benchmark, aperformance fee is not charged. Any under performance duringthe performance period must be recouped before theInvestment Manager becomes entitled to a performance fee.

Please note that the example is used for illustrative purposesonly and does not forecast future performance.

Can the fees change?Yes, all fees can change without investor consent. In mostcircumstances the Constitution defines the maximum fees thatcan be charged for fees described in this IM. We have the rightto recover all proper and reasonable expenses incurred inmanaging the Fund and as such these expenses may increase ordecrease accordingly. We will generally provide investors with atleast 30 days notice of any proposed change to themanagement costs. Expense recoveries and Buy/Sell Spreadsmay change without notice, for example, when it is necessary toprotect the interests of existing members and if permitted bylaw.

GSTAll fees and other costs quoted include GST less any reducedinput tax credits.


10. TaxationInvesting in a wholesale unit trust scheme (such as this Fund) islikely to have tax consequences. You are strongly advised toseek your own professional tax advice about the applicableAustralian tax (including income tax, GST and duty)consequences and, if appropriate, foreign tax consequenceswhich may apply to you based on your particular circumstancesbefore investing in the Fund.

The Fund is an Australian resident for tax purposes and does notpay tax on behalf of its members. Australian resident Unitholders are assessed for tax on income and capital gainsgenerated by the Fund to which they become entitled.


11. Other Important InformationConsentsTribeca has given and, at the date of this IM, has not withdrawn,its written consent:

• to be named in this IM as the Investment Manager of theFund; and

• to the inclusion of the statements made about it, the Fundof which it is described as Investment Manager and thetables and statistical information, which are attributed to it,in sections 1, 2, 3, 4, 5, 6 and 8.

Tribeca has not otherwise been involved in the preparation ofthis IM and has not caused or otherwise authorised the issue ofthis IM. Tribeca and its employees and officers do not accept anyresponsibility arising in any way for errors or omissions from thisIM, other than in relation to the statements for which it hasprovided its consent.

The Prime Broker & CustodianAt the date of this IM Interactive Brokers LLC and MorganStanley Co and International plc have been appointed as primebrokers to provide a range of services, including execution,stock lending, margin loans, OTC derivatives exposure andcustody. J.P.Morgan Chase Bank, N.A. (Sydney Branch) has beencontracted to provide traditional custodial services forunencumbered, unleveraged assets.

Interactive Brokers LLC, Morgan Stanley Co and Internationalplc and J.P.Morgan Chase Bank N.A. (Sydney Branch) have nototherwise been involved in the preparation of this IM and havenot caused or otherwise authorised the issue of this IM.Interactive Brokers LLC, Morgan Stanley Co and Internationalplc, J.P.Morgan Chase Bank N.A. (Sydney Branch) and theiremployees and officers do not accept any responsibility arisingin any way for errors or omissions from this IM.

The AdministratorCitco Fund Services (Australia) Pty Ltd has been appointed asthe Fund’s administrator to perform certain administrative,accounting, registrar and transfer agency services for the Fund.

Citco has not otherwise been involved in the preparation of thisIM and has not caused or otherwise authorised the issue of thisIM. Citco and its employees and officers do not accept anyresponsibility arising in any way for errors or omissions from thisIM.

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

Termination of the FundThe Responsible Entity may resolve at any time to terminate andliquidate the Fund (if it provides investors with notice) inaccordance with the Constitution and the Corporations Act.Upon termination and after conversion of the assets of the Fundinto 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 theyhold in the Fund.

Our legal relationship with youEquity Trustees’ responsibilities and obligations, as theResponsible Entity of the Fund, are governed by theConstitution of the Fund, as well as the Corporations Act andgeneral trust law. The Constitution of the Fund contains a

number of provisions relating to the rights, terms, conditionsand obligations imposed on both Equity Trustees, as theResponsible Entity of the Fund, 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 IM by an investor, any amendment to theConstitution may vary or cancel that contract or obligation.Further, that contract or obligation may be varied or cancelledby a 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 investors’ rights.

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

Compliance planEquity Trustees has prepared and lodged a compliance plan forthe Fund with ASIC. The compliance plan describes theprocedures used by Equity Trustees to comply with theCorporations Act and the Constitution of the Fund. Each yearthe compliance plan for the Fund 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 Fund, isindemnified out of the Fund against all liabilities incurred by it inproperly performing or exercising any of its powers or duties inrelation to the Fund. To the extent permitted by theCorporations Act, this indemnity includes any liability incurredas a result of any act or omission of a delegate or agentappointed by the Responsible Entity. Subject to the law, EquityTrustees may retain or pay out from the assets of the Fund anysum necessary to affect such an indemnity.

Anti-Money Laundering and Counter TerrorismFinancing (“AML/CTF”)Australia’s AML/CTF laws require Equity Trustees to adopt andmaintain an Anti-Money Laundering and Counter TerrorismFinancing programme. A fundamental part of the AML/CTFprogramme is that Equity Trustees knows certain informationabout investors in the funds.

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 the AML/CTF laws. Processing ofapplications or withdrawals will be delayed or refused ifinvestors do not provide the KYC Documents when requested.


Under the AML/CTF laws, Equity Trustees may be required tosubmit reports to AUSTRAC. This may include the disclosure ofyour personal information. Equity Trustees may not be able totell you when this occurs.

Neither Equity Trustees nor Tribeca is liable for any loss you maysuffer because of compliance with the AML/CTF laws.

The ConstitutionThe Fund is governed by the Constitution. The Constitution setsout how the Fund must operate and, together with the IM, theCorporations Act and other laws, regulates the ResponsibleEntity’s legal relationship with investors. If you invest in the Fund,you agree to be bound by the terms of the IM and theConstitution. You can request a copy of the Constitution, free ofcharge. Please consider these documents before investing inthe Fund.

We may amend the Constitution from time to time inaccordance with the provisions in the Constitution and theCorporations Act.

Your privacyThe Privacy Act 1988 (Privacy Act) and the Australian PrivacyPrinciples regulate the way organisations collect, use, disclose,keep, secure and give people access to their personalinformation. At Equity Trustees we are committed to respectingthe privacy of your personal information throughout theinformation lifecycle and our Privacy Policy details how we dothis.

Equity Trustees may collect personal information about you andindividuals associated with you in order to provide products andservices to you, and to ensure compliance with legal andregulatory obligations (including under the Corporations Act,the AML/CTF Act and tax related legislation). You must ensurethat all personal information which you provide to EquityTrustees is true and correct in every detail, and should thosepersonal details change it is your responsibility to ensure thatyou promptly advise Equity Trustees of the changes in writing. Ifyou do not provide the information requested we may not beable to process your application, administer, manage, invest,pay or transfer your investment(s). We may also obtain orconfirm information about you from publicly available sources inorder to meet regulatory obligations.

Equity Trustees may disclose your information to other membersof our corporate group or to third parties, where it is necessary,in order to provide you with the products or services. Those thirdparties may be situated in Australia or offshore, and we takereasonable steps to ensure that all third parties with whom wehave a contractual relationship or other influence comply withthe Australian Privacy Principles.

The third parties that we may disclose your information toinclude, but are not limited to:

• stockbrokers, financial advisers or adviser dealer groups,their service providers and/or any joint holder of aninvestment;

• those providing services for administering or managing theFund, including the Investment Manager, the administrator,custodian, auditors, or those that provide mailing or printingservices;

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

• regulatory bodies such as ASIC, ATO, APRA and AUSTRAC.

Equity Trustees or the Investment Manager may from time totime provide you with direct marketing and/or educationalmaterial about products and services they believe may be ofinterest to you. You have the right to “opt out” by contactingEquity Trustees.

Equity Trustees’ Privacy Policy contains information about howyou can access information held about you, seek a correction ifnecessary, make a complaint if you think there has been a breachof your privacy and about how Equity Trustees will deal with yourcomplaint.

Full details of Equity Trustees’ Privacy Policy is available at . Youcan contact Equity Trustees’ Privacy Officer on +61 3 8623 5000,or email [email protected] to request a copy.

Information on underlying investmentsInformation regarding the underlying investments of the Fundwill be provided to an investor of the Fund 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. residentsthat invest in assets through non-U.S. entities. This information isreported to the Australian Taxation Office (“ATO”). The ATOmay then 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 Fund, 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 theFund suffers any amount of FATCA withholding and is unable toobtain a refund for the amounts withheld, we will not berequired to compensate unitholders for any such withholdingand the effect of the amounts withheld will be reflected in thereturns of the Fund.

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 financialinstitutions will also be required to report certain information onreportable accounts to their relevant local tax authorities.

Australia signed the CRS Multilateral Competent AuthorityAgreement and has enacted provisions within the domestic taxlegislation to implement CRS in Australia. From 1 July 2017,Australian financial institutions will need to document andidentify reportable accounts, implement due diligenceprocedures and report certain information with respect toreportable accounts to the ATO. The ATO may then exchangethis information with foreign tax authorities in the relevantsignatory 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,penalties may apply for failing to comply with the CRSobligations.

Attribution Managed Investment Trusts (“AMIT”)The Constitution provides, where separate classes of units areon issue in respect of the Fund, for income allocation to takeinto account any impact of the currency overlay that may be in


place for the respective classes. The quantum of the distributionis sought to be determined on a standalone basis. Prior to theAMIT multi-class election being made (as described below), theFund is treated as a single taxpayer. As any separate classes ofunits would not currently be treated as separate taxpayers, it ispossible under the current taxation regime that the tax characterof distributions made to a particular class may be impacted bytransactions associated with another class. The Constitutionprovides a mechanism to seek to minimise this outcome. Insofaras possible, where separate classes of units are on issue, theConstitution seeks to quarantine the income associated with aparticular class to that class.

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 madein respect of the Fund and thereafter the 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 less than(or more than) certain components attributed to investors, thenthe cost base of an investor’s units may be increased (ordecreased). Details of cost base adjustment 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 disposalof assets to fund a large redemption being attributed to theredeeming investor.

Multi-class AMITs: A choice is available to elect to treat separateclasses of units as separate AMITs. Equity Trustees is intendingthat the AMIT multi-class election be made in respect of theFund.

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.


12. Glossary of Important TermsAdministratorCitco Fund Services (Australia) Pty Ltd has been appointed asthe Fund’s administrator to perform certain administrative,accounting, registrar and transfer agency services for the Fund

AESTAustralian Eastern Standard Time

AFSLAustralian Financial Services Licence

AlphaThe risk adjusted returns in excess of the Fund Benchmark

Application FormThe application form used by investors who wish to subscribe forunits directly in the Fund and attached to this IM

ASICAustralian Securities and Investments Commission

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

ATOAustralian Taxation Office

AUSTRACAustralian Transaction Reports and Analysis Centre

Business DayA day other than a Saturday or Sunday on which banks are openfor general banking business in Melbourne or where theAdministrator is located in a city other than Melbourne, in thatother city.

Buy/Sell spreadThe difference between the application price and withdrawalprice of units in the Fund, which reflects the estimatedtransaction costs associated with buying and selling the assetsof the Fund, when investors invest in or withdraw from the Fund

ConstitutionThe Constitution of the Fund describes the rights,responsibilities and beneficial interests of both investors and theResponsible Entity in relation to the Fund

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

CustodianJP Morgan Chase Bank, N.A. (Sydney Branch) is responsible forholding custody of application money, excess cash, short datedcash instruments, and other unencumbered unleveragedinstruments

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

Equity TrusteesEquity Trustees Limited (ABN 46 004 031 298) who possesses anAFSL No. 240975

FundTribeca Global Total Return Fund - Institutional Class ARSN 152544 413

Fund BenchmarkBloomberg AusBond Bank Bill Index

GSTGoods and services tax

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

Information Memorandum (“IM”)Information Memorandum for the offer of interests in theTribeca Global Total Return Fund.

Investment ManagerTribeca Investment Partners Pty Ltd (ABN 64 080 430 100)

LeverageThe use of borrowings, various financial instruments and/orborrowed securities to increase the potential return of aninvestment. When leverage is used by an underlying fund, theexposure of the fund to investments exceeds the NAV of thefund.

Net Asset Value (‘NAV’)The value of assets of the Fund, less the value of the liabilities ofthe Fund.

Prime BrokerInteractive Brokers LLC and Morgan Stanley & Co Internationalplc

OTCOver-the-counter

Pricing DateThe date on which unit prices are determined. This is generallythe last day of the month. Equity Trustees may determine theprice on another day, or more or less often than monthly

Responsible EntityEquity Trustees Limited

RITCReduced 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

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 a trusteewho is a professional fiduciary is a US Person and a trustee whois not a US Person has sole or substantial investment discretionover the assets of the trust and no beneficiary (or settlor, if thetrust is revocable) of the trust is a US 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 thebenefit or account of a US Person.

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


Tribeca Global Total Return Fund – Institutional Class – Application Form – September 2017 Page 1 of 15

Tribeca Global Total Return Fund – Institutional Class 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 Information Memorandum ('IM') relating to units in Tribeca Global Total Return Fund – Institutional Class (Fund) issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975).

• The IM contains information about investing in the Fund. You should read the IM 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 IM. • Equity Trustees will provide you with a copy of the IM 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 Information Memorandum and Reference Guide for further information.

Section 1 – Introduction Do you have an existing investment in the Tribeca Global Total Return Fund – Institutional Class 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 & B

Trust (regulated) including Superannuation Fund with:

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

1, 2, 4, 7, 8, 9, 10 Group C and:

1. Group A or 2. Group E or F

Other Trusts (unregulated) with:

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

1, 4, 5, 7, 8, 9, 10 Group D and:

1. Group A or 2. Group E or F

Australian Company 1, 5, 7, 8, 9, 10 Group E & A

Foreign Company 1, 5, 7, 8, 9, 10 Group F & A

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 G & A or E or F

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


Contacting the Fund Fund Manager: +612 9640 2600

[email protected] Post your completed application to:

Investor Relations Group Citco Fund Services (Australia) Pty Ltd Level 22, 45 Clarence Street Sydney NSW Australia 2000

AML 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 (not expired more than 2 years previously) An identity card issued by a State or Territory Government that includes a photo A current passport (or similar) issued by a foreign government or the United Nations (UN) (or an agency of the

UN) that includes your photograph and signature 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 Group A verification documents for each partner(s) and beneficial owner(s) of the Partnership and one of the following:

A certified copy or certified extract of the partnership agreement. A notice issued by the Australian Taxation Office (“ATO”) within the last 12 months. An original or certified copy of a certificate of registration of business name issued by a government agency in

Australia. A certified copy or certified extract of minutes of a partnership meeting.

All the above must show the full name of the partnership. 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.

mailto:[email protected]


GROUP C – Trusts

Registered Managed Investment Scheme, Regulated Superannuation Fund (including a self- managed super fund), Government Superannuation Fund or a trust registered with the Australian Charities and Not-for-profit Commission (ACNC). Provide Group A verification documents for each Individual Trustee(s) or Group E, F or G verification documents for Corporate Trustee(s) and provide one of the following:

A copy of the company search of the relevant regulator’s website e.g. APRA, ASIC or the ATO database 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

All the above must show the Trust’s full name and type (i.e. registered managed investment scheme, regulated superannuation fund (including a self- managed super fund) or government superannuation fund).

GROUP D – Other Trusts (unregulated)

Provide Group A verification documents for each Individual Trustee(s) or Group E, F or G verification documents for Corporate Trustee(s) and provide Group A verification documents for each beneficial owner of the trust and in relation to the Trust, one of the following:

A certified copy or certified extract of the Trust Deed Annual report or audited financial statements A certified copy of a notice issued by the ATO within the previous 12 months Signed meeting minutes

All the above must show the full name of the Trust, its trustees, the appointer (the person authorised to appoint or remove trustees) and the settlor of the Trust (if any).

A beneficial owner of a trust is any individual who has a 25% or more interest in the trust or controls the trust. This includes the appointor of (who holds the power to appoint or remove the trustees of the trust), the settlor of, and the beneficiaries with at least a 25% interest in, a trust.

GROUP E – Australian Companies

Provide Group A verification documents for each beneficial owner(s), and for the Company provide one of the following (must clearly show the Company’s full name, type (private or public) and ACN):

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; A certificate of Company Registration; 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

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 F – Foreign Companies

Provide Group A verification documents for each beneficial owner/s, and in relation to the foreign company, one of the following:

A certified copy of the company’s Certificate of Registration or incorporation issued by ASIC or the equivalent 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.

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 G – Agents and Authorised Representatives

If you are an Individual Agent or Representative – please provide the identification documents listed under Group A.

If you are a Corporate Agent or Representative – please provide the identification documents listed under Group E or F

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.


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 IM and made this

application in Australia or New Zealand. I/We have read the IM to which this Application

Form applies and agree to be bound by the terms and conditions of the IM 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 IM.

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 IM 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 IM 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 New Zealand applicants: I/we have read the terms of the offer relating to New Zealand investors, including the New Zealand warning statement

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.


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


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


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?


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


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


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?


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?


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



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)*


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?


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)



Given Name(s) of Contact Person



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


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 pleaseprovide 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?


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

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


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 IM • I/We hereby declare that the investor is not a US Person as defined in the IM • I 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 have attached the relevant CIP documents; OR I have not attached the CIP documents however I will retain them and agree to provide them to Equity

Trustees on request. I also agree to forward these documents to Equity Trustees if I ever become unable to retain the documents.

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.


Section 8 –INVESTMENT INSTRUCTIONS (All investors MUST complete) 8.1 Investment Details

Tribeca Global Total Return Fund – Institutional Class (ETL0307AU)

Full name investment to be held in (must include name of Applicant)

Mailing Address Suburb


Email Address Phone

Investment Amount

$

, , .

The minimum initial investment in the Fund is $250,000.

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 Electronic Funds Transfer

Bank Name & Address (including country)

Westpac Banking Coportation. Royal Exchange Branch Corner Pitt Street and Bridge Street Sydney NSW 2000 AUSTRALIA

Account Name Equity Trustees as RE for Tribeca Global Total Return Fund BIC/SWIFT WPACAU2S BSB Number 032-002 Account Number 795288 Reference Investor name

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

http://www.eqt.com.au/


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)

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

(All investors MUST complete) 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


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

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


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


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


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

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


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


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


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


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? Have you read the NZ Warning Statement (for NZ investors only)?

If you can tick all of the boxes above, send the following: Completed Application Form; Certified copies of identification documents;

by post to: Investor Relations Group Citco Fund Services (Australia) Pty Ltd Level 22, 45 Clarence Street Sydney NSW Australia 2000