Standard Life Investments Global Equity Unconstrained Trust Product Disclosure Statement

Transcription

1 Standard Life Investments Glbal Equity Uncnstrained Trust Prduct Disclsure Statement ARSN APIR ETL0489AU Issue Date 28 September 2017 Abut this PDS This Prduct Disclsure Statement ( PDS ) has been prepared and issued by Equity Trustees Limited ( Equity Trustees, we r Respnsible Entity ) and is a summary f the significant infrmatin relating t an investment in the Standard Life Investments Glbal Equity Uncnstrained Trust (the Trust ). It cntains a number f references t imprtant infrmatin (including a glssary f terms) cntained in the Standard Life Investments Reference Guide ( Reference Guide ), which frms part f this PDS. Yu shuld cnsider bth the infrmatin in this PDS, and the infrmatin in the Reference Guide, befre making a decisin abut investing in the Trust. The ffer t which this PDS relates is nly available t Whlesale Clients (as defined in the Reference Guide) receiving this PDS (electrnically r therwise) in Australia and Whlesale Investrs (as defined in the Reference Guide) receiving this PDS (electrnically r therwise) in New Zealand wh have cmpleted a Whlesale Investr Certificate attached t the Applicatin Frm. New Zealand investrs must read the Standard Life Investments Glbal Equity Uncnstrained Trust New Zealand Whlesale Investrs Fact Sheet. All references t dllars r $ in this PDS are t Australian dllars. This PDS has nt been, and will nt be, ldged with the Registrar f Financial Service Prviders in New Zealand, and is nt a Prduct Disclsure Statement under the Financial Markets Cnduct Act 2013 (NZ). New Zealand Whlesale Investrs wishing t invest in the Fund shuld be aware that there may be different tax implicatins f investing in the Fund and shuld seek their wn tax advice as necessary. This PDS des nt cnstitute a direct r indirect ffer f securities in the US r t any US Persn as defined in Regulatin S under the US Securities Act f 1933 as amended ( US Securities Act ). Equity Trustees may vary this psitin and ffers may be accepted n merit at Equity Trustees discretin. The units in the Trust have nt been, and will nt be, registered under the US Securities Act unless therwise apprved by Equity Trustees and may nt be ffered r sld in the US t, r fr, the accunt f any US Persn except in a transactin that is exempt frm the registratin requirements f the US Securities Act and applicable US state securities laws. The infrmatin prvided in this PDS is general infrmatin nly and des nt take accunt f yur persnal bjectives, financial situatin r needs. Yu shuld btain financial advice tailred t yur persnal circumstances and cnsider whether the infrmatin in this PDS is apprpriate fr yu in light f thse circumstances. Cntents 1. Abut Equity Trustees Limited 2. Hw the Standard Life Investments Glbal Equity Uncnstrained Trust wrks 3. Benefits f investing in the Standard Life Investments Glbal Equity Uncnstrained Trusts 4. Risks f managed investment schemes 5. Hw we invest yur mney 6. Fees and csts 7. Hw managed investment schemes are taxed 8. Hw t apply 9. Other infrmatin The Reference Guide Thrughut the PDS, there are references t additinal infrmatin cntained in the Reference Guide. Yu can btain a cpy by visiting yu can als request a cpy by calling Standard Life Investments Limited n r Equity Trustees n The infrmatin cntained in the Reference Guide may change between the day yu receive this PDS and the day yu acquire the prduct. Yu must therefre ensure that yu have read the Reference Guide current at the date f yur applicatin. Updated infrmatin Infrmatin in this PDS is subject t change. We will ntify yu f any changes that have a materially adverse impact n yu r ther significant events that affect the infrmatin cntained in this PDS. Any infrmatin that is nt materially adverse is subject t change frm time t time and may be updated and btained by visiting yu can als request a cpy by calling Standard Life Investments Limited n r Equity Trustees n A paper cpy f the updated infrmatin will be prvided free f charge n request. Investment Manager and Client Services Standard Life Investments Limited ABN Incrprated in Sctland SC Web: australia.standardlifeinvestments.cm/ institutinal Phne: Administratr and Custdian State Street Australia Limited Unit Registry Level 14, 420 Gerge Street, SYDNEY NSW 2000 Telephne: Fax: Respnsible Entity Equity Trustees Limited ABN , AFSL GPO Bx 2307 Melburne VIC 3001 Ph: Web: Standard Life Investments Glbal Equity Uncnstrained Trust PDS 1

2 1. Abut Equity Trustees Limited The Respnsible Entity Equity Trustees Limited Equity Trustees Limited ABN AFSL ( Equity Trustees ), a subsidiary f EQT Hldings Limited ABN , which is a public cmpany listed n the Australian Securities Exchange (ASX: EQT), is the Trust s Respnsible Entity and issuer f this PDS. Established as a trustee and executrial service prvider by a special Act f the Victrian Parliament in 1888, tday Equity Trustees is a dynamic financial services institutin which cntinues t grw the breadth and quality f prducts and services n ffer. Equity Trustees respnsibilities and bligatins as the Trust s Respnsible Entity are gverned by the Trust s Cnstitutin ( Cnstitutin ), the Crpratins Act and general trust law. Equity Trustees has appinted Standard Life Investments as the Investment Manager f the Trust. Equity Trustees has appinted a Custdian t hld the assets f the Trust. The Custdian has n supervisry rle in relatin t the peratin f the Trust and is nt respnsible fr prtecting yur interests. The Investment Manager Standard Life Investments Limited Standard Life Investments is an investment cmpany and has been appinted by Equity Trustees as the Investment Manager. Standard Life Investments fcuses n delivering cnsistently leading investment results fr its clients. It des this by wrking as an integrated glbal team using an investment style that fcuses n change and prcesses that are bth rbust and repeatable. Standard Life Investments glbal investment netwrk, enhanced by their presence n the grund in key markets, gives them a clear understanding f wrldwide investment issues. Standard Life Investments Limited (ABN ) is incrprated in Sctland (N. SC123321) and is exempt frm the requirement t hld an AFSL under paragraph 911A(2)(l) f the Crpratins Act 2001 (Cth) in respect f the prvisin f financial services as defined in Schedule A f the relief instrument n.10/0264 dated 9 April 2010 issued t Standard Life Investments LimitedbytheASIC. 2. Hw the Standard Life Investments Glbal Equity Uncnstrained Trust wrks The Trust is a registered managed investment scheme. The Trust is gverned by the Cnstitutin. The Trust cmprises assets which are acquired in accrdance with the Trust s investment strategy. Direct investrs receive units in the Trust when they invest. In general, each unit represents an equal interest in the assets f the Trust subject t liabilities; hwever it des nt give investrs an interest in any particular asset f the Trust. If yu invest in the Trust thrugh an IDPS (as defined in the Reference Guide) yu will nt becme a unit hlder in the Trust. The peratr r custdian f the IDPS will be the unit hlder entered in the Trust s register and will be the nly persn wh is able t exercise the rights and receive benefits f a unit hlder. Please direct any queries and requests relating t yur investment t yur IDPS Operatr. Unless therwise stated, the fllwing explanatin applies t direct investrs. Applying fr units Yu can acquire units by cmpleting the Applicatin Frm that accmpanies this PDS. The minimum initial investment amunt fr the Trust is $50,000. Cmpleted Applicatin Frms shuld be sent alng with yur identificatin dcuments (if applicable) t: State Street Australia Limited Unit Registry Level 14, 420 Gerge Street SYDNEY, NSW 2000 Please nte that cash and cheques cannt be accepted. The Buy/Sell Spread will be reviewed n a mnthly basis and may change as a result f the investment strategy f the Trust. The Respnsible Entity has the discretin t change the Buy/Sell Spread withut prvided ntice. Please call the Investment Manager n in regards t the current Buy/Sell Spread. The price at which units are acquired is determined in accrdance with the Cnstitutin ( Applicatin Price ). The Applicatin Price n a Business Day (as defined in the Reference Guide) is, in general terms, equal t the Net Asset Value ( NAV ) f the Trust, divided by the number f units n issue and adjusted fr transactin csts ( Buy Spread ). At the date f this PDS, the Buy Spread is 0.32%. The Applicatin Price will vary as the market value f assets in the Trust rises r falls. Making additinal investments Yu can make additinal investments int the Trust at any time by sending us yur additinal investment amunt tgether with a cmpleted Additinal Applicatins Instructin Frm which can be dwnladed frm ur website AT_Applicatins_Instructin_Frm.pdf. The minimum additinal investment in the Fund is $5,000. Distributins An investr s share f any distributable incme is calculated in accrdance with the Cnstitutin and is generally based n the number f units held by the investr at the end f the distributin perid. The Trust usually distributes incme (if any) annually at the end f June. Distributins are calculated effective the last day f each accunting perid and are nrmally paid t investrs as sn as practicable after the distributin calculatin date. Investrs in the Trust can indicate a preference t have their distributin: reinvested back int the Trust; r directly credited t their Australian dmiciled bank accunt. Investrs wh d nt indicate a preference will have their distributins autmatically reinvested. Applicatins fr reinvestment will be taken t be received prir t the next valuatin time after the relevant distributin perid. There is n Buy Spread n distributins that are reinvested. In sme circumstances, where an investr makes a large withdrawal request (i.e. the withdrawal request is in respect f 5% r mre f the ttal units n issue), their withdrawal prceeds may be taken t include a cmpnent f distributable incme. Indirect Investrs shuld review their IDPS Guide fr infrmatin n hw and when they receive any incme distributin. New Zealand investrs can nly have their distributin paid in cash if an AUD Australian dmiciled bank accunt is prvided, therwise it must be reinvested (refer t the Standard Life Investments Glbal Equity Uncnstrained Trust New Zealand Whlesale Investr Fact Sheet) Access t yur mney Investrs in the Trust can generally withdraw their investment by cmpleting a written request t withdraw frm the Trust and mailing it t: State Street Australia Limited Unit Registry Level 14, 420 Gerge Street SYDNEY, NSW Standard Life Investments Glbal Equity Uncnstrained Trust PDS

3 Or Redemptin Instructin Frm which can be dwnladed frm ur website AT_Redemptins_Instructin_Frm.pdf The minimum withdrawal amunt is $5,000. Once we receive yur withdrawal request, we may act n yur instructin withut further enquiry if the instructin bears yur accunt number r investr details and yur (apparent) signature(s), r yur authrised signatry s (apparent) signature(s). Equity Trustees will generally allw an investr t access their investment within 14 days f receipt f a withdrawal request by transferring the withdrawal prceeds t such investrs nminated bank accunt. Hwever, the Cnstitutin allws Equity Trustees t reject withdrawal requests and als t make payment up t 30 days after acceptance f a request (which may be extended in certain circumstances). The price at which units are withdrawn is determined in accrdance with the Cnstitutin ( Withdrawal Price ). The Withdrawal Price n a Business Day is, in general terms, equal t the NAV f the Trust, divided by the number f units n issue and adjusted fr transactin csts ( Sell Spread ). At the date f this PDS, the Sell Spread is 0.32%. The Withdrawal Price will vary as the market value f assets in the Trust rises r falls. Equity Trustees reserves the right t fully redeem yur investment if yur investment balance in the Trust falls belw $40,000 as a result f prcessing yur withdrawal request. Equity Trustees can deny a withdrawal request r suspend cnsideratin f a withdrawal request in certain circumstances, including where accepting the request is nt in the best interests f investrs in the Trust r where the Trust is nt liquid (as defined in the Crpratins Act). When the Trust is nt liquid, an investr can nly withdraw when Equity Trustees makes a withdrawal ffer t investrs in accrdance with the Crpratins Act. Equity Trustees is nt bliged t make such ffers. If yu have invested indirectly in the Fund thrugh an IDPS, yu need t prvide yur withdrawal request directly t yur IDPS Operatr. The time t prcess a withdrawal request will depend n the particular IDPS Operatr. Unit pricing discretins plicy Equity Trustees has develped a frmal written plicy in relatin t the guidelines and relevant factrs taken int accunt when exercising any discretin in calculating unit prices (including determining the value f the assets and liabilities). A cpy f the plicy and, where applicable and t the extent required, any ther relevant dcuments in relatin t the plicy will be made available free f charge n request. Additinal infrmatin If and when the Trust has 100 r mre direct investrs, it will be classified by the Crpratins Act as a disclsing entity. As a disclsing entity the Trust will be subject t regular reprting and disclsure bligatins. Investrs wuld have a right t btain a cpy, free f charge, f any f the fllwing dcuments: the mst recent annual financial reprt ldged with ASIC ( Annual Reprt ); any subsequent half yearly financial reprt ldged with ASIC after the ldgement f the Annual Reprt; and any cntinuus disclsure ntices ldged with ASIC after the Annual Reprt but befre the date f this PDS. Equity Trustees will cmply with any cntinuus disclsure bligatin by ldging dcuments with ASIC as and when required. Cpies f these dcuments ldged with ASIC in relatin t the Trust may be btained frm ASIC thrugh ASIC s website. Further reading Yu shuld read the imprtant infrmatin in the Reference Guide under Investing in the Standard Life Investments Glbal Equity Uncnstrained Trust, Managing yur investment and Withdrawing yur investment abut: applicatin cut-ff times; authrised signatries; reprts; withdrawal cut-ff times; withdrawal terms; and withdrawal restrictins, befre making an investment decisin. G t the Reference Guide which is available at literature/index.html r The material relating t these matters may change between the time when yu read this PDS and the day when yu acquire the prduct. 3. Benefits f investing in the Standard Life Investments Glbal Equity Uncnstrained Trusts The Standard Life Investments Glbal Equity Uncnstrained Trust is an actively managed prtfli f glbal shares. Sme f the features f the Trust include: Access t a glbal equity pprtunity set enhancing the ability t deliver returns frm Standard Life Investments stck level insights thrugh a cncentrated but well-diversified prtfli. Access t Standard Life Investments Fcus n Change investment apprach encmpassing bttm up fundamental analysis and the use f prprietary mdels. Access t the expertise and investment insight f managers/analysts acrss Standard Life Investments wh maintain prprietary, in-depth and cntinuus cverage f mre than 2,100 cmpanies acrss the glbal stck universe. Managed with the ptential t deliver capital grwth. Mnthly and quarterly reprting t keep yu up t date n yur investment. 4. Risks f managed investment schemes All investments carry risks. Different investment strategies may carry different levels f risk, depending n the assets acquired under the strategy. Assets with the highest lng-term returns may als carry the highest level f shrt-term risk. The significant risks belw shuld be cnsidered in light f yur risk prfile when deciding whether t invest in the Trust. Yur risk prfile will vary depending n a range f factrs, including yur age, the investment time frame (hw lng yu wish t invest fr), yur ther investments r assets and yur risk tlerance. The Respnsible Entity and the Investment Manager d nt guarantee the liquidity f the Trust s investments, repayment f capital r any rate f return r the Trust s investment perfrmance. The value f the Trust s investments will vary. Returns are nt guaranteed and yu may lse mney by investing in the Trust. The level f returns will vary and future returns may differ frm past returns. Laws affecting managed investment schemes may change in the future. The structure and administratin f the Trust is als subject t change. In additin, we d nt ffer advice that takes int accunt yur persnal financial situatin, including advice abut whether the Trust is suitable fr yur circumstances. If yu require persnal financial advice, yu shuld cntact a licensed financial adviser. Standard Life Investments Glbal Equity Uncnstrained Trust PDS 3

4 General risk The market price f investments may g up r dwn, smetimes rapidly r unpredictably. Assets may decline in value due t factrs affecting markets generally r particular industries represented in the markets. The value f an investment may decline due t general market cnditins which are nt specifically related t a particular cmpany, such as real r perceived adverse ecnmic cnditins, supply and demand fr particular securities r instruments, changes in the general utlk fr crprate earnings, changes in interest r currency rates r adverse investr sentiment generally. They may als decline due t factrs which affect a particular industry r industries, such as labur shrtages r increased prductin csts and cmpetitive cnditins within an industry. During a general market dwnturn, multiple asset classes may decline in value simultaneusly. Further, changes in tax, legal and ecnmic plicy, plitical events and technlgy failure can all directly r indirectly create an envirnment that may influence the value f the investments f the Fund. Equity risk The value f the Underlying Fund, which invests in equity and equity related securities, will be affected by changes in the stck markets, changes in the value f individual prtfli securities, as well as by ecnmic, plitical, and issuer specific changes. At times, stck markets and individual securities can be vlatile and prices can change substantially in shrt perids f time. The equity securities f smaller cmpanies can be mre sensitive t these changes than thse f larger cmpanies. This risk will affect the value f the Underlying Fund, which will fluctuate as the value f the underlying equity securities fluctuates. Currency risk The Underlying Fund will invest glbally acrss different cuntries and therefre in different currencies. Changes in freign currency exchange rates will affect the value f the Fund and Underlying Fund. Emerging Markets risk Ptential investrs shuld nte that investments in emerging markets carry risks additinal t thse inherent in ther investments. In particular, ptential investrs shuld nte that (i) investment in any emerging market carries a higher risk than investment in a develped market (e.g. investment and repatriatin restrictins, currency fluctuatins, gvernment invlvement in the private sectr, investr disclsure requirements, pssibility f limited legal recurse fr the Fund); (ii) emerging markets may affrd a lwer level f infrmatin and legal prtectin t investrs; (iii) sme cuntries may place cntrls n freign wnership; and (iv) sme cuntries may apply accunting standards and auditing practices which d nt cnfrm with internatinally accepted accunting principles. In additin taxatin f interest and capital gains received by nn-residents varies amng emerging and less develped markets and, in sme cases may be cmparatively high. There may als be less well-defined tax laws and prcedures and such laws may permit retractive taxatin s that the Fund culd in the future becme subject t lcal tax liabilities that had nt been anticipated in cnducting investment activities r valuing assets. Derivatives risk The Underlying Fund may als use derivatives t achieve the investment bjective and hedging purpses. The value f a derivative is derived frm the value f an underlying asset. This invlves basis risk as the value f a derivative may nt mve perfectly in line with the physical security. Therefre, the derivative psitins cannt be expected t perfectly represent the risk f the physical security. Legal and regulatry risk Legal risk is the risk f lsses t the Fund ccurring as a result f legal issues, principally lss due t the nn-enfrcement f a cntract. This nn-enfrcement may arise frm insufficient dcumentatin, insufficient capacity r authrity f a cunterparty, uncertainty in relatin t the interpretatin f the law r unenfrceability in bankruptcy r inslvency. There is als risk that laws, including taxatin laws, might change, adversely affecting the ability f the Fund t achieve its bjective and/r adversely affecting the Fund s perfrmance. 5. Hw we invest yur mney Warning: Befre chsing t invest in the Trust yu shuld cnsider the likely investment returns, the risks f investing and yur investment time frame. Investment bjective The Fund aims t achieve lng-term grwth in the share price thrugh capital appreciatin f the underlying equity prtfli. The Investment return bjective is t utperfrm the Benchmark ver rlling 3 year perids (befre deductin f fees, csts and taxatin). See sectin 6 f this dcument. The Fund may nt achieve this bjective. The investment return bjective is nt intended t be a frecast. It is nly an indicatin f what the investment strategy aims t achieve ver the medium t lng term, assuming financial markets remain relatively stable during that time. Returns are nt guaranteed. Benchmark MSCI AC Wrld (AUD). Minimum suggested time frame The minimum suggested time frame fr investment in the Fund is at least 5 years. Investr suitability The Fund is designed fr investrs wh wish t have expsure t internatinal equity markets. Investment style and apprach The Fund will invest in the Underlying Fund and may hld up t 5% in cash. The fund aims t achieve its bjective primarily thrugh investment in equities and equity related securities f crpratins registered n recgnised stck exchanges. It will nt be restricted by index weightings, sectr cnstraints r cmpany size. Asset allcatin The Standard Life Investments Glbal Equity Uncnstrained Trust will invest its assets int the Australian Dllar (unhedged) share class f the Standard Life Investments Glbal Equity Uncnstrained SICAV ( Underlying Fund ) and cash equivalent investments. Standard Life Investments has adpted the fllwing guidelines in managing the Fund: Unlisted internatinal equities (the Underlying Fund) (95-100%); and Cash equivalent investments (0-5%). Changing the investment strategy The investment strategy and asset allcatin parameters may be changed. If a change is t be made, investrs in the Trust will be ntified in accrdance with the Crpratins Act. 4 Standard Life Investments Glbal Equity Uncnstrained Trust PDS

5 Labur, envirnmental, scial and ethical cnsideratins Standard Life Investments may infrmally cnsider labur standards and envirnmental, scial and ethical cnsideratins as part f its investment prcess, but it des nt apply any specific labur standards and envirnmental, scial r ethical criteria when selecting, retaining r realizing investments fr the Fund r the Underlying Fund. Trust perfrmance Up t date infrmatin n the perfrmance f the Fund will be available by calling Standard Life Investments n Fees and csts DID YOU KNOW? Small differences in bth investment perfrmance and fees and csts can have a substantial impact n yur lng term returns. Fr example, ttal annual fees and csts f 2% f yur investment balance rather than 1% culd reduce yur final return by up t 20% ver a 30 year perid (fr example, reduce it frm $100,000 t $80,000). Yu shuld cnsider whether features such as superir investment perfrmance r the prvisin f better member services justify higher fees and csts. Yu may be able t negtiate t pay lwer cntributin fees and management csts where applicable. Ask the fund r yur financial adviser. TO FIND OUT MORE If yu wuld like t find ut mre, r see the impact f the fees based n yur wn circumstances, the Australian Securities and Investments Cmmissin (ASIC) website ( has a managed funds fee calculatr t help yu check ut different fee ptins. The infrmatin in the fllwing table can be used t cmpare csts between this and ther simple managed investment schemes. Fees and csts are deducted frm the assets f the Trust and reduce the investment return t investrs. Fr infrmatin n tax please see Sectin 7 f this PDS. TYPE OF FEE OR COST AMOUNT Fees when yur mney mves in r ut f the Trust Establishment fee Nil Cntributin fee Nil Withdrawal fee Nil Exit fee Nil Management csts The fees and csts fr managing yur investment 1 Management fees: 0.95% p.a. f the NAV f the Trust 2 Indirect csts: 0.12% p.a. f the NAV f the Trust 3 1 All fees quted abve are inclusive f Gds and Services Tax (GST) and net f any Reduced Input Tax Credits ( RITC ). See belw fr mre details as t hw management csts are calculated. 2 Management fees can be negtiated. See Differential fees belw. 3 The indirect csts are calculated with reference t the relevant csts incurred during financial year ended 30 June See Indirect csts belw fr mre infrmatin. Additinal Explanatin f fees and csts What d the management csts pay fr? Management csts cmprise the additinal fees r csts that an investr incurs by investing in the Trust rather than by investing directly in the assets. The management fees f 0.95% p.a. f the NAV f the Trust is payable t the Respnsible Entity f the Trust fr managing the assets and verseeing the peratins f the Trust. The management fees are accrued daily and paid frm the Trust mnthly in arrears and reflected in the unit price. As at the date f this PDS, rdinary expenses such as investment management fees, custdian fees, administratin and audit fees, and ther rdinary expenses f perating the Trust are cvered by the management fees at n additinal charge t yu. The management csts shwn abve d nt include extrardinary expenses (if they are incurred in future), including litigatin csts and the csts f cnvening members meetings. In additin, management csts d nt include transactinal and peratinal csts (i.e. csts assciated with investing the underlying assets, sme f which may be recvered thrugh Buy/Sell Spreads). Indirect csts Indirect csts include fees and management csts (if any) arising frm underlying funds and a reasnable estimate f the cst f investing in ver-the-cunter derivatives t gain investment expsure t assets r implement the Trust s investment strategy. Indirect csts are reflected in the unit price f the Trust and brne by Investrs, but they are nt paid t the Respnsible Entity r Investment Manager. The estimated cmpnents f the Fund s indirect csts are based n the financial year ended 30 June Actual indirect csts fr future years may differ. If in future there is an increase t indirect csts disclsed in this PDS, updates will be prvided n Equity Trustees website at where they are nt therwise required t be disclsed t investrs under law. Transactinal and peratinal csts In managing the assets f the Trust, the Trust may incur transactin csts such as brkerage, settlement csts, clearing csts and applicable stamp duty when assets are bught and sld. This generally happens when the assets f a fund are changed in cnnectin with day-t-day trading r when there are applicatins r withdrawals which cause net cash flws int r ut f a fund. The Buy/Sell Spread reflects the estimated transactin csts incurred in buying r selling assets f the Trust when investrs invest in r withdraw frm the Trust. The Buy/Sell Spread is an additinal cst t the investr but is incrprated int the unit price and incurred when an investr invests in r withdraws frm the Trust and is nt separately charged t the investr. The Buy/Sell Spread is paid int the Trust and nt paid t Equity Trustees r the Investment Manager. The estimated Buy/Sell Spread is 0.32% upn entry and 0.32% upn exit. The dllar value f these csts based n an applicatin r a withdrawal f $50,000 is $160 fr each individual transactin. The Buy/Sell Spread can be altered by the Respnsible Entity at any time. The Respnsible Entity may als waive the Buy/Sell Spread in part r in full at its discretin. Transactinal csts which are incurred ther than in cnnectin with applicatins and withdrawals arise thrugh the day-t-day trading f the Trust s assets and are reflected in the Trust s unit price. As these csts are factred int the NAV f the Trust and reflected in the unit price, they are an additinal implicit cst t the investr and are nt a fee paid t the Respnsible Entity. These csts can arise as a result f bid-ffer spreads (the difference between an asset s bid/buy price and ffer/ask price) being applied t securities traded by the Trust. Liquid securities generally have a lwer bid-ffer spread while less liquid assets have a higher bid-ffer spread. During the financial year ended 30 June 2017, the ttal transactin csts fr the Fund during the current financial year were 0.48% f the NAV f the Fund, f which nne f these transactin csts were recuped via the Buy-Sell spread, resulting in a net transactin cst t the Fund f 0.48%. Standard Life Investments Glbal Equity Uncnstrained Trust PDS 5

6 Can the fees change? Yes, all fees can change withut investr cnsent, subject t the maximum fee amunts specified in the Cnstitutin. Equity Trustees has the right t recver all prper and reasnable expenses incurred in managing the Trust and as such these expenses may increase r decrease accrdingly. We will generally prvide investrs with at least 30 days ntice f any prpsed change t the management csts. Expense recveries may change withut ntice, fr example, when it is necessary t prtect the interests f existing members and if permitted by law. In mst circumstances, the Cnstitutin defines the maximum fees that can be charged fr fees described in this PDS. Differential fees The Respnsible Entity r Investment Manager may frm time t time negtiate a different fee arrangement (by way f a rebate r waiver f fees) with certain investrs. Alternative frms f remuneratin As a member f the Financial Services Cuncil, we maintain an Alternative Frms f Remuneratin Register. The register, which yu can review by cntacting us, utlines sme alternative frms f remuneratin that we may pay t r receive frm AFS licensees, fund managers r representatives (if any is paid r received at all in relatin t the Fund). Example f annual fees and csts fr the Trust This table gives an example f hw the fees and csts fr this managed investment prduct can affect yur investment ver a 1 year perid. Yu shuld use this table t cmpare this prduct with ther managed investment prducts. EXAMPLE Standard Life Investments Glbal Equity Uncnstrained Trust BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR Cntributin Fees Nil Fr every $5,000 yu put in, yu will be charged $0 Plus Management Csts Cmprising: 1.07% p.a. And, fr every $50,000 yu have in the Trust yu will be charged $535 each year cmprising: Management fees: 0.95% p.a. $475 Indirect csts: 0.12% p.a. $60 Equals Cst f Trust If yu had an investment f $50,000 at the beginning f the year and yu put in an additinal $5,000 during that year, then yu wuld be charged fees f: $535* What it csts yu will depend n the fees yu negtiate. *This example assumes the $5,000 cntributin ccurs at the end f the first year, therefre management csts are calculated using the $50,000 balance nly. Indirect csts are nt a fee earned by r paid t the Respnsible Entity r the Investment Manager. Additinal fees may apply. Please nte that this example des nt capture all the fees and csts that may apply t yu such as the Buy/Sell Spread. Additinal fees may be paid t a financial adviser if yu have cnsulted a financial adviser. Yu shuld refer t the Statement f Advice prvided by yur financial adviser in which details f the fees are set ut. ASIC prvides a fee calculatr n which yu may use t calculate the effects f fees and csts n yur investment in the Trust. Further reading Yu shuld read the imprtant infrmatin in the Reference Guide under Additinal infrmatin n fees and csts abut the fees and csts assciated with investing in the Trust befre making an investment decisin. G t the Reference Guide which is available at literature/index.html r The material relating t these matters may change between the time when yu read this PDS and the day when yu acquire the prduct. 7. Hw managed investment schemes are taxed Warning: Investing in a registered managed investment scheme (such as the Trust) is likely t have tax cnsequences. Yu are strngly advised t seek yur wn prfessinal tax advice abut the applicable Australian tax (including incme tax, GST and duty) cnsequences and, if apprpriate, freign tax cnsequences which may apply t yu based n yur particular circumstances befre investing in the Trust. The Trust is an Australian resident fr tax purpses and des nt pay tax n behalf f its investrs. Australian resident investrs are assessed fr tax n any incme and capital gains generated by the Trust t which they becme presently entitled r, where the Trust has made a chice t be an Attributin Managed Investment Trust ( AMIT ), are attributed t them. Further reading If applicable, yu shuld read the imprtant infrmatin in the Reference Guide under Other imprtant infrmatin abut AMIT befre making an investment decisin. G t the Reference Guide which is available at literature/index.html r The material relating t these matters may change between the time when yu read this PDS and the day when yu acquire the prduct. 8. Hw t apply T invest please cmplete the Applicatin Frm accmpanying this PDS, send funds (see details in the Applicatin Frm) and send yur cmpleted Applicatin Frm t: State Street Australia Limited Unit Registry Level 14, 420 Gerge Street SYDNEY, NSW 2000 The Buy/Sell Spread will be reviewed n a mnthly basis and may change as a result f the investment strategy f the Trust. The Respnsible Entity has the discretin t change the Buy/Sell Spread withut prvided ntice. Please call the Investment Manager n in regards t the current Buy/Sell Spread. Please nte that cash and cheques cannt be accepted and all applicatins must be made in Australian dllars. Wh can invest? Eligible persns (as detailed in the Abut this PDS sectin) can invest, hwever individual investrs must be 18 years f age r ver. Investrs investing thrugh an IDPS shuld use the Applicatin Frm prvided by the peratr f the IDPS. 6 Standard Life Investments Glbal Equity Uncnstrained Trust PDS

7 Cling-ff perid N cling ff perid applies t the ffer made in this PDS, as the units ffered under this PDS are nly available t Whlesale Clients in Australia and Whlesale Investrs in New Zealand. Indirect Investrs shuld seek advice frm their IDPS Operatr as t whether cling ff rights apply t an investment in a fund by the IDPS. The right t cl ff in relatin t a fund are nt directly available t an Indirect Investr. This is because an Indirect Investr des nt acquire the rights f a unithlder in a fund. Rather, an Indirect Investr directs the IDPS Operatr t arrange fr their mnies t be invested in a fund n their behalf. The terms and cnditins f the IDPS Guide r similar type dcument will gvern an Indirect Investr s investment in relatin t a fund and any rights an Indirect Investr may have in this regard. Enquiries and cmplaints If yu have any questins regarding the management f the Trust, yu can cntact the Investment Manager n If yu are nt cmpletely satisfied with any aspect f ur services regarding the management f the Trust, please cntact Equity Trustees. Equity Trustees seeks t reslve ptential and actual cmplaints ver the management f the Trust t the satisfactin f investrs. If yu wish t ldge a frmal cmplaint please write t: Cmpliance Team Equity Trustees Limited GPO Bx 2307 Melburne VIC cmplianceteam@eqt.cm.au Equity Trustees will respnd within 14 days f receiving the cmplaint and will seek t reslve yur cmplaint as sn as practicable but nt lnger than 45 days after receiving the cmplaint. If we are unable t reslve yur cmplaint, yu may be able t seek assistance frm the Financial Ombudsman Service ( FOS ). T find ut whether yu are eligible (and if s, t make a cmplaint) cntact FOS n (Australia) r , inf@fs.rg.au r GPO Bx 3, Melburne VIC Please include the Equity Trustees FOS membership number with yur enquiry. It is FOS can assist yu if Equity Trustees cannt. FOS may nt cnsider a dispute where the value f a persn s claim exceeds $500,000. FOS is nly able t make a determinatin f up t $309,000 per managed investment claim (excluding cmpensatin fr csts and interest payments). These mnetary limits and the FOS terms f reference d change frm time t time. Current details can be btained frm the FOS website ( 9. Other infrmatin Cnsent The Investment Manager has given and, as at the date f this PDS, has nt withdrawn: its written cnsent t be named in this PDS as the Investment Manager f the Trust; and its written cnsent t the inclusin f the statements made abut it which are specifically attributed t it, in the frm and cntext in which they appear. The Investment Manager and the Custdian have nt therwise been invlved in the preparatin f this PDS r caused r therwise authrised the issue f this PDS. Neither the Investment Manager, the Custdian nr their emplyees r fficers accept any respnsibility arising in any way fr errrs r missins, ther than thse statements fr which it has prvided its written cnsent t Equity Trustees fr inclusin in this PDS. Further reading Yu shuld read the imprtant infrmatin in the Reference Guide Other imprtant infrmatin sectin abut: yur privacy; the Cnstitutin fr the Trust; the Anti-Mney Laundering and Cunter-Terrrism Financing laws ( AML/CTF laws ); Indirect Investrs; Infrmatin n underlying investments; Freign Accunt Tax Cmpliance Act ( FATCA ); and Cmmn Reprting Standards ( CRS ), befre making a decisin t invest. G t the Reference Guide which is available at literature/index.html r The material relating t these matters may change between the time when yu read this PDS and the day when yu acquire the prduct. Standard Life Investments Glbal Equity Uncnstrained Trust PDS 7

8 Standard Life Investments Trusts Applicatin Frm If cmpleting by hand, use a black r blue pen and print within the bxes in BLOCK LETTERS Use ticks in bxes where applicable The applicant must cmplete, print and sign this frm Keep a phtcpy f yur cmpleted Applicatin Frm fr yur recrds Please ensure all relevant sectins are cmplete befre submitting this frm This applicatin frm is part f the Prduct Disclsure Statements ('PDS') issued by Equity Trustees Limited (ABN , AFSL ) relating t units in ne f the fllwing Funds: Standard Life Investments Glbal Abslute Return Strategies Trust Standard Life Investments Abslute Return Glbal Bnd Strategies Trust Standard Life Investments Glbal Crprate Bnd Trust Standard Life Investments Glbal Equity Uncnstrained Trust Standard Life Investments Glbal Fcused Strategies Trust Each PDS cntains infrmatin abut investing in the Fund. Yu shuld read the PDS befre applying fr units in the Fund. A persn wh gives anther persn access t the Applicatin Frm must at the same time and by the same means give the ther persn access t the PDS. Equity Trustees will prvide yu with a cpy f the PDS and the Applicatin Frm n request withut charge (If yu make an errr while cmpleting yur applicatin frm, d nt use crrectin fluid. Crss ut yur mistakes and initial yur changes). US Persns: This ffer is nt pen t any US Persn. Please refer t the Prduct Disclsure Statement and Reference Guide fr further infrmatin. Sectin 1 Intrductin Are yu an existing investr and the infrmatin prvided fr that investment remains current and crrect? YES my details are: Accunt Number Accunt Name Cntact Telephne Number (Including Cuntry Cde) Nt appinting a pwer f attrney, agent r financial adviser Cmplete sectins 8, 9, 10 Appinting a pwer f attrney, agent r financial adviser Cmplete sectins 6 and/r 7, 8, 9, 10 * Please nte there will be instances where we may be required t cllect additinal infrmatin abut yu and may ask yu t prvide certified cpies f certain identificatin dcuments alng with the Applicatin Frm. NO Only cmplete the sectins relevant t yu, as indicated belw: Select One Investr Type Sectins t Cmplete Identificatin Requirement Grups t Cmplete Individual(s) 1, 2, 7, 8, 9, 10 Grup A Partnership 1, 3, 7, 8, 9, 10 Grup A and B Trust: 1, 2, 4, 5, 7, 8, 9, Individual trustee(s) r 2. Crprate trustee(s) 1. Grup A and C 2. Grup A, C and D Cmpany 1, 5, 7, 8, 9, 10 Grup A and D If yu are appinting an agent r authrised representative r a financial advisr als cmplete the relevant sectin as indicated belw: Agents; Authrised 6 r 7 Grup A r D Representatives; Financial Advisr If yu are an Assciatin, C-perative, Gvernment Bdy r ther type f entity nt listed abve, please cntact the Fund. Standard Life Investments Trusts Applicatin Frm December 2017 Page 1 f 16

9 Cntacting the Fund Fund Manager: Pst yur cmpleted applicatin t: Standard Life Investments Limited Ph State Street Australia Limited Attentin: Unit Registry Level 14, 420 Gerge St Sydney NSW 2000 AML/CTF Identity Verificatin Requirements The AML/CTF Act requires the Respnsible Entity t adpt and maintain an anti-mney laundering and cunter-terrrism financing ('AML/CTF') prgram. The AML/CTF prgram includes nging custmer due diligence, which may require the Respnsible Entity t cllect further infrmatin. Identificatin dcumentatin prvided must be in the name f the Applicant. Nn-English language dcuments must be translated by an accredited translatr. Applicatins made withut prviding this infrmatin cannt be prcessed until all the necessary infrmatin has been prvided. If yu are unable t prvide the identificatin dcuments described please cntact the Fund These dcuments shuld be prvided as an riginal r a CERTIFIED COPY f the riginal. GROUP A Individuals Each individual investr, individual trustee, partner, beneficial wner, r individual agent r authrised representative must prvide ne f the fllwing primary phtgraphic ID: A current Australian driver s licence (r freign equivalent) that includes a pht and signature An Australian passprt (r freign equivalent) (nt expired mre than 2 years previusly) An identity card issued by a State r Territry Gvernment that includes a pht If yu d NOT wn ne f the abve ID dcuments, please prvide ne valid ptin frm Clumn A and ne valid ptin frm Clumn B. Clumn A Clumn B Australian birth certificate Australian citizenship certificate Pensin card issued by Department f Human Services A dcument issued by the Cmmnwealth r a State r Territry within the preceding 12 mnths that recrds the prvisin f financial benefits t the individual and which cntains the individual s name and residential address. A dcument issued by the Australian Taxatin Office within the preceding 12 mnths that recrds a debt payable by the individual t the Cmmnwealth (r by the Cmmnwealth t the individual), which cntains the individual s name and residential address. Blck ut the TFN befre scanning, cpying r string this dcument. A dcument issued by a lcal gvernment bdy r utilities prvider within the preceding 3 mnths which recrds the prvisin f services t that address r t that persn (the dcument must cntain the individual s name and residential address). If under the age f 18, a ntice that: was issued t the individual by a schl principal within the preceding 3 mnths; and cntains the name and residential address; and recrds the perid f time that the individual attended that schl GROUP B Partnerships Prvide ne f the fllwing: A certified cpy f the partnership agreement r equivalent, shwing the full name f the partnership, name and residential address f each partner. In additin, please prvide verificatin dcuments fr ne partner(s) and beneficial wner(s) f the Partnership as listed under Grup A fr individuals. The beneficial wners f a partnership include partners with a 25% partnership share r mre; partners (if any) wh cntrl the partnership; any managing partner. If in dubt, funding partners shuld be cnsidered beneficial wners. Standard Life Investments Trusts Applicatin Frm December 2017 Page 2 f 16

10 GROUP C Trusts Registered Managed Investment Scheme, Gvernment Superannuatin Fund r a trust registered with the Australian Charities, Regulated Superannatin Fund (including a self-managed super fund) and Nt-fr-prfit Cmmissin (ACNC),prvide ne f the fllwing: A cpy f the cmpany search f the relevant regulatr s website e.g. APRA, ASIC r ATO A cpy r relevant extract f the legislatin establishing the gvernment superannuatin fund surced frm a gvernment website. A cpy frm the ACNC f infrmatin registered abut the trust as a charity Annual reprt r audited financial statements. A certified cpy f a ntice issued by the ATO within the previus 12 mnths. A certified cpy f the Trust Deed Fr all ther Unregulated trust (including Freign trust), prvide the fllwing: A certified cpy f the Trust Deed. If the trustee is an individual, please als prvide verificatin dcuments fr ne trustee as listed under Grup A. If the trustee is a cmpany, please als prvide verificatin dcuments fr a cmpany as listed under Grup D. GROUP D Cmpanies Fr Australian Registered Cmpanies prvide ne f the fllwing (must clearly shw the Cmpany s full name, type (private r public) and ACN): A certified cpy f the cmpany s Certificate f Registratin r incrpratin issued by ASIC. A cpy f infrmatin regarding the cmpany s licence r ther infrmatin held by the relevant Cmmnwealth, State r Territry regulatry bdy e.g. AFSL, RSE, ACL etc. A full cmpany search issued in the previus 3 mnths; If the cmpany is listed n an Australian securities exchange, prvide details f the exchange and the ticker (issuer) cde; If the cmpany is a majrity wned subsidiary f a cmpany listed n an Australian securities exchange, prvide details f the exchange and the ticker (issuer) cde fr the hlding cmpany Fr Freign Cmpanies, prvide ne f the fllwing: A certified cpy f the cmpany s Certificate f Registratin r incrpratin issued by the freign jurisdictin s in which the cmpany was incrprated, established r frmed. A certified cpy f the cmpany s articles f assciatin r cnstitutin. A cpy f a cmpany search n the ASIC database r relevant freign registratin bdy. All f abve must clearly shw the cmpany s full name, its type (i.e. public r private) and the ARBN issued by ASIC, r the identificatin number issued t the cmpany by the freign regulatr. In additin please prvide verificatin dcuments fr each beneficial wner (senir managing fficial and sharehlder) as listed under Grup A. A beneficial wner f a cmpany is any custmer entitled (either directly r indirectly) t exercise 25% r mre f the vting rights, including a pwer f vet, r wh hlds the psitin f senir managing fficial (r equivalent). In additin t the abve entity grups: GROUP E Agents and Authrised Representatives If yu are an Individual Agent r Representative please als prvide the identificatin dcuments listed under Grup A. If yu are a Crprate Agent r Representative please als prvide the identificatin dcuments listed under Grup D All Agents and Authrised Representatives must als prvide a certified cpy f their authrity t act fr the investr e.g. the POA, guardianship rder, Executr r Administratr f a deceased estate, authrity granted t a bankruptcy trustee, authrity granted t the State r Public Trustee etc. Standard Life Investments Trusts Applicatin Frm December 2017 Page 3 f 16

11 Additinal Infrmatin In mst cases the infrmatin that yu prvide in this frm will satisfy the AML/CTF Act, the US Freign Accunt Tax Cmpliance Act ( FATCA ) and the Cmmn Reprting Standards ( CRS ). Hwever, in sme instances the Respnsible Entity may cntact yu t request further infrmatin. It may als be necessary fr the Respnsible Entity t cllect infrmatin (including sensitive infrmatin) abut yu frm third parties in rder t meet its bligatins under the AML/CTF Act, FATCA and CRS. When yu cmplete this Applicatin Frm yu make the fllwing declaratins: I/We have received the PDS and made this applicatin in Australia r New Zealand. I/We have read the PDS t which this Applicatin Frm applies and agree t be bund by the terms and cnditins f the PDS and the Cnstitutin f the Fund in which I/we have chsen t invest. I/We have cnsidered ur persnal circumstances and, where apprpriate, btained investment and / r taxatin advice. I/We hereby declare that I/we are nt a US Persn as defined in the PDS. I/We acknwledge that (if a natural persn) I am/we are 18 years f age r ver and I am/we are eligible t hld units in the Fund in which I/we have chsen t invest. I/We acknwledge and agree that Equity Trustees have utlined in the PDS prvided t me/us hw and where I/we can btain a cpy f the Equity Trustees Grup Privacy Statement. I/We cnsent t the transfer f any f my/ur persnal infrmatin t external third parties including but nt limited t fund administratrs, fund investment manager(s) and related bdies crprate wh are lcated utside Australia fr the purpse f administering the prducts and services fr which I/we have engaged the services f Equity Trustees r its related bdies crprate and t freign gvernment agencies fr reprting purpses (if necessary). I/we hereby cnfirm that the persnal infrmatin that I/we have prvided t Equity Trustees is crrect and current in every detail, and shuld these details change, I/we shall prmptly advise Equity Trustees in writing f the change(s). I/We agree t prvide further infrmatin r persnal details t the Respnsible Entity if required t meet its bligatins under anti-mney laundering and cunter-terrrism legislatin, US tax legislatin r reprting legislatin and acknwledge that prcessing f my/ur applicatin may be delayed and will be prcessed at the unit price applicable fr the Business Day as at which all required infrmatin has been received and verified. If I/we have prvided an address, I/we cnsent t receive nging investr infrmatin including PDS infrmatin, cnfirmatins f transactins and additinal infrmatin as applicable via . I/We acknwledge that Equity Trustees des nt guarantee the repayment f capital r the perfrmance f the Fund r any particular rate f return frm the Fund. I/We acknwledge that an investment in the Fund is nt a depsit with r liability f Equity Trustees and is subject t investment risk including pssible delays in repayment and lss f incme r capital invested. I/We acknwledge that Equity Trustees is nt respnsible fr the delays in receipt f mnies caused by the pstal service r the applicant s bank. Declaratins If I/we ldge a fax applicatin request, I/we acknwledge and agree t release, discharge and agree t indemnify Equity Trustees frm and against any and all lsses, liabilities, actins, prceedings, accunt claims and demands arising frm any fax applicatin. If I/we have cmpleted and ldged the relevant sectins n authrised representatives/agents n the Applicatin Frm then I/we agree t release, discharge and indemnify Equity Trustees frm and against any and all lsses, liabilities, actins, prceedings, accunt claims and demands arising frm Equity Trustees acting n the instructins f my/ur authrised representatives, agents and/r nminees. If this is a jint applicatin each f us agrees that ur investment is held as jint tenants. I/We acknwledge and agree that where the Respnsible Entity, in its sle discretin, determines that: I/we are ineligible t hld units in a Fund r have prvided misleading infrmatin in my/ur Applicatin Frm; r I/we we any amunts t Equity Trustees, then I/we appint the Respnsible Entity as my/ur agent t submit a withdrawal request n my/ur behalf in respect f all r part f my/ur units, as the case requires, in the Fund. Fr Australian applicants - I/We acknwledge that I am / we are a Whlesale Client (as defined in Sectin 761G f the Crpratins Act 2001 (Cth)) and are therefre eligible t hld units in the Fund. Fr New Zealand applicants - I/We acknwledge and agree that: I/we have read the New Zealand Whlesale Investr Fact Sheet and PDS fr the Fund; I am/we are a Whlesale Investr and am/are therefre eligible t hld units in the Fund; and I/we have nt: Offered, sld, r transferred, and will nt ffer, sell, r transfer, directly r indirectly, any units in the Fund; Granted, issued, r transferred, and will nt grant, issue, r transfer, any interests in r ptins ver, directly r indirectly, any units in the Fund; and Distributed and will nt distribute, directly r indirectly, the PDS r any ther ffering materials r advertisement in relatin t any ffer f units in the Fund, in each case in New Zealand, ther than t a persn wh is a Whlesale Investr; and I/we will ntify EQT if I/we cease t be a Whlesale Investr; and I/we have separately prvided a signed Whlesale Investr Certificatin. All references t Whlesale Investr in this Declaratin are a reference t Whlesale Investr in terms f clause 3(2) f Schedule 1 f the Financial Markets Cnduct Act 2013 (New Zealand). Terms and cnditins fr cllectin f Tax File Numbers (TFN) and Australian Business Numbers (ABN) Cllectin f TFN and ABN infrmatin is authrised and its use and disclsure strictly regulated by tax laws and the Privacy Act. Investrs must nly prvide an ABN instead f a TFN when the investment is made in the curse f their enterprise. Yu are nt bliged t prvide either yur TFN r ABN, but if yu d nt prvide either r claim an exemptin, we are required t deduct tax frm yur distributin at the highest marginal tax rate plus Medicare levy t meet Australian taxatin law requirements. Fr mre infrmatin abut the use f TFNs fr investments, cntact the enquiries sectin f yur lcal branch f the ATO. Once prvided, yur TFN will be applied autmatically t any future investments in the Fund where frmal applicatin prcedures are nt required (e.g. distributin reinvestments), unless yu indicate, at any time, that yu d nt wish t qute a TFN fr a particular investment. Exempt investrs shuld attach a cpy f the certificate f exemptin. Fr super funds r trusts list nly the applicable ABN r TFN fr the super fund r trust. When yu sign this Applicatin Frm yu declare that yu have read and agree t the declaratins abve. Standard Life Investments Trusts Applicatin Frm December 2017 Page 4 f 16