Among other things, the Proposed Amendments would amend the Constitution to provide Zurich with the power to:

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1 Notice regarding proposed amendments to the constitution of the Zurich Investments Hedged Global Thematic Share Scheme (ARSN ): Attribution Managed Investment Trust Taxation Regime 7 June 2017 This notice is published by Zurich Investment Management Limited (ABN ) (Zurich) as responsible entity of the Zurich Investments Hedged Global Thematic Share Scheme (ARSN ) (Scheme). Attribution Managed Investment Trust Regime A new tax regime for managed investment trusts has recently come into effect under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth) and certain associated legislation (AMIT Regime). Managed investment trusts that operate under the AMIT Regime will be known as attribution managed investment trusts (AMITs). The AMIT Regime provides an alternative approach to the current taxation rules which apply to the Scheme under Division 6 of the Income Tax Assessment Act 1936 (Cth). Under those rules, investors are subject to tax to the extent that they are 'presently entitled' to the income of the Scheme. In contrast, under the AMIT Regime, investors and former investors will be taxed on the taxable income that is allocated or 'attributed' to investors by Zurich on a fair and reasonable basis. Purpose of this notice The purpose of this notice is to inform investors of the Scheme that: Zurich proposes to make amendments to the constitution of the Scheme (Constitution) under section 601GCA of the Corporations Act 2001 (Cth) (Corporations Act) (as modified by ASIC Instrument 2016/489) to enable the Scheme to be operated as an AMIT under the AMIT Regime (Proposed Amendments); Zurich will amend the Constitution as proposed on or after the date which is 7 days from the date of this notice, unless it receives requests from investors with at least 5% of the votes that may be cast on a resolution, to call and arrange to hold a meeting of the Scheme's investors to consider and vote on a special resolution to amend the Constitution as proposed; and as at the date of this notice, Zurich intends to make an election for the Scheme to operate as an AMIT under the AMIT Regime from the financial year commencing 1 July 2017, subject to the Government first correcting a discrepancy in the tax legislation regarding cost base adjustments (unless transition to the AMIT Regime is nonetheless considered to be in the best interests of the Scheme s investors without that correction first occurring). Effect of the Proposed Amendments Among other things, the Proposed Amendments would amend the Constitution to provide Zurich with the power to: make an irrevocable election for the Scheme to become and operate as an AMIT; and

2 do all things necessary, desirable or expedient to properly administer and operate the Scheme as an AMIT under the AMIT Regime. The Proposed Amendments would also insert other provisions which Zurich considers to be necessary or incidental to the Scheme being able to be operated as an AMIT. Further detail on the Proposed Amendments (which include a new Schedule 10 to the Constitution) and their effect are summarised in the table below. Reasons for the Proposed Amendments There are potential benefits for investors by Zurich electing to operate the Scheme as an AMIT under the AMIT Regime, including: the ability to attribute taxable income to investors and former investors on a 'flow through' basis allowing that taxable income to retain its character for tax purposes; replacement of the current concept of 'Present Entitlement' with the AMIT concept of 'attribution' which provides Zurich with greater flexibility to attribute, and determine, the amount and character of the taxable income of each investor or former investor on a fair and reasonable basis; the ability to elect for specific classes of the Scheme to be treated as separate AMITs which would allow for the tax attributes of a particular class to be ring fenced to that class, rather than being spread over the AMIT as a whole. This could provide investors with greater discretion and flexibility with regard to managing their exposure to specific tax attributes; the ability to minimise the current potential for double taxation which arises where there is a difference between the taxable income of the Scheme and the amount of income distributed to investors by allowing cost base adjustments where distributions are greater or less than the amount on which the investor is assessed for taxation purposes; carrying forward certain under-estimations and over-estimations of taxable income allocated to investors (referred to as 'unders' and 'overs') and reconciling them in the year they are discovered by adjusting an investor's, or former investor's, entitlement to income in that year; and the default treatment of the Scheme as a 'fixed trust' further enabling Zurich to carry forward and utilise tax losses in future income years and flow through franking credits to investors where net income is derived. There are potential disadvantages for investors by Zurich electing to operate the Scheme as an AMIT under the AMIT Regime, including additional protections for Zurich and the Scheme (such as specific indemnities) in relation to additional obligations and powers which may apply to Zurich under the AMIT Regime. The Proposed Amendments are necessary for, or incidental to, the Scheme being able to be operated as an AMIT under the AMIT Regime, and accordingly for the Scheme to be able to take advantage of the potential benefits discussed above.

3 How to contact us if you wish to respond to this notice Investors are not required to respond to this notice, but if any investor wants to request a meeting of investors to vote on the Proposed Amendments, the request must be made in writing, and sent to zurich.amit@zurich.com.au by 5.00 pm, 15 June 2017, and must include your full name and investor ID. Questions? If you have any questions speak to your financial or tax adviser or contact our Zurich Customer Care Team on Important Information: Please note that the information in this notice does not take into account your objectives, financial situation or needs. You should consider these factors and the appropriateness of the information before making a decision. Where you require personal advice it is highly recommended that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs from your qualified adviser.

4 Effect of the Proposed Amendments Constitution Summary of effect of Proposed Amendment Clause 3.11 A new clause 3.11 will be inserted to provide a mechanism and associated powers to facilitate Zurich making a choice under the AMIT Regime for the Scheme to become an AMIT in respect of a financial year. The new clause 3.11 will also set out the circumstances in which the AMIT provisions in the new Schedule 10 will apply to the Scheme. Clauses 19.1 & 19.3 Additional wording will be included in the existing liability and indemnity clauses to ensure that it is clear that those clauses apply in relation the AMIT Regime. Clause 24.2 A new clause 24.2 will be inserted to ensure that Zurich has the necessary powers to amend the Constitution, and take any other action to facilitate an amendment to the Constitution, which Zurich believes (acting reasonably) is necessary, desirable or expedient to enable the Scheme to comply with the AMIT Regime, or facilitate the proper administration of the Scheme under the AMIT Regime. Clauses 1.1, 1.3, 5.4, 7.11, 7.11A, 29.3 and 32 Amendments and definitions to ensure that certain clauses reflect the addition of the AMIT provisions and the new Schedule 10. Clauses 7.8 & 7.8A Schedule 10 Amendments to clarify that, notwithstanding the existing clause 7.8, a former holder of withdrawn units may still be bound by determinations made by Zurich under the new Schedule 10. Summary of effect of Proposed Amendment S10D.1 & S10D.2 S10D.1 and S10D.2 will confer a range of powers on Zurich which may be exercised by Zurich in relation to the AMIT Regime, including, among other powers, the power to make an AMIT election for a particular class of interest, general powers that are necessary, desirable or expedient to enable Zurich to administer the Scheme under the AMIT Regime, and specific powers to determine taxable income, make an attribution of taxable income and alter those determinations or attributions. S10D.3 S10D.3 will enable Zurich to require an investor to indemnify Zurich in respect of any taxation amount incurred by Zurich as a result of the application of the AMIT Regime which Zurich reasonably determines relates to that investor. Zurich may also require an investor to indemnify Zurich in respect of any costs, expenses or liabilities incurred by Zurich as a result of it being liable to such taxation amounts, or as a result of an investor making certain objections. Schedule 10 will also set out Zurich's powers to recover amounts under those indemnities. S10E. S10E. will set out certain limitations on Zurich's liability, including limitations in respect of any cost, liability, loss or damage as a result of the exercise of any power, discretion or choice under the new AMIT provisions or under the AMIT Regime and any matter, act or thing done or omitted to be done by an investor in relation to certain objections. S10F.1 S10F.1 will facilitate the attribution of taxable income of the Scheme for an income year to

5 Investors or former investors under the AMIT Regime, including, without limitation, the attribution of taxable income of each particular category or source (or both) for tax purposes to investors or former investors. Zurich must make the attribution in accordance with certain principles, including that the attribution must be worked out on a fair and reasonable basis. S10F.2 S10G.& S10H. S10I. S10J. S10K. S10F.2 will introduce a new framework under which an investor, or former investor, may object to the basis of the attribution of the taxable income of the Scheme for an income year. The framework will also sets out certain conditions that an investor agrees to by making such an objection. S10G. and S10H. will set out a new framework for the determination of 'distributable income' under which Zurich may, in its discretion, determine an amount of distributable income of the Scheme for an income year, and if no such determination is made, the distributable income will be the aggregate of the amount which Zurich determines to be the 'AMIT Cost Base Increase Amount' for all units in the Scheme on issue during the relevant year of income, less any amounts included in the 'AMIT Cost Base Increase Amount' that is of a tax offset character and any additional amounts which Zurich determines, in its absolute discretion, are appropriate for distribution in the period. S10I. will set out an investor's entitlement to distributable income for the Scheme for a distribution period, and will include provisions dealing with the payment and reinvestment of distribution amounts, distribution of capital, and requests for cash distributions. S10J. will introduce a revised approach for investors who have withdrawn some, or former investors who have withdrawn all, of their units in the Scheme under which Zurich may attribute 'Determined Trust Components' to those investor on a fair and reasonable basis, or treat any amount that represents a distribution of distributable income for those investor as a reduction of the exit price payable to that investor in respect of the withdrawal of the relevant units. S10K. will specify how Zurich may deal with under-estimations and over-estimations of taxable income allocated to investors ('unders' and 'overs') that arise under the AMIT Regime.