Antares Direct Separately Managed Accounts Product Disclosure Statement

Antares Direct Separately Managed Accounts Product Disclosure Statement ARSN 147 194 983 Dated: 15 June 2015 Issued by The Responsible Entity, Antares Capital Partners Ltd ABN 85 066 081 114 AFSL 234483

Model Portfolio Antares Core Opportunities Model Portfolio Antares Dividend Builder Model Portfolio Antares Listed Property Model Portfolio Antares Ex-20 Australian Equities Model Portfolio APIR PPL0010AU PPL0011AU PPL0034AU PPL0037AU Important notices This Product Disclosure Statement (PDS) summarises significant information about the Antares Direct Separately Managed Accounts (the SMA), an investor directed portfolio service-like (IDPS-like) registered managed investment scheme (ARSN 147 194 983). This document is available from www.antarescapital.com.au or you can request a copy free of charge by calling us on 1800 671 849. The content in this document may change from time to time. All amounts in this document are in Australian dollars unless stated otherwise. You can only apply to invest in the SMA if you have received this PDS (electronically or otherwise) in Australia. Investments from outside Australia will not be accepted. Antares Capital Partners Ltd reserves the right not to accept any investment at its discretion. The information given in this document is of a general nature and has been prepared without taking account of your individual investment objectives, financial situation or particular investment needs. To help you choose a Model Portfolio or another investment that is right for you, we strongly recommend you seek professional advice from a licensed financial adviser prior to investing in the SMA. A licensed financial adviser can work with you to develop an overall investment strategy based on your objectives, financial situation and needs. Note however we will accept investments directly from you even if you opt not to receive financial product advice from an adviser. This will not affect your ability to invest and stay invested in the SMA. Antares Capital Partners Ltd, the Responsible Entity of the SMA, is a fully owned subsidiary within the National Australia Bank Limited Group of companies (NAB Group). No company in the NAB Group, nor Antares Capital Partners Ltd nor any other party, guarantees the capital value, payment of income or performance of your investment in the SMA. An investment in the SMA does not represent a deposit with or liability of the NAB Group and is subject to investment risk, including possible delays in repayment and loss of income and principal invested. For further information on the risks associated with investing in the SMA, refer to the section titled Risks of investing in the SMA on page 4. Contact details for our Client Services team if you have any queries or if you wish to receive a paper copy of this PDS: Toll free: Telephone: Facsimile: Email: Website: Post: 1800 671 849 (03) 9220 0277 (03) 9220 0285 investorservices@antaresequities.com.au www.antarescapital.com.au Reply Paid 2007, Melbourne Victoria 8060

Contents 1. About Antares Capital Partners Ltd 2 2. What is a separately managed account? 2 3. Structure of the SMA 2 4. Key benefits of the SMA 3 5. Risks of investing in the SMA 4 6. Model Portfolios 5 7. How the SMA works 9 8. Managing your investments 11 9. Fees and other costs 16 10. Taxation 19 11. Other important information 20 Antares Direct Separately Managed Accounts Product Disclosure Statement 1

1. About Antares Capital Partners Ltd Responsible entity Antares Capital Partners Ltd (ACP) is the Responsible Entity of the SMA and the issuer of this PDS. As the Responsible Entity, ACP is responsible for all aspects of operating the SMA, including administration of the assets and overall investment policy. ACP is a member of the NAB Group and may also be referred to as us, we or our throughout this PDS. An investor in the SMA may also be referred to as client, you or your throughout this PDS. Antares 3. Structure of the SMA Each client in the SMA has absolute entitlement to (and beneficial ownership in) their own investment portfolio (Portfolio), which is separate to the Portfolios of other clients. A Model Portfolio is a portfolio of equities or other assets selected by Antares in accordance with the relevant investment strategy. The composition of each client s Portfolio(s) is determined by the Model Portfolio(s) that they select. ACP is responsible for the administration and management of the client s Portfolio and Antares makes all investment decisions in relation to the Model Portfolios. The structure of the SMA is illustrated in the diagram below. A business unit within ACP is the investment manager of the SMA. ACP in its capacity as investment manager is referred to in this PDS as Antares. Antares is responsible for making investment decisions in relation to the SMA and implementing the SMA s investment strategies. Antares uses its expertise to actively manage a range of Australian equity portfolios including core, concentrated, small companies and listed property with the aim of delivering superior investment performance. For further information on Antares, please refer to our website www.antarescapital.com.au. 2. What is a separately managed account? Holdings information, reporting & income You Financial Adviser (If applicable) The Antares Direct SMA Your Portfolio Your own separate portfolio of equities & cash 1 invested by Antares in accordance with the chosen Model Portfolio(s) 2 Holdings information & reporting Separately managed accounts, or SMAs, are a way of investing directly in equities while maintaining the benefits of professional investment management. Like a managed fund, an SMA is a portfolio of equities (or other assets) that is managed by a professional investment manager. The key difference however is that an SMA is not a pooled trust in which an investor acquires units. Instead, with an SMA, the client has an absolute entitlement to, and beneficial ownership of, a portfolio of assets that are held on trust on their behalf. The assets held in a client s portfolio are determined by the model portfolio(s) that they choose. Information on key differences between investing in the SMA and investing directly is set out under the section titled Investor rights on page 11. 1 You retain beneficial ownership of the assets in your Portfolio. 2 The Model Portfolios available are: Antares Core Opportunities Antares Dividend Builder Antares Listed Property Antares Ex-20 Australian Equities For further details refer to the section titled Model Portfolios on pages 5 to 9. 2 Antares Direct Separately Managed Accounts Product Disclosure Statement

4. Key benefits of the SMA Individual accounts Your Portfolio comprises the equities and cash held on your behalf. You have absolute entitlement to and beneficial ownership in, the assets that make up your Portfolio. Professional investment management The Model Portfolios are managed by investment professionals who draw upon Antares experienced and well-resourced Australian equities team. They make decisions on the securities to invest in and corporate actions that may arise in relation to those securities. Wholesale brokerage and access to institutional placements As Antares is an institutional investment manager with significant funds under management, it is able to use institutional brokers for the execution of trades which provides some benefits, including: wholesale brokerage rates which are generally lower than retail brokerage rates; and access to institutional placements that are generally unavailable to retail clients. Access to income All dividend and distribution income earned on the equities within your Portfolio are paid directly to you along with any associated franking credits. Realised gains and losses generated as a result of the sale of equities within your Portfolio also flow directly to you. Reduced administrative burden Your Portfolio is administered on your behalf, including tax record keeping, receipt of income, reporting, mail and corporate actions (e.g. proxy voting and placements). This means you receive the benefits of investing directly in equities without the administrative burden. These features may be particularly appealing to Self-Managed Superannuation Funds (SMSFs). No inherited capital gains When you purchase or transfer equities into your Portfolio your own cost base is established for tax purposes. This means you only pay tax on realised capital gains accumulated from the day you invested in the equities. There are no tax consequences for you as a result of other clients transactions. Transparency The SMA allows you to view the securities that you hold within your Portfolio. You can access this information securely on our website www.antarescapital.com.au. In addition, the SMA has the ability to provide your Portfolio data directly into financial planning software. For more information on reporting, refer to the section titled Information you will receive on page 14. Transferability In most circumstances you will be able to transfer your existing Australian equities into your Portfolio when you make your initial investment (known as an in specie transfer). This means you won t have to sell your equities prior to investing in the SMA, preventing time spent out of the market and minimising transaction costs. The SMA also allows switching between Model Portfolios, and if particular equities form part of both Model Portfolios, these equities are not sold when you switch. For more information refer to the section titled Transferring equities into your Portfolio on page 13. Antares Direct Separately Managed Accounts Product Disclosure Statement 3

5. Risks of investing in the SMA All investments carry risk. Different investment strategies carry different levels of risk depending on the underlying mix of assets that make up the strategy. Usually assets with the potential for the highest long term returns carry the highest levels of short term risk. While Antares disciplined, risk-controlled investment approach aims to generate investment returns over the long term, it is important for you to carefully consider the risks of investing in the SMA and to understand that: the value of your Portfolio will vary; investment returns will vary and future returns may differ from past returns; returns are not guaranteed and you may lose some of the money you invest; dividends and other income may be lower than expected or you may receive none; laws of overseas jurisdictions can impact returns on international investments; and laws affecting the SMA may change in the future. The level of risk you are willing to accept will depend on a range of factors including: your investment goals; your age; your investment time frame; where other parts of your wealth are invested; and your overall risk tolerance. If you have a financial adviser, they can assist in assessing investment risks as well as selecting the appropriate Model Portfolio(s). Significant risks The significant risks of investing in the SMA are typical of the risks of investments whose strategy is to invest in a diversified portfolio of Australian listed shares, a portfolio of Australian listed property and related securities, or an SMA. These risks include: Market risk: Risks that affect entire equity markets including investor sentiment, economic impacts, regulatory conditions, political and catastrophic events. Security specific risk: Investments in shares in a company or units in a Real Estate Investment Trust (REIT) can fall in value for many reasons, including changes in internal operations or management, or changes in the business environment in which it operates. Liquidity risk: This is the risk that an investment may not be able to be sold quickly enough to prevent or minimise a loss. A lack of liquidity may also affect the amount of time it takes us to satisfy withdrawal requests. Scheme risk: Risks specific to the SMA include the risk that the SMA or a particular Model Portfolio could be terminated and that the fees and costs could change. There is also a risk that investing through the SMA may give different results than investing directly because of the impact of fees. Implementation risk: The performance of your Portfolio may differ to the performance of the relevant Model Portfolio due to a number of factors such as cash flows, portfolio reweighting and timing differences. Investment manager risk: Like other investment managers, Antares investment approach directly impacts the value of your investment and performance is likely to vary in different market conditions. No single investment approach performs better than all others in all market conditions. Changes in key personnel within Antares may also impact investment returns. Antares approach to managing risks Antares aims to manage risks by: Undertaking detailed research: Antares skilled investment professionals undertake research on companies and REITs included in the Model Portfolios with a view to understanding their risk and return characteristics; Diversification: The Model Portfolios are diversified across industries and securities within the relevant asset class; Maintaining investment guidelines: Investment guidelines are established for each Model Portfolio that are consistent with performance objectives and stated risk characteristics; and Monitoring portfolios: Antares uses systems that ensure the composition of each Model Portfolio complies with the investment guidelines and other parameters at all times. 4 Antares Direct Separately Managed Accounts Product Disclosure Statement

6. Model Portfolios We offer clients the following Model Portfolios managed by Antares. Antares Core Opportunities Model Portfolio Model description Investment return objective Benchmark Investment approach Indicative asset allocation ranges Use of derivatives The Antares Core Opportunities Model Portfolio is an actively managed, highly concentrated portfolio of Australian shares that Antares identifies as having the potential to offer significant long term capital growth. The investment objective is to outperform the Benchmark by 3.5% (before fees) per annum over a rolling 5 year period. S&P/ASX 200 Accumulation Index The Antares Core Opportunities Model Portfolio contains only Antares highest conviction investment ideas and is relatively unconstrained at the stock and sector level. Antares follows a bottom-up investment process, with investment decisions made by undertaking in-depth proprietary research and analysis of individual companies and securities. In general, Antares aims to invest in companies where the current share price does not fully reflect its view of the potential value of the company s business. Through company contact and detailed financial and non-financial analysis, Antares research analysts gain a first-hand understanding of Australian businesses and the industries in which they operate. Australian shares 90 99% Cash and cash equivalents 1 10% Derivatives are not used. No. of equities 15 to 25 Management fee Minimum suggested timeframe 0.5125% p.a. of the value of your Portfolio (including GST net of Reduced Input Tax Credit (RITC)) Information on the calculation of this fee is set out in the Fees and other costs section on pages 16 to 18. 5 years Risk level (expected volatility) Low Moderate High Very High High to Very High: The Antares Core Opportunities Model Portfolio is actively managed and its returns may be volatile when compared with the Benchmark return. As such, it may suit investors who are willing to accept a higher risk of negative returns over the short term, in exchange for the potential opportunity to earn higher returns over the long term. The Antares Core Opportunities Model Portfolio may be suited to you if you: Income treatment Labour, Environmental, Social and Ethical Considerations want to invest in a highly concentrated portfolio of Australian companies managed by a specialist manager; want direct beneficial ownership of the underlying investments in your portfolio; are seeking diversification for your portfolio; are seeking long term capital growth and income; and can tolerate fluctuations of income and the risk of capital loss. All investment income is reinvested (unless you select to have income credited to your nominated Australian bank account). Generally Antares does not take into account labour standards, environmental, social or ethical considerations for the purposes of selecting, retaining or selling the investments of the Model Portfolio. For further information on how it may consider these matters please see page 20. Antares Direct Separately Managed Accounts Product Disclosure Statement 5

Antares Dividend Builder Model Portfolio Model description Investment return objective Benchmark Investment approach Indicative asset allocation ranges Use of derivatives The Antares Dividend Builder Model Portfolio is an actively managed Australian share portfolio which aims to deliver regular dividend income and to achieve moderate capital growth by investing in a diversified portfolio of Australian companies. The primary objective is to regularly deliver higher levels of dividend income on a tax effective basis than the Benchmark. The other objective is to achieve moderate capital growth in a tax effective manner over a rolling 5 year period. S&P/ASX 200 Industrials Accumulation Index Antares strategy is to invest in a diversified portfolio of high yielding Australian companies that aim to grow their dividends over time, with an emphasis on securing franked income and minimising portfolio turnover to keep net realised capital gains low. Antares investment process involves the selection and investment in shares with a sustainable dividend yield return that is in the top quartile of the Benchmark. In general, Antares aims to invest in companies where the current share price does not fully reflect its view of the potential value of the company s business. Through company contact and detailed financial and non-financial analysis, Antares research analysts gain a first-hand understanding of Australian businesses and the industries in which they operate. Australian shares 90 99% Cash and cash equivalents 1 10% Derivatives are not used. No. of equities 15 to 25 Management fee Minimum suggested timeframe 0.4613% p.a. of the value of your Portfolio (including GST net of RITC) Information on the calculation of this fee is set out in the Fees and other costs section on pages 16 to 18. 5 years Risk level (expected volatility) Low Moderate High Very High High: The Antares Dividend Builder Model Portfolio is actively managed and its returns may be volatile when compared with the Benchmark return. As such, it may suit investors who are willing to accept a higher risk of negative returns over the short term, in exchange for the potential opportunity to earn higher returns over the long term. The Antares Dividend Builder Model Portfolio may be suited to you if you: Income treatment Labour, Environmental, Social and Ethical Considerations want to invest in a diversified portfolio of Australian companies which focuses on providing tax effective income; want direct beneficial ownership of the underlying investments in your portfolio; are seeking diversification for your portfolio; are seeking long term capital growth and income; and can tolerate fluctuations of income and the risk of capital loss. All investment income is credited to your nominated Australian bank account monthly (unless you select to have income reinvested). Generally Antares does not take into account labour standards, environmental, social or ethical considerations for the purposes of selecting, retaining or selling the investments of the Model Portfolio. For further information on how it may consider these matters please see page 20. 6 Antares Direct Separately Managed Accounts Product Disclosure Statement

Antares Listed Property Model Portfolio Model description Investment return objective Benchmark Investment approach Indicative asset allocation ranges Use of derivatives The Antares Listed Property Model Portfolio is an actively managed portfolio that primarily invests in property and property related securities that are listed or expected to be listed on the Australian Securities Exchange (and other regulated exchanges). The types of securities may include Real Estate Investment Trusts (REITs), property development and funds management companies, as well as infrastructure companies, where the income and assets are property related in nature. The investment objective is to outperform the Benchmark (before fees) over a rolling 5 year period. S&P/ASX 200 A-REIT Accumulation Index Antares follows a bottom-up investment process, with investment decisions made by undertaking in-depth proprietary research and analysis of individual REITs, companies and securities. In general, Antares aims to invest in REITs and companies where the current equity price does not fully reflect their view of its potential value. Through company contact and detailed financial and non-financial analysis, Antares research analysts gain a first-hand understanding of Australian businesses and the industries in which they operate. Australian listed property securities 90 99% Cash and cash equivalents 1 10% Derivatives are not used. No. of equities 10 to 30 Management fee Minimum suggested timeframe 0.6700% p.a. of the value of your Portfolio (including GST net of RITC) Information on the calculation of this fee is set out in the Fees and other costs section on pages 16 to 18. 5 years Risk level (expected volatility) Low Moderate High Very High High: The Antares Listed Property Model Portfolio is actively managed and its returns may be volatile when compared with the Benchmark return. As such, it may suit investors who are willing to accept a higher risk of negative returns over the short term, in exchange for the potential opportunity to earn higher returns over the long term. The Antares Listed Property Model Portfolio may be suited to you if you: Income treatment Labour, Environmental, Social and Ethical Considerations want to invest in a diversified portfolio of Australian listed property securities managed by a specialist manager; want direct beneficial ownership of the underlying investments in your portfolio; are seeking a regular income stream with some tax benefits; are seeking diversification for your portfolio; are seeking long term capital growth and income; and can tolerate fluctuations of income and the risk of capital loss. All investment income is credited to your nominated Australian bank account monthly (unless you select to have income reinvested). Generally Antares does not take into account labour standards, environmental, social or ethical considerations for the purposes of selecting, retaining or selling the investments of the Model Portfolio. For further information on how it may consider these matters please see page 20. Antares Direct Separately Managed Accounts Product Disclosure Statement 7

Antares Ex-20 Australian Equities Model Portfolio Model description Investment return objective Benchmark Investment approach Indicative asset allocation ranges Use of derivatives The Antares Ex-20 Australian Equities Model Portfolio is an actively managed, highly concentrated portfolio of Australian equities. It invests in shares from outside of the largest 20 companies by market capitalisation that Antares identifies as having the potential to offer significant long term capital growth. The investment objective is to outperform the Benchmark (before fees) over a rolling 5 year period. S&P/ASX 200 Accumulation Index excluding the S&P/ASX 20 Leaders Accumulation Index The Antares Ex-20 Australian Equities Model Portfolio contains only Antares highest conviction investment ideas and is relatively unconstrained at the stock and sector level. Antares follows a bottom-up investment process, with investment decisions made by undertaking in-depth proprietary research and analysis of individual companies and securities. In general, Antares aims to invest in companies where the current share price does not fully reflect its view of the potential value of the company s business. Through company contact and detailed financial and non-financial analysis, Antares research analysts gain a first-hand understanding of Australian businesses and the industries in which they operate. Australian shares 90 99% Cash and cash equivalents 1 10% Derivatives are not used. No. of equities 15 to 30 Management fee Minimum suggested timeframe 0.7500% p.a. of the value of your Portfolio (including GST net of RITC) Information on the calculation of this fee is set out in the Fees and other costs section on pages 16 to 18. 5 years Risk level (expected volatility) Low Moderate High Very High High to Very High: The Antares Ex-20 Australian Equities Model Portfolio is actively managed and its returns may be volatile when compared with the Benchmark return. As such, it may suit investors who are willing to accept a higher risk of negative returns over the short term, in exchange for the potential opportunity to earn higher returns over the long term. The Antares Ex-20 Australian Equities Model Portfolio may be suited to you if you: Income treatment Labour, Environmental, Social and Ethical Considerations want to invest in a portfolio of Australian companies actively managed by a specialist manager; are seeking diversification for your portfolio, particularly away from the largest 20 Australian listed companies by market capitalisation; want direct beneficial ownership of the underlying investments in your portfolio; are seeking long term capital growth; and can tolerate fluctuations of income and the risk of capital loss. All investment income is reinvested (unless you select to have income credited to your nominated Australian bank account). Generally Antares does not take into account labour standards, environmental, social or ethical considerations for the purposes of selecting, retaining or selling the investments of the Model Portfolio. For further information on how it may consider these matters please see page 20. 8 Antares Direct Separately Managed Accounts Product Disclosure Statement

Model Portfolio Summary Model Portfolio Antares Core Opportunities Model Portfolio Antares Dividend Builder Model Portfolio Antares Listed Property Model Portfolio Antares Ex-20 Australian Equities Model Portfolio Minimum initial investment $20,000 $20,000 $20,000 $20,000 Minimum balance $20,000 $20,000 $20,000 $20,000 Minimum additional investment $2,000 $2,000 $2,000 $2,000 Minimum regular savings plan amount $500 per month or quarter $500 per month or quarter $500 per month or quarter $500 per month or quarter Minimum switching amount $5,000 $5,000 $5,000 $5,000 Minimum withdrawal $5,000 $5,000 $5,000 $5,000 Minimum trade size 0.20% of the value of the relevant equity holding in your Portfolio Minimum cash holding 1% 1% 1% 1% In specie transfers Yes Yes Yes Yes Switch between Model Portfolios Yes Yes Yes Yes 7. How the SMA works All references to business day in this PDS mean days other than Saturday or Sunday, or a public or bank holiday in Melbourne. How your investments are held The assets in each Portfolio are held on trust for you by the custodian appointed by ACP. You are only entitled to the investments that form part of your Portfolio. Maintaining the minimum cash holding In order to ensure there is sufficient cash to pay fees and charges related to transactions carried out in relation to your Portfolio, a minimum amount of cash will be maintained in your Portfolio. The minimum cash amount is calculated as a percentage of your Portfolio and is set out in the Model Portfolio Summary table above. Any interest earned on cash that forms part of your Portfolio will be credited to your Portfolio as and when it is received by us (usually monthly). Where cash is below the minimum If the cash in your Portfolio falls below the required minimum level, Antares may sell equities in your Portfolio to bring the level of cash up to the required minimum. Additional equities will not be acquired until your cash balance satisfies the minimum amount. Minimum trade size A minimum trade size per equity trade will normally apply. This means equities within your Portfolio will only be traded if the relevant trade will exceed the minimum trade size. The minimum trade size is 0.20% of the value of the relevant equity holding in your Portfolio. The purpose of the minimum trade size is to reduce the number of small equity trades, and minimise brokerage costs and capital gains tax (CGT) events. The minimum trade size may not be applied in certain circumstances, including, but not limited to: your initial investment; trades required to bring the cash in your Portfolio back up to a balance of at least 1%; certain trades in relation to in specie transfers; where a trade is only partially filled or an order is incomplete; withdrawals; and where Antares has removed an equity from a Model Portfolio. Where cash is above the minimum Where cash in excess of the minimum cash holding accumulates in your Portfolio (for example, because of the receipt of income or an additional investment), it will be invested in accordance with the Model Portfolio weightings subject to the minimum trade size requirement being satisfied. Antares Direct Separately Managed Accounts Product Disclosure Statement 9

Rebalancing process Rebalancing is the process by which your Portfolio is compared to the chosen Model Portfolio to ensure any material differences are minimised. Rebalancing trades will usually only be performed in relation to your Portfolio in the following circumstances: where there have been changes to one or more of your selected Model Portfolio(s) (subject to the minimum trade size and minimum cash holding requirements (outlined on page 9)). Such changes could include the addition or removal of a particular equity, or a change in the weighting of a holding; where you have made an investment in, or withdrawal from, your Portfolio; or where your cash balance is different to the minimum cash amount. Please note that there may be some circumstances in which the weighting of the equities that form part of your Portfolio may not exactly match the weightings in the relevant Model Portfolio. This may occur, for example, in the following circumstances: if an equity is suspended from trading on the ASX; if equity trades are not implemented because they do not meet the minimum trade size requirements; or if there is an equity price disparity at the time of investment. Corporate actions ACP will receive and may act on communications relating to corporate actions affecting the equities held in your Portfolio. These communications may include, for example, notices of meetings, information in relation to dividend reinvestment plans (DRPs) or share buybacks. In certain circumstances, our entitlement (or the entitlement of the custodian appointed) to participate in a corporate action may be subject to externally imposed limits or caps. This may result in your entitlement as an investor in the SMA being less than what your entitlement would have been if you had invested in the same number of equities directly. Please note that in dealing with corporate actions, ACP will not act on any individual client s directions. Key elements of ACP s voting policy in relation to proxy voting are as follows * : we will make considered use of our votes in order to act in the best interest of our investors; we will responsibly vote on all active Australian holdings that we have authority to vote on; we will vote on resolutions that are proposed at Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs) by returning the relevant proxy cards; and as a member of the Financial Services Council (FSC) we will generally follow the objectives and guidance notes of the FSC in regards to corporate governance and proxy voting. Information about your investments You can request a copy of any communication that is received by, or made available to ACP (or the custodian) in relation to the equities held on your behalf. The communication will be provided free of charge on request as soon as practical after the communication is received by, or becomes available to, ACP. Communication includes notices of meetings and notices in relation to share purchase plans and DRPs. Clients may make a standing request to receive copies of such communications by contacting our Client Services team. ACP is generally required to provide you with a disclosure document for equities which are acquired on your behalf where you would be required to receive a disclosure document had you acquired the equities directly. As equities in the Model Portfolios will generally be acquired on the ASX in circumstances in which you would not be required to receive a disclosure document if you acquired the equities directly, you will usually not be provided with a disclosure document for equities that are acquired on your behalf. Payment of investment income Where you have chosen to have investment income distributed, any income received will be paid to your nominated Australian bank account the following month. Where you have selected to have investment income reinvested, the investment income will be retained in your Portfolio(s) and reinvested in accordance with the relevant Model Portfolio(s). If no election is made on the Initial Investment Form, the default income treatment will be: Antares Core Opportunities - Reinvested Antares Dividend Builder - Credited to bank account Antares Listed Property - Credited to bank account Antares Ex-20 Australian Equities - Reinvested Any income which is received after you have closed your Portfolio will be transferred to your nominated bank account at the beginning of the month following receipt of the income. A copy of ACP s proxy voting policy is available free of charge on request. * Subject to NAB equity holding restrictions. 10 Antares Direct Separately Managed Accounts Product Disclosure Statement

Investor rights As an investor in the SMA, you do not have the same rights as if you had invested directly in the equities which comprise part of your Portfolio. In particular: you will not receive any communication relating to corporate actions (unless you request to receive the communication from us); you will not be able to choose what action to take in relation to corporate actions; you will not be able to attend meetings of the relevant companies or trusts; you will not be able to vote in relation to the equities held on your behalf (refer to the section titled Corporate actions on page 10 for further details); you will not directly receive annual reports or have access to shareholder websites and call centres; you will not receive the shareholder benefits associated with some share investments; and your withdrawal request may not be immediately processed in certain circumstances (refer to the section titled Instructions on page 21 for further details). Changes to the SMA We may make changes to the SMA, the Model Portfolios (and the information in this PDS) which are not materially adverse from time to time without prior notice to you. This may include, but is not limited to, closing the SMA to new investments, changes to investment strategies, asset allocation and service providers. Where required, we will give you prior written notice of any materially adverse change. Changes that are not materially adverse may be made available on our website www.antarescapital.com.au. You should check the website for the latest information or you can obtain a copy of any updated information free of charge by calling our Client Services team on 1800 671 849. A paper copy of any updated information is available to you free of charge on request. 8. Managing your investments How to invest To invest in the SMA simply complete the Initial Investment Form available on our website www.antarescapital.com.au and send it to the address shown on the form. If you are not an existing client with ACP you will also be required to provide identity verification documents as outlined on the Initial Investment Form. Investment monies are payable via cheque, direct credit, direct debit or BPay as outlined on the Initial Investment Form and Additional Investment Form. You can only apply to invest in the SMA if you have received this PDS (electronically or otherwise) in Australia. Investments from outside Australia will not be accepted. ACP reserves the right not to accept any investment at its discretion. You will become a client only when we have accepted your investment application and investment money or equities. If you identify yourself as a US citizen or resident for tax purposes we will have to report your information to the Australian Taxation Office which may in turn, report you to the US tax authority. Joint holdings Please note that joint holding accounts are not permitted in the SMA. Initial and additional investments You will need to elect on the Initial Investment Form which Model Portfolio(s) you choose to apply to your Portfolio. If you elect more than one Model Portfolio you will need to satisfy the minimum investment amount of $20,000 for each Model Portfolio. Additional investments can be made at any time by completing the Additional Investment Form available at www.antarescapital.com.au and sending it to the address shown on the form. The minimum additional investment amount for a Model Portfolio is $2,000. The investment money, once accepted, will be invested in accordance with the relevant Model Portfolio(s) weightings. Please note that if investing by direct debit, funds will not be invested until cleared, which can take up to 4 business days. Regular savings plan Our regular savings plan (RSP) allows you to make regular payments into your Portfolio. Under the RSP an amount is deducted from your nominated bank on a regular basis (either monthly or quarterly) and this money is then invested in accordance with the weightings of the Model Portfolio(s) you have chosen. You can start your RSP with a minimum of $500 per month or quarter by completing the relevant sections of the Initial Investment Form. Please note that this is in addition to the minimum balance of $20,000 that is required for each Portfolio. You can stop using the RSP at any time by notifying us in writing. Antares Direct Separately Managed Accounts Product Disclosure Statement 11

Direct debit service agreement If you wish to use our RSP, please complete the relevant sections of the Initial Investment Form. This will enable us to make direct debits from your nominated account. The terms under which the direct debit facility operates are as follows: Availability of accounts Payment by direct debit is not available on all types of accounts. Before you complete the relevant sections of the Initial Investment Form, please confirm with your financial institution that direct debits can be made from your nominated account. If you are changing or closing your nominated account, you will need to advise us as outlined in the Alterations section below. Timing of payments Debits will be made in accordance with the instructions on the Initial Investment Form or as notified by you. For monthly RSPs, the amount is debited around the 15th of the month. For quarterly RSPs, the amount is debited around the 15th of January, April, July and October. If the date on which a debit is due falls on a weekend or Melbourne public holiday, the debit will be made on the next business day. Available funds For the debit to occur you must ensure there are sufficient cleared funds in your nominated account on the due date. What happens if funds are not available? Your financial institution will not pay us if there are insufficient cleared funds in your nominated account. If any debit requested by you is not made, you remain obliged to pay any amount owing to us until we receive your payment. Cancellation of your direct debit arrangement does not affect any of your accrued obligations regarding the amount dishonoured. Alterations If you wish to make any changes to your direct debit please complete the relevant section of the Change of Details Form available on our website at www.antarescapital.com.au or contact our Client Services team on 1800 671 849. To process your changes we must receive your request at least 2 business days before the date of your next scheduled debit. Stopping debits You may stop a particular payment by notifying us in writing at least 2 business days before the date of your next scheduled payment. We will provide you with a written confirmation that the debit has been stopped. You may cancel or defer your participation in the RSP by sending us written notice at least 2 business days before the date of your next scheduled debit. Changes to agreement terms ACP can make changes to the terms of the direct debit service agreement at any time, including termination of the arrangement. To do this we will give you at least 14 business days written notice. Disputes If you believe that there has been an error in debiting your account, you should notify us directly on 1800 671 849 and confirm that notice in writing with us as soon as possible so that we can resolve your query more quickly. Alternatively you can take it up directly with your financial institution. If we conclude as a result of our investigations that your account has been incorrectly debited we will respond to your query by arranging for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your account has been adjusted. If we conclude as a result of our investigations that your account has not been incorrectly debited we will respond to your query by providing you with reasons and any evidence for this finding in writing. Margin lending Clients may fund their investment via a margin lending facility. A margin lender will lend up to a certain percentage of the value of a Portfolio (the Loan to Value Ratio, or LVR) depending on the assets comprising that Portfolio. Each margin lender will determine their own required LVR in relation to the Model Portfolios. Please contact your financial adviser or margin lending provider for further information. If you are funding part of your investment via a margin loan, please record the name of the margin lending provider on the Initial Investment Form. Please note there are specific rules and requirements in relation to the ability of SMSFs to borrow. The trustee must ensure these requirements are met before proceeding with a margin lending facility. For further details regarding the suitability of margin lending to your personal circumstances, please contact your financial adviser. Switching your investment The minimum switching amount is $5,000 and you will need to satisfy the minimum holding amount for the relevant Model Portfolios. You can switch your investment between Model Portfolios at any time by providing the following information to ACP: your investor account number; the names of the Model Portfolios you would like to switch from and to; a completed Initial Investment Form for the Model Portfolio you would like to switch to (if investing in a Model Portfolio for the first time) or use the Additional Investment Form; and the signature/s of authorised signatories. You can fax or email your request to us by using our electronic redemption facility outlined on page 14, or by posting the request to the address shown on the Initial Investment Form. 12 Antares Direct Separately Managed Accounts Product Disclosure Statement

Transferring equities into your Portfolio You can transfer equities into your Portfolio via an in specie transfer. These equities may be issuer sponsored, broker sponsored or held by a custodian. If your equities are issuer or broker sponsored this means the shareholding is either maintained by the share issuer and you will have a Shareholder Reference Number (SRN) or the shares are recorded on your broker s sub-register and you will have a Holder Identification Number (HIN). Any transferred equities that do not form part of a Model Portfolio will be sold by Antares as soon as practicable, which will result in a CGT event for the investor. If, after equities are transferred, the weighting to those equities in your Portfolio is higher than the Model Portfolio weighting, the excess equities may be sold in order to bring your Portfolio into line with the Model Portfolio. If necessary, additional equities will be acquired so that your Portfolio reflects the relevant Model Portfolio. You may incur additional costs (such as brokerage) in connection with making an in specie transfer to your Portfolio. Please note that in specie transfers are unable to be completed until all required information has been provided to us. For further details regarding what information is required, and to download a copy of the In Specie Transfer Form, please visit our website, www.antarescapital.com.au. If your initial investment is via an in specie transfer, your Portfolio will not be established until the equities being transferred have been confirmed by us or our custodian. If a cash investment (e.g. direct credit, direct debit, BPay or cheque) accompanies an in specie investment, the cash investment application may not be able to be processed until the equities being transferred have been confirmed by us or our custodian. We reserve the right not to accept certain equities in relation to an in specie transfer into your Portfolio. In particular please note that as at the date of this PDS, we cannot allow NAB shares to be in specie transferred. Cut-off times If an investment and the relevant money or equities are received and accepted by us prior to 2 pm (Melbourne time) on any business day, your investment application money will generally be invested within 2 business days. Where money is paid via personal cheque, it will generally be invested within 6 business days. Money paid via bank cheque will generally be invested within 2 business days. Investment money which is received by us prior to accepting the investment will be held in a non-interest bearing account until the investment is processed. All withdrawal and switch requests received prior to 2 pm (Melbourne time) on any business day will be processed on the following business day and will usually be satisfied within 7 business days of receipt. Cooling-off right Unless you are a wholesale client (as defined in the Corporations Act 2001 (Cth)) (Corporations Act), you have a cooling-off right whereby you can change your mind about your initial investment in the SMA and ask for your money to be repaid. After you invest in the SMA you have a period of 14 days (the cooling-off period) during which you can cancel the investment and have your funds repaid to you. The cooling-off period begins the day you receive confirmation of your investment or at the end of the 5th business day after your investment application and investment money was accepted, whichever occurs first. Antares will take all reasonable steps to comply with a request made during the cooling-off period to: sell the investments which have been acquired on your behalf, or return any money which has not been invested unless we reasonably consider that it would not be fair to all clients in the SMA. The amount you will receive may be different to the amount you invested as a result of the deduction of fees and transaction costs and any change in the market value of the investments. How to make withdrawals You can withdraw money from your Portfolio at any time by making a withdrawal request. The minimum withdrawal amount is $5,000. If a withdrawal request results in you holding less than the minimum balance, we may treat your request as being an instruction to withdraw your entire Portfolio. To fulfil withdrawal requests we sell down equities on a pro-rata basis so that the overall weightings in your Portfolio reflect the weightings in the relevant Model Portfolio. You can nominate for equities referable to one or more Model Portfolios to be sold to satisfy a withdrawal request. For more information refer to the section titled Transferring equities out of your Portfolio on page 14. Please note that we will endeavour to withdraw the exact amount you request, however in times of market volatility you may receive less than you requested if there is an unexpected downward movement in prices. You can make a withdrawal request at any time by completing the Withdrawal Form available on our website www.antarescapital.com.au or by sending us the following information in writing: your investor account number; the withdrawal amount; your nominated Australian bank account to which the withdrawal is to be paid; if assets which are referable to a particular Model Portfolio are to be sold, the relevant assets and Model Portfolio(s); and the signature/s of authorised signatories. Antares Direct Separately Managed Accounts Product Disclosure Statement 13

Please post your withdrawal request to: Antares Capital Partners Ltd Reply Paid 2007 Melbourne Victoria 8060 Alternatively, you can fax or email your request to us by using our electronic redemption facility. The details for this are set out on this page. Under the Constitution, ACP is required to satisfy withdrawal requests within a reasonable period after receiving them. However in certain circumstances ACP may not be able to satisfy the withdrawal request within this time frame, for example, where there are minimum holding requirements, due to events outside of our control (for example, because a share is suspended from trading on the ASX) or due to an outstanding corporate action. Where we receive a withdrawal request requiring us to sell an asset which cannot be sold because a minimum holding requirement is imposed by a third party in relation to that asset (for example, by the issuer of that asset), then we will: inform you that we are unable to satisfy your request because a minimum holding requirement applies; and seek further instructions from you and refrain from acting until we receive further instructions, or the minimum holding requirement no longer applies. We may also defer satisfying a withdrawal request if the request would require us to sell an asset, and we believe it may adversely affect other clients. We will defer such requests until we have been able to inform the non-requesting clients and invite them to reconsider their position with respect to the relevant asset. In certain circumstances, we are not required to act on withdrawal instructions. Information on these circumstances is set out in the section titled Instructions on page 21. Transferring equities out of your Portfolio You are able to request that ACP transfer equities out of your Portfolio to satisfy a withdrawal request, subject to meeting the minimum withdrawal amount. If this withdrawal request results in you holding less than the minimum balance, we may treat your request as being an instruction to withdraw your entire Portfolio. If you request that ACP transfer some (but not all) of the equities in your Portfolio to satisfy a withdrawal request, your Portfolio will be rebalanced on the next business day. This could result in the same equities which were transferred to you being repurchased. Electronic redemption facility and instructions You can fax or email your withdrawal request to us by using our electronic redemption facility. To activate the electronic redemption facility, please complete the relevant section of the Initial Investment Form available from www.antarescapital.com.au. This will allow us to accept faxed and emailed withdrawal requests and to process these requests without requiring the original copy of the instruction. Withdrawal requests can be faxed to 03 9220 0285 or emailed to investorservices@ antaresequities.com.au. Payment will be subject to the terms and conditions of the electronic redemption facility outlined below. If you are advising us via fax or email in respect of withdrawal instructions, it is important to be aware that we: will only process your fax or email instructions if they are received in full and have been signed by authorised signatories; are not responsible for any loss or delay that results from a fax or email transmission not being received by us; will not accept a fax receipt confirmation from the sender s fax machine as evidence of receipt of the fax; do not take responsibility for any fraudulently or incorrectly completed fax or email instructions; and will not compensate you for any losses relating to fax or email instructions, unless required by law. For example, you bear the risk that a fax may be sent by someone who knows your investment details. In the event of fraud you agree to release, discharge and indemnify ACP, any member of the NAB Group and any of its employees, officers or agents from and against all loss, actions, claims, demands, expenses and liabilities (however they arise) suffered by you or suffered by or brought against ACP or any of its employees, officers or agents, in respect of the fax or email instructions, to the extent permitted by law. Information you will receive We will provide you with the following reports and information about your investment: quarterly reviews, which include market updates and Model Portfolio performance; quarterly transaction statements, which include information on transactions (including cash and income transactions) in relation to your Portfolio and a summary of your Portfolio; an annual report containing a summary of transactions in relation to your Portfolio during the previous financial year; an annual audit report with prescribed information; monthly income statements (where income has been paid to you); confirmations of investments and withdrawals in relation to your Portfolio; an annual income tax statement; and a realised capital gains summary (if applicable). This information will be provided via email to those clients who select the Email consent option on the Initial Investment Form, or in hardcopy for all other clients. 14 Antares Direct Separately Managed Accounts Product Disclosure Statement