Insight Diversified Inflation Plus Fund Class A units New Zealand Investors Information Sheet

Insight Diversified Inflation Plus Fund Class A units New Zealand Investors Information Sheet Issue date 16 March 2016 Investment Manager Insight Investment Management (Global) Limited Ph. +44 207 163 4000 Web: www.insightinvestment.com Responsible Entity Equity Trustees Limited ABN 46 004 031 298 AFSL No 240975 GPO Box 2307 Melbourne VIC 3001 Phone: +61 3 8623 5290 Web: www.eqt.com.au Administrator and Custodian State Street Australia Limited Unit Registry Level 14, 420 George Street, SYDNEY NSW 2000 Ph. +612 9323 6000 Fax +612 9323 6411 About the Insight Diversified Inflation Plus Fund Class A units New Zealand Investor Information Sheet (NZ Information Sheet) Updated information New Zealand: WARNING STATEMENT This NZ Information Sheet has been prepared and issued by Equity Trustees Limited and is a summary of significant information for persons receiving the Insight Diversified Inflation Plus Fund ( Fund ) Class A units Product Disclosure Statement ( PDS ) in New Zealand. This NZ Information Sheet does not form part of the PDS but it is important that you read it before investing in the Fund. The information provided in this NZ Information Sheet is general information only and does not take account of your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances. Certain information in this NZ Information Sheet is subject to change. We will notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this NZ Information Sheet. Any updated information which is not materially adverse may be obtained at www.eqt.com.au or by calling EQT on 1300 555 378. A paper copy of the updated information will be provided free of charge on request. (a) This offer to New Zealand investors is a regulated offer made under Australian and New Zealand law. In Australia, this is Chapter 8 of the Corporations Act 2001 (Aust) and regulations made under that Act. In New Zealand, this is subpart 6 of Part 9 of the Financial Markets Conduct Act 2013 and Part 9 of the Financial Markets Conduct Regulations 2014. (b) This offer and the content of the offer document are principally governed by Australian rather than New Zealand law. In the main, the Corporations Act 2001 (Aust) and the regulations made under that Act set out how the offer must be made. (c) There are differences in how financial products are regulated under Australian law. For example, the disclosure of fees for managed investment schemes is different under the Australian regime. (d) The rights, remedies, and compensation arrangements available to New Zealand investors in Australian financial products may differ from the rights, remedies, and compensation arrangements for New Zealand financial products. (e) Both the Australian and New Zealand financial markets regulators have enforcement responsibilities in relation to this offer. If you need to make a complaint about this offer, please contact the Financial Markets Authority, New Zealand (http://www.fma.govt.nz). The Australian and New Zealand regulators will work together to settle your complaint. (f) The taxation treatment of Australian financial products is not the same as for New Zealand financial products. (g) If you are uncertain about whether this investment is appropriate for you, you should seek the advice of an appropriately qualified financial adviser. Page 1 of 3

Investing in the Funds (h) The offer may involve a currency exchange risk. The currency for the financial products is not New Zealand dollars. The value of the financial products will go up or down according to changes in the exchange rate between that currency and New Zealand dollars. These changes may be significant. (i) If you expect the financial products to pay any amounts in a currency that is not New Zealand dollars, you may incur significant fees in having the funds credited to a bank account in New Zealand in New Zealand dollars. (j) The dispute resolution process described in this offer document is available only in Australia and is not available in New Zealand. Direct investors Indirect investors Direct investors in the Fund can simply complete the Application Form and send it along with a copy of the payment advice confirming the transfer of funds. Further information is contained in the PDS. Minimum application amounts are subject to the Australian dollar minimum amounts disclosed in the relevant PDS. If you wish to invest indirectly in the Fund through an IDPS your IDPS Operator will complete the application for you. Your IDPS Operator will advise what minimum investment amounts relate to you. Redeeming your investment Direct investors Indirect investors Direct investors of the Funds can withdraw their investment by written request to: State Street Australia Limited Unit Registry Level 14, 420 George Street SYDNEY, NSW 2000. Or sending it by fax to +612 9323 6420 or +612 9323 6411 Minimum withdrawal amounts are subject to the Australian dollar minimum amounts disclosed in the relevant PDS. Withdrawal requests received from New Zealand investors must specify: the withdrawal amount in Australian dollars; or the number of units to be withdrawn. We are unable to accept withdrawal amounts quoted in New Zealand dollars. Please note that the withdrawal amount paid to you will be in Australian dollars and may differ from the amount you receive in New Zealand dollars due to: Foreign Exchange spreads between Australian and New Zealand dollars (currency rate differs daily); and Overseas Telegraphic Transfer ( OTT ) costs. Withdrawals will only be paid directly to the unit holder s bank account held in the name of the unit holder with an Australian domiciled bank. Withdrawal payments will not be made to third parties. If you have invested indirectly in the Fund through an IDPS, you need to provide your withdrawal request directly to your IDPS Operator. The time to process a withdrawal request will depend on the particular IDPS Operator. Managing your investment Distributions New Zealand investors can only have their distribution reinvested. When the distribution is reinvested, New Zealand investors will be allotted units in accordance with the terms and conditions set out in the PDS relating to Class A units in the Fund. Please see the PDS for a description of distributions and the terms and conditions of the reinvestment of distributions. The distribution reinvestment plan described in the PDS is offered to New Zealand investors on the following basis: At the time the price of the units allotted pursuant to the distribution reinvestment plan is set, the Responsible Entity will not have any information that is not publicly available that would, or would be likely to, have a material adverse effect on the realisable price of the units if the information were publicly available. The right to acquire, or require the Responsible Entity to issue, units will be offered to all investors of the same class, other than those resident outside New Zealand who are excluded so as to avoid breaching overseas laws. Units will be issued on the terms disclosed to you, and will be subject to the same rights as units Page 2 of 3

issued to all investors of the same class as you. There is available from the Responsible Entity, on request and free of charge, a copy of the most recent annual report of the relevant Fund, the most recent financial statements of the Fund, the auditor s report on those financial statements, the PDS and the Constitution for the Fund (including any amendments). Other than the Constitution, these documents may be obtained electronically from www.eqt.com.au. Processing cut off times Cooling off rights Taxation New Zealand resident taxation The processing cut off times for applications and redemptions referred to in the PDS are Australian Eastern Standard Time (Australian EST) and you should take this into account when faxing instructions. Cooling off rights may apply to investors in New Zealand. If you wish to exercise your cooling off rights you should contact the Responsible Entity of the Fund. The PDS contains further information about the rights that may apply. If you are a New Zealand resident wishing to invest in Australia, we strongly recommend that you seek independent professional tax advice. New Zealand resident investors will be taxed on their units under the foreign investment fund rules or ordinary tax rules, depending on their circumstances. Australian tax will be withheld at prescribed rates from distributions to non-residents to the extent that the distributions comprise relevant Australian sourced income or gains. Page 3 of 3

Insight Diversified Inflation Plus Fund Class A units (ARSN 167 582 818 APIR ETL0441AU mfund IIM01) Product Disclosure Statement Issue Date 24 May 2016 Investment Manager Insight Investment Management (Global) Limited Ph. +44 207 163 4000 Web: www.insightinvestment.com Responsible Entity Equity Trustees Limited ABN 46 004 031 298, AFSL 240975 Ph. +613 8623 5000 Web: www.eqt.com.au/insto Administrator and Custodian State Street Australia Limited Unit Registry Level 14, 420 George Street, SYDNEY NSW 2000 Ph. +612 9323 6000 Fax +612 9323 6411 Contents 1. About Equity Trustees Limited 2. How the Insight Diversified Inflation Plus Fund works 3. Benefits of investing in the Insight Diversified Inflation Plus Fund 4. Risks of managed investment schemes 5. How we invest your money 6. Fees and costs 7. How managed investment schemes are taxed 8. How to apply 9. Other information About this PDS This Product Disclosure Statement ( PDS ) has been prepared and issued by Equity Trustees Limited ( EQT, we or Responsible Entity ) and is a summary of the significant information relating to an investment in the Insight Diversified Inflation Plus Fund Class A units (the Fund ). It contains a number of references to important information (including a glossary of terms) contained in the Insight Diversified Inflation Plus Fund Class A Reference Guide ( Reference Guide ), which forms part of this PDS. You should consider both the information in this PDS, and the information in the Reference Guide, before making a decision about investing in the Fund. The information provided in this PDS is general information only and does not take account of your personal objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances and consider whether the information in this PDS is appropriate for you in light of those circumstances. The offer to which this PDS relates is only available to persons receiving this PDS (electronically or otherwise) in Australia or New Zealand. New Zealand investors must read the Insight Diversified Inflation Plus Fund Class A units New Zealand Investors Information Sheet before investing in the Fund. All references to dollars or $ in this PDS are to Australian dollars. This PDS does not constitute a direct or indirect offer of securities in the US or to any US Person as defined in Regulation S under the US Securities Act of 1933 as amended ( US Securities Act ). EQT may vary this position and offers may be accepted on merit at EQT's discretion. The units in the Fund have not been, and will not be, registered under the US Securities Act unless otherwise approved by EQT and may not be offered or sold in the US to, or for, the account of any US Person except in a transaction that is exempt from the registration requirements of the US Securities Act and applicable US state securities laws. The Reference Guide Updated information Throughout the PDS, there are references to additional information contained in the Reference Guide. The Reference Guide is available on www.eqt.com.au/insto. You can also request a copy by calling EQT on 1300 555 378. The information contained in the Reference Guide may change between the day you receive this PDS and the day you sign the Application Form. You must therefore ensure that you have read the Reference Guide current at the date of your application. Information in this PDS is subject to change. We will notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this PDS. Any updated information that is not materially adverse is subject to change from time to time and may be updated and obtained online at www.eqt.com.au/insto or by calling EQT on 1300 555 378. A paper copy of the updated information will be provided free of charge on request. 1. About Equity Trustees Limited The Responsible Entity Equity Trustees Limited EQT, a company listed on the Australian Securities Exchange ( ASX ), is the Fund s Responsible Entity and issuer of this PDS. Established as a trustee and executorial service provider by a special Act of the Victorian Parliament in 1888, today EQT is a dynamic financial services institution which will continue to

The Investment Manager grow the breadth and quality of products and services on offer. EQT s responsibilities and obligations as the Fund s Responsible Entity are governed by the Fund s constitution ( Constitution ), the Corporations Act 2001 (Cth) ( Corporations Act ) and general trust law. As Responsible Entity, EQT is solely responsible for the management of the Fund. EQT has delegated the investment management functions to Insight Investment Management (Global) Limited which will make investment decisions in relation to the Fund. Insight Investment Management (Global) Limited Insight Investment Management (Global) Limited ( Investment Manager ) is a private limited company incorporated under the laws of England and Wales. It manages and advises on the investment of managed funds and is a subsidiary of Insight Investment Management Limited and is part of The Bank of New York Mellon Corporation. The Investment Manager is authorised and regulated by the Financial Conduct Authority in the UK under UK laws which are different from Australian laws. It is, by virtue of Class Order 03/1099, exempt from the requirement of the Corporations Act 2001 to hold an Australian Financial Services Licence. 2. How the Insight Diversified Inflation Plus Fund works The Fund is a registered managed investment scheme. The Fund is governed by the Constitution. The Fund comprises assets which are acquired in accordance with the Fund s investment strategy. Investors receive units in the Fund when they invest. In general, each unit represents an equal interest in the assets of the Fund subject to liabilities; however it does not give investors an interest in any particular asset of the Fund. If you invest in the Fund through an IDPS (as defined in the Reference Guide) you will not become a unitholder in the Fund. The operator or custodian of the IDPS will be the unitholder noted in the Fund s register and will be the only person who is able to exercise the rights and receive benefits of a unitholder. Please direct any issues and queries relating to your investment to your IDPS Operator. All amounts are in Australian dollars. Applying for units Making additional investments Distributions Access to your money You can acquire Class A units by completing the Application Form that accompanies this PDS or by making an application through the mfund settlement service ( mfund ) by placing a buy order for units with your licensed broker.. The minimum investment amount for the Fund is $20,000. The price at which units are acquired is determined in accordance with the Constitution ( Application Price ). The Application Price on a Business Day (as defined in the Reference Guide) is, in general terms, equal to the net asset value ( NAV ) of the Fund, divided by the number of units on issue and adjusted for transaction costs ( Buy Spread ). At the date of this PDS, the Buy Spread is 0.21%. The Application Price will vary as the market value of assets in the Fund rises or falls. You can make additional investments into Fund at any time by sending us your additional investment amount together with a completed Application Form or by making application for units through mfund. The minimum additional investment into the Fund is $5,000. An investor s share of any distributable income is calculated in accordance with the Constitution and is generally based on the number of units held by the investor at the end of the distribution period. The Fund usually distributes income annually effective as at the 30 June. Distributions are calculated on the last day of each period (30 June) and are normally paid to investors within 30 days of the period end, however it may take longer. EQT may change the distribution frequency without notice. Investors in the Fund can indicate a preference to have: their distribution reinvested back into the Fund; or their distribution directly credited to their nominated Australian domiciled bank account. Australian investors who do not indicate a preference will have their distributions automatically reinvested. Applications for reinvestment will be taken to be received prior to the next valuation time after the relevant distribution period. There is no Buy Spread on distributions that are reinvested. In some circumstances, where an investor makes a large withdrawal request (5% or more of the units on issue), their withdrawal proceeds may be taken to include a component of distributable income. Indirect Investors should review their IDPS guide for information on how and when they receive any income distribution. New Zealand investors can only have their distribution reinvested (refer to the Insight Diversified Inflation Plus Fund Class A units New Zealand Investors Information Sheet for further information). Investors in the Fund can generally withdraw their investment by completing a written request to withdraw from the Fund and mailing it to: State Street Australia Limited Unit Registry Level 14, 420 George Street SYDNEY, NSW 2000. Or sending it by fax to +612 9323 6420 or +612 9323 6411 or by making a withdrawal request through mfund by placing a sell order for units with your licensed broker. The minimum withdrawal amount is $5,000. Once we receive your withdrawal request, we may act on your instruction without further enquiry if the instruction bears your account number or investor details and your (apparent) signature(s), or your authorised signatory s (apparent) signature(s) or if the withdrawal is

received via mfund. EQT will generally allow investors to access their investment within 14 days of receipt of a withdrawal request by transferring the withdrawal proceeds to such investors nominated bank account or, where the request is received via mfund, to the investor s licensed broker. However, the Constitution allows EQT to reject withdrawal requests and also to make payment up to 21 days after acceptance of a request (which may be extended by a further 30 days in certain circumstances). The price at which units are withdrawn is determined in accordance with the Constitution ( Withdrawal Price ). The Withdrawal Price on a Business Day is, in general terms, equal to the NAV of the Fund, divided by the number of units in issue and adjusted for transaction costs ( Sell Spread ). At the date of this PDS, the Sell Spread is 0.21%. The Withdrawal Price will vary as the market value of assets in the Fund rises or falls. EQT may limit the number of units redeemed on a Business Day on which banks are not open for general banking business in London to units representing not more than 10% of the NAV of the Fund. This limitation will apply pro rata, so that all investors wishing to redeem units on that day realise the same proportion of their units. Redemption of units that would otherwise have been redeemed will be deferred to the next Business Day. EQT reserve the right to fully redeem your investment if your investment balance in the Fund falls below $20,000 as a result of processing your withdrawal request. EQT can deny a withdrawal request in certain circumstances, including where accepting the request would cause the Fund to cease to be liquid or where the Fund is not liquid (as defined in the Corporations Act). When the Fund is not liquid, an investor can only withdraw when EQT makes a withdrawal offer to investors in accordance with the Corporations Act. EQT is not obliged to make such offers. If you are an Indirect Investor, you need to provide your withdrawal request directly to your IDPS Operator. The time to process a withdrawal request will depend on the particular IDPS Operator. Unit pricing discretions policy Additional information EQT has developed a formal written policy in relation to the guidelines and relevant factors taken into account when exercising any discretion in calculating unit prices (including determining the value of the assets and liabilities). A copy of the policy and, where applicable and to the extent required, any other relevant documents in relation to the policy will be made available to investors free of charge on request. The Fund is not currently a disclosing entity as defined by the Corporations Act. If the Fund becomes a disclosing entity (generally this will occur when the Fund has 100 investors or more), it will be subject to regular reporting and disclosure obligations. Investors (but not Indirect Investors) have a right to obtain a copy, free of charge, of any of the following documents: the most recent annual financial report ( Annual Report ); any subsequent half yearly financial report lodged with ASIC after the lodgement of the Annual Report; and any continuous disclosure notices lodged with ASIC after the Annual Report but before the date of this PDS. These documents can also be obtained from or inspected at an ASIC office. Further reading You should read the important information in the Reference Guide under Investing in the Insight Diversified Inflation Plus Fund, Managing your investment and Withdrawing your investment about: how to invest and where to send your completed Application Form and identification documents; application cut-off times on a Business Day; cooling-off rights; authorised signatories; reports; unit pricing and valuations; withdrawal cut-off times on a Business Day; payment of withdrawals; withdrawal terms; and withdrawal restrictions, before making an investment decision. The Reference Guide is available at www.eqt.com.au/insto. The material relating to investing in the Fund, application cut-off times, cooling-off rights, unit pricing and valuations, withdrawal cut-off times, withdrawing from the Fund, and authorised signatories and reports, may change between the time when you read this PDS and the day when you sign the Application Form. 3. Benefits of investing in the Insight Diversified Inflation Plus Fund Class A units The Fund aims to deliver attractive, positive long term returns at least 5% in excess of inflation over a rolling 5 year period. Benefits of investing in the Fund include: The Fund offers genuine diversification that goes beyond simple asset class holdings and is not reliant on market directional exposures to always be the prime driver of returns. The Investment Manager takes a dynamic approach to asset allocation and risk management for the Fund, with the aim of capturing most of the upside when markets are rising but avoiding most of the downside when they are falling.

It is managed by a stable and focused investment team of portfolio managers deploying a transparent and robust investment process. The team is experienced and enjoys a strong track record in successfully managing similar strategies. 4. Risks of managed investment schemes All investments carry risks. Different investment strategies may carry different levels of risk, depending on the assets acquired under the strategy. Assets with the highest long-term returns may also carry the highest level of short-term risk. The table below highlights the significant risks you should consider when deciding whether to invest in the Fund. You may want to consider these risks in light of your risk profile. Your risk profile will vary depending on a range of factors, including your age, the investment time frame (how long you wish to invest for), your other investments or assets and your risk tolerance. You may lose money by investing in the Fund and your investment in the Fund may not meet your objectives. The level of returns will vary and future returns may differ from past returns. Laws affecting managed investment schemes may also change in the future. In addition, we do not offer advice that takes into account your personal financial situation, including advice about whether the Fund is suitable for your circumstances. If you require personal financial advice, you should contact a licensed financial adviser. Risk of not achieving objective Fund risk General risks Interest rate risk Liquidity risk Derivative Risk It should be noted that the Fund s investment objective is not guaranteed but rather depends on the Investment Manager s skill in selecting appropriate investments as described in section 5 below. Whilst the Fund aims to deliver an absolute return above Australian inflation, it is not an inflation hedged product and as such will not attempt to directly move in line with Australian inflation rates. The Fund could terminate, the fees and expenses could change, the Investment Manager or Responsible Entity could be replaced and the investment professionals could change. There is also a risk that investing in the Fund may give different results than investing directly in the underlying assets because of income or capital gains accrued in the Fund and the consequences of investment and withdrawal by other investors. The market price of investments may go up or down, sometimes rapidly or unpredictably. Assets may decline in value due to factors affecting markets generally or particular industries represented in the markets. The value of an investment may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, supply and demand for particular securities or instruments, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labour shortages or increased production costs and competitive conditions within an industry. During a general market downturn, multiple asset classes may decline in value simultaneously. Further, changes in tax, legal and economic policy, political events and technology failure can all directly or indirectly create an environment that may influence the value of the investments of the Fund. Changes in official interest rates can directly and indirectly impact (negatively or positively) on investment returns. Generally, an increase in interest rates has a contractionary effect on the state of the economy and sometimes this may affect the valuation of stocks and other assets. There may be times when securities may not be readily sold (for example an exchange imposed limit on price fluctuations on a particular day in both falling and rising market conditions) and this may impact the investment and markets to which the Fund has exposure. In particular, the Fund may invest indirectly in property assets, which are inherently less liquid and more difficult to sell than other assets. If there is an interruption to regular trading in a market generally, or for a particular investment to which the Fund has exposure, there may be delays in processing withdrawal requests. Neither the Responsible Entity nor the Investment Manager guarantees the liquidity of the Fund s investments or of investments in the Fund. The Fund may make extensive use of both exchange-traded and over-the-counter derivatives, including, but not limited to, futures, forwards, swaps, options and contracts for differences, as part of its investment policy. Derivatives are highly specialised instruments that require investment techniques and risk analysis different from those associated with equities and debt securities. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself. In particular, the use and complexity of derivatives require the maintenance of adequate controls to monitor the transactions entered into and the ability to assess the risk that a derivative transaction adds to a portfolio. As such there can be no guarantee or assurance that the use of derivatives will meet or assist in meeting the investment objectives of the Fund. Derivatives can be highly volatile and expose investors to a high risk of loss. The low initial margin deposits normally required to establish a position in such instruments permit a high degree of leverage. As a result, depending on the type of instrument, a relatively small movement in the price of a contract may result in a profit or a loss which is high in proportion to the amount of funds actually placed as initial margin and may result in unquantifiable further loss exceeding any margin deposited. In addition, daily limits on price fluctuations and speculative position limits on exchanges may prevent prompt liquidation of positions resulting in potentially greater losses. Transactions in over-the-counter contracts may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk. In relation to over-the-counter derivative contracts, the Fund will additionally be exposed to the risk that the counterparties to such contracts may, in an insolvency or similar event, be unable to meet their contractual obligations under the contracts. Although the operation of collateral arrangements will help mitigate this risk, if a counterparty was unable to meet its contractual obligations under a derivative contract, the Fund could still incur a loss and this would have

an adverse effect on the value of the Fund. Valuation Risk Exchange Traded Funds The Fund may be subject to valuation risk due to the manner and timing of valuations of the Fund's investments in underlying collective investment schemes. Underlying collective investment schemes may be valued by fund administrators affiliated to fund managers, or by the fund managers themselves, resulting in valuations which are not verified by an independent third party on a regular or timely basis. Accordingly there is a risk that the valuations of the underlying collective investment schemes may not reflect their true value at a specific time which could result in significant losses or inaccurate pricing for the Fund. Those schemes in which a Fund invests which are open-ended may have restrictions on the number of shares that can be redeemed on a dealing day and there may be occasions when redemptions are suspended. The Fund may accordingly not be able to achieve the prevailing underlying NAV when it wishes to realise an investment. The Fund may invest in Exchange Traded Funds. Exchange Traded Funds represent a basket of securities that are traded on an exchange and may not necessarily trade at the NAV of their underlying holdings. As a result, they may trade at a price that is above or below the value of the underlying portfolio. Exchange Traded Funds may not be backed by underlying physical positions and may be subject to counterparty risk. 5. How we invest your money Before choosing to invest in the Fund you should consider the likely investment returns, the risks of investing and your investment time frame. Investment objective Benchmark Minimum suggested timeframe Risk level of the Fund Investor suitability Investment style and approach Asset allocation The investment objective of the Fund is to deliver attractive, positive long term returns at least 5% in excess of inflation over a rolling 5 year period. RBA CPI Trimmed Mean. The RBA CPI Trimmed mean series is part of the suite of analytical measures of Australian Consumer Price Inflation issued by the Australian Bureau of Statistics. The minimum suggested investment time frame for the Fund is 5 years. Medium/High The Fund aims to provide positive returns in a wide variety of market conditions with a relatively low level of volatility. However to achieve this the Fund makes extensive use of derivatives and due to the additional risks associated with investing in derivatives (see section 4 above), the Fund has been classified as medium/high risk. There is a risk that investors may lose some or all of their investment. Higher risk investments can fluctuate in value in the short term but may also produce higher returns than lower risk investments over the long term. The Fund is only suitable for long-term investors The Fund seeks to deliver its objective through a dynamic asset allocation strategy involving several asset classes (including equities, fixed income securities and cash as well as commodities and property), primarily through direct investments, financial derivative instruments and investments in collective investment schemes. The Fund will also make tactical asset allocations as and when appropriate opportunities arise. The Fund will typically invest in a diversified and broad range of these asset classes. The Fund is not restricted in the asset classes it can invest in. The Fund will generally invest by reference to macroeconomic themes, rather than by individual stock picking. The Fund will also take directional views on equity markets, equity sectors and themes, fixed income markets and on commodity and property indices, and can also express relative views (eg. on markets or indices) or may take positions on the volatility of indices. The Investment Manager will seek to dynamically adjust the investments of the Fund according to the risk tolerances it will apply to the Fund. In so doing, it will seek to limit downside risk at the expense of some upside potential. The Investment Manager believes that the Fund s diversified investment strategy should enable it to lower the Fund s risk profile relative to, and accordingly to have lower volatility than, traditional balanced funds. The Fund is not restricted in the proportion of the Fund that can be invested in any particular asset classes. However, the Fund will invest at least 80% of its assets in investments which the Responsible Entity reasonably expects can be realised for their market value within 10 days. The Fund invests on a worldwide basis and will be generally diversified across a wide range of asset classes and investment strategies. It will aim to generate attractive returns and also limit the risk of losses by actively changing the mix of asset classes in which it is invested as the Investment Manager s views on their relative risk/return characteristics change over time. These views will be informed by both macro-economic factors and shorter term tactical views on the market.

Changing the investment strategy Labour, environmental, social and ethical considerations Fund performance The investment strategy and asset allocation parameters may be changed. If a change is to be made, investors in the Fund will be notified in accordance with the Corporations Act. Neither EQT or the Investment Manager have a formal policy for considering how these considerations impact an investment decision. Up to date information on the performance of the Fund can be obtained from www.insightinvestment.com. A free of charge paper copy of the information will also be available on request. 6. Fees and costs DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100 000 to $80 000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management cost where applicable. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a managed investment fee calculator to help you check out different fee options. The information in the following table can be used to compare costs between this and other managed investment schemes. Fees and costs are deducted from the assets of the Fund and reduce the investment return to unit holders. Type of fee or cost Amount Fees when your money moves in or out of the Fund Establishment Fee Contribution Fee Withdrawal Fee Termination Fee Nil Nil Nil Nil Management Costs The fees and costs for managing your 1.10% p.a. of the value of your units in the Fund 2 investment 1 1 Management costs quoted are inclusive of Goods and Services Tax (GST) and net of any Reduced Input Tax Credits (RITC) at the prescribed rate, which is currently either 55% or 75% (depending on the nature of the fee or expense). 2 The amount of this fee can be negotiated. See Differential fees below. Additional Explanation of fees and costs What do the Management Costs pay for? Buy/Sell Spread The Management Costs include Responsible Entity fees, investment management fees, custodian fees, administration fees and other expenses. They are calculated and accrued daily based on the NAV of the Fund. The accrued fees are paid in arrears from the Fund at the end of each month. The Management Costs reduce the NAV of the Fund and are reflected in the unit price. Please note: The Fund will typically invest in other collective investment schemes, including those managed by the Investment Manager. Where the Fund does invest in collective investment schemes managed by the Investment Manager, no annual investment management fee will be charged by the underlying fund, but other expenses (eg administration, audit and legal costs) will usually be incurred. Where the Fund invests in collective investment schemes not managed by the Investment Manager both investment management fees and other expenses will be incurred. These costs are not included in the Management Costs. The Buy/Sell Spread reflects the estimated costs incurred in buying or selling assets of the Fund when investors invest in or withdraw from the Fund. The Buy/Sell Spread is an additional cost to the investor but is incorporated into the unit price and incurred when an investor invests in or withdraws from the Fund and is not separately charged to the investor. The Buy/Sell Spread is paid into the Fund and not paid to EQT or the Investment Manager. The estimated Buy/Sell Spread is 0.21% upon entry and 0.21% upon exit. The Buy/Sell Spread can be altered by the Responsible Entity at any time to reflect the actual costs

incurred by the Fund. The Responsible Entity may also waive the Buy/Sell Spread in part or in full at its discretion. Can the fees change? Differential fees mfund Yes, all fees can change without investor consent, subject to the maximum fee amounts specified in the Constitution. EQT has the right to recover all proper and reasonable expenses incurred in managing the Fund and as such these expenses may increase or decrease accordingly. We will generally provide investors with at least 30 days notice of any proposed change to the Management Costs. Expense recoveries may change without notice, for example, when it is necessary to protect the interests of existing members and if permitted by law. In most circumstances, the Constitution defines the maximum fees that can be charged for fees described in this PDS. The Investment Manager may from time to time negotiate a different fee arrangement (by way of a rebate or waiver of fees) with certain investors. Warning: if you are transacting through mfund your stockbroker or accredited intermediary may charge you additional fees (see their Financial Services Guide). Example of annual fees and costs for the Fund This table gives an example of how the fees and costs for this managed investment product can affect your investment over a 1 year period. You should use this table to compare this product with other managed investment products. EXAMPLE Insight Diversified Inflation Plus Fund Class A units BALANCE OF $50,000 WITH A TOTAL CONTRIBUTION OF $5,000 DURING THE YEAR Contribution Fees Nil For every $5,000 you put in, you will be charged $0. Plus Management Costs Equals Cost of Fund 1.10% p.a. And, for every $50,000 you have in the fund you will be charged $550 each year. If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, then you would be charged fees of: $550** What it costs you will depend on the fees you negotiate. ** This example assumes the $5,000 contribution occurs at the end of the first year, therefore management costs are calculated using the $50,000 balance only. The management costs would be $605 if you had invested the $5,000 for a full 12 months. Additional fees may apply. Please note that this example does not capture all the fees and costs that may apply to you such as the Buy/Sell Spread. ASIC provides a fee calculator on www.moneysmart.gov.au, which you may use to calculate the effects of fees and costs on your investment in the Fund. 7. How managed investment schemes are taxed Warning: Investing in a registered managed investment scheme (such as the Fund) is likely to have tax consequences. You are strongly advised to seek your own professional tax advice about the applicable Australian tax (including income tax, GST and duty) consequences and, if appropriate, foreign tax consequences which may apply to you based on your particular circumstances before investing in the Fund. The Fund is an Australian resident for tax purposes and does not pay tax on behalf of its members, this is provided all income is distributed. Australian resident investors are assessed for tax on any income and capital gains generated by the Fund and distributed to investors. 8. How to apply To invest please complete the Application Form accompanying this PDS, and either direct credit funds by electronic transfer (details are in the Application Form), and send your Application Form to State Street Australia Limited, the Fund s administrator and custodian: State Street Australia Ltd, Unit Registry, Level 14, 420 George St, SYDNEY NSW 2000. Additional applications may be faxed to +612 9323 6420 or +612 9323 6411. or; Ask your licensed broker to apply for units in the fund via mfund. In this situation, you will need to provide the application money in relation to your application to your licensed broker. Please note that cash and cheques cannot be accepted. Who can invest? Cooling-off period Anyone can invest directly however individual investors must be 18 years of age or over. Investors investing through an IDPS should use the Application Form provided by the operator of the IDPS. If you are a Retail Client you may have a right to cool off in relation to an investment in the Fund within 14 days of the earlier of: confirmation of the investment being received or available; and the end of the fifth business day after the units are issued or sold.

No cooling off applies if you are a Wholesale Client. Indirect Investors should seek advice from their IDPS operator as to whether cooling off rights apply. The right to cool off may not apply if you are an Indirect Investor, even if you are a Retail Client. The terms and conditions of the IDPS Guide or similar type document will govern your investment in relation to the Fund and any rights you may have in this regard. Enquiries and complaints If you have any questions regarding the management of the Fund, you can call State Street Australia Limited for any administration queries on +612 9323 6000 or EQT for all other enquiries on 1300 555 378. If you are not completely satisfied with any aspect of our services regarding the management of the Fund, please contact EQT. EQT seeks to resolve potential and actual complaints over the management of the Fund to the satisfaction of investors. If you wish to lodge a formal complaint please write to: Complaints Officer Enterprise Risk Equity Trustees Limited GPO Box 2307 Melbourne VIC 3001 Email: compliance@eqt.com.au Phone: 1300 133 472 EQT will respond within 14 days of receiving the letter and will seek to resolve your complaint as soon as practicable but not longer than 45 days after receiving the complaint. If we are unable to resolve your complaint, you may be able to seek assistance from the Financial Ombudsman Service ( FOS ). To find out whether you are eligible (and if so, to make a complaint) contact FOS on 1300 780 808, info@fos.org.au or GPO Box 3, Melbourne VIC 3001. If you are investing through an IDPS, then enquiries and complaints should be directed to the IDPS Operator, not EQT. 9. Other information Consent mfund Settlement Service The Investment Manager has given and, as at the date of this PDS, has not withdrawn: its written consent to be named in this PDS as the investment manager of the Fund; and its written consent to the inclusion of the statements made about it and which are specifically attributed to it, in the form and context in which they appear. Neither the Investment Manager nor its employees or officers accept any responsibility arising in any way for errors or omissions, other than those statements for which it has provided its written consent to EQT for inclusion in this PDS. You must use an mfund accredited and licensed broker to facilitate your transactions on mfund. Your chosen broker may charge you additional fees which are not outlined in the Fees and Costs section of this PDS. Further reading You should read the important information in the Reference Guide Other important information section about: your privacy; the Constitution for the Fund; the Anti-Money Laundering and Counter-Terrorism Financing laws ( AML/CTF laws ); and Indirect Investors before making a decision to invest. The current Reference Guide is available at www.eqt.com.au/insto. The material relating to your privacy, the Constitution, AML/CTF laws and Indirect Investors does not form part of the PDS and may change between the time when you read this PDS and the day when you sign the Application Form.

Insight Diversified Inflation Plus Fund Class A units Application Form If completing by hand, use a black or blue pen and print within the boxes in BLOCK LETTERS Use ticks in boxes where applicable The applicant must complete, print and sign this form Keep a photocopy of your completed Application Form for your records Please ensure all relevant sections are complete before submitting this form This application form is part of the Product Disclosure Statement dated 24 May 216 ('PDS') relating to units in the Insight Diversified Inflation Plus Fund Class A units issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975). The PDS contains information about investing in the Fund. You should read the PDS before applying for units in the Fund. A person who gives another person access to the Application Form must at the same time and by the same means give the other person access to the PDS. EQT will provide you with a copy of the PDS and the Application Form on request without charge (If you make an error while completing your application form, do not use correction fluid. Cross out your mistakes and initial your changes). US Persons: This offer is not open to any US Person. Please refer to the Product Disclosure Statement and Reference Guide for further information. Section 1 Introduction Do you have an existing investment in the Insight Diversified Inflation Plus Fund Class A? YES my details are: Account Number Account Name Contact Telephone Number (Including Country Code) Not appointing a power of attorney, agent or financial adviser Complete sections 8, 9, 10 Appointing a power of attorney, agent or financial adviser Complete sections 6 or 7, 8, 9, 10 * Please note there will be instances where we may be required to collect additional information about you and may ask you to provide certified copies of certain identification documents along with the Application Form. NO Only complete the sections relevant to you, as indicated below: Select One Account Type Sections to Complete Identification Requirement Groups to Complete Individual(s) 1,2,7,8,9,10 Group A Partnership(s) 1,3,7,8,9,10 Group A & B Trust/Superannuation fund with an individual trustee Trust/Superannuation fund with a corporate trustee 1,2,4,7,8,9,10 Group C or D, & E 1,4,5,7,8,9,10 Group C or D, & E Company 1,5,7,8,9,10 Group F or G And complete these if you would like to appoint a power of attorney or agent Power of attorney or agent Section 6 Group H Financial Adviser Section 7 Group H Contacting the Fund Responsible Entity: Equity Trustees Limited +61 3 8623 5000 Post your completed application to: State Street Australia Limited Attention: Unit Registry Level 14, 420 George St Sydney NSW 2000 Insight Diversified Inflation Plus Fund - Class A units- Application Form 22 December 2016 Page 1 of 14

AML/Identification Requirements The AML/CTF Act requires the Responsible Entity to adopt and maintain an anti-money laundering and counter-terrorism financing ('AML/CTF') compliance program. The AML/CTF compliance program includes ongoing customer due diligence, which may require the Responsible Entity to collect further information. Identification documentation provided must be in the name of the Applicant. Non-English language documents must be translated by an accredited translator. Applications made without providing this information cannot be processed until all the necessary information has been provided. If you are unable to provide the identification documents described please call Equity Trustees Limited +61 3 8623 5000. These documents should be provided as a CERTIFIED COPY of the original. GROUP A Individuals Each individual investor, individual trustee, partner or individual agent must provide one of the following primary photographic ID: A current Australian driver s licence (or foreign equivalent) that includes a photo An Australian passport An identity card issued by a State or Territory Government that includes a photo A current passport (or similar) issued by a foreign government or the United Nations (UN) (or an agency of the UN) that provides your signature If you do NOT own one of the listed primary photographic ID document, please provide one valid option from Column A and one valid option from Column B. Column A Column B Australian birth certificate A document issued by the Commonwealth or a State or Territory within the Australian citizenship preceding 12 months that records the provision of financial benefits to the certificate individual and which contains the individual s name and residential address. Pension card issued by A document issued by the Australian Taxation Office within the preceding 12 Department of Human months that records a debt payable by the individual to the Commonwealth (or by Services (previously known the Commonwealth to the individual), which contains the individual s name and as Centrelink) residential address. Block out the TFN before scanning, copying or storing this document. A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual s name and residential address). If under the age of 18, a notice that: was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school GROUP B Partnerships Provide Group A verification requirements for each partner and beneficial owner of the Partnership and one of the following: A certified copy or certified extract* of the partnership agreement. A certified copy or certified extract* of minutes of a partnership meeting. A notice issued by the Australian Taxation Office ( ATO ) within the last 12 months. An original or certified copy of a certificate of registration of business name issued by a government agency in Australia. All the above must show the full name of the partnership. GROUP C Registered Managed Investment Scheme, Regulated Superannuation Fund (including self- managed) or Government Superannuation Fund Provide one of the following: A copy of the company search on the ATO database. A copy of the company search of the relevant regulator s website. A copy or relevant extract of the legislation establishing the government superannuation fund sourced from a government website. All the above must show the Trust s full name and type (i.e. registered managed investment scheme, regulated superannuation fund (including self- managed) or government superannuation fund). GROUP D Other Trusts Provide Group A verification requirements for each beneficial owner of the trust and one of the following: A certified copy or certified extract of the Trust Deed. Signed meeting minutes. Annual report or audited financial statements. A certified copy of a notice issued by the ATO within the previous 12 months. All the above must show the full name of the Trust, its trustees and settlor of the Trust. Insight Diversified Inflation Plus Fund - Class A units- Application Form 22 December 2016 Page 2 of 14