Funds

RCM (UK) Limited is the Investment Manager for the RCM Global Equities Fund, an Australian registered Managed Investment Scheme ARSN 093 116 771. Equity Trustees Limited (ABN 46 004 031 298 AFSL No. 240975) is the Responsible Entity for the Fund.

Product Disclosure Statement
Quarterly Fund Update

About the RCM Global Equities Fund

Investment mandate: The Fund is managed in London to RCM’s Global High Alpha capability and benchmarked to the MSCI World ex-Australia.

Investment objective: The Fund’s objective is to provide superior investment performance over a full market cycle.

Investment process: Central to RCM’s investment philosophy is the belief that fundamental research is the foundation of value-added investing. RCM seeks to provide superior investment performance through investing in high quality companies that it considers will grow at a rate greater than the market. Both the portfolio management teams and the research analysts use RCM’s proprietary Grassroots^SM Research network (see section headed ’Unique Grassroots^SM Research’). Stock selection begins with idea generation, as RCM’s investment specialists look for the most attractive and reasonably valued quality growth companies worldwide. Ideally, these individual companies will typically possess: superior management; strong balance sheet; differentiated products or services; and consistent sales growth. The Fund draws upon all the resources available across RCM’s platform including fundamental research (generated by RCM’s global platform of over 60 sector-based analysts),RCM’s GrassrootsSM Research network and input from RCM’s regional portfolio management teams which includes small, mid and large cap strategies.

Investment guidelines:

• The Fund will typically hold 60-80 listed stocks broadly diversified across countries and sectors
• Individual holdings will usually not be more than 5% of the Fund
• The Fund will normally not hold more than 10% of the issued shares in any one company
• The Fund will generally hold less than 5% cash
• The Fund will not generally hedge its foreign currency exposure
• The Fund can hold IPO that are expected to be listed within 180 days
• The Investment Manager has the discretion to use Derivatives to achieve market exposure but will not use Derivatives to gear the Fund

This Daily Unit Price Summary is intended to provide general advice and information only and has been provided by RCM Capital Management Pty Limited ABN 63 003 171 533 AFSL 244 322 ("RCM") without taking into account any particular person's objectives, financial situation or needs. Before acting on this general advice and information, you should consider the appropriateness of this general advice and information having regard to your personal objectives, financial situation and needs and, if necessary, seek appropriate professional advice. RCM makes no guarantee, warranty or representation as to the accuracy or completeness of the general advice and information contained in this Daily Unit Price Summary, and you should not rely on it. Investments can go up and down in value. Past performance is not a reliable indicator of future performance. You should not solely rely on this information to make an investment decision, and should refer to the product disclosure statement for further details, including a full description of product features and risk factors.