Intech GLOBAL ALL COUNTRY MANAGED VOLATILITY EX-AUSTRALIA FUND ARSN: 156 027 182 APIR: ETL0332AU Issue Date: 14 December 2020

Product Disclosure Statement Investment Manager Responsible entity Client Services Janus Capital Management LLC Equity Trustees Limited Janus Henderson Australia ABN 46 004 031 298, AFSL 240975 Ph: +612 8298 4000 GPO Box 2307 Sub-Investment Manager Melbourne VIC 3001 Administrator and Custodian Phone: +613 8623 5000 Intech Investment Management LLC State Street Australia Limited Web: www.eqt.com.au/insto 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 Janus Henderson Intech Global All Country Managed Volatility ex-Australia Fund works 3. Benefits of investing in the Janus Henderson Intech Global All Country Managed Volatility ex-Australia 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 This Product Disclosure Statement (“PDS”) has been prepared and issued by Equity Trustees Limited PDS (“Equity Trustees”, “we” or “Responsible Entity”) and is a summary of the significant information relating to an investment in the Janus Henderson Intech Global All Country Managed Volatility ex-Australia Fund (the “Fund”). It contains a number of references to important information (including a glossary of terms), contained in the Janus Henderson Funds Reference Guide (“Reference Guide”), each of which forms part of this PDS. You should carefully read and 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 and taxation advice tailored to your personal circumstances and consider whether investing in the Fund is appropriate for you in light of those circumstances. The offer to which this PDS relates is only available to Wholesale Clients receiving the PDS in Australia. 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 Securities Act of 1933 as amended (“US Securities Act”). Equity Trustees may vary this position and offers may be accepted on merit at Equity Trustees’ discretion. The units in the Fund have not been, and will not be, registered under the US Securities Act unless otherwise approved by Equity Trustees and may not be offered or sold in the US to, or for, the account of any US Person (as defined in the Reference Guide) except in a transaction that is exempt from the registration requirements of the US Securities Act and applicable US state securities laws. The Throughout the PDS, there are references to additional information contained in the Reference Guide. You can Reference obtain a copy of the PDS and the Reference Guide, free of charge, by calling Equity Trustees on +613 8623 Guide 5000 or Janus Henderson Investors (Australia) Limited (“Janus Henderson Australia”) on +612 82984000. The information contained in the Reference Guide may change between the day you receive this PDS and the day you acquire the product. You must therefore ensure that you have read the Reference guide current as at the date of your application.

Updated Information in this PDS is subject to change. We will notify you of any changes that have a material adverse information impact on you or other significant events that affect the information contained in this PDS. Any information that is not materially adverse information is subject to change from time to time and may be obtained by calling Equity Trustees on +613 8623 5000 or Janus Henderson Australia on +612 8298 4000. A paper copy of the updated information will be provided free of charge on request.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 1 1. About Equity Trustees Limited The Equity Trustees Limited Responsible Equity Trustees Limited ABN 46 004 031 298 AFSL 240975 a subsidiary of EQT Holdings Limited ABN 22 607 Entity 797 615, which is a public company listed on the Australian Securities Exchange (ASX: EQT), 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 Equity Trustees is a dynamic financial services institution which continues to grow the breadth and quality of products and services on offer. Equity Trustees’ responsibilities and obligations as the Fund’s responsible entity are governed by the Fund’s constitution (“Constitution”), the Corporations Act and general trust law. Equity Trustees has appointed Janus Capital Management LLC (“Janus Capital” or the “Investment Manager”) as the investment manager of the Fund. Equity Trustees has appointed a custodian to hold the assets of the Fund. The custodian has no supervisory role in relation to the operation of the Fund and is not responsible for protecting your interests.

The Janus Capital Management LLC Investment Janus Capital Management LLC currently serves as an investment adviser to U.S. mutual funds, acts as sub- Manager adviser for a number of private-label U.S. and international mutual funds, and provides separate account and Sub- advisory services for institutional accounts. Janus Capital and Janus Henderson Australia are subsidiaries of Investment the global asset management group Janus Henderson Group plc (“Janus Henderson”), formed in 2017 from Manager the merger between Janus Capital Group and Henderson Global Investors. Janus Henderson exists to help clients achieve their long-term financial goals. Our active management offers clients the opportunity to outperform passive portfolios over the course of market cycles. Our approach channels the thinking of some of the industry’s most talented managers, spanning equities, fixed income, multi-asset, and alternatives, globally. As at 30 September 2020, Janus Henderson had AUD$499.9 billion in assets under management, more than 2,000 employees and offices in 27 cities worldwide.

Intech Investment Management LLC (“Intech”) Intech has been appointed by Janus Capital as sub-investment manager to the Fund and is responsible for the day-to-day investment management of the Fund’s investment portfolio. Intech also serves as investment adviser or sub-adviser to U.S. registered and unregistered investment companies, offshore investment funds, and other institutional accounts and registered investment companies. Janus Capital owns approximately 97% of Intech. 2. How the Janus Henderson Intech Global All Country Managed Volatility ex-Australia Fund works The Fund is a registered managed investment scheme governed by the Constitution. The Fund comprises assets which are acquired in accordance with the Fund’s investment strategy. Direct 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 an investor in the Fund. The operator or custodian of the IDPS will be the investor entered in the Fund’s register and will be the only person who is able to exercise the rights and receive the benefits of a direct investor. Your investment in the Fund through the IDPS will be governed by the terms of your IDPS. Please direct any issues and queries relating to your investment to your IDPS Operator. Unless otherwise stated, the information in the PDS applies to direct investors. Applying for You can acquire units by completing the Application Form that accompanies this PDS. The minimum initial units investment amount for the Fund is $1,000,000. Completed Application Forms should be sent along with your identification documents (if applicable) to: State Street Australia Limited Attention: Unit Registry Level 14, 420 George Street Sydney NSW 2000 Please note that cash and cheques cannot be accepted. We reserve the right to accept or reject applications in whole or in part at our discretion. We have the discretion to delay processing applications where we believe this to be in the best interest of the Fund investors. The price at which units are acquired is determined in accordance with the Constitution (“Application Price”). The Application Price on a Business Day 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 0.15%. The Application Price will vary as the market value of assets in the Fund rises or falls.

Making You can make additional investments into the Fund at any time by sending us your additional investment additional additional amount together with a completed Application Form. The minimum additional investment into the investments Fund is investments $10,000. Distributions 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 at the end of June. Distributions are calculated effective the last day of each distribution period and are normally paid to investors as soon as practicable after the distribution calculation date. Investors in the Fund can indicate a preference to have their distribution: . reinvested back into the Fund; or . directly credited to their Australian domiciled bank account. Investors who do not indicate a preference will have their distributions automatically reinvested. Applications for reinvestment will be taken to be received immediately prior to the next Business Day after the relevant distribution period. There is no Buy Spread on distributions that are reinvested. In some circumstances, the Constitution may allow for an investor’ withdrawal proceeds to 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. Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 2 Access to Investors in the Fund can generally withdraw their investment by completing a written request to withdraw from your money the Fund and mailing it to: State Street Australia Limited Attention: Unit Registry Level 14, 420 George Street Sydney NSW 2000 or fax to +612 9323 6411. The minimum withdrawal amount is nil. Once we receive and accept 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). Equity Trustees will generally allow an investor to access their investment within 10 days of acceptance of a withdrawal request by transferring the withdrawal proceeds to such investors’ nominated bank account. However, Equity Trustees is allowed to reject withdrawal requests, and also to make payment up to 30 days after acceptance of a request (which may be extended in certain circumstances) as outlined in the Constitution and Reference Guide. We reserve the right to accept or reject withdrawal requests in whole or in part at our discretion. 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 on issue and adjusted for transaction costs (“Sell Spread”). At the date of this PDS, the Sell Spread is 0.15%. The Withdrawal Price will vary as the market value of assets in the Fund rises or falls. Equity Trustees reserves the right to fully redeem your investment if your investment balance in the Fund falls below $1,000,000 as a result of processing your withdrawal request. In certain circumstances, for example, when there is a freeze on withdrawals, where accepting a withdrawal is not in the best interests of investors in the Fund including due to one or more circumstances outside its control or where the Fund is not liquid (as defined in the Corporations Act) Equity Trustees can deny or suspend a withdrawal request and you may not be able to withdraw your funds in the usual processing times or at all. When the Fund is not liquid, an investor can only withdraw when Equity Trustees makes a withdrawal offer to investors in accordance with the Corporations Act. Equity Trustees 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 and the terms of the IDPS.

Unit pricing Equity Trustees has developed a formal written policy in relation to the guidelines and relevant factors taken discretions into account when exercising any discretion in calculating unit prices (including determining the value of the policy 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 free of charge on request.

Additional If and when the Fund has 100 or more direct investors, it will be classified by the Corporations Act as a information ‘disclosing entity’. As a disclosing entity the Fund will be subject to regular reporting and disclosure obligations. Investors would then have a right to obtain a copy, free of charge, of any of the following documents: • the most recent annual financial report lodged with ASIC (“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. Equity Trustees will comply with any continuous disclosure obligation by lodging documents with ASIC as and when required. Copies of these documents lodged with ASIC in relation to the Fund may be obtained from ASIC through ASIC’s website.

Further reading You should read the important information in the Reference Guide about: • Application cut-off times; • Application terms • Authorised signatories; • Reports; • Withdrawal cut-off times; • Withdrawal terms; and • Withdrawal restrictions, Under the “Investing in the Janus Henderson Fund”, “Managing your investment” and “Withdrawing your investment” sections before making a decision. Go to the Reference Guide which is available at www.eqt.com.au/insto. The material relating to these matters may change between the time when you read this PDS and the day when you acquire the product.

3. Benefits of investing in the Janus Henderson Intech Global All Country Managed Volatility ex- Australia Fund Intech’s investment style is a highly-disciplined, mathematical investment strategy that seeks long-term returns in excess of the target Benchmark at lower levels of absolute volatility. Intech implements a portfolio construction methodology based on Stochastic Portfolio Theory by rebalancing and re-optimising stock weightings on a periodic basis. The underlying premise of the strategy seeks to capitalise on the covariance structure of the market and relative stock volatility to build portfolios of stocks with low correlation and high relative volatility to produce returns in excess of the Benchmark, at lower levels of absolute volatility, over a full market cycle.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 3 4. Risks of managed investment schemes All investments carry risk. 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 level of risk 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. We do not guarantee the liquidity of the Fund’s investments, repayment of capital or any rate of return or the Fund’s investment performance. The value of the Fund’s investments will vary. 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.

Foreign The Fund normally has significant exposure to foreign markets, which can be more volatile than the U.S. exposure markets. As a result, its returns and net asset value may be affected to a large degree by fluctuations in risk currency exchange rates or political or economic conditions in a particular country. A market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. Foreign securities markets may be less liquid and more volatile than domestic markets. Certain markets may require payment for securities before delivery, and delays may be encountered in settling securities transactions. In some foreign markets, there may not be protection against failure by other parties to complete transactions. The costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. Market risk The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Political and Foreign investments may be subject to heightened political and economic risks. In some countries, there is Economic the risk that the government may take over the assets or operations of a company or that the government Risk may impose taxes or limits on the removal of the Fund’s assets from that country. Investment The proprietary mathematical investment process used by Intech may not achieve the desired results. On a Process routine basis, Intech considers changes to its mathematical investment process. These changes may result in Risk changes to the portfolio, might not provide the intended results, and may adversely impact the Fund’s performance. Exchange The Fund will have exposure to foreign currencies as the equities and equity-related instruments in which the Rate Risk Fund will trade will not be denominated in Australian dollars. This means that changes in the value of the Australian dollar relative to other currencies may affect the value of the assets of the Fund. Derivative The Fund may use derivatives. In the case of derivatives, fluctuations in price will reflect movements in the Risk underlying assets, reference rate or index to which the derivatives relate. The use of derivative positions to hedge the risk of physical securities will involve the possibility that derivative positions may not move perfectly in line with the physical security. As a consequence, the derivative positions cannot be expected to perfectly hedge the risk of the physical security. In addition, derivatives can lose value because of a sudden price move, or because of the passage of time. Industry Industry risk is the possibility that a group of related securities will decline in price due to industry-specific Risk developments. Companies in the same or similar industries may share common characteristics and are more likely to react similarly to industry-specific market or economic developments. The Fund’s investments, if any, in multiple companies in a particular industry increase the Fund’s exposure to industry risk.

5. How we invest your money

Warning: When choosing to invest in the Fund or an option of the Fund, you should consider the likely investment returns, the risks of investing and your investment time frame.

Investment The Fund seeks long-term growth of capital by investing primarily in equity securities. objective Benchmark MSCI World Index ex Australia, net dividends reinvested, in AUD. Minimum The minimum suggested investment time frame for the Fund is 5 to 7 years. suggested time frame Risk level High. There is a risk investors may lose some or all of their investment. Higher risk investments tend to fluctuate in the short term but can produce higher returns than lower risk investments over the long term. Investor A typical investor in the Fund will be seeking exposure to foreign securities and will be aware of and understand suitability the risks associated with investing in foreign securities. You will not be expecting your investment in the Fund to generate a regular source of income and will understand that the value of your investment may go up or down.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 4 Investment The Fund pursues its investment objective by applying a mathematical investment process to construct an style and investment portfolio from the universe of common stocks within its named Benchmark index. The goal of this approach process is to build a portfolio of stocks in a more efficient combination than the named Benchmark index. Intech implements a portfolio construction methodology based on Stochastic Portfolio Theory by rebalancing and re-optimising stock weightings on a periodic basis. The underlying premise of the strategy seeks to capitalise on the covariance structure of the market and relative stock volatility to build portfolios of stocks with low correlation and high relative volatility to produce returns in excess of the named Benchmark index, at lower levels of absolute volatility, over a full market cycle. The rebalancing techniques used by the Fund may result in a higher portfolio turnover compared to a “buy and hold” fund strategy. Asset allocation The Fund invests primarily in common stocks from the universe of the MSCI ACWI ex-Australia Index, utilising Intech’s mathematical investment process. The MSCI ACWI ex-Australia Index captures large and mid cap representation across developed markets countries (excluding Australia) and emerging markets countries. The base currency of the Fund is the Australian Dollar. The Fund intends to be fully invested under normal circumstances, but under unusual circumstances, the Fund’s uninvested assets may be held in cash or similar instruments. The Fund may only use derivatives for the non-speculative purpose of managing foreign exchange risk. The Fund may invest in exchange traded funds or other collective investment vehicles in seeking to meet the Fund’s investment objective. The investment strategies employed by Intech may be modified from time to time, including, without limitation, to varying the weighting of regional allocations of the securities in which the Fund invests. Other than being primarily invested in equity securities, there is no pre-determined strategic asset allocation for the above listed assets. Labour, Neither Equity Trustees nor Janus Capital, when making decisions to invest, retain or realise investments, environmental, take into consideration labour standards or environmental, social or ethical considerations. However, to the social and extent that these issues may financially affect an investment, that financial effect could influence Equity ethical Trustees or Janus Capital’s investment decisions. considerations Fund Up to date information on the performance of the Fund will be available by calling Janus Henderson Australia performance on +612 8298 4000. A free paper copy of the information will also be available on request.

6. Fees and costs

DID YOU KNOW? Fees and costs summary Small differences in both investment performance and fees and costs can have a substantial impact on your long-term Janus Henderson Intech Global All Country Managed returns. Volatility ex-Australia Fund For example, total annual fees and costs of 2% of your Type of fee or cost Amount How and when paid investment balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, Ongoing annual fees and costs1 reduce it from $100,000 to $80,000). Management fees 0.80% of The management fees component of You should consider whether features such as superior and costs the NAV of investment performance or the provision of better member management fees and The fees and costs the Fund costs are accrued daily services justify higher fees and costs. for managing your and paid from the You may be able to negotiate to pay lower fees. Ask the investment2 Fund monthly in fund or your financial adviser. arrears and reflected in the unit price. TO FIND OUT MORE Otherwise, the fees and costs are variable If you would like to find out more, or see the impact of the and deducted and fees based on your own circumstances, the Australian reflected in the unit Securities and Investments Commission (ASIC) price of the Fund as Moneysmart website (www.moneysmart.gov.au) has a they are incurred. managed funds fee calculator to help you check out Performance fees different fee options. Not Not applicable Amounts applicable deducted from The information in the following Fees and Costs Summary can be used to compare costs between different simple managed your investment in investment schemes. Fees and costs can be paid directly from relation to the an investor’s account or deducted from investment returns. For performance of the information on tax please see Section 7 of this PDS. product Transaction costs 0.15% of Transaction costs are variable and deducted The costs incurred the NAV of by the scheme from the Fund as they the Fund are incurred and when buying or reflected in the unit selling assets price. They are disclosed net of amounts recovered by the buy-sell spread.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 5 Janus Henderson Intech Global All Country Managed As at the date of this PDS, the management fees component Volatility ex-Australia Fund covers certain ordinary expenses such as Responsible Entity Member activity related fees and costs (fees for services fees, investment management fees, custodian fees, and or when your money moves in or out of the scheme) administration and audit fees. Type of fee or Amount How and when paid The indirect costs and other expenses component of 0.00% p.a. cost of the NAV of the Fund may include other ordinary expenses of Establishment fee Not applicable Not applicable operating the Fund, as well as management fees and costs (if The fee to open any) arising from interposed vehicles in or through which the your investment Fund invests and the costs of investing in over-the-counter Contribution fee Not applicable Not applicable derivatives to gain investment exposure to assets or implement the Fund’s investment strategy (if any). The indirect costs and The fee on each other expenses component is variable and reflected in the unit amount price of the Fund as the relevant fees and costs are incurred. contributed to They are borne by investors, but they are not paid to the your investment Responsible Entity or Investment Manager. Buy-sell spread 0.15% upon These costs are an Actual indirect costs for the current and future years may differ. An amount entry and additional cost to the If in future there is an increase to indirect costs disclosed in this deducted from 0.15% upon investor but are PDS, updates will be provided on Equity Trustees’ website at incorporated into the your investment exit www.eqt.com.au/insto where they are not otherwise required to unit price and arise representing costs when investing be disclosed to investors under law. incurred in application monies Transactions by and funding Transaction costs the scheme withdrawals from the In managing the assets of the Fund, the Fund may incur Fund and are not transaction costs such as brokerage, buy-sell spreads in separately charged to respect of the underlying investments of the Fund, settlement the investor. The Buy costs, clearing costs and applicable stamp duty when assets Spread is paid into are bought and sold. Transaction costs also include costs the Fund as part of an incurred by interposed vehicles in which the Fund invests (if application and the any), that would have been transaction costs if they had been Sell Spread is left in the Fund as part of a incurred by the Fund itself. Transaction costs are an additional redemption. cost to the investor where they are not recovered by the Buy/Sell Spread, and are generally incurred when the assets of the Fund are changed in connection with day-to-day trading or when there are applications or withdrawals which cause net Withdrawal fee Not applicable Not applicable cash flows into or out of the Fund. The fee on each The Buy/Sell Spread that is disclosed in the Fees and Costs amount you take Summary is a reasonable estimate of transaction costs that the out of your Fund will incur when buying or selling assets of the Fund. investment These costs are an additional cost to the investor but are Exit fee Not applicable Not applicable incorporated into the unit price and arise when investing application monies and funding withdrawals from the Fund and The fee to close are not separately charged to the investor. The Buy Spread is your investment paid into the Fund as part of an application and the Sell Spread Switching fee Not applicable Not applicable is left in the Fund as part of a redemption and not paid to Equity The fee for Trustees or the Investment Manager. The estimated Buy/Sell changing Spread is 0.15% upon entry and 0.15% upon exit. The dollar investment value of these costs based on an application or a withdrawal of options $1,000,000 is $1,500 for each individual transaction. The Buy/Sell Spread can be altered by the Responsible Entity at any time and www.eqt.com.au/insto will be updated as soon as 1 All fees quoted above are inclusive of Goods and Services practicable to reflect any change. The Responsible Entity may Tax (GST) and net of any Reduced Input Tax Credits (RITC). also waive the Buy/Sell Spread in part or in full at its discretion. See below for more details as to how the relevant fees and The transaction costs figure in the Fees and Costs Summary is costs are calculated. shown net of any amount recovered by the Buy/Sell Spread charged by the Responsible Entity. 2 The management fee component of management fees and Transaction costs generally arise through the day-to-day trading costs can be negotiated. See “Differential fees” in the of the Fund’s assets and are reflected in the Fund’s unit price “Additional Explanation of Fees and Costs” below. as an additional cost to the investor, as and when they are Additional Explanation of Fees and Costs incurred. The gross transaction costs for the Fund are 0.15% p.a. of the Management fees and costs NAV of the Fund, which is based on the relevant costs incurred The management fees and costs include amounts payable for during the financial year ended 30 June 2020. administering and operating the Fund, investing the assets of However, actual transaction costs for future years may differ. the Fund, expenses and reimbursements in relation to the Fund and indirect costs if applicable. Can the fees change? Management fees and costs do not include performance fees or Yes, all fees can change without investor consent, subject to transaction costs, which are disclosed separately. the maximum fee amounts specified in the Constitution. The The management fees component of management fees and current maximum management fee to which Equity Trustees is costs of 0.80% p.a. of the NAV of the Fund is payable to the entitled is 2% of the GAV of the Fund. However, Equity Responsible Entity of the Fund for managing the assets and Trustees does not intend to charge that amount and will overseeing the operations of the Fund. The management fees generally provide investors with at least 30 days’ notice of any component is accrued daily and paid from the Fund monthly in proposed increase to the management fees component of arrears and reflected in the unit price. management fees and costs. Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 6 In most circumstances, the Constitution defines the maximum * Additional fees may apply. Please note that this example does level that can be charged for fees described in this PDS. Equity not capture all the fees and costs that may apply to you such as Trustees also has the right to recover all reasonable expenses the Buy/Sell Spread. incurred in relation to the proper performance of its duties in This example assumes the $5,000 contribution occurs at the managing the Fund and as such these expenses may increase end of the first year, therefore the fees and costs are calculated or decrease accordingly, without notice. using the $1,050,000 balance only. Payments to IDPS Operators Subject to the law, annual payments may be made to some Warning: If you have consulted a financial adviser, you IDPS Operators because they offer the Fund on their may pay additional fees. You should refer to the Statement investment menus. Product access is paid by the Investment of Advice or Financial Services Guide provided by your Manager out of its investment management fee and is not an financial adviser in which details of the fees are set out. additional cost to the investor. ASIC provides a fee calculator on www.moneysmart.gov.au, Differential fees which you may use to calculate the effects of fees and costs on The Investment Manager may from time to time negotiate a account balances. different fee arrangement (by way of a rebate or waiver of fees) The indirect costs and other expenses component of with certain investors who are Australian Wholesale Clients. management fees and costs and transaction costs may also be Please contact the Investment Manager on +612 8298 4000 for based on estimates. As a result, the total fees and costs that further information. you are charged may differ from the figures shown in the table.

Example of annual fees and costs for an investment Further reading option You should read the important information in the This table gives an example of how the ongoing annual fees Reference Guide about fees and costs under the “Fees and costs in the investment option for this product can affect and other costs” section before making a decision. Go your investment over a 1-year period. You should use this table to the Reference Guide which is available at to compare this product with other products offered by www.eqt.com.au/insto. The material relating to these managed investment schemes. matters may change between the time when you read this PDS and the day when you acquire the product. EXAMPLE – Janus Henderson Intech Global All Country Managed Volatility ex-Australia Fund BALANCE OF $1,050,000 WITH A CONTRIBUTION OF 7. How managed investment schemes are taxed $5,000 DURING THE YEAR Contribution Nil For every additional $5,000 Warning: Investing in a registered managed Fees you put in, you will be investment scheme (such as the Fund) is likely to charged $0 have tax consequences. You are strongly advised Plus And, for every $1,050,000 to seek your own professional tax advice about the applicable Australian tax (including income tax, Management you have in the Janus Henderson Intech Global All GST and duty) consequences and, if appropriate, fees and Country Managed Volatility foreign tax consequences which may apply to you costs 0.80% p.a. ex-Australia Fund you will be based on your particular circumstances before charged or have deducted investing in the Fund. from your investment $8,400 each year The Fund is an Australian resident for tax purposes and does Plus Not And, you will be charged or not generally pay tax on behalf of its investors. Australian Performance applicable have deducted from your resident investors are assessed for tax on any income and fees investment $0 in performance capital gains generated by the Fund to which they become fees each year presently entitled or, where the Fund has made a choice to be an Attribution Managed Investment Trust (“AMIT”) and the Plus 0.15% p.a. And, you will be charged or choice is effective for the income year, are attributed to them. Transaction have deducted from your costs investment $1,575 in transaction costs Further reading You should read the important information in the Equals If you had an investment of Reference Guide about Taxation under the “Other Cost of $1,050,000 at the beginning important information” section before making a Janus of the year and you put in an decision. Go to the Reference Guide which is available Henderson additional $5,000 during that at www.eqt.com.au/insto. The material relating to these Intech Global year, you would be charged matters may change between the time when you read All Country fees and costs of: this PDS and the day when you acquire the product. Managed $9,975* Volatility ex- What it costs you will Australia depend on the investment Fund option you choose and the fees you negotiate.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 7 8. How to apply To invest please complete the Application Form accompanying this PDS, send funds (see details in the Application Form), and your completed Application Form to: State Street Australia Limited Attention: Unit Registry Level 14, 420 George Street, Sydney NSW 2000 Please note that cash and cheques cannot be accepted and all applications must be made in Australian Dollars. Who can Eligible persons (as detailed in the ‘About this PDS’ section) can invest, however individual investors must be invest? 18 years of age or over. Investors investing through an IDPS should use the application form provided by their IDPS Operator. Cooling off No cooling off period applies to the offer made in this PDS, as the units offered under this PDS are only period available to Wholesale Clients in Australia. Indirect Investors should seek advice from their IDPS Operator as to whether cooling off rights apply to an investment in the Fund by the IDPS. The right to cool off in relation to the Fund are not directly available to an Indirect Investor. This is because an Indirect Investor does not acquire the rights of a unit holder in the Fund. Rather, an Indirect Investor directs the IDPS Operator to arrange for their monies to be invested in the Fund on their behalf. The terms and conditions of the IDPS Guide or similar type document will govern an Indirect Investor’s investment in relation to the Fund and any rights an Indirect Investor may have in this regard. Complaints Equity Trustees has an established complaints handling process and is committed to properly considering and resolution resolving all complaints. If you have a complaint about your investment, please contact us on: Phone: 1300 133 472 Post: Equity Trustees Limited GPO Box 2307, Melbourne VIC 3001 Email: [email protected] We will acknowledge receipt of the complaint as soon as possible and in any case within 3 days of receiving the complaint. We will seek to resolve your complaint as soon as practicable but not more than 30 calendar days after receiving the complaint.

If you are not satisfied with our response to your complaint, you may be able to lodge a complaint with the Australian Financial Complaints Authority (“AFCA”). Contact details are: Online: www.afca.org.au Phone: 1800 931 678 Email: [email protected] Post: GPO Box 3, Melbourne VIC 3001. The external dispute resolution body is established to assist you in resolving your complaint where you have been unable to do so with us. However, it’s important that you contact us first.

9. Other information Consent 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 which are specifically attributed to it, in the form and context in which they appear. The Investment Manager has not otherwise been involved in the preparation of this PDS or caused or otherwise authorised the issue of this PDS. None of the Investment Manager nor their employees or officers accept any responsibility arising in any way for errors or omissions, other than those statements for which they have provided their written consent to Equity Trustees for inclusion in this PDS.

Further reading You should read the important information in the Reference Guide about: . Your privacy; . The Constitution; . Anti-Money Laundering and Counter-Terrorism Financing laws (“AML/CTF laws”); . Indirect Investors; . Information on underlying investments; . Foreign Account Tax Compliance Act (“FATCA”); and . Common Reporting Standard (“CRS”).

Under the “Other important information” section before making a decision. Go to the Reference Guide which is available at www.eqt.com.au/insto. The material relating to these matters may change between the time when you read this PDS and the day when you acquire the product.

Janus Henderson Intech Global All Country Manager Volatility ex-Australia Fund PDS 8 •

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Financial details and customer identification declaration

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Equity Trustees Application Form – 2020

Please complete if you are investing individually, jointly or you are an individual or joint trustee. See Group A AMUCTF Identity Verification Requirements in Section 9

Investor 1 ITitle �First name(s)---� Surname Residential address (not a PO Box/RMB/Locked Bag)

Suburb State Postcode Country l��l�I �� Email address Contact no.

Date of birth (DD/MM/YYYY) Tax File Number* - or exem tion code I I Country of birth Occupation

Investor 2 ITitle �First name(s)-'-'----� Surname Residential address (not a PO Box/RMB/Locked Bag)

Suburb State Postcode Country l��l�I �� Email address Contact no.

Date of birth (DD/MM/YYYY) Tax File Number* - or exem tion code I I Country of birth Occupation

If there are more than 2 beneficial owners, please provide details as an attachment. Do any of the investors named hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person? □ No □ Yes, please give details:

Equity Trustees Application Form - 2020 Equity Trustees Application Form - 2020 Beneficial owner 2 Title ..------�First name(s) ------. Surname I Residential address (not a PO Box/RMB/Locked Bag)

Suburb State Postcode Country

Date of birth (DD/MM/YYYY) I I If there are more than 2 beneficial owners, please provide details as an attachment.

Do any of the beneficial owners named hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person? D No D Yes, please give details:

Equity Trustees Application Form - 2020 Please complete if you are investing for a trust or superannuation fund.

See Group C AML/CTF Identity Verification Requirements in section 9 Full name of trust or superannuation fund

Full name of business (if any) Country where established

Australian Business Number* (if obtained)

Tax File Number* - or exem tion code

Trustee details - How many trustees are there? D Individual trustee(s) - complete section 3 - Investor details - Individuals/Joint D Company trustee(s) - complete section 4 - Investor details - Companies/Corporate Trustee D Combination - trustee(s) to complete each relevant section Type of Trust D Registered Managed Investment Scheme Australian Registered Scheme Number (ARSN)

D Regulated Trust (including self-managed superannuation funds and registered charities that are trusts) Name of Regulator (e.g. ASIC, APRA, ATO, ACNC)

Registration/Licence details

D Other Trust (unregulated) Please describe

Beneficiaries of an unregulated trust Please provide details below of any beneficiaries who directly or indirectly are entitled to an interest of 25% or more of the trust. 1 2 3 4 If there are no beneficiaries of the trust, describe the class of beneficiary (e.g. the name of the family group, class of unit holders, the charitable purpose or charity name):

Please provide the full name of the settlor of the trust where the initial asset contribution to the trust was greater than $10,000 and the settlor is not deceased:

Beneficial owners of an unregulated trust Please provide details below of any beneficial owner of the trust. A beneficial owner is any individual who directly or indirectly has a 25% or greater interest in the trust or a person who exerts control over the trust. This includes the appointer of the trust who holds the power to appoint or remove the trustees of the trust.

Equity Trustees Application Form - 2020 All beneficial owners will need to provide Group A AML/CTF Identity Verification Requirements in Section 9 Beneficial owner 1 Title �First name(s)--- � Surname I Residential address (not a PO Box/RMB/Locked Bag)

Suburb State Postcode Country

Date of birth (DD/MM/YYYY) I I

Beneficial owner 2 Title ��First name(s) --� Surname I Residential address (not a PO Box/RMB/Locked Bag)� ------,

Suburb State Postcode Country

Date of birth (DD/MM/YYYY) I I If there are more than 2 beneficial owners, please provide details as an attachment.

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Equity Trustees Application Form - 2020 Equity Trustees Application Form - 2020 Equity Trustees Application Form - 2020