Suite 10, 13 Hickson Road Dawes Point Sydney NSW 2000

3 November 2020

Dear Investor

Change in Responsible Entity

As a unit holder you will have received a Notice of Meeting from Colonial First State Investments Limited (CFSIL), dated 3 November 2020. Stewart Investors, a semi-autonomous investment business and sub-brand of First Sentier Investors, is the underlying investment manager of the fund you are invested in (the Fund). The purpose of this letter is to provide you with further information regarding a proposed change to the Fund.

The proposed change The proposed changes to the Fund are: - CFSIL will retire as Responsible Entity of the Fund; and - The Trust Company (RE Services) Limited (Trust Company), part of the Perpetual Group, will be appointed as the replacement Responsible Entity of the Fund. The proposed changes to the Fund will occur at an operational level rather than an investment level. Stewart Investors will continue to be the investment manager of the Fund, and there will not be any changes to the investment objective or strategy of the Fund resulting from the change of Responsible Entity.

Rationale for the change CFSIL and First Sentier Investors were both part of the wealth management division of the Commonwealth Bank of (CBA) and accordingly were related body corporates. On 2 August 2019, CBA sold First Sentier Investors to Mitsubishi UFJ Trust and Banking Corporation, a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG). Given the sale of First Sentier Investors to MUFG, CFSIL believes that it is appropriate to retire as the Responsible Entity of the Fund and to appoint Trust Company as the new Responsible Entity. First Sentier Investors believes that the proposed changes are in the best interest of the unit holders and is committed to providing a seamless transition to the new Responsible Entity during this time of change.

Role of a Responsible Entity A Responsible Entity’s overarching role is to ensure that all members who hold interests of the same class are treated equally and to ensure the scheme is compliant with the relevant laws and regulations. The roles and responsibilities of a Responsible Entity include, but are not limited to: - appointment of service providers for each Fund; - oversight by the Responsible Entity board; - establishment of a compliance committee; - establishment of a breach committee; - managing ASIC relationship and lodgements; - managing financial accounts; - managing financial statements audit;

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- managing compliance plan audits; and - holding an appropriate Australian Financial Services Licence.

Who is First Sentier Investors? First Sentier Investors (previously known as Colonial First State Global ) acts as the investment manager on the underlying Fund. First Sentier Investors is responsible for the day to day investment decisions and performance of the Fund. First Sentier Investors is a global fund manager with a client base that extends across Asia, Australia, Europe and North America. First Sentier Investors invests over A$214.6 billion across equities, fixed income, infrastructure and multi-asset solutions as at 31 December 2019. Working across multiple global markets, First Sentier Investors’ 17 specialist investment teams have autonomously designed approaches that aim to deliver long-term risk adjusted returns. Central to these different approaches is recognition of the impact environmental, social and governance factors have not only on performance, but also on society. Many of First Sentier Investors’ portfolio managers actively engage with companies to help reduce risks and improve governance. First Sentier Investors’ brands include FSSA Investment Managers, Stewart Investors and Realindex.

Who is Stewart Investors Stewart Investors is a semi-autonomous investment business and a sub-brand of First Sentier Investments. We are an active, long-only, equity fund manager managing A$26.8 billion for our clients in Asia Pacific, Emerging market and Worldwide equities as at 30 June 2020. We have a distinct culture and philosophy that is unchanged since the launch of our first investment strategy in 1988.

Who is Mitsubishi UFJ Financial Group, Inc? First Sentier Investors is owned by Mitsubishi UFJ Financial Group, Inc (MUFG), one of the world’s largest financial companies. MUFG is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 locations in more than 50 countries. The MUFG Group offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The MUFG Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York exchanges.

Questions Should you have any questions relating to the change outlined above, please do not hesitate to contact Chris King.

Yours sincerely

Chris King Head of Investment Sales and Key Accounts Email: [email protected] Phone: +61 4 1398 4600

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