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Bentham High Yield Fund Net Returns1

1. Net Return (after fees) is calculated using pre-distribution month end withdrawal unit prices, and assumes all income is reinvested in additional units. Please refer to the PDS for more information on fees and expenses. The inception date of the Fund is 15 October 1998. Past performance is not a reliable indicator of future performance. Returns may be volatile and may vary from year to year.

Source: Fidante Partners, Bloomberg. Fund returns are net of fees, as at 31 Oct 2018. Benchmark is the ICE BofAML US Cash Pay High Yield Constrained Index (AUD Hedged).

2. Sources: Barclay’s Capital, Bentham, BoA Merrill Lynch, Bloomberg, Credit Suisse, JP Morgan, Morgan Stanley and UBS. Note: for equities we have added an additional 2.5% for growth to the inverted forward PE. Past performance is not a reliable indicator of future performance.

Overseas yields are hedged into AUD using the one-month interest rate differentials. The Australian Equities and World Equities (unhedged) yields represent the estimated earnings yield. The historical standard deviation shown for these equity asset classes is based on the total return for the relevant index. The total return on equities will generally be comprised of both dividend income and share price movement and as a result could vary substantially from those shown above. The outcomes shown above may be affected by known or unknown risks and uncertainties that cannot presently be identified. Accordingly actual outcomes may differ from those shown above.

Asset Class definitions; Australian Cash is Bloomberg AusBond Bank Bill Index, Global Government Bonds is JP Morgan GBI, Australian Fixed Interest is Bloomberg AusBond Composite Bond Index, US Investment Grade Corporates is Barclay’s US Corporates, US Leveraged Loans is Credit Suisse Leveraged Loans Index, US High Yield Bonds is Credit Suisse High Yield Bond Index, World Equities (Unhedged) is Morgan Stanley MSCI Index (Developed), Australian Equities is S&P/ASX200 Accumulation Index, Emerging Market Bonds is JP Morgan EMBI+. Overseas index returns (except World Equities, unhedged) are fully hedged into Australian dollars.

3. Source: Fidante Partners. Past distributions are no indication of future distributions. Calculated as the cents per unit (CPU) distribution at month end divided by the ex-distribution unit price at the start of the month.

4. Annual Distribution Return (Year-to-Date) is calculated as the Total Return (after fees) minus Growth Return. Total Returns (after fees) are calculated using pre-distribution month end withdrawal unit price and assumes all distributions are reinvested. Growth Returns equal the percentage change in the unit price. Past distributions are no indication of future distributions.

The Lonsec Rating (assigned October 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Rating is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). In New Zealand it must only be provided to “wholesale clients” (as defined in the Financial Advisers Act 2008 (NZ)). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Bentham Asset Management product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: http://www.lonsecresearch.com.au/research-solutions/our-ratings.

This information is not and does not form part of an offer, invitation or recommendation in respect of interests in the Bentham High Yield Fund (Fund). Unless otherwise specified, any information contained in this publication is current as at the date of this publication and is provided by Bentham Asset Management Pty Ltd ABN 92 140 833 674 AFSL 356199 (Bentham) the investment manager of the Fund. Fidante Partners Services Limited ABN 44 119 605 373, AFSL 320 505 (Fidante Partners) is the responsible entity and issuer of interests in the Fund. The information is intended to be factual information only and not financial product advice and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should, therefore, consider its appropriateness having regard to these matters. Each person should read in its entirety the product disclosure statement (PDS) and any additional information brochure (AIB) for the Fund before deciding whether to acquire or continue to hold an interest in the Fund. If you acquire or hold an interest in the Fund, we will receive the fees and other benefits, which are disclosed in the PDS and any AIB for the Fund. Neither Fidante Partners nor a Fidante Partners related company and their respective employees receive any specific remuneration for any advice provided to you. However, financial advisers may receive fees or commissions if they provide advice to you or arrange for you to invest in the Fund. Bentham, some or all Fidante Partners related companies and directors of those companies may benefit from fees, commissions and other benefits received by another group company. Neither Fidante Partners nor any related party of Fidante Partners nor Bentham Asset Management nor any sub-adviser guarantees the repayment of your capital or the performance of any Fund or any particular taxation consequence of investing. Past performance is not a reliable indicator of future performance. The PDS and any AIB can be obtained from your financial adviser, Fidante Partners Investor Services team on 13 51 53, or on Fidante Partners website www.fidante.com.au. Please also refer to the Financial Services Guide on the Fidante Partners websites.

For more information, go to www.benthamam.com or contact us on funds@benthamam.com

Low risk Intermediate risk Higher risk

1 Year 3 Years p.a. 5 Years p.a. 7 Years p.a. 10 Years p.a. 15 Years p.a. 20 Years p.a.

0.73

6.257.23

5.89 5.93

8.17 8.24

12.3813.31

9.13 9.238.638.27

-0.07

14.0

12.0

10.0

8.0

6.0

4.0

2.0

-

-2.0

Bentham High Yield Fund (after fees)

Benchmark

Over the long term, High Yield Bonds have proven to be a very useful ‘intermediate risk’ asset class that can add income, yield and diversity to a balanced investment portfolio.

A little-known fact: over the past 20 years, US High Yield Bonds have provided Australian investors with a similar return to Australian equities… with ~30% less volatility.

20 Year Return & Volatility Profile2

Bentham High Yield Fund Quarterly Distribution History, as % of Net Asset Value (NAV)3

Financial Year Sep Dec Mar Jun FYTD4

2019 1.36 1.36

2018 1.25 1.24 1.25 4.22 7.90

2017 1.20 1.21 1.15 1.03 5.11

2016 1.22 1.24 1.29 2.43 6.14

2015 1.76 1.62 0.00 3.10 6.67

2014 2.43 2.91 2.42 1.94 10.43

2013 1.52 2.31 2.57 3.07 10.35

2012 2.76 0.78 3.19 4.35 11.87

2011 0.96 4.26 2.63 6.66 16.35

2010 0.24 0.00 1.72 5.87 9.67

2009 1.96 0.00 0.00 1.95 3.63

2008 0.85 1.16 0.41 14.34 16.87

2007 1.40 0.99 1.10 1.63 5.55

2006 0.00 1.27 0.98 4.24 6.84

Bentham High Yield Fund Rating

Rated by Lonsec