Portfolio management update

Pendal Geared Imputation Fund (APIR: RFA0130AU, ARSN: 102 970 089)

Pendal Imputation Fund (APIR: RFA0103AU, ARSN: 089 614 693)

Pendal MidCap Fund (APIR: BTA0313AU, ARSN: 130 466 581)

AFTER 35 years in the industry and 24 years with Pendal, Andrew Waddington will retire at the end of March 2022.

Andrew leaves with the gratitude and best wishes of Pendal and recognition of the contributions he has made to the success of Pendal’s Australian equity franchise.

Andrew will hand management of the Pendal Midcap Fund to Brenton Saunders from April 1, 2022.

Brenton has been with Pendal for nine years as a research analyst in the resource sector and portfolio manager of the BT Natural Resources Fund.

He has a total of 28 years of experience including 25 as an analyst and 16 as a portfolio manager.

Brenton will commence as Co-PM of the Fund with Andrew Waddington from January 7.

There will be a period of transition as Brenton takes greater ownership, before he becomes the sole portfolio manager after Andrew’s retirement at the end of March.

Brenton’s depth of experience, long tenure with the team, extremely strong performance record as portfolio manager and his close collaboration with other Pendal portfolio managers leaves him placed well to continue the Pendal Midcap Fund’s success.

The Pendal Imputation Fund and Tax Effective Funds, which Andrew co-managed, will be solely managed by Jim Taylor from January 7, 2022. He will be supported by Oliver Renton.

There have been no updates to the Funds’ Product Disclosure Statements (PDSs) or Target Market Determinations (TMDs) which can be found at pendalgroup.com.

This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at .

PFSL is the responsible entity and issuer of units in the Pendal Geared Imputation Fund (ARSN: 102 970 089), Pendal Imputation Fund (ARSN: 089 614 693) and Pendal MidCap Fund (ARSN: 130 466 581). Product disclosure statements (PDS) are available for the funds and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Funds is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund.

An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.

This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation.

The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.

Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance.

Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections.

For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com