Grant Samuel Epoch Global Equity Shareholder Yield
31 January 2011
This presentation is for use in a private and confidential meeting. It is not an
advertisement and is not intended for public use or distributing beyond this private
meeting.
Global Equity Shareholder Yield: A Differentiated Product
 Free cash flow analysis is Epoch’s
trademark and sets them apart
from traditional Value Managers
who rely on traditional Value
Metrics
 Relatively high dividend yield of
4.3% as at 31/01/2011 (Benchmark
yield 2.4% as at 31/01/2011)
2
EPOCH Global Equity Shareholder Yield: Investment Team
RESEARCH
FUNDAMENTAL ANALYSIS
PORTFOLIO
MANAGERS
GLOBAL EQUITY
SHAREHOLDER YIELD TEAM
Eric Sappenfield (26)
Michael Welhoelter (25)
William Priest (46)
Janet Navon (30)
William Booth (15)
John Reddan (26)
Eric Citerne (20)
Eric Sappenfield (26)
Thomas Hu (8)
David Siino (13)
Michael Jin (8)
Jeffrey Smith (21)
Josepha Kaufman (16)
Kera Van Valen (9)
David Pearl (28)
Chris Wolters (21)
QUANTITATIVE ANALYSIS & RISK MANAGEMENT
Michael Welhoelter (25)
Eric Sappenfield* (26)
Emily Baker (22)
Michael Welhoelter (25)
William Priest (46)
Kenneth Hightower (14)
Michael Jin (8)
Kera Van Valen (9)
MACRO ANALYSIS
Richard Watt (29)
INVESTMENT POLICY GROUP
William Priest (46)
David Pearl (28)
Emily Baker (22)
John Reddan (26)
Andrea Tasker Glogoff (17)
Eric Sappenfield (26)
Janet Navon (30)
Richard Watt (29)
Tom Pernice (30)
Michael Welhoelter (25)
TRADING
Jason Root (14)
Mark Strauss (25)
*Lead portfolio manager
Number in parentheses denotes years of experience
3
EPOCH The Components of Equity Returns
I. Components of Compound Annual Equity Returns for Trailing 10-year Periods
(S&P 500 Index 1927-2009)
20%
Total
Return
15%
II. Components of Equity Returns by Decade
(S&P 500 Index 1927-2009)
25%
21.5%
Total
Return
18.9%
20%
P/E
Change
17.2%
15%
10%
8.9%
EPS
Growth
5%
18.0%
9.7%
7.7%
10%
5.8%
5%
Dividend
Reinvestment
0%
Combined
Effects
-5%
0%
0.1%
-1.0%
-5%
1936
1938
1940
1942
1944
1946
1948
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2009
-10%
-10%
-15%
19271929
Ending Date of 10-year Period
193039
194049
195059
196069
III. Components of Equity Returns
The Future
Long Term History
1927  2009
2010

Earnings
4.8%
Earnings
4%-6%
Dividends
4.0%
Dividends
2%
P/Es
0.9%
P/Es
???
Annualized Return¹
9.7%
Expected Return
Sources: Epoch Investment Partners, Inc.; Standard & Poor’s.
1S&P 500 total return (US$).
4
6%-8%
197079
198089
199099
20002009
19272009
EPOCH Global Equity Shareholder Yield: Portfolio Objectives
 To deliver an attractive long-term total and relative return with lower than market volatility
through a globally diversified portfolio focused on “Shareholder Yield”
Cash dividends
4.5% return
+
Stock buybacks
debt reduction
Cash flow
growth rate
3%
1.5% return
*Assumes P/E multiples remain stable
5
=
Aspirational return 9%
Global Equity Shareholder Yield
 A diversified Global Equity portfolio:
 100+ high quality companies that are typically well known to investors
 Global businesses generating revenues in the developed world and the emerging
markets
 Investing with management teams creating wealth for shareholders:
 Profitability growing at least 3 - 5% pa
 Raising dividends
 Buying back stock
 Complements cash, bonds and other global equity strategies that primarily focus on
traditional valuation methods and capital appreciation
 Attractive level of income
 0.71 beta (as of 31/12/ 2010)
6
Shareholder Yield: How Corporations Use Free Cash Flow
• Acquisitions
Reinvest for
Firm Growth
• Internal Projects
Free Cash Flow
Applications
• Cash Dividends
Return to
Shareholders
Shareholder
Yield
• Share Repurchases
• Debt Reduction
7
Global Equity Shareholder Yield Holding: Nestlé SA
Cash flow applications
28 billionaire brands
Reinvestment for firm growth
Capital expenditure
Sales
• 109Bn Swiss Fr.
Operating cash
flow
•18 Bn Swiss Fr.
• BRICS
Swiss Fr.
1.5Bn
• Asia ex. China
2.0Bn
• Africa
1.0Bn
• Operating
efficiencies
• 140 countries
• Continuous cost
improvements
• Working capital
management
Data as of 2009
8
Return to shareholders
• Cash dividends:
Swiss Fr.
5.0Bn
• Share repurchases:
7.0Bn
EPOCH Global Equity Shareholder Yield Holding: Heinz
Key brands
Cash flow applications
Reinvestment for firm growth
Capital expenditures
Sales
Operating cash flow
• North America
$100M
• Europe
$75M
•$10.5Bn
• $1.26Bn
• Asia/Pacific
$45M
• > 60% of sales
are international
• Top-line growth
driven by emerging
markets and core
products
• Rest of World
$60M
• #1 or 2 market
share positions
in 50 countries
• In 200 countries
• Operating efficiency
• Inventory management
Data as of April 2010
9
Return to shareholders
• Cash dividends:
$530M
• Debt reduction:
$610M
EPOCH Global Equity Shareholder Yield Holding: Kimberly-Clark
Key brands
Cash flow applications
Reinvestment for firm growth
Capital expenditures
Sales
• $19.12B
• #1 or 2 market
share positions
in >80 countries
• In >150 countries
Operating cash flow
• 2008: $2.52B
2009: $3.48B
• 2008
$0.91B
• 2009
$0.85B
• Product innovation
• Margin improvement
• Working capital
management
Data as of December 2009
10
Return to shareholders
• Cash dividends:
2008
2009
$0.95B
$0.99B
• Share repurchases:
2008
2009
$0.54B
$0.14B
• Debt reduction:
2008
2009
$0.16B
$0.59B
EPOCH Global Equity Shareholder Yield Holding: Oracle Corp.
Oracle’s Strategy
Cash flow applications
Reinvestment for firm growth
Sales
Operating cash flow
• +$26.8B
• $8.6B
• Global Integrated
Solutions
• Includes +4.0B for R&D
• #1 Database
Solutions
• Integration of acquired
companies
Capital expenditures / acquisitions
• 2009
$4.5B
Return to shareholders
• #1 in Middleware
• Introduced +1.0B annual dividend
Data as of December 2009
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Global Equity Shareholder Yield: Process Overview
INVESTMENT UNIVERSE
(14,000 Stocks)
PROPRIETARY QUANTITATIVE RESEARCH
(200-300)
FUNDAMENTAL ANALYSIS
(150-200)
PORTFOLIO
CONSTRUCTION
~ 100 Companies
12
Global Equity Shareholder Yield: Proprietary Quantitative Screens
KEY RESEARCH METRICS:
• High Current Income - Yield
• Growth in Cash Flow from Operations Over the Last 5 Years
• Cash From Operations Exceeds Dividends (or Cash
Returned) Over Trailing 3 Years
• No Dividend Cancellations in Available Financial History
• Market Capitalization > $500MM with Sufficient Trading
Liquidity
Results in 5-10 names/week
13
Global Equity Shareholder Yield: Fundamental Analysis
DETAILED RESEARCH:
• Financial Strengths
• Management Quality
• External Factors
Business Evaluation Two-Year Forward Look
14
Global Equity Shareholder Yield: Process & Risk Management –4Q 2010
 36 new names through the screen
 2 new positions in the Fund

Regal Entertainment Group. – Consumer Discretionary

Operates a chain of multi-screen movie theatres in the United States. Growth will continue to be driven by 3D films.

5.9% dividend yield

12.2% free cash flow yield

6.8% operating cash flow growth
 Unilever PLC. – Consumer Staples

Is one of the parent companies of the Unilever group whose products, which focus on nutrition, hygiene and personal care,
are sold in 170 countries around the world. Key brands include Dove, Axe, and Ben & Jerry’s.

3.6% dividend yield

6.1% free cash flow yield

8.4% operating cash flow growth
 102 names in portfolio
 24 companies in the portfolio raised their dividends in 4Q 2010
 Risk Measures
15
Global Equity Shareholder Yield: Dividend Highlights
76 Companies in the Portfolio Increased Their Dividend between I January to 31 December 2010
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Abbott Laboratories
Altria Group Inc. (increased dividend 1Q and 3Q)
Anheuser-Busch InBev
AstraZeneca PLC (ADS) (increased dividend 1Q and 3Q)
AT&T
Automatic Data Processing Inc.
BAE Systems (increased dividend 1Q and 3Q)
BCE Inc. (increased dividend 3Q and 4Q)
Bemis Co. Inc.
BHP Billiton Ltd. (ADS) (increased dividend 1Q and 3Q)
British American Tobacco
Bristol-Myers Squibb & Co
Canadian Oil Sands Trust
CenturyTel Inc.
Chevron Corp.
China Mobile
CPFL Energia SA
CMS Energy Corp.
Coca-Cola Co.
Coca-Cola Enterprises Inc. (increased dividend 1Q and 4Q)
Compass Group PLC (increased dividend 2Q and 4Q)
Diageo PLC (ADS) (increased dividend 1Q and 3Q)
DPL Inc.
Duke Energy Corp.
Emerson Electric Co.
Exxon Mobil Corp.
FirstGroup PLC (increased dividend 2Q and 4Q)
Honeywell International Inc.
H. J. Heinz Co.
HTC Corp
Imperial Tobacco Group PLC (increased dividend 2Q and 4Q)
Johnson & Johnson
Kellogg Co.
Kimberly-Clark Corp.
Kinder Morgan Energy Partners LP. (increased dividend 2Q , 3Q & 4Q)
Lorillard
McDonald’s Corp.
Meggitt PLC
Microchip Technology Inc. (increased dividend 1Q, 2Q ,3Q and twice in 4Q)
16
Microsoft Corp.
National Grid PLC (increased dividend 2Q and 4Q)
Nestle S.A.
Next PLC (increased dividend 1Q and 3Q)
NSTAR
ONEOK Inc.
Pearson PLC (increased dividend 1Q and 3Q)
Philippine Long Distance Telephone Co. (increased dividend 1Q and 3Q)
Philip Morris International Inc.
Pitney Bowes Inc.
Quanta Computer Inc.
Redecard S/Z
Reynolds American Inc.
Roche Holding AG
Royal Dutch Shell PLC
SCANA Corp.
Scor SE
Scottish & Southern Energy PLC
Shaw Communications Inc. (CIB)
Southern Co.
Statoil ASA (ADS)
Swisscom AG
Taiwan Semiconductor Manufacturing
TECO Energy Inc.
Telefonica S.A. (increased dividend 1Q and 2Q)
TERNA S.p.A. (increased dividend 1Q and 4Q)
Travelers Cos. Inc.
Tupperware Brands Corp.
United Utilities Group PLC
Vectren Corp.
Verizon Communications, Inc.
Vodafone Group PLC (increased dividend 2Q and 4Q)
Wal-Mart Stores Inc.
Waste Management Inc.
Westar Energy Inc.
Westpac Banking Corp. (increased dividend 2Q and 4Q)
WGL Holdings Inc.
Global Equity Shareholder Yield: Portfolio Characteristics
• Conventional Dividend Yield > = 4.5% with an Expected Growth Rate
• Seek Additional 1.5% of Shareholder Yield through Expected Share
Repurchases and Debt Reduction
• Operating Cash Flow Growth > 3.0%
17
Global Equity Shareholder Yield: Risk Management
RISK CRITERIA:
• Maximum Assets Per Security = 2.5%
• Maximum Income Contribution Per Security = 3.0%
• Maximum Incremental Income Per Security = 5.0%
• Minimum Position = 0.5%
18
Global Equity Shareholder Yield: Sell Discipline
 Interruption to the dividend policy
 Packaging Corporation
 Deterioration in fundamentals
 British Petroleum
 Excessive valuation
 Toll Holdings
19
Grant Samuel Epoch Global Equity Shareholder Yield:
Sector Allocation – 31/01/2011
25.0%
Fund - Weight
MSCI World ex-Australia Index in $A, Net divs reinvested -Weight
20.0%
15.0%
10.0%
5.0%
0.0%
20
Grant Samuel Epoch Global Equity Shareholder Yield:
Regional Allocation Weights - 31/01/2011
Fund
%
Benchmark*
%
USA & Canada
48.2
56.5
United Kingdom
19.8
10.1
Europe ex UK
22.1
20.6
Asia
3.6
12.4
Australia & New Zealand
1.7
0.0
South America
0.9
-
Other
-
0.4
Cash
3.7
-
100.0
100.0
TOTAL
*Benchmark: MSCI World Ex-Australia Index in A$, Net dividends reinvested
The data shown in the above table is unaudited and may change at any time. The data is shown for informational purposes only and is not
indicative of future portfolio characteristics.
21
Grant Samuel Epoch Global Equity Shareholder Yield:
Top 20 Holdings - 31/01/2011
Stock
Fund Weight
Sector
Country
Swisscom AG
2.1
Telecommunication Services
Switzerland
BCE Inc.
1.9
Telecommunication Services
Canada
Vodafone Group PLC
1.8
Telecommunication Services
United Kingdom
Philip Morris International Inc.
1.8
Consumer Staples
United States
CenturyLink Inc.
1.7
Telecommunication Services
United States
Diageo PLC
1.7
Consumer Staples
United Kingdom
France Telecom
1.7
Telecommunication Services
France
Pearson PLC
1.7
Consumer Discretionary
United Kingdom
National Grid PLC
1.6
Utilities
United Kingdom
Telefonica S.A.
1.6
Telecommunication Services
Spain
Imperial Tobacco Group PLC
1.6
Consumer Staples
United Kingdom
Royal Dutch Shell PLC (CL A)
1.6
Energy
United Kingdom
Nestle S.A.
1.6
Consumer Staples
Switzerland
FirstGroup PLC
1.5
Industrials
United Kingdom
AstraZeneca PLC
1.5
Health Care
United Kingdom
Vivendi S.A.
1.4
Consumer Discretionary
France
NiSource Inc.
1.4
Utilities
United States
Anheuser-Busch InBev
1.4
Consumer Staples
Belgium
Total S.A.
1.4
Energy
France
Vinci S.A.
1.4
Industrials
France
The data shown in the above table is unaudited and may change at any time. The data is shown for informational purposes only and is not indicative of future portfolio characteristics.
22
Global Equity Shareholder Yield Strategy (inception 31/12/2005):
Gross Performance – Australian Dollar (AUD)
0
Annualised Return
-5
-10
-15
EPOCH Gross Return*
MSCI World Index-Net *
1 year
-0.7
-1.94
3 years
-5.97
-9.64
Inception to date^
-0.63
-4.20
*As of 31/12/2010
EPOCH Gross Return
MSCI World (Net)
^ Inception
2010
-0.7
2009
-3.0
2008
-13.7
2007
-1.4
2006
18.2
-1.9
0.8
-25.3
-2.1
11.7
date is December 31, 2005. Performance for the most recent quarter is preliminary and subject to change.
Source: eVestment Alliance; Index: S&P Developed BMI Index; Universe: Global Equity – Unhedged. Standard & Poor’s is the source and owner of the S&P Index data contained herein (and all
trademarks related thereto), which may not be redistributed. MSCI Inc. (MSCI) is the source and owner of the MSCI Index data contained herein (and all trademarks related thereto), which may
not be redistributed. Past performance is no guarantee of future results
23
Grant Samuel Funds Management:
Unit Price Performance – 31/01/2011
Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged) Fund
Month
3 Months
1 Year
2 Years
%
%
%
%
Since
Inception ^
%
Fund¹
3.67
0.81
5.41
(3.17)
(3.55)
Benchmark
5.33
5.72
6.24
1.34
(6.18)
(1.66)
(4.91)
(0.83)
(4.51)
2.63
Over / (Under)
MSCI World Ex-Australia Index in A$, Net dividends reinvested
Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund
Month
3 Months
1 Year
2 Years
%
%
%
%
Since
Inception ^
%
Fund¹
0.42
3.22
20.67
19.97
0.46
Benchmark
2.50
8.61
19.81
25.98
(3.14)
Over / (Under)
(2.08)
(5.39)
0.86
(6.01)
3.60
Benchmark: MSCI World Ex-Australia Index, Net dividends reinvested, 100% hedged into A$
^ Inception
Date: 15 May 2008 ¹ Fund returns are calculated net of management fees and assuming all distributions are reinvested.
24
End Notes
1.
2.
3.
4.
5.
6.
7.
8.
9.
Presentation of the Firm—Epoch Investment Partners, Inc. became a registered investment adviser under the Investment Advisers Act of 1940 in June, 2004. Performance from 4/01
through 5/04 is for Epoch’s investment team and accounts while at Steinberg Priest & Sloane Capital Management, LLC. For the period 7/94 through 3/01 Bill Priest managed the
accounts while at Credit Suisse Asset Management and was the only individual responsible for selecting the securities to buy and sell. Epoch Investment Partners has the books and
records supporting the performance of this track record and will provide these records upon request. Epoch Investment Partners, Inc. has prepared and presented this report in
compliance with the Global Investment Performance Standards (GIPS®).
Composite Structure—Epoch’s Composites include all tax-exempt and taxable portfolios above $500,000 in size and are generally managed relative to applicable market index. Results
are based on fully discretionary accounts under management, including those accounts no longer with the firm. Portfolios within the U.S. Small Cap Value Composite are managed
relative to the Russell 2000 and Russell 2000 Value Indices; portfolios within the U.S. SMID Cap Value Composite are managed relative to the Russell 2500 and Russell 2500 Value
Indices; portfolios within the U.S. Value Composite are managed relative to the Russell 1000 and Russell 1000 Value Indices; portfolios within the Balanced Composite are managed
relative to a blended benchmark consisting of 50% S&P 500 and 50% Lehman U.S. Aggregate Indices; portfolios within the Global Small Cap Composite are managed relative to the
S&P Developed SmallCap Index; portfolios within the U.S. All Cap Value are managed relative to the Russell 3000 and Russell 3000 Value Indices (Effective 7/1/06, the U.S. All Cap
Value Composite has been redefined to reflect only those discretionary accounts managed by the All Cap Value Team and following the respective All Cap Value model. As a result, all
accounts which are not managed by the All Cap Value Team and have specified client risk preferences have been removed); portfolios within the Global Absolute Return Composite are
managed relative to the S&P 500, Lehman U.S. Aggregate, and MSCI World (Gross) Indices; portfolios within the International Small Cap Composite are managed relative to the S&P
EPAC SmallCap Index and the MSCI EAFE Small Cap (Net) Index; portfolios within the U.S. Choice Composite are managed relative to the Russell 3000 Index; portfolios within the
Global Choice Composite are managed relative to the MSCI World (Net) Index; portfolios within the Global Equity Shareholder Yield Composite are managed relative to the MSCI World
Index-Net Return; portfolios within the Global All Cap Composite are managed relative to the MSCI World (Net) Index. The Global All Cap Composite contained 100% non-fee-paying
portfolio(s) as of December 31, 2007.
Composite Creation Dates—U.S. All Cap Value, Balanced, Global Absolute Return, Global Small Cap, U.S. Small Cap Value, U.S. Value: June 2004; International Small Cap: February
2005; U.S. Choice: May 2005; Global Choice: October 2005; Global Equity Shareholder Yield: January 2006; U.S. SMID Cap Value: September 2006.
Risk Statistics source—Epoch Investment Partners. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite
the entire year. Sharpe ratio is a measure of absolute risk adjusted return developed by Professor William Sharpe. It divides the excess return of an account above cash returns by the
Standard Deviation of the excess return to determine the reward per unit of risk. Information Ratio is measure of relative risk-adjusted return. It is determined by dividing excess return
by Tracking Error. Alpha is a measurement of the expected residual return adjusted for the account Beta. Beta is a quantitative measure of the volatility of the account relative to the
account benchmark. R-squared is a measure of how closely an account’s performance correlates with the performance of the account benchmark, ranging from 0, indicating no
correlation, to 1, indicating perfect correlation. Market Statistics source: Standard & Poor’s, Frank Russell Company, Morgan Stanley Capital International, Lehman Brothers and Epoch
Investment Partners, Inc. Composite-level risk statistics are calculated using monthly rates-of-return. Statistics calculated using a sample of less than 36 months can be considered a
less reliable estimate of the characteristic’s true value.
Total Return Methodology and Fee Structure—Returns are presented gross and net of management fees and include the reinvestment of all income. Composite performance for Global
Equity Shareholder Yield is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile.
Returns may include the effect of foreign currency exchange rates. A fee schedule is an integral part of a complete presentation and is described in Part II of the firm’s ADV, which is
available upon request. Net of fee returns reflect the deduction of the highest annual management fee, payable quarterly in arrears. Net-of-fee performance reflects the compounding
effect of such fees. Generally, the highest fee payable for an Epoch managed equity portfolio is 1.0 % of assets, annually, with the exception of Global and Non-U.S. which is 1.1% and
Absolute Return Services which is 1.5% of assets.
Significant Cashflow Policy – Effective January 1, 2008, our significant cash flow policy has been removed. This policy amendment will not be applied retroactively. Effective January
1, 2006, our significant cash flow policy had been redefined as in excess of 25% of the portfolio market value. This policy amendment was not applied retroactively. Prior to January 1,
2006, composite policy required the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 10% or greater of portfolio market value. The
temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the next full month
(assuming the cash flow has been fully invested - as determined by Epoch Investment Partners, Inc.). This policy is not applied to the advised Epoch mutual funds (within the U.S. All
Cap Value, International Small Cap and Global Equity Shareholder Yield Composites), U.S. Choice, Global Choice and U.S. SMID Cap Value Composites. Additional information
regarding the treatment of significant cash flows is available upon request.
Different methods can be applied to the calculation of performance data. Periods over one year are annualized. Additional information regarding policies for calculating and reporting
returns is available upon request.
Past performance is not indicative of future results. All information is calculated in USD$ unless otherwise indicated. An account could incur losses as well as gains.
To receive a complete list and description of Epoch Investment Partners, Inc. composites and/or presentation that adheres to the GIPS® standards, contact Jason Root at 212-3037200, or write Epoch Investment Partners Inc., 640 Fifth Avenue, 18th Floor, New York, NY 10019, or send an email to info@eipny.com.
25
Disclaimers

Grant Samuel Funds Management Pty Limited ABN 14 125 715 004 AFSL 317587 has a distribution arrangement with
Epoch Investment Partners, Inc. to represent their products in Australia and New Zealand.

This presentation provides general information only and has been prepared without taking account the objectives, financial
situation or needs of individuals. This document was issued by Grant Samuel Funds Management Pty Limited on 04
February 2011 for Financial Adviser use only.

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon
as (and is not) an indication of future performance. While the Grant Samuel Epoch Global Equity Shareholder Yield Funds
form part of Epoch’s Global Equity Shareholder Yield composite, past performance of Epoch's Global Equity Shareholder
Yield composite is not a reliable indicator of future performance of the Grant Samuel Epoch Global Equity Shareholder Yield
Funds and performance will differ. Returns are presented gross of investment management fees, taxes and other
appropriate fees (i.e. commissions, custodial fees, etc.)

Grant Samuel Fund Services Limited ABN 48 129 256 104 AFSL 321517 is the responsible entity of the Grant Samuel
Epoch Global Equity Shareholder Yield (Hedged) Fund ARSN 130 358 440 and Grant Samuel Epoch Global Equity
Shareholder Yield (Unhedged) Fund ARSN 130 358 691. Both Funds are registered as managed investment schemes
under the Corporations Act 2001 (Cth). Grant Samuel Fund Services Limited has appointed Epoch Investment Partners,
Inc. as the investment manager of each Fund. Class A Units in each Fund are available for issue by Grant Samuel Fund
Services Limited, as responsible entity of the Funds on receipt of a duly completed application form which accompanies the
product disclosure statement for the Funds dated 23 April 2008 as supplemented by supplementary product disclosure
statement dated 1 November 2009 (together the ‘PDS'). Before making an investment decision in relation to a Fund,
investors should consider the appropriateness of this information, having regard to their own objectives, financial situation
and needs and obtain financial advice specific to their situation.

Neither Grant Samuel Funds Management Pty Limited nor any Grant Samuel entity guarantees the repayment of capital or
the performance of the Funds or any particular returns from the Funds. No representation or warranty is made concerning
the accuracy of any data contained in this document

Please read and consider the PDS for the Funds which can be obtained by contacting Grant Samuel Funds Management
on (02) 9324 4356 or from this website. Applications to invest in the Funds must be made on the application form which
accompanies the PDS.
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