Forager Australian Shares Fund : Amended Dividend Reinvestment Plan (DRP) Booklet

For personal use only

Level 18, 123 Pitt Street	The Trust Company
Sydney NSW 2000	(RE Services) Limited
www.perpetual.com.au	ACN 003 278 831
	AFSL 235150

ASX ANNOUNCEMENT

02 June 2022

FORAGER AUSTRALIAN SHARES FUND (FORAGER) (ASX: FOR)

Amended Dividend Reinvestment Plan (DRP) Booklet

Please find below the amended Dividend Reinvestment Plan booklet for the Forager Australian Shares Fund. For more information please visit:

www.foragerfunds.com/for-distributions-information

This Booklet has been prepared by Forager Funds Management Pty Ltd and authorised for release by The Trust Company (RE Services) Limited ('RE').

The primary change relates to this section, dealing with the DRP unit issue price:

At what price will the Units under the DRP be issued?

Additional Units will be issued to you at a price determined by the Responsible Entity (in its absolute discretion) at, or at a premium or discount to, the Fund's Net Asset Value.

Forager will recommend to the RE and it will advise via separate ASX announcement the DRP unit issue price calculation in advance of any distribution.

Yours sincerely

The Trust Company (RE Services) Limited

as Responsible Entity for Forager Australian Shares Fund

DISCLAIMER Forager Funds Management Pty Ltd operates under AFSL No: 459312. This report has been prepared by Forager Funds Management Pty Ltd and authorised for release by The Trust Company (RE Services) Limited (ABN 45 003 278 831, AFSL No: 235150) as the responsible entity and the issuer of the Forager Australian Shares Fund (ARSN 139 641 491). It is general information only and is not intended to be advice. You should obtain and consider a copy of the product disclosure statement relating to the Forager Australian Shares Fund and any ASX announcements before acquiring the financial product. You may obtain a product disclosure statement at www.foragerfunds.com. The Target Market Determination for Forager Australian Shares Fund will be available at www.foragerfunds.comwhen required by law. To the extent permitted by law, The Trust Company (RE Services) Limited and Forager Funds Management Pty Limited, its employees, consultants, advisers, officers and authorised representatives are not liable for any loss or damage arising as a result of reliance placed on the contents of this document. Past performance is not an indicator of future performance.

For personal use only

For personal use only

This Booklet was prepared in May 2017 and amended in November 2021 and June 2022.

Disclaimer

This Booklet has been prepared for general information purposes only and whilst every care has been taken in relation to its accuracy, no warranty is given or implied. Further, you should consider obtaining professional guidance from your stockbroker, solicitor, accountant or other professional adviser if you have any questions about any of the matters contained in this Booklet. The Trust Company (RE Services) Limited and Forager Funds Management Pty Ltd do not guarantee or warrant the future performance of the Forager Australian Shares Fund, the return on an investment in the Fund, the repayment of capital or the payment of Distributions.

Disclaimer to New Zealand Unitholders

This Booklet does not constitute a New Zealand product disclosure statement or other disclosure document and has not been registered, filed with or approved by any New Zealand regulatory authority under or in connection with the Financial Markets Conduct Act 2013 (NZ). Participation in New Zealand in the DRP is open only to persons to whom financial products may be offered in New Zealand pursuant to the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016 (or any replacement of that notice).

The taxation treatment of Australian financial products is not the same as for New Zealand financial products. The offer of Units under the DRP may involve a currency exchange risk as they will be quoted on the ASX in Australian dollars.

If you are uncertain about whether this investment is appropriate for you, you should seek the advice of an appropriately qualified financial adviser.

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For personal use only

OUTLINE OF THE DISTRIBUTION REINVESTMENT PLAN

The Forager Australian Shares Fund Distribution Reinvestment Plan (DRP) is a convenient way for you to increase your holding of Units in Forager Australian Shares Fund (Fund) by allowing you to automatically reinvest all or part of your Cash Distributions in additional Units, without incurring brokerage, commissions or other transaction costs.

This Booklet sets out the terms and conditions of the DRP. The DRP is not available to unitholders in the Fund (Unitholders) with registered addresses outside Australia and New Zealand.

If you wish to participate in the DRP, you must either:

1. complete and lodge the DRP Electronic Election by logging into your holding on the Link Market Services Investor Centre website atwww.linkmarketservices.com.au.
2. complete the DRP Application Form which is available from the Registrar and return it to the Registrar; or

Completed Application Forms must be received by the Registrar or Electronic Elections must be lodged by 5:00 pm (Sydney time) on the first Business Day after the Record Date for a Distribution to be effective for that and future Distributions.

You may nominate part or all of your unitholding for participation in the DRP. Your nominated participation will apply to all subsequent Distributions until varied by you.

If you do not wish to participate in the DRP, you are not required to take any action and will continue to receive your Distributions in the form of Cash Distributions only.

While this Booklet outlines the main features of the DRP, it is not intended to provide financial, taxation or legal advice. As Unitholders have different financial needs and taxation circumstances, you should choose your form of Distribution carefully.

If you are not sure which Distribution option is best for your needs, you should consult your own financial, taxation or legal advisers.

Enquiries

If you have any enquiries about the DRP and how you can participate, please contact the Registrar (please refer to the Directory on page 16 for contact details).

A copy of the DRP is also available for inspection on the Fund website: https://foragerfunds.com/for-drp-info/

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For personal use only

QUESTIONS AND ANSWERS

Defined terms in this section have the same meanings as the terms in the DRP Terms and Conditions.

Who can participate?

All Unitholders may participate in the DRP unless a Unitholder has a registered address outside of Australia or New Zealand.

Is participation optional?

Yes. Participation is optional.

How can I participate in the DRP?

If you wish to join the DRP, you are required to either:

1. complete the Electronic Election by logging into your holding on the Link Market Services Investor Centre website atwww.linkmarketservices.com.au.
2. complete the Application Form which is available from the Registrar and send it to the Registrar; or

Completed Application Forms must be received by the Registrar or Electronic Elections must be lodged by 5:00 pm (Sydney time) on the first Business Day after the Record Date (being the Closing Date) for the relevant Distribution to be effective for that and future Distributions. The Responsible Entity has an overriding discretion to refuse to accept Units for participation in the DRP and to suspend or withdraw Units from participation.

Do I have to reinvest all of my Units?

If you decide to participate, you have two choices for your level of participation:

1. Full participation: Additional Units will be issued instead of the Cash Distribution otherwise payable on all the Units you hold; or
2. Partial participation: Additional Units will be issued instead of the Cash Distribution otherwise payable based on the number of Units you have elected to participate in the DRP. The Cash Distribution on the remaining (Non-Participating) Units will be paid to you by electronic transfer.

If an Application Form or Electronic Election does not specify the number of fully paid Units that are to be Participating Units in the DRP, you will be deemed to have applied to become a Full Participant in the DRP.

You will be bound by the Terms and Conditions of the DRP as they exist from time to time.

Do new Units acquired by me or issued under the DRP automatically participate?

This will depend on your level of participation.

If you have elected full participation, then new Units acquired by you and issued under the DRP will automatically participate.

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