Macquarie Separately Managed Account

1 Contents1. About Macquarie Investment Services Limited 022. How the Macquarie Separately Managed Account works 023. Benefits of investing in the Macquarie Separately Managed Account 034. Risks of Managed investment schemes 045. How we invest your money 066. Fees and costs 067. How Managed investment schemes are taxed 088. How to apply 08 This document (Short Form PDS) is a summary of significant information and contains a number of references to other important information contained in a separate information booklet titled Macquarie Separately Managed Account Additional information to the Product Disclosure Statement (Information Booklet). The Short Form PDS and the Information Booklet form the product disclosure statement (PDS) for the SMA.

2 An investment in the SMA is for a particular class of document and the Information Booklet should be read together and considered before making a decision to invest in the SMA. You can access the PDS on the website of your Eligible Platform provider, download a copy or request a copy free of charge by calling your Eligible Platform provider or your financial adviser. The information provided in the PDS is general information only and does not take Account of your personal objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances. This offer is only available to people receiving this PDS (electronically or otherwise) within Australia. The information in the PDS is current as at the issue date but may change from time to time.

3 Where information that changes is not materially adverse to investors, MISL will update this information by publishing changes at A paper copy of any updated information is available free of charge on request. MISL will update the PDS if there is a materially adverse change to information contained in the PDS. Investments in the SMA, other than cash on deposit with Macquarie Bank Limited ABN 46 008 583 542, are not deposits with or other liabilities of Macquarie Bank Limited or of any member of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited, MISL nor any other member company of the Macquarie Group guarantees the performance of the SMA or the repayment of capital from the SMA or any particular rate of Separately Managed Account ARSN 121968143 (SMA)Issued by Macquarie Investment Services Limited ABN 73 071 745 401, AFSL 237495 (MISL) Investor Class W, Issue No.

4 19 DATED: 30 SEPTEMBER 2022 Product Disclosure Statement Macquarie Separately Managed AccountTo request a copy of this document or the Information Booklet, contact the operator of your Eligible product disclosure statement is only for use by investors investing through an Eligible Platform. An Eligible Platform is the Macquarie Wrap and Macquarie Wrap Super and any other platform MISL (we, us, our) is the responsible entity for the SMA as well as the implementation manager for the SMA Model Portfolios. As the implementation manager, MISL will implement all investment decisions relating to the SMA Model Portfolios and provide other administrative services for the SMA. An investment in the SMA is for a particular class of investment. MISL is responsible for operating the SMA including managing and investing scheme property and ensuring scheme property is Managed and dealt with in accordance with the SMA constitution (Constitution) and the Corporations Act.

5 MISL may delegate these roles but remains responsible to investors when it does so. MISL is a member of the Macquarie Group, a diversified financial group with institutional, corporate, government and retail clients around the world. The Board of MISL is comprised of a majority of independent SMA offers a selection of model investment portfolios (SMA Model Portfolios) provided by a range of professional investment managers (Investment Managers) covering a range of investment styles, allowing you to tailor your SMA investment to suit your investment should read the important information about the Investment Managers before making a decision. Go to Section 1 of the Information Booklet, which is also available at The material may change between the time when you read this document and the day when you acquire the About Macquarie Investment Services Limited2.

6 How the Macquarie Separately Managed Account worksThe SMA is a non-unitised registered Managed investment scheme under the Corporations Act (ie the SMA is not a unit trust) that allows you to have an SMA Account (SMA Account ) that contains a portfolio of investments (Portfolio) that is beneficially owned by the investor and Managed by MISL. Each Portfolio is aligned to an SMA Model Portfolio selected by the you invest through an Eligible Platform, you will hold an SMA Account for each SMA Model Portfolio you invest components of the SMA You choose from a list of SMA Model Portfolios provided by a range of Investment Managers. A Portfolio is established for you for each of the SMA Model Portfolios chosen by you. Investments are bought and sold as required to reflect updates made to the SMA Model Portfolios by the Investment Managers.

7 You may select to customise the SMA Model Portfolios you have invested Managed investment schemes issue interests to investors as units in a unit trust. The SMA is not a unit trust. Instead interests take the form of a beneficial interest in the specific investments included in the Portfolio in your SMA Account . Investments held within the SMA include listed securities and units in Managed funds (including but not limited to ETFs and wholesale funds) collectively referred to as securities as well as cash. The value of your SMA Account will vary as the market value of the underlying investments held in your Portfolio(s) rises or falls. MISL categorises interests within the SMA into different classes of investors. There is more than one class of SMA available and the offer made under this PDS is for investor class W.

8 Typically each class of investor is differentiated by fees, investment options or distribution channels. MISL reserves the right to create new classes of investors within the SMA and has the ability to transfer investors between investor an investmentTo invest, please follow the instructions of your Eligible Platform provider. Initial investments must be for a minimum value as specified in the SMA Model Portfolio profile included in the Information Booklet. At our discretion, we may waive the minimum investment amount and we may also establish higher minimum investment amounts or reject applications for investment in the can fund your SMA Account by contributing cash from your Account held on the Eligible Platform (Platform Account ), and by potentially transferring an existing portfolio of securities from your Platform Account to your SMA Account subject to the arrangements with your Eligible Platform provider.

9 Investing through an Eligible PlatformPortfolios are Managed by MISL in accordance with chosen SMA Model PortfoliosSMA Account 1 Listed securitiesManaged fundsSMA Model Portfolio ACashListed securitiesCashSMA Account 2 SMA Model Portfolio BInvestment Manager AInvestment strategy managementInvestment Manager BInvestment strategy managementPlatform AccountCustomisations of investments2 Making a contribution or withdrawalThe table below summarises the various ways that you can contribute to, or withdraw from, your SMA Account :TypeMinimumOne off contribution cash or security transfer$1,000 per contributionWithdrawal cash or security transfer$1,000 per withdrawal subject to the restrictions in Section in the Information BookletAutomatic cash managementRefer to your Eligible Platform providerIncome election elect to transfer income from the SMA Account to your Platform AccountRefer to your Eligible Platform providerWithdrawalsWhen an event outside MISL s control impacts on our ability to transfer assets or realise sufficient assets to satisfy withdrawal requests (for example, restricted or suspended trading in the market for an asset or a freeze on withdrawals) then this can delay transfer or payment for as long as this event continues.

10 This means that proceeds from your withdrawal may not be available within the usual processing time. Dividends and distributions The frequency and calculation of income will depend on the underlying investments held in your SMA Account . As all investments in the SMA Account are beneficially owned, all income relating to these investments flow directly to the investor. Franking credits may also flow to investors if certain conditions are satisfied. We will generally elect to receive dividends and distributions in cash, which will be credited to the cash holdings within the relevant SMA Model Portfolio. You may elect for dividends, distributions, other corporate action proceeds and interest to be transferred out of the SMA Account to your Platform Account .