Product Disclosure Statement 4 September 2017

1 Product Disclosure Statement 4 September 2017 Investment Growth FundsThis Product Disclosure Statement (PDS) is dated 4 September PDS is issued by Tasmanian Perpetual Trustees Limited ABN 97 009 475 629 AFSL 234630 Australian Credit Licence Number 234630 (Tasmanian Perpetual Trustees), a wholly owned subsidiary of MyState Limited ABN 26 133 623 962. MyState Limited also wholly owns MyState Bank Limited ABN 89 067 729 195 an authorised deposit-taking institution (ADI).

2 This PDS relates to the following managed funds (the Funds):Full Fund name ARSN Name used in this PDST asmanian Perpetual Australian Share Fund 093 457 955 Australian Share Fund Tasmanian Perpetual International Share Fund 120 944 470 International Share FundTasmanian Perpetual Diversified Property Diversified Property Fund 120 944 318 FundTasmanian Perpetual Balanced Fund 093 458 461 Balanced FundIn preparing this PDS, neither Tasmanian Perpetual Trustees Limited, nor MyState Limited or MyState Bank Limited have taken into account the investment objectives, financial situation or particular needs of any particular person.

3 Before making an investment decision, you should consider (with or without the assistance of an adviser) whether the information in this document is appropriate for your needs, objectives and circumstances. Please read the whole of this PDS carefully before making a decision on whether to Perpetual Trustees does not guarantee the repayment of capital or the performance of the Funds offered in this PDS or any particular rates of return from the otherwise indicated all statements and assertions in this PDS are made by Tasmanian Perpetual Trustees.

4 A reference to we or us or our or the Responsible Entity means Tasmanian Perpetual should keep a copy of this PDS and any information that updates the PDS for future reference such as a Supplementary Product Disclosure Statement (SPDS). A paper or electronic copy of this PDS is available from Tasmanian Perpetual Trustees free of charge or can be downloaded from our website at OFFER TO WHICH THIS PDS RELATES IS ONLY AVAILABLE TO INVESTORS RECEIVING A COPY OF THIS PDS WITHIN Limited and MyState Bank Limited consent to being named in this PDS and this consent has not been withdrawn before the date of issue of this Tasmanian Perpetual TrusteesEstablished in 1887.

5 Tasmanian Perpetual Trustees is a leading Tasmanian based provider of financial products and services. Tasmanian Perpetual Trustees provides both individual and corporate clients with a diverse range of services including Investment Management, Estate Planning, Trustee Services, Lending and Financial Planning. Tasmanian Perpetual Trustees is a wholly owned subsidiary of MyState Limited. How to contact us Visit your nearest branch 1300 138 044 Tasmanian Perpetual Trustees Limited, nor MyState Limited or MyState Bank Limited guarantee the repayment of capital or the performance of the Funds offered in this PDS or any particular rates of return from the in the Funds are not deposits or other liabilities of MyState Limited or MyState Bank Limited.

6 And investment products are subject to investment risks such as loss of income and/or invested the PDS you will see words that are underlined. These words, underlined the first time they occur, are technical investment terms and to help you, they are defined in the Glossary on page Information This section outlines important information for making an informed investment at a glance 2 About investing 3 Glossary of terms 4 Investment Growth Funds Funds offered by Tasmanian Perpetual Trustees that are primarily invested in Australian and International shares or Listed Share Fund 9 International Share Fund 11 Diversified Property Fund 14 Balanced Fund 16 About the investment managers 20 General

7 Information This section gives important information about the and other costs 23 Investment Risks 29 Transaction information 31 Additional information 35 Notes 43 How to read this PDS1 Product Disclosure Statement - Investment Growth Funds2 Funds at a glanceThis table is brief and provides only a guide to the key features of the Funds. Please read carefully the full descriptions of the Funds on the following pages. * These suggested time frames are based on Tasmanian Perpetual Trustees view about investing which may not be appropriate for you at all times or suit your particular needs.

8 You should regularly review all aspects of your investments, preferably with the assistance of an adviser.^ Except for a 21 business day period following each income distribution. Redemptions may be suspended by Tasmanian Perpetual Trustees provided the period of suspension does not exceed 30 days. Refer to page 33 for more Fund16-19 & 20-21 DiversifiedAt least 5 yearsQuarterly1998$2,0007 business days3pmYe sTo provide income and capital growth through exposure to a diversified portfolio of assets.

9 Income may be tax-advantaged through franked and GrowthNoAustralian Share Fund9-10 & 20-21 EquitiesAt least 5 yearsQuarterly1998$2,0007 business days3pmYe sTo provide capital growth and a return of income through exposure to Australian shares. Income may be tax-advantaged through franked and GrowthNo International Share Fund11-13 & 20-22 EquitiesAt least 5 yearsHalf-yearly2005$2,0007 business days3pmYe sTo provide capital growth and a return of income through exposure to international shares. Income and GrowthNo Diversified Property Fund14-15 & 20-22 Property Securities and InfrastructureAt least 5 yearsQuarterly2005$2,0007 business days3pmYe sTo provide capital growth and income through an exposure to listed property and property type assets such as infrastructure.

10 Income may be tax advantaged through franked dividendsIncome and GrowthNo Fund NamePagesMajor Asset ClassSuggested Investment Time Frames*Income Distribution FrequencyEstablished SinceMinimum Investment and Minimum BalanceRedemption Period^Redemption Cut-off TimeUnitisedInvestment Objective Return TypeLinked Cheque Book/Debit CardDirect CreditsYe sYe sYe sYe sRisk LevelModerate - HighModerate - HighModerate - HighModerate - High3 Funds at a glanceAbout investingHow do I invest in managed funds?You can invest in any of the Tasmanian Perpetual Trustees Funds offered in this document by completing an Application Form available online or via one of Tasmanian Perpetual Trustees branches and delivering it to Tasmanian Perpetual Trustees along with your initial investment amount as further detailed on page 31.