Prepared by Ironbark Asset Management Pty Limited ABN 53 136 679 420 AFSL 341020 (‘Ironbark’). This video is intended to provide a general outline of the Ironbark Karara Investment Funds and the investment capabilities of Karara Capital Limited ABN 34 134 075 157 AFSL 333318, and is not an offer of securities or financial products, nor is it financial product advice. As this has been prepared without taking account of any investors' particular objectives, financial situation or needs, you should consider its appropriateness having regard to your objectives, financial situation and needs before taking any action. Units in the Fund are issued by Patriot Asset Management Ltd ABN 94 106 888 662 AFSL 284442 (‘Patriot’), a wholly owned subsidiary of Ironbark. To acquire units in the Fund, complete the application form that accompanies the current product disclosure statement for the Fund, which you can obtain from www.ironbarkam.com or by calling Client Services on 1800 034 402. You should consider the product disclosure statement in deciding whether to acquire, or to continue to hold units in the Fund.

Although non-Ironbark specific information has been prepared from sources believed to be reliable, we offer no guarantees as to its accuracy or completeness. Opinions and estimates involve a number of assumptions which may not prove valid and may be changed without notice. Past performance is not an indicator of future results. Any performance forecasts are not promises of future performance and are not guaranteed. Opinions expressed may change and are correct as at the time of filming as shown in the video details. This commentary describes some current internal investment guidelines and processes. These are constantly under review, and may change over time. Consequently, although this commentary is provided in good faith, it is not intended to create any legal liability on the part of Ironbark, and does not vary the terms of the relevant product disclosure statement. All dollars are Australian dollars unless otherwise specified and all indices are copyrighted by and proprietary to the issuer of the index.

Prepared by Ironbark Asset Management Pty Limited ABN 53 136 679 420 AFSL 341020 (‘Ironbark’). This video is intended to provide a general outline of the Ironbark Karara Investment Funds and is not an offer of securities or financial products, nor is it financial product advice. As this has been prepared without taking account of any investors' particular objectives, financial situation or needs, you should consider its appropriateness having regard to your objectives, financial situation and needs before taking any action. Units in the Fund are issued by Patriot Asset Management Ltd ABN 94 106 888 662 AFSL 284442 (‘Patriot’), a wholly owned subsidiary of Ironbark. To acquire units in the Fund, complete the application form that accompanies the current product disclosure statement for the Fund, which you can obtain from www.ironbarkam.com or by calling Client Services on 1800 034 402. You should consider the product disclosure statement in deciding whether to acquire, or to continue to hold units in the Fund.

Although non-Ironbark specific information has been prepared from sources believed to be reliable, we offer no guarantees as to its accuracy or completeness. Opinions and estimates involve a number of assumptions which may not prove valid and may be changed without notice. Past performance is not an indicator of future results. Any performance forecasts are not promises of future performance and are not guaranteed. Opinions expressed may change and are correct as at the time of filming as shown in the video details. This commentary describes some current internal investment guidelines and processes. These are constantly under review, and may change over time. Consequently, although this commentary is provided in good faith, it is not intended to create any legal liability on the part of Ironbark, and does not vary the terms of the relevant product disclosure statement. All dollars are Australian dollars unless otherwise specified and all indices are copyrighted by and proprietary to the issuer of the index.