Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the responsible Entity for the Milford Australia Funds. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). Milford Australia Pty Ltd ABN 65 169 262 971 (AFSL 461253) has prepared this advertisement as investment manager of the Dynamic Small Companies Fund to provide you with general information only. In preparing this advertisement, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither Milford, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Please read the Funds Product Disclosure Statement at milfordasset.com.au/documents-and-forms before making a decision to invest in this product. Past performance is not a reliable indicator of future performance. The Dynamic Small Companies Fund Target Market Determination is available at milfordasset.com.au/documents-and-forms. The Target Market Determination is a document describing who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.

Milford is an active manager with views and portfolio positions subject to change.