Perpetual Limited ABN 86 000 431 827

Perpetual Trustee Company Limited ABN 42 000 001 007

Perpetual Trustees W.A. Limited ABN 98 008 666 886

Perpetual Trustee Company (Canberra) Limited ABN 89 008 393 806

Perpetual Trust Services Limited ABN 48 000 142 049

Perpetrust Nominees Pty Limited ABN 90 004 470 964

Perpetual Nominees Limited ABN 37 000 733 700

Perpetual Trustees Victoria Limited ABN 47 004 027 258

PT Limited ABN 67 004 454 666

Perpetual Trustees Queensland Limited ABN 49 009 656 811

22 December 2015

Investor Update

Regal Long Short Australian Equity Fund ARSN 149 722 654 (Fund)

Results of ASIC investigations in relation to Regal Funds Management Pty Limited (Regal)

and Phil King

We refer to the Investor Updates provided on 02 June 2015, 03 June 2015 and 10 June 2015

and the matters raised in those updates.

We have today been advised by Regal of the outcome of the investigations with Australian

Securities & Investments Commission (ASIC) which ASIC has disclosed in a media release

issued today. We have attached an update issued by Regal, the ASIC media release, and a

copy of the enforceable undertaking for your convenience.

Please note that this matter relates solely to Regal and Mr Phil King.

Perpetual Trust Services Limited is in no way involved in the above matter, other than

being the responsible entity of the Fund that is managed by Regal and of which it became

the responsible entity on 30 March 2015.

Please note that applications in the Fund remain suspended.

We will keep you informed of any further developments as they occur.

Issued by:

Perpetual Trust Services Limited

ABN 48 000 142 049

AFSL 236648

Perpetual Limited

ABN 86 000 431 827

Angel Place, 123 Pitt Street

GPO Box 4172

Sydney NSW 2001

Australia

DX 365 Sydney

Telephone 02 9229 9000

Facsimile 02 8256 1402

Regal Funds Management Pty Limited T +61 2 8197 4333 Level 47, Gateway, 1 Macquarie Place

ABN 30 107 576 821 AFSL 277737 F +61 2 8197 4334 SYDNEY NSW 2000 AUSTRALIA

22 December 2015

Investor Update

Regal Australian Long Short Equity Fund

Dear Investor,

Thank you for your ongoing support of the Regal Australian Long Short Equity Fund.

We notified you in early June that the Australian Securities and Investments Commission (ASIC) was conducting

a hearing into certain conduct of our Chief Investment Officer, Philip King in relation to a specific trade.

We are now very pleased to report that Regal Funds Management and Mr King have negotiated a resolution

with ASIC.

The investigation related to the contents of communication sent to Mr King by an Australian stockbroker. The

communication speculated about the potential trading intentions of another client of the stockbroker in a

specific stock.

In order to achieve the best outcome for investors, both Regal and Mr King have acknowledged ASIC’s

concerns, without making any admission, and have entered into an Enforceable Undertaking with ASIC. As part

of the Enforceable Undertaking, Regal will work with an independent compliance expert who will review

Regal’s securities trading policies and procedures and will implement the recommendations.

Regal is fully committed to ensuring best-in-class compliance across our business and is pleased to work with

ASIC in this regard.

Full details of the Enforceable Undertaking are available online through the ASIC register.

Importantly for Regal and our investors, this ensures our focus is squarely on continuing to generate attractive

returns.

It has been pleasing that the Fund has performed very strongly over recent months, up 12% from 1 July to 30

November despite a decline in the Australian market.

Should you have any questions in relation to this or your investment in the Fund, please contact me directly.

Stephen Baldwin

Chief Operating Officer stephen.baldwin@regalfm.com M: 0425 834 212 W: (02) 8197 4310