Bell Australian Small Companies Fund (Class A)

The information in this presentation has been prepared by Bell Asset Management Limited ABN 84 092 278 647, AFSL 231091 (BAM). This presentation is provided on a confidential basis solely for information only purposes for selected “professional investors” (as the term is defined in the Corporations Act 2001 (Cth)) and investors in other jurisdictions which, if they were located in Australia, would qualify as professional investors in relation to the Bell Australian Small Companies Fund ARSN 698 679 426 (the Fund).  It must not be provided in whole or in part to any person who is not a professional investor. This presentation may not be reproduced or copies circulated without prior authority from BAM.

Units in the Fund are issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Fund. BAM is the investment manager of the Fund. It is general information only and is not intended to provide you with financial advice, and has been prepared without taking into account your objectives, financial situation or needs.

You should consider the Fund Product Disclosure Statement (PDS), prior to making any investment decisions. The PDS and Target Market Determination (TMD) can be obtained for free by calling 1300 133 451 or emailing registry@apexgroup.com or visiting www.bellasset.com.au. If you require financial advice that takes into account your personal objectives, financial situation or needs, you should consult your licensed or authorised financial adviser. This information is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. All investments contain risk and may lose value.

Neither BAM nor any company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of the Fund or the return of an investor’s capital. No representation or warranty, express or implied, is made as to the accuracy, completeness or reasonableness of any assumption contained in this presentation. To the maximum extent permitted by law, none of BAM or Perpetual and its directors, employees or agents accepts any liability for any loss arising, including from negligence, from the use of this document or its contents. Past performance is not necessarily indicative of expected future performance. Neither BAM nor Perpetual give any representation or warranty as to the reliability or accuracy of the information contained in this presentation.

Total returns shown for the Fund are calculated using exit prices after taking into account all of Perpetual’s ongoing fees and assuming reinvestment of distributions. No allowance has been made for taxation.

Any opinions, forecasts, estimates or projections reflect judgments of the investment manager, BAM as at the date of this presentation and are subject to change without notice. Rates of return cannot be guaranteed and any forecasts, estimates or projections as to future returns should not be relied on, as they are based on assumptions which may or may not ultimately be correct. Actual returns could differ significantly from any forecasts, estimates or projections provided.

Information about specific investments is included for illustrative purposes, in order to assist prospective investors in better understanding the investment strategies and processes used by BAM and is not intended to be indicative of actual future investments or performance results that will be achieved in the future. There is no assurance that similar investment opportunities will be available in the future, and the results of actual investments in the future may differ significantly.

Return targets are presented for comparative purposes in order to assist prospective investors in evaluating the investment strategies and processes used by BAM. Targeted returns are subjective determinations by BAM and do not reflect either actual past performance or a guarantee of future performance. There can be no assurance that any return target will be met.

References to “Bell Australian Small Companies”, “BAM Australian Small Caps” or “Aust Small Caps” refer to BAM’s Australian Small Companies strategy.

Relative performance of BAM’s Australian Small Companies strategy is calculated against the S&P/ASX Small Ordinaries Accumulation Index.

Ratings are only one factor to be taken into account when making an investment decision

The report that included the rating was published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec) on 10 September 2026. Lonsec receives a fee from fund managers for the preparation of reports. The report / rating is general advice only.

An investor should be aware that: a) the advice has been prepared without taking into account an investors' objectives, financial situation or needs; b) an investor should consider the appropriateness of the advice having regard to their own objectives, financial situation or needs before acting on the advice; and c) an investor should obtain a PDS relating to the product, consider the PDS and seek independent financial advice before making any decision about whether to acquire the product.

The rating is not a recommendation to purchase, sell or hold any product.

Past performance is not a reliable indicator of future performance.

Ratings are prepared based on information available at the time of preparation and may be subject to change by Lonsec without notice.

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