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After Sandhurst has received and accepted a completedWithdrawal Form, withdrawals are normally paid within 5business days of the withdrawal date (however, the Fund’sConstitution allows up to 21 days or such longer period asSandhurst determines in certain circumstances). Withdrawalswill be credited directly to your nominated account or a chequecan be sent to you upon request.In extraordinary circumstances, Sandhurst reserves the right tosuspend withdrawals from the Fund, such as if in thereasonable opinion of Sandhurst, it is in the best interests ofinvestors as a whole to do so. In some circumstances, such aswhen there is a freeze on withdrawals, you may not be able towithdraw your units in the Fund within the usual period forwithdrawal requests. Sandhurst reserves the right to changeprocessing times.Minimum investment balanceIf the current value of your investment falls below the minimuminvestment balance, as set out above under the heading“Applications and withdrawals”, Sandhurst may at its discretionredeem your interests in the Fund and pay the proceeds to you.Switching and transfersYou may switch from the Fund to other funds operated bySandhurst and which are listed on the Switch Form (availableat bendigobank.com.au/managedfundsforms). When yourequest a switch, we will redeem your existing units in the Fundat the next available redemption price and we will use theproceeds to buy the units in the new fund at the relevantapplication price. There is currently no charge for switchingbetween funds, however buy/sell spreads do apply. Switchingfrom one fund to another fund may give rise to taxconsequences and it is recommended that you check the taximplications with your accountant or financial adviser beforeswitching.When making a switch the minimum balance and transactionamounts of the respective funds must be met. You shouldobtain a copy of the most up-to-date PDS for each fund whenrequesting a switch, as the switch will be made on the terms ofthat PDS and the Switch Form. These documents and theSwitch Form are available atbendigobank.com.au/managedfundsformsYou can also transfer your units in the Fund to another person.To discuss what is required for a transfer, please contact us on1800 634 969.Income distributionsThe Fund may earn income such as dividends, interest andother distributable income, as well as net realised capital gainson the sale of underlying assets. It is Sandhurst’s intention thatthe full amount of the Fund’s taxable income in each financialyear be distributed to investors. The amount of distributions willvary from period to period and there may be periods in which nodistribution is made. Distributions are calculated half yearly as at30 June and 31 December, and normally paid within 2 months.Your entitlement to distributions is calculated by dividing thetotal distribution amount by the total number of units on issue atthe distribution date, and multiplying the result by the number ofunits you hold on that date. If you withdraw units prior to thedistribution date, you will not receive any distribution for theperiod you held those units in the relevant distribution period.However, the Fund’s unit price will incorporate the distributionentitlement up to the withdrawal date.You can choose to have your distributions either: reinvested in further units in the same Fund; or paid to you by direct credit to your nominated account.If you do not make a choice, or if a direct credit rejection occurs,then your distributions will be automatically reinvested byacquiring additional units in the Fund at the unit price applicableat the end of the relevant distribution period (the buy/sell spreaddoes not apply to reinvested distributions). You can change yourchoice for receiving distribution payments by advising Sandhurstat least 10 business days before the end of the relevantdistribution period. Otherwise, the change to your distributioninstructions will not occur until after the next distribution is paid.Distributions will not be paid by cheque.Platform investorsIf you are investing through a master trust, wrap account orother investor directed portfolio-type service (collectivelyreferred to as a “Platform”), it is generally the operator of thatPlatform or the custodian of the Platform which becomes theinvestor in the Fund, not you. Accordingly, they have the rightsof an investor and can exercise them in accordance with theirarrangements with you.If you invest through a Platform, you are subject to the termsthat are prescribed by the operator of that Platform which maydiffer from the terms outlined in this PDS (such as proceduresfor making investments, switches and withdrawals, cooling offperiods, cut-off times for transacting, timing for distributions,additional fees and costs and investor reporting).Sandhurst is not responsible for the operation of any Platformthrough which you invest. In addition to reading this PDS, youshould read the PDS for the Platform and other documents thatexplain the Platform, as issued by your Platform operator.You should read the important information about‘Acquisition and disposal of units’ before makinga decision. Go to section 1 of the Reference Guideat bendigobank.com.au/managedfundsforms Thematerial relating to the ‘Acquisition and disposal of units’may change between the time when you read thisStatement and the day when you acquire the product.3. Benefits of investing in the Bendigo SociallyResponsible Growth FundThe significant features and the significant benefits of the Fundinclude: Responsible investing focus: The Fund has beendesigned to incorporate socially responsible investmentelements into the overall investment philosophy. Themajority of asset exposures are decided after applying arange of socially responsible investment selection criteria,including environmental, social, ethical and governance(ESG) considerations. This may also include labourstandards. Ready-made diversification: The Fund provides a readymade diversified solution. It provides exposure toinvestments across the asset classes of Australian andinternational shares, property and infrastructure, alternativeassets, Australian and international fixed interest securitiesand cash. Access to leading professional asset managers: TheFund provides access to the resources and knowledge of anumber of different professional asset managers with provenresponsible investment practices. The asset managersspecialise in managing specific asset classes and researchand monitor investment markets to find the bestopportunities. Capital growth with moderate income: The Fund isdesigned to be a long-term investment that aims to delivercapital growth with moderate income. If you choose toreinvest your distributions you can benefit from the power ofcompounding, which allows you to generate returns on yourreinvested distributions to optimise your investment earningsover the long term. A simple and convenient way to invest: The Fund isdesigned to make investing easy for you. We handle all theinvestment decisions, paperwork and administration, andprovide you with regular information and reporting on yourBendigo Socially Responsible Growth Fund PDS 3

investment. Our application process is straightforward andour friendly staff are on hand to assist you with any queriesregarding your investment.Regular savings plan: The Fund offers the convenience ofa regular savings plan so you can add to your investment ona regular basis with as little as 50 per month. Regularinvestments can be deducted straight from your bankaccount.A responsible entity with a proven record: Sandhurstaims to create wealth for investors by employing adisciplined and conservative approach to managing qualityinvestments. The Fund aims to provide a simple, costeffective solution to help you save for your future. 4. Risks of managed investment schemesThe purpose of this section is to inform you of the types ofsignificant risks that may apply to an investment in the Fund andis a summary only. It does not purport to be a comprehensivestatement of all the risks.All investments carry risk. Different investment strategies maycarry different levels of risk, depending on the assets that makeup the investment strategy. Generally, assets with the highestlong-term returns may also carry the highest level of short-termrisk.The significant risks of investing in the Fund are summarised asfollows: Individual investment risk: Investments made by the Fundwill fluctuate in value, meaning that they can, and do, fall invalue for many reasons. This is an inherent risk associatedwith all managed funds. Sandhurst aims to reduceinvestment risk by investing in diversified portfolios andselecting experienced asset managers who have expertisein managing the asset classes they are chosen to manage. Market risk: The Fund is impacted by market risk. Factorsthat may influence the market include changes to economic,technological, climate, political, taxation, country, legalconditions and/or market sentiment. Sandhurst, in investingin the investment vehicles of the asset managers, considersthese risks and processes each asset manager uses toaddress the impact of these risks. Further, the Fund investsin a diversified portfolio of investments within its prescribedasset classes to reduce the impact of market risk. Concentration risk: The Fund’s investment strategy givesconsideration to socially responsible investment criteria. Thismay lead to the Fund’s portfolio having higher concentrationin some industries and lower, or no, exposure to others. TheFund’s portfolio may be less diversified than a broad indexexposed to the same asset classes. Currency risk: The Fund has exposure to internationalmarkets. Changes in foreign currencies relative to theAustralian dollar can have a positive or negative impact oninvestment returns or values. The asset managers of theFund’s investments, including Sandhurst itself, may managecurrency risk by the use of currency derivatives to hedgecurrency exposure. Fund risk: The Fund may not achieve its investmentobjective or Sandhurst may underperform other investmentmanagers, The Fund could be terminated, the fees andcosts could change, Sandhurst could be replaced as theresponsible entity and/or the investment manager, or keypersonnel could change. Sandhurst has establishedoperational risk and compliance processes and aims tominimise Fund risk by monitoring how these risks mayimpact on the Fund and by acting in the best interests ofinvestors. Derivatives risk: Derivatives may be used from time to timefor both gaining and hedging exposure to assets, interestrate risk and/or currencies. Derivatives risk includes thevalue of derivative positions not moving in line with themovement in the underlying asset, potential illiquidity of thederivative, and the Fund being unable to meet payment4 Bendigo Socially Responsible Growth Fund PDS obligations in relation to derivative contracts. Sandhurst hasprocesses in place to govern the use of derivatives.Sandhurst will not use derivatives to gear the returns of theFund.Liquidity risk: The Fund’s assets may not be able to beconverted into cash in a timely manner in order to paywithdrawal requests. Sandhurst manages liquidity risk byinvesting in a range of assets that ordinarily can be readilyconverted into cash.Counterparty risk: Counterparty risk represents the lossthat would be recognised if counterparties (i.e. the otherparties to the contracts such as securities dealers orderivative counterparties or responsible entities) fail toperform as contracted. The asset managers of the Fund’sinvestments are primarily responsible for managing this risk.Regulatory risk: Investment performance may be affectedby changes to government policies, regulations and taxationlaws.Asset manager risk: A fund of another asset manager inwhich the Fund invests could be terminated, or there couldbe changes in the fees and costs, the responsible entityand/or asset manager, or key personnel. The underlyingasset manager may underperform the relevant performancebenchmark or other asset managers. To minimise this risk,Sandhurst has strong risk management, governance andinvestment management processes in place, including theassessment and ongoing monitoring of asset managers.The significant risks of investing in managed investmentschemes include that: the value of investments will vary over time; the level of returns will vary and future returns may vary frompast returns; returns are not guaranteed and you may lose some of yourmoney; laws affecting managed investment schemes may change inthe future; and the level of risk for you will vary depending on a range offactors including, age, investment time frames, where otherparts of your wealth are invested and your risk tolerance.The performance of the Fund is regularly monitored to assesswhether the investment policy and the objectives of the Fundare being met. However, we do not guarantee future profitability,Fund returns, distributions or return of capital.You should consult with your financial adviser to properlyunderstand the risks associated with the Fund and your attitudeto investment risk.Sandhurst, Bendigo and Adelaide Bank and its related entities donot guarantee the repayment of capital invested, the payment ofincome or the Fund’s investment performance. An investment inthe Fund does not represent a deposit with, or a liability ofSandhurst, Bendigo and Adelaide Bank or its related entities.Bendigo and Adelaide Bank does not stand behind or guaranteethe performance of Sandhurst.Sandhurst is not an authorised deposit-taking institution within themeaning of the Banking Act 1959.5. How we invest your moneyThe Fund offers a single investment option.Sandhurst aims to create wealth for investors by providing simpleand professionally managed investment opportunities.The Fund gains exposure to diversified investments by investingin markets via a selection of expert asset managers, the majorityof which aim to factor in socially responsible elements whenresearching their investment selections.Sandhurst may also invest in alternative assets. These mayinclude, and are not limited to, investments such as commoditiesand unlisted assets. Sandhurst manages the cash component ofthe Fund and also manages derivatives held by the Fund fromtime to time.

Sandhurst monitors and manages foreigncurrency exposures. The neutral position forexposure to currencies is 50% hedged forinternational shares and 100% hedged forglobal fixed interest, we may vary thesepositions at any time based on our view ofeconomic and market conditions.In addition, Sandhurst determines theallocation of amounts to each asset class onan ongoing basis within the ranges set out inthe table adjacent for this Fund.Bendigo Socially Responsible Growth FundInvestmentreturnobjectiveTo deliver investment returns after fees in excess of 4% aboveinflation over a full market cycle (typically 7 to 10 years).InvestmentstrategyTo invest via a selection of expert asset managers thatspecialise in managing specific asset classes which take intoaccount ESG considerations in the selection, retention orrealisation of investments relating to the Fund. Sandhurst willinvest the Fund’s assets across a variety of asset classes.Together through the selection of expert asset managers andthe asset allocation, Sandhurst will seek to meet or exceed theinvestment return objective.Further information about these assetmanagers can be found /managedfunds/assetmanager-guide.pdfThe neutral position of the Fund is 80% growth assets and 20%defensive assets.Labour standards, or environmental,social or ethical considerationsSandhurst takes into account certain labourstandards or environmental, social or ethicalconsiderations in the selection, retention orrealisation of investments relating to theFund. See “Labour standards, orenvironmental, social or ethicalconsiderations” under the heading“Investment Process” in the Reference Guidefor more information.Warning: When choosing whether to invest inthe Fund, you should consider: the likely investment return; the risk; and your investment timeframeYou should read theimportant informationabout the Fund’sinvestment processbefore making a decision.Go to section 2 of theReference Guide atbendigobank.com.au/managedfundsformsThe material relating to theFund’s investment processmay change between thetime when you read thisStatement and the day whenyou acquire the product.Strategicasset classallocationMinMaxAustralian shares15%50%International shares20%65%Property & infrastructure0%22%Fixed interest5%25%Alternatives0%20%Cash0%25%In exceptional market conditions the Fund may have asset classallocations outside the stated minimum and maximum for shortperiods of d for at least a 5 year investment period.Type ofinvestor forwhom thisinvestmentis suitedThis Fund is intended to suit an investor primarily seeking longterm capital growth with moderate income from a diversifiedportfolio of growth assets, and who is prepared to acceptvolatility in the value of their investment over a rolling short-termperiod.Risk levelThis Fund is considered by Sandhurst to be a medium to highrisk investment.Changes tothe FundWe have the right to terminate the Fund or change the Fund’sinvestment return objective (including without limitation thestrategic asset class allocations and investment strategy) andinvestments (including by switching investments to another assetmanager) without providing prior notice to investors. We willinform investors of any material changes to the Fund inaccordance with the law.6. Fees and costsDid you know?Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. Forexample, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20%over a 30 year period (for example, reduce it from 100,000 to 80,000).You should consider whether features such as superior investment performance or the provision of better member services justifyhigher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Askthe Fund or your financial adviser.To find out moreIf you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities andInvestments Commission (ASIC) website (moneysmart.gov.au) has a managed funds fee calculator to help you check outdifferent fee options.Bendigo Socially Responsible Growth Fund PDS 5

The managed funds fee calculator on the ASIC website (moneysmart.gov.au) can also be used to calculate the effect of fees andcosts on account balances. Taxation information is set out in section 7 of this PDS.The following table shows the fees and other costs that you may be charged. These fees and costs may be deducted from yourmoney, from the returns on your investment or from the assets of the Fund as a whole. This information can be used to comparecosts between different simple managed investment schemes.You should read all the information about fees and costs because it is important to understand their impact on your investment.All the fees and costs shown in this section include GST less the applicable reduced input tax credits unless otherwise stated.Fees and costs summaryBendigo Socially Responsible Growth FundType of fee or costAmountHow and when paid1.00% p.a.The Fund’s management fee is 0.99% p.a. and is calculated onthe Fund’s net asset value, accrued daily and paid quarterly inarrears to Sandhurst from the Fund’s assets as a whole.Management fees and costs include indirect costs of 0.01% p.a.which are paid when they arise.The Fund’s management fees and costs are recovered from theFund and are not directly deducted from your investmentaccount.0.00% p.a.Sandhurst does not charge a performance fee for managing theFund. However, the Fund may pay performance fees to someasset managers that manage interposed vehicles in which theFund invests.These performance fees are recovered from the Fund as andwhen they are incurred and are not directly deducted from yourinvestment account.0.00% p.a.Transaction costs are paid as and when they are incurred by theFund by a deduction from the Fund. Transaction costs are alsoincurred by an interposed vehicle in which the Fund has investedand those costs reduce the value of the Fund’s investment inthat interposed vehicle. These transaction costs are not directlydeducted from your investment account.Ongoing annual fees and costsManagement fees and costs*The fees and costs for managing yourinvestmentPerformance feesAmounts deducted from yourinvestment in relation to theperformance of the productTransaction costsThe costs incurred by the schemewhen buying or selling assetsMember activity related fees and costs (fees for services or when your money moves in or out o

Socially Responsible Growth Fund Reference Guide (Reference Guide) and each of these references in this PDS begins with an exclamation mark . You should consider the information in this PDS in its entirety, before making a decision about the Bendigo Socially Responsible Growth Fund. The information in this PDS is general information only and .