WIXLIB

Target Market DeterminationFor the Bendigo Socially Responsible Growth FundSTL- BSRGFProductThis target market determination (TMD) applies to the Bendigo Socially Responsible Growth Fund (BSRGF).FundBendigo Socially Responsible Growth FundIssuer and ResponsibleEntitySandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (SandhurstTrustees), a subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049178 AFSL / ACL 237879 (Bendigo Bank)ARSN613 933 430APIRSTL0055AUEffective Date1 May 2022Version2.1. Target market for this productTarget MarketThe retail clients for whom this product has been designed are investors who: want long-term capital growth with moderate income;want a medium-high risk investment;want an investment with a time horizon of at least five (5) years;want the ability to make additional contributions to their investment (including through regular periodiccontributions);can make an initial investment of at least the minimum investment amount (generally 5,000);want to invest in a diversified portfolio of growth assets taking into account social, ethical and governance(ESG) considerations; andwant half yearly income distributions.Product DescriptionThe BSRGF is a managed fund scheme for retail clients seeking a medium-high risk investment who are looking for longterm capital growth with moderate income from a diversified portfolio of growth assets taking into accountESG considerations with at least a 5 year time horizon. This fund also allows investors to receive half-yearly incomedistribution.Product key attributesRetail clients eligible for this product are Australian residents and retail clients who are non-residents residing inAustralia.

TMD indicator key*The Retail client Attributes for which the product is likely to be appropriate have been assessed using ared/amber/green rating methodology with appropriate colour coding:In target marketPotentially in target marketNot considered in target marketInstructionsIn the following table Column 1, Retail client Attributes, indicates a description of the likely objectives, financialsituation and needs of the class of retail clients that are considering this product. Refer to section 5 for definitions ofRetail client Attributes. Column 2, TMD indicator, indicates whether a retail client meeting the attribute in column 1is likely to be in the target market for this product.Generally, a retail client is unlikely to be in the target market for the product if: one or more of their Retail client Attributes correspond to a red rating, or three or more of their Retail client Attributes correspond to an amber rating.Investment products and diversificationA retail client (or class of retail client) may intend to hold a product as part of a diversified portfolio (typically with anintended product use of satellite/small allocation or core component). In such circumstances, the product should beassessed against the retail client’s attributes for the relevant portion of the portfolio, rather than the retail client’sportfolio as a whole. For example, a retail client may seek to construct a conservative portfolio with a satellite/smallallocation to growth assets. In this case, it may be likely that a product with a High or Very High risk/return profile isconsistent with the retail client’s objectives for that allocation notwithstanding that the risk/return profile of the retailclient as a whole is Low or Medium. In making this assessment, distributors should consider all features of a product(including its key attributes).The key attributes of this product that make it likely to be consistent with the target market described above include:Retail clientAttributesTMDIndicatorProduct description including key attributesRetail client’s investment objective*Capital GrowthCapital PreservationCapital GuaranteedIncome DistributionTo deliver investment returns after fees in excess of 4% above inflation over a fullmarket cycle (typically 7 to 10 years).To invest via a selection of expert asset managers that specialise in managingspecific asset classes which take into account ESG considerations in the selection,retention or realisation of investments relating to the Fund. Sandhurst will invest theFund’s assets across a variety of asset classes.Together through the selection of expert asset managers and the asset allocation,Sandhurst will seek to meet or exceed the investment return objective.The neutral position of the Fund is 80% growth assets and 20% defensive assets.Retail client’s intended product use (% of Investable Assets)*Solution/Standalone(75-100%)Core Component (2575%)The Bendigo Socially Responsible Growth Fund is a managed fund scheme for retailclients seeking a medium-high risk investment who are looking for long term capitalgrowth with moderate income from a diversified portfolio of growth assets taking intoaccount ESG considerations with at least a 5 year time horizon. This fund alsoallows investors to receive half-yearly income distribution.

Retail ion ( 25%)Product description including key attributesThe strategic asset class allocation: Australian shares Min 15% - Max 50%;International shares Min 20% - Max 65%; Property & infrastructure Min 0% - Max22%; Fixed interest Min 5% - Max 25% ; Alternatives Min 0% - Max 20%; Cash Min0% - Max 25%.In exceptional market conditions the Fund may have asset class allocations outsidethe stated minimum and maximum for short periods of time.Retail client’s investment timeframeShort ( 2 years)Minimum suggested investment period is 5 yearsMedium ( 2 years)Long ( 8 years)Retail client’s Risk (ability to bear loss) and Return profile*LowThis Fund is considered by Sandhurst to be a medium to high-risk investment.MediumHighVery HighRetail client’s need to withdraw money*DailyWeeklyMonthlyQuarterlyAnnually or longerRetail clients who generally do not require access to invested funds for at least 5years (as the minimum suggested investment period is 5 years).Retail clients may make withdrawals, subject to the fund’s constitution. A minimumwithdrawal amount may apply and funds will be credited to the retail client’snominated account (normally within 5 business days although a longer period mayapply in certain circumstances).Retail Clients can decrease their investment by withdrawing some or all of their unitsby sending Sandhurst a completed Withdrawal Form. If the Withdrawal Form isreceived and accepted before 12 noon Melbourne time on a business day, thewithdrawal will be processed using the Fund’s withdrawal price calculated as at theclose of business on that day. Otherwise, the following business day’s withdrawalprice will be used. If the Retail Client makes a withdrawal request which would resultin their investment balance falling below the minimum investment balance requiredfor the fund Sandhurst may at its discretion treat the withdrawal request as relatingto all of the Retail Clients remaining units in the Fund.*Refer to the Instructions and Key Definitions Document for further informationAppropriatenessThe Issuer has assessed the product and formed the view that the product, including its key attributes, is likely to beconsistent with the likely objectives, financial situation and needs of retail clients in the target market as describedabove, as the features of this product in Column 3 of the table above are likely to be suitable for retail clients with theattributes identified with a green TMD Indicator in Column 2.

2. How this product is to be distributedSandhurst Trustees applies certain conditions and restrictions to the distribution of this product so that distribution islikely to be to retail clients within the target market for this product. The conditions and restrictions are:This product is to be distributed only through the following channels: Channel Approved Financial Advisers;Bendigo Bank’s Wealth Concierge;Bendigo Bank website;Bendigo Bank and Community Bank branches;A master trust, wrap account or other investor directed portfolio-type service(collectively a Platform); andOther forms of direct marketing, e.g. internet, social media, advertisements andmail.The following additional conditions and restrictions also apply to the distribution of thisproduct: Additional conditionsor restrictions Only prospective retail clients who meet Sandhurst Trustees minimum eligibilitycriteria for the product should apply for this product;This product can only be issued to retail clients after applying SandhurstTrustees application and assessment processes;A copy of the Product Disclosure Statement and any material incorporated byreference (PDS) must be provided to the retail client before this product can beissued (or personal advice is given in relation to the product);This product can only be issued (or arranged to be issued) by persons who aretrained by the respective distribution channels and with relevant accreditation (ifrequired in dealing with the product); andWhere this product is issued to a Platform, that Platform holds an Australianfinancial services (AFS) license.In addition to the above, the following distribution conditions will also apply for each distribution channel:There are no distribution conditions.3. Reviewing this target market determinationSandhurst Trustees will review this TMD as set out below:Initial reviewWithin the first year of the effective date.Periodic reviewsAt least every 12 months from the initial review.Any event or circumstances arising that would reasonably suggest the TMD is nolonger appropriate. This may include (but is not limited to): Review triggers orevents a material change to the design or distribution of the product, including relateddocumentation;occurrence of a significant dealing;distribution conditions found to be inadequate in ensuring that the product isissued to retail clients who are likely to be in the target market;relevant changes in the law or its application, a change in an industry code ordecision of a court or other body (including through regulatory guidance) thatmaterially affects the product;significant changes in metrics, including, but not limited to:o a material increase in the number of complaints in relation to a product oraspect of a product; ando an increase in early withdrawals from the product; ando any other event occurs, or information is received that reasonably suggeststhis TMD is no longer appropriate.