The Target Market Determination (when required by law) can be obtained by contacting the Investment Manager at [email protected]

Acknowledgement Disclaimer – Listed (ASX:FOR) PDS

By downloading the PDS, you are acknowledging the below disclaimer. An electronic form of the product disclosure statement in relation to Forager Australian Shares Fund (Fund) is available from this site (PDS).This PDS is dated 2 December 2016, and a copy of this PDS was lodged with the Australian Securities and Investments Commission (ASIC) on 2 December 2016. Neither ASIC nor ASX Limited takes any responsibility for the contents of this PDS. Prospective investors should read the full text of this PDS and relevant market announcements, as the information contained in individual sections is not intended to and does not provide a comprehensive review of the business and the financial affairs of the Fund. Please note that paper copies of the PDS are available free of charge by calling the Forager Funds Management Pty Ltd (Manager) on +61 2 8277 4812.

The Responsible Entity and the Manager are not liable for any loss incurred from relying on this site, including from data corruption on download.This PDS is available to persons receiving it within Australia. This PDS does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. The distribution of this PDS outside Australia may be restricted by law and persons who come into possession of this PDS outside Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

By clicking on the below download PDS link, I confirm that I have read the terms above and I:

– reside in Australia; and

– agree to the terms.