Important update from Bennelong Funds Management Ltd

Bennelong Funds Management Ltd ('BFML') is the Responsible Entity of the Bennelong Australian Equities Fund, Bennelong Concentrated Australian Equities Fund, Bennelong Emerging Companies Fund, Bennelong ex-20 Australian Equities Fund and the Bennelong Twenty20 Australian Equities Fund (together, the ‘Funds’).

BFML is writing to inform you of a significant event affecting the value of the Funds.

As you may be aware, Corporate Travel Management Limited (ASX:CTD) was suspended from trading on the ASX on 22 August 2025, at the request of their Board of Directors. Due to this suspension, there is currently no observable market price for CTD securities.

Following a company announcement this morning, and in line with the Funds’ valuation policies, BFML is currently reassessing the fair value of CTD securities based on the information presently available. The reassessed value is likely to be significantly lower than CTD’s last price on the ASX and the reassessed value will contribute to calculating unit prices struck for all the Funds from Friday 28 November 2025.

Impact on the Funds

• A reduction in CTD’s valuation will result in a commensurate reduction to the Funds’ unit prices and impact the Funds’ performance.
• Bennelong Australian Equity Partners, as the Investment Manager, continues to monitor developments relevant to the valuation of CTD as further information is released or when trading resumes.
• This event does not alter the Funds’ investment objectives, strategies, or risk profiles.

Funds’ current holding in CTD

CTD represents the following percentage of the overall portfolio holdings in each of the Funds:

No change to investor rights

This event does not impact your ability to apply for, redeem, or transfer units in the Funds, and all investor rights remain unchanged.

Further information

For additional details, please contact Bennelong Funds Management on 1800 895 388 (Australia) or 0800 422 304 (New Zealand) or click here for updates.