Supplementary Product Disclosure Statement No.1

Paragon has issued a Supplementary Disclosure Statement SPDS for Paragon Australian Long Short Fund, dated 3 December 2018, to be read in conjunction with the current PDS dated 22 December 2017.

The main change highlighted is in respect of a change in the investment team, however senior management and key persons of both the Fund and Paragon remain unchanged.

This latest SPDS includes an updated Initial Application Form at the back of the booklet. Previous versions of the application form cannot be accepted from 1 January 2019.