Paragon Australian Long Short Fund – Product Design & Distribution Obligations – Target Market Determination – revised 1 May 2023

The Target Market Determination (TMD) issued by Paragon (as Issuer) for the Paragon Australian Long Short Fund (Product), forming part of Paragon’s overall Design and Distribution Obligations (DDO), has been reviewed and revised effective from 1 May 2023. The purpose of the TMD, which forms part of Paragon’s overall Design and Distribution Obligations (DDO), is to set out the class of consumers (retail clients) for whom the Product (including its key attributes) would likely be consistent with – based on their likely objectives, financial situation and needs. Distributors of the Product (such as advisors) will consider the TMD as part of their retail client’s advice process. Should the distribution be inconsistent with the TMD, notification will be provided to Paragon within the timeframes as set out in the TMD either directly by the advisor, or by a platform in the instance of an indirect retail investor. In addition, the TMD outlines the triggers for Paragon to review the TMD and assist distributors to distribute the Product in a manner that is consistent with this TMD. The TMD does not form part of the Fund’s PDS but is recommended to be read in conjunction with the PDS. Investors are reminded that they should carefully read the Fund’s PDS and obtain their own financial and taxation advice prior to investing in the Fund.