IPO Priority Offers

Firetrail Absolute Return Limited

PRIORITY OFFER DETAILS

Up to 5,000,000 Shares have been set aside for the Priority Allocation to Eligible Participants. An Eligible Participant is a person that is a:

(a) registered shareholder of Pinnacle Investment Management Group Limited (ASX: PNI); or

(b) existing unitholders in the Firetrail Absolute Return Fund and the Firetrail Australian High Conviction Fund.

with a registered address in Australia or New Zealand (Eligible Participants).

The Priority Allocation is restricted to the Eligible Participants and allocated at the Directors’ discretion.

Early lodgement of your application is recommended as the Offer may be closed early at the Directors’ discretion.

If the Company receives Applications from Eligible Participants for more than 5,000,000 Shares, it intends to treat such additional Applications as being made under the General Offer on a General Offer Application Form.

Shares offered under the Priority Allocations that are not taken up will be allocated by the Company under the General Offer or Broker Firm Offer.