Target Market Determination
ARTESIAN GREEN & SUSTAINABLE BOND FUNDINTRODUCTION
This Target Market Determination (TMD) is required under section 994B of the Corporations Act 2001 (Cth) (the Act). This TMD describes the class of consumers that comprises the target market for the financial product and mattersrelevant to the product’s distribution and review (specifically, distribution conditions, review triggers and periods, and reporting requirements). Distributors must take reasonable steps that will, or are reasonably likely to, result indistribution of the product being consistent with the most recent TMD (unless the distribution is excluded conduct).
This document is not a product disclosure statement (PDS) and is not a complete summary of the product features or terms of the product. This document does not take into account any person’s individual objectives, financial situation orneeds. Persons interested in acquiring this product should carefully read the PDS for the product before making a decision whether to buy this product.
Important terms used in this TMD are defined in the TMD Definitions at the end of this document. Capitalised terms have the meaning given to them in the product’s PDS, unless otherwise defined. The PDS can be obtained by accessing
https://www.eqt.com.au/insto/.

Target Market Summary

This product is likely to be suitable for a consumer seeking income to be used as a small allocation of their portfolio with a medium term investment timeframe and a
medium risk and return profile.
This product is intended for use as a satellite or minor allocation for a consumer who is seeking income and has a medium risk and return profile for that portion of theirinvestment portfolio. It is likely to be consistent with the financial situation and needs of a consumer with a minimum 2 year investment timeframe and who is unlikely toneed to withdraw their money on less than one week’s notice.

FUND AND ISSUER IDENTIFIERS
IssuerIssuer ABN
Issuer AFSL
Fund manager
TMD contact details
Fund nameARSNAPIR Code

Equity Trustees Limited
46 004 031 298
240975
Artesian Corporate Bond Pty Ltd
DDOCompliance@eqt.com.au
Artesian Green & Sustainable Bond Fund
643700556
ETL8782AU

ISIN CodeMarket Identifier Code
Product Exchange code
TMD issue date
TMD VersionDistribution status of fund

AU60ETL87821

23.05.2024
3
Available / Current

DESCRIPTION OF TARGET MARKETTMD INDICATOR KEY
The Consumer Attributes for which the product is likely to be appropriate have been assessed using a red/amber/green rating methodology with appropriate colour coding:In target market

See issuer instructions

Not in target market

INSTRUCTIONSIn the tables below, Column 1, Consumer Attributes, indicates a description of the likely objectives, financial situation and needs of the class of consumers that are considering this product. Column 2, TMD indicator, indicates whether aconsumer meeting the attribute in column 1 is likely to be in the target market for this product.

APPROPRIATENESS
The Issuer has assessed the product and formed the view that the product, including its key attributes, is likely to be consistent with the likely objectives, financial situation and needs of consumers in the target market, as the features ofthis product in Column 3 of the table below are likely to be suitable for consumers with the attributes identified with a green TMD Indicator in Column 2.

Page 1 of 7INVESTMENT PRODUCTS AND DIVERSIFICATION
A consumer (or class of consumer) may intend to hold a product as part of a diversified portfolio (for example, with an intended product use of minor allocation). In such circumstances, the product should beassessed against the consumer’s attributes for the relevant portion of the portfolio, rather than the consumer’s portfolio as a whole. For example, a consumer may seek to construct a balanced or moderate
diversified portfolio with a minor allocation to growth assets. In this case, a product with a High risk/return profile may be consistent with the consumer’s objectives for that minor allocation notwithstanding thatthe risk/return profile of the consumer as a whole is Medium. In making this assessment, distributors should consider all features of a product (including its key attributes).
The FSC has provided more detailed guidance on how to take this portfolio view for diversification, available on the FSC website. This guidance only applies where a product is held as part of a diversified
portfolio.

Consumer Attributes

TMD Indicator

Product description including key attributesConsumer’s investment objective
Capital Growth

Not in target market

Capital Preservation

In target market

Income Distribution

In target market

The Fund invests in a diversified portfolio of liquid, fixed and floating rate green and sustainablecorporate bonds. The Fund aims to outperform the benchmark (Bloomberg AusBond Composite 0-5 YrIndex) net of fees through active management.
The typical asset allocation of the fund is:- Green bonds 0% - 100% (target 75%)
- Sustainable bonds 0% - 100% (target 15%)
- Social bonds 0% - 100% (target 10%)- cash 0% - 100% (target 5%)
The Fund typically distributes income quarterly.

Consumer’s intended product use (% of Investable Assets)
Solution/Standalone (up to 100%)

Not in target market

Major allocation (up to 75%)

Not in target market

Core component (up to 50%)

Not in target market

Minor allocation (up to 25%)

In target market

Satellite allocation (up to 10%)

In target market

The Fund will invest in global green, sustainable and social corporate bonds and cash. These
corporate bonds will be issued by Australian and international companies. The Fund will invest in liquid
securities which allow the Investment Manager to enter and exit positions easily (in normal market
conditions) resulting in daily liquidity for investors.
The Fund would be considered to have medium low portfolio diversification.

Consumer’s investment timeframe
Minimum investment timeframe

2The minimum suggested investment time frame for the Fund is two to four years.

Consumer’s Risk (ability to bear loss) and Return profile
LowMediumNot in target market
In target marketHigh

Not in target market

Very highNot in target market

Extremely highNot in target market

This Fund is considered to be medium risk. It would likely be suitable for investors who have amoderate or medium risk appetite, seek low volatility and potential losses in order to achieve the target
returns and typically prefer defensive assets.

Consumer’s need to access capital

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Within one week of request

In target market

Within one month of request

In target market

Within three months of request

In target market

Within one year of request

In target market

Within 5 years of request

In target market

Within 10 years of request

In target market

10 years or more

In target market

At issuer discretion

Not in target market

Investors can submit an application to withdraw their investment on any Business Day. Funds will
generally be available within 3 - 5 Business Days of acceptance of a withdrawal request.
However the Issuer has discretion to make payment up to 21 days following acceptance of a request.

Not applicable

Distribution conditions/ restrictions
Distribution conditions

Distribution condition rationale

Distributors this condition applies to

Suitable for retail distribution through dealing if distributor is reasonably satisfied that distribution isnecessary to implement personal advice given to the consumer.
Suitable for retail distribution through investment, super or wrap platforms, and investor directed
portfolio service (IDPS) or IDPS-like scheme or other trading platform.
Suitable for direct application by retail investors. Retail investors who apply directly via the unit registrymust complete consumer attribute questions contained within the application form to identify thepurpose of their investment.

The Issuer considers that the distribution condition will make itlikely that consumers who acquire the product will be in the target
market for the product, or the product will otherwise be appropriate
for them.
The issuer of each platform product has its own obligations as a
distributor to take reasonable steps that will or are reasonably likely
to result in retail product distribution conduct being consistent withthis TMD.
This distribution condition will make it likely that the issuer canidentify if the product is being effectively distributed within thetarget market, and assess if a significant dealing event hasoccurred.

All distributors

Review triggers
Material change to key attributes, fund investment objective and/or fees.
Material deviation from benchmark / objective over sustained period.
Key attributes have not performed as disclosed by a material degree and for a material period.
Determination by the issuer of an ASIC reportable Significant Dealing.
Material or unexpectedly high number of complaints (as defined in section 994A(1) of the Act) about the product or distribution of the product.
The use of Product Intervention Powers, regulator orders or directions that affects the product.

Mandatory TMD review periods
Review Period

Maximum period for review

Initial Review

15 monthsSubsequent review

15 months

Distributor reporting requirements
Reporting requirement

Reporting period

Which distributors this requirement applies toComplaints (as defined in section 994A(1) of the Act) relating to the product. The distributor should
provide all the content of the complaint, having regard to privacy.

As soon as practicable but no later than 10 business days
following end of calendar quarter.

All distributors

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Significant dealing outside of target market, under section 994F(6) of the Act.
See Definitions for further detail.

As soon as practicable but no later than 10 business days
after distributor becomes aware of the significant dealing.

All distributors

If practicable, distributors should adopt the FSC data standards for reports to the issuer. Distributors must report to the Issuer using the method specified on this website: www.eqt.com.au/DDOreporting. Distributors must report to theIssuer by contacting DDOCompliance@eqt.com.au.
Issued by Equity Trustees Limited ABN 46004031298 AFSL 240975 (Issuer). Issuer is the responsible entity and issuer of units in the managed investment scheme referred to in this material. This material provides general information
only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice
tailored to you having regard to your individual objectives, financial situation, needs and circumstances. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial
product in any jurisdiction.

Page 4 of 7

Definitions
TermDefinition

Consumer’s investment objective
Capital Growth

The consumer seeks to invest in a product designed or expected to generate capital return over the investment timeframe. The consumer prefers exposure
to growth assets (such as shares or property) or otherwise seeks an investment return above the current inflation rate.

Capital Preservation

The consumer seeks to invest in a product designed or expected to have low volatility and minimise capital loss. The consumer prefers exposure to
defensive assets that are generally lower in risk and less volatile than growth investments (this may include cash or fixed income securities).

Income Distribution

The consumer seeks to invest in a product designed or expected to distribute regular and/or tax-effective income. The consumer prefers exposure toincome-generating assets (this may include high dividend-yielding equities, fixed income securities and money market instruments).

Consumer’s intended product use (% of Investable Assets)
Solution/Standalone (up to 100%)

The consumer may hold the investment as up to 100% of their total investable assets. The consumer is likely to seek a product with very high portfoliodiversification.

Major allocation (up to 75%)

The consumer may hold the investment as up to 75% of their total investable assets. The consumer is likely to seek a product with at least high portfolio
diversification.

Core Component (up to 50%)

The consumer may hold the investment as up to 50% of their total investable assets.. The consumer is likely to seek a product with at least medium
portfolio diversification.

Minor allocation (up to 25%)

The consumer may hold the investment as up to 25% of their total investable assets. The consumer is likely to seek a product with at least low portfolio
diversification.

Satellite allocation (up to 10%)The consumer may hold the investment as up to 10% of the total investable assets. The consumer may seek a product with very low portfolio
diversification. Products classified as extremely high risk are likely to meet this category only.

Investable Assets

Those assets that the investor has available for investment, excluding the residential home.

Portfolio diversification (for completing the key product attribute section of consumer’s intended product use)
Note: exposures to cash and cash-like instruments may sit outside the diversification framework below.
Very low

The product provides exposure to a single asset (for example, a commercial property) or a niche asset class (for example, minor commodities,crypto-assets or collectibles).

Low

The product provides exposure to a small number of holdings (for example, fewer than 25 securities) or a narrow asset class, sector or geographic market(for example, a single major commodity (e.g. gold) or equities from a single emerging market economy).

MediumThe product provides exposure to a moderate number of holdings (for example, up to 50 securities) in at least one broad asset class, sector or geographic
market (for example, Australian fixed income securities or global natural resources).
Page 5 of 7

TermDefinition

HighThe product provides exposure to a large number of holdings (for example, over 50 securities) in multiple broad asset classes, sectors or geographic
markets (for example, global equities).

Very highThe product provides exposure to a large number of holdings across a broad range of asset classes, sectors and geographic markets with limited
correlation to each other.

Consumer’s intended investment timeframe
MinimumThe minimum suggested timeframe for holding the product. Typically, this is the rolling period over which the investment objective of the product is likely tobe achieved.

Consumer’s Risk (ability to bear loss) and Return profile
This TMD may use the Standard Risk Measure (SRM) as an input to the assessment of the risk and return profile of the product, but may not necessarily be the only input used. The SRM
estimates the likely number of negative annual returns for a product over a 20 year period. The SRM may be supplemented by other risk factors, such as the potential size of a negative orpositive return, liquidity or withdrawal limitations, underlying investments with valuation risks or risks of capital loss, the use of leverage or short selling, or otherwise may have complex structures.
A consumers desired product return profile will generally take into account the impact of fees, costs and taxes.
Low

For the relevant part of the consumer’s portfolio, the consumer:• has a conservative or low risk appetite,• seeks to minimise volatility and potential losses (e.g. has the ability to bear up to 1 negative return over a 20 year period (SRM 1 to 2)), and• is comfortable with a low target return profile.
The consumer typically prefers stable, defensive assets (such as cash).
MediumFor the relevant part of the consumer’s portfolio, the consumer:• has a moderate or medium risk appetite,• seeks low volatility and potential losses (e.g. has the ability to bear up to 4 negative returns over a 20 year period (SRM 3 to 5)), and• is comfortable with a moderate target return profile.
The consumer typically prefers defensive assets (for example, fixed income).
High

For the relevant part of the consumer’s portfolio, the consumer:• has a high risk appetite,• can accept high volatility and potential losses (e.g. has the ability to bear up to 6 negative returns over a 20 year period (SRM 5 or 6)), and• seeks high returns (typically over a medium or long timeframe).
The consumer typically prefers growth assets (for example, shares and property).
Very highFor the relevant part of the consumer’s portfolio, the consumer:• has a very high risk appetite,• can accept very high volatility and potential losses (e.g. has the ability to bear 6 to 7 negative returns over a 20 year period (SRM 6 or 7)), and• seeks very high returns (typically over a medium or long timeframe).
The consumer typically prefers high growth assets (such as high conviction portfolios, hedge funds, and alternative investments).

Page 6 of 7

TermDefinition

Extremely highFor the relevant part of the consumer’s portfolio, the consumer:• has an extremely high risk appetite,• can accept extremely high volatility and potential losses (eg. has the ability to hear more than 7 negative returns over a 20 year period), and• seeks to maximise returns (potentially in a short timeframe).
The consumer seeks extremely high risk, speculative or complex products which may have features such as significant use of derivatives, leverage or
short positions or may be in emerging or niche asset classes (for example, crypto-assets or collectibles).
Consumer’s need to access capitalThis consumer attribute addresses the likely period of time between the making of a request for redemption/withdrawal (or access to investment proceeds more generally) and the receipt ofproceeds from this request under ordinary circumstances. Issuers should consider both the frequency for accepting the request and the length of time to accept, process and distribute theproceeds of such a request. To the extent that the liquidity of the underlying investments or possible liquidity constraints (e.g. ability to stagger or delay redemptions) could impact this, this is to betaken into consideration in aligning the product to the consumer’s need to access capital. Where a product is held on investment platforms, distributors also need to factor in the length of time
platforms take to process requests for redemption for underlying investments. Where access to investment proceeds from the product is likely to occur through a secondary market, the liquidity ofthe market for the product and likely realisable value on market should be considered, including in times of market stress.
Distributor Reporting
Significant dealings

Section 994F(6) of the Act requires distributors to notify the issuer if they become aware of a significant dealing in the product that is not consistent with theTMD. Neither the Act nor ASIC defines when a dealing is ‘significant’ and distributors have discretion to apply its ordinary meaning.
The issuer will rely on notifications of significant dealings to monitor and review the product, this TMD, and its distribution strategy, and to meet its own
obligation to report significant dealings to ASIC.
Dealings outside this TMD may be significant because:• they represent a material proportion of the overall distribution conduct carried out by the distributor in relation to the product, or• they constitute an individual transaction which has resulted in, or will or is likely to result in, significant detriment to the consumer (or class ofconsumer).
In each case, the distributor should have regard to:• the nature and risk profile of the product (which may be indicated by the product’s risk rating or withdrawal timeframes),• the actual or potential harm to a consumer (which may be indicated by the value of the consumer’s investment, their intended product use or theirability to bear loss), and• the nature and extent of the inconsistency of distribution with the TMD (which may be indicated by the number of red and/or amber ratings attributed
to the consumer).
Objectively, a distributor may consider a dealing (or group of dealings) outside the TMD to be significant if:• it constitutes more than half of the distributor’s total retail product distribution conduct in relation to the product over the quarter,• the consumer’s intended product use is solution/standalone,• the consumer’s intended product use is core component or higher and the consumer’s risk/return profile is low, or• the relevant product has a green rating for consumers seeking extremely high risk/return.

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