Investment Managers

Greencape Capital ('Greencape') is a boutique investment management firm that applies a high conviction management approach. Experienced and professional, the Greencape team is focused and committed to delivering superior, repeatable performance. Greencape believes its strong focus on qualitative stock attributes increases the opportunity for fund outperformance.

Lodestar Capital Partners ('Lodestar') is an independent investment management company founded in 2005. Lodestar's key investment professionals have an average of 24 years experience in funds management and financial markets. The investment team focuses solely on managing clients' money. The founders have a substantial portion of their wealth invested in their funds, ensuring their interests are aligned with those of investors.

Equity Trustees Limited ('EQT') is the investment manager of the EQT Wholesale Flagship Fund. EQT has been providing professional investment advice to its clients for over 100 years. In 2003, EQT created a new asset management team. As at 30 June 2008, the asset management team managed in excess of $650 million in Australian equities on behalf of its clients. EQT believes that investment value can be created by identifying companies whose current share price does not appear to fully reflect the longer-term growth potential of the company.

Fairview Equity Partners ('Fairview') is a boutique investment firm that aims to deliver consistent returns across the various stages of the investment cycle. This is through a core active approach to smaller companies investing and broad based coverage across both the industrial and resources universe. The investment team has an average 17 years experience in funds management and financial markets. They are also substantial co-investors in the fund.

Kinetic Investment Partners ('Kinetic') is a boutique investment manager, dedicated to the analysis of listed small companies in Australia. Kinetic has a well-established, tested and proven process for small company investment. This process is coupled with a broadly-diversified portfolio - offering a risk-efficient approach to small cap investing. The Kinetic team is stable and experienced, with a strong track record.

BlackRock Investment Management (Australia) Limited ('BlackRock') undertake active currency management in the portfolio - modifying the Fund's currency exposure to take advantage of expected movements in currency markets. Currency is actively managed in the Fund around a fully-hedged Australian dollar benchmark.

Established over 50 years ago in Germany, DWS Investments - which literally means 'German Company for Security Savings' - is the leading mutual fund company in Germany and a top ten global player, with €267 billion assets worldwide, (as of 30 June 2007).

The DWS thematic investment philosophy is based on the belief that there is one global economy and the best investment ideas know no national boundaries. Our thematic investment team believes that as the relevance of national boundaries to corporate strategy, activity and profitability diminishes, it makes sense to structure an investment portfolio that emphasises global themes and relationships as opposed to geographic regions.

Global Value Investors Limited ('GVI') aims to remove the effect of foreign currency fluctuations on the performance of the Fund, whenever it is possible and prudent to do so. To achieve this, the Fund aims to be predominantly hedged back to Australian dollars. GVI may use options, futures and other derivatives to manage foreign currency risk.

SG Hiscock & Company ('SGH') is a boutique investment manager that specialises in listed property securities and Australian equities. Established in 2001, SGH manages approximately $2 billion in funds for clients in five categories: smaller companies, listed property securities, global listed property securities, Australian equities, and absolute return strategies.

Established in Australia in 1999, Perennial Investment Partners ('Perennial') operates as a suite of specialist investment management firms - managing investments in Australian equities, global equities, property and fixed interest. As at 31 May 2008 it managed approximately $20 billion. Alpha Fund managers invests with Perennial to access its global property expertise via the Perennial Global Property Securities Trust. Through this actively managed global fund, Perennial invests in listed, or soon to be listed, property securities that it believes can offer superior capital growth and income characteristics. Perennial places significant emphasis on bottom-up property securities research - looking at company-related issues rather than the broader markets they operate in.

Putnam Investments ('Putnam') is a global asset manager with 70 years experience in managing money through every market environment, and across all major asset classes. With 200 investment professionals overseeing over US$163 billion for clients worldwide, Putnam offers investors the benefits of a well-resourced manager with the differentiated, team-based strategies of a boutique.

PIMCO Australia Pty Ltd ('PIMCO'), is a leader global investment management firm with more than $790 billion in assets under management as of 30 September 2008 and more than 1000 employees in offices in Newport Beach, New York, Singapore, Tokyo, London, Sydney, Munich, Toronto, and Hong Kong. Throughout PIMCO's 37-year history, they have been at the forefront in sectors like mortgage-backed securities and emerging market bonds. PIMCO remain's at the forefront today, pioneering the use of innovative solutions for their clients, including portable alpha and absolute return strategies.

Established in Australia in early 2007, Amundi Asset Management Australia is a wholly owned subsidiary of Amundi, the combined asset management arm of Crédit Agricole and Société Générale in France. Amundi has around AUD 1.07 Trillion of assets under management globally as at December 2009, and is the 3rd largest asset manager in Europe and among the top 10 worldwide.