Two Leading Investment Managers

Mariner has outsourced the investment management of the Fund via discrete mandates to the following two highly experienced and well regarded investment managers. Investment fund in-flows will be allocated between the two managers on an equal basis.

Ausbil Dexia Limited ACN 076 316 473 is an Australian equities specialist with approximately $11b in funds under management*. Established in April 1997, Ausbil Dexia is a joint venture between senior members of Ausbil’s Australian investment / management team and Dexia Asset Management, the asset management arm of the Dexia Group, a major European bank. Ausbil’s investment style is based on the belief that earnings and earnings revisions are the key driver to stock price. Their process seeks to pre-empt changes to earnings and therefore benefit from share price appreciation. Ausbil’s 13 strong equities team is currently led by Paul Xiradis, one of Ausbil’s founding shareholders. Ausbil was named the 2005 Morningstar Small Companies Manager of the Year, as well as taking out the Domestic Equities and Overall Fund Manager of the Year in the same year.

Souls Funds Management Limited ACN 098 628 605 is a member of the Washington
H. Soul Pattinson group of companies. Souls specialises in the management of Australian equity portfolios for institutional clients and for retail clients through master trusts and wrap services. Frank Villante, currently the Chief Investment Officer at Souls, has over 22 years funds management experience. This includes portfolio management and research with a number of Australian financial service providers. He is supported by an investment team of experienced professionals. At the Money Management/IMCA Fund Manager of the Year 2006 Awards Souls was declared winner in the Australian Shares (small cap) category, finalist in the Australian Shares (mid & large cap) category and finalist for the overall Fund Manager of the Year. Souls was also a finalist in the Australian Equity Small Caps Sector in the S&P Fund Awards in 2007 and the Money Management/Lonsec Fund Manager Awards 2008.

* Funds under management at 22 May 2008.