Kaplan Funds Management Pty Limited

Kaplan Funds Management commenced managing funds in May 1998 with an absolute return philosophy. Products include investment trusts for the professional investor market and charities, an equities pooled super trust and discrete equity mandates for corporate clients. Kaplan's management style has appealed to charities and foundations and defined pension funds seeking low volatility and consistent returns.

Funds under management as at 30 September 2006 were approximately $1.5 billion.

KFM Diversified Infrastructure and Logistics Fund

Kaplan is the manager of the KFM Diversified Infrastructure and Logistics Fund (Fund). A Product Disclosure Statement (PDS) for the Fund was lodged with the Australian Securities and Investments Commission (ASIC) on 24 November 2006.

Issuer:
Permanent Investment Management Limited as Responsible Entity and Kaplan Funds Management Pty Limited as Investment Manager for the KFM Diversified Infrastructure and Logistics Fund.

Fund Mandate:
The Fund, which will be listed on the ASX, will have a mandate to invest at least 50% of its value in ASX or NZX listed infrastructure and utilities securities. The remainder of the Fund will be invested in unlisted and listed logistics investments as well as unlisted infrastructure and utilities investments.

Fund Objectives:
The Investment Manager will aim to provide investors with

(a) regular, tax effective distributions;
(b) capital growth in the underlying portfolio of investments over the medium to long term; and
(c) diversified exposure to a portfolio of listed and unlisted investments.

Investment Advisory Committee:
The Investment Manager has established an Investment Advisory Committee to oversee the Fund's investment process. The members of the Investment Advisory Committee are:

(a) Chris Corrigan (Chairman)
(b) Allan Davies
(c) Michael John Cole
(d) Sam Kaplan and
(e) Maurice James.