Management Fees

The Investment Manager will receive a monthly management fee of 0.125% of the Gross Asset Value of the Fund which is equivalent to 1.5% per annum. This fee will be calculated and paid monthly in arrears. In addition, the Investment Manager is entitled to a performance fee of 20% of the Fund's out-performance above the RBA Cash Rate plus 500bps, subject to the appropriate High Water Mark. The performance fee is calculated and when payable, paid quarterly in arrears directly from the Fund.

DIRECTORY

RESPONSIBLE ENTITY/TRUSTEE

Perpetual Trust Services Limited

Fund Compliance Services

Level 12, Angel Place

123 Pitt Street

Sydney  NSW  2000

Telephone:  +61 2 9229 9000

Fax:  +61 2 8256 1419

Email:  vicki.riggio@perpetual.com.au

INVESTMENT MANAGER

Azure Funds Management Pty Ltd
Level 34, 2 The Esplanade
Perth, Western Australia, 6000
Telephone: + 61 8 6263 0888
Fax +61 8 6263 0878
Email: admin@azurecapital.com.au

ADMINISTRATOR

FundBPO Pty Ltd
GPO Box 4968
Sydney, New South Wales, 2001
Telephone: 1300 133 451 / +61 2 9247 3326
Fax +61 2 9251 3525
Email: info@fundbpo.com

UNIT REGISTRY - Contact the Administrator - FundBPO