LM Investment Management Ltd – Responsible Entity & Australian Financial Services Licensee No LM Investment Management Ltd ABN Australia’s Specialist Mortgage Trust Manager GOLD COAST SYDNEY HONG KONG

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager  LM Mortgage Income Fund  LM Currency Protected Australian Income Fund LM Investment Management Ltd

Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Returns Since Inception of LM Mortgage Income Fund 12 Mth Term compared against the Morningstar Australian Mortgage Trust Index The LM Mortgage Income Fund

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager The LM Mortgage Income Fund What is the LM Mortgage Income Fund? A diversified “Pool” of commercial loans and cash, with security being held by way of First Registered Mortgages / Charge…

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager How does the fund work? INVESTORSINVESTORS LM Mortgage Income Fund Security 100% Property income COMMERCIALLOANSCOMMERCIALLOANS BORROWERSBORROWERS interest

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Wholesale Mortgage Income Fund  For Nominee Accounts/Trustee  Investment Platforms  Global Portfolio Bond Wraps  High net worth Individual Account

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Wholesale Investment Option Current Effective Rate Effective Rate Net of Withholding Tax *2,3,4 Year7.75%p.a.6.99%p.a 12 Month7.50%p.a.6.75%p.a AT CALL 6.75%p.a.6.07%p.a. CPAIF --

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager The LM Mortgage Income Fund Conservative Investment Strategy  Cash/At Call and registered first mortgage securities  Diversity – Geographic, Loan Type, Size  The average LVR of the mortgage securities is 62.16% (as Nov 2005)  Exposure over total assets of the Fund 58.6% 9% 91%

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Sector Diversification As at 30 Nov 05 Sector GuidelinesActual (%)Min (%)Max (%) Commercial Residential Industrial4025 Retail0015 Pre-Development Land34040

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Geographic Diversification As at 30Nov 05 Sector GuidelinesActual (%)Min (%)Max (%) NSW VIC QLD SA307.5 ACT WA & NT307.5 TAS007.5

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Income Reliability Forecast returns *UF Maintained via term nature of underlying assets Interest assurance by The LM Special Participation Fund The LM Mortgage Income Fund

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager LM Funds  Regulatory Environment  Regulated under the Managed Investments Act (1998) and the Financial Services Reform Act (2001)  Compliance Plan / Constitution registered with ASIC  Strict Guidelines for Fund Operation and license requirements  Subject to bi-annual independent audit

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Returns Since Inception of LM Mortgage Income Fund 12 Mth Term compared against the Morningstar Australian Mortgage Trust Index The LM Mortgage Income Fund

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Hansard International Limited Clerical Medical Scottish Life International Scottish Provident International Ltd Zurich International Life Limited Friends Provident International Generali Life InternationalRoyal Skandia AXA International The LM Mortgage Income Fund Can be selected on 9 Global Portfolio Bonds

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager The LM Mortgage Income Fund - Can be selected on 46 Master Trusts / Wrap Services ANZ Private Portfolio (at call only) Assetlink Investment WrapAssetchoice Investment Wrap AUSMAQ Wrap (at call only)AustChoice Master Trust (super)Avenue Super Wrap Service AvanteosASGARD Investment Funds AccountAvenue Wrap Services ASGARD Trustee Funds AccountASGARD Allocated Pension AccountASGARD Superannuation Account ASGARD Employee Superannuation Account ASGARD eWRAP Investment AccountASGARD eWRAP Super Account ASGARD eWRAP Pension AccountBT Super WrapBT Wrap Count WrapDominion Master TrustEasy Street Wrap E*TRADE (at call only)FSP Prestige PlusInvestar Portfolio Management Ltd Investment ExchangeIOOF Portfolio ServicesING Portfolio One (at call only) Investor Service WrapIselectMadison Wrap Macquarie Non Super Wrap (at call only) Macquarie Super WrapMentor Navigator Personal Investment Plan Navigator Personal Retirement Plan Netwealth Superannuation Master Fund Netwealth Wrap AccountPrivate Client Service Investment Wrap (PCS) Portfolio Focus Sanford Securities (at call only) SmartsaveStrategy Retirement Fund Master Trust Strategy Portfolio ServiceSymetry (at call only)WrapIT (at call only) Wealthtrac

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Funds Under Management Financial Year ended Growth Target

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager $m

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Fund History  No capital loss  No variation of forecast rates  Outperformance of the Morningstar Australian Mortgage Trust Index

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Standard & Poors 2005 Australian Fund Awards LM Investment Management Ltd Finalist LM Investment Management Ltd Boutique Fund Manager of the Year Finalist LM Mortgage Income Fund LM Mortgage Income Fund Mortgage Fund of the Year Finalist “according to S & P, each sector and group finalist included top quality fund managers” Independent Financial Adviser Magazine 281 Aug 29-Sept 04, 2005 p8

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager The LM Currency Protected Australian Income Fund LM Investment Management Ltd

Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Forecast Effective Returns LM – CPAIF 12 Month Term JPY ¥ 2.50% p.a (2.25% p.a ) USD $5.75% p.a (5.17% p.a ) Euro €4.50% p.a (4.05% p.a ) GBP £6.75% p.a (6.07% p.a ) SGD $4.00% p.a (3.60% p.a ) NZD $8.75% p.a (7.87% p.a ) AUD$7.50% p.a (6.75% p.a )

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Real Deposit Alternative  New 3 & 6 month competitive rates  Alternative to bank deposit  Opportunity for you to manage clients deposit money  Today’s deposit money is often tomorrows investment capital

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Forecast Effective Returns LM – CPAIF 6 Month Term JPY ¥ 2.40% p.a (2.16% p.a ) USD $5.60% p.a (5.04% p.a ) Euro €4.35% p.a (3.91% p.a ) GBP £6.60% p.a (5.94% p.a ) SGD $3.90% p.a (3.51% p.a ) NZD $8.65% p.a (7.78% p.a ) AUD$6.00% p.a (5.40% p.a )

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Forecast Effective Returns LM – CPAIF 3 Month Term JPY ¥ 2.25% p.a (2.02% p.a ) USD $5.40% p.a (4.86% p.a ) Euro €4.20% p.a (3.78% p.a ) GBP £6.55% p.a (5.89% p.a ) SGD $3.80% p.a (3.42% p.a ) NZD $8.55% p.a (7.69% p.a ) AUD$5.00% p.a (4.50% p.a )

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager  The Fund’s objective is achieved through:  Investment in the LM Mortgage Income Fund  Hedging the currency exposure LM Investment Management Ltd

Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Currency Protection The fund will eliminate the currency risk for investors through the use of “Forward Foreign Exchange Contracts” (FFEC) Executed by

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager Investor Subscription Account Distribution Account UBS CPAIF MIF Units MIF Cash 71 2a SPOT 2a2b FFEC 35 MORTGAGES 2b 6 4

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager FUND SPECIFICS  Minimum investment of A$  Wholesale component to facilitate investment via bond platforms  Commission is calculated and paid on the A$ investment value  Investment details are reported in the relevant currency of the investor  Initial Term of 12 months

LM Investment Management Ltd Responsible Entity and Australian Financial Services Licensee No Australia’s Specialist Mortgage Trust Manager LM Investment Management Ltd 6 Years of Investment Performance…. Now Currency Protected….