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Diversified Charity Fund Key Features and Application Form October 2011 Diversified Charity Fund Key Features INTRODUCTION The aim of this document is to provide potential investors in the Diversified

The Fund's investment objective is to provide investment returns to the form of distributions to its shareholders, at a level sufficient to realize the Fund's objectives. The purpose of the Fund's investment activities is to maximize the value of its assets in accordance with its investment objectives. The Fund invests in assets that reflect these objectives. The Fund: (1) intends to be passive, meaning that it will not actively manage its money or employ any staff; (2) is fully passive — meaning that it expects to earn all of its investment income from passive sources (i.e. the returns from market capitalization of its portfolio businesses, assets held in market or international trusts, dividends, rents from its investment businesses, and other dividend payments it receives from other Diversified Charitable Funds); and (3) has implemented, to the extent reasonably practicable, the investment procedures set out in this document. The Fund is managed by the investment funds registered with the Australian Securities and Investments Commission (ASIC), and by the Fund's manager. The Fund has the power to acquire investment properties from, among others, third parties. Investors should consider carefully the financial health and credit ratings of the financial institutions listed on the ASX before making any investment decision. In the Fund's initial investment year, the Fund will be actively managed. This means the Fund will actively seek to outperform the returns of an externally allocated benchmark for a period of time (generally a two-year period). As part of its active management of the Fund, the management fees applied to the Fund's investment properties will be a significant proportion of the Fund's overall investment income. The Management Fees and Investing fees will be applied on a monthly basis until at least the end of the first investment year. At the end of this first investment year, the Manager will determine: (1) whether the Fund continues its active management; and (2) whether an interim fee approach should be taken to minimize management costs. In exercising these interim fee approaches, it is important to consider: (i) the Fund's operational efficiency on average, and the risk that the Fund may take on additional operational risk due to the fee approaches it considers appropriate; (ii) the potential for a higher percentage of the Fund's income to derive from the management fees than would be possible from other means; and (iii) any other cost-constrained options the Fund would normally pursue to fund its activity.

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