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Aviva Australia* is made up of two specialist companies, Aviva Life and Navigator Aviva Life Australia Ltd is formally known as Norwich Union. Aviva has operated in Australia for over 100 years. Globally, Aviva Australia is part of Aviva plc, the world's sixth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales of $77.6 billion, and around $683.9 billion of assets under management. The group has 59,000 employees serving 30 million customers worldwide. By choosing to invest in Aviva, you can benefit from the global strength and security of Aviva while still enjoying a partnership with a local financial organisation. (All figures stated as at 9 January 2006).

Navigator Australia Limited* offers investment administration, research and software services to financial advisers and investors through Navigator and FPI. Navigator is one of the largest investment administration services in Australia, administering in excess of $14.3 billion of investors' funds. (All figures stated as at 9 January 2006).

Colonial First State Global Asset Management was originally established by State Bank NSW as First State Fund Managers Limited in 1988, and is now a wholly owned subsidiary of the Commonwealth Bank of Australia. The Business was recently restructured to enable a sole focus on investment management. As at March 2005, Colonial FS had a total of $103.54 Billion in funds under management, which was well spread across the major asset classes.

Perpetual Trustees Ltd established its funds management division, perpetual Investments (Perpetual) in the late 1980's Perpetual operates primarily in Australia but has recently established an international equities business, PI Investment Management Ltd, headquartered in Dublin. Perpetual has over $26 billion in funds under management and is well regarded in the domestic investment industry. Of these funds a majority is in Australian Equities, largely in the flagship Industrial Share Fund.

Portfolio Partners is a modest sized Australian Fund manager established in 1994. The company is owned by Morley Fund Management, part of Aviva Plc, a global insurance and investment group headquartered in the UK. Portfolio Partners manages approximately $9 billion in funds under management, split between income and growth assets. The manager continues to focus on its core capabilities of Australian Equities and fixed interest management. Continued development of the linkages with Portfolio Partners global parent may yield opportunities to leverage that relationship with future product development.

Hunter Hall Investment Management Limited is a boutique, dedicated equities manager that was co-founded by the firm's Group Investment Manager, Peter Hall in 1994. Hunter Hall listed on the ASX in Feburary 2001 and is majority owned by Peter Hall, with senior investment personnel holding shares. Hunter hall employs an ethical investment policy. As at the end of April 2005 hunter Hall had approximately $1.25 billion of funds under management (FUM), with the majority of exposure being in international equities.

Merrill Lynch Investment Managers (MLIM) is a wholly owned subsidiary of Merrill Lynch and Co Inc, one of the largest financial services companies in the world. MLIM is a medium sized Australian funds manager, with total funds under management (FUM) of around $8 billion at 31 March 2005. MLIM has access to global resources of its parent company including financial and interlectual capital, systems and research. MLIM's FUM is well spread across institutional and retail investors, although it is still relatively concentrated in diversified and Australian equity funds.

MLC Limited (MLC) is a large funds management operation with a strong brand name and a commitment to the Australian market. MLC's main focus is its multi-manager sector funds, multi manager diversified funds and platforms. MLC also offers a range of sector funds, each managed by a single specialist manager. MLC's funds under management (FUM) is well spread across the major asset classes and largely reflects the predominance of diversified funds in it's suite of investment products.

Schroder Investment Management Australia Ltd (SIMAL) is a wholly owned subsidiary of Schroders plc, a large global funds management house listed on the London Stock Exchange. Schroders plc is a predomiantly family owned group with origins that can be traced back to 1804. The group began operating in Australia since 1961 but has only begun experiencing strong growth in funds under management in the last five years. SIMAL's Funds under management is heavily concentrated to Australain equities. The business strategy continues to focus on bringing greater diversification to assets under management through such areas as hybrids and diversified interest as well as global equities.

Goldman Sachs JBWere Asset Management (GSJBWAM) is a small to mid-sized manager based in Melbourne and is part of Goldman Sachs JBWere. GSJBW was formed from the merger of the JBWere Group, a privately owned Australian investment organization and Goldman Sachs, a global investment bank. GSJBAWAM has outsourced the management of it's retail international equity funds to Wellington Management Company (Wellington), a large, privately owned US fund manager and Goldman Sachs Asset Management.

INVESCO Australia Limited (INVESCO Australia) belongs to the global AMVESCAP plc group of companies. AMVESCAP is a dedicated asset mamanement organization with approximately $4999 billion in funds under management. Towards the end of 2002 INVESCO Australia underwent substantial staff reductions and product rationalization as the result of a strategic review. The manager now appears better postioned to focus upon its core products and grow its funds under management. INVESCO Australia manages approximately $7.1 billion, which is highly concentrated towards wholesale clients.

Investors Mutual Limited (IML) is a boutique, specialist wholesale Australian Equity fund manager, founded in 1998. IML is 50% owned by ASX-listed Treasury Group, which provided operational and administrative support. IML has over $5 billion in funds under management in Australian equities.

Tyndall Investment Management Ltd (TIML) is a wholly owned subsidiary of Promina Group Ltd, which is listed on both the Australian and New Zealand Stock exchanges. Royal and SunAlliance Australia effected a takeover of Tyndall Australia Ltd in 1999, which brought together the Australian equity capability of Tyndall and the fixed interest expertise of Royal and SunAlliance. TIML continues today to focus on these two core competencies as the primary source of business growth. Total funds under management as at May 31, 2005 was $6.6 billion, which is concentrated to wholesale Australian fixed interest and top a lesser extent Australian equities. Approxiamately two thirds of FUM is sourced from Promina related channels. Other fund managers we have access to include

Barclays Global Investors Australia Ltd (BGI Australia) is part of the Barclays Bank PLC, alarge financial services firm listed on the London Stock Exchange. BGI Australia has been managing money in Australia since 1996, and is now one of the larger fund managers in Australia with around $35 billion in funds under management Concentrating primarily on institutional and wholesale business, BGI Australia's range of products includes Australian and international equities funds managed under both active and index investment approaches.

Citigroup Inc's Australian-based asset management business began in 1988 under the name 'Salomon Smith Barney Asset Management Australia ltd' following the acquisition of JP Morgan Investment Management Limited . In June 2005 It was announced that Citigroup Asset Management Australia will become part of legg Mason Capital Management following an agreement signed between Citigroup Inc and Pegg Mason. It is expected that from 1 November 2005, Citigroup Asset Management Australia Ltd and its range of managed funds will be renamed to reflect the change in corporate ownership. The business' $11.5 billion in funds under management (as at March 2005) is heavily weighted toward Australian Fixed interest, and is primarily sourced from wholesale clients and IDPS operators such as master trusts and wrap platforms.

UBS Global Asset Management (Australia) Ltd is part of UBS Global Asset Management, a wholly owned subsidiary of the Swiss-based UBS AG, one of the world's largest financial services organizations. The Australian asset management business was established in 1985, and was has been named 'UBS Brinson Ltd' before being re-branded UBS Global Asset Management (Australia) Ltd in 2002. UBS' total assets under management (A$24.4 billion at March 2005) is far better diversified across the major asset classes and between retail/wholesale sources than was previously the case.

Vanguard Investments Australia Ltd (Vanguard) is the Australian Subsidiary of The Vanguard Group, one of the largest fund managers globally. Vanguard soley manages index funds and had over $33 billion in funds under management at 30 June 2005.

The Centro property group (Centro) is a major Australian listed property entity with a retail focus and is active at all levels in the property investment cycle. In 2003, Centro acquired MCS Property, creating Australia's largest manager of unlisted property syndicates. Centro's funds under management (FUM) as at 30 June 2005 stood at $9.1 billion. This total has more than doubled since 2003, largely as a result of the companies acquisition of MCS. The merger with the Prime Retail Group and the acquisition of properties in the US.

ING Investment Management Ltd (Australia) ('ING IM') has it's origins in the former Mercantile Mutual Investment Management Ltd. Today the business is a wholly owned subsidiary of the Global ING group, one of the world's largest financial services organizations ING IM has a total of $33.5 billion in funds under management (as at March 2005), making it one of the larger fund managers in the Australian Market. The majority of IM's funds have been sourced from retail investors, reflecting the strength of the ING brand name in the Australian retail market.

Platinum Asset Management Limited (Platinum) is an Australian Based international equities specialist that has grown steadily since launching in 1994. Platinum is now 100% owned by it's staff having dissolved the trust body and returned a 20% stake to Soros Funds Management. Fund flow has increased steadily reflecting the manager's above-average performance. Platinum has approximately $14.2 billion in funds under management solely within international equities at the end of May 2005.

Macquarie Funds Management Group (FMG) and Macquarie Financial Services (FSG) are part of the ASX listed Macquarie Bank Limited (MBL), Australia's largest investment bank. MBL provides a full range of investment, financial markets and advisory products and services. Since establishment in 1969, MBL continues to be a market leader in developing specialist investment products and has an expanding global presence. FMG is a large Australian fund manufacturer with approximately $43 billion in funds under management at 31 May 2005. A large proportion of these funds under management is held in cash via the popular Cash Management Trust with the remainder split across a range of asset classes.

Aberdeen Asset Management Limited (Aberdeen), a Scotland based fund manager, entered the Australian Market in 2000 through the acquisition of Equitilink Australia Limited (EquitiLink). In July 2005, Aberdeen Asset Management plc (Aberdeen plc) acquired parts of the Deutsche Asset Management businesses, located in London and Philadelphia. As at March 2005, Aberdeen had approximately A$3.5 billion in funds under management with a high concentration to wholesale fixed interest.

Australian Unity Investments (which incorporates both Australian Unity Funds Management limited and Australian Unity Property Limited) is a wholly owned subsidiary of Australian Unity Limited. Australian Unity Limited is a diversified financial services and healthcare group that is owned and controlled by its members. The Group is currently assessing the merits of moving down the path of demutualization. A key focus of the manager in recent years has been to enter into joint ventures with investment managers with specialized or differentiated investment capabilities.

Credit Suisse Asset Management Australia (CSAM Australia) is part of the global Credit Suisse group, which is one of the world's largest financial services organisations. CSAM Australia has approximately $19.9 billion (as at March 2005) under management, the majority of which is wholesale money.

Deutsche Asset Management (Australia) Ltd (deAM) is a subsidiary of Deutsche Bank AG, a large global financial institution. DeAM is a mid to large sized Australian fund manager with an historical focus on institutional clients, although since 1999it has also targeted investors via master trusts and wrap platforms. DeAM's funds under management are well spread across a number of traditional and alternative asset classes and are predominantly in wholesale mandates and wholesale funds.

IOOf Holdings Limited (IOOF) has three main businesses: funds management, financial planning and as a platform provider. IOOF's funds management business is through Perennial Investment Partners (Perennial). Perennial has a number of partly owned funds management subsidiaries, such a Perennial Value. The structure is designed to provide an environment for 'boutique' fund managers to operate with institutional backing and common support services.

BT Financial Group is a wholly owned subsidiary of the Westpac Banking Corporation. Westpac is one of Asutralia's 'big four' banks and is listed on the Australian Stock Exchange. BT remains one of the larger players in the Australian market. It has approximately $40 billion in funds under management, which places it in the top five for total funds under management domestically.

Challenger Financial Services Group (Challenger) was formed on 1 July 2003 following the merger of Challenger International limited and CPH Investment Corp. Since the merger, Challenger has sought to expand its product offering through developing in-house capability, acquiring new business and forming alliances with other segment of the financial services industry. Challenger managers over $7.0 billion in FUM (excluding the proceeds of the HSBC Asset Management (Australia) Limited acquisition). While a majority of this is held in mortgages, Challenger has a growing Australian Equities capability and an expanded property business following the acquisition of HSBC's property funds.

AMP Capital Investors (Formerly AMP Henderson Global Investors) is now a stand alone, Australian and New Zealand based investment management business following the merger process that its parent, AMP Limited, underwent in 2003. AMP Capital Investors is a wholly owned subsidiary of the ASX-listed AMP limited. AMP Capital Investors had a total of $80.8 billion of funds under management (as at March 2005) that is well split between retail and wholesale sources.

APN Funds Management Ltd (APN FM) was established in 1988 as a specialist property focused fund manager. APN FM is a wholly owned subsidiary of APN Property Group Ltd (APG), which listed on the ASX on June 23 2005. Since its inception APN FM has been able to consistently grow its funds under management, primarily through the success of its flagship Property for Income Fund (PFIF).

AXA Australia Wealth Management belongs to the ASX-listed AXA Asia Pacific Holdings, a subsidiary of the global AXA group. Investment management for a number of asset classes (including Australian and International equities) is the responsibility of Alliance Capital Management Australia Ltd, which includes AXA- owned managers such as Alliance Capital Ltd and Bernstein Investment Management and Research. AXA Australia has a total of $46.6 billion in funds under management (as at March 2005), making it one of the larger fund managers in the Australian market.

A member of the St George Group, Advance Asset Management has pursued a strategy of forming alliances with external investment parties, particularly boutique managers. Advance has developed broad capability in all traditional asset classes and is a major provider of multi-blend funds.

Equity Trustees Ltd (EQT) is a relatively small but diversified financial services firm with over a century of operating history in Australia, however, is only a recent participant in funds management provision. EQT has a modest but growing funds under management business by acting as Responsible Entity (RE) for an array of specialist local and international investment managers. EQT manages over $8 billion as RE and has close to $1billion in Funds Under Management (FUM) with FUM spread evenly across traditional asset classes and sourced from retail, wholesale and platform channels.

PM Capital is a relatively young, boutique sized fund manager. The three retail investment funds managed by PM CAPITAL operate with an absolute return focus, and as such have different risk/return characteristics to most other fund managers. PM CAPITAL does not have a parent company or an institutional backer, however the firm has managed to be profitable every year since inception.

* Certain directors of Meritum Pty Limited are salaried employees of the Aviva Group. Although employees must obey the lawful directions of their employer, Aviva has not to date, and has no current intention of, providing directions to these directors.