The Company’s investment strategy will evolve as follows:

Initially the Company will invest a portion of its Net Investment Portfolio in a combination of high yielding “cash at call” deposits with ANZ Banking Group Ltd, as well as rolling term deposits with Westpac Banking Corporation. The objective of these Fixed Interest investments is to provide the Company with high income and capital stability without sacrificing liquidity.

Commencing at the same time, Commitments will be made to a selection of Private Equity funds, or interests in existing Private Equity funds, which meet the investment criteria will be acquired, in order to build the Company’s exposure to Private Equity investments.

The Company will focus on providing the majority of its commitments and investments to underlying funds that invest in businesses that are at a more mature stage of development, and in particular the Later Expansion and Buyout stages of Private Equity investment.

To fund these investments, the level of the Company’s Fixed Interest investments will be reduced, ultimately resulting in a significant majority of the Company’s Net Investment Portfolio invested in Private Equity assets;

The Company has to date made investment commitments to 7 Private Equity funds which could result in a portfolio of more than 50 underlying investments when fully invested;