VENTURA INVESTMENT PROGRAM SEARCHING FOR EXCELLENCE ACROSS ALL

ASSET CLASSES

THE PROPOSITION

• INVESTMENT RESEARCH & SELECTION

• PORTFOLIO CONSTRUCTION

• INVESTMENT MONITORING

• PORTFOLIO RE-BALANCING

• TRANSITION MANAGEMENT (CGT)

Russell Investment Group

• Pioneered multi-manager investing• Largest multi-manager in the world ($2.5 trillion under advice)• Largest manager research firm in the world ($40m in 2006)• 2,000 institutional clients• 40 million individual investors• 44 countries• Transitioned over $646b between managers in 2006

CLIENTS

• $10,000,000,000 OF BILL & MELINDA GATES FOUNDATION MONEY

• 9 OUT OF TOP 10 AUSTRALIAN SUPERANNUATION OUTSOURCING MANDATES AWARDED TO RUSSELL.

• BHP,BLUESCOPE STEEL,ANZ,IBM,HOLDEN,NEWS LIMITED,CSR,NESTLE, 3M.

DIVERSIFICATION

• MULTI ASSET (EQUITIES, FIXED INTEREST, PROPERTY)

• MULTI STYLE (GROWTH, VALUE, STRATEGIC, TACTICAL)

• MULTI MANAGER (39 OF THE WORLDS BEST PRODUCTS CHOSEN FROM A RESEARCHED UNIVERSE OF 8,000)

Ventura Philosophy

CashCash

PropertyProperty

SharesShares

BondsBonds

ValueValue

MarketMarketGrowthGrowth

Manager 1Manager 2Manager 3

Multi-Asset

Multi-Style

Multi-Manager

Ventura Process

PEOPLE • PROCESS • PORTFOLIO • PERFORMANCE

Total manager products monitored by Russell

Investment products continually monitored and researched

Products with a primary “Buy” rating

Russell investment manager products

14,000

4,500

600

39

Ventura PhilosophyMULTI STYLE

No single investment style consistently dominatesBased on wickets taken in backyard cricket over a rolling 3 year time period – past performance is not an indication of future performance

FastMcGrathFast

McGrathMedium Pace

SymondsMedium Pace

SymondsSpinWarneSpinWarne

Ventura PhilosophyMULTI MANAGER

Javelin 1500mPoleVault400m

0

5

10

15

20

25

30

35

40

45

100m LongJump

ShotPut

HighJump

110mHurdles

Discus

% O

ut

perf

orm

an

ce b

y In

div

idu

al E

ven

t C

ham

pio

n

Javelin 1500mPoleVault400m

0

5

10

15

20

25

30

35

40

45

100m LongJump

ShotPut

HighJump

110mHurdles

Discus

% O

ut

perf

orm

an

ce b

y In

div

idu

al E

ven

t C

ham

pio

n

400mEvent 100m Long Jump

Shot Put High Jump

110m Hurdles

Discus PoleVault

Javelin 1500m

Olympic Champion 9.87s 8.55m 21.29m 2.35m 43.84s 13.00s 69.30m 5.90m 90.17m 3’32.07''

Decathlete Champion 10.48s 7.77m 15.91m 2.21m 46.41s 13.87s 49.55m 5.10m 67.03m 4’17.87''

400mEvent 100m Long Jump

Shot Put High Jump

110m Hurdles

Discus PoleVault

Javelin 1500m

Olympic Champion 9.87s 8.55m 21.29m 2.35m 43.84s 13.00s 69.30m 5.90m 90.17m 3’32.07''

Decathlete Champion 10.48s 7.77m 15.91m 2.21m 46.41s 13.87s 49.55m 5.10m 67.03m 4’17.87''

CHASING PERFORMANCE IS A DANGEROUS PASTIME.

MORNINGSTAR STUDY 3/5/2007

• ONLY 22% OF FUNDS WHICH APPEARED AMONG THE

TOP FIVE YEAR PERFORMERS ONE YEAR REPEATED

THIS RESULT THE FOLLOWING YEAR.

• 32% TURNOVER AUS EQUITY MGRS IN 2007

Ventura PhilosophyMULTI MANAGER

2004 2005 2006 2007

21

9 6 2

Of the 21 first quartile managers in 2004, two stayed on top each yearRanking from Mercer IDPS Diversified Australian Shares Universe12 month returns ending 31 January

Monitoring managers

• DAILY- REVIEW OF PORTFOLIOS VS PERFORMANCE

• WEEKLY- CONVERSATIONS WITH MANAGERS ON TACTICS, MARKETS.

• MONTHLY- PERFORMANCE MEASUREMENT

• QUARTERLY-FORMAL REVIEW OF PERFORMANCE AND PROCESS.

PORTFOLIO RE-BALANCING

• STRATEGY TO REDUCE TRACKING ERROR AT THE LOWEST COST.

• FUNDS ARE REBALANCED TO A 3% TOLERANCE LEVEL.

• REBALANCED AT ASSET CLASS LEVEL AND MANAGER LEVEL.

TERMINATION

• CHANGE IN STYLE

• PERFORMANCE BELOW EXPECTATION

• DEPARTURE OF KEY MEMBERS OF INVESTMENT TEAM (32% left in 2007)

• TRANSITION MANAGEMENT (TAX ADVANTAGED)

TWO TYPES OF RISK

• THAT THEIR INVESTMENT WILL LOSE MONEY.

• THAT THEIR INVESTMENT WONT MAKE ENOUGH MONEY.

NO NASTY SURPRISES

• VENTURA CAPITAL STABLE 30/70 FIVE YEAR PERFORMANCE 7.56%

• VENTURA DIVERSIFIED 50 50/50 FIVE YEAR PERFORMANCE 9.42%

• VENTURA GROWTH 70 70/30 FIVE YEAR PERFORMANCE 11.72%

Comparable returns to peersMercer Wholesale Australian Shares (Long) Universe

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Retu

rn

Ventura Australian Shares FundTotal return 12mths to 31 Aug 2007

Data Source: Mercer Wholesale Manager Performance Analytics. Returns are gross of fees.

83 long wholesale Australian share funds

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Tra

ckin

g E

rro

r (%

)

Ventura a lower risk solutionMercer Wholesale Australian Shares (Long) Universe

Ventura Australian Shares FundTracking Error 12mths to 31 Aug 2007

Higher risk Lower risk

‘PICK YOUR OWN’

• VENTURA AUSTRALIAN SHARES FUND

• VENTURA AUSTRALIAN OPPORTUNITIES FUND

• VENTURA INTERNATIONAL SHARES FUND

• VENTURA GLOBAL OPPORTUNITIES FUND

• VENTURA HIGH GROWTH FUND

CORE & SATELLITE

• CORE OF VENTURA PORTFOLIOS

• USE AN INVESTMENT STRATEGY THAT INCREASES DEGREE OF PREDICTABILITY-NOT ONE WHICH FLUCTUATES WITH MARKET CYCLES.

• MODEL PORTFOLIO EXAMPLES AVAILABLE.

SUPPORT

• DEDICATED BDM

• RUSSELL BDM’S.

• SEMINAR SUPPORT

• MONTHLY MARKET BAROMETER

• INVESTMENT MANAGER OUTLOOK

• MARKET REVIEWS

• EDUCATIONAL TOOLS FOR CLIENTS

• EASY TO USE WEBSITE

BUSINESS OUTCOME

• REDUCED MANAGER RESEARCH

• REDUCED ADMINISTRATION

• REDUCED COMPLIANCE BURDEN

• PROFESSIONAL ADVICE

• MORE TIME SPENT ON REVENUE GENERATING ACTIVITY WITH CLIENTS & REFERRAL SOURCES