March 8, 2004 1

Short Term SnapshotMarket Benchmark Performance to 30 June 2006

INDEX Asset Class Onemonth

Threemonths

Sixmonth

OneYear

S&P/ASX 200 Accumulation Index Aust shares 2.1% -0.2% 8.8% 23.9%

S&P/ASX 200 Industrials Accumulation Index Aust shares 2.1% -0.8% 5.9% 17.2%

S&P/ASX 200 Property Accumulation Index Listed property 6.3% 4.5% 6.4% 18.0%

MSCI – All Country World Net ($A) Global shares 1.4% -4.6% 5.1% 21.7%

UBS Warburg Bank Bill Index Cash 0.5% 5.4% 5.3% 5.8%

UBS Warburg Composite Bond Index (All mat) Aust bonds 0.2% 0.0% 0.9% 3.4%

UBS Warburg Inflation Linked Index (All mat) Index bonds 1.1% -0.2% 0.5% 6.3%

Lehman Global Aggregate Bond Index($A hedged)

Global bonds 0.0% 0.2% -0.5% 1.2%

Consumer Price Index – quarter ended 31 Mar Inflation - 0.9% 1.4% 3.0%

March 8, 2004 2

Positive growth over the long termMarket Benchmark Performance to 30 June 2006

INDEX Asset Class Oneyear

Threeyear

Fiveyear

TenYear

S&P/ASX 200 Accumulation Index Aust shares 23.9% 23.9% 12.3% 13.1%

S&P/ASX 200 Industrials Accumulation Index Aust shares 17.2% 19.6% 9.8% 13.2%

S&P/ASX 200 Property Accumulation Index Listed property 18.0% 17.8% 16.1% 14.8%

MSCI – All Country World Net ($A) Global shares 21.7% 14.3% -0.9% 8.0%

UBS Warburg Bank Bill Index Cash 5.8% 5.6% 5.3% 5.5%

UBS Warburg Composite Bond Index (All mat) Aust bonds 3.4% 4.2% 5.7% 7.2%

UBS Warburg Inflation Linked Index (All mat) Index bonds 6.3% 6.1% 7.3% 8.7%

Lehman Global Aggregate Bond Index($A hedged)

Global bonds 1.2% 5.5% 7.5% -

Consumer Price Index Inflation 3.0% 2.4% 2.7% 2.5%

March 8, 2004 3

Short term events - long term viewglobal shares - the last 24 years

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

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Value $100k invested June 1982

Value $100k invested June 1982 minus best 5 months

The cost of being out of the market at the wrong time

MSCI World Net ($A) Index June 1982 – May 2006

$2.18m

$1.14m

$100,000

March 8, 2004 4

The experience of the “Fashionable” Tech Sector Investor

-20%

0%

20%

40%

60%

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120%

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turn

s %

NASDAQ Composite Index

Datasource: Mercers Retail IDPS Technology Sector Focused Global shares Universe, before Tax after fees

34%

NASDAQ Average return Jan 1995- Oct 2000

March 8, 2004 5

The experience of the “Fashionable” Tech Sector Investor

-80%

-60%

-40%

-20%

0%

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40%

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100%

120%

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NASDAQ Composite Index Average Manager

Datasource: Mercers Retail IDPS Technology Sector Focussed Global shares Universe, before Tax after fees

-12%

Launch date May 2000

Average Investor’s Average return May 2001 – Feb 2006