Rated by van Eyk*

*van Eyk Research Pty Ltd ABN 99 010 664 632, corporate authorised representative of van Eyk Financial Group Pty Ltd ABN 28 149 679 078, AFSL 402146 (authorised representative number 408625) (van Eyk) rates investment management capabilities rather than individual products. This rating is valid as at May 2013 but can change or cease at any time and should not be relied upon without referring to the meaning of the rating, as well as the full manager report. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as it is not an indication of future performance. van Eyk has not directed the publication of The Montgomery Fund's rating. The rating does not take into account your client’s individual financial situation, needs or objectives. We recommend that you and your client consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your client’s objectives, financial situation and needs, and read the product disclosure statement before making an investment decision.

Rated by Zenith<sup>†</sup>

† The Zenith Investment Partners ("Zenith") ABN 60 322 047 314 rating (assigned July 2013) referred to in this document is limited to "General Advice" (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith's methodology and regulatory compliance are available on our Product Assessment’s and the Zenith website.

Montgomery <mark>[Private]</mark> Fund

A wholesale Australian equities fund suitable for individuals, their families and investment vehicles, including superannuation funds, with a $1,000,000 minimum initial investment. Entry is by invitation or referral only.

The Montgomery Fund

Investing in shares of Australian and New Zealand businesses, the fund is open to individuals; families and trustees as well as advisers of self managed super funds, with a minimum of $25,000 to invest.