As at 31 January 2010

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Australian Equities
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Australian Equities PST Gross -6.30 -1.06 35.14 1.35 10.36 11.05
Fund Inception Date: Net -5.97 -1.48 28.70 1.26 9.89 10.41
31/08/1996 Benchmark -6.18 -0.73 37.17 -2.81 7.06 9.80
Outperformance -0.12 -0.33 -2.03 4.16 3.30 1.25
BlackRock Australian Quant Equity - Class E Gross -6.26 -1.35 34.30 -0.79
Fund Inception Date: Net -6.29 -1.65 31.78 -2.90
6/08/2008 Benchmark -6.17 -0.76 37.67 0.75
Outperformance -0.09 -0.59 -3.37 -1.54
Australian Quant Strategies Fund - Class E Gross -6.43 -1.69 32.14 -4.74
Fund Inception Date: Net -6.49 -2.01 29.46 -7.06
30/03/2007 Benchmark -6.17 -0.76 37.67 -4.06
Outperformance -0.26 -0.93 -5.53 -0.68
Wholesale Australian Share Fund Gross -6.38 -1.27 31.65 0.39 9.79 10.58
Fund Inception Date: Net -6.45 -1.47 30.56 -0.42 9.01 9.92
31/12/1993 Benchmark -6.18 -0.93 35.16 -3.37 6.69 8.98
Outperformance -0.20 -0.34 -3.51 3.76 3.10 1.60
Wholesale Australian Share Fund Plus - Class D Gross -6.27 -1.20 31.18 0.18 7.61
Fund Inception Date: Net -6.32 -1.34 30.42 -0.96 6.76
16/09/2005 Benchmark -6.17 -0.95 35.67 -3.47 4.42
Outperformance -0.10 -0.25 -4.49 3.65 3.19

Global Equities
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Global Allocation Fund (Aust) Gross -1.79 4.00 24.13 2.94 7.96
Fund Inception Date: Net -1.79 4.04 24.21 2.40 6.78
4/07/2005 Benchmark -1.41 3.27 23.41 0.50 4.81
Outperformance -0.38 0.73 0.72 2.44 3.15
Global Enhanced Emerging Markets Fund - Class E Gross -5.13 4.49 28.01 -2.55
Fund Inception Date: Net -5.18 4.06 26.99 -3.20
16/02/2007 Benchmark -4.46 4.07 28.91 -2.04
Outperformance -0.67 0.42 -0.90 -0.51
Global Equity Enhanced Index Fund - Class E Gross -2.85 3.30 -3.54 -11.53 -1.15 -4.66
Fund Inception Date: Net -2.85 3.18 -4.03 -11.69 -1.39 -4.95
29/11/2000 Benchmark -2.88 3.43 -3.33 -11.74 -1.37 -5.05
Outperformance 0.03 -0.13 -0.21 0.21 0.22 0.39
Hedged Global Equity Enhanced Index Fund - Class E Gross -3.14 3.76 30.88 -8.06 2.29 3.15
Fund Inception Date: Net -3.17 3.70 30.64 -8.33 2.00 2.81
31/01/2002 Benchmark -3.21 4.02 32.46 -8.10 2.16 3.12
Outperformance 0.07 -0.26 -1.58 0.04 0.13 0.03
Global High Conviction Fund - Unhedged Gross -3.66 2.99 -1.35 -8.10 0.74 -2.78
Fund Inception Date: Net -3.73 2.68 -2.35 -8.98 0.10 -3.52
29/03/2001 Benchmark -2.88 3.43 -3.33 -11.74 -1.37 -4.40
Outperformance -0.78 -0.44 1.98 3.64 2.11 1.62
Global High Conviction Fund - Hedged Gross -4.04 3.67 35.46 -6.16 2.95 3.00
Fund Inception Date: Net -4.13 3.39 34.08 -7.15 2.27 2.21
29/03/2001 Benchmark -3.21 4.02 32.46 -8.10 2.16 2.12
Outperformance -0.83 -0.35 3.00 1.94 0.79 0.88
Global Small Cap Fund - Class D Gross -2.42 6.96 7.68 -4.33 3.59 0.34
Fund Inception Date: Net -2.53 6.65 6.77 -5.14 2.69 -0.52
29/03/2001 Benchmark -2.28 5.85 8.84 -10.89 0.62 0.66
Outperformance -0.14 1.11 -1.16 6.56 2.97 -0.32
Hedged Global Small Cap Fund Gross -2.87 7.47 45.38 -1.85 6.23 6.51
Fund Inception Date: Net -2.98 7.17 43.90 -2.75 5.39 5.64
29/03/2001 Benchmark -2.50 6.23 45.90 -8.18 3.54 7.11
Outperformance -0.37 1.24 -0.52 6.33 2.69 -0.60
International Gold Fund Gross -10.10 0.06 2.60 -3.02 11.96 10.38
Fund Inception Date: Net -10.19 -0.22 1.46 -3.83 11.33 9.70
8/12/2004 Benchmark -10.36 -3.30 -16.85 0.29 8.57 6.50
Outperformance 0.26 3.36 19.45 -3.31 3.39 3.88
Wholesale Global High Conviction Fund Gross -3.71 2.61 -1.65 -7.20 1.27 5.80
Fund Inception Date: Net -3.79 2.39 -2.51 -8.07 0.37 4.91
30/06/1992 Benchmark -2.88 3.43 -3.33 -11.74 -1.37 5.32
Outperformance -0.83 -0.82 1.68 4.54 2.64 0.48

Fixed Interest
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Australian Bond Fund - Class E Gross 1.46 2.50 4.27 5.51 5.32 5.73
Fund Inception Date: Net 0.00 0.00 9.26 6.96 6.10 6.26
16/10/2003 Benchmark 1.35 2.47 1.67 6.87 5.98 6.07
Outperformance 0.11 0.03 2.60 -1.36 -0.66 -0.34
Australian Core Plus Bond Fund - Class E Gross N/a N/a N/a N/a
Fund Inception Date: Net N/a N/a N/a N/a
24/05/2007 Benchmark 1.35 2.47 1.67 7.06
Outperformance N/a N/a N/a N/a
Australian Core Plus Cash Fund - Class E Gross 0.78 0.94 9.25 3.32
Fund Inception Date: Net 0.74 0.81 8.68 2.82
7/01/2008 Benchmark 0.35 0.98 3.42 5.44
Outperformance 0.43 -0.04 5.83 -2.12
Global Diversified Bond Fund - Class E Gross 1.73 2.46 11.56
Fund Inception Date: Net 1.69 2.32 10.88 8.23
6/07/2008 Benchmark 1.32 1.95 9.82
Outperformance 0.41 0.51 1.74
Wholesale International Bond Fund Gross 1.74 2.44 11.43 7.16 5.89 6.92
Fund Inception Date: Net 1.70 2.32 10.87 6.58 5.32 6.09
30/09/1992 Benchmark 1.32 1.95 9.82 8.51 7.09 7.17
Outperformance 0.42 0.49 1.61 -1.35 -1.20 -0.25
Monthly Income Fund Gross 3.27 5.61 50.68 -4.06 0.45 1.36
Fund Inception Date: Net 3.24 5.48 50.18 -4.47 0.01 0.91
5/07/2004 Benchmark 0.35 0.98 3.42 5.85 5.88 5.85
Outperformance 2.92 4.63 47.26 -9.91 -5.43 -4.49

Property
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Comb. Prop Income Fund Gross -1.01 1.46 -6.26 -12.35 -0.79 3.11
Fund Inception Date: Net -1.09 1.19 -7.34 -12.97 -0.96 3.97
25/08/2003 Benchmark -1.19 0.86 4.12 -10.55 0.65 4.43
Outperformance 0.18 0.60 -10.38 -1.80 -1.44 -1.32
Direct Property Fund - Class E Gross -0.06 1.69 -15.36 -2.16 4.48 6.06
Fund Inception Date: Net -0.18 1.34 -16.46 -3.27 3.44 5.04
10/09/2003 Benchmark 0.50 0.23 -8.80 3.22 8.27 9.14
Outperformance -0.56 1.46 -6.56 -5.38 -3.79 -3.09
Property Securities Fund Gross -2.94 1.07 18.53 -24.54 -7.92 -0.21
Fund Inception Date: Net -2.97 0.90 17.79 -25.20 -8.61 -0.61
15/11/2002 Benchmark -2.87 1.43 16.10 -24.43 -7.92 -0.22
Outperformance -0.07 -0.36 2.43 -0.11 0.00 0.01

Cash
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Institutional Liquidity Fund - Class H Gross 0.36 1.11 4.12 6.11 6.09 5.78
Fund Inception Date: Net 0.36 1.08 3.92 5.86 5.81 5.52
29/01/2002 Benchmark 0.35 0.98 3.42 5.85 5.88 5.60
Outperformance 0.01 0.13 0.70 0.26 0.21 0.18
Money Market Fund Gross 0.34 1.00 3.71 6.06 6.03 6.78
Fund Inception Date: Net N/a N/a N/a N/a
30/09/1989 Benchmark 0.35 0.98 3.42 5.85 5.88 6.75
Outperformance -0.01 0.02 0.29 0.21 0.15 0.03

Multi-Sector Funds
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Balanced PST Gross -3.37 0.68 13.30 -0.19 6.40
Fund Inception Date: Net -3.13 0.25 10.69 -0.74 5.18 9.34
31/01/1987 Benchmark -2.93 1.32 16.55 -3.15 4.15
Outperformance -0.44 -0.64 -3.25 2.96 2.25
Wholesale Balanced Fund Gross -3.44 0.54 14.20 -0.46 6.27
Fund Inception Date: Net -3.52 0.34 13.25 -1.34 5.42 7.79
30/09/1992 Benchmark -2.93 1.32 16.55 -3.15 4.15
Outperformance -0.51 -0.78 -2.35 2.69 2.12
Wholesale Managed Income Fund Gross 0.00 2.50 11.13 -3.44 1.81
Fund Inception Date: Net -0.06 2.31 10.29 -4.19 1.02 5.65
30/09/1992 Benchmark -0.62 1.09 7.92 3.32 5.80
Outperformance 0.62 1.41 3.21 -6.76 -3.99

Alternative Funds
Fund Performance
1 Month % 3 Month % 1
Year Total
3 Years
% pa
5 Years
% pa
Since
Inception
% pa
Asset Allocation Alpha Fund Gross -3.22 -5.23 -3.37 26.77 20.71
Fund Inception Date: Net -3.33 -5.50 -4.69 21.67 16.55
29/05/2006 Benchmark 0.35 0.98 3.42 5.85 5.94
Outperformance -3.57 -6.21 -6.79 20.92 14.77

Fund gross performance figures and benchmark returns make no allowance for expenses, fee or taxes.  Net performance has been based on an exit-to-exit price basis (Ie. taking fees into account) with all income reinvested and no allowance for tax on income.  Past performance is not necessarily a guide to future performance. Long term performance returns show the potential volatility of returns over time.