Introduction

The company was formed to provide investors with the opportunity to invest in a long term portfolio of international shares and gain access to the specific funds management expertise of Peters MacGregor Capital Management. The Company was incorporated on 15th December 2003 and listed on the Australian Stock Exchange on 16th April 2004.

Investment Objective

Our investment objective is to:

*Outperform the MSCI World Total Returns Index (net local) net of our fees over the long term (five years plus).

*Preserve and generate capital growth over this period.

The portfolio managed by Peters MacGregor Capital Management will have a high level of concentration relevant to other investment portfolios and it is not expected that actual performance of the portfolio will track this MSCI Index.

The company does not borrow, and generally uses foreign currency hedging contracts to mitigate the risks of fluctuations in foreign currency movements with respect to investments domiciled in foreign countries.