Shares 41% OFFICIUM AUSTRALIAN SHARES FUND

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1 JANUARY 2008 Global share markets fell significantly in January as the sub-prime mortgage crisis continues to cause concern for the US economy. On the back of some heavy selling in the US the Federal Reserve cut interest rates by 1.25%, the largest single rate cut in 20 years. Overall, overseas shares fell -8.3%, with the European and Asian markets the worst hit with returns of 15.1% (German DAX) and 15.7% (Hang Seng in Hong Kong). The Officium Global Fund also fell over January, returning 5.05% for the month, but remains positive for the year. No new investments were made during January, leaving the weighting to cash reasonably high at around 24% of the portfolio. The allocation to alternative investments (35%), including gold, resources and hedge funds continues to provide downside protection for the Officium Global Fund, with the price of gold rising 11% over January. However not all of the alternative investments benefited from this, as many were hit by a large fall in the Australian share market with the Emerging Resources Company Share Fund falling 22.13% over the month. Shares 41% ASSET ALLOCATION 24% Alternatives 35% The Australian share market suffered its worst one month return since the crash in October 1987 in January 2008, falling 11.0%. Under its new name and investment strategy, the Officium Australian Shares Fund (formerly the Leithner Value Fund) also posted a negative return of 6.04%, however the Fund was able to take advantage of lower prices to diversify its current portfolio with investments in Resolute Mining Limited, Lion Selection Limited, and LinQ Resources Limited, with initial investments of below 2% each. The Fund also purchased units in the unlisted Emerging Resources Company Share Fund. Each of these investments is involved in the production/mining or investment in resources and resource companies. The Fund also invested a portion of the Fund with two Australian share funds, the Antares Lodestar Absolute Returns Trust and Capital Partners Endeavour Fund. Both funds aim to produce positive returns over the long term, investing in companies that have been mis-priced by the market and are trading under their intrinsic value. The Antares Lodestar Absolute Returns Trust has a fairly diversified portfolio of between 30 and 50 shares, whereas the Capital Partners Endeavour Fund is highly concentrated with approximately 12 shares. ASSET ALLOCATION 18% Australian Shares 41% Income Notes 41% Global Fund and it will essentially be managed as a fund of global securities funds. Thus the Fund will have exposure to a diversified range of global investments, including alternative investments such as commodities and resources. Australian Shares Fund and it will essentially be managed as a fund of Australian securities funds. Thus the Fund will have exposure to a diversified range of Australian securities. Multi-Manager Funds Fund Assets (million) PERFORMANCE SUMMARY Inception Date Since Inception p.a. 1 Month 3 Months 6 Months 1 Year Officium Global Fund $ /11/ % -5.05% -6.54% %-2.54% 2.89% 7.47% 2 Years 3 Years Officium Australian Shares Fund $ /9/ % -6.04% % % % -5.73% -2.88%

2 JANUARY 2008 The sub-prime mortgage crisis continues to sow doubt in the property market, with investors showing extreme caution given the Centro Property Group crash at the end of last year. Listed property lost a significant 14.3% over the month whilst unlisted property was slightly positive at just 0.2%. The Officium Property Fund was also affected by the significant fall in listed property, returning 5.13% for the month. However the extreme volatility in share prices enabled the Officium Property Fund to top up its weighting to the Multiplex Property Income Fund (MPF) at around $1.00, which is a substantial discount to its net tangible assets, and yielding an income of around 10% p.a. at purchase price. MPF also paid a income distribution of 2.75 cents in January. The Fund also received income distributions from the Multiplex European Property Fund, Mariner Pipeline Income Fund, and Hastings Diversified Utilities Fund. Mariner Pipeline Income Fund announced the resignation of its CEO in January, and the replacement CEO, namely Brent Cubis, however there were no other fundamental changes and MIT remains on track. The unlisted property funds which have exposure to listed property were all down for the month of January, although most outperformed the broader market. The sub-prime mortgage market debacle continues to affect credit markets worldwide, with both Australian and global bond yields falling in January. The US Federal Reserve cut interest rates in January by 1.25%, while the Reserve Bank of Australia raised interest rates by 0.25% in early February to 7.00%. The Officium Income Fund also fell in January, recording a return of 0.83%. The Fund has continued to expand and diversify its cash weighting of just under 50%, taking advantage of the increase in the cash rate by the Reserve Bank of Australia. The Schroder Hybrid Securities Fund and Challenger High Yield Fund were both hit by their investment in Allco Finance Group (and subsidiaries), which has been hit by the global credit crisis, and the Multiplex SITES, which also detracted from performance as they were impacted by the negative sentiment towards listed property trusts over the past few months. The Schroder s fund has a relatively low duration of just half a year, which helps minimise interest rate sensitivity. The Challenger fund however has a higher duration of approxiamately four years which also detracted from performance as cash yields have risen over the past three months. 49% Listed Property 32% Unlisted Property 52% Traditional Fixed Interest - Bonds 2% 16% ASSET ALLOCATION Hybrid Securities 13% Structured Fixed Interest Products 26% Income Securities 10% Property Fund and it will essentially be managed as a fund of property funds. Thus the Fund will have exposure to a diversified range of property investments, including listed and unlisted property, infrastructure and global property. Income Fund and it will essentially be managed as a fund of fixed interest funds. Thus the Fund will have exposure to a diversified range of fixed interest investments, including traditional fixed interest, income securities, and structured fixed interest products. Multi-Manager Funds Fund Assets (million) Inception Date PERFORMANCE SUMMARY Since Inception p.a. 1 Month 3 Months 6 Months 1 Year 2 Years Officium Property Fund $ /11/ % -5.13% -7.60% -4.95% -0.49% 10.22% 3 Years Officium Income Fund $ /9/ % -0.83% -1.50% -3.64% -2.31% 2.18% 3.55% 5.17% 5 Years

3 Pacific 35% Portfolio Holdings % of Portfolio Select Gold Fund 11.85% Gottex Horizon Fund 7.77% Gottex Tiger Fund 7.50% Tilson Offshore Fund 7.19% GVI Global Industrial Share Fund 7.13% Emerging Resources Company Share Fund 6.53% EQT Intrinsic Value International Sharemarkets Fund 5.45% Schroders Global Active Value Fund 4.95% Hunter Hall Value Growth Trust 4.81% TAAM New Asia Fund 4.72% Bridgewater All Weather Fund 4.45% Pabrai Investment Fund 4.23% Ellerston Gems Fund 2.52% Bridgewater Global Pure Alpha Fund 1.29% Hedge Contract 0.33% 19.29% TOTAL % REGIONAL ALLOCATION North America 23% $13, $12, $12, $11, $11, $10, $10, Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 *MSCI World Acc Officium UBS Bank Bill Performance Summary Net Div Global Fund Reinv $A Since Inception (6/9/05) 8.06% n/a n/a 1 Year 2.89% 6.78% % 2 Years p.a. 7.47% 6.44% -0.95% 1 Month -5.05% 0.60% -9.13% Profitable Months 75.00% % 59.30% Distribution for quarter $ n/a n/a Fund Assets (million) $40.01 n/a n/a Application Unit Price n/a n/a Withdrawal Unit Price n/a n/a Net Asset Value Unit Price n/a n/a Latin America 2% *Source: Morningstar Research Pty Ltd. do not use the Morningstar as a benchmark for performance, these statistics are included for informational purposes only. makes no representation that they Africa 3% Japan 2% Asia ex Japan 18% Europe 17%

4 Top Ten Holdings -5.00% -3.00% -1.00% 1.00% Officium Australian Shares Fund % of Portfolio Nov-07 Sep-07 May-07 Mar-07 Asset Class Flinders Notes 13.54% Income Notes STW Communications Ltd 12.35% Australian Shares MXUPA 7.79% Income Notes Multiplex Property Income Fund 7.35% Income Notes FCLPA 5.83% Income Notes Beach Petroleum Limited 5.67% Australian Shares Timbercorp Limited 4.92% Australian Shares Capital Partners Endeavour Fund 4.28% Australian Shares Antares Loadstar Absolute Returns Trust 4.24% Australian Shares MHYHA 4.19% Income Notes Remaining Holdings 11.67% Australian Shares 18.19% TOTAL 100% MONTHLY PERFORMANCE RETURNS UBS Bank Bill $12,000 $11,500 $11,000 $10,500 $10,000 $9,500 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 *Source: Morningstar Research Pty Ltd. do not use the Morningstar as a benchmark for performance, these statistics are included for informational purposes only. makes no representation that they May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 Officium *ASX 300 UBS Bank Bill Performance Summary Australian Shares Accumulation Fund Since Inception p.a. (6/9/04) -1.67% n/a n/a 1 Year % 6.78% 1.53% 2 Years p.a % 6.44% 11.52% 3 Years p.a % 6.21% 15.85% 1 Month -6.04% 0.60% % Profitable Months $ % 64.69% Distribution for quarter $0.00 n/a n/a Fund Assets (million) n/a n/a Application Unit Price n/a n/a Withdrawal Unit Price n/a n/a Net Asset Value Unit Price n/a n/a May-07 Sep-07 Nov-07

5 Portfolio Holdings % of Portfolio $13, Maxim Property Securities Fund 18.28% BlackRock Merrill Lynch Direct Property Fund 15.76% Multiplex Acumen Property Fund 10.16% LEX Retail Property Trust - Adelaide 7.91% FKP Core Plus Fund 6.67% Mariner Pipeline Income Fund 6.53% Australian Property Growth Fund 6.48% Record Realty 3.87% LEX Retail Property Trust - Perth 3.65% Multiplex European Property Fund 3.11% Hastings Diversified Utilities Fund 2.11% FKP Core Plus Fund % MacArthur Cook Asian Real Estate Fund 1.34% Record Realty Options 0.00% Jan-2008 Dec-2007 Nov-2007 Oct-2007 Sep-2007 Aug-2007 Jul-2007 Jun-2007 May-2007 Apr-2007 Mar-2007 Feb % -4.00% -2.00% 0.00% 2.00% 4.00% Officium Property Fund 12.44% TOTAL % MONTHLY PERFORMANCE RETURNS UBS Bank Bill $13, $12, $12, $11, $11, $10, $10, Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 *Source: Morningstar Research Pty Ltd. do not use the Morningstar as a benchmark for performance, these statistics are included for informational purposes only. makes no representation that they Dec-06 *Morningstar Officium UBS Bank Bill Performance Summary Aust Pty W'sale Property Fund Since Inception (6/9/05) 9.70% n/a n/a 1 Year -0.49% 6.78% 2.00% 2 Years p.a % 6.44% 10.35% 1 Month -5.13% 0.60% -1.63% Profitable Months 82.14% % 71.90% Distribution for quarter $ n/a n/a Fund Assets (million) $52.37 n/a n/a Application Unit Price n/a n/a Withdrawal Unit Price n/a n/a Net Asset Value Unit Price n/a n/a

6 Top Ten Holdings MONTHLY PERFORMANCE RETURNS Nov-07 Sep-07 May-07 Mar % -2.00% -1.00% 0.00% 1.00% 2.00% Officium Income Fund UBS Bank Bill % of Portfolio Select Gottex Market Neutral Fund 8.14% Select Gottex Enhanced Market Neutral Fund 7.26% Gottex Asset Based Investing Fund 5.24% Multiplex Property Income Fund 5.03% Schroders Hybrid Securities Fund 4.01% Challenger High Yield Fund 3.88% DDH Preferred Income Fund 3.86% Absolute Capital Yield Strategies Fund 3.25% Merrill Lynch Monthly Income Fund 2.44% Mariner Floating Rate Note - 18 month 2.35% Remaining Holdings 5.05% 49.50% TOTAL 100% $16, $15, $14, $13, $12, $11, $10, Oct-01 Jan-02 A pr-02 Jul-02 Oct-02 Jan-03 A pr-03 Jul-03 Oct-03 Jan-04 A pr-04 Jul-04 Oct-04 Performance Summary Officium Income UBS Bank Bill Fund Since Inception p.a. (30/9/01) 5.61% n/a 1 Year -2.31% 6.78% 2 Years p.a. 2.18% 6.44% 5 Years p.a. 5.17% 5.84% 1 Month -0.83% 0.60% Profitable Months 86.84% % Distribution for quarter $ n/a Fund Assets (million) $ n/a Application Unit Price n/a Withdrawal Unit Price n/a Net Asset Value Unit Price n/a *Source: Morningstar Research Pty Ltd. do not use the Morningstar as a benchmark for performance, these statistics are included for informational purposes only. makes no representation that they Jan-05 A pr-05 Jul-05 Oct-05 Jan-06 A pr-06 Jul-06 Oct-06 Jan-07 A pr-07