Changes to Compliance Committee

20 January 2011

Following recent appointments to the Bennelong Funds Management (Bennelong) Board, management reviewed the structure of Bennelong's Compliance Committee.

"The objective of our review was to ensure we continue to apply best practice in regards to compliance, both culturally and structurally," said Bennelong's Chief Executive Officer, Jarrod Brown.

"While quickly highlighting that we did not need to make any changes, we have implemented some small initiatives which we believe represent market best practice with regards to appropriate oversight and independence." This ensures Bennelong continues to adhere to its primary obligations in the interests of all investors and shareholders.

The Compliance Committee will now be a direct delegation of the Bennelong Board, consisting of Bruce Loveday (Bennelong Chairman), Steven Rix (Non-Executive Director) and chaired by Elizabeth Flynn (Non-Executive Director). "Notably, we have selected a Non-Executive Director as the chair as opposed to a Bennelong chair," said Jarrod. "Our intention is that the committee charter will be expanded to a broader mandate of audit, risk and compliance."

These changes have led to the dissolution of the previous structure and subsequently the departure of the three existing committee members. "Paul Scully, Steve Gibbs and Jenny Diggle have provided tremendous support and extremely competent service as members of the Compliance Committee," said Jarrod. "We thank them for their contribution through the early stages of Bennelong's growth." All are likely to continue their relationship with Bennelong in their respective consulting capacities.

"Bennelong is committed to best of breed governance and compliance and will continue to review all aspects of this function as we grow," said Jarrod.

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