Dated 30 January 2008

This Financial Services Guide (FSG) is an important document which we are required to give to you if you are a retail client under the requirements of our Australian Financial Services Licence.  It provides you with information to help you decide whether to use the financial services we provide.  This FSG explains the services we can offer to you and the types of products we offer.  It also explains how we (and other related persons) are remunerated for these services, and includes details of our internal and external complaints handling procedures and how you can access them.

This FSG is not intended for wholesale clients as defined by the Corporations Act 2001 (e.g. professional investors) - that is, references to 'you' and 'your' do not refer to wholesale clients.

This FSG is provided by Wilson Asset Management (International) Pty Limited (ABN 89 081 047 118) (AFSL 247333) and MAM Pty Limited (ABN 98 100 276 542) (AFSL 223231).  In this FSG, each of the companies is referred to as 'we', 'our' or 'us'.

We do not act as a representative of any other licensee in relation to the services we provide you.

Other documents you may receive

If you choose to use our services you may also receive from us a prospectus, a Product Disclosure Statement (PDS) or another offer document.

To invest in any of our financial products you must complete the application form attached to the relevant prospectus, PDS or offer document.  The prospectus, PDS or offer document contains information about the particular product and will assist you in making an informed decision about that product.

A person who provides a retail client personal financial product advice (that is advice that takes into account one or more of your objectives, financial situation and needs) must give the client a Statement of Advice.

We do not provide personal advice to retail clients.  As such, you will not receive a Statement of Advice from us.

How do you obtain further information?

This FSG contains general information about the financial services that we provide.  For more information please contact us.

You can contact us by:

-         Visiting our website at www.wilsonassetmanagement.com.au;

-         Calling us on (02) 9247 6755;

-         Writing to us at Level 11, 139 Macquarie Street, Sydney NSW 2000;

-         Sending us a facsimile on (02) 9247 6855; or

-         Emailing us at info@wami.com.au.

The financial services we are authorised to provide

*  Basic deposit products, derivatives, government debentures, stocks or bonds

^#  For both retail and wholesale clients

^## For wholesale clients only

How can you transact with us?

You can give us instructions by telephone, mail, fax or email.  Any dealings with us by telephone or fax will be governed by our standard telephone and fax terms and conditions.  These terms and conditions are contained in the prospectus, PDS or other offer document for each product and are also available from our website at www.wilsonassetmanagement.com.au.

How are we paid for the services we provide?

If you invest in a product we offer, we will receive remuneration in relation to your investment in that product.

This remuneration may include management fees (which includes transaction, ongoing and if applicable any borrowing costs).  The remuneration we will receive for the products we offer are set out in the prospectus, PDS or offer document for the particular product.

What commissions, fees or other benefits are received?

Employees who give you advice do not receive specific payments or commissions for the giving of that advice.  These employees and our directors receive salaries, bonuses and other benefits from us.

The prospectus, PDS or offer document for the particular product will disclose further details.

How is my personal information dealt with?

The privacy of your personal information is important to us.  If you would like a copy of our full privacy policy document please contact us on 02 9247 6755 or visit our website at www.wilsonassetmanagement.com.au.

What should I do if I have a complaint?

You have the right to enquire into or complain about the operation of our products and services to the extent that it relates to you or your investment.  We have established procedures to ensure all enquiries and complaints are properly considered and dealt with.  If you have an enquiry or complaint, please telephone or email us.  We will attempt to resolve your complaint immediately.

If you are not satisfied with our handling of your complaint you may lodge a written complaint with the Financial Industry Complaints Service (FICS), 31 Queen Street, Melbourne Victoria 3000.  You can call FICS on 1800 335 405.  The service is free of charge to you.

Is there anything else I can do?

At any time you may also contact the ASIC to make a complaint and obtain information about your rights.  You can phone your regional ASIC office on 1300 300 630.  You may also contact ASIC or obtain any of its publications and services through the ASIC website at www.asic.gov.au.