Ppf Asset Management Limited

This licence authorises the licensee to carry on a financial services business to:

provide financial product advice for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

deposit products other than basic deposit products;

derivatives;

foreign exchange contracts;

general insurance products;

debentures, stocks or bonds issued or proposed to be issued by a government;

life products including:

investment life insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; and

life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;

interests in managed investment schemes excluding investor directed portfolio services;

retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);

securities; and

superannuation;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:

derivatives;

foreign exchange contracts; and

interests in managed investment schemes limited to:

own managed investment scheme only;

applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

deposit and payment products including:

basic deposit products;

deposit products other than basic deposit products; and

non-cash payment products;

derivatives;

foreign exchange contracts;

general insurance products;

securities;

debentures, stocks or bonds issued or proposed to be issued by a government;

life products including:

investment life insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; and

life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;

interests in managed investment schemes excluding investor directed portfolio services;

retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997); and

superannuation;

arranging for another person to issue, vary or dispose of a financial product in respect of the following classes of financial products:

securities; and

interests in managed investment schemes excluding investor directed portfolio services;

underwriting:

interests in managed investment schemes; and

an issue of securities;

operate the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:

"PPF Enhanced Income Fund" scheme (ARSN: 099 838 061),

a scheme which only holds the following types of property:

derivatives;

financial assets; and

mortgages;

"PPF Diversified Growth Fund" scheme (ARSN: 099 838 016),

a scheme which only holds the following types of property:

derivatives;

direct real property;

financial assets; and

mortgages

to retail and wholesale clients.