K2 Australian Fund

The K2 Australian Fund is an Australian equity fund focused on finding the best stocks and ideas
from Australia.

The investment team does not use a single approach to stock picking; rather, each investment manager brings their own investment style and methodology to the portfolio. Key variables of earnings, valuation and management are examined to determine whether securities are over or undervalued.

The investment team's ability to pick major investment themes, or 'catalysts', in a timely manner is a
key competitive advantage. The stock selection process is based on the investment manager's own primary research and direct contact with companies.

The K2 Australian fund has high conviction in its stock selection and exposure to various sectors.
The portfolio is constructed on the best ideas generated by the portfolio managers.

K2 is focused on delivering strong positive returns in good markets and capital protection in the
down markets.

To do this K2 believes in empowering the fund managers to make active calls for the clients to protect
the capital when necessary and increase exposure when appropriate.

The portfolio managers look for the investment themes and trends within the Australian market and
identify catalysts which will drive investment returns.

The fund aims to deliver a 15 per cent per annum after fee return over a 3 – 5 year investment cycle
while protecting the capital.

Applications

By 2pm on the Business Day you wish to apply. (see PDS for further details)

Minimum Initial Application

A$20,000

Hold the mouse over the graph line to confirm the month and exact value. (All prices in AUD).

Fund Inception Date - 1 October 1999.

Returns are based on the NAV per unit plus distributions reinvested net of management fee and perfromance fee accruals, since inception. Returns represent the combined income and capital return for the period and are pre-tax. K2 does not invest by reference to the index and accordingly the equities held by the Fund can diverge signifiicantly from underlying market indicies.

All performance returns are shown after all fees (including performance fees) and expenses have been deducted and assume reinvestment of income distributions. Past performance is not a guarentee of future performance.

Please click here to view the 31 December 2011 K2 Australian Fund Financial Statement

Please click here to view the K2 Australian Fund Notice for Subdivision 12-H of schedule 1 to the Taxation Administration Act 1953 for the period 30 June 2011.