CFS FC-Perpetual Share Plus Long-Short

Perpetual researches companies of all sizes using consistent criteria and selects those companies that represent the best investment quality and are appropriately priced. In determining investment quality, investments are carefully selected on the basis of four key criteria: conservative debt levels; sound management; quality business; and recurring earnings. In addition, Perpetual aims to take short positions predominantly in Australian shares that it believes will fall in value. Derivatives may be used in managing this option.