INVESTSMART GROUP LIMITED — Board/Management Information 2005

Dec 22, 2005

Director Resignation and Director Appointment

Fat Prophets Australia Fund Limited wishes to advise that Mr David Shearwood has resigned from the Board as a director and as Company Secretary. The Board would like to thank Mr Shearwood for his contributions as a director.

Fat Prophets Australia Fund Limited would like to welcome Mr Andrew Brown to the Board as a director. Mr Brown is the head of investment management at Fat Prophets Funds Management Australia which manages the Company's investment portfolio.

Mr Brown has more than 25 years experience in the stock broking and funds management industry, including Director, Head of Australian Equities, at Rothschild Australia Asset Management between 1997 and 2003.

The Company also welcomes Ms Clare Porta as Company Secretary.

Robert Bolton Chair Fat Prophets Australia Fund Limited