INVESTSMART GROUP LIMITED — Board/Management Information 2005

Dec 8, 2005

Fat Prophets Australia Fund Limited has received this notice from Fat Prophets Funds Management Australia Pty Limited regarding changes in personnel.

Robert Bolton Chair Fat Prophets Australia Fund Limited

Fat Prophets Funds Management Australia Pty Ltd Appoints New Investment Manager

Fat Prophets Fund Management Australia Pty Limited ("FPFMA") has appointed well known and experienced funds manager. Mr Andrew Brown to head its investment management team.

FPFMA is the manager appointed by Fat Prophets Australia Fund Ltd (the Fat Fund) which successfully completed an Initial Public Offering in mid-2005 and is investing in diversified value-based, liquid stocks,

Mr Brown has more than 25 years experience in the stockbroking and funds management industry, having been Director, Head of Australian Equities, at Rothschild Australia Asset Management between 1998 and 2003 when he lead of team of 24 professionals and support staff.

In the four years before that appointment, Mr Brown was Senior Portfolio Manager at AMP Investments Australia Ltd (now called AMP Capital Investors), helping to manage more than \$2 billion worth of Australian equities. Mr Brown is the largest shareholder and Managing Director of Trent Capital Limited, a listed company specialising in strategic microcap and financial services investments, and will combine the role of managing Trent Capital with that of building an enhanced process and team for FPFMA.

Mr Brown brings to FPFMA great skills as a result of the depth of his experience in the industry of funds management. He said "I am very excited about building a long term relationship with the Fat Prophets, starting with the Fat Fund, which has flexibility due to its size but should also reflect the value principles of the newsletter".

Principal of Fat Prophets, Mr Angus Geddes said "I believe Andrew, who replaces David Shearwood, will enhance the company's ability to pursue the investment strategies of the Fat Fund for the benefit of shareholders $\tilde{\mathcal{D}}_{\mathcal{L}}$

For further information:

Andrew Brown Fat Prophets Australia Fund Ltd $(02)$ 9252 7171 $(0418)$ 215 255

Angus Geddes Fat Prophets $(02)$ 9252 7171