INVESTSMART GROUP LIMITED — Director's Dealing 2011

May 19, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity: Merricks Capital Special Opportunity Fund Limited (“MEF”)

ABN: 62 111 772 359

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Adrian Redlich
Date of last notice	22/03/2011

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest		IndirectOn Market acquisition and disposal of MEFSharesDirectOn Market acquisition of MEF Shares
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.		IndirectMerricks Capital Long/Short Equity Fund, acontrolled entity of Merricks Capital Pty Ltdsold MEF shares to Merricks Capital SpecialOpportunity Fund IV, a controlled entity ofMerricks Capital Pty Ltd on market.DirectOn market purchase of MEF shares byAdrian Redlich, Director of MEF
Date of change		17 May 2011
No. of securities held prior to change		5,747,229 Ordinary Shares
Class		Ordinary Shares

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	Merricks Special Opportunity Fund IV –
	275,000
	Adrian Redlich – 71,000
Number disposed	Merricks Capital Long/Short Equity Fund –
	275,000
Value/Consideration	Merricks Capital Long/Short Equity Fund
Note: If consideration is non-cash, provide details and estimatedvaluation	– disposal of MEF shares $253,000
	Merricks Special Opportunity Fund IV
	– acquisition of MEF shares $253,000
	Adrian Redlich
	– acquisition of MEF shares $64,326
No. of securities held after change	5,818,229 Ordinary shares
Nature of change	On Market acquisition and disposals
Example: on-market trade, off-market trade, exercise of options,
issue of securities under dividend reinvestment plan, participation in
buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Not Applicable
Nature of interest	Not Applicable
Name of registered holder	Not Applicable
(if issued securities)
Date of change	Not Applicable
No. and class of securities to which	Not Applicable
interest related prior to change
Note: Details are only required for a contract in
relation to which the interest has changed
Interest acquired	Not Applicable
Interest disposed	Not Applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	Not Applicable
Interest after change	Not Applicable

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	Not Applicable
If prior written clearance was provided, on what date was thisprovided?	Not Applicable

• See chapter 19 for defined terms.

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