INVESTSMART GROUP LIMITED — Share Issue/Capital Change 2007

Apr 22, 2007

Fat Prophets Australia Fund Ltd ACN 111 772 359 Level 33 2 Park St Sydney NSW 2000 02 8258 0015 fatfund@fatprophets.com.au

Notice of Share Cancellation

Following the recent on-market buy-back of 110,000 ordinary shares for \$112,570.26 (including brokerage) and the subsequent cancellation of these shares, the issued capital of Fat Prophets Australia Fund Limited is now 32,920,718 ordinary shares at a paid up value of \$32,922,815.85. Refer to the accompanying Form 484 for further details.

Clare Porta Company Secretary

23 April 2007

Electronic Lodgement

Document No. 7E1085839

Lodgement øaterlime: 23-04-2007 10:04:09 Reference (d) 74986214

Form 484 Corporations Act 2001

Change to company details

Company details	Company name FAT PROPHETS AUSTRALIA FUND LIMITED. Australian Company Number (ACN) 111 772 359
Lodgement details	Who should ASIC contact if there is a query about this form?
	Name Clare Therese PORTA
Signature

This form must be signed by a current officeholder of the company.

I certify that the information in this form is true and complete Name Clare Therese PORTA Capacity Secretary Signature

Date signed 23-04-2007

C1 Cancellation of shares

Reason for cancellation	Shares cancellation details
	Reason for cancellation The cancelled shares are listed below:	the share buy-back can take place	ss.257H(3) Share buyback - Other buy-back type. A form 280 or 281 must be lodged at least 14 days, and no more than 1 year before
	Share class code	Number of shares lcancelied.	Amount paid (cash or otherwise)
	IORD	110000	112570.26
	Earliest Date of cancellation	23-04-2007

C3 Change to share structure

The updated details for this changed share class are shown in the table below.

Share class lcode	Full title if not standard	Total number Total amount Total amount lof shares	paid on these junpaid on Ishares	these shares
IORD	IORDINARY SHARES	132920718	132922815.85	10.00

Earliest date of 23-04-2007 change