Australian Capital Funds Management Ltd

This licence authorises the licensee to carry on a financial services business to:

provide general financial product advice for the following classes of financial products:

interests in managed investment schemes excluding investor directed portfolio services;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:

interests in managed investment schemes limited to:

own managed investment scheme only; and

securities; and

applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

deposit and payment products limited to:

basic deposit products;

general insurance products; and

interests in managed investment schemes excluding investor directed portfolio services; and

operate the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:

"Proportional Property Investment Trust" scheme (ARSN: 133 479 964),

a scheme which only holds the following types of property:

direct real property; and

financial assets; and

a time-sharing scheme;

"Decode FX Investment Fund" scheme (ARSN: 133 479 884),

a scheme which only holds the following types of property:

direct real property; and

financial assets; and

"Australian Property Development Fund" scheme (ARSN: 138 846 492),

a scheme which only holds the following types of property:

direct real property; and

financial assets;

to retail and wholesale clients.