Bayley Stuart Funds Management Ltd

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

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

deposit and payment products limited to:

basic deposit products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

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

securities;

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:

derivatives;

foreign exchange contracts;

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

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

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

securities;

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

"The Precincts Office Fund" scheme (ARSN: 661 634 779),

a scheme which only holds the following types of property:

direct real property; and

financial assets; and

provide the following custodial or depository services:

operate custodial or depository services other than investor directed portfolio services;

to wholesale clients.