Aquasia Fund No.1

Latest NAV: May 2013 6.5c
IRR Since Inception: 34%

Fund
Aquasia Fund No.1 is closed-end fund which purchased a basket of fixed-income assets in a receivers’ auction in September 2010.

Strategy
The Fund is running down the portfolio with a view to maximising unitholder returns. The target end date for the Fund is June 2014. The Fund makes distributions from time to time, and has to date returned $1.57 of each $1 of initial investment.

NAV
The Net Asset Value of the Fund is calculated at the end of each month.