MIR Investment Management Pty. Ltd.

MIR Investment Management Pty. Ltd. was established in June 2003 and commenced managing Australian equities in January 2004, Asia ex-Japan equities in June 2007 and Greater China equities in May 2010. The MIR Group is headquartered in Sydney and has offices in Singapore and Melbourne with approximately A$1bn in assets under management as at 31 December 2011. MIR established a Joint Venture company, MIR Libra Capital Management, in January 2010 focusing on Greater China equities with offices located in Hong Kong and Shanghai. MIR offers long strategies in Australian, Asia ex-Japan, Asia Pacific ex Japan and Greater China equities all of which demonstrate strong value characteristics.

MIR's investment process is based on the belief that superior long-term results can be achieved by exploiting market inefficiencies, including those generated by the cognitive biases and behavioural weaknesses that affect investor decision making. MIR recognises the efficacy of quantitative screens to identify a sub-universe of stocks, which has the potential to outperform, but is cognisant of the fact that the quantitative process is a blunt instrument and that a number of stocks selected by a quantitative screening process may underperform. MIR believes that qualitative analysis, based on independent sources, can reveal some of these underperforming stocks selected by a quantitative screening process and thereby improve investment performance.

There are two aspects to every investment, one that can be captured in numbers and one that is best grasped through a common sense evaluation of available information. Superior performance requires a coordinated implementation of both approaches. Many investment firms stake their performance on one partial view of reality: the quantitative or qualitative. Quantitative investors tend to reject real-world knowledge while fundamental investors sometimes operate without the disciplineand insightprovided by a quantitative framework. MIR's process combines a quantitative and a qualitative process in equal proportions to develop what we believe is a superior investment process.

MIR is an absolute return focused manager, operating within institutional constraints. MIR invests in stocks if it believes that the company has investment potential, not because the company has a high index weight.

MIR values the discipline of a robust investment process, backed by strong academic research. MIR believes that the investment process should be dynamic and take advantage of new academic and investment insights in a manner transparent to its stakeholders.

The MIR Group of companies is 100% employee owned with no external shareholders. The founder of the MIR group of companies, Michael Triguboff, is the largest shareholder of all the MIR companies with each senior member of the investment team owning equity in the MIR Group of companies. MIR has a total staff complement of thirty-three comprising of nineteen investment professionals, which includes a quantitative research team of nine, a qualitative research team of eight analysts, and two further senior investment professionals on our Portfolio Management Committee. MIR is a firm believer in having on-the-ground qualitative research and as such has based the Asia ex-Japan qualitative team in MIR's Singapore office, while the Australian qualitative research team is based in MIR's Sydney office. In addition, MIR's qualitative research is bolstered by five qualitative analysts focused on the Greater China region located in the Hong Kong and Shanghai offices of MIR's Joint Venture partner, Libra Capital Management. The Hong Kong and Shanghai based qualitative analysts are fully integrated with MIR's Singapore based research team and undertake joint research and joint decision making on stocks in the China and Hong Kong markets. MIR's quantitative research team is spread across MIR's Sydney and Melbourne offices. MIR was established with the objectives of transparency to its stakeholders, no compromise on excellence and a determination to pursue high alpha outcomes.