About ALF About The Manager Investment Objective Investment Philosophy and Strategy Investment Process Short Selling Investment Guidelines Corporate Governance Statement Board of Directors The Watermark Team Trading Policy ALF Constitution

The Watermark Team     Justin Braitling - Chairman Justin has over 20 years experience investing in Australian and international companies. He was an Investment Analyst and Portfolio Manager at Bankers Trust for 12 years from January 1991 to June 2002. He was a key member of the investment team at Bankers Trust that was consistently ranked in the top quartile of managers by InTech. Justin established Watermark in 2003 as an Absolute Return manager of Australian shares. Justin Braitling has been a Director of company since October 2003 and became Chairman in February 2007.   Tom Richardson - Senior Analyst Tom joined Watermark Funds Management in December 2009 as an investment analyst. Tom began his career as a research analyst with Renaissance Asset Management in 2006. Tom has a Bachelor of Engineering from the University of Sydney, and has completed all levels of the CFA program.   Joshua Ross - Analyst Joshua joined Watermark Funds Management in April 2010 having completed Applied Finance and Accounting degrees at Macquarie University. Prior to joining Watermark, Joshua gained experience in funds management at Ord Minett, Hunter Hall and Challenger Financial Services. Joshua is currently completing the Chartered Financial Analyst (CFA) program. Nerida Dawson - Office Manager Nerida joined Watermark in September 2009 as the Office Manager. Nerida worked as a Supply Chain Analyst for 8 years at First Data Australia before moving to the UK in 2007 where she became an Executive Assistant for Balderton Capital.