During this period, as a director and part owner, I have been involved in the establishment of Smallco Investment Manager Ltd and the commencement and operation of Smallco Investment Fund (the Fund). In my role as Fund Manager I have been responsible for all aspects of investment analysis and decision making, including financial modelling and forecasting, assessment of industry fundamentals and forming opinions on management competence and honesty. This has involved intensive industry and company specific research including company site visits. I have also been responsible for investment dealing involving purchase and sale of equities on behalf of the Fund. I have been heavily involved in the development and improvement of various investment analysis tools which I believe are now among the top tier of investment tools in the industry. I have been a Proper Authority Holder over this period.

This position involved:• Full financial analysis of companies followed. I was fully responsible for 15-20 companies at any one time in a range of sectors including; Retail, Utilities, Paper and Packaging, Rural, Health Care, Services, Chemicals and Technology. Analysis included full financial modelling, forecasting and recommendation formulation. • Marketing of product to clients in Australia and overseas.• Additionally, in the Small Companies team environment, intimate exposure to the full range of market sectors was gained, including a comprehensive overview of all market sectors, and relevant issues to be considered when analysing/investing in these companies/sectors.During this period I was the holder of a Proper Authority Dealers License.

Manager/owner, wheat and sheep enterprises (western NSW and southern Queensland). This involved: accounting, budgeting, produce marketing, livestock trading and marketing, planning and implementation of capital improvements, organisation and overall supervision of contract shearing and farming. During this period I was involved in numerous property purchases, development and sales. This gave me a sound knowledge of, and experience in, asset valuation techniques and general business principals.