Selector High Conviction Equity Fund

June 2008 Quarterly Newsletter

In the June 2008 Quarterly Newsletter we take a look at the macro economy at a glance, evaluate equities as a long term investment opportunity and talk about stock selection. We also take a closer look at Aristocrat Leisure, Cabcharge, Cochlear, Flight Centre, Kagara, Macquarie Group, Primary Healthcare, Pharmaxis, Telstra, & Tatts Group.

This update has been prepared by Selector Funds Management Limited (“Selector”) ACN 102 856 347 AFSL 225316 to provide you with general information only. In preparing this update, we do not take into account your investment objectives, financial situation or particular needs. It is not intended to take the place of professional advice and you should not take action in reliance on this information. Neither Selector, or any of its related parties, their employees or directors, provide a warranty of accuracy or reliability for this information or accept any liability to any person who relies on it. Past performance is not an indicator of future performance. Selector does not guarantee the repayment of capital, payment of income or performance. Unauthorised use, copying, distribution, transmitting, publication, display, or reproduction in whole or in part of the information contained in this material is prohibited without prior written consent from Selector.

Unauthorised use, copying, distribution, transmitting, publication, display, or reproduction in whole or in part of the information contained in this material is prohibited without prior written consent from Selector.