Press Release

04 December 2012 - For immediate release

Regal Long Short Australian Equity Fund is the only Fund in its category to be Highly Recommended by both Lonsec and Zenith.
The Regal Long Short Australian Equity Fund (the Fund) has topped Lonsecs recent sector review of Australian Long Short Equity Funds. Of the 12 Australian Long Short Equity Funds reviewed, the Fund received the only Highly Recommended rating in its category. This latest rating by Lonsec means that the Fund is the only Long Short Australian Equity Fund to be Highly Recommended by both Lonsec and Zenith. The Lonsec report said Lonsec's conviction in the strategy has continued to grow and we believe the Fund offers investors access to one of the strongest investment teams in the Lonsec peer group. Lonsec added that Regal, due to a track record of closing another fund at capacity, had demonstrated a sound awareness of investor priority ....the Manager's focus is on delivering performance outcomes for investors, not increasing company revenue via FUM growth. Commenting on recent ratings, Andrew West, Portfolio Manager at Regal Funds Management said, Regal is delighted to have received a highly recommended rating from Lonsec and Zenith. While Regal started managing long short portfolios in 2004, we have until recently only serviced institutional and high net worth investors. To receive such good support for the retail fund is very pleasing. The current environment is very well suited to long short investing. We are seeing greater dispersion in the performance of different stocks reappear due to the changing economic environment and this enhances opportunities to create outperformance as a fundamental manager with the ability to short. Ascalon Capital Managers, a 30% shareholder in Regal Funds Management, is the responsible entity of Regal Long Short Australian Equity Fund. The Head of Ascalon Australia, Jason Collins, added Ascalon introduced Regal to the Australian retail market in 2011 as we realised there was a shortage of quality long short offerings available to advisers and their investors. Very few fundamental managers in Australia have the shorting pedigree of Regal, and we felt that advisors and research houses would appreciate that this type of product is best managed by a specialist long short firm with an established track record in risk management. The Regal Long Short Australian Equity Fund aims to materially outperform the S&P/ASX 300 Accumulation Index net of fees over a rolling five year period. The total returns to the end of October 2012 after fees and since the Funds inception* are 18.09% versus the ASX/S&P 300 Accumulation Index at 3.90%. The alpha generated by the Fund versus its benchmark since inception to the end of October is 13.22%. The Fund is on several platforms such as BT Wrap, Macquarie Wrap, Navigator/MLC, Asgard, and TPS. For further information you can contact Jason Collins on P: 02 9017 9732 or E: collinsj@ascalon.com.au
*The Funds inception date is March 14th 2011. It feeds into a long short wholesale fund which was established in August 2009.

Regal Funds Management Pty Limited ABN 30 107 576 821 AFSL 277737

T F

+61 2 8197 4333 +61 2 8197 4334

Level 47, Gateway, 1 Macquarie Place SYDNEY nsw 2000 AUSTRALIA

Notes to the Editor

About Regal and Ascalon Regal Funds Management was founded in 2004 as a specialist hedge fund manager, with the Principals now having over 25 years combined investment experience and a long track record of delivering strong long and short returns to institutional and sophisticated investors. Regal brings a fresh approach to investing in Australian shares, and believes that by having the ability and experience to take short positions, they are differentiated in the market. Regal has partnered with Ascalon Capital Managers a company which invests in leading Australian boutique fund managers. Ascalon is 100% owned by the Westpac Banking Corporation. Ascalon is also the Responsible Entity for the Regal Long Short Australian Equity Fund. Investing in the Regal Long Short Australian Equity Fund via Ascalon is the only way retail investors can currently access Regals investment management expertise. Further information on Regal can be found at www.regalfm.com Further information on Ascalon can be found at www.ascalon.com.au

Disclaimer
Ascalon Capital Managers Limited ABN 14 093 660 523 (Ascalon) AFSL 300697 is the Responsible Entity of, and issuer of units in, the Regal Long Short Australian Equity Fund ARSN 149 722 654 (Fund). You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in the Fund. This information is for general information purposes only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. An investment in the Fund is not a deposit with or any other liability of the Westpac Banking Corporation (ABN 33007 457 141) or any other Company in the Westpac Group of companies. Past performance is not a reliable indicator of future performance. Your investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Ascalon, nor any other company in the Westpac Group, guarantees the repayment of capital or the performance of the product or any particular rate of return. The Fund accesses its investment strategy through the Regal Australian Long Short Equity Fund, the trustee and the manager of which is Regal Funds Management Pty Limited ABN 30 107 576 821 AFSL 277737. The Lonsec rating (assigned November 2012) presented in this document is published by Lonsec (who is Lonsec Limited ABN 56 061 751 102 AFSL No. 246842 and Lonsec Research Pty Ltd ABN 11 151 658 561, Corporate Authorised Representative of Lonsec Limited). The rating is a class service (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to General Advice and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec's ratings methodology, please refer to our website at: https://www.lonsec.com.au/aspx/Public/Documents/Ratings%20Definitions.pdf Zenith's ratings are prepared exclusively for clients of Zenith Investment Partners (Zenith). The rating is of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the Zenith rating or advice is appropriate to their situation before making an investment decision. Opinions expressed may change without notice. Zenith accepts no liability, whether direct or indirect arising from the use of information contained in the rating.

Regal Funds Management Pty Limited ABN 30 107 576 821 AFSL 277737

T F

+61 2 8197 4333 +61 2 8197 4334

Level 47, Gateway, 1 Macquarie Place SYDNEY nsw 2000 AUSTRALIA