IFC Capital Limited is a public company listed on the Stock Exchange in Sydney. In October 2003, shareholders of IFC Capital voted to change the nature of the activities of IFC Capital to a holding company, with investments in infrastructure projects and services, property related projects and strategic investment opportunities in small to medium size companies. As part of these activities, IFC Capital intends to promote and invite external investment into wholesale unit trusts which will be structured around profitable asset acquisitions and managed by IFC Capital Subsidiaries. In addition to generating returns for equity invested, the Company will earn fee income from the wholesale unit trusts for the following roles:

• identifying and securing opportunities;
• development management;
• funds management;
• marketing co-ordination; and
• providing returns above target hurdle rates.

Marketing and distribution of trust units will be via direct contract with identified parties and networks. The Company is confident that it can successfully identify profitable opportunities in infrastructure and property and access the capital required to secure these opportunities and progress them to a successful outcome.