J B Were Retail Prospectus

Goldman Sachs JBWere Asset Management is pleased to offer the JBWere Global Small Companies Fund to investors. This Fund aims to achieve long-term capital growth by investing in small companies globally.

Investing in global small companies – creating value from opportunity

A global small company – or global small cap – portfolio may appeal to international share investors seeking generally higher returns, who have more tolerance to risk, and importantly who have a long-term focus. The sector offers investors many advantages, including:

Diversification benefits – investing in a pool of quality, global companies enhances diversification and helps lower risk

The ability to grow at a faster rate – many global small companies are exposed to high-growth industries and technologies

Larger investible universe – offers investors a wide array of investment opportunities and hence potential for value-add

An undiscovered and under-researched universe – successfully leveraging this sector presents many opportunities for managers to add value

Low correlation with large cap international funds – further helps lower portfolio volatility and risk

Management stake tends to be high – investing in companies with hands-on, high quality management teams can provide additional return opportunities.

JBWere Global Small Companies Fund (Retail)

Date established	Minimum initial investment	Minimum additional investment	Savings plan?	Switching available?	Dist’n	Entry fee	Exit fee	Switch fee	MER (Est % pa)
November 1999	$5,000	$200	No	Yes	2	0-4%	Nil	Nil	2.40

Additional product features

Investment manager: Wellington Management Company, established in 1928, and is one of the oldest and largest investment management companies in the US. Wellington manages approximately A$500 billion in total assets for clients.

Assirt rating: 5-stars, investment grade

Fund description: The Fund aims to provide medium to long-term capital growth by investing in the shares of global companies with a market capitilisation of below US$2 billion (excluding Australian companies). There is a minimum of 80% of the Fund invested in shares at all times.

Fund objective: The Fund aims to outperform the S&P/Citigroup Broad Market Index less than US$2b over rolling 3-year periods and excluding Australian companies.

Wellington believes that global small companies are reasonably priced and should continue to perform well, supported by improving company profits.

How to invest: The Fund is available for applications through the JBWere Funds product disclosure statement (PDS).

Investment instructions: Before you invest in a fund, you should read the PDS carefully to
make sure the investment is appropriate to your individual investment objectives, financial situation and particular needs.

Entry free: The standard entry fee is 4%. However, we rebate 100% of the entry fee to you if you use the application form obtained from the electronic PDS. If you choose to have the PDS mailed, we rebate 90% of the entry fee to you. All rebates will be paid to you in the form of additional units in the Fund.

This document has been prepared by Goldman Sachs JBWere Managed Funds Limited ABN 63 005 885 567, trading as Goldman Sachs JBWere Asset Management ("GSJBWAM"). It is not a product of the Goldman Sachs JBWere Investment Research Department. The views and opinions expressed here may differ from the views and opinions expressed by the Goldman Sachs JBWere Investment Research Department or other departments or divisions of Goldman Sachs JBWere.

This document does not take into account any particular person’s financial circumstances. Before investing in any JBWere Fund, investors should read the Product Disclosure Statement (PDS) which is available at www.gsjbwere.com/managedfunds or for NZ investors – the Investment Statement which is available at www.gsjbwere.co.nz/fundsmanagement Applications for units can only be made on the application form in the PDS or Investment Statement.

To the extent that this document discusses general market activity, industry or sector trends, or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent it includes references to specific securities, those references do not constitute a recommendation to buy, sell or hold such security, and the information may not be current. Information about performance in this document relates to past performance, which is not indicative of future performance.

GSJBWAM is the issuer of units in the JBWere range of managed funds and will receive management fees as set out in the relevant offer document. An entry fee of up to 4% (subject to any rebate arrangements) is payable in connection with all Funds except the JBWere Wholesale Funds and the JBWere Nil Entry Fee Funds. For applications for units lodged through Goldman Sachs JBWere Limited (GSJBW), GSJBWAM may pay GSJBW brokerage and a trailing commission while the investment remains in existence. Your adviser can provide details.

Units in the Funds are not available for purchase by investors in the US or by any other US person.

GSJBWAM and its related entities distributing this document and each of their respective directors, officers and agents ("GSJBW Group") believe that the information contained in this document is correct as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any information contained in this document and to the maximum extent permitted by law. The GSJBW Group disclaims all liability and responsibility for any direct or indirect loss or damage that may be suffered by any recipient through relying on anything contained in or omitted from this document.

GOLDMAN SACHS is a registered trademark of Goldman, Sachs & Co. and is used under license from Goldman, Sachs & Co.