Guinness Peat Group

Australian Wealth Management (19.5%)GPGAWM was spun-off from Tower Ltd in February 2005 with an effective marketcapitalisation of approximately $260 million.In January 2006, announced the merger of AWM and Select Managed Funds Limited.AWM offered 7 of its shares for every 2 Select shares. Merger was successfully completed in May 2006.The merged group has FUMA of $36.3 billion plus a further $17.2 billion funds undersupervision.Currently in the process of integrating the two businesses to extract both cost and revenuesynergies.The merged group currently has a market capitalisation of approximately $1.5 billionbased on AWM’s current share price.GPG controls approximately 19.5% of merged entity. Based on AWM’s current shareprice, GPG’s holding has a market value of $A298m9