1.  We want to build mutually beneficial and profitable long-term relationships with our
     advisers, our investors and our employees.

2.  We take an expansive view of who our clients might be, what they might need and what
     services we can provide to them.

3.  We seek to create and deliver significant value to our clients.

4.  We aim to achieve and sustain a cost advantage over our competitors by continually
     searching to deliver our services more efficiently.

5.  In pursuit of these objectives, we value:

• Listening - to what our clients are saying;
  
  
• Vision - anticipating what our clients may need in the future;
  
  
• Innovation - searching for new and better ways to deliver value to our clients;
  
  
• Quality Decisions - based on extensive analysis of the facts;
  
  
• Urgency and Flexibility - which must be trademarks of a growing organisation;
  
  
• Pioneering - looking to deviate from the status quo;
  
  
• Integrity - always remembering that we are managing the hard-earned life savings of our clients.
  

1.  We are all committed to the concept of loyalty, which we define as the determined
     collective pursuit of the principles set out in this business philosophy.

2.  We pursue quality and depth in all matters relating to the our business.

3.  We value colleagues who:

• Bring their own individuality and spirit to our firm but respect the benefits of teamwork;
  
  
• Seek and find the elusive balance between self-interest and group-interest;
  
  
• Want to win but are not willing to win at the team's expense;
  
  
• Are positive and optimistic towards life in general;
  
  
• Have the confidence to respectfully debate issues.

4.  We care about each individual within our firm and we look to provide a positive and
     supportive environment in which each of us can develop and achieve our potential.

5.  We encourage individuals within our firm to own and grow their roles. We value self-
     motivation, self-governance and self-correction.

6.  We are informal, co-operative and open. The networks of communication within our firm
     are informal and relationships crisscross the firm. We expect and value an attitude of co-
     operation. We encourage respectful candidness in our communications with each other.
     We strive for a sense of community within our firm.

7.  We know that each of us will face adversity in our lives. We welcome our responsibility to
     support our people when adversity occurs.

8.  We know that as a firm we will face commercial adversity. Each of us is committed to the
     collective fortitude that will be required.

9.  We will acknowledge and reward each individual's contribution.