Perennial Investment Partners, Managed Funds.

FUND OVERVIEW

Perennial Cash Trust

Inception Date

July 2008

Fund Size as at 31/12/2011

$365.05 million

ASSET CLASS

% ALLOCATION

The composition of the Trust's investments is subject to constant change. The holding of securities may vary or be disposed of at any time.

Cash

Perennial believes that there are a number of strategies that can be used to deliver superior returns over the cash benchmark, without compromising the underlying characteristics of cash investing.

Fund Facts

Investment Approach

The Perennial Cash approach can be summarised as follows:

Quality - investing only in highly rated bank deposits, commercial paper and floating rate notes
Liquidity - the portfolio should have true 'cash' like characteristics with highly liquid investments
Stability - the key focus of the Trust will be delivering stable returns above the UBS Bank Bill index, with very low levels of volatility

Investment Strategy

The Trust will be actively managed and aims to take advantage of investment opportunities in the Australian money markets. The Trust will invest in a range of high quality interest bearing securities including bank bills, negotiable certificates of deposit, commercial paper and floating rate notes.

Investment Summary

Perennial Cash Trust

Minimum Investment	$100,000

Minimum Added Investment	$5,000

Risk/Return Profile	Low

Returns achieved mainly through	Income

Income Distribution	Monthly

Minimum Recommended Investment Period	1 Year

Unit Prices

Distribution

Perennial Cash Trust

Frequency	As at	Reinvested NAV Price($)	CPU	Fund Payment CPU *	Discounted Capital Gain CPU

Monthly	31/01/12	1.0232	0.2900	0.2826	0.0000

Monthly	31/12/11	1.0220	0.4600	0.3121	0.0000

Monthly	30/11/11	1.0224	0.4000	0.2409	0.0000

Monthly	31/10/11	1.0225	0.5500	0.4768	0.0000

Monthly	30/09/11	1.0234	0.4300	0.3562	0.0000

Monthly	31/08/11	1.0234	0.5000	0.2853	0.0000

Monthly	31/07/11	1.0251	0.0400	0.0400	0.0000

Monthly	30/06/11	1.0211	0.7853	2.6324	0.0000

Monthly	31/05/11	1.0248	0.5000	0.0000	0.0000

Monthly	30/04/11	1.0254	0.5000	0.0000	0.0000

Monthly	31/03/11	1.0260	0.3800	0.0000	0.0000

Monthly	28/02/11	1.0253	0.5000	0.0000	0.0000

Monthly	31/01/11	1.0263	0.5000	0.0000	0.0000

Monthly	31/12/10	1.0268	0.4500	0.0000	0.0000

Monthly	30/11/10	1.0269	0.3200	0.0000	0.0000

Monthly	31/10/10	1.0259	0.3700	0.0000	0.0000

Monthly	30/09/10	1.0252	0.1000	0.0000	0.0000

Monthly	31/08/10	1.0221	0.3800	0.0000	0.0000

Monthly	31/07/10	1.0215	0.7800	0.0000	0.0000

Monthly	30/06/10	1.0248	0.3082	0.0145	0.0000

Monthly	31/05/10	1.0237	0.3000	0.0778	0.0000

Monthly	30/04/10	1.0226	0.1400	0.0137	0.0000

Monthly	31/03/10	1.0202	0.5000	0.0000	0.0000

Monthly	28/02/10	1.0216	0.3500	0.0000	0.0000

Monthly	31/01/10	1.0216	0.2400	0.0346	0.0000

Monthly	31/12/09	1.0204	0.3000	0.0000	0.0000

Monthly	30/11/09	1.0199	0.3100	0.0000	0.0000

Monthly	31/10/09	1.0196	0.1700	0.0673	0.0000

Monthly	30/09/09	1.0184	0.3900	0.0000	0.0000

Monthly	31/08/09	1.0194	0.3300	0.0056	0.0000

Monthly	31/07/09	1.0202	0.1400	0.0223	0.0000

Monthly	30/06/09	1.0189	0.1287	0.0000	0.0000

Monthly	31/05/09	1.0176	0.1500	0.0000	0.0000

Monthly	30/04/09	1.0166	0.0600	0.0146	0.0000

Monthly	31/03/09	1.0146	0.6500	0.0000	0.0000

Monthly	31/12/08	1.0112	0.9000	0.0000	0.0000

Monthly	30/09/08	1.0033	1.0500	0.0000	0.0000

* A fund payment is a payment made by a Managed Investment Trust that represents a distribution of its Australian sourced income (other than dividends, interest and royalties).

Performance and Fees

Perennial Cash Trust

PERFORMANCE TABLE	1 MONTH % P.A.	QUARTER % P.A.	FIN. YEAR TO DATE % P.A.	1 YEAR % P.A.	2 YEARS % P.A.	3 YEARS % P.A.	SINCE INCEPT. % P.A.	FEES

As at 31/12/2011								Entry Fee (%)	NIL

GROSS PERFORMANCE	0.4	1.3	2.5	5.3	5.2	4.7	5.1	Exit Fee (%)	NIL

BENCHMARK (UBS Bank Bill)	0.4	1.2	2.5	5.0	4.8	4.4	4.7	Management Fee (% pa)	0.22

VALUE ADDED	0.0	0.1	0.0	0.3	0.4	0.3	0.4	Performance Fee	NIL

NET PERFORMANCE	0.4	1.2	2.4	5.1	5.0	4.5	4.9	Buy/Sell Spread (%)	Nil

Average Annual Compound Rate of Return

As at 31/12/2011	GROWTH RETURN % P.A	INCOME DISTRIBUTION RETURN % P.A.	TOTAL RETURN % P.A	BENCHMARK % P.A *

1 Year	-0.5	5.5	5.1	5.0

3 Years	0.4	4.1	4.5	4.4

5 Years

Since Inception	0.6	4.2	4.9	4.7

Publications and Monthly Commentaries

Perennial Cash Trust

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Investment Manager: Perennial Investment Partners Ltd ABN 59 087 901 620, AFSL No. 238763. Sub Manager: Perennial Value Management Limited ABN 22 090 879 904, AFSL No. 247293. Perennial Fixed Interest Partners Pty Limited ABN 35 099 336 357, Perennial International Equities Management Pty Limited ACN 099 336 375, Perennial Growth Management Pty Limited ABN 41 099 336 384 and Perennial Real Estate Investments Pty Limited ABN 35 117 913 685 are Subsidiaries and Authorised Representatives of Perennial Investment Partners Limited.