Emerging Leaders Investment Limited

ABN: 29 107 197 795
Company Announcements Office
Australian Stock Exchange Limited
20 Bridge Street
SYDNEY NSW 2000
19 November 2013

ELI Reorganisation - Ausbil Dexia Limited waives Buy Spread on Application for Units in Ausbil Investment Trust - Australian Emerging Leaders Fund

As previously announced to the shareholders of Emerging Leaders Investment Limited (ELI) on 19
July 2013 and described in detail in the Explanatory Memorandum dated 21 October 2013, an essential step in the Reorganisation of ELI, is the in-specie transfer of a portion of ELI's investment portfolio to Ausbil Investment Trust - Australian Emerging Leaders Fund (AELF), in consideration for the issue of units in AELF to ELI.
The Board of ELI is pleased to advise that Ausbil Dexia Limited (Ausbil) has agreed to waive the buy spread normally required in any application for units in AELF. As a consequence, the number of units in AELF to be distributed by ELI to Eligible Shareholders1 will not be reduced as a result of the buy spread. However, following the distribution of AELF units by ELI to Eligible Shareholders, any redemption of AELF units by investors will be subject to the normal sell spread.
ELI shareholders who are not Eligible Shareholders (Non-Eligible Shareholders) receive the full net tangible asset per share of their holding of ELI shares (after deducting winding up costs) in cash (Cash Distribution). The waiver of the buy spread by Ausbil will not change the value of the Cash Distribution to be received by Non-Eligible Shareholders.
Yours sincerely,

John Evans
Chairman

1 Eligible Shareholders are shareholders who, as at the record date for the Reorganisation, hold a minimum of

10,000 shares and who are resident in Australia or New Zealand.

distributed by