NO.070

WATSON WYATT APPOINTED TO ASSIST GOVERNMENT ON THE ESTABLISHMENT OF THE

FUTURE FUND

On 18May 2005 Treasury released a Request for Tender for the services of an

asset consultant to assist the Government’s consideration of the investment

mandate for the Future Fund.

Following careful assessment against the evaluation criteria set out in the

Request for Tender, Treasury has selected Watson Wyatt as the preferred tenderer.

Watson Wyatt will provide advice to the Government on a range of issues including

the type of asset classes the Government might invest in, the expected returns

and the associated level of risk; whether any restrictions should exist on investment

in particular asset classes, given the objectives of the Fund; and potential

impacts on financial markets from the entry and ongoing investment activities

of the Fund.

MELBOURNE

28 July 2005

Contact: David Alexander

03 9650 0244