Ascent Mortgage Management was founded in July 2006 as a joint venture partnership
between the partners of Capital First Limited and Andrew Rae, former General
Manager of Capital First Financial Services Pty Ltd.

The partners saw an opportunity to create a Mortgage Management company that could
run parallel to the already successful Capital First Limited Mortgage Fund, giving
a more rounded product offering to their distribution network.

Funding lines were set up with ING Bank Australia and Macquarie PUMA giving the new
venture the support of two of the largest names in Global Banking, relationships
having been forged over the previous 5 years with both banks by Rae would prove to
be an integral part of the early success enjoyed by the venture.

In September 2006 Capital First Limited changed its name to Ascent Funds Management
which was extremely well received by the market and also bound the two business
more closely.

The business model deployed by the Ascent group is to have “narrow deep” relationships
with a core group of brokers and business partners wit the one barrier of entry being
that we all share a common focus of doing quality business with quality people thus
ensuring we all share in the success.