Whitefield seeks to provide investors with a cost efficient investment vehicle. To the extent possible Whitefield aims to maintain underlying expenses of operation at approximately 0.35%pa or less of investment assets. This percentage is called the management expense ratio.

Operating and management expenses on managed investment vehicles vary widely. In general, the costs of operating unlisted managed investment funds range from 0.30% - 3.00%pa of investments, with the majority of retail Australian share investment funds in the 0.70%-1.50%pa range. In general, the costs of operation for Australian share listed investment companies range from 0.15% - 1.50%pa.

The long term benefit of a cost-efficient investment vehicle can be material. Assuming investment returns are similar, an investment vehicle with an MER 1%pa [as a percentage of assets] lower than another; will be worth approximately 17% more in value after 25 years. An investment vehicle with an MER 2%pa [as a percentage of assets] lower than another, will be worth approximately 37% more in value after 25 years.

Calculations assume all other factors remain equal, that all dividends are reinvested, that income tax is paid at company rates on
capital gains, and that management expenses are tax deductible. Investment returns are assumed to be 13.5% pre tax.