Issued ₁ July ₂₀₁₅. AMP Growth Bond. Product disclosure statement. This document is issued by AMP Life Limited ABN , AFSL No

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1 Issued ₁ July ₂₀₁₅ AMP Growth Bond Product disclosure statement This document is issued by AMP Life Limited ABN , AFSL No

2 Contents About the AMP Growth Bond Features at a glance Tax simplicity that helps you Starting and contributing to your AMP Growth Bond Transacting Ownership, lives insured and nominated beneficiaries Fees - the fees that apply to your investment Risks of investing Managing your risks Investment options and fees Important information This product disclosure statement (PDS) is an important document. You should read all of it before you complete the application form to invest. In this PDS, 'we', 'us', 'our' and 'AMP Life' mean AMP Life Limited. We refer to the AMP Growth Bond as 'your investment'. This PDS has been prepared by, and this financial product is issued by, AMP Life Limited. No other company in the AMP group is responsible for any statements or representations made in this PDS. No other company in the AMP group guarantees the performance of AMP Life Limited s obligations to you nor assumes any liability to you in connection with your investment. Neither AMP Life Limited, nor any other company in the AMP group or any of the fund managers of the investment options guarantees the performance of your investment or the investment options or any particular rate of return. The repayment of capital is not guaranteed unless expressly stated. In the event of any inconsistency between the policy for the AMP Growth Bond and the PDS, the terms of the policy will prevail. The AMP Growth Bond does not participate in the distribution of any surplus of any statutory fund. Investments in the investment options are not deposits or liabilities of AMP Life Limited, AMP Bank Limited ABN , AFSL No (AMP Bank), any other member of the AMP group or any of the investment managers. AMP Life Limited is not a bank. AMP Bank does not stand behind AMP Life Limited. The investment options are subject to investment risks, which could include delays in repayment and loss of income and capital invested. The information contained in this document is of a general nature only and may contain advice that is not based on your personal objectives, financial situation and needs. You are encouraged to consult a financial adviser before investing and consider how appropriate this product or the advice is to your objectives, financial situation and needs. AMP companies receive fees and charges in relation to the AMP Growth Bond as outlined in the PDS. AMP employees and/or directors receive salaries and/or benefits from the AMP group. This offer is available only to persons receiving (including electronically) the PDS within Australia. Applications from outside Australia will not be accepted. AMP Capital Investors Limited ABN , AFSL No (ACI) who are the investment managers for the investment options available: have given and not withdrawn their consent to be named in the PDS have only been involved in the preparation of sections applicable to them. Changes to this PDS As the information in this PDS may change from time to time, you can obtain updated information simply: by asking your financial adviser (if applicable), by visiting amp.com.au/growthbond, or by calling us on to request a free paper copy of the updated information.

3 About the AMP Growth Bond The AMP Growth Bond is an investment product that offers you a simple and tax effective way to invest. You can do this by making regular contributions, by starting with a single lump sum or both. The AMP Growth Bond also offers a child advancement version for people who wish to establish an investment for a child to meet their future financial needs. The AMP Growth Bond is a life insurance policy issued by AMP Life Limited. Take control of your own future - it s easy! The AMP Growth Bond can help you achieve your savings, investment and financial goals. You can start a bond with as little as $1,200, or just $100 per month with the Regular Investment Plan. Different objectives and goals The AMP Growth Bond has been designed to meet a range of different needs. You might choose to invest in this product because you want to: invest tax effectively over the longer term avoid locking all your money away into superannuation and/or pensions save for the future financial needs of a child (eg first home, education or wedding expenses) have an investment where you have confidence in the estate planning outcomes generate capital growth from an investment avoid unnecessary tax return complications of other investments. For more information, refer to amp.com.au/growthbond or talk to your financial adviser. Accessibility You can withdraw from your investment at any time, subject to maintaining a minimum investment value of $2,500. This means your money is not 'locked away' for a period of time or until you reach retirement. There are no withdrawal fees. Depending on your circumstances however, there may be tax advantages for maintaining your investment for 10 years or more. See the Tax simplicity that helps you section for more details. Simplicity Investment choices You can select from a range of quality investment options in which you can invest. Simply choose the investment option(s) with the profile that best suits your needs. You can choose up to nine investment options. Automatic indexing If you select the Regular Investment Plan feature, you can nominate to increase the amount you contribute (by direct debit) automatically each year. This will occur on the anniversary of when your investment was started. This may assist you to take advantage of the 125% opportunity (see the Tax simplicity that helps you section for more details). Simply choose the indexation amount that is right for you (up to 25%). Automatic indexing rates (per year) CPI 5% 10% 15% 20% 25% 3

4 Tax simplicity You don t need to include details of your investment in your personal tax return in any year unless you make a withdrawal. Refer to the Tax simplicity that helps you section for information on the tax treatment of this product. Please note: Any tax and social security information in this document is of a general nature only and only relates to investors who are individuals (and not in a trustee capacity). Tax and social security laws are complex and can change. We recommend you discuss your own circumstances with your financial adviser or accountant before you decide to invest. Need help with this product? You should consult a financial adviser before you invest. If there is any part of this PDS you do not understand, ask your financial adviser or call AMP. To find a financial adviser near you simply: visit our website amp.com.au and refer to our Financial advice section, or contact us on We can provide you with more information on this product. 4

5 Features at a glance Transactions Minimum amounts See page Initial investment (if Regular Investment Plan is not selected) Initial investment (if Regular Investment Plan is selected) Additional investment Switch investment options Withdrawal Regular Investment Plan $1,200 $100 per month using the Regular Investment Plan $200 $250 $1,000 $100 per month Annual increases via the automatic indexing feature is available Page 9 Page 9 Page 9 Page 11 Page 11 Page 9 Investment options See page Investment options available Maximum number of investment options Investment guarantees AMP All Growth AMP Balanced Growth AMP Australian Bond AMP Capital Dynamic Markets AMP Cash Plus AMP Moderate Growth Future Directions Balanced Specialist Australian Share Specialist Property and Infrastructure Select up to 9 Available for the AMP Cash Plus investment option - AMP Life guarantees that the AMP Cash Plus unit price will never fall Page 22 Page 22 Page 22 Fees Management fee 1.00% pa See page Page 15 Features See Page Ownership flexibility Various policy owner options are available, including individuals, joint individuals, trust or a company Child advancement version Available Gift certificate A gift certificate is available on request Page 12 Page 14 Nominate beneficiaries Nominate a beneficiary to receive proceeds on death - with no tax payable Page 13 5

6 Contacting AMP Online access Phone enquiries Internet View details of your AMP Growth Bond online at any time on amp.com.au/myportfolio (Customer Service) amp.com.au 6

7 Tax simplicity that helps you The AMP Growth Bond is a 'tax paid' investment. This means that AMP Life pays tax on investment earnings, currently at a rate of 30%. The actual tax rate paid may be less due to imputation credits and other tax benefits generated by an investment option. The AMP Growth Bond allows you to take advantage of the tax treatments available in this type of product. These include the 10 year tax rule and the 125% opportunity. No personal tax after₁₀ years - 'the ₁₀ year tax rule' If you hold your investment for 10 years from the original investment date and make no withdrawals, you do not need to pay personal income tax on any investment earnings, subject to the 125% opportunity requirements being met. This means that after 10 years there will be no personal income tax on any gains (investment earnings) made on your AMP Growth Bond when you withdraw. Tax offset (rebate) for withdrawals within₁₀ years If you make a withdrawal within the first 10 years, investment earnings from your investment are assessable and should be included as assessable income for tax purposes (you are never taxed on your original capital investment). Withdrawals made Within 8 years During the 9th year During the 10th year After 10 years Tax payable any investment gain is included as assessable income and taxed at your marginal tax rate a tax offset of currently 30% for the assessable amount is also received one-third of the investment gain is tax paid two-thirds of the investment gain is included as assessable income and taxed at your marginal tax rate a tax offset of currently 30% for the assessable amount is also received two-thirds of the investment gain is tax paid one-third of the investment gain is included as assessable income and taxed at your marginal tax rate a tax offset of currently 30% for the assessable amount is also received all of the investment gain is tax paid. This means you do not need to pay personal income tax on any investment earnings from this investment. Before you make a withdrawal from your investment, we suggest you discuss the potential tax implications with your financial adviser or accountant to make sure you receive the maximum tax advantages available to you. The₁₂₅ % opportunity - simplified Each year you can invest up to 125% of the previous year s contribution without restarting the 10 year tax period. For example, if you invested $10,000 during year 1, you can invest up to $12,500 ($10,000 x 125%) in year 2 and so on. By contributing up to 125% of the previous year s contribution you can take advantage of the 10 year tax rule. You can switch investment options at any time, this will not affect the 10 year tax rule or the 125% opportunity. How the 125% opportunity works The table overleaf shows how, based on a regular starting contribution of $100 per month or an initial starting contribution of $10,000, your investment can work using the 125% contribution opportunity. Based upon an initial contribution in the first year of $1,200 then taking advantage of the 125% contribution opportunity each year, you can invest up to $8, in year 10. 7

8 Maximum amounts you can contribute without exceeding the 125% limit Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Based upon an initial investment of $100 per month ($) 1, , , , , , , , , , Based upon an initial investment of $10,000 ($) 10, , , , , , , , , , It is important to note that we do not monitor the 125% contribution limit for you. This means that if, at any time, you make more than 125% of the previous year s contribution amount, AMP will not communicate this to you. Also, it is important to note that if in any year you do not make a contribution, then any subsequent contribution will exceed the 125% limit and would trigger the commencement of the 10 year tax period. If you intend to make additional contributions which exceed the 125% rule it is important that you first consider the tax implications of doing so. To preserve your tax position (ie the 10 year tax rule), it may be more appropriate to start a new investment. We recommend you discuss the tax implications with your financial adviser or accountant. Important note: You will restart the 10 year tax period for the entire AMP Growth Bond if you: contribute more than 125% of the previous year s contribution make no contributions in any one year and then make contributions in future years. Consider starting a new investment if this occurs. 8

9 Starting and contributing to your AMP Growth Bond How much do I need to start/contribute to my AMP Growth Bond? The AMP Growth Bond can help you achieve your savings, investment and financial goals. You can start your investment with as little as $1,200, or just $100 each month using the Regular Investment Plan. Starting your AMP Growth Bond Initial investment Minimum amount $1,200 or $100 per month with the Regular Investment Plan. To begin your investment you need to complete the application form attached to this PDS and send it to us with your initial investment. Alternatively you can apply online at amp.com.au/growthbond. Contributing to your AMP Growth Bond Minimum amount Regular Investment Plan Automatic indexing (available only if you have a Regular Investment Plan) Additional investments What unit price will I get? $100 per month You can choose to have your Regular Investment Plan amount automatically increased each year on your bond anniversary. The following increases can be selected: CPI, 5%, 10%, 15%, 20% or 25%. $200 If we receive the payment and all relevant information for your contribution request at an AMP processing centre by 3pm Sydney time on a Sydney business day, you will receive the latest unit price calculated for that day. If we receive the payment and all relevant information for your contribution request at an AMP processing centre after 3pm Sydney time on a Sydney business day, you will receive the unit price applicable for the next Sydney business day. What payment methods can I use? Payment method accepted Initial investment Regular Investment Plan (Monthly) Additional investment Cheque Make your cheque payable to 'AMP Life Limited Growth Bond' Direct Debit (i) Biller Code: (ii) Credit card (i) Regular investment plans may be set up via a Direct Debit form available on amp.com.au/forms. Additional investments may also be made by contacting us on (ii) Phone and Internet Banking -. Call your bank, credit union or building society to make this payment from your cheque or savings account. To use, you will need your unique Customer Reference Number (CRN) as well as our Biller Code. If you do not have a CRN, refer to your Welcome letter or Annual statement or call us on

10 Acceptable credit cards are Visa or MasterCard only. Investments made by credit card, using a credit or debit card, will incur a processing fee of 0.88% (including GST) of the investment amount. This processing fee will be applied by AMP Life Limited (as the merchant) each time you make an investment and does not form part of your investment. The processing fee may change at any time. We will give you at least 30 days notice if the processing fee is increased. Select how your money is invested When you start your AMP Growth Bond you can select from a range of investment options. You can choose to invest in up to nine investment options at any time. Plus, you can tell us how you would like your future contributions invested. This means you may select a particular investment option for your initial contribution, and a different selection of investment options for any additional investments to your AMP Growth Bond. 10

11 Transacting Can I change my investment options? You can withdraw your investment from one investment option and invest into another investment option at any time. This is called switching. Switching Minimum amount Investment switching fee How do I switch? What unit price will I get? $250 Nil You can obtain a switching form online at amp.com.au/forms then search for 'Update or switch my investments'. Or call us on and we can send you a form. If we receive all relevant information for your switch request at an AMP processing centre by 3pm Sydney time on a Sydney business day you will receive the latest unit price calculated for that day. If we receive all relevant information for your switch request at an AMP processing centre after 3pm Sydney time on a Sydney business day you will receive the unit price applicable for the next Sydney business day. Before you decide to switch, we recommend you discuss it with your financial adviser. In certain circumstances, we may delay switches. See Page 11 for more details. Making withdrawals from your investment You can withdraw from your investment at any time. Withdrawing from your investment Minimum amount $1,000 Minimum balance that must be maintained $2,500 If in the event of making a withdrawal your account balance falls below this amount, we reserve the right to pay the whole account balance to you. How do I make a withdrawal? How will I receive the funds? What unit price will I get? The easiest way to make withdrawals is to call us on We can issue you with the right form and guide you through the process. Withdrawal proceeds are paid to the policy owner(s) by direct credit into an appropriate Australian bank account. To protect policy owner(s) we do not allow payment to third parties. If we receive all relevant information for your withdrawal request at an AMP processing centre by 3pm Sydney time on a Sydney business day you will receive the latest unit price calculated for that day. If we receive all relevant information for your withdrawal request at an AMP processing centre after 3pm Sydney time on a Sydney business day you will receive the unit price applicable for the next Sydney business day. Please note: If you do not specify which investment option(s) you want to withdraw units from, we will withdraw your units proportionally across your investment options. Depending on your circumstances, a withdrawal may trigger a tax consequence. See Page 4 for more details. Before you decide to withdraw, we recommend you discuss it with your financial adviser. In certain circumstances, we may delay withdrawals. See Page 26 for more details. 11

12 Ownership, lives insured and nominated beneficiaries The following section outlines information relating to the setup of your AMP Growth Bond. We have provided you with flexibility in setting up your investment to help you arrange the ownership structure that helps you to achieve your objectives. Arranging the ownership structure of the bond so that its benefits are received by the right person(s) or entity at the right time is part of 'estate planning'. Estate planning can be a complex area and we recommend you seek the advice of your financial adviser to ensure the best outcomes to you. Ownership The policy owner owns the investment. The policy owner can be: Individual(s): an individual (aged 16 years or over, or for a Child advancement version aged 18 years or over) two individuals (joint owners aged 16 years or over) sole traders a child between 10 and 16 of age with parental or guardian consent (As an alternate option a child advancement version of this bond can be established, see the Child advancement version section.) At any time we only allow a maximum of two individuals to own the AMP Growth Bond as policy owners ie joint owners. If the policy is jointly owned, then we will treat the ownership as 'joint tenants' (which means that the individuals jointly own the whole policy, rather than each individual owning a separate part of the policy). For the Child advancement version, a maximum of one individual can be a policy owner. Or an entity: trustee (but not a trustee of a superannuation fund) deceased estate company At any time we only allow one entity to own the AMP Growth Bond as policy owner. Lives insured The policy owner can nominate up to two natural persons of any age as the life (lives) insured. Where a life insured is not nominated, all owners (including joint owners) will become the life (lives) insured. The policy owner (or their nominated beneficiary) will receive the proceeds of the investment following confirmation (and appropriate proof) of the death of the last surviving life insured. If the policy owner dies before the last surviving life insured, ownership of the investment will transfer to the policy owner s estate. If the investment is jointly owned, ownership passes to the surviving policy owner upon death of a joint investment owner. The life insured cannot be changed once the investment has commenced. 12

13 Nominating a beneficiary You can nominate beneficiaries to ensure that they receive the proceeds of your investment upon the death of the last surviving life insured. There are some rules in place around nominating beneficiaries that you need to consider: Only policy owners that are individuals can nominate beneficiaries. Where a policy is jointly owned, then all owners must be the lives insured to jointly nominate a beneficiary. For the child advancement version you cannot nominate beneficiaries. For individual beneficiaries we need to know the full name, date of birth and the percentage split allotted to each nomination made. You can nominate an entity to be a beneficiary (ie a company or a trust). All nominations made are unconditional. Policy owners may change a nominated beneficiary or revoke a previous nomination at any time prior to a claim event occurring by writing to us. If ownership of the policy is transferred (assigned) to another person then any previous nomination is revoked (ie becomes invalid). If a nominated beneficiary dies before a claim is made under the policy or in the case of a corporation or trust nomination, that entity no longer exists, then any previous nomination (in total) is revoked (ie becomes invalid). A nominated beneficiary has no rights under the policy, other than to receive the proceeds after a claim has been admitted. If no beneficiaries are nominated (or a nomination is revoked), then upon death of the last surviving life insured, the proceeds of the investment will be paid to the policy owner s estate. When are death benefits paid? Death benefits are paid upon the death of the last surviving life insured. Upon the death of this person, the policy owner(s) or, if different to the policy owner(s) the beneficiary(ies), will receive the death benefit with no additional tax to pay. Once we receive notification of the death of the last surviving life insured, we will transfer your balance into the AMP Cash Plus investment option. This protects the value of the benefit. Any investment earnings between the date we are notified of the death (of the last surviving life insured) and the day we pay the benefit will be added. There are no protection (insurance) benefits associated with this investment. The amount paid will be the value of the investment account at the date we process and pay the claim. Other information Changing the AMP Growth Bond policy owners A policy owner over the age of 16 can arrange to transfer (assign) ownership of the investment to another person at any time. This may attract stamp duty (payable by the policy owner) and may generate a tax liability. Before you decide to transfer ownership, we recommend you contact your financial adviser or accountant to ensure you understand any tax consequences. 13

14 Child advancement version The AMP Growth Bond is also available as a 'child advancement' version. Child advancement policies are designed for anyone (such as a parent, grandparent or other family and friends) who would like to establish an investment for a child. Initially, the policy owner is the person establishing the AMP Growth Bond for the child. When the child reaches a predetermined age (known as the 'vesting' age) the ownership of the AMP Growth Bond will transfer to the child. Child advancement Policy owner Life insured Nominated beneficiary Who Age requirements Vesting age Change of ownership One individual Must be 18 years or older at commencement One child Must be younger than 16 years at commencement Is nominated by the policy owner and must occur between the life insured s 10th and 25th birthday. If no age is specified, the investment will vest when the life insured turns 25 years of age. The policy owner may change the nominated vesting age by writing to us (subject to the vesting age being between 10 and 25 years). Permitted Not permitted Can be changed any time prior to the life insured reaching their vesting age. Not available for the child advancement version Vesting age Policy ownership will transfer to the child when they reach the age nominated by the owner. This age is known as the vesting age and must be between ages 10 and 25 (inclusive). By law, if no vesting age is nominated then the policy will automatically vest at age 25. On reaching vesting age, transfer of ownership occurs automatically without capital gains tax consequences, stamp duty and without incurring any fees or charges. If ownership vests and the child is under age 16, then a parent or guardian s signature is required for all contributions and withdrawals. Due to Anti-Money Laundering legislation we may be required to identify the new owner either prior to or after the automatic vesting. We will contact you at the appropriate time. Gift certificate If you are applying for a child advancement version, you can request a gift certificate from AMP. Please indicate on the application form if you would like a gift certificate to be issued. You will need to allow up to 21 working days from receipt of your application. The gift certificate will be issued at no additional cost to you. 14

15 Fees - the fees that apply to your investment Fees and other costs This section shows fees and other costs that you may be charged. These fees and costs may be deducted from your investment, from the returns on your investment or from the fund assets as a whole. You should read all the information about fees and costs to understand their impact on your investment. Refer to the investment options and fees section for fees and costs for particular investment options. Type of fee or cost Amount How and when paid Fees when your money moves in or out of your investment Contribution fee The fee on each amount contributed to your investment Withdrawal fee The fee on each amount you take out of your investment Management costs The fees and costs for managing your investment Nil Nil Management costs consist of: Not applicable Not applicable Management fees 1.0% of the amount invested in the investment option each year. PLUS Performance based fees of up to 25% of the outperformance over the benchmark index for the relevant investment manager. The management fee is paid daily from the assets of each investment option and reflected in the unit price when declared. Performance based fees are paid to certain investment managers when they meet specific investment performance targets and are deducted from the unit price when these targets are met. Service fees Investment switching fee The fee for changing investment options Nil Not applicable Also, you and your financial adviser may agree on an advice fee for financial planning services in relation to AMP Growth Bond. See below under Additional explanation of fees and costs. Additional explanation of fees and costs Performance based fees A performance based fee (PBF) is a reward an investment manager receives if they exceed specific performance targets. Any fee charged is incorporated into the investment option s unit price. Performance fees are charged separately and do not affect other fees. Each performance fee is calculated slightly differently but they all have the following common elements: A performance fee is only payable to a manager if they achieve a target level of return. Each time a performance fee is paid the portfolio must reach the previous highest value plus the appropriate performance hurdle before a new performance fee is payable. Performance fees are calculated and accrued regularly (at least monthly) and incorporated into the calculation of unit prices. The accrued performance fee can rise or fall in line with delivered performance. Performance fees are only payable at the end of each financial year and in certain circumstance payments may be delayed. Multi-sector and multi-manager investment options may have a number of investment managers with performance based fees, and each will be determined on each investment manager s performance. This means an individual manager can earn its performance based fee irrespective of the investment option s overall investment returns. 15

16 Estimated performance based fees can be found in the investment options and fees section. Performance Based Fees example The following example shows how a PBF is calculated. The example should not be taken as the amount of the actual PBF in relation to this product. The actual PBF for each investment option will depend on various other factors. ABC Investment Option is a hypothetical Multi-sector (Traditional) investment option. It has a multi-manager investment approach and certain investment managers within some of the asset classes have a PBF of up to 25% of their outperformance over their relevant benchmark index. For the purpose of this example, the following three assumptions apply. Assumptions Assumption 1 The ABC investment option s asset allocation (by asset class) and percentage of investment managers for each asset class entitled to PBFs is shown in the table below. Asset class (A) % allocation to each asset class (B) % of managers entitled to a PBF Assumption 2 Assumption 3 Global shares 27 Australian shares 28 Growth alternatives 12 Direct property 6 Listed property Defensive alternatives 6 Global bonds 7 Australian bonds 11 Cash 3 PBF as a % of outperformance payable for all asset classes = 25% Performance in excess of the benchmark for each investment manager = 1% The estimated PBF for each asset class is calculated using the following formula: (A) Allocation to an asset class (Assumption 1) X (B) % of managers entitled to a PBF (Assumption 1) X (25%) PBF as a % of outperformance (Assumption 2) X (1%) the performance in excess of the benchmark (Assumption 3) Based on the calculation below, if you have a balance of $100,000 in the ABC investment option and if the outperformance of 1% by all the managers occurs in one year, the total PBF to you for this option across all the asset classes would be $158. Asset sector Assumption 1 % (A) Assumption 1 % (B) Assumption 2 % Assumption 3 % Total PBF % Total PBF ($) Global shares Australian shares Growth alternatives Direct and listed property Defensive alternatives Global bonds Australian bonds Cash Total Further details of the investment options that have one or more investment managers who can earn a PBF is available on request. Transaction and operational costs Transaction costs In addition to the fees outlined in the Fees and costs table, transaction costs may be incurred by your investment and reflected in the unit price when declared. Transaction costs are an additional cost to you. 16

17 The estimated transaction costs are the costs of buying and selling assets within the investment. They include brokerage, settlement and clearing of the assets, commissions and government taxes and duties. If new investments are expected to exceed withdrawals from an investment option, then asset values may be adjusted by adding an allowance for some or all of the costs of buying assets. This will increase the unit price. If new investments are expected to be less than withdrawals from an investment option, then asset values may be adjusted by subtracting an allowance for some or all of the costs of selling assets. This will decrease the unit price. The estimated transaction costs may change on a regular basis at any time without notice to you. When estimated transaction costs change the value of your investment in the investment option will either increase or decrease depending on the change that was made. These costs do not currently exceed 1.0% for any investment option. The transaction cost allowance remains within the assets of the investment and may be a benefit or an additional cost to you. It is not paid to AMP Life or the investment managers. Operational costs Your investment may incur operational costs of maintaining direct investments and real property investments. These operational costs are costs you would have incurred if you had invested directly in the assets of the relevant investment options. Operational costs are allowed for in the determination of the market value of assets used in unit pricing. Underlying investment costs Certain asset classes (such as alternative assets) for some investment options invest in underlying investments that charge fees and expenses. For example, an underlying investment may incur establishment and organisational costs which we may not be able to ascertain because they depend on the types of assets selected and the proportion held by the underlying investment. These costs are not fixed and may vary from time to time. Fees and expenses charged by the underlying investments reduce the net asset value of the relevant underlying investment and, in turn, the value of your investment. These fees are included as part of the underlying unit price of the investment option. Changing the fees The fees currently applying to your AMP Growth Bond are charged by AMP Life under a life policy. Under the policy, AMP Life is entitled to increase its fees, including performance based fees, up to the maximum amounts set out in the policy. AMP Life may also change the fees, or introduce new fees. None of these changes require your consent. We will notify you at least 30 days before any increase in fees. Advice fee Your financial adviser represents an Australian financial services licensee, which can include an AMP company. No fee is paid to a financial adviser from the management costs in the Fees and other costs section. You may agree with your financial adviser for an advice fee to be paid for financial planning services provided to you. This advice fee may be: a one-off dollar amount paid as a lump sum, an ongoing advice fee, paid monthly, which is either: a fixed dollar amount, or a set percentage of your investment account balance. If a financial adviser s licensee has an agreement with us, we will be responsible for paying the advice fee and will charge a fee of an equivalent amount to your investment account. Your financial adviser may receive only part of the fee paid. Your financial adviser s licensee may also make additional payments to your financial adviser. For more details of those payments and any other benefits, please ask your financial adviser. The ongoing advice fee is paid on the last day of each month. If you withdraw your money before the end of the month or before any ongoing advice fee is paid, the corresponding fee will not be charged to your investment account. Your annual statement will show any fees charged to your investment account that correspond to any advice fee paid on your behalf. Changing the advice fee You can change or cancel the ongoing advice fee (with the agreement of your financial adviser) by completing a Changing your personalised fee structure form. As the ongoing advice fee is paid at the end of each month, we need to receive your completed form at least four business days before the end of the month for the change or cancellation to apply in that month. 17

18 Risks of investing Risks of investing In this section we look at some risks of investing. All investments have risk and you may not get back the same amount you invested, so it s important to understand what the risks are. Type of risk Investment risk Inflation risk Timing risk Market risk Systemic risk Liquidity risk Interest rate risk International investment risk Description The value of your investment can rise and fall. Even if the investment rises, it may not perform according to your expectations, or the investment managers may not be able to achieve their stated aims and objectives. Your money may lose its purchasing power with inflation. When prices go up, your investment also needs to go up by at least the rate of inflation or the real value of your investment will decline. The risk your funds are invested at an unfavourable point in the investment cycle. For instance, buying into a market at higher market prices than those available soon after. Changes in market conditions which may adversely impact your investments, such as inflation, interest rates and global events. Systemic risk refers to major movements across several asset classes, or to the entire system simultaneously. This is generally due to some event affecting the economic system, eg global financial crisis. Liquidity risk refers to how quickly an asset can be bought and sold in the market place. eg direct property, hedge funds and unlisted equity investments. Interest rates affect all markets, particularly cash, cash-like securities and fixed interest investments. For instance, bonds will generally lose value if market interest rates are higher than the bond s fixed rate. International investments are subject to the normal market risks, currency risk (exchange rate losses) and the legal risk that the laws of other countries may not provide adequate protection. Risk of individual asset classes Each type of market also known as an asset class has its own risks. Asset class Shares Property Fixed interest Description Shares are generally classified as a growth asset and include Australian shares and international shares (which may be hedged or unhedged to the Australian dollar). Specific risks include: industry risk factors disappointing profits and dividends management changes reassessment of the outlook for the company or industry currency risk for any investment in unhedged global shares. Property is generally classified as a growth asset and covers listed and direct property, and global and Australian property. Risks of property include: vacancies location unprofitable property development activities declining values share market volatility delays in approvals liquidity international investment risk (global property). Fixed interest is generally classified as a defensive asset and covers both Australian fixed interest and international fixed interest. Risks include: changes in interest rates generally, the investment value falls if yields rise 18

19 Asset class Description default liquidity international investment risk (for global fixed interest investments) credit risk the risk that a a borrower will default on either the payment of interest or the return of principal. Cash Alternative assets Cash is generally classified as a defensive asset and may include corporate bonds and derivatives. Historically, long-term returns have been generally lower and have not kept up with inflation over the long term. Alternative assets can be broadly classified into growth and defensive asset classes. They include non-traditional liquid investments that target positive and uncorrelated returns by using short selling, gearing and derivatives. Investments such as private equity, venture capital, mezzanine finance and other private placement debt often present higher risks. How markets move These two graphs show how markets, which historically have provided the best returns also involve the greatest risk. Historical performance is not a reliable indicator of future performance. 19

20 Managing your risks Diversification Diversification in simple terms means not putting all your eggs in one basket. It s a way to spread risk by investing in different markets as these rise and fall at different times. This can also include using a range of different investment managers, as well as different investment styles. Choice of investment options Single-sector options mainly invest in one asset sector, for example cash, fixed interest, property or shares. Diversified options invest in a number and variety of assets (for example, cash, fixed interest, property and shares). They take the work out of mixing assets together as the investment manager does it for you. Diversification can also be achieved through a multi-manager approach which uses a range of different investment managers to provide added diversification. Multi-manager investment options are constructed and managed by AMP Capital Investors who utilise the research expertise of a number of leading global investment consultants to identify and gain access to high quality investment managers within their respective areas of expertise. AMP Capital Investors blends investment managers in multi-manager portfolios such that they complement each other. If any appointed manager fails to meet the expected standards it is normally replaced with another manager. The removal or addition of investment managers is determined by AMP Capital Investors and occurs without prior notice to you. For more details on the multi-manager approach to investing, including the list of current investment managers, speak to your financial adviser or visit the website ampcapital.com.au and follow the prompts to multi-manager investing. You need to choose investment options that best suit your needs. If the investment options you choose aren t right for you, returns may be less than what you need to achieve your goals. A financial adviser can help you choose the investment options that suit your needs. Standard Risk Measure The Standard Risk Measure (SRM) is based on industry guidance to allow investors to compare investment options that are expected to deliver a similar number of negative annual returns over any 20 year period. Each investment option described in this document includes an SRM. The table below sets out the SRM bands/labels used for each investment option based on the estimated number of negative annual returns that an investment option may experience over any 20 year period. Negative annual returns may not occur in consecutive years. Risk band Risk label Very Low Low Low to Medium Medium Medium to High High Very High Estimated number of negative annual returns over any 20 year period Less than to less than 1 1 to less than 2 2 to less than 3 3 to less than 4 4 to less than 6 6 or greater The SRM is not a complete assessment of investment risk. For instance, it does not detail what the size of a negative return could be or if a positive return is less than an investor may need to meet their objectives. And it doesn t take into account the impact of management fees and tax on the likelihood of a negative return. You should still ensure that you are comfortable with the risks and potential losses associated with your chosen investment option/s. For further information on the methodology used to establish the SRM, please go to amp.com.au. 20

21 Use of derivatives Derivatives can be used for many purposes, including hedging to protect an asset against market fluctuations, reducing the transaction costs of achieving a desired market exposure and maintaining benchmark asset allocations. Derivatives can also be used to implement the investment objective of the investment option. Risks of using derivatives include: Price or basis risk The risk that a price change in the market underlying a derivative contract, or in the derivative contract itself, is not matched by the price change in the derivative position held. Leveraging risk The risk that any losses will be magnified by creating greater exposure to a market than that of the assets backing the position. Liquidity risk The risk that a derivative position cannot be reversed. Default risk The risk that the party on the other side of a derivative contract defaults on payments. Investment managers may use derivatives such as options, futures, swaps or forward exchange rate agreements. The use of derivatives by investment managers is in accordance with the guidelines of the investment strategy, the objectives of the investment option, and the relevant risk management processes on the use of derivatives. 21

22 Investment options and fees Investment options and fees The fees applying to your investments This section profiles the investments available, their fees and estimated Performance Based Fee (where applicable). Investment category/ name Diversified investment options AMP Moderate Growth AMP Balanced Growth AMP All Growth Future Directions Balanced AMP Capital Dynamic Markets Single sector investment options AMP Cash Plus AMP Australian Bond Specialist Property and Infrastructure Specialist Australian Share (i) Management fee % pa Performance based fee estimate % pa (i) Yes/0.01 Yes/0.02 Yes/0.01 Yes/0.18 Yes/0.01 No No Yes/0.00 Yes/0.00 For the estimate of each Performance Based Fee, we have used the actual Performance Based Fees payable for the year ended 31 December The use of an estimate for the calculation of performance fees is not an indication of future performance and should not be relied on as such. The actual rate of return of an investment option and, therefore, the performance fee payable will vary from these estimates. If the investment performance of a particular asset sector is very good in terms of the set benchmark, the amount of fees paid could be much higher. Investment options Multi-sector investment options Moderately conservative AMP Moderate Growth Aim and strategy: To provide returns greater than those from cash or fixed interest over the medium to long term through a diversified portfolio of cash, fixed interest, shares and property. Suggested minimum investment timeframe: 3 to 5 years Standard risk measure: 4/ Medium Asset class Australian shares Global shares Growth alternatives Australian property Global property Global infrastructure Defensive alternatives Australian bonds Global bonds Cash Balanced AMP Balanced Growth Benchmark (%) Ranges (%) Aim and strategy: To provide moderate to high returns over the medium to long term through a portfolio diversified across the main asset classes, but with an emphasis on shares and property. Suggested minimum investment timeframe: 5 years Standard risk measure: 5/ Medium to high Asset class Australian shares Global shares Growth alternatives Australian property Global property Australian bonds Global bonds Cash Benchmark (%) Ranges (%)

23 Specialist Future Directions Balanced Aim and strategy: To provide moderate to high returns over the long term through a diversified portfolio, with a bias towards growth assets such as shares, property and alternative assets. The portfolio aims to achieve a rate of return above inflation after costs over a 5-year period. Suggested minimum investment timeframe: 5 years Standard risk measure: 5/ Medium to high Asset class Australian shares Global shares Growth alternatives Australian property Global property Defensive alternatives Australian bonds Global bonds Cash Aggressive AMP All Growth Benchmark (%) Ranges (%) Aim and strategy: To provide high returns over the long term through a portfolio investing mostly in Australian and international shares. Suggested minimum investment timeframe: 7 years Standard risk measure: 6/ High AMP Capital Dynamic Markets Aim and strategy: To provide a total return (income and capital growth) before costs and before tax of inflation (consumer price index) + 4.5% pa, on a rolling five-year basis, by investing in a portfolio that is diversified across asset classes. The aim is to maintain a portfolio that is relevant to market conditions, and which more closely matches the needs of the investor. The portfolio is actively managed in terms of asset allocation and currency hedging, with the flexibility to change the asset class mix and currency hedging level at any time within broad ranges. This allows AMP Capital to move the asset allocation mix across a range of asset classes to take advantage of opportunities arising from market mispricing. The investment option provides investors with diversification by investing across a range of traditional asset classes such as shares, listed property, commodities, fixed income, credit and cash. The underlying asset class exposures are achieved by investing in passively managed investments such as index strategies, exchange traded funds (ETFs) and derivatives. Suggested minimum investment timeframe: 5 years Standard risk measure: 5/ Medium to high Asset class Australian shares Global shares Growth alternatives Global property Australian bonds Global bonds High yield bonds Cash Benchmark (%) Ranges (%) Asset class Australian shares Global shares Benchmark (%) Ranges (%) Single-sector investment options Australian shares Multi-manager active Growth alternatives Specialist Australian Share Australian property Global property Global infrastructure Defensive alternatives Australian bonds Global bonds Cash Aim and strategy: To provide a total return (income and capital growth) after costs and before tax, above the S&P/ASX 300 Accumulation Index on a rolling three-year basis. The portfolio primarily invests in shares listed on the Australian Securities Exchange (ASX). Managers are also permitted to purchase up to 5% in international listed securities, where those securities are also listed on the ASX. In normal circumstances the portfolio's international investments are fully hedged back to Australian dollars. The portfolio may use derivatives such as options, futures or swaps to protect against risks or enhance returns. The portfolio may also short sell securities. Suggested minimum investment timeframe: 7 years Standard risk measure: 6/ High Asset class Benchmark (%) Ranges (%) Australian shares Cash Property and infrastructure multi-manager active Specialist Property and Infrastructure Aim and strategy: To provide total returns (income and capital growth) after costs and before tax, above the return of 20% of the S&P/ASX200 A-REIT Accumulation, 35% FTSE EPRA NAREIT Developed Net Total Return 23

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