EXCHANGE TRADED FUNDS.

Transcription

1 1 December 2015 October Quarter 2015 EXCHANGE TRADED FUNDS. Nathan Umapathy Opinion Piece: Access a global portfolio of Quality companies via QUAL or QMIX Although executing an offshore exposure has been traditionally difficult, this changed with the launch of international ETFs on the ASX in In this edition, we focus on two international ETFs that offer a different proposition in comparison to the other broad based international ETFs currently on the ASX. These ETFs use a Smart Beta investment style, which incorporates a layer of active strategies that professional Fund Managers often use, to filter only quality global companies into its portfolio. These ETFs are ideal for investors seeking a little bit more than the other traditional market capitalisation weighted international ETFs. These ETFs are - Market Vector s MSCI World ex Australia Quality ETF (QUAL) and StateStreet s MSCI World Quality Mix ETF (QMIX). (continued page 3). Market Update Exchange Traded Product (ETP) global assets under management weakened in the September quarter falling 5.7% to $2.778tn. Net new inflows delivered $84.9bn, supported by very solid flows in July and September, and a slightly soft August. (continued page 8). ETFs: Own the index in a single listed security Key attributes: Simple, liquid and flexible way to secure exposure to a specific index, sector, fixed income, commodity or currency; Low fees as compared to Managed Funds (Domestic Equity Management Expense Ratio (MER) bp, International Equity MER 5-73 bp, Fixed Income MER bp, Cash MER 18 bp, Commodity MER bp, Currency MER bp, Other MER 138 bp); Distribute dividends or coupons based on the underlying investments including franking credits, interest, and capital gains on a proportional basis; Trade at or very close to their net asset value and exhibit less investment manager or individual security risk; Own a claim to the underlying shares in the portfolio that are held with a custodian. There are also key risks investors must consider. These include managing currency exposure (international, commodities) and overall share market risk, based on various economic conditions and global events. Inside this edition Opinion Piece Market update Summary Information Coverage of 120 securities Index Table Of Contents 2 Opinion Piece 3 Market Update 8 ETF Summary Information 10 Domestic ETFs 11 International ETFs 12 FI, Commodity and Currency ETFs 14 ETF Profiles Domestic Focus Broad Market 15 Large Cap 18 Small Cap 22 Sector 26 High Dividend Yield 36 Style 44 Other 48 International Focus Global 52 Currency Hedged 55 Region 59 Country 70 US Capitalisation 77 Sector 81 Other 86 Fixed Income & Cash 98 Commodity Unhedged 109 Hedged 126 Currency 130 Appendix A: How ETFs work 135 Appendix B: Physical versus Synthetic 136 Appendix C: International Exchange Opening Hours 137 Appendix D: Market Making Quoting Obligations 138 Appendix E: Glossary 139 Bell Potter Securities Limited info@bellpotter.com.au ABN AFSL no

2 EXCHANGE TRADED FUNDS. 2 Table of Contents Opinion Piece 3 Market Update 8 ETF Summary Information 10 Domestic ETFs 11 International ETFs 12 Fixed Interest, Commodity and Currency ETFs 14 ETF Profiles Domestic Focus Broad Market (IOZ, STW, VAS) 15 Large Cap (ILC, VLC, SFY, ZOZI) 18 Small Cap (ISO, SSO, VSO, MVS) 22 Sector (OZF, QFN, MVB, QRE, OZR, MVR, MVE, SLF, VAP, MVA) 26 High Dividend Yield (IHD, RDV, SYI, VHY, DIV, ZYAU, HVST, YMAX) 36 Style (RVL, MVW, QOZ, ETF) 44 Alternative (BEAR, BBOZ, GEAR) 48 Ethical (UBA) 51 International Focus Global (WXOZ, VGS, IOO) 52 Currency Hedged (WXHG, VGAD, IHOO, IHVV) 55 Region (VTS, IVV, SPY, VEU, IVE, IEU, IAA, IBK, IEM, WEMG, VGE) 59 Country (IZZ, CETF, IHK, IJP, ISG, IKO, ITW) 70 US Capitalisation (NDQ, IRU, IJH, IJR) 77 Sector (DJRE, IXI, IXJ, IXP, GDX) 81 Fundamentals (QUAL, MOAT, QUS) 86 Yield (WDIV, UMAX, ZYUS) 90 Ethical (UBW, UBE, UBP, UBU, UBJ) 93 Fixed Income & Cash IAF, ILB, IGB, RGB, RSM, RCB, VGB, VAF, GOVT, BOND, AAA 98 Commodity Unhedged (GOLD, ZGOL, PMGOLD, ETFMAG, ETFMPT, ETFMPD, ETFMPM, ETFAGR, ETFCMD, ETFCOP, ETFCRN, ETFGAS, ETFGRN, ETFIND, ETFNRG, ETFOIL, ETFWHT) Hedged (QAU, OOO, QAG, QCB) 126 Currency (USD, ZUSD, EEU, POU, ZCNH) 130 Appendix A: How ETFs work 135 Appendix B: Physical versus Synthetic 136 Appendix C: International Exchange Opening Hours 137 Appendix D: Market Making Quoting Obligations 138 Appendix E: Glossary

3 EXCHANGE TRADED FUNDS. 3 Opinion Piece Access a global portfolio of Quality companies through QUAL or QMIX Gaining an international equity exposure, can be difficult at best. The exasperating choice, limited knowledge of offshore markets and associated taxation complexities, mean that many investors opt to have a very concentrated portfolio of domestic assets. However, given the recent returns of the domestic market, Australian investors are increasingly looking for offshore equity exposure to generate higher returns and gain certain sectoral exposures. Although executing an offshore exposure can potentially be a daunting process, investors can first have a taste of international investing via International ETFs. Structured similar to an index fund but listed on the ASX, ETFs have made it extraordinarily easy to gain a diversified, cost and tax effective international equity exposure. In this edition, we focus on two international ETFs that offer investors a different proposition in comparison to the other broad based global ETFs currently on the ASX. These ETFs use a Smart Beta investment mandate over a global index to filter out top quality stocks and capture its performance. These ETFs are Market Vector's MSCI World ex Australia Quality ETF (QUAL) StateStreet s MSCI World Quality Mix ETF (QMIX) Both ETFs may sound very similar, however applies a different quantitative and qualitative overlay that has certain nuances. First off, what is Smart Beta? There has been an increasing believe amongst investors and academics alike, that there are things that can be done in a passive portfolio (a portfolio which aims to track a particular benchmark) which starts to be positioned like an active portfolio (a portfolio which aims to outperform a particular benchmark). Simply put, Smart Beta is an investment management approach that offers a blend of both passive and active investment styles Passive Element: Generally low cost and transparent, therefore easy to replicate like index strategies Active Element: Attempt to obtain active factor exposures by using weighting methods different than market cap benchmark (A factor is an characteristic or an attribute of a stock that explains its performance). Figure 1: Evolution of Portfolio Management Figure 2: Growth seen in AUM for MSCI Factor Indices % SOURCE: MSCI SOURCE: MSCI The combination of these investment styles allows Smart Beta ETFs rewrite the rules of traditional index investing in an effort to deliver targeted outcomes that can help investors reduce risk, generate income or potentially enhanced returns.

4 EXCHANGE TRADED FUNDS. 4 Opinion Piece (cont.) Strategy QUAL replicates the MSCI World ex Australia Quality Index. The Index is constructed by experienced index provider, MSCI Inc. MSCI runs a stock selection process which identifies high quality companies from the parent index, MSCI World ex Australia (which has over 1,500 securities), based on three key fundamental factors: high return on equity; stable earnings variability; low debt to equity ratio. MSCI then rank these securities based on a Quality score and takes the best 300 securities to form the Index. Figure 3: Construction of the MSCI World ex Australia Quality Index SOURCE: MARKET VECTORS QMIX tracks the MSCI World Quality Mix Index. The Index is also constructed by MSCI Inc. and it s an equal weighted combination of three factor Indices. These factor indices start with the MSCI World as the parent index, before running a stock selection process on a combination of factors. These factor indices are: MSCI World Quality Index; MSCI World Value Weighted Index; MSCI World Minimum Volatility Index. It aims to represent the combined risk/return performance characteristic of quality, value and low volatility factors within global developed equities. QMIX then uses an optimised strategy to track the performance of the MSCI World Quality Mix Index without holding all the Index constituents. Figure 4: of the three factor indices in the MSCI World Quality Mix Index SOURCE: MSCI

5 EXCHANGE TRADED FUNDS. 5 Opinion Piece (cont.) Portfolio Composition The global share market, as represented by the MSCI World Index, is far more diverse, in terms of sector exposures, than the Australian market. Although the Financials sector represents the largest sector index weigh, many sectors not well represented in the Australian market, such as Information Technology and Healthcare, are well represented in the global index. Because both the reference indices are factor indices, they have different weightings compared to the parent index (MSCI World). The table below shows the Sector and Country allocations between the multiple indices. Graph 1: Sector Allocation between Indices Graph 2: Country Allocation between Indices Cons Disc Cons Staples Energy Financials Health Care Industrial IT Materials Telecom Utilities 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% MSCI World ex Australia Quality MSCI World Quality Mix MSCI World S&P/ASX 200 SOURCE: BELL POTTER DATA Other Switzerland France UK Japan US 0% 10% 20% 30% 40% 50% 60% 70% 80% MSCI World ex Australia Quality MSCI World Quality Mix MSCI World SOURCE: BELL POTTER DATA Observation of sector exposures as compared against the MSCI World Index QUAL and QMIX has substantial tilt towards Technology firms - as traditionally IT firms are efficient users of capital; QUAL and QMIX has a lower exposure to Financials - as many financial companies have high levels of gearings, ultimately dragging down its quality score; QUAL has an almost negligible exposure to Utilities and Telecommunication - highly geared sectors. Other key notes on QMIX and QUAL QUAL listed on the ASX in October 2014, QMIX listed in September 2015; QUAL is a single factor index fund, while QMIX is a multi factor index fund; QMIX runs an optimisation strategy to replicate the performance of the MSCI World Quality Mix - which means QMIX will not hold all the reference index constituents; QUAL fully replicates the MSCI World ex Australia Index; Both have a portfolio of around 300 stocks; Both QUAL and QMIX will have some similar holdings, however, you will find QUAL to have a more concentrated position - the Top 20 Holdings in QUAL represent 42.8% of the portfolio while the same stocks represent 20.6% of QMIX; QUAL has a much more active position than Vanguard s MSCI Index International Shares ETF (VGS);

6 EXCHANGE TRADED FUNDS. 6 Opinion Piece (cont.) Australia represents 3.4% in QMIX, while QUAL is ex- Australia; QUAL and QMIX will have a higher portfolio turnover (~20%) compared to the other broad global ETFs; Both QUAL and QMIX are unhedged vehicles; Both offer a competitive management fee of 40bp in comparison to other broad based global ETFs (range from 18bp - 48bp); QUAL and QMIX are Australian domicile ETFs therefore investors will not be required to fill up a W-8BEN form. Top Holdings Table 1: Global based ETFs - Top 10 Holdings WXOZ/WXHG (Unhdgd/Hdgd) IOO/IHOO (Unhdgd/Hdgd) VGS/VGAD (Unhdgd/Hdgd) Apple 1.95% Apple 7.16% Apple 2.13% Apple 4.63% Apple 2.07% Microsoft 1.21% Microsoft 4.03% Microsoft 1.25% Microsoft 4.45% Exxon Mobil 2.03% Exxon Mobil 0.99% Exxon Mobil 3.53% Exxon Mobil 1.07% Exxon Mobil 3.45% Microsoft 1.88% Kfe Kospi 200 IDX F 12/ % Johnson & Johnson 2.94% General Electric 0.90% Johnson & Johnson 3.04% Johnson & Johnson 1.25% General Electric 0.83% General Electric 2.91% Johnson & Johnson 0.87% Roche Holdings 2.37% Alphabet C 1.04% Johnson & Johnson 0.79% Novartis 2.79% Wells Fargo & Co 0.82% Alphabet C 2.09% Roche Holdings 1.03% Berkshire Hathaway 0.73% Nestle 2.72% Amazon.com 0.77% Alphabet A 2.03% Pepsico 0.94% Amazon.com 0.71% JPMorgan Chase & Co 2.57% Nestle 0.77% Home Depot 1.84% Procter & Gamble 0.91% Wells Fargo & Co 0.70% Procter & Gamble 2.22% JPMorgan Chase & Co 0.74% Walt Disney 1.80% Intel 0.87% Novartis 0.70% Pfizer 2.21% Alphabet C 0.68% Visa 1.79% McDonald's 0.84% Total 9.59% Total 33.08% Total 10.01% Total 27.49% Total 12.86% SOURCE: BELL POTTER QUAL QMIX The table above shows the Top 10 Holdings between the three most commonly used global ETFs and these Smart Beta ETFs. We have highlighted in bold the similar stocks these 3 ETFs hold compared with QUAL and QMIX. As the table shows, both QUAL and QMIX runs a different portfolio all together in contrast to the other 3 broad global ETFs. Final Thoughts We believe clients looking for a passive broad based global developed market exposure would suite either Vanguard's cost effective product (VGS) or StateStreet's World ex Australia ETF (WXOZ). While, a more concentrated global market exposure would point to the ishares global mega cap fund (IOO). QUAL and QMIX tracks an index that has been reweighted based on financial fundamentals. Therefore, we believe QUAL and QMIX is best suited for investors wanting a little more than a cap-weighted benchmark and seeking a cost effective solution with a low conviction in active management.

7 EXCHANGE TRADED FUNDS. 7 Opinion Piece Summary Table ASX Code Manager Investment Strategy QUAL Market Vectors The Fund seeks to capture the performance of quality stocks selected from its parent index (MSCI World ex Australia). It runs a stock selection process which identifies these companies with high quality scores based on three key fundamental factors: high return of equity, stable earnings variability and low debt to equity ratio. QMIX State Street The Fund runs an optimization strategy to track the performance of the MSCI World Quality Mix Index. This Index is an equally weighted combination of three factor indexes - MSCI World Quality, MSCI World Value Weighted and MSCI World Minimum Volatility. It aims to represent the combined risk/return performance characteristic of quality, value and low volatility factors within global developed equities. Index MSCI World ex Aus Quality MSCI World Quality Mix Replication Method Full Replication Optimisation Exposure Constraints 5% per security Metrics Historical Yield (LTM) Franking (LTM) Gross Yield (LTM) Distribution Freq Indirect Cost Ratio Portfolio Rebalance 8.78% 34.00% 10.10% Annual 0.40% Semi-Annual Semi-Annual 0.40% Quarterly Number of Holdings W-8BEN Requirement 302 No 304 No Top 10 Sector Exposure Georgraphic Exposure Apple 4.6% Apple 2.1% Microsoft 4.5% Exxon Mobil 2.0% Exxon Mobil 3.5% Microsoft 1.9% Johnson & Johnson 3.0% Johnson & Johnson 1.3% Roche Holdings 2.4% Alphabet C 1.0% Alphabet C 2.1% Roche Holdings 1.0% Alphabet A 2.0% Pepsico 0.9% Home Depot 1.8% Procter & Gamble 0.9% Walt Disney 1.8% Intel 0.9% Visa 1.8% McDonald's 0.8% Data as at 31/10/2015 Data as at 31/10/2015 Financials 2.8% Financials 17.1% IT 26.8% IT 15.3% Health Care 15.4% Health Care 10.8% Consumer Discretionary 20.5% Consumer Discretionary 13.2% Consumer Staples 12.3% Consumer Staples 12.3% Industrial 13.4% Industrial 9.8% Energy 4.1% Energy 7.9% Materials 3.7% Materials 5.9% Telecom Serv 0.3% Telecom Serv 3.6% Utilities 0.3% Utilities 4.2% Data as at 31/10/2015 Data as at 31/10/2015 United States 74.4% United States 59.8% United Kingdom 8.8% United Kingdom 7.2% Switzerland 4.0% Switzerland 4.5% Japan 1.1% Japan 7.8% Others 10.7% Others 19.7% Data as at 31/10/2015 Data as at 31/10/2015

8 EXCHANGE TRADED FUNDS. 8 Market Update Exchange Traded Product (ETP) global assets under management weakened in the September quarter falling 5.7% to $2.778tn. Net new inflows delivered $84.9bn, supported by very solid flows in July and September, and a slightly soft August. However, these gains were offset by a weakening in market values in global equity markets weighing on FUM. Figure 5: Global ETF Assets and Global Spread of FUM Total Assets ($bn) 3,000 2,000 1,000 0 ETPs 6,000 5,000 4,000 3,000 2,000 1,000 0 Equity Fixed Income Commodities Other SOURCE: BLACKROCK SOURCE: BLACKROCK As per prior quarter, much of the global equity net inflows were driven by Non-US Developed Markets, mainly from Europe and Japan, with investors taking advantage of their attractive valuations in relative to the US. Emerging Market funds continued to shed cash as economic news out of China weighed on China equity and other Asia country equity fund flows. Fixed Income also had a relatively strong period as it benefitted from US Federal Reserve s decision to leave rates unchanged. In fact, if monthly inflows in Fixed Income ETPs continue to grow at the current rate, cumulative inflows in 2015 should outperform the previous 3 years. While, commodities ETFs also had a relatively soft quarter buffeted by low precious metal prices. The domestic ETF sector had another solid quarter with FUM rising 3.8% to $18.9bn. This was driven largely by another strong period of net inflows in spite of a disappointing quarter in Australian Equities. Net inflows increased with a healthy $1.4bn inflows within the quarter, driven by equity related products with domestic equity accounting for $580.5m, while international equity raised $584.6m. Figure 6: Australian Spread of FUM, Top 5 Inflow and Outflows (3Q15) Domestic Equity Total (44.3%) Intern. Equity Total (40.4%) Fixed Income (5.3%) Cash (4%) Currency (2.7%) Commodity (3.3%) SOURCE: ASX DATA AND BELL POTTER DATA Top 5 Inflows Top 5 Outflows STW $124.9m GOLD -$12.9m IEM $107.7m RSM -$11.8m VAS $89.0m IZZ -$8.4m IEU $81.1m RCB -$6.0m VHY $78.0m SYI -$2.3m SOURCE: ASX DATA AND BELL POTTER DATA Inflows in domestic equity were supported by broad market ETFs, Vanguard VAS (S&P/ASX 300) and State Street s STW (S&P/ASX 200), accrued $214m between them in 3Q15. Yield products again appeared to resonate with investors with VHY (Vanguard s High Dividend Yield) accruing $78.0m. International flows were interesting, with the bigger themes dominated flows. VTS and VEU amassed $109.5m as investors opted this low cost option for broad global exposure, while investors took advantage of attractive valuation in Europe through ishare s IEU. Investors seem to increased their position in a Healtcare sector that is heavily underweighted in Australia, by purchasing IXJ (ishares Global Healthcare), which accumulated $56m. While ishares China ETF (IZZ) continues to shed cash, losing $8.4m within the quarter.

9 EXCHANGE TRADED FUNDS. 9 Market Update (continued) Fixed Interest ETF had a solid period with $132m flowing into this market off an admittedly low base. It would appear that investors were shifting focus from Russell s RSM (Semi-Government Bonds) and RCB (Corporate Bonds) to Composite Bonds products, Vanguard s VAF and ishares s IAF, as together they accrued 90% of the sector inflow. Commodities continued to struggle with $3m in outflows, largely dominated by a decline in ETF Securities GOLD. Generally speaking, there has been a lack of traction in the broader suite of commodity ETCs, with BetaShares OOO (Synthetic WTI Crude Oil) being one of the more active ETC in this space in terms of inflows and volume. Currency had another good period dominated by USD which contributed $35.7m net inflow. Figure 7: Spread of Fees and Market Share Amongst ETF Providers ishares (36.5%) StateStreet (26.2%) BetaShares (13.2%) Vanguard (10%) ETF Securities (4.2%) Russell (3.7%) UBS (0.9%) Market Vectors (0.7%) Perth Mint (0.2%) ANZ ETF (0%) SOURCE: ASX DATA AND BELL POTTER DATA ishares (36.2%) StateStreet (23%) Vanguard (21.4%) BetaShares (11.1%) Russell (3.2%) ETF Securities (2.6%) Market Vectors (1%) UBS (0.9%) Perth Mint (0.5%) ANZ ETF (0%) SOURCE: ASX DATA AND BELL POTTER DATA Amongst the ETF providers, ishares continues to dominate with $6.8bn in FUM, compared with StateStreet on $4.4bn, Vanguard on $4.0bn and BetaShares on $1.2bn. The remaining providers account for $1.6bn between them. We believe the ETF providers offering international solutions are going to continue to drive flows in the next 12-month period. This is likely supported by an influx of new international products.

10 EXCHANGE TRADED FUNDS. 10 ETF Summary Information This report aims to provide a comprehensive assessment of the Australian ETP landscape including Market Update and Summary Information to assist with the selection process. We also enclose an individual profile sheet for each ETP that provides a snap shot including a description, performance, country and sector allocation, risk and return metrics, and valuation measures. Summary Information (Page 10) This table provides a comprehensive review of the product suite of ETFs available on the ASX. The universe is broken into each asset class and investment style. It is designed to allow an investor to quickly establish which ETFs are available in each category and key points of differentiation. This page includes: : Index, commodity or currency that the product is tracking. ETF ASX Code Price: As at 30 October 2015 Manager: The investment manager supporting the product. Index: Operator of the Index Holdings: Approximate amount of securities in the ETF s portfolio Fees : Management and Performance Fees Spread: Bid-Ask spread to instigate a trade

11 EXCHANGE TRADED FUNDS. 11 Summary Information Domestic ETFs ETF Price ($) Manager Index Holdings Fees (%) Spread (%) Listed ASX Global Mkt Cap Broad Market ASX 200 IOZ ishares MSCI ~ Dec ASX 200 STW Statestreet S&P ~ Aug-01 2,950.7 ASX 300 VAS Vanguard S&P ~ May-09 1,263.4 Large Cap ASX 20 ILC ishares S&P ~ Dec ASX 30 VLC Vanguard MSCI ~ May ASX 50 SFY StateStreet S&P ~ Aug ASX 100 ZOZI 9.83 ANZ ETFS S&P ~ Jun Small Cap ASX Small Ords ISO 3.79 ishares S&P ~ Dec ASX Small Ords SSO StateStreet S&P ~ Apr ASX Small Companies VSO Vanguard MSCI ~ May ASX Small Cap Div Payers MVS Market Vectors MV ~ May Sector ASX 200 Financials x-prop OZF Statestreet S&P ~ Apr ASX 200 Financials x-prop QFN BetaShares S&P Dec Australian Banks MVB Market Vectors MV ~ ASX 200 Resources QRE 3.91 BetaShares S&P Dec ASX 200 Resources OZR 7.05 Statestreet S&P ~ Apr Australian Resources MVR Market Vectors MV ~ Emerging Resources MVE 6.18 Market Vectors MV ~ ASX 200 Property SLF Statestreet S&P ~ Feb ASX 300 Property VAP Vanguard S&P ~ Oct Australian Property MVA Market Vectors MV ~ High Div High Dividend Yield IHD ishares S&P ~ Dec High Dividend Yield RDV Russell Russell ~ May High Dividend Yield SYI Statestreet MSCI ~ Sep High Dividend Yield VHY Vanguard FTSE/ASFA ~ Jun Research Pref Aust Div Fund DIV UBS GAM UBS ~ Jan High Shareholder Yield ZYAU 9.68 ANZ ETFS S&P ~ Jun Dividend Harvester Fund HVST BetaShares BetaShares ASX 20 Equity Yield Maximiser YMAX 9.54 BetaShares S&P ~ Nov Style Australian Value Shares RVL Russell Russell ~ Mar Australian Equal Weight MVW Market Vectors MV ~ Mar RAFI Australia 200 QOZ BetaShares FTSE ~ Jul IQ Research Pref Aust Share Fund ETF UBS GAM UBS ~ Alternative Australian Equities Bear Fund BEAR BetaShares S&P Jul Australian Equities Strong Bear BBOZ BetaShares S&P Geared Australian Equity GEAR BetaShares S&P Ethical Australian Equity ex Tob ex Cont Weap UBA UBS MSCI ~ Feb Source: Company Data, ASX, B berg, Bell Potter

12 EXCHANGE TRADED FUNDS. 12 Summary Information International ETFs ETF Price ($) Manager Index Holdings Fees (%) Spread (%) Listed ASX Global Mkt Cap Global World ex-australia WXOZ Statestreet S&P ~ Mar World ex-australia VGS Vanguard MSCI ~ Nov Global 100 IOO ishares S&P ~ Oct-07 2,470.7 Currency Hedged World ex-aus (AUD hedged) WXHG Statestreet S&P ~ Jul World ex-aus (AUD hedged) VGAD Vanguard MSCI ~ Nov Global 100 (AUD hedged) IHOO ishares S&P ~ Dec S&P 500 (AUD hedged) IHVV ishares S&P ~ Dec Region US Broad Market Index VTS Vanguard MSCI ~ May S&P 500 IVV ishares S&P ~ Oct-07 99,191.5 S&P 500 SPY Statestreet S&P ~ ,722.8 ALL-World ex US VEU Vanguard FTSE ~ May Europe, Australasia & Far East IVE ishares MSCI ~ Oct-07 82,289.4 Europe 350 IEU ishares S&P ~ Oct-07 4,124.8 Asia 50 IAA ishares S&P ~ Sep Brazil, Russia, India & China IBK ishares MSCI ~ Sep Emerging Markets IEM ishares MSCI ~ Oct-07 32,532.1 Emerging Markets WEMG Statestreet S&P ~ Nov Emerging Markets VGE Vanguard FTSE ~ Nov Country China Large-Cap IZZ ishares FTSE ~ Oct-07 8,647.6 China A-Shares CETF Market Vectors CSI ~ Jun Hong Kong IHK ishares MSCI ~ Nov-07 3,878.3 Japan IJP ishares MSCI ~ Oct Singapore ISG ishares MSCI ~ Nov South Korea IKO ishares MSCI ~ Nov-07 4,783.0 Taiwan ITW ishares MSCI ~ Nov-07 4,653.1 US Capitalisation Nasdaq 100 NDQ BetaShares Nasdaq May Russell 2000 IRU ishares S&P ~ Nov-07 39,399.6 Midcap 400 IJH ishares S&P ~ Oct-07 37,250.4 Small Cap 600 IJR ishares S&P ~ Oct-07 23,536.6 Sector Global Select Real Estate DJRE Statestreet Dow Jones ~ Nov Global Consumer Staples IXI ishares S&P ~ Mar Global Healthcare IXJ ishares S&P ~ Mar-09 2,243.3 Global Telecommunications IXP ishares S&P ~ Mar Gold Miners GDX Market Vectors NYSE ARCA ~ Jun-15 6,747.2 Source: Company Data, ASX, B berg, Bell Potter

13 EXCHANGE TRADED FUNDS. 13 Summary Information International ETFs (cont.) ETF Price ($) Manager Index Holdings Fees (%) Spread (%) Listed ASX Global Mkt Cap Fundamentals World ex Australia Quality QUAL Market Vectors MSCI ~ World Quality Mix QMIX Statestreet MSCI ~ Sep RAFI US 1000 QUS BetaShares FTSE Dec Morningstar Wide Moat MOAT Market Vectors Morningstar ~ Jun-15 1,109.2 Yield Global Dividend Fund WDIV Statestreet S&P ~ Nov S&P 500 Yield Maximiser Fund UMAX BetaShares S&P Sep S&P 500 High Yield Low Vol Fund ZYUS ANZ ETFS S&P Jun Ethical World Ex Aus ex Tobacco ex Con Weap UBW UBS MSCI ~ Feb Europe ex Tobacco ex Con Weap UBE UBS MSCI ~ Feb Asia Apex 50 ex Tobacco ex Con Weap UBP UBS MSCI ~ May US ex Tobacco ex Con Weap UBU UBS MSCI ~ Feb Japan ex Tobacco ex Con Weap UBJ UBS MSCI ~ Mar Source: Company Data, ASX, B berg, Bell Potter

14 EXCHANGE TRADED FUNDS. 14 Summary Information Fixed Income, Commodities & Currency ETFs ETF Price ($) Manager Index Holdings Fees (%) Spread (%) Listed ASX Global Mkt Cap Domestic Fixed Income Composite Bond IAF ishares Bloomberg ~ Mar Government Inflation ILB ishares Bloomberg ~ Mar Treasury IGB ishares Bloomberg ~ Mar Government Bonds RGB Russell DBIQ ~ Mar Semi-Government Bonds RSM Russell DBIQ ~ Mar Corporate Bonds RCB Russell DBIQ ~ Mar Government Bonds VGB Vanguard Bloomberg ~ Apr Fixed Interest VAF Vanguard Bloomberg ~ Government Bonds GOVT Statestreet S&P ~ Jul Fixed Interest BOND Statestreet S&P ~ Jul High Interest Cash AAA BetaShares 30 Day BBSW Mar Commodities Unhedged Physical Gold GOLD ETF Securities Spot Gold Mar Physical Gold ZGOL ANZ ETFS Spot Gold 0.40 Jun Spot Gold PMGOLD Gold Corp Spot Gold Jan Physical Silver ETPMAG ETF Securities Spot Silver Jan Physical Platinum ETPMPT ETF Securities Spot Platinum Jan Physical Palladium ETPMPD ETF Securities Spot Palladium Dec Basket ETPMPM ETF Securities Jan Agriculture ^ ETPAGR 7.25 ETF Securities Bloomberg Jun All Commodities ^ ETPCMD ETF Securities Bloomberg Jun Copper ^ ETPCOP ETF Securities Bloomberg Jun Corn ^ ETPCRN 1.67 ETF Securities Bloomberg Jun Natural Gas ^ ETPGAS 0.09 ETF Securities Bloomberg Jun Grains ^ ETPGRN 5.96 ETF Securities Bloomberg Jun Industrialised Metals ^ ETPIND ETF Securities Bloomberg Jun Energy ^ ETPNRG 6.25 ETF Securities Bloomberg Jun Brent Crude ^ ETPOIL ETF Securities Bloomberg Jun Wheat ^ ETPWHT 1.33 ETF Securities Bloomberg Jun Hedged Spot Gold (AUD hedged) QAU BetaShares Spot Gold May Crude Oil Index (Synthetic) OOO BetaShares S&P Nov Agriculture (Synthetic) QAG 7.84 BetaShares S&P Dec Commodities (Synthetic) QCB BetaShares S&P Dec Currency USD USD BetaShares Spot USD Feb USD ZUSD ANZ ETFS Spot USD Jun EEU EEU BetaShares Spot EURO Jul POU POU BetaShares Spot GBP Jul RMB ZCNH ANZ ETFS Spot RMB Jun Source: Company Data, ASX, B berg, Bell Potter

15 EXCHANGE TRADED FUNDS. 15 ishares MSCI AUSTRALIA 200 (IOZ) Mandate Replicate MSCI/ASX200 Manager Blackrock Investment Management Last traded price $21.96 Benchmark MSCI AUSTRALIA 200 GTR Resp Entity Blackrock Investment Management 12 Month price Range $21.03-$26.04 ASX Listed Dec-2010 ICR with performance fee 0.19% NAV Inception Dec-2010 ICR without performance fee 0.19% ishares MSCI Australia 200 ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the MSCI Australia 200 Index investing in the 200 largest companies in Australia. (net) $1.69 Yield 7.7% Franking 49.2% Grossed up yield 9.3% Quarter Style Large (61.8) / Mid (38.2) / Small (0) Cap, Growth (64.8) / Value (35.2) Focus, Passive Units on Offer 17.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $383.1m Currency Hedge No. Daily turnover (avg 6 mths) $1,400,934 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IOZ vs "MSCI Australia 200 Performance 4.2% -6.8% -7.6% -1.3% 9.4% Index 4.3% -6.8% -7.4% -1.0% 9.6% 6.9% $26.00 Active Return 0.0% 0.0% -0.2% -0.3% -0.3% $ Chart - Value of initial investment of A and monthly performance variance to benchmark $130 $70 $60 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Investment Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 $ $ Jan-15 Jul-15 IOZ MSCI Aus 200 As at 31 Oct 15 Commonwealth Bank of Australia 10.3 Basic Materials U.K. Westpac Banking Corp 7.9 Communications National Australia Bank Ltd 5.9 Consumer, Cyclical Australia & New Zealand Bankin 5.8 Australia Telstra Corp Ltd 5.0 Consumer, Non-cyc BHP Billiton Ltd 4.6 Energy CSL Ltd 3.5 Financial Wesfarmers Ltd 3.3 Woolworths Ltd 2.3 Industrial Macquarie Group Ltd 1.9 Technology Utilities % of Total 50.3 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~200 Year Current Year Average Year 5 % +/ % -1.7% 7.3% Estimated Intra Day NAV is published live by the ASX under the ASX code IOZNAV for IOZ. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

16 EXCHANGE TRADED FUNDS. 16 SPDR S&P/ASX 200 FUND (STW) Mandate Replicate S&P/ASX200 Manager StateStreet Global Advisors Australia Last traded price $49.65 Benchmark S&P/ASX ACCUM. 200 INDEX Resp Entity StateStreet Global Advisors Australia 12 Month price Range $46.63-$56.24 ASX Listed Aug-2001 ICR with performance fee 0.29% NAV $ Inception Aug-2001 ICR without performance fee 0.29% SPDR S&P/ASX 200 Fund is an exchange traded fund which tracks the performance of the S&P/ASX 200 Index. The Fund will invest in the securities comprising the Index in proportion to their relative weightings. The Index is comprised of the 200 largest securities by market capitalization and most liquid securities in Australia. (net) $1.97 Yield 4.0% Franking* 80.5% Grossed up yield 5.3% Semi-Anl Style Large (62.9) / Mid (37.1) / Small (0) Cap, Growth (46.8) / Value (53.2) Focus, Passive Units on Offer 59.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2,951m Currency Hedge No. Daily turnover (avg 6 mths) $13,010,240 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. STW vs S&P/ASX 200 INDEX Performance 4.3% -6.7% -7.4% -1.1% 9.5% 6.7% 5.9% Index 4.4% -6.6% -7.3% -0.7% 9.8% 7.1% 6.2% $60.00 Active Return 0.0% -0.1% -0.1% -0.3% -0.4% -0.4% -0.3% $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment $ $ Jan-15 Jul-15 stw AU Equity S&P/ASX 200 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 U.S. Commonwealth Bank of Australia 9.9 U.K. Basic Materials Westpac Banking Corp 7.7 New Zealand Communications Australia & New Zealand Bankin 5.7 Australia Consumer, Cyclical National Australia Bank Ltd 5.6 Ireland Consumer, Non-cyc Telstra Corp Ltd 4.8 Diversified BHP Billiton Ltd 4.4 Energy CSL Ltd 3.3 Financial Wesfarmers Ltd 3.1 Woolworths Ltd Industrial 2.2 Macquarie Group Ltd 2.0 % of Total 48.6 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~203 Year Current Year Average Year % +/ % -1.7% 7.3% Estimated Intra Day NAV is published live by the ASX under the ASX code YSTW for STW. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

17 EXCHANGE TRADED FUNDS. 17 VANGUARD AUSTRALIAN SHARES INDEX (VAS) Mandate Replicate S&P/ASX300 Manager Vanguard Investments Australia Ltd Last traded price $66.8 Benchmark S&P/ASX 300 INDEX Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $63.58-$76.5 ASX Listed May-2009 ICR with performance fee 0.15% NAV $ Inception Jun-1997 ICR without performance fee 0.15% Vanguard Australian Shares Index ETF is an exchange traded fund incorporated in Australia. The Fund seeks to match the total return of the S&P/ASX 300 Index before taking into account fees and expenses. (net) $2.93 Yield 4.4% Franking* 52.4% Grossed up yield 5.4% Quarter Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Large (58.7) / Mid (41.3) / Small (0) Cap, Growth (51.8) / Value (48.2) Focus, Passive Units on Offer 18.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1,263.4m Currency Hedge No Daily turnover (avg 6 mths) $5,195,575 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VAS vs S&P/ASX 300 INDEX Performance 4.4% -6.4% -7.2% -0.7% 9.5% 6.7% Index 4.4% -6.4% -7.1% -0.5% 9.6% 6.8% 6.1%.00 Active Return -0.1% -0.1% -0.1% -0.2% -0.2% -0.2% $70.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Investment Investment $ $ Jan-15 Jul-15 vas AU Equity S&P/ASX300 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Australia CBA Energy Westpac Materials NAB Industrials ANZ Cons. Disc BHP Billiton Cons. Stap Telstra Health Care Wesfarmers Financials ex-prop CSL Property Woolworths Info Tech Macquarie Group Telecom Utilities % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~304 Year Current Year Average Year % +/ % -1.8% 4.9% Estimated Intra Day NAV is published live by the ASX under the ASX code VASINAV for VAS. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

18 EXCHANGE TRADED FUNDS. 18 ishares S&P/ASX 20 (ILC) Mandate Replicate S&P/ASX20 Manager BlackRock Investment Management Last traded price $22.58 Benchmark S&P/ASX20 Accumulation Resp Entity BlackRock Investment Management 12 Month price Range $21.89-$27.48 ASX Listed Dec-2010 ICR with performance fee 0.24% NAV $ Inception Dec-2010 ICR without performance fee 0.24% ishares S&P/ASX 20 ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P/ASX 20 Index investing in the twenty largest blue chip companies in Australia. (net) $1.26 Yield 5.6% Franking* 84.0% Grossed up yield 7.6% Quarter Style Large (75.1) / Mid (24.9) / Small (0) Cap, Growth (29.7) / Value (70.3) Focus, Passive Units on Offer 12.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $285.0m Currency Hedge No. Daily turnover (avg 6 mths) $1,118,663 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ILC vs S&P/ASX 20 INDEX Performance 3.2% -9.7% -10.6% -5.8% 8.9% Index 3.2% -9.6% -10.5% -5.6% 9.2% 7.3% 7.5% $28.00 Active Return -0.1% 0.0% -0.1% -0.2% -0.3% $26.00 $24.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment $ $ Jan-15 Jul-15 ilc AU Equity S&P/ASX 20 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Commonwealth Bank of Australia 16.0 Australia Basic Materials Westpac Banking Corp 12.4 Australia & New Zealand Bankin 9.3 Communications National Australia Bank Ltd 9.1 Telstra Corp Ltd 7.7 Consumer, Non-cyc BHP Billiton Ltd 7.1 CSL Ltd 5.4 Energy Wesfarmers Ltd 5.1 Woolworths Ltd 3.5 Financial Macquarie Group Ltd 3.2 Utilities % of Total 78.8 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~20 Year Current Year Average Year 5 % +/- -5.0% -11.8% 18.9% Estimated Intra Day NAV is published live by the ASX under the ASX code ILCNAV for ILC. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

19 EXCHANGE TRADED FUNDS. 19 VANGUARD MSCI AUSTRALIAN LARGE COMPANIES (VLC) Mandate Replicate MSCI Aust Large Cap Manager Vanguard Investments Australia Ltd Last traded price $57.05 Benchmark MSCI Aust Large Cap Index Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $54.9-$67.79 ASX Listed May-2011 ICR with performance fee 0.20% NAV $ Inception May-2011 ICR without performance fee 0.20% Vanguard MSCI Australian Large Companies ETF is an exchange traded fund incorportated in Australia. The Fund seeks to match the return (income and capital appreciation) of the MSCI Australian Shares Large Cap Index before taking into account fund fees and expenses (net) $2.70 Yield 4.7% Franking* 60.6% Grossed up yield 6.0% Quarter Style Large (81.3) / Mid (18.1) / Small (0.6) Cap, Growth (19.9) / Value (80.1) Focus, Passive Units on Offer 0.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $51.7m Currency Hedge No. Daily turnover (avg 6 mths) Securities LendingNo. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VLC vs MSCI Australian Sh LC Gr Performance 3.5% -9.2% -10.2% -5.5% 8.7% Index 3.6% -9.1% -10.1% -5.3% 8.9% 6.1% 3.0% $70.00 Active Return -0.1% -0.1% -0.1% -0.2% -0.3% $65.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $180 $170 $160 $150 $140 $130 $70 $60 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Inv Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 $ $ Jan-15 Jul-15 vlc AU Equity MSCI Aus Large Cap Australia Energy CBA Westpac Materials NAB Industrials ANZ Bank Consumer Disc BHP Billiton Consumer Staples Telstra Health Care Wesfarmers CSL Financials ex Prop Woolworths Telecom. Services Macquarie Group % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~32 Year Current Year 3 Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code VLCINAV for VLC. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

20 EXCHANGE TRADED FUNDS. 20 SPDR S&P/ASX 50 FUND (SFY) Mandate Replicate S&P/ASX50 Manager State Street Global Advisors Australia Last traded price $51.22 Benchmark ASX ACCUM 50 LEADERS IDX Resp Entity State Street Global Advisors Australia 12 Month price Range $48.38-$58.81 ASX Listed Aug-2001 ICR with performance fee 0.29% NAV $ Inception Aug-2001 ICR without performance fee 0.29% SPDR S&P/ASX 50 Fund is an exchange traded fund which tracks the performance of the S&P/ASX 50 Index. The Fund will invest in the securities comprising the Index in proportion to their relative weightings. The Index is comprised of the 50 largest securities by market capitalization and most liquid securities in Australia. (net) $2.17 Yield 4.2% Franking* 81.4% Grossed up yield 5.7% Semi-Anl Style Large (65.4) / Mid (34.5) / Small (0) Cap, Growth (44.8) / Value (55.1) Focus, Passive Units on Offer 8.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $437m Currency Hedge No. Daily turnover (avg 6 mths) $1,173,346 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. SFY vs ASX ACCUM 50 LEADERS IDX Performance 3.7% -8.0% -8.5% -2.8% 9.4% 7.2% 6.3% Index 3.8% -8.0% -8.4% -2.5% 9.8% 7.6% 6.7% $60.00 Active Return 0.0% -0.1% -0.1% -0.3% -0.4% -0.4% -0.3% $55.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Investment Investment $ $ Jan-15 Jul-15 sfy AU Equity S&P/ASX50 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Australia Commonwealth Bank 11.8 Financials Westpac Bank 9.0 Materials National Australia Bank 7.1 Consumer Stap ANZ Bank 7.0 REIT BHP Billiton 6.6 Telecom Serv Telstra Corp 5.9 Industrial Wesfarmers 4.0 Energy CSL 3.9 Woolworths 2.7 Healthcare Macquarie Group 2.6 Utilities IT % of Total 60.6 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~52 Year Current Year Average Year % +/- 0.9% -6.0% 11.2% Estimated Intra Day NAV is published live by the ASX under the ASX code YSFY for SFY. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

21 EXCHANGE TRADED FUNDS. 21 ANZ ETFS S&P/ASX 100 ETF (ZOZI) Mandate Replicate S&P/ASX 100 Index Manager ANZ ETFS Management Last traded price $9.83 Benchmark S&P/ASX 100 Index Resp Entity ANZ ETFS Management 12 Month price Range $9.14-$10.26 ASX Listed Jun-2015 ICR with performance fee 0.24% NAV 9.62 Inception Jun-2015 ICR without performance fee 0.24% ANZ ETFS S&P/ASX100 ETF is an ETF. ANZ ETFS S&P/ASX 100 ETF (ZOZI) aims to provide investors with a return that (before fees and expenses) tracks the performance of the S&P/ASX 100 Index (the Index). (net) $0.10 Yield 1.0% Franking 0.0% Grossed up yield 1.0% Quaterly Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 0.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2.0m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZOZI vs ASX ACCUM 100 INDEX Performance 4.1% -7.1% Index 4.2% -7.0% -7.5% -0.8% 10.4% 7.6% 6.5% $12.00 Active Return 0.0% 0.0% $11.20 $10.40 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $ $ Jan-15 Jul-15 ZOZI AU Equity S&P/ASX100 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Oct 15 Financials Commonwealth Bank 10.3 Materials Westpac Bank 8.2 National Australia Bank 6.2 Cons Staples ANZ Bank 6.2 BHP Billiton Industrials 5.8 Telstra 5.2 Australia Telcom Serv Wesfarmers 3.5 Health Care CSL 3.4 Woolworths 2.4 Energy Macquarie Group 2.3 Cons Disc Utilities % of Total 53.6 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~100 Year 1 Current Year 3 Average Year 5 % +/ % -1.7% 7.3% IT

22 EXCHANGE TRADED FUNDS. 22 ishares S&P/ASX SMALL ORDINARIES (ISO) Mandate Replicate S&P ASX Small Ords Manager BlackRock Investment Management Last traded price $3.79 Benchmark S&P ASX Small Ords Resp Entity BlackRock Investment Management 12 Month price Range $3.44-$4.09 ASX Listed Dec-2010 ICR with performance fee 0.55% NAV $ Inception Dec-2010 ICR without performance fee 0.55% ishares S&P/ASX Small Ordinaries ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P/ASX Small Ordinaries Index, an established index which represents smallcap companies in Australia. (net) $0.12 Yield 3.0% Franking* 57.5% Grossed up yield 3.8% Semi-Anl Style Large (0) / Mid (42.7) / Small (57.3) Cap, Growth (30.5) / Value (69.5) Focus, Passive Units on Offer 8.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $32.1m Currency Hedge No. Daily turnover (avg 6 mths) $266,291 Securities LendingNo. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ISO vs ASX ACCUM SMALLCAP ORDS Performance 7.0% 1.3% -2.9% 2.2% 0.3% Index 7.1% 1.4% -2.8% 2.4% 0.6% -1.8% 1.5% $4.50 Active Return -0.1% -0.1% -0.1% -0.2% -0.4% $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 Investment Investment $ $ Jan-15 Jul-15 ISO S&P/ASX Small Ords Accum $60 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 U.S. Basic Materials Veda Group Ltd 1.9 Blackmores Ltd 1.8 New Zealand Communications Sirtex Medical Ltd 1.7 Australia Consumer, Cyclical M2 Group Ltd 1.6 Consumer, Non-cyc BT Investment Management Ltd 1.6 Malaysia Diversified Platinum Asset Management Ltd 1.4 China Macquarie Atlas Roads Group 1.4 Energy nib holdings Ltd/Australia 1.3 Financial Nufarm Ltd/Australia 1.2 Industrial BWP Trust 1.2 Technology Utilities % of Total 15.2 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~201 Year Current Year Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code ISONAV for ISO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

23 EXCHANGE TRADED FUNDS. 23 SPDR S&P/ASX SMALL ORD FUND (SSO) Mandate Replicate S&P/ASX Small Ords Manager State Street Global Advisors Australia Last traded price $11.29 Benchmark ASX ACCUM SMALLCAP ORDS Resp Entity State Street Global Advisors Australia 12 Month price Range $10.16-$12.13 ASX Listed Apr-2011 ICR with performance fee 0.50% NAV $ Inception Apr-2011 ICR without performance fee 0.50% SPDR S&P/ASX Small Ordinaries Fund is an exchange traded fund. The ETF provides investors an interest in a diversified portfolio of Australian listed securities, reflecting or closely tracking (before fees and expenses) the S&P/ASX Small Ordinaries Index comprising shares in companies in the S&P/ASX 300 Index, but excluding those in the S&P/ASX 100 Index. (net) $0.32 Yield 2.9% Franking 30.5% Grossed up yield 3.2% Distributions Frequency Semi-Anl Style Large (2.6) / Mid (49.8) / Small (47.6) Cap, Growth (24.3) / Value (75.7) Focus, Passive Units on Offer 0.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $7.9m Currency Hedge No. Daily turnover (avg 6 mths) $32,923 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. SSO vs ASX ACCUM SMALLCAP ORDS Performance 6.8% 1.2% -3.0% 2.0% 0.2% Index 7.1% 1.4% -2.8% 2.4% 0.6% -1.8% 1.5% $13.00 Active Return -0.3% -0.2% -0.2% -0.5% -0.4% $12.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 $70 $60 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Inv Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 $ $ Jan-15 Jul-15 sso AU Equity S&P/ASX Small Ords Accum Australia Veda Group Consumer Disc 1.8 Industrial Sirtex Medical 1.7 Materials Blackmores 1.7 REIT M2 Group 1.5 Financials BT Investment Mgmt 1.5 Healthcare Macquarie Atlas Road 1.4 Telecom Serv Platinum Asset Mgmt 1.4 Energy Nothern Star Resources 1.4 IT BWP Trust 1.3 Consumer Stap NIB Holdings 1.3 % of Total 15.0 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~176 Year 1 Current Year 3 Average Year 5 % +/ % 7.3% Estimated Intra Day NAV is published live by the ASX under the ASX code YSSO for SSO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

24 EXCHANGE TRADED FUNDS. 24 VANGUARD MSCI AUSTRALIAN SMALL COMPANIES (VSO) Mandate Repl. MSCI Australian Small Cap Manager Vanguard Investments Australia Ltd Last traded price $43.91 Benchmark MSCI Australian Small Comp Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $39.94-$47.4 ASX Listed May-2011 ICR with performance fee 0.30% NAV $ Inception May-2011 ICR without performance fee 0.30% Vanguard MSCI Australian Small Companies Index ETF is an exchange traded fund incorportated in Australia. The Fund seeks to match the return (income and capital appreciation) of the MSCI Australian Shares Small Cap Index before taking into account fund fees and expenses. (net) $1.19 Yield 2.7% Franking* 63.2% Grossed up yield 3.5% Semi-Anl Style Large/Medium/Small Cap, Value/Growth/Balanced Focus, Passive Investment Units on Offer 1.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation.3m Currency Hedge No. Daily turnover (avg 6 mths) $304,161 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VSO vs MSCI Australian Sh SC Gr Performance 3.9% 17.5% 19.0% Index 5.0% 19.0% 20.5% -0.4% -0.1% -0.1% 0.0% $60.00 Active Return -1.1% -1.5% -1.4% $55.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment $ $ Jan-15 Jul-15 vso au Equity MSCI Aus Small Comp Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Australia Duet Group Energy Challenger Materials Echo Entertainment Industrials Ansell Consumer Disc Domino's Pizza Consumer Staples Spark Infrastructure Orora Health Care Magellan Financial Group Financials ex Prop BlueScope Stell IT Recall Holdings Telecom. Services Utilities % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~140 Year Current Year Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code VSOINAV for VSO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

25 EXCHANGE TRADED FUNDS. 25 MARKET VECTORS SML CAP DIV (MVS) Mandate Replicate Aus SC Div Pay Idx Manager Market Vectors Investments Last traded price $16 Benchmark MV Aus SC Div Pay Idx GR Resp Entity Market Vectors Investments 12 Month price Range $14.61-$17.12 ASX Listed May-2015 ICR with performance fee 0.49% NAV Inception May-2015 ICR without performance fee 0.49% Market Vectors Small Cap Dividend Payers ETF is an exchange traded fund incorporated in Australia. The Fund aims to provide investment returns that closely track the returns of the Market Vectors Australia Small-Cap Dividend Payers Index. (net) $0.04 Yield 0.3% Franking 12.8% Grossed up yield 0.3% Semi-Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 1.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $30.7m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVS vs MV Aus SC Div Pay Idx GR Performance 6.0% 0.0% Index 6.1% 0.1% -2.8% 2.2% 7.8% 5.5% 3.1% $18.00 Active Return -0.1% -0.1% $17.00 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $16.00 $15.00 $14.00 $ $ Jan-15 Jul-15 MVS AU Equity MV SC Div Payers Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 Financials Orora 3.2 IOOF Holdings 2.9 Cons Disc Perpetual 2.8 Industrials Duluxgroup 2.8 Sirtex Medical 2.5 Materials M2 Group 2.4 Australia Qube Logistic 2.4 Telecom Serv BWP Trust 2.2 IT NIB Holdings 2.1 Nufarm 2.0 Health Care Cons Stap % of Total 25.3 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~92 Year 1 Current Year 3 Average Year 5 % +/ % -2.1% 7.2% Energy

26 EXCHANGE TRADED FUNDS. 26 SPDR S&P/ASX 200 FINANCIALS (OZF) Mandate Replicate S&P/ASX Fin ex-a-reit Manager State Street Global Advisors Australia Last traded price $19.97 Benchmark S&P/ASX 200 ACM FINxARIT Resp Entity State Street Global Advisors Australia 12 Month price Range $18.6-$24.43 ASX Listed Apr-2011 ICR with performance fee 0.40% NAV $ Inception Apr-2011 ICR without performance fee 0.40% SPDR S&P/ASX 200 Financials Ex A-REIT Fund is an exchange traded fund. The ETF provides investors an interest in a diversified portfolio of Australian listed securities, reflecting or closely tracking (before fees and expenses) the S&P/ASX 200 Financials x-a REIT Index comprising shares in companies in the S&P/ASX 200 Index involved in the financial sector excluding REITs. (net) $1.55 Yield 7.8% Franking* 59.3% Grossed up yield 9.8% Semi-Anl Style Large (89.6) / Mid (10.4) / Small (0) Cap, Growth (10.4) / Value (89.6) Focus, Passive Units on Offer 2.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $40.1m Currency Hedge No. Daily turnover (avg 6 mths) $271,149 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. OZF vs S&P/ASX 200 ACM FINxARIT Performance 4.9% -9.3% -9.5% -1.5% 14.3% Index 5.0% -9.3% -9.4% -1.2% 14.9% 12.5% 8.1% 30 Active Return 0.0% 0.0% -0.1% -0.3% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 Investment Investment Jan-15 Jul-15 ozf AU Equity S&P/ASX200 Fin $160 $140 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Australia Commonwealth Bank 24.1 Div Banks Westpac Bank 18.4 National Australia Bank 14.6 Prop & Casualty Ins ANZ Bank 14.4 Macquarie Group 5.3 Invest Bank & Brok QBE 3.3 AMP 3.1 Life & Health Ins Suncorp Group 3.1 IAG 2.5 Asset Man & Custody ASX 1.5 Other % of Total 90.3 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~29 Year Current Year Average Year 5 % +/- -9.2% 0.0% -3.3% Estimated Intra Day NAV is published live by the ASX under the ASX code YOZF for OZF. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

27 EXCHANGE TRADED FUNDS. 27 BETASHARES S&P/ASX 200 FINAN (QFN) Mandate Replicate S&P/ASX200 Fin x-a-reit Manager Betashares Capital Ltd Last traded price $11.1 Benchmark S&P/ASX 200 FIN x-a-reit Resp Entity Betashares Capital Ltd 12 Month price Range $10.32-$13.22 ASX Listed Dec-2010 ICR with performance fee 0.39% NAV $ Inception Dec-2010 ICR without performance fee 0.39% BetaShares S&P/ASX Financial Sector ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P/ASX 200 Financial-x-A-REIT Index. The S&P/ASX 200 Financial-x-A- REIT Index is a subset of the S&P/ASX 200 and comprises the shares of approximately 22 of the largest companies involved in the financial sector listed on the ASX. (net) $0.51 Yield 4.6% Franking* 94.4% Grossed up yield 6.4% Semi-anl Style Large (95) / Mid (5) / Small (0) Cap, Growth (22.5) / Value (77.5) Focus, Passive Units on Offer 1.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $14.9m Currency Hedge No. Daily turnover (avg 6 mths) $117,515 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QFN vs S&P/ASX 200 FINxA-REIT Performance 4.9% -9.4% -9.6% -1.5% 14.3% Index 5.0% -9.3% -9.4% -1.2% 14.9% 12.5% 8.1% $15.00 Active Return -0.1% -0.1% -0.2% -0.4% -0.6% $14.00 $13.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 $60 $40 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Jul-15 $ $ Jan-15 Jul-15 qfn AU Equity S&P/ASX200 Fin As at 30 Sep 2015 Australia Banks Insurance Investm't Bank/Brokerage Other Div Fin Commonwealth Bank 24.2 Westpac Bank 18.4 National Australia Bank 15.3 ANZ Bank 15.0 Macquarie Group 4.9 QBE 3.4 AMP 3.2 Suncorp Group 3.0 IAG 2.3 ASX 1.4 % of Total 91.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year Average Year 5 % +/- -9.2% 0.0% -3.3% Estimated Intra Day NAV is published live by the ASX under the ASX code QFNINAV for QFN. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

28 EXCHANGE TRADED FUNDS. 28 MARKET VECTORS AUSTRL BANKS (MVB) Mandate Replicate MV AU Banks Index Manager Market Vectors Investments Last traded price $26.01 Benchmark MV AU Banks Idx A$ (TRG) Resp Entity Market Vectors Investments 12 Month price Range $24.41-$31.34 ASX Listed Oct-2013 ICR with performance fee 0.28% NAV $ Inception Oct-2013 ICR without performance fee 0.28% Market Vectors Australian Banks ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investment returns (before fees and expenses) that closely track the returns of the Market Vectors Australia Banks Index. (net) $1.08 Yield 4.1% Franking* 88.5% Grossed up yield 5.7% Quarter Style Large (88.8) / Mid (11.2) / Small (0) Cap, Growth (11.2) / Value (88.8) Focus, Passive Units on Offer.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $17m Currency Hedge No. Daily turnover (avg 6 mths) $234,836 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVB vs S&P/ASX 200 INDEX Performance 4.9% -9.9% -9.6% 0.0% Index 5.0% -9.8% -9.4% 0.3% 17.5% 13.9% 6.7% $35.00 Active Return 0.0% -0.1% -0.1% -0.3% $30.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment $ $ Jan-15 Jul-15 mvb AU Equity S&P/ASX200 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Country Allocation Sector Allocation Top Holdings % Australia Diversified Banks Investment Banking/Brokerage Regional Banks Commonwealth Bank Westpac Bank National Australia Bank ANZ Bank Macquarie Group Bendigo & Adelaide Bank 2.95 Bank of Queensland 2.92 % of Total asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~8 Year Current Year 3 Average Year 5 % +/ % -11.4% 71.8% Estimated Intra Day NAV is published live by the ASX under the ASX code YMVB for MVB. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

29 EXCHANGE TRADED FUNDS. 29 BETASHARES S&P/ASX 200 RESOU (QRE) Mandate ReplicateS&P/ASX200 Resources Manager Betashares Capital Ltd Last traded price $3.91 Benchmark S&P/ASX 200 RESOURCES Resp Entity Betashares Capital Ltd 12 Month price Range $3.64-$5.26 ASX Listed Dec-2010 ICR with performance fee 0.39% NAV $ Inception Dec-2010 ICR without performance fee 0.39% BetaShares S&P/ASX 200 Resources Sector ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P/ASX 200 Resources Index. The S&P/ASX 200 Resources Index is a subset of the S&P/ASX 200 and comprises the shares of approximately 61 of the largest companies involved in the resources industry listed on the ASX. (net) $0.20 Yield 5.0% Franking* 53.5% Grossed up yield 6.1% Semi-Anl Style Large (78) / Mid (0) / Small (22) Cap, Growth (63.5) / Value (36.5) Focus, Passive Units on Offer 1.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $5.6m Currency Hedge No. Daily turnover (avg 6 mths) $43,973 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QRE vs S&P/ASX 200 RESOURCES Performance 5.5% -10.1% -19.1% -23.0% -9.4% Index 5.5% -10.1% -19.2% -23.1% -9.3% -9.9% 1.3% $6.00 Active Return 0.0% 0.1% 0.1% 0.1% -0.1% $ Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $ $ Jan-15 Jul-15 qre AU Equity S&P/ASX200 Res $70 $60 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 As at 30 Sep 2015 Australia Div Metal & Mining Oil & Gas Steel Gold & Precious Metals Aluminium Coal & Consumable Fuel BHP Billiton Woodside Rio Tinto Newcrest 5.30 Oil Search 4.70 Caltex Australia 4.60 South Origin Energy 3.20 Santos 2.30 Fortescue Metals Group 1.70 % of Total asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year Average Year 5 % +/ % 99.3% Estimated Intra Day NAV is published live by the ASX under the ASX code QREINAV for QRE. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

30 EXCHANGE TRADED FUNDS. 30 SPDR S&P/ASX 200 RESOURCES (OZR) Mandate Replicate S&P/ASX 200 Resources Manager State Street Global Advisors Australia Last traded price $7.05 Benchmark S&P/ASX 200 RESOURCES Resp Entity State Street Global Advisors Australia 12 Month price Range $6.56-$9.41 ASX Listed Apr-2011 ICR with performance fee 0.40% NAV $ Inception Apr-2011 ICR without performance fee 0.40% SPDR S&P/ASX 200 Resources Fund is an exchange traded fund. The ETF provides investors an interest in a diversified portfolio of Australian listed securities, reflecting or closely tracking (before fees and expenses) the S&P/ASX 200 Resources Index comprising shares in companies in the S&P/ASX 200 Index involved in the metals and mining industry and energy. (net) $0.29 Yield 4.1% Franking* 89.8% Grossed up yield 5.7% Semi-Anl Style Large (77.5) / Mid (0) / Small (22.5) Cap, Growth (48.8) / Value (51.2) Focus, Passive Units on Offer 2.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $19.1m Currency Hedge No. Daily turnover (avg 6 mths) $85,008 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. OZR vs S&P/ASX 200 RESOURCES Performance 5.4% -10.1% -19.3% -23.0% -9.4% Index 5.5% -10.1% -19.2% -23.1% -9.3% -9.9% 1.3% $12.00 Active Return -0.2% 0.0% -0.1% 0.0% -0.1% $10.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $ $ Jan-15 Jul-15 ozr AU Equity S&P/ASX200 Res $60 $40 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Australia Div. Metals & Mining Oil & Gas Exp & Prod Integ Oil & Gas Steel Gold Aluminum Other BHP Billiton 38.2 Rio Tinto 11.1 Woodside Petroleum 10.9 Origin Energy 5.0 Newcrest Mining 4.9 Oil Search 4.8 Caltex Australia 4.4 South Santos 3.0 Fortescue Metals Group 1.8 % of Total 88.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~31 Year Current Year Average Year 5 % +/ % 99.3% Estimated Intra Day NAV is published live by the ASX under the ASX code YOZR for OZR. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

31 EXCHANGE TRADED FUNDS. 31 MARKET VECTORS AUS RESOURCES (MVR) Mandate Replicate MV AU Resources Index Manager Market Vectors Investments Last traded price $16.41 Benchmark MV AU En&Min Idx A$(TRG) Resp Entity Market Vectors Investments 12 Month price Range $14.98-$19.49 ASX Listed Oct-2013 ICR with performance fee 0.35% NAV $ Inception Oct-2013 ICR without performance fee 0.35% Market Vectors Australian Resources ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investment returns that closely track the returns of the Market Vectors Australia Energy & Resources Index. (net) $0.51 Yield 3.13% Franking* 55.7% Grossed up yield 3.87% Semi-Annually Style Large (14.6) / Mid (85.4) / Small (0) Cap, Growth (36.3) / Value (63.7) Focus, Passive Units on Offer.15m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2m Currency Hedge No. Daily turnover (avg 6 mths) $9,867 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVR vs S&P/ASX 200 INDEX Performance 7.6% -7.2% -13.8% -14.3% Index 7.7% -7.0% -13.7% -14.0% -4.8% -5.5% -0.5% $22.00 Active Return -0.1% -0.1% -0.1% -0.3% $20.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $ $ Jan-15 Jul-15 mvr AU Equity S&P/ASX200 $60 $40 $20 $0 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Australia Div Metals & Mine Oil & Gas Ex & Prod Rio Tinto 7.70 BHP Billiton 7.31 Woodside Petroleum 6.78 AGL Energy 6.41 Origin Energy 5.85 Santos 5.51 APA Group 5.37 South Duet 4.77 % of Total asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~23 Year 1 Current Year 3 Average Year 5 % +/ % 85.4% Multi-utilities Integrated oil & gas Gas Utilities Steel Railroads Oil & Gas Refine & Marketing Gold Commodity Chem Other Estimated Intra Day NAV is published live by the ASX under the ASX code YMVR for MVR. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

32 EXCHANGE TRADED FUNDS. 32 MARKET VECTORS AU EMRG RESOU (MVE) Mandate Replicate MV AU Emerg Rcs Index Manager Market Vectors Investments Last traded price $6.18 Benchmark MV AU Jr En&Min A$ (TRG) Resp Entity Market Vectors Investments 12 Month price Range $5.2-$7.68 ASX Listed Oct-2013 ICR with performance fee 0.49% NAV $ Inception Oct-2013 ICR without performance fee 0.49% Market Vectors Australian Emerging Resources ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investment returns that closely track the returns of the Market Vectors Australia Junior Energy & Mining Index. (net) $0.08 Yield 0.9% Franking* 33.3% Grossed up yield 1.0% Irreg Style Large (34.7) / Mid (30.1) / Small (35.2) Cap, Growth (50.8) / Value (49.2) Focus, Passive Units on Offer.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3m Currency Hedge No. Daily turnover (avg 6 mths) $11,668 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVE vs S&P/ASX 200 INDEX Performance 13.9% -4.6% -20.3% -22.3% Index 14.1% -5.1% -20.9% -23.0% -26.5% -19.8% -7.7% $10.00 Active Return -0.2% 0.5% 0.7% 0.7% $9.00 $8.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $70 $60 $50 $40 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Inv Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 $ $ Jan-15 Jul-15 mve AU Equity S&P/ASX200 Australia Div Metals & Mine Independence Group 8.35 Spark Infrastructure 7.89 Oil & Gas Ex & Prod DUET Group 7.66 Gold Northern Star Resources 6.91 Multi-Utilities Evolution Mining 5.92 Electric Utilities WorleyParsons 5.84 Const & Engineering Regis Resources 5.34 Steel OZ Minerals 5.13 Coal & Fuels Sandfire Resources 3.93 Div Support Serv Beach Energy 3.70 Const Machinery Other % of Total asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~35 Year 1 Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code YMVE for MVE. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

33 EXCHANGE TRADED FUNDS. 33 SPDR S&P/ASX 200 LISTED PROP (SLF) Mandate Replicate S&P/ASX200 A-REIT Manager State Street Global Advisors Australia Last traded price $11.91 Benchmark S&P/ASX 200 A-REIT Index Resp Entity State Street Global Advisors Australia 12 Month price Range $10.36-$12.35 ASX Listed Feb-2002 ICR with performance fee 0.40% NAV $ Inception Feb-2002 ICR without performance fee 0.40% SPDR S&P/ASX 200 Listed Property Fund is an exchange traded fund which tracks the performance of the S&P/ASX Listed Property Trust Index. The Fund will invest in the securities comprising the Index in proportion to their relative weightings. The Index is comprised of the 200 largest listed property investments by market capitalization and most liquid securities in Australia. (net) $0.52 Yield 4.3% Franking* 7.8% Grossed up yield 4.5% Quarter Style Large (0) / Mid (100) / Small (0) Cap, Growth (63.1) / Value (36.9) Focus, Passive Units on Offer 49.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $590.7m Currency Hedge No. Daily turnover (avg 6 mths) $739,810 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. SLF vs S&P/ASX 200 A-REIT Index Performance 4.9% 0.3% 4.6% 17.9% 15.6% 14.4% 2.8% Index 5.0% 0.4% 4.7% 18.3% 15.9% 14.8% 2.9% $16.00 Active Return 0.0% -0.1% -0.1% -0.4% -0.3% -0.4% -0.1% $14.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 $70 Jan-13 Jul-13 Jan-14 Investment Jul-14 Jan-15 Jul-15 $ $ Jan-15 Jul-15 slf AU Equity S&P/ASX200 A-REIT Australia Scentre Group 21.2 Retail REITs Westfield Corp 18.8 Stockland 9.1 Diversified REITs Federation Centres 9.1 Office REITs Goodman Group 9.1 GPT Group 8.1 Industrial REITs Dexus Property 7.1 Mirvac Group 6.3 Investa Office Fd 2.4 BWP 1.5 % of Total 92.8 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~18 Year Current Year Average Year % +/ % 25.4% -27.2% Estimated Intra Day NAV is published live by the ASX under the ASX code YSLF for SLF. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

34 EXCHANGE TRADED FUNDS. 34 VANGUARD AU PROP SEC IDX ETF (VAP) Mandate Replicate S&P/ASX300 A-REIT Manager Vanguard Investments Australia Ltd Last traded price $75.13 Benchmark S&P/ASX 300 A-REIT Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $65.44-$77.78 ASX Listed Oct-2010 ICR with performance fee 0.25% NAV $ Inception Mar-1998 ICR without performance fee 0.25% Vanguard Australian Property Securities Index ETF is an exchange traded fund incorporated Australia. The Fund seeks to match the return (income and capital appreciation) of the S&P/ASX 300 A_REIT Index before taking into account fund fees and expenses. (net) $3.50 Yield 4.7% Franking* 7.9% Grossed up yield 4.8% Quarter Style Large (0) / Mid (100) / Small (0) Cap, Growth (64.8) / Value (35.2) Focus, Passive Units on Offer 6.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $487.8m Currency Hedge No. Daily turnover (avg 6 mths) $1,103,026 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VAP vs S&P/ASX 300 A-REIT Performance 4.9% 0.3% 4.6% 18.0% 15.8% 14.5% Index 4.9% 0.4% 4.6% 18.2% 15.9% 14.7% 2.7%.00 Active Return 0.0% -0.1% 0.0% -0.2% -0.1% -0.2% $75.00 Chart - Value of initial investment of A and monthly performance variance to benchmark $160 $150 $140 $130 Jan-13 Jul-13 Jan-14 Investment Jul-14 Jan-15 $ Jan-15 Jul-15 Australia Scentre Group Retail Westfield Corp Diversified Stockland Office Vicinity Centres Industrial Goodman Group Specialized GPT Residential Dexus Property Group Mirvac Investa Office Fund BWP Jul-15 $70.00 $65.00 $60.00 $55.00 vap AU Equity S&P/ASX 300 A-REIT % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~26 Year Current Year Average Year % +/ % 24.3% -26.8% Estimated Intra Day NAV is published live by the ASX under the ASX code VAPINAV for VAP. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

35 EXCHANGE TRADED FUNDS. 35 MARKET VECTORS AUS PROPERTY (MVA) Mandate Replicate MV AU A-REITs Index Manager Market Vectors Investments Last traded price $18.76 Benchmark MV AU A-REITs A$ (TRG) Resp Entity Market Vectors Investments 12 Month price Range $16.56-$19.82 ASX Listed Oct-2013 ICR with performance fee 0.35% NAV $ Inception Oct-2013 ICR without performance fee 0.35% Market Vectors Australian Property ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investment returns that closely track the returns of the Market Vectors Australia A-REITs Index. (net) $0.83 Yield 4.4% Franking* 1.6% Grossed up yield 4.4% Quarter Style Large (0) / Mid (100) / Small (0) Cap, Growth (52.4) / Value (47.6) Focus, Passive Units on Offer 2.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $45m Currency Hedge No. Daily turnover (avg 6 mths) $125,312 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVA vs S&P/ASX 200 INDEX Performance 4.9% -0.9% 3.2% 16.7% Index 5.0% -0.8% 3.2% 16.9% 16.4% 16.5% 0.3% $20.00 Active Return 0.0% -0.1% 0.0% -0.3% $19.00 $18.00 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $140 $130 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Inv Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 $ $ Jan-15 Jul-15 mva AU Equity S&P/ASX200 Australia Scentre Group Retail REITs GPT Group Stockland Diversified REITs Westfield Federation Centres Dexus Property Group 9.84 Office REITs Mirvac Group 9.82 Goodman Group 9.80 Industrial REITs BWP Trust 6.35 Investa Office Fund 5.21 % of Total asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~12 Year Current Year 3 Average Year 5 % +/ % 1.2% 61.2% Estimated Intra Day NAV is published live by the ASX under the ASX code YMVA for MVA. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

36 EXCHANGE TRADED FUNDS. 36 ishares S&P/ASX HIGH DIVIDEND (IHD) Mandate Replicate S&P/ASX High Dividend Manager BlackRock Investment Management Last traded price $13.74 Benchmark S&P/ASX Dividend Opportunities Resp Entity BlackRock Investment Management 12 Month price Range $13.17-$16.44 ASX Listed Dec-2010 ICR with performance fee 0.30% NAV Inception Dec-2010 ICR without performance fee 0.30% ishares S&P/ASX Dividend Opportunities Fund ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P/ASX Dividend Opportunities Index. The Fund will provide exposure to 50 large Australian companies with a particular focus on higher dividends. (net) $0.94 Yield 6.8% Franking* 50.5% Grossed up yield 8.3% Quarter Style Large (62.9) / Mid (31.1) / Small (6.1) Cap, Growth (59.8) / Value (40.3) Focus, Passive Units on Offer 17.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $234.3m Currency Hedge No. Daily turnover (avg 6 mths) $694,953 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IHD vs S&P/ASX Dividend Opportunities Performance 4.0% -7.7% -10.7% -5.1% 6.4% Index 4.1% -7.6% -10.6% -5.1% 6.6% 4.6% 5.3% $18.00 Active Return -0.1% -0.1% -0.2% 0.0% -0.2% $17.00 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment $16.00 $15.00 $14.00 $ $ Jan-15 Jul-15 IHD S&P/ASX Dividend Opportunities Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Telstra Corp Ltd 9.3 Basic Materials U.K. Commonwealth Bank of Australia 9.0 Communications BHP Billiton Ltd 8.4 New Zealand Consumer, Cyclical Rio Tinto Ltd 8.1 Westpac Banking Corp 7.8 Australia Consumer, Non-cyc Wesfarmers Ltd 7.6 Diversified Woodside Petroleum Ltd 7.1 Energy National Australia Bank Ltd 6.2 Australia & New Zealand Bankin 6.1 Financial Spark New Zealand Ltd 3.5 Industrial Utilities % of Total 73.0 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~50 Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code IHDNAV for IHD. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

37 EXCHANGE TRADED FUNDS. 37 Russell Australian High Dividend Index (RDV) Mandate Repl. Russell Aust. High Div. Ind. Manager Russell Investment Management Ltd Last traded price $28.39 Benchmark Russell Aust. High Dividend Index Resp Entity Russell Investment Management Ltd 12 Month price Range $26.9-$33.25 ASX Listed May-2010 ICR with performance fee 0.34% NAV $28.27 Inception May-2010 ICR without performance fee 0.34% Russell High Dividend Australian Shares ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the Russell Australia High Dividend Index by investing predominantly in Australian shares and trusts listed on the ASX. The index is weighted to companies that are expected to make high dividend payments. (net) $1.73 Yield 6.1% Franking* 77.6% Grossed up yield 8.1% Quarter Style Large (67.8) / Mid (32.2) / Small (0) Cap, Growth (47.9) / Value (52.1) Focus, Passive Units on Offer 9.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $276.5m Currency Hedge No. Daily turnover (avg 6 mths) $740,361 Securities Lending: Yes/No, No. XXX% Collateral (Cash), XX% Revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. RDV vs Australia HighDivIdx AUD Performance 4.9% -7.8% -8.3% -1.4% 11.7% 7.9% Index 4.9% -7.8% -8.2% -1.1% 12.0% 8.4% 4.1% $35.00 Active Return -0.1% -0.1% -0.1% -0.2% -0.3% -0.5% $32.50 $ Chart - Value of initial investment of A and monthly performance variance to benchmark $170 $160 $150 $140 $130 Oct-11 Jan-12 Apr-12 Jul-12 Jan-13 Investment Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 $ $ Jan-15 Jul-15 rdv AU Equity Russell Aus High Div Australia Commonwealth Bank 9.0% Financial-X-Prop Tr Westpac 8.0% Cons Staples National Australia Bank 6.8% Materials ANZ Bank 6.7% Property Trusts Telstra 5.9% Telecom Serv Wesfarmers 4.2% BHP Billiton 4.1% Industrials Suncorp Group 3.8% Utilities Platinum Asset Mgmt 3.2% Energy IAG 3.1% Cons Disc Health Care % of Total 55% Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~46 Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code YRDV for RDV. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

38 EXCHANGE TRADED FUNDS. 38 SPDR MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD (SYI) Mandate Repli MSCI Aust Select High Div Manager State Street Global Advisors Australia Last traded price $27 Benchmark MSCI Australia Select High Div Resp Entity State Street Global Advisors Australia 12 Month price Range $25.67-$32.86 ASX Listed Sep-2010 ICR with performance fee 0.35% NAV $ Inception Sep-2010 ICR without performance fee 0.35% SPDR MSCI Australia Select High Dividend Yield Fund is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the MSCI Australia Select High Dividend Yield Index. (net) $2.29 Yield 8.5% Franking* 59.5% Grossed up yield 10.7% Quarter Style Large (67.8) / Mid (27.2) / Small (5) Cap, Growth (28.3) / Value (71.7) Focus, Passive Units on Offer 5.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $144.8m Currency Hedge No. Daily turnover (avg 6 mths) $414,073 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. SYI vs MSCI Australia Select High Div Performance 4.1% -8.8% -9.7% -4.4% 8.9% 7.6% Index 4.2% -8.8% -9.4% -3.9% 9.4% $36.00 Active Return 0.0% -0.1% -0.3% -0.5% -0.5% $34.00 Chart - Value of initial investment of A and monthly performance variance to benchmark $170 $160 $150 $140 $130 Jan-13 Jul-13 Jan-14 Investment Investment Jul-14 Jan-15 $ Jan-15 Jul-15 Australia Financials Commonwealth Bank 9.7 Consumer Stap Westpac Bank 9.7 Materials ANZ Bank 8.5 Utilities BHP Billiton 7.7 Energy Suncorp Group 5.0 Telecom Serv Amcor 4.8 Cons Disc Wesfarmers 4.5 Industrial National Australia Bank 4.5 Health Care IAG 4.4 IT Telstra 4.4 Jul-15 $32.00 $30.00 $28.00 $26.00 syi AU Equity MSCI Aus Select High Div % of Total 63.0 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~37 Year Current Year Average Year % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code YSYI for SYI. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

39 EXCHANGE TRADED FUNDS. 39 VANGUARD AUSTRALIAN SHARES HIGH YIELD (VHY) Mandate Repl. FTSE ASFA Aust High Yield Manager Vanguard Investments Australia Ltd Last traded price $58.02 Benchmark FTSE ASFA Aust High Div Yield Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $55.72-$71.5 ASX Listed Jun-2011 ICR with performance fee 0.25% NAV $ Inception Jun-2011 ICR without performance fee 0.25% Vanguard Australian Shares High Yield ETF is an exchange traded fund incorportated in Australia. The Fund seeks to match the return (income and capital appreciation) of the FTSE ASFA Australia High Dividend Yield Index before fees and expenses. (net) $4.71 Yield 8.1% Franking* 36.8% Grossed up yield 9.4% Quarter Style Large (70.3) / Mid (29.7) / Small (0) Cap, Growth (29.7) / Value (70.3) Focus, Passive Units on Offer 10.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $578.3m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VHY vs FTSE Aus HiDivYld TR AUD Performance 3.6% -8.3% -11.0% -5.7% 9.5% Index 1.7% -10.0% -12.7% -7.6% 8.6% 8.8% 6.5%.00 Active Return 1.9% 1.7% 1.7% 1.9% 0.9% $75.00 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Investment Investment $70.00 $65.00 $60.00 $ $ Jan-15 Jul-15 vhy AU Equity FTSE ASTA Aust High Div Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Australia Westpac Oil & Gas Rio Tinto Basic Materials Telstra NAB Industrials ANZ Bank Consumer Goods BHP Billiton CBA Consumer Services Duet Group Tabcorp Holdings Telecommunications Spark Infrastructure Utilities Financials % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~37 Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code VHYINAV for VHY. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

40 EXCHANGE TRADED FUNDS. 40 UBS IQ RESEARCH PREF AUS DIV (DIV) Mandate Replicate S&P DevxAU LMC AUD GTRManager UBS Global Asset Management Aust Last traded price $18.95 Benchmark UBS Research Pf Div TR Resp Entity UBS Global Asset Management Aust 12 Month price Range $18.3-$22.33 ASX Listed Jan-2014 ICR with performance fee 0.70% NAV $ Inception Jan-2014 ICR without performance fee 0.70% UBS IQ Research Preferred Australian Dividend Fund is an exchange-traded fund incorporated in Australia. The Fund aims to replicate the performance of the UBS Research Preferred Dividend Index. The Fund provides exposure to a portfolio of approximately 40 Australian listed securities constructed by reference to UBS Research with a focus on forecast dividend yield. (net) $1.32 Yield 7.0% Franking* 66.2% Grossed up yield 8.9% Quarterly Style Units on Offer 1.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $22.6m Currency Hedge No. Daily turnover (avg 6 mths) $12,167 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. DIV vs UBS Research Pref Div Performance 4.5% -7.1% -8.8% -3.3% Index 4.4% -8.6% -10.5% -7.2% -1.4% -0.9% -0.4% $24.00 Active Return 0.2% 1.5% 1.7% 3.9% $23.00 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment $22.00 $21.00 $20.00 $19.00 $18.00 $ Jan-15 Jul-15 div Au Equity UBS Research Pref Div Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 CBA 9.3 Financials ANZ 8.7 Australia Consumer Staples Westpac 7.9 Wesfarmers 7.1 Consumer Disc Rio Tinto 5.2 Industrials Woodside 4.7 AMP 4.5 Materials AGL 3.8 Utilities Bank of Queensland 3.0 Echo Entertainment 2.8 Energy Health Care % of Total 57.0 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~40 Year 1 Current Year 3 Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code YDIV for DIV. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

41 EXCHANGE TRADED FUNDS. 41 ANZ ETFS S&P/ASX 300 High Yield Plus (ZYAU) Mandate Replicate S&P/ASX 300 S/holder Yield idxmanager ANZ ETFS Management Last traded price $9.68 Benchmark S&P/ASX 300 S/holder Yield Index Resp Entity ANZ ETFS Management 12 Month price Range $9.09-$10.3 ASX Listed Jun-2015 ICR with performance fee 0.35% NAV 9.62 Inception Jun-2015 ICR without performance fee 0.35% ANZ ETFS S&P/ASX 300 High Yield Plus ETF is an ETF. The ANZ ETFS S&P/ASX 300 High Yield Plus ETF (ZYAU) aims to provide investors with a return that (before fees and expenses) tracks the performance of the S&P/ASX 300 Shareholder Yield Index (the Index). (net) $0.17 Yield 1.7% Franking 0.0% Grossed up yield 1.7% Quaterly Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 0.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1.5m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZYAU vs S&P/ASX 300 ShrhldYldNTR Performance 5.2% -4.9% Index 5.4% -4.9% -4.1% -1.0% 12.7% 10.8% 8.2% 11 Active Return -0.1% 0.0% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ZYAU AU Equity S&P/ASX300 S/holder Yield Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Oct 15 Financials Commonwealth Bank 10.1 Rio Tinto 9.6 Materials Telstra 9.4 Telcom Serv Woodside Petroleum 9.1 AMP 7.8 Energy Sydney Airport 7.2 Australia Henderson Group 4.4 Industrials Stockland 4.2 Cons Disc Dexus Property Group 4.0 ASX 3.8 Health Care Utilities % of Total 69.5 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~40 Year 1 Current Year 3 Average Year 5 % +/ % -2.1% 7.2% IT

42 EXCHANGE TRADED FUNDS. 42 BETASHARES AU DVD HARVESTER (HVST) Mandate Betashares Manager BetaShares Capital Limited Last traded price $21.5 Benchmark Betashares Resp Entity BetaShares Capital Limited 12 Month price Range $21.2-$26.51 ASX Listed Oct-2014 ICR with performance fee 0.90% NAV $ Inception Oct-2014 ICR without performance fee 0.90% BetaShares Australian Dividend Harvester Fund is an exchange-traded fund incorporated in Australia. The fund aims to provide regular income, comprising dividends and franking credits from Australian shares, that is at least double the income yield of the broad Australian share market (as measured by the S&P/ASX 200 Index) on an annual basis. (net) $2.43 Yield 11.3% Franking* 62.7% Grossed up yield 14.4% Monthly Style Large/Mid/Small Cap, Growth/Value Focus, Active/Passive Investment Units on Offer 5.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $119.2m Currency Hedge No. Daily turnover (avg 6 mths) $741,324 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. HVST vs ASX ACCUM 50 LEADERS IDX Performance 1.2% -5.2% -6.5% -6.1% Index 3.8% -8.0% -8.4% -2.5% 9.8% 7.6% 6.7% Active Return -2.6% 2.8% 1.9% -3.6% 28 Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment 8 Jan-15 Jul-15 Jul-13Jan-14Jul-14Jan-15Jul-15 HVST AU Equity ASA31 S&P/ASX50 Index Leaders HVST AU Accum Equity Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Australia Financials Industrials Materials Consumer Staples Healthcare Westpac Bank 14 National Australia Bank 12.8 ANZ Bank 12.8 Macquarie Group 11 Commonwealth Bank 6.1 BHP Billiton 3.5 Telstra 3.4 Wesfarmers 2.2 CSL 2 Woolworths 1.6 % of Total 69.4 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code HVSTINAV for HVST. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

43 EXCHANGE TRADED FUNDS. 43 BETASHARES AUS TOP 20 EQ YLD (YMAX) Mandate Replicate S&P/ASX 20 Index Manager BetaShares Capital Limited Last traded price $9.54 Benchmark S&P/ASX 20 Index Resp Entity BetaShares Capital Limited 12 Month price Range $9.31-$11.55 ASX Listed Nov-2012 ICR with performance fee 0.79% NAV $ Inception Nov-2012 ICR without performance fee 0.79% BetaShares Australian Top 20 Equity Yield Maximiser Fund is an exchange-traded fund incorporated in Australia. The Fund aims to provide investors with exposure to a basket of 20 blue-chip Australian equities. The Fund will seek to achieve these objectives by combining an investment portfolio comprising the equity securities that make up the S&P/ASX20 Index along with call options. (net) $0.97 Yield 10.1% Franking* 40.9% Grossed up yield 11.9% Quarter Style Large/Mid/Small Cap, Growth/Value Focus, Active/Passive Investment Units on Offer 34.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $330.3m Currency Hedge No. Daily turnover (avg 6 mths) $1,002,695 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. YMAX vs ASX ACCUM LEADERS IDX Performance 3.1% -8.4% -8.8% -7.4% Index 3.2% -9.6% -10.5% -5.6% 9.2% 7.3% 7.6% Active Return -0.1% 1.3% 1.7% -1.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment 8 Jan-15 Jul-15 Jul-13Jan-14Jul-14Jan-15Jul-15 ymax AU Equity asa26 S&P/ASX20 Index Leaders ymax AU Accum Equity Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Australia Commonwealth Bank 15.3 Financials Westpac Bank 12.2 Materials National Australia Bank 9.3 Cons Stap ANZ Bank 9.2 BHP Billiton Telecom 8.6 Telstra 7.7 Energy Wesfarmers 5.2 Health Care CSL 5.1 Industrials Woolworths 3.6 Macquarie Group 3.3 % of Total 79.5 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~20 Year Current Year 3 Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code YMAXINAV for YMAX. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

44 EXCHANGE TRADED FUNDS. 44 Russell Australian High Value Index (RVL) Mandate Replicate Russell Aust. High Value Manager Russell Investment Management Ltd Last traded price $28.61 Benchmark Russell Australian High Value Index Resp Entity Russell Investment Management Ltd 12 Month price Range $26.43-$35.43 ASX Listed Mar-2011 ICR with performance fee 0.34% NAV $27.87 Inception Mar-2011 ICR without performance fee 0.34% Russell Australian Value ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the Russell Australia High Value Index by investing predominantly in Australian shares and trusts listed on the ASX. The index is weighted to companies that typically demonstrate value characteristics. (net) $3.28 Yield 11.5% Franking* 36.2% Grossed up yield 13.2% Semi-Anl Style Large (71.7) / Mid (25) / Small (3.3) Cap, Growth (18.1) / Value (81.9) Focus, Passive Units on Offer 0.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $20.9m Currency Hedge No. Daily turnover (avg 6 mths) $91,717 Securities LendingNo. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. RVL vs Russ Aus HiVal TR AUD Performance 4.1% -9.2% -11.6% -6.0% 9.3% Index 4.1% -9.1% -11.5% -5.8% 9.6% 8.1% 2.1% 36 Active Return -0.1% -0.1% -0.1% -0.2% -0.3% 34 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 $70 $60 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Westpac 16.8 U.K. Australia Financial-X-Prop Tr Commonwealth Bank 16.6 Cons Staples ANZ Bank 13 BHP Billiton 12.8 Materials Woolworths 5.3 Property Trusts National Australia Bank 4 Scentre Group 3.8 Telecom Serv Woodside Petroleum 3.6 Rio Tinto Industrials 2.5 Stockland 1.7 Jul-15 Utilities Energy Jan-15 Jul-15 rvl AU Equity Russell Aus High Value % of Total 80.1 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~38 Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code YRVL for RVL. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

45 EXCHANGE TRADED FUNDS. 45 MARKET VECTORS AU EQL WEIGHT (MVW) Mandate Replicate S&P DevxAU LMC AUD GTRManager Market Vectors ETFs/Australia Last traded price $21.8 Benchmark MV AU Eq Weight A$ (TRG) Resp Entity Market Vectors ETFs/Australia 12 Month price Range $20.06-$23.44 ASX Listed Mar-2014 ICR with performance fee 0.35% NAV $ Inception Mar-2014 ICR without performance fee 0.35% Market Vectors Australian Equal Weight ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investment returns that closely track the returns of the Market Vectors Australia Equal Weight Index. (net) $0.79 Yield 3.6% Franking* 0.6% Grossed up yield 3.6% Quarter Style Large / Mid / Small Cap, Growth/Value Focus, Passive Units on Offer 2.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $48.0m Currency Hedge No. Daily turnover (avg 6 mths) $311,357 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MVW vs MV AU Eq Weight A$ (TRG) Performance 6.3% -3.1% -3.1% 4.7% Index 6.4% -3.0% -2.9% 5.1% 14.4% 9.0% 7.0% 24 Active Return 0.0% -0.1% -0.2% -0.4% 23 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment Jan-15 Jul-15 MVW Au Equity MV Aus Equal Weight Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Santos 1.7 Financials Domino's Pizza 1.6 Australia Materials Magellan Financial Group 1.6 Challenger 1.6 Industrials CIMIC Group 1.5 Cons Disc Recall Holdings 1.5 IAG 1.5 Energy Sydney Airport 1.5 Health Care TPG Telecom 1.5 Macquarie Group 1.5 Cons Stap Telecom Serv % of Total 15.5 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~73 Year Current Year 3 Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code YMVW for MVW. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

46 EXCHANGE TRADED FUNDS. 46 BETASHARES FTSE RAFI AU 200 (QOZ) Mandate Replicate FTSE RAFI Australia 200 Manager Betashares Capital Ltd Last traded price $11.61 Benchmark FTSE RAFI Aus 200 TR Resp Entity Betashares Capital Ltd 12 Month price Range $10.9-$13.78 ASX Listed Jul-2013 ICR with performance fee 0.40% NAV $ Inception Jul-2013 ICR without performance fee 0.40% BetaShares FTSE RAFI Australia 200 is an exchange traded fund incorporated in Australia that aims to closely track the performance of the FTSE RAFI Australia 200 Index. The equities included in the Index are selected and weighted based on measures of the fundamental size of each company, rather than on market cap. Four fundamental measures of firm size are used: sales, cash flow, book value and dividends. (net) $0.98 Yield 8.5% Franking* 47.1% Grossed up yield 10.2% Semi-Anl Style Large (62.8) / Mid (37.2) / Small (0) Cap, Growth (44.8) / Value (55.2) Focus, Passive Units on Offer 6.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $77m Currency Hedge No. Daily turnover (avg 6 mths) $438,295 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QOZ vs S&P/ASX 200 INDEX Performance 4.6% -6.8% -8.7% -1.5% Index 4.6% -6.8% -8.5% -1.0% 11.4% 8.3% 8.0% 14 Active Return 0.0% 0.0% -0.2% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $60 $40 $20 $0 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Investment Investment Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug Jan-15 Jul-15 qoz AU Equity S&P/ASX200 As at 30 Sep 2015 Australia Commonwealth Bank 7.6 Financials Westpac Bank 7.2 Materials BHP Billiton 7.1 National Australia Bank Telecom 6.4 ANZ Bank 5.9 Cons Stap Telstra 5.1 Industrials Wesfarmers 4.5 Woolworths 3.4 Energy QBE Insurance Group 2.4 Cons Disc Suncorp 2.4 Health Care Others % of Total 52.0 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~200 Year Current Year Average Year 5 % +/ % -1.7% 7.3% Estimated Intra Day NAV is published live by the ASX under the ASX code YQOZ for QOZ. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

47 EXCHANGE TRADED FUNDS. 47 UBS IQ RESEARCH PREFERRED AUST. SHARE FUND (ETF) Mandate Replicate UBS Preferred Aust Manager UBS Global Asset Management Aust Last traded price $20.47 Benchmark UBS Research Pref NTR Resp Entity UBS Global Asset Management Aust 12 Month price Range $ $22.15 ASX Listed Oct-2012 ICR with performance fee 0.70% NAV $ Inception Oct-2012 ICR without performance fee 0.70% UBS IQ Research Preferred Australian Share Fund is an exchange-traded fund incorporated in Australia. The Fund seeks to replicate the performance of the UBS Research Preferred Index, before fees and expenses. The Fund provides investors with exposure to a diverse portfolio of 40 Australian securities that have each been given a "Buy" rating by UBS Research. (net) $1.52 Yield 7.4% Franking* 34.4% Grossed up yield 8.5% Semi-Anl Style Large (22.6) / Mid (46.8) / Small (30.5) Cap, Growth (49.8) / Value (50.1) Focus, Passive Units on Offer 2.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $56.4m Currency Hedge No. Daily turnover (avg 6 mths) $16,446 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETF vs UBS Research Pref NTR Performance 6.2% -4.4% -5.1% 1.1% 8.0% Index 6.4% -4.3% -4.8% 1.5% 8.4% 5.4% 2.7% Active Return -0.1% -0.1% -0.2% -0.3% -0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-13 Jul-15 Jan-14 $140 $130 etf AU Equity etf AU Equity UBSRPIN Index UBS Research Pref NTR $70 $60 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Australia Westpac 7.4 Consumer Disc CSL 5.7 Materials BHP 5.4 Transurban 5.1 Industrials Rio Tinto 4.9 Health Care Echo Entertainment 4.4 Challenger 3.1 Financials Sirtex Medical 3.1 Sonic Healthcare Energy 3.1 Boral 2.7 Jul-15 % of Total 44.9 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~40 Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code YETF for ETF. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

48 EXCHANGE TRADED FUNDS. 48 BETASHARES AUS EQ BEAR HF (BEAR) - Synthetic Mandate Inverse S&P/ASX Manager Betashares Capital Ltd Last traded price $17.72 Benchmark Inverse S&P/ASX Resp Entity Betashares Capital Ltd 12 Month price Range $15.99-$18.97 ASX Listed Jul-2012 ICR with performance fee 1.38% NAV $ Inception Jul-2012 ICR without performance fee 1.38% BetaShares Australian Equities Bear Hedge Fund is an exchange-traded fund incorporated in Australia. The Fund's objective is to help investors profit from, or protect against, a declining Australian share market by seeking to generate returns that are negatively correlated to the returns of the Australian share market (as measured by the S&P/ASX 200 index). (net) $0.00 Yield 0.00% Franking* 0.0% Grossed up yield 0.00% 0 Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Derivatives (100%) Units on Offer 3.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $63.7m Currency Hedge No. Daily turnover (avg 6 mths) $1,571,600 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. BEAR vs S&P/ASX 200 INDEX Performance -4.5% 6.1% 6.6% 0.8% -7.1% Index 4.4% -6.6% -7.3% -0.7% 9.8% 7.1% 6.2% 20 Active Return -0.2% -0.5% -0.7% 0.1% 2.7% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 BEAR AU Equity S&P/ASX200 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Top Holdings % SPI Futures ~100 Australia % of Total ~100 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code BEARINAV for BEAR. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

49 EXCHANGE TRADED FUNDS. 49 BETASHARES AUS EQ STR BR HDG (BBOZ) - Synthetic Mandate Inverse S&P/ASX 200 Manager Betashares Capital Ltd Last traded price $27.3 Benchmark Inverse S&P/ASX 200 Resp Entity Betashares Capital Ltd 12 Month price Range $23.83-$31.8 ASX Listed Apr-2015 ICR with performance fee 1.38% NAV $ Inception Apr-2015 ICR without performance fee 1.38% BetaShares Australian Equities Strong Bear Hedge Fund is an exchange-traded fund incorporated in Australia. The Fund's objective is to help investors profit from, or protect against, a declining Australian share market by seeking to generate magnified returns that are negatively correlated to the returns of the Australian share market (as measured by the S&P/ASX 200 index). (net) $0.00 Yield 0.00% Franking* 0.0% Grossed up yield 0.00% 0 Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Derivatives (200%) Units on Offer 1.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $41.0m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. BBOZ vs S&P/ASX 200 INDEX Performance -10.7% 13.0% 13.5% Index 4.4% -6.6% -7.3% -0.7% 9.8% 7.1% 6.2% 32 Active Return -1.0% -0.1% -0.6% 30 Chart - Value of initial investment of A and monthly performance variance to benchmark $115 $105 $95 $85 Jan-13 Jul-13 Jan-14 Country Allocation Top Holdings % SPI Futures ~200 Australia Inv Investment Jul-14 Jan-15 Jul Jan-15 Jul-15 bboz AU Equity S&P/ASX200 % of Total ~200 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code BBOZINAV for BBOZ. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

50 EXCHANGE TRADED FUNDS. 50 BETASHARES GEARED AU EQ HEDGE FUND(GEAR) Mandate Replicate S&P/ASX200 Manager BetaShares Capital Last traded price $18.48 Benchmark S&P/ASX 200 INDEX Resp Entity BetaShares Capital 12 Month price Range $15.83-$24.7 ASX Listed Apr-2014 ICR with performance fee 0.80% NAV Inception Apr-2014 ICR without performance fee 0.80% BetaShares Geared Australian Equity Fund is an exchange-traded fund incorporated in Australia. The Fund's objective is to provide investors with a simple way to access cost-effective geared exposure to the returns of the Australian share market. The Fund will invest in a diversified share portfolio of generally 200 of the largest securities on the ASX by market capitalisation. (net) $0.72 Yield 3.9% Franking 68.3% Grossed up yield 5.1% Quarter Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 3.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $72.7m Currency Hedge No. Daily turnover (avg 6 mths) $1,297,139 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. GEAR vs S&P/ASX 200 INDEX Performance 10.7% -16.1% -18.4% -7.6% Index 4.4% -6.6% -7.3% -0.7% 9.8% 7.1% 6.2% 25 Active Return 6.3% -9.5% -11.1% -6.9% Chart - Value of initial investment of A and monthly performance variance to benchmark $130 Inv Investment Jan-15 Jul-15 Gear AU Equity S&P/ASX200 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Sep 15 Commonwealth Bank 9.5 Westpac Bank 7.3 Financials National Australia Bank 6.1 Australia Materials ANZ Bank 6.0 Cons Stap BHP Billiton 5.5 Industrials Telstra Corp 5.3 Energy Wesfarmers 3.4 Telecom CSL 3.2 Cons Disc Woolworths 2.4 Macquarie Group 2.0 Health Care Utilities IT % of Total 50.7 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year Average Year 5 % +/ % -2.1% 7.2%

51 EXCHANGE TRADED FUNDS. 51 UBS IQ MSCI AUSTRALIA ETF (UBA) Mandate Replicate MSCI Aus ex Tob ex CW Manager UBS Global Asset Mgmt Aus Last traded price $18.13 Benchmark MSCI Aus ex Tob ex Cont Weapons Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $16.88-$20.35 ASX Listed Feb-2015 ICR with performance fee 0.17% NAV $ Inception Feb-2015 ICR without performance fee 0.17% UBS IQ MSCI Australia ETF is an exchange-traded fund incorporated in Australia. The Fund aims to replicate the performance of the MSCI Australia Index. The Index is designed to measure the performance of the large and mid-cap segments of the Australian market. (net) $0.30 Yield 1.6% Franking* 60.9% Grossed up yield 2.1% Half-Yearly Style Passive Investment Units on Offer 4.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation m Currency Hedge No. Daily turnover (avg 6 mths) $54,890 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBA vs MSCI AUSTRALIA ex TOBACC Performance 4.2% 7.6% 8.0% Index 4.2% 7.6% 8.2% 25 Active Return 0.0% 0.0% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 uba AU Equity MSCI Aus ex TB ex CW $70 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Australia Commonwealth Bank 11.6 Consumer Disc Westpac 8.7 Consumer Staples NAB 7.0 ANZ Energy 6.7 BHP Billiton 6.6 Financials Wesfarmers 4.0 Health Care CSL 3.9 Woolworths 2.7 Industrials Macquarie 2.3 Telco Telstra 2.1 Materials Other % of Total 55.6 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~70 Year 1 Current Year 3 Average Year 5 % +/ % -2.1% 7.2% Estimated Intra Day NAV is published live by the ASX under the ASX code YUBA for UBA. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

52 EXCHANGE TRADED FUNDS. 52 SPDR S&P WORLD EX AUSTRALIA (WXOZ) Mandate Replicate S&P DevxAU LMC AUD GTRManager StateStreet Global Advisors Australia Last traded price $25.65 Benchmark S&P DevxAU LMC AUD GTR Resp Entity StateStreet Global Advisors Australia 12 Month price Range $21.01-$26.19 ASX Listed Mar-2013 ICR with performance fee 0.42% NAV $ Inception Mar-2013 ICR without performance fee 0.42% SPDR S&P World ex Australia Fund is an exchange traded fund which tracks the performance of the S&P Developed ex Australia LargeMidCap AUD Index. The Fund seeks to provide investment return, before fees and other costs, that closely correspond to the performance of the S&P Developed ex Australia LargeMidCap AUD Index. (net) $1.09 Yield 4.3% Franking* 0.0% Grossed up yield 4.3% Annual Style Large (79.4) / Mid (7.4) / Small (13.1) Cap, Growth (97.3) / Value (2.6) Focus, Passive Units on Offer 5.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $141.7m Currency Hedge No. Daily turnover (avg 6 mths) $186,143 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. WXOZ vs S&P DevxAU LMC AUD GTR Performance 6.4% 0.4% 7.1% 25.2% Index 6.4% 0.4% 7.5% 26.6% 27.4% 15.6% 7.5% Active Return 0.1% 0.0% -0.4% -1.4% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 Inv Investment Jan-15 Jul-15 wxoz AU Equity S&P World ex-aus Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 United States Japan Apple 2.0 Financials Microsoft 1.2 United Kingdom Canada Consumer Disc Exxon Mobil 1.0 Info Tech Kfe Kospi 200 IDX F 12/ France Switzerland Health Care General Electric 0.8 Industrials Johnson & Johnson 0.8 Germany Hong Kong Consumer Staples Berkshire Hathaway 0.7 Energy Amazon.com 0.7 Spain Sweden Materials Wells Fargo & Co 0.7 Novartis 0.7 Netherlands Korea Italy Singapore Telco Utilities % of Total 9.6 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~1500 Year Current Year 3 Average Year 5 % +/

53 EXCHANGE TRADED FUNDS. 53 VANGUARD MSCI INTERNATIONAL (VGS) Mandate Rep MSCI All-World ex-au UnhedgedManager Vanguard Investments Australia Ltd Last traded price $61.35 Benchmark MSCI World Ex Au Unhedged A$ N Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $50.7-$61.35 ASX Listed Nov-2014 ICR with performance fee 0.18% NAV $ Inception Nov-2014 ICR without performance fee 0.18% Vanguard MSCI Index International Shares ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the return of the MSCI World ex-australia (with net dividends reinvested), in Australian dollars Index, before taking into account fees, expenses and tax. (net) $1.68 Yield 2.7% Franking* 0.0% Grossed up yield 2.7% Quarterly Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 2.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $136.4m Currency Hedge No Daily turnover (avg 6 mths) $889,760 Securities LendingYes. ######## ######## 30/04/2015 ######## 31/10/ /10/ /10/2005 Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VGS vs MSCI World Ex Au Unhedged A$ N Performance 6.3% 0.2% 7.6% 65 Index 6.3% 0.1% 7.5% 26.3% 27.0% 16.6% 6.3% 63 Active Return 0.0% 0.1% 0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment 5000 Jan-15 Jul-15 vgs AU Equity MSCI World Ex-Aus Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Apple Energy Alphabet Materials Microsoft Industrials Exxon Mobil General Electric United States Consumer Disc Johnson & Johnson Japan Consumer Staples Wells Fargo & Co United Kingdom Health Care Amazon.com France Financials Nestle SA Switzerland IT JPMorgan Chase Telecommunications Utilities % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~1579 Year 1 Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code IOONAV for IOO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

54 EXCHANGE TRADED FUNDS. 54 ishares S&P GLOBAL 100 (IOO) Mandate Replicate S&P Global 100 Manager BlackRock Fund Advisors Last traded price $ Benchmark S&P Global 100 Resp Entity BlackRock Fund Advisors 12 Month price Range $87.05-$ ASX Listed Oct-2007 ICR with performance fee 0.40% NAV Inception Dec-2000 ICR without performance fee 0.40% ishares Global 100 ETF is an exchange-traded fund incorporated in the USA. The Fund's objective seeks investment results that correspond to the performance of the S&P Global 100 Index. The Index is designed to measure the performance of large trans-national companies that are of major importance in the global markets. (net) $2.23 Yield 2.1% Franking* 0.0% Grossed up yield 2.1% Semi-Anl Style Large (81.8) / Mid (3.1) / Small (15.1) Cap, Growth (100) / Value (0) Focus, Passive Units on Offer 23.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2,470.7m Currency Hedge No Daily turnover (avg 6 mths) $2,285,639 Securities LendingYes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IOO vs S&P GB 100 NTR Performance Active Return 7.3% 0.1% 1.1% 0.0% 7.3% 0.3% 23.7% 0.4% 24.3% 0.2% 14.6% 0.2% 5.4% 0.1% Index NAV USD 7.2% 1.1% 7.0% 23.3% 24.2% 14.4% 5.2% Performance 9.3% -1.2% -3.0% 0.5% 9.8% 7.5% 4.9% Index 9.1% -1.2% -3.2% 0.2% 9.6% 7.4% 4.7% 100 Active Return 0.1% 0.0% 0.2% 0.3% 0.2% 0.2% 0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 Inv Investment Jan-15 Jul-15 ioo AU Equity S&P Global 100 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 U.S. Basic Materials Apple Inc 7.1 Microsoft Corp 4.5 U.K. Communications Exxon Mobil Corp 3.6 France Consumer, Cyclical General Electric Co 3.0 Germany Consumer, Non-cyc Johnson & Johnson 3.0 JPMorgan Chase & Co 2.6 Switzerland Energy Nestle SA 2.5 Sweden Financial Novartis AG 2.4 Netherlands Alphabet Inc 2.4 Government Alphabet Inc 2.3 Spain Japan South Korea Australia Industrial Technology % of Total 33.4 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 5.0% (AUD) Earnings Book Yield Approx. Number of Securties ~100 Year Current Year Average Year % +/ Estimated Intra Day NAV is published live by the ASX under the ASX code IOONAV for IOO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

55 EXCHANGE TRADED FUNDS. 55 SPDR S&P WORLD EX AUS HEDGED (WXHG) Mandate Replicate Benchmark Index Manager StateStreet Global Advisors Australia Last traded price $18.61 Benchmark S&P DevxAU LMC AUD H GTR Resp Entity StateStreet Global Advisors Australia 12 Month price Range $16.72-$20.45 ASX Listed Jul-2013 ICR with performance fee 0.48% NAV $ Inception Jul-2013 ICR without performance fee 0.48% SPDR S&P World ex Australia (Hedged) Fund is an exchange traded fund incorporated in Australia. The Fund aims to provide investment returns that closely correspond to the performance of the S&P Developed ex Australia LargeMidCap AUD Hedged Index. (net) $0.98 Yield 5.3% Franking* 0.0% Grossed up yield 5.3% Annually Style Large (7.4) / Mid (45.7) / Small (46.7) Cap, Growth (45.3) / Value (54.5) Focus, Passive Units on Offer 3.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $65.4m Currency Hedge Yes Daily turnover (avg 6 mths) $211,001 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. WXHG vs MSCI World Ex Australia Local Performance 8.0% -2.5% -1.7% 6.9% 21 Index 8.0% -2.5% -1.2% 8.4% 17.9% 10.5% 5.1% Active Return 0.0% 0.0% -0.5% -1.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment Jan-15 Jul-15 wxhg AU Equity MSCI World Ex Aus Local Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 United States Apple 2.0 Japan Financials Microsoft 1.2 United Kingdom IT Exxon Mobil 1.0 Consumer Disc Kfe Kospi 200 IDX F 12/ Canada General Electric 0.8 Health Care France Johnson & Johnson 0.8 Switzerland Industrials Berkshire Hathaway 0.7 Germany Consumer Stap Amazon.com 0.7 Hong Kong Energy Wells Fargo & Co 0.7 Novartis 0.7 Spain Materials Sweden Netherlands Utilities Telecom Serv % of Total 9.6 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~1500 Year Current Year 3 Average Year 5 % +/-

56 EXCHANGE TRADED FUNDS. 56 VANGUARD MSCI IND INTL SH HG (VGAD) Mandate Rep MSCI World Ex-Aus Hedged Manager Vanguard Investments Australia Ltd Last traded price $53.51 Benchmark MSCI World Ex Australia Hedged Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $48.41-$55.49 ASX Listed Nov-2014 ICR with performance fee 0.21% NAV $ Inception Nov-2014 ICR without performance fee 0.21% Vanguard MSCI Index International Shares Hedged ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the return of the MSCI World ex-australia (with net dividends reinvested), hedged into Australian dollars Index, before taking into account fees, expenses and tax. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Semi-Annualy Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 1.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $53.5m Currency Hedge Yes Daily turnover (avg 6 mths) $337,444 Securities LendingYes. ######## ######## 30/04/2015 ######## 31/10/ /10/ /10/2005 Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VGAD vs MSCI World Ex Australia Hedged Performance 8.0% -2.7% -1.3% 60 Index 8.0% -2.7% -1.3% 8.0% 17.6% 14.1% 7.8% 58 Active Return 0.0% 0.0% 0.0% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 vgad AU Equity MSCI World Ex-Aus Hedged Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Apple Energy Alphabet Materials Microsoft Industrials Exxon Mobil United States Consumer Disc General Electric Japan Consumer Staples Johnson & Johnson Wells Fargo & Co United Health Care Kingdom Amazon.com France Financials Nestle SA IT JPMorgan Chase Switzerland Telecommunications Utilities % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~1579 Year 1 Current Year 3 Average Year 5 % +/-

57 EXCHANGE TRADED FUNDS. 57 ISHARES GLOBAL 100 AUD HEDGE (IHOO) Mandate Rep S&P Global 100 Hedged A$ Manager BlackRock Fund Advisors Last traded price $97.26 Benchmark S&P Global 100 Hedged AUD Resp Entity BlackRock Fund Advisors 12 Month price Range $85.69-$ ASX Listed Dec-2014 ICR with performance fee 0.46% NAV Inception Dec-2014 ICR without performance fee 0.46% ishares Global 100 AUD Hedged ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investors with the performance of the market, before fees and expenses (including the cost of hedging), as represented by an index composed of 100 large capitalisation global equities (hedged to Australian dollars). (net) $1.83 Yield 1.9% Franking* 0.0% Grossed up yield 1.9% Irreg Style Large (27.8) / Mid (64.7) / Small (7.6) Cap, Growth (68.6) / Value (31.5) Focus, Passive Units on Offer 0.48m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $47.0m Currency Hedge Yes Daily turnover (avg 6 mths) $554,576 Securities LendingYes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IHOO vs S&P Global100WMNTRAUDHgd Performance 9.0% -1.0% -1.9% Index 9.3% -1.0% -1.7% 105 Active Return -0.3% 0.0% -0.3% 100 NAV USD Performance 11.0% -3.3% -11.3% 95 Index 11.3% -3.3% -11.1% 90 Active Return -0.3% 0.0% -0.3% 85 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ihoo AU Equity S&P Global 100 AUD Hedged Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 ishares Global 100 ETF Trust 99.7 U.S. Basic Materials U.K. France Germany Switzerland Sweden Netherlands Spain Japan South Korea Australia Communications Consumer, Cyclical Consumer, Non-cyc Energy Financial Government Industrial Technology % of Total 99.7 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties ~1 Year 1 Current Year 3 Average Year 5 % +/-

58 EXCHANGE TRADED FUNDS. 58 ISHARES S&P 500 AUD HEDGED (IHVV) Mandate Replicate S&P500 Hedged AUD Manager BlackRock Fund Advisors Last traded price $260.5 Benchmark S&P500 Hedged AUD Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Dec-2014 ICR with performance fee 0.13% NAV $ Inception Dec-2014 ICR without performance fee 0.13% ishares S&P 500 AUD Hedged ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide investors with the performance of the market, before fees and expenses (including the cost of hedging), as represented by an index composed of large capitalisation U.S. equities (hedged to Australian dollars). (net) $4.75 Yield 1.8% Franking* 0.0% Grossed up yield 1.8% Irreg Style Large (27.7) / Mid (57.2) / Small (15.1) Cap, Growth (89.3) / Value (10.7) Focus, Passive Units on Offer.91m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $237m Currency Hedge Yes Daily turnover (avg 6 mths) $205,580 Securities Lending: Yes. Yes/No, 102% XXX% Cash Collateral, (Cash), 65% XX% revenue Revenue credited credited to ETF. to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IHVV vs S&P 500 AUD Hdg (Net TR) Performance 8.3% -0.8% 1.0% Index 8.4% -0.7% 1.2% 300 Active Return -0.1% -0.1% -0.1% NAV USD Performance 10.3% -3.1% -8.6% 250 Index 10.4% -3.0% -8.5% Active Return -0.1% -0.1% -0.1% 200 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ihvv AU Equity S&P 500 AUD Hedged Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 as at 30/08/11 ishares Core S&P ETF 99.2 Basic Materials U.S. Communications Consumer, Cyclical Consumer, Non-cyc Diversified Energy Financial Government Industrial Technology % of Total 99.2 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum spx index Earnings Book Yield Approx. Number of Securties ~1 Year 1 Current Year 3 Average Year 5 % +/- 12.7% 21.8% -3.3%

59 EXCHANGE TRADED FUNDS. 59 VANGUARD US TOTAL MARKET SHARES INDEX (VTS) Mandate Replicate MSCI US Broad Market Manager The Vanguard Group Inc Last traded price $ Benchmark CRSP US Total Mkt TR Resp Entity The Vanguard Group Inc 12 Month price Range $117.3-$ ASX Listed May-2009 ICR with performance fee 0.05% NAV $ Inception Apr-1992 ICR without performance fee 0.05% Vanguard Total Stock Market ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the CRSP US Total Market Index. The ETF holds U.S stocks of all cap sizes. Its investments aim to represent the entire U.S. Equity Market. The ETF holds over 3,500 securities and weights these holdings by market capitalization. (net) $2.27 Yield 1.5% Franking* 0.0% Grossed up yield 1.5% Quarter Style Large (75.6) / Mid (5.4) / Small (19) Cap, Growth (98.3) / Value (1.7) Focus, Passive Units on Offer 5.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $831.6m Currency Hedge No Daily turnover (avg 6 mths) Securities LendingYes. 102% Cash Collateral, 100% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VTS vs CRSP US Total Mkt TR Performance 5.9% 0.8% 10.2% 28.5% 31.4% 21.6% 8.6% Index 6.0% 0.8% 10.3% 28.7% 31.6% 21.7% 8.6% 150 Active Return 0.0% 0.0% -0.1% -0.2% -0.1% -0.1% 0.0% 140 NAV USD Performance 7.9% -1.6% -0.3% 4.4% 16.0% 14.1% 8.1% 130 Index 7.9% -1.6% -0.3% 4.6% 16.2% 14.2% 8.1% Active Return 0.0% 0.0% 0.0% -0.2% -0.1% -0.1% 0.0% Chart - Value of initial investment of A and monthly performance variance to benchmark $240 $220 $200 $180 $160 $140 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Jul Jan-15 Jul-15 vts AU Equity CRSP US Total Market Basic Materials Apple Google Communications Microsoft U.S. Consumer, Cyclical Exxon Mobil Consumer, Non-cyc Johnson & Johnson Diversified General Electric Energy Berkshire Hathaway Financial Wells Fargo Government JPMorgan Chase AT&T Industrial Technology Utilities % of Total Share price Standard Sharp Informatio Index Price to Price to Div Portfolio Turnover per annum (AUD) Deviation Ratio n Earnings Book Yield Approx. Number of Securties ~3809 Year Current Year Average Year % +/- 12.8% 22.0% -3.4%

60 EXCHANGE TRADED FUNDS. 60 ishares S&P 500 (IVV) Mandate Replicate S&P500 Manager BlackRock Fund Advisors Last traded price $ Benchmark S&P500 Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Oct-2007 ICR with performance fee 0.07% NAV $ Inception May-2000 ICR without performance fee 0.07% ishares Core S&P 500 ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the S&P 500 Index. It invests in all 500 stocks that comprise the index. The ETF holds predominantly large-cap stocks from U.S. companies. It weights the holdings using a market capitalization methodology and rebalances quarterly. (net) $4.85 Yield 1.6% Franking* 0.0% Grossed up yield 1.6% Quarter Style Large (75.3) / Mid (2.3) / Small (22.5) Cap, Growth (100.1) / Value (0) Focus, Passive Units on Offer 333.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $99,192m Currency Hedge No Daily turnover (avg 6 mths) $6,655,086 Securities Lending: Yes. Yes/No, 102% XXX% Cash Collateral, (Cash), 65% XX% revenue Revenue credited credited to ETF. to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IVV vs S&P500 Performance 6.5% 1.7% 11.4% 29.5% 31.6% 21.8% 8.3% 300 Index 6.5% 1.8% 11.4% 29.5% 31.6% 21.8% 8.3% 290 Active Return 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% 280 NAV USD Performance 8.4% -0.6% 0.8% 5.2% 16.1% 14.3% 7.8% Index 8.4% -0.6% 0.8% 5.2% 16.2% 14.3% 7.8% 250 Active Return 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ivv AU Equity S&P 500 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 as at 30/08/11 Basic Materials Apple Inc 3.6 Microsoft Corp 2.3 Communications U.S. Exxon Mobil Corp 1.8 Consumer, Cyclical General Electric Co 1.6 Consumer, Non-cyc Johnson & Johnson 1.5 Diversified Amazon.com Inc 1.4 Wells Fargo & Co 1.4 Energy Berkshire Hathaway Inc 1.4 Financial JPMorgan Chase & Co 1.3 Government Facebook Inc 1.3 Industrial Technology % of Total 17.7 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 4.0% spx index Earnings Book Yield Approx. Number of Securties ~500 Year Current Year Average Year % +/- 12.7% 21.8% -3.3%

61 EXCHANGE TRADED FUNDS. 61 SPDR S&P 500 ETF TRUS (SPY) Mandate Replicate S&P500 Manager StateStreet Global Advisors Australia Last traded price $ Benchmark S&P500 Resp Entity StateStreet Global Advisors Australia 12 Month price Range $ $ ASX Listed Oct-2014 ICR with performance fee 0.09% NAV Inception Oct-2014 ICR without performance fee 0.09% SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization. (net) $4.63 Yield 1.6% Franking 0.0% Grossed up yield 1.6% Quarter Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 853.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $251,722.8m Currency Hedge No. Daily turnover (avg 6 mths) $88,533 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. SPY vs S&P 500 Total Return Performance 6.7% 2.3% 29.6% 31.6% 21.8% Index 6.7% 2.3% 29.5% 31.4% 21.7% 300 Active Return 0.0% 0.0% 0.1% 0.2% 0.2% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment Jan-15 Jul-15 SPY AU Equity S&P500 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Sep 15 Apple 3.7 Microsoft 2.1 United States IT Exxon Mobil 1.8 Financials Johnson & Johnson 1.5 Health Care General Electric 1.5 Cons Disc Berkshire Hathaway B 1.4 Industrials Wells Fargo 1.4 Consumer Staples JP Morgan Chase & Co 1.3 Energy Facebook Class A 1.2 Utilities At&t 1.2 Materials Telecommunication % of Total 17.2 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~507 Year Current Year 3 Average Year 5 % +/ % -2.1% 7.2%

62 EXCHANGE TRADED FUNDS. 62 VANGUARD ALL WORLD ex-us SHARES INDEX (VEU) Mandate Replicate FTSE All-World ex-us Manager Vanguard Group Inc/The Last traded price $64.6 Benchmark FTSE All World Series ex-us Resp Entity Vanguard Group Inc/The 12 Month price Range $55.3-$66.9 ASX Listed May-2009 ICR with performance fee 0.14% NAV $ Inception Mar-2007 ICR without performance fee 0.14% Vanguard FTSE All-World ex-us ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the FTSE All-World ex-us Index. The ETF holds over 2400 stocks of all cap sizes. Its investments are in countries across the world, excluding the US. The ETF weights the holdings using a market capitalization. (net) $1.47 Yield 2.3% Franking* 0.0% Grossed up yield 2.3% Quarter Style Large (25.3) / Mid (61.8) / Small (13.1) Cap, Growth (78.7) / Value (21.5) Focus, Passive Units on Offer 9.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $604.0m Currency Hedge No Daily turnover (avg 6 mths) $1,536,376 Securities LendingYes. ######## ######## 30/04/2015 ######## 31/10/ /10/ /10/2005 Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VEU vs FTSE wrld Ex US TR USD Performance Active Return 4.5% -1.0% -3.2% -0.3% 0.0% -0.5% 16.9% -1.8% 18.8% -0.7% 9.5% -0.6% Index NAV USD 5.5% -2.9% 0.5% 18.7% 19.5% 10.1% 5.5% Performance 6.4% -5.5% -9.6% -5.1% 4.9% 2.7% Index 7.5% -5.1% -9.1% -3.6% 5.5% 3.3% 5.0% 60 Active Return -1.0% -0.3% -0.4% -1.5% -0.6% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $190 $180 $170 $160 $150 $140 $130 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan Jan-15 Jul-15 North America Basic Materials Nestle SA Novartis AG Europe ex UK Consumer Goods Roche Holding AG Consumer Services Toyota Motor Japan Financials Royal Dutch Shell UK Health Care HSBC Holdings Samsung Electronics Industrials Asia Pacific (ex AUS ex Unilever JPN) Oil & Gas Sanofi Australia Technology Bayer AG Jul veu AU Equity FTSE All World ex-us Middle East Emerging Markets Telecommunications Utilities % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 8.0% (AUD) Earnings Book Yield Approx. Number of Securties ~2510 Year Current Year Average Year % +/

63 EXCHANGE TRADED FUNDS. 63 ishares MSCI EAFE (IVE) Mandate Replicate MSCI EAFE Manager BlackRock Fund Advisors Last traded price $86.73 Benchmark MSCI EAFE Resp Entity BlackRock Fund Advisors 12 Month price Range $71.8-$89.1 ASX Listed Oct-2007 ICR with performance fee 0.34% NAV $ Inception Aug-2001 ICR without performance fee 0.34% ishares MSCI EAFE ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI EAFE Index. The ETF holds large and mid-cap stocks. Its investments are focused on developed countries across the world excluding the U.S. and Canada. The ETF weights the holdings using a market capitalization methodology. (net) $1.89 Yield 2.2% Franking* 0.0% Grossed up yield 2.2% Semi-Anl Style Large (9) / Mid (82.2) / Small (8.8) Cap, Growth (88.4) / Value (11.6) Focus, Passive Units on Offer 948.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $82,289.4m Currency Hedge No Daily turnover (avg 6 mths) $798,469 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IVE vs MSCIEAFE Performance 5.9% -2.9% 3.4% 23.0% 22.2% 11.6% 4.4% Index 5.9% -2.9% 3.4% 23.0% 22.4% 11.7% 4.5% 100 Active Return 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% 90 NAV USD Performance 7.8% -5.2% -6.4% -0.1% 7.9% 4.7% 4.0% 80 Index 7.8% -5.2% -6.4% -0.1% 8.0% 4.8% 4.1% Active Return 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 Inv Investment Jan-15 Jul-15 ive AU Equity MSCI EAFE $160 $140 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 U.S. U.K. Nestle SA 1.9 Basic Materials France Germany Novartis AG 1.6 Switzerland Luxembourg Communications Roche Holding AG 1.5 Sweden Denmark Consumer, Cyclical Toyota Motor Corp 1.3 Norway Finland Consumer, Non-cyc HSBC Holdings PLC 1.3 Netherlands Belgium Diversified Bayer AG 0.9 Austria Italy British American Tobacco PLC 0.9 Spain Portugal Energy Novo Nordisk A/S 0.9 Japan Hong Kong Financial BP PLC 0.8 New Zealand Australia Government TOTAL SA 0.8 Singapore Mexico China Israel Jersey Ireland South Africa Chile Macau % of Total 11.9 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 3.0% Earnings Book Yield Approx. Number of Securties ~916 Year Current Year Average Year % +/- -7.4% 10.0% -8.3% Industrial Technology

64 EXCHANGE TRADED FUNDS. 64 ishares S&P EUROPE 350 (IEU) Mandate Replicate S&P Europe 350 Manager BlackRock Fund Advisors Last traded price $59.91 Benchmark S&P Europe 350 Resp Entity BlackRock Fund Advisors 12 Month price Range $49.63-$62.06 ASX Listed Oct-2007 ICR with performance fee 0.60% NAV $ Inception Jul-2000 ICR without performance fee 0.60% ishares Europe ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the S&P Europe 350 Index. (net) $1.32 Yield 2.2% Franking* 0.0% Grossed up yield 2.2% Semi-Anl Style Large (13.3) / Mid (78.4) / Small (8.3) Cap, Growth (74.1) / Value (25.9) Focus, Passive Units on Offer 68.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4,124.8m Currency Hedge No Daily turnover (avg 6 mths) $2,456,386 Securities LendingYes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IEU vs SP EUROPE 350 USD WM NTR Performance Active Return 5.2% 0.1% -3.1% -0.3% 3.7% 0.0% 22.2% -0.3% 22.2% -0.4% 11.5% -0.3% 4.5% -0.4% Index NAV USD 5.0% -2.8% 3.7% 22.5% 22.6% 11.8% 4.9% Performance 7.1% -5.4% -6.2% -0.7% 7.9% 4.6% 4.1% Index 6.9% -5.1% -6.3% -0.5% 8.2% 4.9% 4.5% 60 Active Return 0.1% -0.3% 0.0% -0.2% -0.4% -0.3% -0.4% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 Investment Investment Jan-15 Jul-15 ieu AU Equity SP350NW Index Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top 10 Holdings % U.S. U.K. Basic Materials Nestle SA 3.0 Novartis AG 3.0 France Germany Communications Roche Holding AG 2.4 Switzerland Luxembourg Consumer, Cyclical HSBC Holdings PLC 2.0 Consumer, Non-cyc TOTAL SA 1.5 Sweden Denmark Diversified Bayer AG 1.4 Norway Finland British American Tobacco PLC 1.4 Energy Netherlands Belgium Sanofi 1.4 Austria Italy Financial BP PLC 1.4 Government Anheuser-Busch InBev SA/NV 1.3 Spain Australia Chile Portugal Ireland Jersey Industrial Technology % of Total 18.8 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 6.0% (AUD) Earnings Book Yield Approx. Number of Securties ~352 Year Current Year Average Year % +/- 20.4% 13.7% -9.3%

65 EXCHANGE TRADED FUNDS. 65 ishares S&P ASIA 50 (IAA) Mandate Replicate S&P Asia 50 Manager BlackRock Fund Advisors Last traded price $64.55 Benchmark S&P Asia 50 Resp Entity BlackRock Fund Advisors 12 Month price Range $54.28-$70.69 ASX Listed Sep-2008 ICR with performance fee 0.50% NAV $ Inception Nov-2007 ICR without performance fee 0.50% ishares Asia 50 ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the S&P Asia 50 Index. (net) $0.84 Yield 1.3% Franking* 0.0% Grossed up yield 1.3% Semi-Anl Style Large (55.6) / Mid (44.4) / Small (0) Cap, Growth (54.9) / Value (45.1) Focus, Passive Units on Offer 7.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $497.0m Currency Hedge No Daily turnover (avg 6 mths) $868,228 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IAA vs S&P Asia 50 USD NTR Performance Active Return 8.0% 0.0% -1.0% -0.1% -5.8% -0.1% 19.1% -0.4% 16.4% -0.6% 10.0% -0.6% Index NAV USD 8.0% -0.9% -5.8% 19.5% 17.0% 10.6% 8.4% Performance 9.9% -3.4% -14.8% -3.3% 2.8% 3.2% Index 9.9% -3.2% -14.8% -3.0% 3.3% 3.8% 7.9% 60 Active Return 0.0% -0.1% -0.1% -0.3% -0.5% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $180 $170 $160 $150 $140 $130 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 U.S. Basic Materials Samsung Electronics Co Ltd 10.6 Tencent Holdings Ltd 8.5 Hong Kong Communications Taiwan Semiconductor Manufactu 6.4 South Korea Consumer, Cyclical AIA Group Ltd 5.9 Taiwan Consumer, Non-cyc China Construction Bank Corp 5.7 Singapore Diversified China Mobile Ltd 5.2 Industrial & Commercial Bank o 3.9 Energy CK Hutchison Holdings Ltd 2.8 Financial Hon Hai Precision Industry Co 2.8 Government Hong Kong Exchanges and Cleari 2.4 Jul-15 Industrial Technology Jan-15 Jul-15 iaa AU Equity SPAS50NT Index % of Total 54.3 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 11.0% Earnings Book Yield Approx. Number of Securties ~50 Year Current Year Average Year % +/ % -14.1% 3.4%

66 EXCHANGE TRADED FUNDS. 66 ishares MSCI BRIC (IBK) Mandate Replicate MSCI BRIC Manager BlackRock Fund Advisors Last traded price $44.91 Benchmark MSCI BRIC Resp Entity BlackRock Fund Advisors 12 Month price Range $40.74-$53.83 ASX Listed Sep-2008 ICR with performance fee 0.69% NAV $ Inception Nov-2007 ICR without performance fee 0.69% ishares MSCI BRIC ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI BRIC Index. The ETF holds stocks of all cap sizes from Brazil, Russia, India and China. The ETF weights the holdings using a market capitalization methodology and rebalances quarterly. (net) $1.04 Yield 2.3% Franking* 0.0% Grossed up yield 2.3% Semi-Anl Style Large (54.9) / Mid (45.1) / Small (0) Cap, Growth (17.9) / Value (82.1) Focus, Passive Units on Offer 6.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $280.7m Currency Hedge No Daily turnover (avg 6 mths) $133,131 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IBK vs MSCI Daily TR Net EM BRIC USD Performance 4.8% -5.8% -13.5% 4.7% 8.9% 0.1% Index 4.8% -5.9% -13.6% 4.9% 9.5% 0.9% 6.6% 60 Active Return 0.0% 0.2% 0.0% -0.3% -0.6% -0.8% NAV USD Performance 6.7% -8.0% -21.8% -15.0% -3.9% -6.0% 50 Index 6.7% -8.1% -21.8% -14.8% -3.4% -5.3% 6.1% Active Return 0.0% 0.2% 0.0% -0.2% -0.5% -0.7% 40 Chart - Value of initial investment of A and monthly performance variance to benchmark $160 $150 $140 $130 $70 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Tencent Holdings Ltd 6.2 U.S. Basic Materials China Mobile Ltd 5.0 Hong Kong Communications China Construction Bank Corp 4.3 China Consumer, Cyclical Industrial & Commercial Bank o 3.2 Brazil Consumer, Non-cyc Bank of China Ltd 2.7 India Diversified Infosys Ltd 2.1 Russia Energy Ping An Insurance Group Co of 2.0 Financial Housing Development Finance Co 1.9 Government China Life Insurance Co Ltd 1.8 Ambev SA 1.6 Jul-15 Industrial Jan-15 Jul-15 ibk AU Equity nduebric Index Technology Utilities % of Total 30.8 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 9.0% Earnings Book Yield Approx. Number of Securties ~306 Year Current Year Average Year % +/- 1.6% -12.7% 12.0%

67 EXCHANGE TRADED FUNDS. 67 ishares MSCI EMERGING MARKETS (IEM) Mandate Replicate MSCI Emerging Mkts Manager BlackRock Fund Advisors Last traded price $49.55 Benchmark MSCI Emerging Markets Resp Entity BlackRock Fund Advisors 12 Month price Range $44.05-$56.37 ASX Listed Oct-2007 ICR with performance fee 0.69% NAV $ Inception Apr-2003 ICR without performance fee 0.69% ishares MSCI Emerging Markets ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the MSCI TR Emerging Markets Index. The ETF holds emerging market stocks that can predominantly be classified as large and mid-cap. It weights the holdings using a market capitalization methodology and rebalances quarterly. (net) $0.90 Yield 1.8% Franking* 0.0% Grossed up yield 1.8% Semi-Anl Style Large (67.7) / Mid (31) / Small (1.3) Cap, Growth (45.1) / Value (54.9) Focus, Passive Units on Offer 656.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $32,532.1m Currency Hedge No Daily turnover (avg 6 mths) $3,392,027 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IEM vs MSCI Daily TR Net Emerging Mar Performance Active Return 5.2% 0.0% -3.1% 0.1% -9.3% -0.2% 4.6% -0.6% 9.4% -0.6% 2.9% -0.7% 5.3% -0.9% Index NAV USD 5.2% -3.2% -9.1% 5.2% 10.0% 3.6% 6.2% Performance 7.1% -5.4% -18.0% -15.0% -3.4% -3.4% 4.8% Index 7.1% -5.5% -17.8% -14.5% -2.9% -2.8% 5.7% 50 Active Return 0.0% 0.1% -0.2% -0.5% -0.5% -0.6% -0.9% Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $140 $130 Jan-13 Jul-13 Samsung Electronics Co Ltd 3.5 U.S. Hong Kong Basic Materials Taiwan Semiconductor Manufactu 3.0 South Korea Taiwan Communications Tencent Holdings Ltd 2.9 Malaysia Thailand Indonesia Philippines Consumer, Cyclical China Mobile Ltd 2.1 Greece Turkey Consumer, Naspers Ltd Non-cyc 1.8 Mexico South Africa Diversified China Construction Bank Corp Chile Colombia Hon Hai Precision Industry Co 1.1 China Brazil Energy Industrial & Commercial Bank o Peru Czech Republic Financial Bank of China Ltd 1.0 Government Ping An Insurance Group Co of 0.9 Poland Russia Egypt U.A.E. Jan-14 Inv Investment India Hungary Malta Qatar Jul-14 Jan-15 Jul-15 Industrial Technology Jan-15 Jul-15 iem AU Equity ndueegf Index % of Total 19.3 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 14.0% Earnings Book Yield Approx. Number of Securties ~846 Year Current Year Average Year % +/- -2.7% -12.8% 8.6%

68 EXCHANGE TRADED FUNDS. 68 SPDR S&P EMERGING MARKETS FD (WEMG) Mandate Replicate S&P DevxAU LMC AUD GTRManager StateStreet Global Advisors Australia Last traded price $17.46 Benchmark SP Emerg LargeMidCapNTR Resp Entity StateStreet Global Advisors Australia 12 Month price Range $15.56-$19.85 ASX Listed Nov-2013 ICR with performance fee 0.65% NAV $ Inception Nov-2013 ICR without performance fee 0.65% SPDR S&P Emerging Markets Fund is an exchange traded fund which tracks the performance of the S&P Emerging Markets Large Mid Cap Index. The Index is constructed from the large and mid-cap segment of each emerging country in the S&P Global BMI representing the top 85% of the float-adjusted market capitalisation of each emerging country. (net) $0.32 Yield 1.8% Franking* 0.0% Grossed up yield 1.8% Annually Style Units on Offer 0.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $7.0m Currency Hedge No. Daily turnover (avg 6 mths) $113,072 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. WEMG vs SP Emerg LargeMidCapNTR Performance 5.9% -3.3% -8.5% 3.8% Index 5.7% -3.6% -7.5% 6.8% 13.0% 6.6% 3.2% 20 Active Return 0.2% 0.3% -1.0% -3.0% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Investment Investment Jan-15 Jul-15 wemg Au Equity SEMXUN Index Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 China Tencent Holding 3.1 Taiwan Financials Alibaba Group 2.8 India IT South Africa Taiwan Semiconductor 2.4 Brazil Telecom Serv China Mobile 2.0 Mexico Naspers 1.9 Energy Russian Federation China Construction Bank 1.9 Malaysia Consumer Stap Infosys 1.8 Thailand Consumer Disc HDFC Bank 1.6 Indonesia Materials Ind & Comm Bk of China 1.6 Philippines State Bank of India 1.6 Turkey Poland Columbia Chile % of Total 20.6 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~316 Year 1 Current Year 3 Average Year 5 % +/ Industrials Utilities Healthcare

69 EXCHANGE TRADED FUNDS. 69 VANGUARD FTSE EMERG MKTS ETF (VGE) Mandate Replicate FTSE EmMK ChnA Tran Manager Vanguard Investments Australia Ltd Last traded price $55.39 Benchmark FTSE EmMKChinaA NT Tran Resp Entity Vanguard Investments Australia Ltd 12 Month price Range $51.02-$64.64 ASX Listed Nov-2013 ICR with performance fee 0.48% NAV $ Inception Nov-2013 ICR without performance fee 0.48% Vanguard FTSE Emerging Markets ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the performance of the FTSE Emerging Markets Index. The Fund invests in the Vanguard FTSE Emerging Markets ETF listed on NYSE Arca (NYSE Code: VWO). The US ETF seeks to track the FTSE Emerging Index in USD. (net) $0.79 Yield 1.4% Franking* 0.6% Grossed up yield 1.4% Quarter Style Large / Mid / Small Cap, Growth/Value Focus, Passive Units on Offer 0.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $46.1m Currency Hedge No. Daily turnover (avg 6 mths) $195,538 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VGE vs FTSE EmMKChinaA NT Tran Performance 3.7% -5.3% -10.4% 3.4% Index 4.7% -4.5% -9.9% 4.5% Active Return -1.1% -0.7% -0.5% -1.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment Jan-15 Jul-15 vge Au Equity FTSE EmMK ChnA Tran Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 China Taiwan Taiwan Semiconductor Manuf India Brazil Basic Materials Tencent Holdings China Mobile South Africa Mexico Consumer Goods China Construction Bank Malaysia Russia Consumer Services Naspers Indonesia Thailand Financials Indu & Com Bank of China Hon Hai Precision Industry Turkey Philippines Health Care Infosys Poland Chile Industrials Bank of China Housing Development Finance United Arab Emirate Colombia Oil & Gas Peru Czech Republic Technology % of Total 0.0 Hungary Egypt Telecommunications asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~1061 Year Current Year 3 Average Year 5 % +/-

70 EXCHANGE TRADED FUNDS. 70 ishares CHINA LARGE-CAP (IZZ) Mandate Replicate FTSE China 50 Manager BlackRock Fund Advisors Last traded price $54.49 Benchmark FTSE China 50 Net TR Resp Entity BlackRock Fund Advisors 12 Month price Range $44.53-$67.58 ASX Listed Oct-2007 ICR with performance fee 0.73% NAV $ Inception Oct-2004 ICR without performance fee 0.73% ishares China Large-Cap ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the FTSE China 50 Index. The ETF holds large-cap stocks. The ETF invests at least 90% of its assets in the underlying index. The ETF weights the holdings using a market capitalization methodology and rebalances quarterly. (net) $0.80 Yield 1.5% Franking* 0.0% Grossed up yield 1.5% Semi-Anl Style Large (44.7) / Mid (49.3) / Small (6) Cap, Growth (16.8) / Value (83.2) Focus, Passive Units on Offer 158.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $8,647.6m Currency Hedge No Daily turnover (avg 6 mths) $1,309,276 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IZZ vs FTSE China 50 Net TR Performance Active Return 7.3% -0.1% -3.2% -0.2% -16.9% -0.4% 20.7% -1.0% 17.3% -1.2% 5.7% -1.1% 9.9% -0.8% Index NAV USD 7.4% -3.0% -16.5% 21.7% 18.5% 6.8% 10.8% Performance 9.3% -5.4% -24.9% -2.0% 3.6% -0.8% 9.4% Index 9.3% -5.3% -24.5% -1.1% 4.6% 0.2% 10.3% 60 Active Return -0.1% -0.2% -0.4% -0.8% -1.1% -1.0% -0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark $220 $200 $180 $160 $140 Jan-13 Jul-13 Jan-14 Investment Investment Jul-14 Jan Jan-15 Jul-15 Tencent Holdings Ltd 10.3 U.S. Basic Materials Hong Kong China Construction Bank Corp 8.4 China Communications China Mobile Ltd 8.1 Consumer, Cyclical Industrial & Commercial Bank o 6.3 Consumer, Non-cyc Bank of China Ltd 5.1 Ping An Insurance Group Co of Energy 4.9 China Life Insurance Co Ltd 4.5 Government CNOOC Ltd 3.4 China Petroleum & Chemical Cor 3.4 PetroChina Co Ltd 3.1 Jul izz AU Equity txinou Index % of Total 57.4 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 31.0% Earnings Book Yield Approx. Number of Securties ~52 Year Current Year Average Year % +/- -2.5% -28.3% 11.1%

71 EXCHANGE TRADED FUNDS. 71 MARKET VECTORS CHINAAMC A-SH (CETF) Mandate Replicate CSI 300 TR Idx Manager Market Vectors Investments Last traded price $62.77 Benchmark CSI 300 Total Return Index Resp Entity Market Vectors Investments 12 Month price Range $53.14-$78.1 ASX Listed Jun-2015 ICR with performance fee 0.72% NAV Inception Jun-2015 ICR without performance fee 0.72% Market Vectors ChinaAMC A-Share ETF is an exchange-traded fund incorporated in the USA. TheFund's investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the CSI 300 Index. The CSI 300 is a diversified index consisting of 300 A-share stocks listed on the Shenzen and/or Shanghai Stock Exchanges. (net) $0.00 Yield 0.0% Franking 0.0% Grossed up yield 0.0% Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 2.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $122.4m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending Yes Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. CETF vs CSI 300 Total Return Index Performance 9.5% -6.5% Index 9.1% -6.7% -18.1% 70.5% 34.0% 10.9% 20.1% 160 Active Return 0.4% 0.2% 140 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 CETF au Equity CSI 300 $70 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 Financials Ping An Insurance 2.9 Industrials China Merchants Bank 2.4 Shanghai Pudong Development 1.5 China Cons Disc Industrial Bank 1.4 China Vanke Co IT 1.4 China Minsheng Bank 1.3 Hong Kong Materials China Minsheng Bank 1.2 Cons Staples CRRC Corp 1.0 Bank of Communcations 1.0 Health Care CITIC Securities 1.0 Other Utilities Energy % of Total 15.3 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~466 Year 1 Current Year 3 Average Year 5 % +/- Other

72 EXCHANGE TRADED FUNDS. 72 ishares MSCI HONG KONG (IHK) Mandate Replicate MSCI Hong Kong Manager BlackRock Fund Advisors Last traded price $29.1 Benchmark MSCI Hong Kong Resp Entity BlackRock Fund Advisors 12 Month price Range $24.25-$31.67 ASX Listed Nov-2007 ICR with performance fee 0.53% NAV $ Inception Mar-1996 ICR without performance fee 0.53% ishares MSCI Hong Kong Index Fund is an exchange-traded fund incorporated in the USA. The Fund's objective seeks to provide investment results that correspond to the performance of publicly traded securities in the Hong Kong market, as measured by the MSCI Hong Kong Index. The Fund invests in a representative sample of index stocks using a "portfolio sampling" technique. (net) $0.54 Yield 1.9% Franking* 0.0% Grossed up yield 1.9% Semi-Anl Style Large (33.7) / Mid (35.8) / Small (30.6) Cap, Growth (62.4) / Value (37.7) Focus, Passive Units on Offer 133.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3,878.3m Currency Hedge No Daily turnover (avg 6 mths) $207,137 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IHK vs MSCI Daily TR Net Hong Kong US Performance -1.3% -8.4% -4.3% 39.2% 23.2% 13.4% 9.9% Index -1.2% -8.2% -3.7% 39.8% 23.8% 14.0% 10.5% Active Return 0.0% -0.2% -0.6% -0.6% -0.6% -0.6% -0.6% NAV USD Performance 11.3% 11.8% 9.5% Index 12.4% 12.4% 10.1% Active Return -1.1% -0.6% -0.6% Chart - Value of initial investment of A and monthly performance variance to benchmark $210 $190 $170 $150 $130 $70 Jan-13 Jul-13 Jan-14 Investment Investment Jul-14 Jan-15 AIA Group Ltd 19.1 Communications U.S. CK Hutchison Holdings Ltd 9.4 Consumer, Cyclical Hong Kong Hong Kong Exchanges and Cleari 7.8 Consumer, Non-cyc Sun Hung Kai Properties Ltd 5.8 Macau Cheung Kong Property Holdings 4.8 Diversified CLP Holdings Ltd 4.2 Financial Hang Seng Bank Ltd 3.7 Government Hong Kong & China Gas Co Ltd 3.7 Link REIT 3.6 Industrial Power Assets Holdings Ltd 3.4 Jul-15 Technology Utilities Jan-15 Jul-15 ihk AU Equity NDDUHK Index % of Total 56.9 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~40 Year Current Year Average Year % +/ % -8.8% -9.2%

73 EXCHANGE TRADED FUNDS. 73 ishares MSCI JAPAN (IJP) Mandate Replicate MSCI Japan Manager BlackRock Fund Advisors Last traded price $17.61 Benchmark MSCI Japan Resp Entity BlackRock Fund Advisors 12 Month price Range $13.14-$17.78 ASX Listed Oct-2007 ICR with performance fee 0.53% NAV $ Inception Mar-1996 ICR without performance fee 0.53% ishares MSCI Japan ETF is an exchange-traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of the Japanese market, as measured by the MSCI Japan Index. The ETF invests in a representative sample of index stocks in a variety of sectors using a market cap weighted "portfolio sampling" technique. (net) $0.14 Yield 0.8% Franking* 0.0% Grossed up yield 0.8% Semi-Anl Style Large (15.8) / Mid (68) / Small (16) Cap, Growth (78.1) / Value (21.7) Focus, Passive Units on Offer 1.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $28.5m Currency Hedge No Daily turnover (avg 6 mths) $1,171,489 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IJP vs MSCI Daily TR Net Japan USD Performance 8.0% -1.1% 6.8% 33.9% 27.7% 13.0% 2.2% 20 Index 8.1% -1.0% 6.9% 34.3% 28.2% 13.5% 2.7% 18 Active Return -0.1% -0.1% -0.1% -0.3% -0.6% -0.6% -0.5% NAV USD Performance 10.0% -3.4% -3.4% 8.8% 12.7% 6.0% 1.8% Index 10.1% -3.4% -3.3% 9.1% 13.2% 6.5% 2.2% Active Return -0.1% -0.1% -0.1% -0.3% -0.5% -0.5% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Feb-15 Jun-15 Jul-15 $180 $220 $160 $200 IJp IJp AU AU Equity NDDUJN Index $140 $180 $160 $140 $60 $40 $20 Nov-12 Feb-13 Jan-13 May-13 Aug-13 Jul-13 Nov-13 Jan-14 Feb-14 May-14 Jul-14 Aug-14 Nov-14 Jan-15 Feb-15 Toyota Motor Corp 5.7 Basic Materials U.S. Japan Mitsubishi UFJ Financial Group 2.9 Communications Communications Honda Motor Co Ltd 1.8 Consumer, Cyclical Consumer, Cyclical SoftBank Group Corp 1.8 Consumer, Non-cyc Sumitomo Mitsui Financial Grou 1.7 Consumer, Non-cyc Energy Mizuho Financial Group Inc 1.7 Energy KDDI Corp 1.4 Financial Financial Japan Tobacco Inc 1.4 Government Takeda Pharmaceutical Co Ltd 1.3 Government Industrial Seven & i Holdings Co Ltd 1.2 May-15 Jul-15 Aug-15 Industrial Technology Utilities Technology % of Total 20.9 Standard Sharp Information Price to Price to Div Portfolio Turnover per annum 3.0% Index Earnings Book Yield Approx. Number of Securties ~313 Year Current Year Average Year % +/ % 16.6% -12.7%

74 EXCHANGE TRADED FUNDS. 74 ishares MSCI SINGAPORE (ISG) Mandate Replicate MSCI Singapore Manager BlackRock Fund Advisors Last traded price $15.82 Benchmark MSCI Singapore Resp Entity BlackRock Fund Advisors 12 Month price Range $14.28-$17.6 ASX Listed Nov-2007 ICR with performance fee 0.53% NAV $ Inception Mar-1996 ICR without performance fee 0.53% ishares MSCI Singapore ETF is an exchange-traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of the Singaporean market, as measured by the MSCI Singapore (Free) Index. The ETF invests in a representative sample of index stocks using a "portfolio sampling" technique. SGX Trading Name: IS MSCI SIN 100US$ (net) $0.47 Yield 2.9% Franking* 0.0% Grossed up yield 2.9% Semi-Anl Style Large (30.5) / Mid (66.8) / Small (2.8) Cap, Growth (30.9) / Value (69.2) Focus, Passive Units on Offer 54.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $864m Currency Hedge No Daily turnover (avg 6 mths) $29,308 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ISG vs MSCI Daily TR Net Singapore US Performance 7.5% -5.3% -9.1% 6.8% 10.8% 6.3% 8.5% Index 7.5% -5.3% -9.0% 7.1% 11.3% 6.7% 8.8% Active Return 0.0% 0.0% -0.1% -0.3% -0.5% -0.4% -0.3% NAV USD Performance 9.4% -7.5% -17.8% -13.2% -2.2% -0.2% 8.0% Index 9.5% -7.5% -17.7% -13.0% -1.7% 0.1% 8.3% Active Return 0.0% 0.0% -0.1% -0.2% -0.4% -0.3% -0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 $180 $160 $160 $150 isg AU isg AU Equity nddusg Index Index $140 $130 $60 $40 $20 Jun-09 Sep-09 Jan-13 Dec-09 Mar-10 Jul-13 Jun-10 Sep-10 Jan-14 Dec-10 Mar-11 Jul-14 Jun-11 Sep-11 Jan-15 Hong Kong Communications Singapore Telecommunications L 12.6 DBS Group Holdings Ltd 12.2 Singapore Consumer, Cyclical Oversea-Chinese Banking Corp L 11.9 China Consumer, Non-cyc United Overseas Bank Ltd 11.6 Diversified Keppel Corp Ltd 4.6 CapitaLand Ltd Financial 3.5 Global Logistic Properties Ltd 3.0 Industrial Singapore Airlines Ltd 2.8 Singapore Press Holdings Ltd 2.6 Wilmar International Ltd 2.4 Dec-11 Mar-12 Jul-15 Jun-12 % of Total 67.2 Standard Sharp Information Price to Price to Div Portfolio Turnover per annum 9.0% Index Earnings Book Yield Approx. Number of Securties ~28 Year Current Year Average Year % +/- 5.9% -20.5% 11.5%

75 EXCHANGE TRADED FUNDS. 75 ishares MSCI SOUTH KOREA (IKO) Mandate Replicate MSCI South Korea Manager BlackRock Fund Advisors Last traded price $77.27 Benchmark MSCI Emerging Market Resp Entity BlackRock Fund Advisors 12 Month price Range $ ASX Listed Nov-2007 ICR with performance fee 0.61% NAV $ Inception May-2000 ICR without performance fee 0.61% ishares MSCI South Korea Capped ETF is an exchange traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of the MSCI Korea 25/50 Index. (net) $0.69 Yield 0.9% Franking* 0.0% Grossed up yield 0.9% Irreg Style Large (4.4) / Mid (59.9) / Small (35.7) Cap, Growth (38.8) / Value (61.2) Focus, Passive Units on Offer 61.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4,783m Currency Hedge No Daily turnover (avg 6 mths) $99,580 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IKO vs MSCI Korea Nt $ Performance 8.9% 9.0% -2.1% 15.2% 12.2% 7.7% 5.6% Index 9.3% 9.3% -2.0% 15.4% 12.6% 8.2% 6.0% 90 Active Return -0.4% -0.3% 0.0% -0.2% -0.4% -0.5% -0.4% 85 NAV USD Performance 10.8% 6.4% -11.4% -6.4% -1.0% 1.1% 5.1% 80 Index 11.3% 6.7% -11.4% -6.3% -0.6% 1.5% 5.6% 75 Active Return -0.4% -0.3% 0.0% -0.1% -0.4% -0.5% -0.4% 70 Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $140 $130 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 U.S. South Korea Samsung Electronics Co Ltd 21.5 Basic Materials Hyundai Motor Co 3.9 Communications Shinhan Financial Group Co Ltd 2.9 Consumer, Cyclical SK Hynix Inc 2.9 Consumer, Non-cyc Samsung Electronics Co Ltd 2.8 Diversified Hyundai Mobis Co Ltd 2.7 Energy NAVER Corp 2.7 Financial LG Chem Ltd 2.4 Government Kia Motors Corp 2.4 KB Financial Group Inc 2.2 Jul-15 Industrial Jan-15 Jul-15 iko AU Equity ndeusko Index Technology Utilities % of Total 46.4 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 14.0% Earnings Book Yield Approx. Number of Securties ~109 Year Current Year Average Year % +/ % -19.6% 16.3%

76 EXCHANGE TRADED FUNDS. 76 ishares MSCI TAIWAN (ITW) Mandate Replicate MSCI Taiwan Manager BlackRock Fund Advisors Last traded price $19.7 Benchmark MSCI Taiwan Resp Entity BlackRock Fund Advisors 12 Month price Range $16.34-$21.75 ASX Listed Nov-2007 ICR with performance fee 0.61% NAV $ Inception Jun-2000 ICR without performance fee 0.61% ishares MSCI Taiwan ETF is an exchange-traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of the Taiwanese market, as measured by the MSCI Taiwan Index. (net) $0.30 Yield 1.5% Franking* 0.0% Grossed up yield 1.5% Annual Style Large (51.8) / Mid (23.4) / Small (24.8) Cap, Growth (37.2) / Value (62.8) Focus, Passive Units on Offer 236.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4,653m Currency Hedge No Daily turnover (avg 6 mths) $128,237 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ITW vs MSCI Daily TR Net Emerging Mar Performance 3.6% -3.3% -6.5% 11.9% 19.3% 9.3% 5.9% Index 3.7% -3.2% -6.3% 12.5% 20.0% 9.7% 6.5% 25 Active Return -0.1% -0.1% -0.2% -0.6% -0.6% -0.4% -0.6% 20 NAV USD Performance 5.5% -5.6% -15.5% -9.1% 5.3% 2.6% 5.4% 15 Index 5.6% -5.4% -15.3% -8.7% 5.9% 3.0% 6.0% Active Return -0.1% -0.1% -0.2% -0.5% -0.6% -0.4% -0.6% 10 Chart - Value of initial investment of A and monthly performance variance to benchmark $210 $190 $170 $150 $130 $70 Jan-13 Jul-13 Jan-14 Investment Investment Jul-14 Jan Jan-15 Jul-15 U.S. Taiwan Taiwan Semiconductor Manufactu Basic Materials 24.6 Hon Hai Precision Industry Co 8.5 Communications MediaTek Inc 2.8 Consumer, Cyclical Cathay Financial Holding Co Lt 2.7 Consumer, Non-cyc Chunghwa Telecom Co Ltd 2.7 Energy Fubon Financial Holding Co Ltd 2.6 Financial Formosa Plastics Corp 2.2 Government Delta Electronics Inc 2.1 Industrial Nan Ya Plastics Corp 2.1 Technology CTBC Financial Holding Co Ltd 1.9 Jul-15 5 itw AU Equity ndeustw Index % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 9.0% Earnings Book Yield Approx. Number of Securties ~99 Year Current Year Average Year % +/ % -7.8% 9.0%

77 EXCHANGE TRADED FUNDS. 77 BETASHARES NASDAQ 100 ETF (NDQ) Mandate Replicate NASDAQ 100 Manager BetaShares Capital Last traded price $11.48 Benchmark NASDAQ 100 STOCK INDX Resp Entity BetaShares Capital 12 Month price Range $9.75-$11.48 ASX Listed May-2015 ICR with performance fee 0.48% NAV Inception May-2015 ICR without performance fee 0.48% BetaShares NASDAQ 100 is an exchange-traded managed fund that trades on the Australian Securities Exchange. The Fund aims to provide an exposure to the equity securities that make up the NASDAQ 100 Index. (net) $0.00 Yield 0.0% Franking 0.0% Grossed up yield 0.0% Semi Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 3.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $35.6m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. NDQ vs NASDAQ 100 STOCK INDX Performance 9.4% 4.4% Index 9.2% 4.0% 17.1% 39.3% 38.6% 26.2% 13.1% 12 Active Return 0.2% 0.4% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 NDQ AU Equity Nasdaq 100 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Sep 15 Apple 13.2 Microsoft 7.4 Amazon.com 5.0 US Google (Class C) 4.4 IT Facebook 4.3 Cons Disc Google (Class A) 3.9 Health Care Gilead Sciences 3.0 Cons Stap Intel 3.0 Industrials Cisco Systems 2.8 Telecom Comcast Corp 2.5 % of Total 49.5 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/- 14.4% 26.2% 13.9%

78 EXCHANGE TRADED FUNDS. 78 ishares RUSSELL 2000 (IRU) Mandate Replicate S&P Russell 2000 Manager BlackRock Fund Advisors Last traded price $ Benchmark Russell 2000 Resp Entity BlackRock Fund Advisors 12 Month price Range $130.7-$ ASX Listed Nov-2007 ICR with performance fee 0.20% NAV $ Inception May-2000 ICR without performance fee 0.20% ishares Russell 2000 ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of (net) $1.87 the Russell 2000 Index Fund. The ETF holds mid and small-cap U.S. stocks. Its investments are in the smallest 2000 Yield 1.1% companies from the Russell 3000 Index. The ETF weights the holdings by market capitalization and rebalances Franking* 0.0% annually. Grossed up yield 1.1% Quarter Style Large (20.4) / Mid (15.1) / Small (64.6) Cap, Growth (96.4) / Value (3.7) Focus, Passive Units on Offer 238.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $39,400m Currency Hedge No Daily turnover (avg 6 mths) $210,563 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IRU vs Russell 2000 Total Return Inde Performance 3.8% -3.6% 6.1% 23.6% 29.1% 19.4% 8.0% Index 3.7% -3.6% 6.0% 23.5% 29.0% 19.4% 7.9% 180 Active Return 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 170 NAV USD Performance 5.6% -5.8% -4.1% 0.4% 13.9% 12.1% 7.5% 160 Index 5.6% -5.9% -4.1% 0.3% 13.9% 12.1% 7.5% 150 Active Return 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 140 Chart - Value of initial investment of A and monthly performance variance to benchmark $240 $220 $200 $180 $160 $140 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Basic Materials STERIS PLC 0.4 Tyler Technologies Inc 0.3 Communications Manhattan Associates Inc 0.3 U.S. Consumer, Cyclical Dyax Corp 0.3 Consumer, Non-cy CubeSmart 0.3 Diversified Neurocrine Biosciences Inc 0.3 Piedmont Natural Gas Co Inc 0.3 Energy West Pharmaceutical Services I 0.3 Financial Casey's General Stores Inc 0.3 Government Berry Plastics Group Inc 0.3 Jul-15 Industrial Technology Jan-15 Jul-15 iru AU Equity rty Index % of Total 2.9 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 19.0% Earnings Book Yield Approx. Number of Securties ~1969 Year Current Year Average Year % +/ % 9.2% 0.0%

79 EXCHANGE TRADED FUNDS. 79 ishares S&P MIDCAP 400 (IJH) Mandate Replicate S&P Mid Cap 400 Manager BlackRock Fund Advisors Last traded price $204 Benchmark S&P Mid Cap TR Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Oct-2007 ICR with performance fee 0.17% NAV $ Inception May-2000 ICR without performance fee 0.17% ishares Core S&P Mid-Cap ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the S&P MidCap 400 Index. The ETF holds mid-cap U.S. stocks. Its investments are chosen using a representative sampling strategy to track the Index. The ETF weights the holdings using a market capitalization methodology and rebalances quarterly. (net) $2.37 Yield 1.2% Franking* 0.0% Grossed up yield 1.2% Quarter Style Large (55.5) / Mid (4.9) / Small (39.6) Cap, Growth (95.1) / Value (4.9) Focus, Passive Units on Offer 182.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $37,250m Currency Hedge No Daily turnover (avg 6 mths) $144,064 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IJH vs S&P Mid Cap TR Performance Active Return 3.7% 0.0% -1.2% 0.0% 7.3% -0.1% 27.2% -0.1% 30.7% -0.1% 20.7% -0.1% 9.5% -0.1% Index NAV USD 3.7% -1.2% 7.3% 27.3% 30.8% 20.9% 9.6% Performance 5.6% -3.5% -3.0% 3.4% 15.4% 13.3% 9.0% Index 5.6% -3.5% -2.9% 3.4% 15.5% 13.4% 9.1% 200 Active Return 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $240 $220 $200 $180 $160 $140 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Basic Materials Church & Dwight Co Inc 0.7 Jarden Corp 0.7 US Communications HollyFrontier Corp 0.7 Consumer, Cyclical Alaska Air Group Inc 0.6 Hologic Inc 0.6 Consumer, Non-cyc Foot Locker Inc 0.6 Energy Wabtec Corp/DE 0.6 Financial LKQ Corp 0.6 Omnicare Inc 0.6 Government Federal Realty Investment Trus 0.6 Jul-15 Industrial Technology Jan-15 Jul-15 IJH AU Equity SPTRMDCP Index % of Total 6.4 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 9.0% Earnings Book Yield Approx. Number of Securties ~400 Year Current Year Average Year % +/- -6.2% 11.3% 6.0%

80 EXCHANGE TRADED FUNDS. 80 ishares S&P SMALLCAP 600 (IJR) Mandate Replicate S&PUS 600 Small Cap Manager BlackRock Fund Advisors Last traded price $ Benchmark S&P US 600 Small Cap Resp Entity BlackRock Fund Advisors 12 Month price Range $ $161.6 ASX Listed Oct-2007 ICR with performance fee 0.17% NAV $ Inception May-2000 ICR without performance fee 0.17% ishares Core S&P Small-Cap ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the S&P SmallCap 600 Index. The Fund uses a Representative sampling strategy to track the Index. The Index measures the performance of publicly traded securities in the small capitalization sector of the US equity market. (net) $1.76 Yield 1.1% Franking* 0.0% Grossed up yield 1.1% Quarter Style Large (20.8) / Mid (7.5) / Small (71.6) Cap, Growth (64.5) / Value (35.4) Focus, Passive Units on Offer 146.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $23,537m Currency Hedge No Daily turnover (avg 6 mths) $106,774 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IJR vs S&P US 600 SC TR Performance 4.2% -0.6% 9.2% 26.6% 31.4% 21.9% 9.0% Index 4.2% -0.6% 9.2% 26.6% 31.5% 22.0% 9.1% 180 Active Return 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% 160 NAV USD Performance 6.1% -2.9% -1.2% 2.8% 16.0% 14.4% 8.5% 140 Index 6.1% -2.9% -1.3% 2.9% 16.1% 14.4% 8.6% Active Return 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $240 $220 $200 $180 $160 $140 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Jul Jan-15 Jul-15 IJr AU Equity SPTRsmCP Index Piedmont Natural Gas Co Inc 0.70 Basic Materials US j2 Global Inc 0.57 Communications Pool Corp 0.54 Consumer, Cyclical Microsemi Corp 0.54 PrivateBancorp Inc 0.53 Consumer, Non-cyc Curtiss-Wright Corp 0.51 Energy EPR Properties 0.50 Financial EMCOR Group Inc 0.47 ABIOMED Inc 0.47 Government Take-Two Interactive Software 0.45 Industrial Technology % of Total 5.28 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 12.0% Earnings Book Yield Approx. Number of Securties ~601 Year Current Year Average Year % +/- 0.3% 9.1% 15.2%

81 EXCHANGE TRADED FUNDS. 81 SPDR DJ GLOBAL REAL ESTATE F (DJRE) Mandate Replicate S&P DevxAU LMC AUD GTRManager StateStreet Global Advisors Australia Last traded price $22.5 Benchmark DJGblslct RESI N Resp Entity StateStreet Global Advisors Australia 12 Month price Range $17.52-$22.5 ASX Listed Nov-2013 ICR with performance fee 0.50% NAV $ Inception Nov-2013 ICR without performance fee 0.50% SPDR Dow Jones Global Real Estate Fund is an exchange-traded fund which tracks the performance of the Dow Jones Global Select Real Estate Securities Index. The Index measures the performance of publicly traded real estate securities. It represents equity real estate investment trusts (REITs) and real estate operating companies traded globally. (net) $0.79 Yield 3.5% Franking* 0.6% Grossed up yield 3.5% Semi-Annual Style Large (33.5) / Mid (34.3) / Small (32.3) Cap, Growth (24.8) / Value (75.3) Focus, Passive Units on Offer 3.0m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $67.7m Currency Hedge No. Daily turnover (avg 6 mths) $383,972 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. DJRE vs DJGblslct RESI N Performance 4.4% 4.2% 10.4% 26.9% Index 4.2% 3.7% 10.7% 27.4% 23.4% 16.4% 6.3% Active Return 0.2% 0.5% -0.2% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $160 $150 $140 $130 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 United States Japan Simon Property Group 6.1 Retail Public Storage 3.3 United Kingdom Australia Industrial/Office Brookfield Asset Manage 3.0 Hong Kong France Reoc Equity Residential 2.8 Unibail-Rodamco 2.7 Canada Singapore Diversified Mitsui Fudosan 2.7 Philippines Switzerland Residential Avalonbay Comm 2.3 Welltower 2.2 South Africa Sweden Healthcare Prologis 2.2 Hotels Boston Properties 1.9 Netherlands New Zealand Investment Investment Feb-14 Austria Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Self Storage Jan-15 Jul-15 DJRE AU Equity DJ Global Select Real Estate % of Total 29.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~215 Year Current Year 3 Average Year 5 % +/

82 EXCHANGE TRADED FUNDS. 82 ishares S&P CONSUMER STAPLES (IXI) Mandate Replicate S&P1200 Global Cons StaplesManager BlackRock Fund Advisors Last traded price $ Benchmark S&P1200 Global Cons Staples Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Mar-2009 ICR with performance fee 0.48% NAV $ Inception Sep-2006 ICR without performance fee 0.48% ishares Global Consumer Staples ETF is an exchange-traded fund incorporated in the USA. The Fund seeks results that correspond generally to the price and yield performance of the S&P Global Consumer Staples Index. (net) $2.27 Yield 1.7% Franking* 0.0% Grossed up yield 1.7% Semi-Anl Style Passive Investment Units on Offer 6.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $894m Currency Hedge No Daily turnover (avg 6 mths) $339,555 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IXI vs S&P GL 1200 CONS STAP IX Performance 4.3% 2.3% 13.8% 33.1% 26.2% 18.9% Index 4.3% 2.5% 13.9% 33.8% 26.9% 19.5% 11.3% Active Return 0.1% -0.2% -0.1% -0.7% -0.7% -0.7% NAV USD Performance 6.2% -0.1% 2.9% 8.1% 11.4% 11.5% Index 6.2% 0.1% 3.0% 8.7% 12.0% 12.2% 10.8% Active Return 0.1% -0.2% -0.1% -0.5% -0.6% -0.7% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 Inv Investment Jan-15 Jul-15 ixi AU Equity sgcs Index Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 U.S. Canada Nestle SA 7.1 U.K. France Consumer, Cyclical Procter & Gamble Co/The 6.2 Coca-Cola Co/The 5.0 Germany Switzerland PepsiCo Inc 4.4 Sweden Denmark Consumer, Non-cyc Philip Morris International In 4.0 Altria Group Inc 3.4 Norway Netherlands British American Tobacco PLC 3.3 Belgium Spain Anheuser-Busch InBev SA/NV 3.1 CVS Health Corp 3.1 Japan Australia Wal-Mart Stores Inc 2.9 Ireland China Mexico Brazil % of Total 42.4 Chile Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 6.0% Earnings Book Yield Approx. Number of Securties ~96 Year Current Year Average Year % +/-

83 EXCHANGE TRADED FUNDS. 83 ishares S&P GLOBAL HEALTHCARE (IXJ) Mandate Replicate S&P1200 Global Health Manager BlackRock Fund Advisors Last traded price $ Benchmark S&P1200 Global Health Care Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Mar-2009 ICR with performance fee 0.48% NAV $ Inception Nov-2001 ICR without performance fee 0.48% ishares Global Healthcare ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P Global Healthcare Index. The ETF holds global large- cap health care stocks. Its investments are focused in pharmaceutical, biotech, and medical device companies, with its largest allocation to the United States. A market capitalization methodology is used for weighting. (net) $1.36 Yield 0.9% Franking* 0.0% Grossed up yield 0.9% Semi-Anl Style Passive Investment Units on Offer 15.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2,243m Currency Hedge No Daily turnover (avg 6 mths) $1,407,380 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IXJ vs S&P GL 1200 HEALTH CARE Performance Active Return 4.2% 0.1% -5.3% -0.1% 8.1% -0.1% 30.2% -0.7% 35.4% -0.9% 24.9% -0.8% 10.0% -0.7% Index NAV USD 4.1% -5.1% 8.2% 30.9% 36.3% 25.7% 10.7% Performance 6.1% -7.5% -2.3% 5.8% 19.6% 17.2% 9.5% Index 6.0% -7.3% -2.1% 6.3% 20.3% 18.0% 10.2% 140 Active Return 0.1% -0.1% -0.1% -0.5% -0.8% -0.8% -0.7% Chart - Value of initial investment of A and monthly performance variance to benchmark $280 $240 $200 $160 Inv Investment Jan-15 Jul-15 ixj AU Equity sgh Index Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Johnson & Johnson 7.0 U.S. U.K. Basic Materials Novartis AG 5.8 Consumer, Non-cyc Pfizer Inc 4.9 France Germany Roche Holding AG 4.6 Government Gilead Sciences Inc 3.8 Merck & Co Inc 3.7 Switzerland Denmark Industrial Amgen Inc 3.0 Allergan plc 2.9 Netherlands Belgium Bayer AG 2.7 Bristol-Myers Squibb Co 2.7 Japan Australia % of Total 41.2 Ireland Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 6.0% Earnings Book Yield Approx. Number of Securties ~90 Year Current Year Average Year % +/- 27.1% 27.5% -23.3%

84 EXCHANGE TRADED FUNDS. 84 ishares S&P GLOBAL TELECOMMUNICATIONS (IXP) Mandate Replicate Global 1200 Telecom Manager BlackRock Fund Advisors Last traded price $85.89 Benchmark S&P1200 Global Telecom Resp Entity BlackRock Fund Advisors 12 Month price Range $71.72-$87.61 ASX Listed Mar-2009 ICR with performance fee 0.48% NAV $ Inception Nov-2001 ICR without performance fee 0.48% ishares Global Telecomm ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the S&P Global Telecommunications Index. (net) $2.32 Yield 2.7% Franking* 0.0% Grossed up yield 2.7% Semi-Anl Style Passive Investment Units on Offer 6.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $571m Currency Hedge No Daily turnover (avg 6 mths) $79,324 Securities Lending Yes. 102% Cash Collateral, 65% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IXP vs S&P GL 1200 TELECOM SRVS Performance 5.4% -1.3% 5.5% 22.1% 22.3% 13.4% 7.2% 100 Index 5.4% -1.1% 5.7% 22.6% 23.0% 14.1% 7.9% 95 Active Return 0.0% -0.2% -0.1% -0.6% -0.7% -0.7% -0.7% 90 NAV USD Performance 7.3% -3.6% -4.5% -0.9% 7.9% 6.4% 6.7% Index 7.3% -3.4% -4.4% -0.4% 8.6% 7.0% 7.4% 75 Active Return 0.1% -0.2% -0.1% -0.5% -0.6% -0.6% -0.7% Chart - Value of initial investment of A and monthly performance variance to benchmark $180 $170 $160 $150 $140 $130 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan Jan-15 Jul-15 U.S. Canada Communications AT&T Inc 17.2 Verizon Communications Inc 15.4 U.K. France Vodafone Group PLC 7.5 Germany Switzerland China Mobile Ltd 5.4 BT Group PLC 5.2 Luxembourg Sweden Deutsche Telekom AG 4.9 Denmark Norway Telefonica SA 4.5 Nippon Telegraph & Telephone C 4.4 Netherlands Belgium SoftBank Group Corp 4.2 Italy Spain Telstra Corp Ltd 3.9 Jul-15 ixp AU Equity sgt Index Japan Taiwan Singapore Hong Kong Australia Mexico % of Total 72.7 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum 7.0% Earnings Book Yield Approx. Number of Securties ~30 Year Current Year Average Year % +/- 22.7% 19.2% -21.6%

85 EXCHANGE TRADED FUNDS. 85 MARKET VECTORS GOLD MINERS (GDX) Mandate Replicate Arca Gold Miners IDX Manager Market Vectors Investments Last traded price $21.43 Benchmark NYSE Arca Gold MinersNTR Resp Entity Market Vectors Investments 12 Month price Range $17.9-$23.98 ASX Listed Jun-2015 ICR with performance fee 0.53% NAV Inception Jun-2015 ICR without performance fee 0.53% Market Vectors Gold Miners ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the Arca Gold Miners Index. The ETF invests in materials stocks of all cap sizes across the globe. Its largest allocation is in North American companies, principally those domiciled in Canada. The ETF weights the holdings using a market capitalization methodology. (net) $0.00 Yield 0.0% Franking 0.0% Grossed up yield 0.0% Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 314.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $6,747.2m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending Yes Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. GDX vs NYSE Arca Gold MinersNTR Performance 7.2% 11.9% Index 7.3% 11.9% -17.5% 6.9% -7.7% -4.7% -2.4% 30 Active Return -0.1% 0.0% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 GDX AU Equity NYSE ARCA Gold Miners $70 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 GoldCorp 7.1 Newmont Mining 6.8 Canada Barrick Gold 6.0 US Agnico-Eagle Mines 5.6 Franco-Nevada 5.5 South Africa Silver Wheaton 5.1 Australia Randgold Resources 5.1 Gold Newcrest Mining 5.0 UK Anglogold Ashanti 4.5 Hong Kong Royal Gold 4.3 Peru % of Total 55.1 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~35 Year 1 Current Year 3 Average Year 5 % +/-

86 EXCHANGE TRADED FUNDS. 86 MKT VECT MSCI WORLD QUALITY (QUAL) Mandate Replicate World ex AU QLT Manager Market Vectors Investments Last traded price $20 Benchmark WORLD ex AU QLT Resp Entity Market Vectors Investments 12 Month price Range $15.23-$20 ASX Listed Oct-2014 ICR with performance fee 0.75% NAV Inception Oct-2014 ICR without performance fee 0.75% Market Vectors MSCI World ex Australia Quality ETF is an exchange-traded fund incorporated in Australia. The ETF aims to provide investment returns that closely track the returns of the MSCI World ex Australia Quality Index. (net) $0.32 Yield 1.6% Franking 0.0% Grossed up yield 1.6% Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 3.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $64.4m Currency Hedge No. Daily turnover (avg 6 mths) $291,137 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QUAL vs WORLD ex AU QLT Performance 6.9% 3.1% 11.8% 30.7% Index 7.0% 3.2% 12.1% 31.5% 29.6% 20.2% 9.2% 24 Active Return -0.1% -0.1% -0.3% -0.7% 22 Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $130 Inv Investment Jan-15 Jul-15 QUAL AU Equity MSCI World ex Aus Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 IT Apple 4.6 Microsoft 4.5 Health Care US Exxon Mobil 3.5 United Kingdom Cons Disc Johnson & Johnson 3.0 Roche Holdings 2.4 Switzerland Consumer Staples Alphabet C 2.1 Alphabet A 2.0 Denmark Industrials Home Depot 1.8 Ireland Energy Walt Disney 1.8 Visa 1.8 Others Materials Financials % of Total 27.5 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~302 Year Current Year 3 Average Year 5 % +/ % -2.1% 7.2% Others

87 EXCHANGE TRADED FUNDS. 87 SPDR MSCI WORLD QUALITY MIX (QMIX) Mandate Replicate MSCI World Quality Mix Manager StateStreet Global Advisors Australia Last traded price $15.99 Benchmark World Quality Mix Resp Entity StateStreet Global Advisors Australia 12 Month price Range $14.87-$15.99 ASX Listed Sep-2015 ICR with performance fee 0.40% NAV Inception Sep-2015 ICR without performance fee 0.40% SPDR MSCI World Quality Mix Fund is an exchange-traded fund incorporated in Australia. The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the return performance of the MSCI World Quality Mix Index, assuming all payment from the index constituents are reinvested. (net) $0.00 Yield 0.0% Franking 0.0% Grossed up yield 0.0% Semi-Annual Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 0.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3.2m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QMIX vs MSCI World Quality Mix Performance 6.0% Index 5.9% 4.3% 4.3% 4.3% 1.4% 0.9% 0.4% $16.20 Active Return 0.1% $15.80 $15.40 $ Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment $ $ Jan-15 Jul-15 QMIX AU Equity MSCI Quality Mix Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 United States Japan Financials Apple 2.1 United Kingdom Switzerland IT Exxon Mobil 2.0 Microsoft 1.9 Canada Australia Consumer Disc Johnson & Johnson 1.3 Alphabet Consumer Staples 1.0 Germany France Roche Holding 1.0 Health Care Pepsico 0.9 Hong Kong Spain Procter & Gamble 0.9 Industrials Netherlands Singapore Intel 0.9 Energy McDonalds 0.8 Sweden Italy Denmark Materials Utilities % of Total 12.9 Telecommunication Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~304 Year 1 Current Year 3 Average Year 5 % +/ % -1.7% 7.3%

88 EXCHANGE TRADED FUNDS. 88 BETASHARES FTSE RAFI US 1000 (QUS) Mandate Replicate FTSE RAFI US 1000 Manager BetaShares Capital Last traded price $28.83 Benchmark FTSE RAFI US 1000 Resp Entity BetaShares Capital 12 Month price Range $24.99-$28.83 ASX Listed Dec-2014 ICR with performance fee 0.40% NAV Inception Dec-2014 ICR without performance fee 0.40% BetaShares FTSE RAFI U.S ETF is an exchange-traded fund incorporated in Australia. The Fund aims to track the price and yield performance of the FTSE RAFI US 1000 Index - QSR. (net) $0.46 Yield 1.6% Franking 0.0% Grossed up yield 1.6% Semi-Annual Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 0.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $11.5m Currency Hedge No. Daily turnover (avg 6 mths) $40,009 Securities Lending Yes Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QUS vs FTSE FR10QN USD TR Performance 5.9% 1.4% 8.4% Index 5.6% 0.8% 8.2% 24.5% 24.7% 14.2% 6.8% 32 Active Return 0.4% 0.6% 0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 qus AU Equity FTSE RAFI US 1000 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Sep 15 Exxon Mobil 2.8 AT&T 2.0 Financials JP Morgan Chase 1.9 US IT General Electric 1.8 Cons Disc Chevron 1.8 Health Care Wells Fargo 1.6 Energy Bank of America 1.5 Industrials Citigroup 1.4 Cons Stap Pfizer 1.3 Utilities Verizon Communications 1.3 Materials Telecom % of Total 17.4 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/ % -2.1% 7.2%

89 EXCHANGE TRADED FUNDS. 89 MV Morningstar Wide Moat (MOAT) Mandate Replicate Mornstar Wide Moat TR Manager Market Vectors Investments Last traded price $42.91 Benchmark Mornstar Wide Moat Fc TR Resp Entity Market Vectors Investments 12 Month price Range $39.3-$43.25 ASX Listed Jun-2015 ICR with performance fee 0.49% NAV Inception Jun-2015 ICR without performance fee 0.49% Market Vectors Morningstar Wide Moat ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to replicate the performance of the Morningstar Wide Moat Focus Index. The Index is a rules-based, equal-weighted index intended to offer exposure to the 20 most attractively priced companies with sustainable competitive advantages according to Morningstar's equity research team. (net) $0.00 Yield 0.0% Franking 0.0% Grossed up yield 0.0% Annually Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 25.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1,109.2m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending Yes Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. MOAT vs Mornstar Wide Moat Fc TR Performance 6.2% -1.0% Index 6.0% -1.3% 6.2% 20.1% 29.3% 22.6% 11.6% 49.4 Active Return 0.2% 0.4% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 MOAT AU Equity Morningstar Wide MOAT Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 31 Oct 15 Cons Disc Autodesk 5.7 Twenty-First Century Fox 5.5 Industrials Walt Disney 5.3 Procter & Gamble 5.3 Financials Discovery Communications 5.2 Qualcomm 5.2 US Applied Materials 5.1 Health Care Time Warner 5.1 United Technologies 5.1 IT Western Union 5.0 Utilities % of Total 52.4 Cons Staples Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~20 Year 1 Current Year 3 Average Year 5 % +/-

90 EXCHANGE TRADED FUNDS. 90 SPDR S&P GLOBAL DIVIDEND FUN (WDIV) Mandate Replicate S&P DevxAU LMC AUD GTRManager StateStreet Global Advisors Australia Last traded price $18.62 Benchmark S&P Global Dvd AristoNTR Resp Entity StateStreet Global Advisors Australia 12 Month price Range $16.48-$19.72 ASX Listed Nov-2013 ICR with performance fee 0.50% NAV $ Inception Nov-2013 ICR without performance fee 0.50% SPDR S&P Global Dividend Fund is an exchange-traded fund which tracks the performance of the S&P Global Dividend Aristocrats Index. The Index measures the performance of the highest dividend yielding companies within the S&P Global Broad Market Index that have followed a policy of increasing or stable dividends for at least 10 years. (net) $1.38 Yield 7.4% Franking* 1.0% Grossed up yield 7.4% Semi-Anl Style Large / Mid / Small Cap, Growth/Value Focus, Passive Units on Offer 4.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $76.9m Currency Hedge No. Daily turnover (avg 6 mths) $306,671 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. WDIV vs S&P Global Dvd AristoNTR Performance 3.8% -0.6% 2.7% 20.0% Index 3.5% -1.1% 2.7% 20.1% 22.3% 14.0% 5.8% 22.5 Active Return 0.3% 0.5% 0.0% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $140 $130 Dec-12 Feb-13 Jun-13 Aug-13 United States Canada Hollyfrontier Corp 3.3 RR Donnelley & Sons Co 1.6 United Kingdom Australia Utilities Universal Corp 1.6 France South Africa Financials WM Morrison Supermarkets 1.5 Industrials Amlin 1.5 Germany Japan Telecom Serv Orkla 1.5 Consumer Staples KT&G 1.4 Switzerland Italy Consumer Disc UBM 1.4 Norway Finland Health Care Glaxosmithkline 1.4 Total SA 1.4 Sweden Hong Kong Dec-13 Inv Investment Feb-14 Spain Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Energy IT Materials Jan-15 Jul-15 wdiv Au Equity S&P Global Dvd Aristo % of Total 16.4 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~102 Year Current Year 3 Average Year 5 % +/-

91 EXCHANGE TRADED FUNDS. 91 BETASHARES S&P 500 YIELD MAX (UMAX) Mandate Replicate S&P500 Manager BetaShares Capital Last traded price $18.34 Benchmark S&P500 Resp Entity BetaShares Capital 12 Month price Range $15.04-$18.34 ASX Listed Sep-2014 ICR with performance fee 0.79% NAV Inception Sep-2014 ICR without performance fee 0.79% BetaShares S&P 500 Yield Maximiser Fund is an exchange-traded managed fund incorporated in Australia. The Fund aims to provide an exposure to the equity securities that make up the S&P 500 Index plus regular income from call options that are written on the Fund's exposure to the Index. (net) $1.07 Yield 5.8% Franking 0.0% Grossed up yield 5.8% Quarter Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 2.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $46.0m Currency Hedge No. Daily turnover (avg 6 mths) $231,598 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UMAX vs S&P 500 TR 4 JAN 1988 Performance 5.2% 1.7% 11.9% 27.9% Index 6.5% 1.8% 11.4% 29.5% 31.6% 21.8% 8.3% 20 Active Return -1.3% -0.1% 0.5% -1.6% Chart - Value of initial investment of A and monthly performance variance to benchmark $130 Inv Investment Jan-15 Jul-15 UMAX AU Equity S&P500 Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Sep 15 Apple 3.7 Microsoft 2.1 IT Exxon Mobil 1.8 US Financials Johnson & Johnson 1.5 Health Care General Electric 1.5 Cons Disc Wells Fargo & Co 1.4 Industrials Berkshire Hathaway 1.4 Energy JP Morgan Chase & Co 1.3 Cons Stap Facebook 1.2 Utilities AT&T 1.2 Materials Telecom % of Total 17.1 Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year 3 Average Year 5 % +/ % -2.1% 7.2%

92 EXCHANGE TRADED FUNDS. 92 ANZ ETFS S&P500 HI YLD L VOL (ZYUS) Mandate ReplicateS&P 500 Low Vol High Div Idx Manager ANZ ETFS Management Last traded price $11.43 Benchmark S&P 500 Low Vol High Div Idx Resp Entity ANZ ETFS Management 12 Month price Range $9.92-$11.43 ASX Listed Jun-2015 ICR with performance fee 0.35% NAV Inception Jun-2015 ICR without performance fee 0.35% ANZ ETFS S&P 500 High Yield Low Volatility ETF is an ETF. ANZ ETFS S&P 500 High Yield Low Volatility ETF (ZYUS) aims to provide investors with a return that (before fees and expenses) tracks the performance of the S&P 500 Low Volatility High Dividend Index (the Index). (net) $0.05 Yield 0.5% Franking 0.0% Grossed up yield 0.5% Quaterly Style Large/Medium/Small Cap, Balanced/Value/Growth Units on Offer 0.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3.4m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZYUS vs SP500LoVolHiDvdNTR Performance 4.2% 5.0% Index 4.0% 4.4% 13.6% 30.7% 28.1% 20.3% 10.8% 12 Active Return 0.2% 0.7% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ZYUS AU Equity S&P 500 Low Vol High Div Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 As at 30 Oct 15 Utilities TECO Energy 3.0 Financials Century Link 2.9 HCP 2.8 Cons Staples AGL Resources 2.7 PPL Corp Cons Disc 2.7 Baxter Intl 2.6 US Industrials Southern Co 2.5 Telecom Serv Realty Income Corp 2.5 Phillip Morris International 2.5 Health Care Centerpoint Energy 2.5 IT Energy % of Total 26.7 Materials Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

93 EXCHANGE TRADED FUNDS. 93 UBS IQ MSCI WORLD EX-AUS ETH (UBW) Mandate Rep MSCI World ex AU ex Tob ex CWManager UBS Global Asset Mgmt Aus Last traded price $20.75 Benchmark MSCI World ex AU ex Tob ex CW Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $19.78-$21.67 ASX Listed Feb-2015 ICR with performance fee 0.35% NAV $ Inception Feb-2015 ICR without performance fee 0.35% The UBS IQ MSCI World Ex Australia Ethical ETF is an exchange traded fund domiciled in Australia. The Fund aims is to maintain a passive investment strategy with the objective of continuously tracking the performance on the Benchmark, before investment management fees and expenses. (net) $0.14 Yield 0.7% Franking* 0.0% Grossed up yield 0.7% Annually Style Passive Investment Units on Offer.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $10m Currency Hedge No. Daily turnover (avg 6 mths) $48,424 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBP Share Price Performance 6.2% 0.0% 7.3% 22 Index 6.2% 0.0% 7.2% Active Return 0.0% 0.1% 0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 ubw AU Equity Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Apple Inc 2.2 Consumer Disc Microsoft 1.1 Consumer Staples Exxon Mobil 1.1 General Electric Energy 0.9 US Johnson & Johnson 0.9 Financials Wells Fargo 0.9 Health Care Nestle SA 0.8 Amazon.com 0.8 Industrials JP Morgan & Chase 0.7 IT Facebook 0.7 Materials Other % of Total 10.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~1550 Year 1 Current Year 3 Average Year 5 % +/-

94 EXCHANGE TRADED FUNDS. 94 UBS IQ MSCI EUROPE ETHICAL (UBE) Mandate Replicate MSCI Euro ex Tob ex CW Manager UBS Global Asset Mgmt Aus Last traded price $20.92 Benchmark MSCI Euro ex Tob ex Cont Weapons Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $19.65-$21.66 ASX Listed Feb-2015 ICR with performance fee 0.40% NAV $ Inception Feb-2015 ICR without performance fee 0.40% The UBS IQ MSCI Europe Ethical ETF is an exchange traded fund domiciled in Australia. The Fund aims is to maintain a passive investment strategy with the objective of continuously tracking the performance on the Benchmark, before investment management fees and expenses. (net) $0.33 Yield 1.6% Franking* 0.0% Grossed up yield 1.6% Annually Style Passive Investment Units on Offer.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $8m Currency Hedge No. Daily turnover (avg 6 mths) $35,980 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBE Share Price Performance 5.4% -2.6% 3.7% 22 Index 5.5% -2.5% 3.7% Active Return -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 ube AU Equity Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Nestle SA 3.1 Consumer Disc Novartis AG 2.6 UK France Consumer Staples Roche Holdings 2.4 Switzerland Germany HSBC Holdings 1.9 Energy Sanofi 1.5 Spain Sweden Financials Bayer 1.4 BP 1.3 Netherlands Italy Health Care Glaxosmithkline 1.3 Total 1.3 Denmark Belgium Industrials Novo 1.3 Other IT Materials % of Total 18.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~430 Year 1 Current Year 3 Average Year 5 % +/-

95 EXCHANGE TRADED FUNDS. 95 UBS IQ MSCI ASIA APEX 50 ETH (UBP) Mandate Rep MSCI Asia Ap 50 ex Tob ex CW Manager UBS Global Asset Mgmt Aus Last traded price $18.67 Benchmark MSCI Asia Apex 50 ex Tob ex CW Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $17.24-$20.46 ASX Listed May-2015 ICR with performance fee 0.45% NAV $ Inception May-2015 ICR without performance fee 0.45% The UBS IQ MSCI Asia APEX 50 Ethical ETF is an exchange traded fund domiciled in Australia. The Fund aims is to maintain a passive investment strategy with the objective of continuously tracking the performance on the Benchmark, before investment management fees and expenses. (net) $0.30 Yield 1.6% Franking* 0.0% Grossed up yield 1.6% Annually Style Passive Investment Units on Offer.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1m Currency Hedge No. Daily turnover (avg 6 mths) Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBP Share Price Performance 8.0% -0.8% Index 8.1% -0.6% 21 Active Return -0.1% -0.2% 20 Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 ubp AU Equity Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Samsung Electronics 10.6 Consumer Disc Taiwan Semiconductor 8.2 China Telecom Services Tencent Holdings 7.3 Hong Kong Aia Group 5.4 Energy China Mobile 5.4 Singapore China Constr Bank 4.7 Financials South Korea Industrial & Comm Bank of China 3.6 Taiwan Utilities Hon Hai Precision Industry 2.9 Bank of China 2.9 Industrials CK Hutchison Holdings 2.4 IT Materials % of Total 53.4 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~50 Year 1 Current Year 3 Average Year 5 % +/-

96 EXCHANGE TRADED FUNDS. 96 UBS IQ MSCI USA ETHICAL ETF (UBU) Mandate Rep MSCI USA ex Tob ex CW Manager UBS Global Asset Mgmt Aus Last traded price $21.31 Benchmark MSCI USA ex Tob ex CW Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $19.55-$21.55 ASX Listed Feb-2015 ICR with performance fee 0.20% NAV $ Inception Feb-2015 ICR without performance fee 0.20% The UBS IQ MSCI USA Ethical ETF is an exchange traded fund domiciled in Australia. The Fund aims is to maintain a passive investment strategy with the objective of continuously tracking the performance on the Benchmark, before investment management fees and expenses. (net) $0.10 Yield 0.5% Franking* 0.0% Grossed up yield 0.5% Annually Style Passive Investment Units on Offer.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3m Currency Hedge No. Daily turnover (avg 6 mths) $11,291 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBP Share Price Performance 6.4% 1.6% 10.3% 22 Index 6.5% 1.5% 10.3% Active Return 0.0% 0.0% 0.0% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 ubu AU Equity Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Apple 3.8 Consumer Disc Microsoft 1.8 Consumer Staples Exxon Mobil 1.8 General Electric Energy 1.4 US Johnson & Johnson 1.4 Financials Wells Fargo 1.4 Health Care Amazon.com 1.3 JP Morgan & Chase 1.1 Industrials Facebook 1.1 IT Alphabet 1.0 Materials Other % of Total 16.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~610 Year 1 Current Year 3 Average Year 5 % +/-

97 EXCHANGE TRADED FUNDS. 97 UBS IQ MSCI JAPAN ETHICAL ET (UBJ) Mandate Replicate MSCI JPN ex Tob ex CW Manager UBS Global Asset Mgmt Aus Last traded price $21.03 Benchmark MSCI Jpn ex Tob ex Cont Weapons Resp Entity UBS Global Asset Mgmt Aus 12 Month price Range $19.46-$21.5 ASX Listed Mar-2015 ICR with performance fee 0.40% NAV $ Inception Mar-2015 ICR without performance fee 0.40% The UBS IQ MSCI Japan Ethical ETF is an exchange traded fund domiciled in Australia. The Fund aims is to maintain a passive investment strategy with the objective of continuously tracking the performance on the Benchmark, before investment management fees and expenses. (net) $0.13 Yield 0.6% Franking* 0.0% Grossed up yield 0.6% Annually Style Passive Investment Units on Offer.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $5m Currency Hedge No. Daily turnover (avg 6 mths) $10,973 Securities Lending No. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. UBJ vs MSCI JAPAN ex TOBACCO Performance 8.2% -0.5% 6.5% Index 8.4% -0.4% 6.8% Active Return -0.2% -0.1% -0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 ubj AU Equity MSCI Jpn ex Tob ex CW Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Japan Toyota Motor 5.9 Consumer Disc Mitsubishi UFJ Fin 2.9 Consumer Staples Honda Motor 2.0 Softbank 2.0 Energy Sumitomo Mitsui Financial 1.8 Mizuho Financial Financials 1.7 Kddi 1.6 Health Care Takeda 1.4 Fanuc 1.4 Industrials Keyence 1.4 IT Materials % of Total 22.1 asdfasdf Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties ~320 Year 1 Current Year 3 Average Year 5 % +/-

98 EXCHANGE TRADED FUNDS. 98 ISHARES COMPOSITE BOND ETF (IAF) Mandate Replicate BBG AUB Comp 0+Y Manager BlackRock Fund Advisors Last traded price $ Benchmark BBG AUB Comp 0+Y Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Mar-2012 ICR with performance fee 0.24% NAV $ Inception Mar-2012 ICR without performance fee 0.24% ishares UBS Composite Bond ETF Fund is an exchange-traded fund incorporated in Australia. The Fund seeks to track the Bloomberg AusBond Composite Bond Index. The Fund invests primarily in investment grade fixed income securities issued by the Australian Commonwealth Government, Australian State-Governments, Supranational and Sovereign agencies and corporate debt issues. Average Yield to Maturity 2.8% Running Yield 4.4% Distribution Frequency Quarterly Style Units on Offer 2.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $283.8m Currency Hedge No Daily turnover (avg 6 mths) $1,695,641 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IAF vs BBG AUB Comp 0+Y Performance 0.3% 2.2% 0.1% 6.8% 4.7% Index 0.3% 2.2% 0.2% 6.9% 4.9% 110 Active Return 0.0% 0.0% -0.1% -0.2% -0.2% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul IAF AU Equity BBG A Bond Comp Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Top Issuers Top Sectors Top 10 Holdings % AUSTRALIA (COMMONW... ACGB 5 ¼ 03/15/ QUEENSLAND TREASUR... Treasury ACGB 5 ¾ 05/15/ ACGB 5 ½ 04/21/ NEW SOUTH WALES TR... ACGB 3 ¼ 04/21/ TREASURY CORPORATI... ACGB 2 ¾ 04/21/ WESTERN AUSTRALIAN... Government Related ACGB 5 ¾ 07/15/ KFW ACGB 4 ¼ 04/21/ EUROPEAN INVESTMEN... ACGB 4 ½ 04/15/ LANDWIRTSCHAFTLICHE Corporates ACGB 6 02/15/ ACGB 4 ¾ 06/15/ INTERNATIONAL BANK... ASIAN DEV BANK Covered % of Total 28.6 Fundamentals and Risk Maturity Profile Portfolio Weighted Ave Term to Maturity 5.53 Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~332 Modified Duration Weighted Average Coupon 4.8% Estimated Intra Day NAV is published live by the ASX under the ASX code IAFNAV for IAF. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

99 EXCHANGE TRADED FUNDS. 99 ISHARES GOVERNMENT INFLATI E (ILB) Mandate Replicate BBG AUB Infl Govt 0+Y Manager BlackRock Fund Advisors Last traded price $ Benchmark BBG AUB Infl Govt 0+Y Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Mar-2012 ICR with performance fee 0.26% NAV $ Inception Mar-2012 ICR without performance fee 0.26% ishares UBS Government Inflation ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the Bloomberg AusBond Government Inflation Index. The Fund invests primarily in investment grade fixed income securities is sued by the Australian Commonwealth Government and Australian State-Governments. Average Yield to Maturity 0.7% Running Yield 1.8% Distribution Frequency Quarterly Style Units on Offer.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $46.2m Currency Hedge No Daily turnover (avg 6 mths) $275,018 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ILB vs BBG AUB Infl Govt 0+Y Performance 0.1% 0.5% -0.4% 6.7% 12.0% Index 0.1% 0.5% -0.3% 6.9% 12.7% 7.9% 6.6% Active Return 0.0% -0.1% -0.1% -0.2% -0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ilb AU Equity BBG A Bond Inflation Gov Oct-11 Jan-12 Apr-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Top Issuers Top Sectors Top 10 Holdings % ACGB 4 08/20/ AUSTRALIA (COMMONW... Government ACGB 3 09/20/ NEW SOUTH WALES TR... ACGB 1 ¼ 02/21/ QUEENSLAND TREASUR... ACGB 1 11/21/ TREASURY CORPORATI... ACGB 2 ½ 09/20/ NSWTC 2 ¾ 11/20/ ACGB 2 08/21/ NSWTC 3 ¾ 11/20/ NSWTC 2 ½ 11/20/ ACGB 1 ¼ 08/21/ % of Total 96.4 Fundamentals and Risk Maturity Profile Portfolio Weighted Ave Term to Maturity Modified Duration Weighted Average Coupon 9.53 Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~ % Estimated Intra Day NAV is published live by the ASX under the ASX code ILBNAV for ILB. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

100 EXCHANGE TRADED FUNDS. 100 ISHARES TREASURY ETF (IGB) Mandate Replicate BBG AUB Tsy 0+Y Manager BlackRock Fund Advisors Last traded price $ Benchmark BBG AUB Tsy 0+Y Resp Entity BlackRock Fund Advisors 12 Month price Range $ $ ASX Listed Mar-2012 ICR with performance fee 0.26% NAV $ Inception Mar-2012 ICR without performance fee 0.26% ishares UBS Treasury ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the Bloomberg Ausbond Treasury Index. The Fund invests primarily in investment grade fixed income securities issued by the Australian Commonwealth Government that form the Index, and seeks to achieve its objective by employing a full replication strategy to track the performance of the Index. Average Yield to Maturity 2.5% Running Yield 4.1% Distribution Frequency Quarterly Style Units on Offer.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $16.3m Currency Hedge No Daily turnover (avg 6 mths) $58,294 Securities Lending No ######## ######## 31/03/2011 ######## 30/09/ /09/ /09/2001 Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. IGB vs BBG AUB Tsy 0+Y Performance 0.2% 1.3% 1.3% 6.1% 12.9% Index 0.3% 1.3% 1.5% 6.4% 13.8% 110 Active Return 0.0% -0.1% -0.1% -0.3% -0.9% 108 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul igb AU Equity BBG A Bond Treasury 0+ Yr Oct-11 Jan-12 Apr-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Top Issuers Top Sectors Top 10 Holdings % ACGB 5 ¾ 05/15/ Commonwealth of Australia Government ACGB 5 ¼ 03/15/ (CGS) ACGB 5 ½ 04/21/ ACGB 2 ¾ 04/21/ ACGB 4 ½ 04/15/ ACGB 6 02/15/ ACGB 5 ¾ 07/15/ ACGB 5 ½ 01/21/ ACGB 4 ¾ 06/15/ ACGB 3 ¼ 04/21/ % of Total 64.1 Fundamentals and Risk Maturity Profile Portfolio Weighted Ave Term to Maturity 6.7 Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~21 Effective Duration Weighted Average Coupon 4.5% Estimated Intra Day NAV is published live by the ASX under the ASX code IGBNAV for IGB. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

101 EXCHANGE TRADED FUNDS. 101 Russell Australian Government Bond (RGB) Mandate Replicate DBIQ 5-10 year Aust Govt Manager Russell Investment Management Last traded price $21.37 Benchmark DBIQ 5-10 year Aust Govt Bond Resp Entity Russell Investment Management 12 Month price Range $20.7-$22.14 ASX Listed Mar-2012 ICR with performance fee 0.24% NAV $21.31 Inception Mar-2012 ICR without performance fee 0.24% Government Bond Index which comprises predominantly Australian Government fixed income securities. The Fund aims to provide better liquidity by investing in the largest and most liquid Australian Government bonds as identified by a minimum issuance size. The Fund also aims to deliver diversified risk through equally weighting the securities on reconstitution to ensure that the exposure is not biased towards the largest borrowers. Average Yield to Maturity 2.3% Running Yield 3.6% Distribution Frequency Quarterly Style Units on Offer 6.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $146.3m Currency Hedge No Daily turnover (avg 6 mths) $249,884 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. RGB vs DBIQ 5-10 year Australian Gov Performance 0.3% 1.4% 7.5% 4.5% Index 0.3% 1.5% 7.7% 4.8% 23 Active Return 0.0% 0.0% -0.2% -0.3% 22.5 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 RGB AU Equity DBIQ 5-10YR A Gov Bond Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Top Issuers Top Sectors Top Holdings % ACGB 3 ¼ 04/21/ Commonwealth of Australia Government ACGB 1 ¾ 11/21/ (CGS) ACGB 2 ¾ 04/21/ ACGB 5 ¾ 07/15/ ACGB 5 ¾ 05/15/ ACGB 5 ½ 04/21/ % of Total 100 Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~ % 5-7

102 EXCHANGE TRADED FUNDS. 102 Russell Australian Semi-Government Bond (RSM) Mandate Replicate DBIQ 0-5 year Aust Semi-Govt Manager Russell Investment Management Last traded price $20.75 Benchmark DBIQ 0-5 year Aust Semi-Govt Bond Resp Entity Russell Investment Management 12 Month price Range $20.33-$21.12 ASX Listed Mar-2012 ICR with performance fee 0.26% NAV $20.69 Inception Mar-2012 ICR without performance fee 0.26% The Russell Australian Semi-Government Bond ETF seeks to track the performance of the DBIQ 0-5 year Average Yield to Maturity 2.19% Australian Semi-Government Bond Index which comprises predominantly Australian Semi-Government fixed Running Yield 4.6% income securities. The fund aims to provide better liquidity by investing in the largest and most liquid Australian Distribution Frequency Quarterly State Government bonds as identified by a minimum issuance size. The fund also aims to deliver diversified risk through equally weighting the securities on reconstitution to ensure that the exposure is not biased towards the largest borrowers. Style Units on Offer 5.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $115.5m Currency Hedge No Daily turnover (avg 6 mths) $333,163 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. RSM vs DBIQ 0 5 year Australian Sem Performance 0.3% 1.0% 5.6% 4.8% Index 0.3% 1.0% 5.9% 5.2% 22 Active Return 0.0% -0.1% -0.3% -0.4% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 RSM AU Equity DBIQ 0-5YR A Semi Gov Bond Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Top Issuers Top Sectors Top 10 Holdings % TREASURY CORP VICTORIA NSWTC 6 05/01/ Semi-Government TCV 6 06/15/ NEW S WALES TREASURY WATC 7 10/15/ WESTERN AUST TREAS CORP QTC 6 ¼ 02/21/ QUEENSLAND TREASURY QTC 4 06/21/ CORP SAFA 5 ¾ 09/20/ SOUTH AUST GOVT FIN AUTH TCV 5 ½ 11/15/ AUSTRALIAN DOLLAR WATC 2 ½ 07/22/ NSWTC 6 04/01/ SAFA 4 ¾ 08/06/ % of Total 100 Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~ % 5-7

103 EXCHANGE TRADED FUNDS. 103 Russell Australian Select Corporate Bond (RCB) Mandate Replicate DBIQ 0-3 year Aust Corp Manager Bond Russell Investment Management Last traded price $20.4 Benchmark DBIQ 0-3 year Inv Grd Corp Bond Resp Entity Russell Investment Management 12 Month price Range $20.14-$20.73 ASX Listed Mar-2012 ICR with performance fee 0.28% NAV $20.35 Inception Mar-2012 ICR without performance fee 0.28% The Russell Australian Select Corporate Bond ETF seeks to track the performance of the DBIQ 0-3 year Average Yield to Maturity 2.85% Investment Grade Australian Corporate Bond Index which comprises predominantly Australian Corporate fixed Running Yield 4.1% income securities. The Fund aims to provide better liquidity by investing in the largest and most liquid Distribution Frequency Quarterly Australian Corporate bonds as identified by a minimum issuance size. Currently, the Index only includes bonds issued by the four largest banks in Australian. The Fund also aims to deliver diversified risk through equally weighting the securities on reconstitution to ensure that the exposure is not biased towards the largest Style Units on Offer 3.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $73.7m Currency Hedge No Daily turnover (avg 6 mths) $376,485 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. RCB vs DBIQ 0-3 Year Australian Cor Performance 0.4% 0.8% 4.5% 4.1% Index 0.4% 0.9% 5.2% 4.7% 21 Active Return 0.0% -0.1% -0.7% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Jan-15 Jul-15 Rcb AU Equity DB 0-3YR IG Aus Corp Bond Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Top Issuers Top Sectors Top Holdings % Corporate Bond ANZ 3 ¾ 07/25/ NAB 4 05/23/ Westpac Bank CBAAU 4 ¼ 04/24/ WSTP 4 ½ 02/25/ TLSAU 4 ½ 11/13/ WSTP 6 02/20/ CBAAU 3 ¾ 10/18/ TLSAU 4 11/15/ NAB 4 ¼ 05/20/ ANZ 4 ½ 11/06/ % of Total 100 Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Years % of Fund Years % of Fund Portfolio Turnover per annum Maturity Approx. Number of Securties ~10 Modified Duration Weighted Average Coupon 4.20% 5-7

104 EXCHANGE TRADED FUNDS. 104 VANGUARD AUST GOVT BOND INDEX (VGB) Mandate Replicate BBG AUB Govt 0+Y Manager The Vanguard Group Inc Last traded price $49.29 Benchmark BBG AUB Govt 0+Y Resp Entity The Vanguard Group Inc 12 Month price Range $47.51-$50.19 ASX Listed Apr-2012 ICR with performance fee 0.20% NAV $ Inception Apr-2012 ICR without performance fee 0.20% Vanguard Australian Government Bond Index ETF is an exchange-traded fund incorporated in Australia. The Fund seeks to track the Bloomberg AusBond Government Index. Average Yield to Maturity 2.31% Running Yield 2.6% Distribution Frequency Quarterly Style Units on Offer 1.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $58.9m Currency Hedge No Daily turnover (avg 6 mths) $268,713 Securities LendingYes. 102% Cash Collateral, 100% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VGB vs BBG AUB Govt 0+Y Performance 0.3% 1.2% 1.6% 6.3% 4.7% Index 0.3% 1.2% 1.6% 6.5% 4.8% 55 Active Return 0.0% 0.0% -0.1% -0.1% -0.1% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 vgb AU Equity BBG A Govt 0+YR Bond Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Credit Allocation Top Sectors Top 10 Issuers % Australia (Commonwealth Of) Queensland (State Of) Treasury New South Wales (State Of) AAA AA Victoria (State Of) Government Western Australia (State Of) South Australia (State Of) Tasmanian Public Finance Corp Northern Territory Treasury Corp Australian Capital Territory (Government % of Total Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon Years % of Fund Years % of Fund Portfolio Turnover per annum 6.2yr Approx. Number of Securties ~ % 5-7 Estimated Intra Day NAV is published live by the ASX under the ASX code VGBINAV for VGB. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

105 EXCHANGE TRADED FUNDS. 105 VANGUARD AUST FIXED INTEREST INDEX (VAF) Mandate Replicate BBG AUB Comp 0+Y Manager The Vanguard Group Inc Last traded price $49.87 Benchmark BBG AUB Comp 0+Y Resp Entity The Vanguard Group Inc 12 Month price Range $48.92-$51.2 ASX Listed Oct-2012 ICR with performance fee 0.20% NAV $ Inception Oct-2012 ICR without performance fee 0.20% Vanguard Australian Fixed Interest Index ETF is an exchange traded fund incorporated in Australia. The Fund seeks to track the return (income and capital appreciation) of the Bloomberg AusBond Composite Bond Index before taking into accountfund fees, expenses, and tax. Average Yield to Maturity 2.48% Running Yield 4.0% Distribution Frequency Quarterly Style Units on Offer 5.4m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $271.4m Currency Hedge No Daily turnover (avg 6 mths) $1,104,660 Securities LendingYes. 102% Cash Collateral, 100% revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. VAF vs BBG AUB Comp 0+Y Performance 0.3% 1.2% 1.5% 6.1% 4.8% Index 0.3% 1.2% 1.6% 6.2% 5.0% 52 Active Return 0.0% 0.0% -0.1% -0.2% -0.2% 51 Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 vaf AU Equity BBG A Bond Comp 0+YR Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Credit Allocation Top Sectors Top 10 Issuers % Australia (Commonwealth Of) Queensland (State Of) AAA Treasury New South Wales (State Of) AA Victoria (State Of) A Government Western Australia (State Of) Corporate KFW International Finance BBB European Investment Bank Securitised Landwirtschaftliche Rentenbank IBRD Inter-American Development Bank % of Total Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon Years % of Fund Years % of Fund Portfolio Turnover per annum 5.6yr Approx. Number of Securties ~ % 5-7 Estimated Intra Day NAV is published live by the ASX under the ASX code VAFNAV for VAF. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

106 EXCHANGE TRADED FUNDS. 106 SPDR S&P/ASX Australian Government Bond Index (Govt) Mandate S&P/ASX Aust Govt Bond Manager State Street Global Advisors Last traded price $25.97 Benchmark S&P/ASX Aust Govt Bond Resp Entity State Street Global Advisors 12 Month price Range $25.34-$26.76 ASX Listed Jul-2012 ICR with performance fee 0.22% NAV $ Inception Jul-2012 ICR without performance fee 0.22% The SPDR S&P/ASX Australian Government Bond Fund seeks to closely track, before fees and expenses, the returns of the S&P/ASX Government Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking and lower costs. Average Yield to Maturity 2.3% Running Yield 4.3% Distribution Frequency Quarterly Style Units on Offer.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $7.8m Currency Hedge No Daily turnover (avg 6 mths) $35,889 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. GOVT vs S&P/ASX Gov Bond TR Performance 0.3% 1.3% 6.7% Index 0.3% 1.3% 7.0% 27 Active Return 0.0% 0.0% -0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 govt AU Equity S&P/ASX Gov Bond Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Credit Allocation Top Sectors Top 10 Holdings % ACGB 5 ¾ 05/15/ AAA AA Government Semi-Govt Govt Related Other ACGB 3 ¼ 04/21/25 ACGB 5 ½ 04/21/23 ACGB 5 ¼ 03/15/19 ACGB 2 ¾ 04/21/24 ACGB 5 ½ 01/21/18 ACGB 4 ½ 04/15/20 ACGB 4 ¼ 04/21/26 ACGB 4 ¾ 04/21/27 ACGB 4 ¼ 07/21/ % of Total 43.0 Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon 6.52 Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~ yrs

107 EXCHANGE TRADED FUNDS. 107 SPDR S&P/ASX Australian Bond Fund (BOND) Mandate S&P/ASX Aust Fixed Interest Manager State Street Global Advisors Last traded price $26.11 Benchmark S&P/ASX Aust Fixed Interest Resp Entity State Street Global Advisors 12 Month price Range $25.58-$26.89 ASX Listed Jul-2012 ICR with performance fee 0.24% NAV $ Inception Jul-2012 ICR without performance fee 0.24% The SPDR S&P/ASX Australian Bond Fund seeks to closely track, before fees and expenses, the returns of the S&P/ASX Australian Fixed Interest Index. Its approach is designed to provide portfolios with low portfolio turnover, accurate tracking and lower costs. Average Yield to Maturity 2.5% Running Yield 4.4% Distribution Frequency Quarterly Style Units on Offer.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $15.8m Currency Hedge No Daily turnover (avg 6 mths) Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. BOND vs SP/ASXAuFxIntr TR Performance 0.3% 1.2% 6.4% Index 0.3% 1.3% 6.7% 27 Active Return 0.0% -0.1% -0.3% 26.5 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 bond AU Equity S&P/ASX FI Index Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Top Issuers Top Sectors Top 10 Holdings % ACGB 5 ¾ 05/15/ Commonwealth of Australia Government ACGB 5 ½ 01/21/ (CGS) ACGB 6 02/15/ Semi Govt ACGB 5 ½ 04/21/ Govt Related ACGB 5 ¾ 07/15/ Supranational ACGB 5 ¼ 03/15/ ACGB 4 ½ 04/15/ Corp-Finance Corp-Industries ACGB 3 ¼ 04/21/25 ACGB 4 ¼ 07/21/17 ACGB 2 ¾ 04/21/ Other % of Total % Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon 6.02 Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties ~

108 EXCHANGE TRADED FUNDS. 108 BetaShares Australian High Cash Interest ETF (AAA) Mandate Exceed 30-Day BBSW Manager Betashares Capital Ltd Last traded price $50.17 Benchmark 30-Day BBSW Resp Entity Betashares Capital Ltd 12 Month price Range $50.07-$50.23 ASX Listed Mar-2012 ICR with performance fee 0.18% NAV $ Inception Mar-2012 ICR without performance fee 0.18% The BetaShares Australian High Interest Cash ETF aims to provide attractive and regular income distributions Yield (ex-icr) 2.8% and a high level of capital security. The ETF seeks to generate a return that exceeds the 30 day bank bill swap Running Yield rate after fees and expenses. The ETF invests all of its assets into bank deposits accounts maintain with one or Distribution Frequency Monthly more of the major banks in Australia. Betashares will endeavour to ensure that the selected deposit account(s) offer an interest rate that is attractive relative to rates being offered by other major banks in Australia for similar accounts. Style Units on Offer 15.6m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $782.1m Currency Hedge No Daily turnover (avg 6 mths) $4,998,356 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. AAA Share Price Performance 0.2% 0.7% 1.4% 3.0% 3.5% Index 0.2% 0.5% 1.1% 2.4% 2.8% 51 Active Return 0.0% 0.1% 0.3% 0.6% 0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Series Jan-15 Jul-15 aaa AU Equity $105 $95 Oct-11 Jan-12 Apr-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Top Issuers Top Sectors Top 10 Holdings % Cash Big Four Bank Cash (at call) % of Total Fundamentals and Risk Maturity Profile Portfolio Weighted Average Term to Maturity Modified Duration Weighted Average Coupon Years % of Fund Years % of Fund Portfolio Turnover per annum Approx. Number of Securties

109 EXCHANGE TRADED FUNDS. 109 ETFS PHYSICAL GOLD (GOLD) Mandate Replicate Physical Gold AUD Manager ETFS Management Co Jersey Ltd Last traded price $155 Benchmark LBMA Gold Price PM USD Resp Entity ETFS Management Co Jersey Ltd 12 Month price Range $ $ ASX Listed Mar-2002 ICR with performance fee 0.40% NAV $ Inception Mar-2002 ICR without performance fee 0.40% ETFS Metal Securities Australia Ltd ETFS Physical Gold is an open-ended Exchange Traded Commodity, incorporated in Australia and UCITS eligible. It is designed to track the Gold price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LBMA Good Delivery bars. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 2.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $431.5m Currency Hedge No Daily turnover (avg 6 mths) $835,315 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. GOLD vs LBMA Gold Price PM USD Performance 0.7% 6.9% 6.8% 20.4% -1.5% 2.7% Index 0.7% 6.5% 7.0% 20.8% -1.2% 3.1% 9.8% 180 Active Return 0.0% 0.5% -0.2% -0.4% -0.4% -0.4% 170 Share Price USD Performance 2.6% 4.4% -3.4% -2.2% -13.1% -3.6% 160 Index 2.5% 4.0% -3.2% -1.9% -12.7% -3.2% 9.3% 150 Active Return 0.0% 0.4% -0.2% -0.3% -0.3% -0.4% 140 Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $130 $70 Inv Investment Jan-15 Jul-15 gold AU Equity LBMA Gold Price PM $50 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Gold Bullion United States Gold % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year Current Year Average Year % +/-

110 EXCHANGE TRADED FUNDS. 110 ANZ ETFS PHYSICAL GOLD ETF (ZGOL) Mandate Replicate Physical Gold AUD Manager ANZ ETFS Management AUS Ltd Last traded price $16.16 Benchmark LBMA AM Gold Price USD Resp Entity ANZ ETFS Management AUS Ltd 12 Month price Range $14.74-$16.32 ASX Listed Jun-2015 ICR with performance fee 0.40% NAV $ Inception Jun-2015 ICR without performance fee 0.40% ANZ ETFS Physical Gold ETF is an ETF. The investment objective of the Metal Interests issued by the Fund is to provide a return that tracks the performance of the price of gold (before Fees and expenses). (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.8m Currency Hedge No Daily turnover (avg 6 mths) Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZGOL vs LBMA Gold Price AM USD Performance 0.6% 9.3% Index 0.4% 8.8% 5.4% 20.4% -1.0% 3.4% 9.8% 18 Active Return 0.2% 0.5% 17 Chart - Value of initial investment of A and monthly performance variance to benchmark $108 $106 $104 $102 $98 $96 $94 $92 Jan-13 Jul-13 Jan-14 Country Allocation Sector Allocation Top Holdings % Gold Bullion United States Investment Jul-14 Jan-15 Jul-15 Gold Jan-15 Jul-15 zgol AU Equity LBMA Gold Price AM % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year 3 Average Year 5 % +/-

111 EXCHANGE TRADED FUNDS. 111 GOLD SPOT AUD (PMGOLD) Mandate Replicate Spot Gold Movement AUD Manager Gold Corporation Last traded price $16.16 Benchmark London Gold Market Fixing Ltd Resp Entity Gold Corporation 12 Month price Range $13.23-$16.67 ASX Listed Jan-2011 ICR with performance fee 0.15% NAV Inception Jan-2011 ICR without performance fee 0.15% Perth Mint Gold is a right created on-market by The Perth Mint to enable you to invest in gold on the ASX. It is structured as a call option that entitles you to physically acquire one hundredth of a troy ounce of fine gold and may be exercised by you at any time. PMGOLD is issued by Gold Corporation (trading as The Perth Mint), a statutory authority of the Government of Western Australia. The liabilities of Gold Corporation are guaranteed under section 22 of the Gold Corporation Act 1987, an Act of the Western Australian Parliament. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4.8m Currency Hedge No Daily turnover (avg 6 mths) $130,685 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. PMGOLD vs LBMA Gold Price PM USD Performance 0.4% 9.2% 7.4% 19.2% -0.8% Index 0.7% 6.5% 7.0% 20.8% -1.2% 3.1% 9.8% 18 Active Return -0.3% 2.7% 0.4% -1.6% 0.3% 17 Share Price USD Performance 2.2% 6.6% -2.9% -3.2% -12.5% 16 Index 2.5% 4.0% -3.2% -1.9% -12.7% -3.2% 9.3% 15 Active Return -0.3% 2.6% 0.3% -1.3% 0.3% 14 Chart - Value of initial investment of A and monthly performance variance to benchmark $150 $130 $70 Inv Investment Jan-15 Jul-15 pmgold At Equity LBMA Gold Price PM $50 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Call Option Australia Gold % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

112 EXCHANGE TRADED FUNDS. 112 ETFS PHYSICAL SILVER (ETPMAG) Mandate Replicate Physical Silver AUD Manager ETFS Management Co Jersey Ltd Last traded price $21.13 Benchmark LBMA Silver Price - Price/US C Resp Entity ETFS Management Co Jersey Ltd 12 Month price Range $17.18-$22.21 ASX Listed Jan-2009 ICR with performance fee 0.49% NAV $ Inception Jan-2009 ICR without performance fee 0.49% ETFS Metal Securities Australia Ltd - ETFS Physical Silver is an open-ended Exchange Traded Commodity, incorporated in Australia and UCITS eligible. It is designed to track the Silver price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LBMA Good Delivery bars. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 2.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $47.8m Currency Hedge No Daily turnover (avg 6 mths) $83,313 Securities Lending: Yes/No, XXX% Collateral (Cash), XX% Revenue credited to ETF. ######## ######## 30/04/2015 ######## 31/10/ /10/ /10/2005 Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPMAG vs LBMA Silver Price - Price/US C Performance 4.8% 10.4% 4.3% 18.3% -11.5% -12.6% Index 4.8% 9.9% 4.6% 18.8% -11.1% -2.2% 7.7% Active Return 0.0% 0.4% -0.3% -0.5% -0.4% -10.4% Share Price USD Performance 6.7% 7.8% -5.6% -3.9% -21.9% -8.6% Index 6.7% 7.3% -5.4% -3.5% -21.5% -8.2% 7.2% Active Return 0.0% 0.4% -0.2% -0.4% -0.4% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $130 Investment Investment Jan-15 Jul-15 etpmag AU Equity LBMA Silver Price $70 $50 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Silver Bullion United States Silver % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

113 EXCHANGE TRADED FUNDS. 113 ETFS PHYSICAL PLATINUM (ETPMPT) Mandate Replicate Physical Platinum AUD Manager ETFS Management Co Jersey Ltd Last traded price $ Benchmark London Metal Exchange Platinum Resp Entity ETFS Management Co Jersey Ltd 12 Month price Range $ $ ASX Listed Jan-2009 ICR with performance fee 0.49% NAV $ Inception Jan-2009 ICR without performance fee 0.49% ETFS Metal Securities Australia Ltd - ETFS Physical Platinum is an open-ended Exchange Traded Commodity, incorporated in Australia and UCITS eligible. It is designed to track the Platinum price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LPPM Good Delivery bars. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.03m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $3.5m Currency Hedge No Daily turnover (avg 6 mths) $1,310 Securities Lending: Yes/No, XXX% Collateral (Cash), XX% Revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPMPT vs London Metal Exchange Platinum Performance 6.5% 3.7% -4.1% -1.3% -0.4% -4.9% Index 6.9% 3.3% -3.8% -0.9% -0.3% -4.4% 1.0% Active Return -0.3% 0.4% -0.3% -0.4% -0.1% -0.5% Share Price USD Performance 8.5% 1.3% -13.3% -19.8% -7.1% -10.7% Index 8.8% 0.9% -13.0% -19.5% -7.0% -10.3% 0.5% Active Return -0.3% 0.4% -0.2% -0.3% -0.1% -0.4% Chart - Value of initial investment of A and monthly performance variance to benchmark $130 Investment Jan-15 Jul-15 etpmpt AU Equity LM Platinum Price $70 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Platinum United States Platinum % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

114 EXCHANGE TRADED FUNDS. 114 ETFS PHYSICAL PALLADIUM (ETPMPD) Mandate Replicate Physical Palladium AUD Manager ETFS Management Co Jersey Ltd Last traded price $91.04 Benchmark London Metal Exchange Palladiu Resp Entity ETFS Management Co Jersey Ltd 12 Month price Range $78.9-$103.6 ASX Listed Dec-2008 ICR with performance fee 0.49% NAV $ Inception Dec-2008 ICR without performance fee 0.49% ETFS Metal Securities Australia Ltd - ETFS Physical Palladium is an open-ended Exchange Traded Commodity, incorporated in Australia and UCITS eligible. It is designed to track the Palladium price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LPPM Good Delivery bars. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.02m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1.5m Currency Hedge No Daily turnover (avg 6 mths) $2,103 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPMPD vs London Metal Exchange Palladiu Performance 2.3% 14.1% -4.2% 5.9% 17.0% 7.2% Index 0.6% 13.6% -3.9% 6.3% 17.5% 7.8% 12.1% Active Return 1.7% 0.5% -0.2% -0.4% -0.6% -0.5% Share Price USD Performance 4.2% 11.4% -13.3% -14.0% 3.3% 0.6% Index 2.4% 11.0% -13.1% -13.7% 3.8% 1.1% 11.5% Active Return 1.7% 0.4% -0.2% -0.4% -0.5% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $200 $180 $160 $140 $60 Jan-13 Jul-13 Jan-14 Investment Jul-14 Jan Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Palladium Jul etpmpd AU Equity LM Palladium Price 700 United States Palladium % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

115 EXCHANGE TRADED FUNDS. 115 ETFS PHYSICAL PM BASKET (ETPMPM) Mandate Replicate Physical Basket AUD Manager ETFS Management Co Jersey Ltd Last traded price $121.5 Benchmark Replicate Physical Basket AUD Resp Entity ETFS Management Co Jersey Ltd 12 Month price Range $ $ ASX Listed Jan-2009 ICR with performance fee 0.44% NAV $ Inception Jan-2009 ICR without performance fee 0.44% ETFS Metal Securities Australia Ltd - ETFS Physical PM Basket is an open-ended Exchange Traded Commodity, incorporated in Australia and UCITS eligible. It is designed to track the Metal basket price less fees allowing investors to invest in the precious metals market. It is backed by physical allocated metal bullion which has no credit risk. The security only holds LBMA & LPPM Good Delivery bars (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.04m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4.9m Currency Hedge No Daily turnover (avg 6 mths) $7,173 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPMPM vs ALL ORDINARIES INDX Performance 2.4% 8.3% 3.2% 14.7% -2.3% 1.0% Index Active Return 120 Share Price USD Performance 4.3% 5.8% -6.7% -6.8% -13.8% -5.2% 80 Index 60 Active Return Chart - Value of initial investment of A and monthly performance variance to benchmark 20 $300 $200 Inv Investment Jan-15 Feb-15 Jun-15 Jul-15 etpmpm AU Equity S&P/ASX All Ords etpmpm AU Equity as30 Index $0 - $60 Jan-13 Jul-13 Nov-12 Jan-14 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Gold 52.2 United States Gold Silver 21.3 Silver Palladium 15.3 Platinum 11.2 Palladium Platinum % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

116 EXCHANGE TRADED FUNDS. 116 ETFS AGRICULTURE (ETPAGR) - Collateralised Struct. Prod. Mandate Replicate BBG Agriculture TR Manager ETF Securities Management Co Ltd Last traded price 7.56 Benchmark BBG Agriculture TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $7.09-$8.15 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Agriculture is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Agriculture Subindex (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of a basket of agriculture futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.5m Currency Hedge No Daily turnover (avg 6 mths) $653 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPAGR vs BBG Agriculture TR Performance -0.2% 2.3% 6.2% 3.7% -3.4% Index -0.2% 2.2% 6.8% 4.6% -2.7% -1.5% 1.3% 9 Active Return 0.0% 0.1% -0.6% -1.0% -0.7% 8.5 Share Price USD Performance 1.6% -0.1% -4.0% -15.8% -14.7% 8 Index 1.6% -0.2% -3.4% -15.0% -14.1% -7.6% 0.8% 7.5 Active Return 0.0% 0.1% -0.6% -0.8% -0.6% 7 Chart - Value of initial investment of A and monthly performance variance to benchmark $115 $105 $95 $85 Jan-13 Jul-13 Jan-14 Inv Investment Jul-14 Jan-15 Exposure Sector Allocation Top Holdings % Corn United States Corn Soybeans Soybeans Sugar Sugar Wheat Wheat Soybean Meal 9.60 Soybean Oil 8.88 Soybean Meal Cotton 5.89 Soybean Oil Cotton 5.35 Cotton Kansas Wheat 3.28 Jul-15 Cotton Jan-15 Jul-15 ETPAGR AU Equity BBG Agriculture Idx Kansas Wheat % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

117 EXCHANGE TRADED FUNDS. 117 ETFS ALL COMMODITIES (ETPCMD) - Collateralised Struct. Prod. Mandate Replicate BBG Commodity TR Manager ETF Securities Management Co Ltd Last traded price $12.86 Benchmark BBG Commodity TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $12.86-$13.94 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS All Commodities is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Commodity Index Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of a diversified basket of commodity futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.1m Currency Hedge No Daily turnover (avg 6 mths) $144 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPCMD vs BBG Commodity TR Performance -1.9% -1.9% -6.8% -9.3% -4.6% Index -2.2% -2.5% -6.8% -8.5% -3.8% -3.9% -4.7% 20 Active Return 0.3% 0.6% 0.0% -0.8% -0.9% Share Price USD Performance -0.1% -4.2% -15.8% -26.4% -15.8% Index -0.4% -4.7% -15.7% -25.7% -15.0% -9.9% -5.1% 15 Active Return 0.3% 0.5% 0.0% -0.7% -0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ETPcmd AU Equity BBG Commodities Idx Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Exposure Sector Allocation Top 10 Holdings % Agriculture Gold Gold WTI Crude Oil 7.57 Energy Crude Oil WTI Corn 7.55 Industrial Metals Corn Copper (COMEX) 7.44 Precious Metals Copper (COMEX) Brent Crude 7.16 Livestock Brent Crude Natural Gas 6.91 Soybeans 5.71 Natural Gas Silver 4.69 Soybeans Unleaded Gasoline 4.56 Silver Aluminium 4.26 Unleaded Gasoline Aluminium % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

118 EXCHANGE TRADED FUNDS. 118 ETFS COPPER (ETPCOP) - Collateralised Struct. Prod. Mandate Replicate BBG Copper TR Manager ETF Securities Management Co Ltd Last traded price $32.96 Benchmark BBG Copper TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $32.95-$36 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Copper is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Copper Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of COMEX Copper futures plus a collateral yield. (net) $0.00 Yield 0% Franking* 0% Grossed up yield 0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.018m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.6m Currency Hedge No Daily turnover (avg 6 mths) $412 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPCOP vs BBG Copper TR Performance -2.6% 0.4% -12.1% -7.5% -3.2% 40 Index -2.8% 0.1% -11.6% -6.7% -2.2% -4.2% 3.4% 39 Active Return 0.1% 0.3% -0.4% -0.9% -1.0% 38 Share Price USD Performance -0.9% -2.0% -20.5% -24.9% -14.5% Index -1.0% -2.2% -20.1% -24.2% -13.7% -10.1% 3.0% 35 Active Return 0.1% 0.3% -0.4% -0.7% -0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ETPcop AU Equity BBG Copper Idx Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Exposure Sector Allocation Top Holdings % Copper 100.0% Commodities Copper % of Total 100% Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

119 EXCHANGE TRADED FUNDS. 119 ETFS CORN (ETPCRN) - Collateralised Struct. Prod. Mandate Replicate BBG Corn TR Manager ETF Securities Management Co Ltd Last traded price $1.67 Benchmark BBG Corn TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $1.51-$1.81 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Corn is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Corn Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of CBOT Corn futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.03m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.1m Currency Hedge No Daily turnover (avg 6 mths) $129 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPCRN vs BBG Corn TR Performance -3.1% 2.8% 9.4% 9.5% -11.6% Index -3.2% 2.5% 9.9% 10.5% -10.7% -1.5% -0.5% Active Return 0.1% 0.3% -0.6% -1.0% -0.9% Share Price USD 1.75 Performance -1.3% 0.4% -1.1% -11.1% -21.9% Index -1.4% 0.1% -0.6% -10.3% -21.2% -7.5% -1.0% Active Return 0.1% 0.3% -0.5% -0.8% -0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment 1.4 Jul-13 Jan-14 Jul Jan-15 ETPcrn AU Equity Jul-15 DJUBCNTR index ETPcrn AU Equity BBG Corn Idx $60 $40 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Exposure Sector Allocation Top Holdings % Corn 100.0% Soft Commodity Corn % of Total 100% Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

120 EXCHANGE TRADED FUNDS. 120 ETFS NATURAL GAS (ETPGAS) - Collateralised Struct. Prod. Mandate Replicate BBG Natural Gas TR Manager ETF Securities Management Co Ltd Last traded price $0.087 Benchmark BBG Natural Gas TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $0.087-$0.135 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Natural Gas is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Natural Gas Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of NYMEX Natural Gas futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.1m Currency Hedge No Daily turnover (avg 6 mths) $186 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPGAS vs BBG Natural Gas TR Performance -14.9% -21.0% -19.2% -40.3% -15.9% 0.16 Index -15.0% -21.2% -18.8% -39.8% -15.0% -23.9% -38.9% 0.14 Active Return 0.1% 0.2% -0.4% -0.5% -0.8% Share Price USD 0.12 Performance -13.4% -22.8% -26.9% -51.5% -25.7% 0.1 Index -13.5% -23.1% -26.6% -51.1% -25.0% -28.6% -39.2% 0.08 Active Return 0.1% 0.2% -0.3% -0.4% -0.7% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $60 $40 $20 $0 Jan-13 Jul-13 Exposure Sector Allocation Top Holdings % Gas Energy Jan-14 Inv Investment Jul-14 Jan-15 Jul-15 Gas 0 Jan-15 Jul-15 ETPgas AU Equity BBG Natural Gas Idx 0.5 % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

121 EXCHANGE TRADED FUNDS. 121 ETFS GRAINS (ETPGRN) - Collateralised Struct. Prod. Mandate Replicate BBG Grains TR Manager ETF Securities Management Co Ltd Last traded price $5.96 Benchmark BBG Grains TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $5.5-$6.57 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Corn is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Grains Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of a basket of grains futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.8m Currency Hedge No Daily turnover (avg 6 mths) $446 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPGRN vs BBG Grains TR Performance -2.4% 1.0% 8.2% 7.6% -5.6% Index -2.5% 0.8% 8.8% 8.9% -4.9% -0.4% 1.8% Active Return 0.2% 0.2% -0.6% -1.3% -0.7% Share Price USD Performance -0.6% -1.4% -2.2% -12.6% -16.7% Index -0.8% -1.5% -1.6% -11.6% -16.1% -6.5% 1.3% Active Return 0.2% 0.2% -0.6% -1.0% -0.6% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jul-13Jan-14Jul-14Jan-15Jul-15 Jan-15 Jul-15 ETPgas AU Equity BCOMGRTR Index Index $70 $60 $50 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Exposure Sector Allocation Top Holdings % Corn Soft Commodity Corn Soybeans Wheat Soybeans Kansas Wheat 5.77 Jul-15 Wheat Kansas Wheat % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

122 EXCHANGE TRADED FUNDS. 122 ETFS INDUSTRIAL METALS (ETPIND) - Collateralised Struct. Mandate Replicate BBG Industrial Metals TR Manager ETF Securities Management Co Ltd Last traded price Benchmark BBG Industrial Metals TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $13.47-$14.52 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Industrial Metals is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Industrial Metals Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of a basket of industrial metals futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.01m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.1m Currency Hedge No Daily turnover (avg 6 mths) Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPIND vs BBG Industrial Metals TR Performance -4.4% -4.2% -16.5% -12.6% -2.3% Index -4.5% -4.6% -16.1% -11.9% -1.3% -6.3% -0.2% 15.5 Active Return 0.2% 0.3% -0.4% -0.7% -1.0% 15 Share Price USD Performance -2.6% -6.5% -24.5% -29.0% -13.7% 14.5 Index -2.8% -6.8% -24.1% -28.4% -12.9% -12.1% -0.6% 14 Active Return 0.2% 0.3% -0.3% -0.6% -0.8% 13.5 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jan-15 Jul-15 ETPind AU Equity 50 BBG Industrial Metals Dec-12 Feb-13 Jun-13 Aug-13 Dec-13 Feb-14 Jun-14 Aug-14 Dec-14 Feb-15 Jun-15 Aug-15 Exposure Sector Allocation Top Holdings % Copper Industrial Metals Copper Aluminium Zinc Aluminium Nickel Zinc Nickel % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

123 EXCHANGE TRADED FUNDS. 123 ETFS ENERGY (ETPNRG) - Collateralised Struct. Prod. Mandate Replicate BBG Energy TR Manager ETF Securities Management Co Ltd Last traded price $6.25 Benchmark BBG Energy TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $6.25-$7.7 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Energy is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Energy Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of a basket of energy futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.02m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.13m Currency Hedge No Daily turnover (avg 6 mths) $40 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPNRG vs BBG Energy TR Performance -4.7% -9.5% -19.3% -34.9% -12.1% Index -5.1% -10.1% -19.1% -34.3% -11.8% -10.9% -19.3% Active Return 0.4% 0.6% -0.1% -0.5% -0.4% Share Price USD 8 Performance -2.9% -11.6% -27.0% -47.1% -22.4% 150 Index -3.3% -12.2% -26.8% -46.7% -22.1% -16.4% -19.7% Active Return 0.4% 0.6% -0.1% -0.4% -0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment Jul-13Jan-14Jul-14Jan-15Jul-15 Jan-15 Jul-15 $140 ETPnrg ETPnrg AU AU Equity Equity BCOMGRTR BCOMENTR Index Index $60 $40 $20 $0 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Exposure Sector Allocation Top Holdings % WTI Crude Oil Energy WTI Crude Oil Brent Crude Brent Crude Natural Gas Unleaded Gasoline Natural Gas Heating Oil Jul-15 Unleaded Gasoline Heating Oil % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

124 EXCHANGE TRADED FUNDS. 124 ETFS BRENT CRUDE OIL (ETPOIL) - Collateralised Struct. Prod. Mandate Replicate BBG Brent Crude Manager ETF Securities Management Co Ltd Last traded price $36.55 Benchmark BBG Brent Crude Resp Entity ETF Securities Management Co Ltd 12 Month price Range $34.27-$60.4 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Brent Crude Oil is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Brent Crude Subindex (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of NYMEX Brent Crude Oil futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0.0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.034m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1.2m Currency Hedge No Daily turnover (avg 6 mths) $5,837 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPOIL vs BBG Brt Crd 3 M Fwd TR Performance Active Return -0.5% -0.8% -6.8% -1.3% -23.1% -3.1% -39.3% -4.6% -15.1% -3.9% Index Share Price USD 0.3% -5.4% -20.0% -34.7% -11.1% -2.6% -2.8% Performance 1.3% -8.9% -30.5% -50.7% -25.0% Index 2.1% -7.6% -27.7% -47.0% -21.5% -8.6% -3.2% 50 Active Return -0.8% -1.3% -2.8% -3.7% -3.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $140 $60 $40 $20 $0 Jan-13 Jul-13 Exposure Sector Allocation Top Holdings % Brent Crude Energy Jan-14 Inv Investment Jul-14 Jan-15 Jul-15 Brent Crude Jan-15 Jul-15 ETPoil AU Equity DJUBCo3t Index % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

125 EXCHANGE TRADED FUNDS. 125 ETFS WHEAT (ETPWHT) Mandate Replicate BBG Wheat TR Manager ETF Securities Management Co Ltd Last traded price $1.33 Benchmark BBG Wheat TR Resp Entity ETF Securities Management Co Ltd 12 Month price Range $1.205-$1.59 ASX Listed Jun-2012 ICR with performance fee 0.49% NAV $ Inception Jun-2012 ICR without performance fee 0.49% ETFS Wheat is an exchange-traded commodity registered in Australia. The Fund seeks to track the Bloomberg Wheat Subindex Total Return (previously DJ-UBS), with transparent tracking and clear pricing. It reflects the return of CBOT Wheat futures plus a collateral yield. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $.2m Currency Hedge No Daily turnover (avg 6 mths) $1,014 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ETPWHT vs BBG Wheat TR Performance 0.1% 6.3% 18.5% 15.9% -10.5% 1.8 Index 0.0% 6.0% 19.1% 17.0% -9.7% -9.7% -6.9% 1.6 Active Return 0.1% 0.3% -0.6% -1.1% -0.9% 1.4 Share Price USD 1.2 Performance 1.9% 3.8% 7.2% -5.9% -21.0% 1 Index 1.8% 3.5% 7.7% -5.0% -20.2% -15.3% -7.3% 0.8 Active Return 0.1% 0.3% -0.5% -0.9% -0.8% 0.6 Chart - Value of initial investment of A and monthly performance variance to benchmark Inv Investment 0 Jan-15 Jul-15 ETPWHT AU Equity Bloomberg Wheat Idx $60 $40 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Exposure Sector Allocation Top Holdings % Wheat Soft Commodity Wheat % of Total 1.00 Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

126 EXCHANGE TRADED FUNDS. 126 BETASHARES GOLD BULLION ETF (QAU) Mandate Replicate USD Gold Bullion Return Manager Betashares Capital Ltd Last traded price $12.18 Benchmark London Gold AM Fix Price/USD Resp Entity Betashares Capital Ltd 12 Month price Range $11.37-$13.7 ASX Listed May-2011 ICR with performance fee 0.59% NAV $ Inception May-2011 ICR without performance fee 0.59% BetaShares Gold Bullion ETF Currency Hedged is an exchange traded fund incorportated in Australia. The Fund aims to provide an investment return, before fees and expenses, that closely tracks the value of physical gold bullion hedged for any change in the value of the US Dollar relative to the Australian Dollar. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Irreg Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 1.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $18.2m Currency Hedge Yes. Daily turnover (avg 6 mths) $104,504 Securities LendingNo Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QAU vs LBMA Gold Price AM USD Performance 2.2% 6.4% -4.7% -2.0% -11.8% 14 Index 2.3% 6.3% -4.7% -2.2% -12.6% -3.0% 9.3% 13.5 Active Return -0.1% 0.1% 0.0% 0.2% 0.8% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Jan-15 Jul-15 qau au Equity LN Gold AM Fix Price Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Gold Bullion United States Gold % of Total Share price Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum (AUD) Earnings Book Yield Approx. Number of Securties Year Current Year Average Year % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code QAUINAV for QAU. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

127 EXCHANGE TRADED FUNDS. 127 BETASHARES CRUDE OIL (OOO) - Synthetic Mandate S&P GSCI Crude Oil Index (USD) Manager Betashares Capital Ltd Last traded price $20.4 Benchmark S&P GSCI Crude Oil Index (USD) Resp Entity Betashares Capital Ltd 12 Month price Range $17.74-$43.72 ASX Listed Nov-2011 ICR with performance fee 0.69% NAV $ Inception Nov-2011 ICR without performance fee 0.69% BetaShares Crude Oil Index ETF - Currency Hedged (Synthetic) is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P GSCI Crude Oil Index Excess Return ("Index") hedged into Australian dollars, plus an interest component, before fees and expenses. (net) $0.10 Yield 0.5% Franking* 0% Grossed up yield 0.5% Annually Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 1.7m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $34.6m Currency Hedge Yes. Daily turnover (avg 6 mths) $370,211 Securities Lending: Yes/No, XXX% Collateral (Cash), XX% Revenue credited to ETF. Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. OOO vs S&P GSCI Crude Oil Official Cl Performance 2.3% -5.2% -27.8% -52.1% -22.4% Index 2.2% -4.9% -27.3% -51.3% -22.1% -15.4% -14.8% 50 Active Return 0.1% -0.3% -0.5% -0.8% -0.2% 40 Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Jan-15 Jul-15 OOO AU Equity SPGCCLP INDEX Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Crude Oil Futures United States Crude Oil % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code OOOINAV for OOO. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

128 EXCHANGE TRADED FUNDS. 128 BETASHARES AGRICULTURE (QAG) - Synthetic Mandate S&P GSCI Agriculture Enhanced (USD) Manager Betashares Capital Ltd Last traded price $7.84 Benchmark S&P GSCI Crude Oil Index (USD) Resp Entity Betashares Capital Ltd 12 Month price Range $7.51-$9.59 ASX Listed Dec-2011 ICR with performance fee 0.69% NAV $ Inception Dec-2011 ICR without performance fee 0.69% BetaShares Agriculture ETF - Currency Hedged (Synthetic) is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P GSCI Agriculture Enhanced Select Index Excess Return ("Index") hedged into Australian dollars, plus an interest component, before fees and expenses. (net) $0.11 Yield 1.3% Franking* 0% Grossed up yield 1.3% Annually Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $2.7m Currency Hedge Yes. Daily turnover (avg 6 mths) $14,201 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QAG vs S&P GSCI Agriculture Enhanced Performance 1.0% 1.3% -1.5% -13.0% -15.8% Index 1.0% 1.4% -1.4% -13.0% -16.0% -7.4% 3.8% Active Return 0.0% -0.1% -0.1% 0.0% 0.2% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 QAG AU Equity S&P GSCI Agri Enh Idx Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % As at 30 Sep 2015 Corn 36.0 United States Corn Wheat 30.1 Wheat Soybeans 22.3 Soybeans Sugar 11.6 Sugar % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code QAGINAV for USD. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

129 EXCHANGE TRADED FUNDS. 129 BETASHARES COMMODITY (QCB) - Synthetic Mandate S&P GSCI Light Energy Index (USD)Manager Betashares Capital Ltd Last traded price $10.1 Benchmark S&P GSCI Light Energy Index (USD)Resp Entity Betashares Capital Ltd 12 Month price Range $9.8-$14.25 ASX Listed Dec-2011 ICR with performance fee 0.69% NAV $ Inception Dec-2011 ICR without performance fee 0.69% BetaShares Commodities Basket ETF - Currency Hedged (Synthetic) is an exchange traded fund incorporated in Australia. The Fund seeks to track the performance of the S&P GSCI Light Energy Index Excess Return ("Index") hedged into Australian dollars, plus an interest component, before fees and expenses. (net) $0.13 Yield 1.3% Franking* 0% Grossed up yield 1.3% Annually Exposure International/Domestic, Equities/Fixed Income/Commodities/Derivatives, Cash Capital Structure Style Units on Offer 0.9m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $8.7m Currency Hedge Yes. Daily turnover (avg 6 mths) $17,929 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. QCB vs S&P GSCI Light Energy Official Performance 0.7% -3.5% -14.8% -27.8% -15.0% Index 0.6% -3.4% -14.6% -27.6% -15.4% -8.7% -6.1% 16 Active Return 0.0% -0.1% -0.2% -0.2% 0.3% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Investment Jan-15 Jul-15 QCB AU Equity S&P GSCI Light Energy IDX Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % As at 30 Sep 2015 Agriculture 33.6 United States Energy Energy 26.8 Agriculture Industrial Metals 16.5 Livestock 15.6 Precious Metails 7.5 Industrial Metals Livestock Precious Metails % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code QABINAV for USD. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

130 EXCHANGE TRADED FUNDS. 130 BETASHARES US DOLLAR ETF (USD) Mandate Replicate USD:AUD Spot Manager Betashares Capital Ltd Last traded price $13.8 Benchmark USD:AUD Spot Resp Entity Betashares Capital Ltd 12 Month price Range $11.14-$14.17 ASX Listed Feb-2011 ICR with performance fee 0.45% NAV $ Inception Feb-2011 ICR without performance fee 0.45% BetaShares US Dollar ETF is an exchange-traded fund incorporated in Australia. The Fund aims to provide an investment return, before fees and expenses, that closely tracks the value of the U.S. dollar relative to the Australian dollar, before taking into account fees and expenses. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Irreg Exposure International/Domestic, Equities/Fixed Income/Currencies/Derivatives, Cash Capital Structure Style Currency on deposit Units on Offer 35.8m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $493.8m Currency Hedge No Daily turnover (avg 6 mths) $4,101,123 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. USD vs USD-AUD X-RATE Performance -1.6% 2.8% 10.3% 22.7% 12.8% Index -1.5% 3.0% 10.6% 23.2% 13.3% 6.6% 1.4% 15 Active Return -0.1% -0.2% -0.3% -0.6% -0.5% Chart - Value of initial investment of A and monthly performance variance to benchmark $160 $140 $60 $40 $20 $0 Jan-13 Jul-13 Jan-14 Investment Jul-14 Jan-15 Jul Jan-15 Jul-15 usd AU Equity USD:AUD Spot Country Allocation Sector Allocation Top Holdings % USD Currency United States USD Currency % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code USDINAV for USD. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

131 EXCHANGE TRADED FUNDS. 131 ANZ ETFS PHYSICAL USD ETF (ZUSD) Mandate Replicate USD:AUD Spot Manager ANZ ETFS Management AUS Ltd Last traded price $10.79 Benchmark USD:AUD Spot Resp Entity ANZ ETFS Management AUS Ltd 12 Month price Range $9.95-$11.06 ASX Listed Jun-2015 ICR with performance fee 0.45% NAV $ Inception Jun-2015 ICR without performance fee 0.45% ANZ ETFS Physical US Dollar ETF is an ETF. ANZ ETFS Physical US Dollar ETF (ZUSD) aims to provide investors with an exposure (before fees and expenses) to the performance of the US Dollar (USD) relative to the Australian Dollar (AUD). (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Currencies/Derivatives, Cash Capital Structure Style Currency on deposit Units on Offer.2m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1.6m Currency Hedge No Daily turnover (avg 6 mths) Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZUSD vs USD-AUD X-RATE Performance -1.6% 2.8% Index -1.5% 3.0% 10.6% 23.2% 13.3% 6.6% 1.4% 12 Active Return -0.1% -0.2% 11.5 Chart - Value of initial investment of A and monthly performance variance to benchmark $106 $105 $104 $103 $102 $101 $99 $98 $97 Jan-13 Jul-13 Jan-14 Country Allocation Sector Allocation Top Holdings % USD Currency United States Investment Jul-14 Jan-15 Jul-15 USD Currency Jan-15 Jul-15 zusd AU Equity USD:AUD Spot % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

132 EXCHANGE TRADED FUNDS. 132 BETASHARES EURO ETF (EEU) Mandate Replicate EUR:AUD Spot Manager BetaShares Capital ETFs/Australia Last traded price $14.98 Benchmark EUR:AUD Spot Resp Entity BetaShares Capital ETFs/Australia 12 Month price Range $13.51-$15.9 ASX Listed Jul-2011 ICR with performance fee 0.45% NAV $ Inception Jul-2011 ICR without performance fee 0.45% BetaShares EURO ETF is an exchange traded fund incorporated in Australia. The Fund aims to provide an investment return, before fees and expenses, that closely tracks the value of the EURO relative to the Australian Dollar. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Irreg Exposure International/Domestic, Equities/Fixed Income/Currencies/Derivatives, Cash Capital Structure Style Currency on deposit Units on Offer.3m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $4.0m Currency Hedge No Daily turnover (avg 6 mths) $31,128 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. EEU vs EUR-AUD X-RATE Performance -2.6% 2.8% 8.7% 8.0% 6.8% Index -2.6% 2.9% 9.0% 8.6% 7.4% 1.8% -0.8% Active Return 0.0% -0.2% -0.3% -0.6% -0.6% Chart - Value of initial investment of A and monthly performance variance to benchmark $115 $105 $95 $85 Jan-13 Jul-13 Country Allocation Sector Allocation Top Holdings % EUR Currency Europe Jan-14 Investment Investment Jul-14 Jan-15 Jul-15 EURO Currency Jan-15 Jul-15 eeu AU Equity EUR:AUD Spot % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code EEUINAV for EEU. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

133 EXCHANGE TRADED FUNDS. 133 BETASHARES BRITISH POUND ETF (POU) Mandate Replicate GBP:AUD Spot Manager BetaShares Capital ETFs/Australia Last traded price $21.4 Benchmark GBP:AUD Spot Resp Entity BetaShares Capital ETFs/Australia 12 Month price Range $17.78-$21.88 ASX Listed Jul-2011 ICR with performance fee 0.45% NAV $ Inception Jul-2011 ICR without performance fee 0.45% BetaShares British Pound ETF is an exchange traded fund incorportated in Australia. The Fund aims to provide an investment return, before fees and expenses, that closely tracks the value of the British Pound relative to the Australian Dollar. (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% Irreg Exposure International/Domestic, Equities/Fixed Income/Currencies/Derivatives, Cash Capital Structure Style Currency on deposit Units on Offer.5m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $9.7m Currency Hedge No Daily turnover (avg 6 mths) $133,055 Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. POU vs GBP-AUD X-RATE Performance 0.4% 1.8% 11.0% 18.8% 11.5% Index 0.4% 1.9% 11.1% 19.0% 11.7% 5.8% -1.3% 24 Active Return 0.0% -0.1% -0.1% -0.2% -0.2% Chart - Value of initial investment of A and monthly performance variance to benchmark $130 $125 $115 $105 $95 Jan-13 Jul-13 Jan-14 Investment Jul-14 Jan-15 Jul Jan-15 Jul-15 POU AU Equity GBP:AUD Spot Country Allocation Sector Allocation Top Holdings % GBP Currency United Kingdom GBP Currency % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year Current Year 3 Average Year 5 % +/- Estimated Intra Day NAV is published live by the ASX under the ASX code POUINAV for POU. This is a 30 second snap shot of the NAV of the index basket and will provide Brokers and Investors a guide to the live NAV which can be compared to the bid and offer to allow more accurate order placement.

134 EXCHANGE TRADED FUNDS. 134 ANZ ETFS PHYSICAL RMB ETF (ZCNH) Mandate Replicate CNH:AUD Spot Manager ANZ ETFS Management AUS Ltd Last traded price $10.4 Benchmark CNH:AUD Spot Resp Entity ANZ ETFS Management AUS Ltd 12 Month price Range $9.88-$10.61 ASX Listed Jun-2015 ICR with performance fee 0.57% NAV $ Inception Jun-2015 ICR without performance fee 0.57% ANZ ETFS Physical Renminbi ETF is an exchange-traded fund incorporated in Australia. The fund aims to provide investors with an exposure (before fees and expenses) to the performance of the Offshore Renminbi (CNH) relative to the Australian Dollar (AUD). (net) $0.00 Yield 0.0% Franking* 0% Grossed up yield 0.0% None Exposure International/Domestic, Equities/Fixed Income/Currencies/Derivatives, Cash Capital Structure Style Currency on deposit Units on Offer.1m Replication Meth. Full Replication/Optimisation, Physical/Synthetic Market Capitalisation $1.0m Currency Hedge No Daily turnover (avg 6 mths) Securities Lending No Performance 1-mth 3-mth 6-mth 1 year 3 years p.a. 5 years p.a. 10 years p.a. ZCNH vs CNH-AUD Cross Rate Performance -1.0% 1.1% Index -0.9% 1.3% 8.6% 19.4% 6.7% 4.0% 2.0% 12 Active Return 0.0% -0.2% Chart - Value of initial investment of A and monthly performance variance to benchmark Investment Jan-15 Jul-15 zcnh AU Equity CHN:AUD Spot $105 $95 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Country Allocation Sector Allocation Top Holdings % Offshore CNH Currency China CNH Currency % of Total Standard Sharp Information Index Price to Price to Div Portfolio Turnover per annum Earnings Book Yield Approx. Number of Securties Year 1 Current Year 3 Average Year 5 % +/-

135 EXCHANGE TRADED FUNDS. 135 Appendix A: How an ETF works ETFs are open ended securities that trade on an exchange. Open ended denotes that new products can be created and redeemed on the Primary Market, without the requirement to release a new prospectus, ad infinitum. The open ended nature of ETFs is unique to this product class, and what keeps the underlying Net Asset Value (NAV) in line with the assets market price. This process is managed by the Authorised Participants and Market Makers who are engaged by the ETF operator to continually create and redeem shares to ensure the discount to NAV is managed within a defined range. This results in a two tiered market structure: The Primary Market and the Secondary Market. The Primary Market is the market in which Market Makers, via the Authorised Participants, are able to create and redeem units. The Secondary Market is the market in which investors are able to buy and sell these units on an exchange. Mechanics of the Primary Market The Authorised Participant applies to the issuer to create new ETF units via creation units. In return for each creation unit, the Authorised Participant will deliver a basket of securities that has been specified by the Issuer. This basket will be transferred and held by a Custodian. Following settlement, the Authorised Participant has an inventory of ETF securities (shares) that can be accessed by the Market Makers and sold on the ASX in the Secondary Market. The redemption process operates in a similar manner. The Authorised Participant applies to redeem the securities in creation units. In return for each creation unit, the Authorised Participant will receive a basket of securities in kind. Each ETF security effectively represents a sliver of a creation unit. Creation units are typically created in baskets in excess of $1.2m. Mechanics of the Secondary Market The Secondary Market is the market in which investors are able to buy and sell ETF units with the assistance of the Market Maker. The Market Maker will access the Authorised Participants (Primary Market) if additional inventory is required (create) or alternatively sold (redeem), to in effect make the market. Hence, the liquidity of the ETF is as liquid as the underlying market. The Market Maker effectively ensures liquidity in the market place by quoting Buy and Sell prices during the trading day. These prices are continuously updated to reflect the underlying changes in the securities. The ETF Issuer generally has a formal arrangement with at least one Market Maker with a mandate to make the market within a specified range of spread. However, in dislocated markets, Market Makers can suspend operations until the market stabilises. Figure 3 - ETF Market Structure: Primary and Secondary Market Source: Bell Potter

136 EXCHANGE TRADED FUNDS. 136 Appendix B: Physical versus Synthetic ETFs come in two basic forms: Physical or Synthetic. A Physical ETF (or traditional ETF) is backed by the underlying securities to achieve market performance, whereas a Synthetic ETF also incorporates derivatives to deliver market performance. Physical ETFs can either be Full Replication or Optimisation. Full replication means that the entire index is bought in the exact same weightings as the index to replicate performance. Optimisation is similar to replication, however, the portfolio seeks to reproduce the index performance using a representative basket of securities rather than buying each and every component. Optimisation is generally used in markets where liquidity may be limited or costs are prohibitive for full replication. Synthetic ETFs differ from Physical ETFs in that they use derivatives to track an index. More specifically, Synthetic ETFs available in Australia seek to replicate an index by purchasing a basket of securities or cash as collateral in exchange for a return contract that tracks the price and distribution performance of the relevant index, before fees and expenses. Hence, if the portfolio underperforms the index, the amount of underperformance is payable by the financial institution to the ETF. Conversely, if the portfolio outperforms the index, the amount of outperformance is payable from the ETF to the financial institution. However, this also raises an additional element of concern given the use of derivatives exposes the ETF holder to counterparty risk. Firstly, the swap negotiated with the counterparty is an over the counter derivative. Hence, investors are exposed to counterparty risk for the portion of the NAV that is not represented by physical assets. Secondly, in the event of default and the counterparty is unable to fulfil its obligation, shareholders are left with an interest in the securities held in the ETF portfolio. In the case of overseas Synthetic ETFs, these holdings may diverge significantly from the underlying index. Finally, the Bank for International Settlements also raised some concern regarding the quality and liquidity of physical assets underlying Synthetic ETFs and in particular the motivations that may arise when the ETF issuer is a related party to the investment bank that is the swap counterparty. To counter these concerns, ASIC and ASX have developed regulation and guidelines that state: Only APRA regulated deposit taking institutions (or approved overseas equivalents) are eligible to be a counterparty to an Australian swap enhanced ETF; Swap-enhanced ETFs are allowed a maximum counterparty exposure of 10%, and; A requirement for the underlying assets held by the ETF to be consistent with the investment objective of the fund. As such, the basket of assets that make up a Synthetic ETF listed on the ASX will only be securities that either relate directly to the index being tracked or cash and must make up at least 90% of the portfolio, hence reducing counterparty risk in the event of a default. Further, the issue of a conflict of interest with the ETF provider being the swap provider also does not currently exist in Australia as there are no synthetic ETF providers controlled by the banks to which they have a swap agreement in place. Nonetheless, we remain of the view that as the market evolves and increasingly more sophisticated products enter the market, buyers need to remain aware.

137 EXCHANGE TRADED FUNDS. 137 Appendix C: International Exchange Opening Hours ETF liquidity in the secondary market is assisted by Market Makers. Market Makers effectively ensure liquidity in the market place by quoting Buy and Sell prices during the trading day. These prices are continuously updated to reflect the underlying changes in the securities. Market Makers work most efficiently when the market is completely open. Investors therefore need to be aware of when the underlying markets open and close, to ensure the maximum number of Market Makers are on screen. It is therefore advisable to hold off buying or selling an ETF until 15 minutes after a market opens or no later than 15 minutes before a market closes. Figure 1 - International Exchange Opening Hours Australian Trading Hours (EST) Australia China Japan Korea Singapore Taiwan Hong Kong IOZ, ILC, ISO, IHD IAA, IHK, IBK, IZZ, IEM IJP IKD, IEM ISG ITW, IEM IAA, IHK, IBK, IZZ, IEM United Kingdom/Europe IEU, IVE, IOO, VEU United States IVV, IJH, IJR,IXJ, IXP, IXI, IRU, IOO, VTS 10am 11am 12pm 1pm 2pm 3pm 4pm 5pm Australian Trading Hours (EDST) Australia China Japan Korea Singapore Taiwan Hong Kong/China IOZ, ILC, ISO, IHD IAA, IHK, IBK, IZZ, IEM IJP IKD, IEM ISG ITW, IEM IAA, IHK, IBK, IZZ, IEM United Kingdom/Europe IEU, IVE, IOO, VEU United States IVV, IJH, IJR,IXJ, IXP, IXI, IRU, IOO, VTS 10am 11am 12pm 1pm 2pm 3pm 4pm 5pm Source: ishares, Bell Potter

138 EXCHANGE TRADED FUNDS. 138 Appendix D: ETF / ETC Market Making Quoting Obligations