Macquarie Super and Pension Manager. Macquarie Super Accumulator

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1 Macquarie Super and Pension Manager Macquarie Super Accumulator Macquarie Super and Pension Manager Macquarie Super Accumulator Annual report to investors Year ended 30 June 2008 Macquarie Superannuation Plan Smart administration solutions made simple Macquarie Investment Management Limited ABN AFSL RSEL L

2 Contents 01 Welcome 02 The year in review 04 Investment returns to 30 June Asset allocation as at 30 June Investment strategies 56 Important information 59 Financial statements 62 Notes to and forming part of the financial statements 70 Trustee s statement 71 Independent report by approved auditor to trustee and members Macquarie Super and Pension Manager (Super and Pension Manager) together with Macquarie Super Accumulator (Super Accumulator) form part of a superannuation fund known as the Macquarie Superannuation Plan RSE R The trustee for the superannuation fund is Macquarie Investment Management Limited ABN AFSL RSEL L (MIML, Macquarie, the trustee, we, us). MIML has appointed Bond Street Custodians Limited (BSCL) ABN AFSL to hold the fund s investments in custody. BSCL and MIML are wholly owned subsidiaries of Macquarie Bank Limited ABN MIML is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MIML s obligations do not represent deposits or other liabilities of Macquarie Bank Limited. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML. Investments in Super and Pension Manager and Super Accumulator are not deposits with or other liabilities of Macquarie Bank Limited or of any Macquarie Group company, and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Neither Macquarie Bank Limited, MIML, Macquarie Life Limited ABN AFSL , Macquarie Equities Limited ABN , any other investment managers referred to in this annual report, nor any other member company of the Macquarie Group guarantees the performance of Super and Pension Manager or Super Accumulator or the repayment of capital from Super and Pension Manager or Super Accumulator. The information contained in this annual report is dated 22 December 2008 and is general information only. We have not taken into account your objectives, financial situation or needs. You should consider the appropriateness of this information, taking into account your objectives, financial situation and needs and the applicable PDS available from us or your adviser, before acting on any of the information in this annual report.

3 Welcome 22 December 2008 Dear Investor, Welcome to the annual report for Super and Pension Manager and Super Accumulator for the year ended 30 June The financial year saw the successful implementation of the Government s Better Super reforms. Key among the changes were new limits on the amount of contributions you can make, tax free benefits after reaching the age of 60 and modified pension payment rules. It has also proven to be an extraordinary year in a number of ways. The pace of change in the outlook for growth, commodity prices, equity markets, interest rates and government policy has been so dramatic that even the most astute analysts and investors have been barely able to keep up. Given the amazing developments of the past couple of months, it is easy to forget there has been not one but two once in a lifetime phenomena in The first half of the year was characterised by an incredible divergence between the fortunes of credit and commodity markets, followed by the fallout in financial markets from the subprime mortgage debacle that gained increasing traction in early To help you make sense of the year s events, we have included The year in review section on the following pages. If you have any questions about this annual report, Super and Pension Manager or Super Accumulator in general, please contact your adviser. Yours sincerely, Neil Roderick Executive Director Macquarie Investment Management Limited This annual report includes information on: Super Manager and Super Accumulator, accumulation superannuation products Pension Manager, a retirement income solution incorporating an account based pension and Term Allocated Pension. References to Pension Manager can be interpreted as references to both Pension Manager and Term Allocated Pension Manager. The financial statements relate to the entire Macquarie Superannuation Plan which includes Macquarie Super and Pension Manager, Macquarie Super Accumulator, Macquarie SuperOptions and FutureWise Super a risk only superannuation fund. 1

4 The year in review Are you concerned about your super? The sub-prime market collapse in the US, the subsequent global credit crunch and surging oil prices have all impacted market conditions. In some cases, financial markets have fallen by more than 20%. It is important to note that the events in financial markets over the past few months are not unusual. Just like economic cycles, financial markets are cyclical and are susceptible to economic downturns and bouts of speculation. Investing in financial markets should be viewed as a long-term investment and fluctuations in asset prices are part of the normal economic cycle. Understanding market volatility Many people believe investing is about timing the market getting in before prices rise, enjoying the ride up and then getting out before prices fall. Yet anticipating these market moves can be extremely difficult because no two market cycles are the same. Investors emotions make successful market timing even harder. While logic suggests the best time to buy is when asset prices are cheap or falling, many investors tend to buy when prices are rising and sell when they are falling. The emotions of fear and greed can lead us to buy and sell at exactly the wrong times. As an investor, you must allow time for the rises and falls of the market to take their course. The main message from investment experts is that it is better to buy and hold rather than trying to time the market. As the cliché says It s time not timing that counts. All investments involve risk. However, it is important to distinguish between an investment which is volatile in the short-term but may achieve strong long-term gains, and assets of such poor quality they can never be anything but a bad investment. The global economic outlook Global growth has been exceptionally strong over the past few years and this is partly the reason why the world economy is currently facing some serious challenges. The housing market collapse in the US, the credit crunch, higher oil prices, higher commodity prices, and the persistence of global imbalances are shaping the 2008 economic landscape. The slowdown in the US is perhaps the key reason why global growth has been revised lower. GDP growth is expected to soften in , before lifting to an above trend pace of 2.2% in Growth in emerging economies such as China and India are set to remain robust, and are forecast to grow by 9.3% and 7.9% in Australian economic outlook The Australian economy confounded the pessimists in the March quarter, growing by a reasonable 3.6% (annual average). While this was stronger than expected, it does not alter the impression that the Reserve Bank of Australia (RBA) has succeeded in slowing growth. Not only was growth stronger than expected, but it also proved to be broadly based. Despite very weak retail spending, household consumption grew by 0.7% and business investment was up 1.5%. Public investment was also up 5.9%. Even new housing construction managed to rise by 0.5%. While the expenditure measure of GDP only increased 0.2%, the production measure of the economy was a lot stronger, rising by 1.0%. 7,000 The long-term stockmarket trend is up Index 4,000 1, Federation Boer war ends. War priorities and shortage of imports restricts industrial activity Start of World War Brief post-war deflation U.K. returns to gold standards Crash. Export prices collapse. Industrial activity falls Depreciation of Australian currency. Cheap money policy and premier s plan European war scare. Wool prices fall. Brief economic recession and slow transition to war economy Start of World War II. Wo Sev Pearl Harbour. USA enters war Start of Korean Credit squeez fall of France Australian Share Price Index

5 However, while the GDP data was stronger than the market expected, they do not alter the outlook for growth in 2008 in our opinion. With retail spending remaining weak, the RBA will likely remain hopeful that it has done enough to slow growth sufficiently to moderate inflationary pressures. As such, the stronger GDP data is unlikely to alter the policy outlook either. However, they do reinforce the impression that the composition of growth is shifting, with interest rate sensitive sectors softening substantially, while other sectors such as government investment spending and resource exports are likely to keep the economy ticking along. Asset class performance Since the onset of the credit crunch, returns on Australian equities have fallen in line with the declines in international equity markets across the world. In the past year, the ASX200 has fallen 40%, whilst international equities have fallen 43%. A significant portion of this decline was realised over the past 3 months, as global markets took a dramatic turn for the worse in September following the collapse of US investment bank Lehman Brothers sparking a surge in risk aversion and a massive sell-off of equities. In the 3 months from August to November, Australian equities lost 23%, whilst international equities dropped 34%. Another casualty of the global credit crunch has been the listed property sector. Real estate investment trusts (REIT s) have been hardest hit of all the asset classes, with Australian REIT s down 53% over the past year. Excessive debt levels and concerns about the sustainability of dividend payments and the ability to refinance debt has seen REIT s forced to sell down property holdings and undertake capital raisings, causing a very weak performance. Even well-managed REITs have suffered, as property investors have been forced to sell the better performing trusts in order to participate in the capital raisings. The excessive risk aversion that has seen equity markets capitulate, has aided an out-performance by fixed interest instruments over the past 3 months. Australian fixed interest returns are driven by the inverse relationship between interest rates and yields. In the last three months, the global economic environment has seen central banks around the world move to cut interest rates at a rapid clip. In Australia, the RBA has cut the official cash rate by 200bps over 3 months, with further aggressive cuts anticipated in coming months. The US Federal Reserve has also embarked on significant monetary policy easing of late, contributing to the strong performance of fixed interest products. Australian bank bills are up 8% on this time last year, whilst bonds are up 12%. It is important to note that with the flight to safety into government securities common across international markets and interest rates falling in several regions, the recent out-performance of fixed interest is not just an Australian event, but rather a global phenomenon It seems unlikely that 2009 will be as eventful as this year. For the global economy, it will be a case of continuing to deal with the fallout in financial markets in the later half of Activity will be very weak, with most of the global economy in recession. How quickly it recovers will be in the hands of policy makers who may continue to re-write the rule book given the circumstances in financial markets. For the Australian economy, the growth outlook will weaken further. Economic growth slowed markedly in the first ¾ of 2008, largely in response to soaring petrol prices and increasingly tighter monetary policy. Business investment, however, went from strength to strength on the back of the incredible increases in coal and iron ore prices and solid profitability. It is likely that next year will be the mirror image of this. Interest rates and petrol prices are tumbling, but the slide in commodity prices and the increased difficulty in obtaining credit bodes poorly for business investment and employment. While this is a rather gloomy picture, there are two reasons for some cautious optimism. First, policy makers in Australia have tremendous scope to provide further support to a slipping economy. Second, equity markets are already expecting the worst, so there should be some recovery in stock markets in ol prices peak. ere but brief inflation. Oil found in Bass Strait. Commodities plunge, interest rates peak, severe recession, rising deficit. The 87 Crash The 94 Bond Market Crisis Subprime mortgage The 00 crisis Dot.com Crash War. e. Suez crisis Oil, gas and nickel discoveries. Iron ore and bauxite developed. Strong overseas investment, scrip shortage and property boom. Oil, mining and Poseidon booms. OPEC oil crisis. Inflation, credit squeeze. Property company failures. Industrial and property boom. First labour government since Energy and metal shares boom. World share price collapse. Bank credit fuels property boom. Inflation down, industrials recover, commodities weak. $A fall attracts overseas investors. World interest rates rise then falls. S&P up 70% in 2 years. CPI rise under 2%. Bond yields at 20 year low. Gold price up. US deflation scare World Trade Centre attacks Cold War ends. CBD property crash hits banks. Major recession. Interest rates and inflation fall. Privatisation starts Source: Datastream, May

6 Investment returns to 30 June 2008 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 Abacus Diversified Income II ABA0008AU Yes Yes -1.00% Abacus Hospitality ABA0005AU Yes Yes 12.04% Abacus Retirement Living Trust ABACUSRET No Yes 17.14% Abacus Wodonga Land ABACUSWOD No Yes n/a Abacus Wodonga Mortgage ABACUSMOR No Yes 12.00% Aberdeen Asian Opportunities EQI0028AU Yes Yes % Aberdeen Australian Bond MGL0103AU Yes Yes 1.44% Aberdeen Australian Equities MGL0114AU Yes Yes -8.66% Aberdeen Australian Shares EQI0017AU No Yes n/a Aberdeen Australian Small Companies MGL0001AU Yes Yes % Aberdeen Cash Plus MGL0101AU Yes Yes 1.81% Aberdeen China Opportunities ETL0031AU Yes Yes -7.76% Aberdeen Emerging Opportunities ETL0032AU Yes Yes -5.82% Aberdeen Financials EQI0027AU Yes Yes % Aberdeen Intl Equity EQI0015AU No Yes % Absolute Capital Yield Strategies ABS0011AU No Yes % Acadian Aust Equity Long Short FSF0789AU Yes Yes % Acadian Wholesale Australian Equity FSF0787AU Yes Yes % Acadian Wsale Gbl Equity Long Short FSF0788AU Yes Yes % Acorn Capital Wsale Microcap Trust AUS0108AU Yes Yes % Advance Asian Equity Wholesale Units ADV0083AU Yes Yes % Advance Aust Geared Equity Wsale ADV0078AU Yes Yes % Advance Aust Smaller Companies W/sale ADV0075AU No Yes % Advance Concentrated Aust Share W/sale ADV0115AU Yes Yes % Advance Global Alpha ADV0117AU No Yes % Advance Imputation Wsale Units ADV0046AU Yes Yes % Advance Int Shares Multi-Blend W/sale ADV0053AU Yes Yes % Advance Intl Sharemarket Wsale ADV0047AU Yes Yes % Advance Sharemarket Wholesale ADV0066AU No Yes % Advance Smaller Co Multi-Blended W/sale ADV0096AU Yes Yes % All Star IAM Australian Share VEN0006AU Yes Yes -8.58% All Star Income VEN0007AU Yes Yes -6.81% Alpha Strategic B Class units TOL0055AU No Yes 8.84% AMP Cap Structured High Yield Class A AMP1014AU Yes Yes 11.78% AMP Capital Balanced Growth Trust Class A Units AMP0441AU Yes Yes % AMP Capital China 2 AMP1009AU No Yes n/a AMP Capital Conservative Class A AMP0443AU Yes Yes -4.31% AMP Capital Core Infrastructure Class A AMP1179AU Yes Yes n/a AMP Capital Core Plus Strategies AMP0279AU No Yes 2.55% AMP Capital Enhanced Yield Class A AMP0685AU Yes Yes 6.37% AMP Capital Equity Class A Units AMP0370AU Yes Yes -9.65% AMP Capital Global Growth Opport Class A AMP0369AU No Yes % AMP Capital Global Property Securities Class A AMP0974AU Yes Yes % AMP Capital Global Technology Class A AMP0365AU No Yes % AMP Capital Intl Bond Class A Units AMP0254AU Yes Yes -1.25% AMP Capital Listed Property Ord Class AMP0269AU No Yes % AMP Capital Listed Property Trusts Class A AMP0255AU Yes Yes % AMP Capital Res Inv Lead Intl Sh-Class A AMP0455AU Yes Yes % AMP Capital Small Companies Class A AMP0446AU Yes Yes % AMP Capital Structured High Yield Ord Class WID2 No Yes 12.11% AMP Capital Sustainable Future Aust Share Class A AMP0449AU Yes Yes % AMP Capital Wholesale Australian Share Class A AMP0258AU Yes Yes % AMP Core Property (Class A) AMP1015AU Yes Yes -9.97% 4

7 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) n/a n/a n/a n/a n/a -1.00% p.a. 8.00% n/a n/a n/a n/a 10.02% p.a. n/a n/a n/a n/a n/a 5.78% p.a. n/a n/a n/a n/a n/a n/a 12.00% 12.00% n/a n/a n/a 12.00% p.a % 27.83% 15.23% n/a n/a 13.33% p.a. 3.61% 3.38% 7.14% 2.60% 4.37% p.a. 4.96% p.a % 22.68% 28.31% 20.81% 16.41% p.a % p.a. n/a n/a n/a n/a n/a n/a 32.78% 23.50% 32.38% 47.01% 20.54% p.a % p.a. 6.26% 5.94% 6.07% 5.68% 5.14% p.a. 5.13% p.a % 20.50% 11.67% n/a n/a 13.72% p.a % 23.86% 21.74% n/a n/a 17.86% p.a % 21.79% 23.29% 12.14% 9.85% p.a % p.a % 34.13% 9.49% 18.08% 12.16% p.a. 5.71% p.a. n/a n/a n/a n/a n/a 1.33% p.a % n/a n/a n/a n/a 9.50% p.a % n/a n/a n/a n/a 9.60% p.a. 9.42% n/a n/a n/a n/a % p.a % 30.57% 22.96% 35.09% 22.26% p.a % p.a % 30.51% n/a n/a n/a 10.56% p.a % 26.38% 41.50% 41.50% 19.28% p.a % p.a % 16.22% 27.08% 36.44% 16.51% p.a % p.a % n/a n/a n/a n/a 9.60% p.a. 7.53% n/a n/a n/a n/a 0.63% p.a % 16.89% 20.60% 21.87% 13.28% p.a % p.a % 17.67% 3.65% 14.72% 5.44% p.a % p.a % 12.68% -0.44% 24.07% 3.37% p.a. 0.39% p.a % 16.13% 23.09% 24.51% 14.23% p.a % p.a % 20.41% n/a n/a n/a 9.58% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 16.07% n/a n/a n/a n/a 13.71% p.a. 9.63% 10.13% n/a n/a n/a 10.54% p.a % 18.23% 15.36% 16.22% 10.36% p.a. 8.92% p.a. n/a n/a n/a n/a n/a -0.07% p.a % 10.01% 10.59% 9.35% 7.01% p.a. 6.01% p.a. n/a n/a n/a n/a n/a -1.40% p.a. 3.87% 3.78% 7.57% 3.31% 4.20% p.a. 7.18% p.a. 8.86% 7.92% 7.51% 11.29% 8.38% p.a. 8.62% p.a % 27.94% 27.83% 21.23% 17.03% p.a % p.a. 7.34% 25.14% -1.69% 14.16% 5.87% p.a % p.a % 24.56% n/a n/a n/a 8.82% p.a. 5.33% 5.96% -8.32% 16.52% -0.95% p.a % p.a. 5.63% 1.86% 10.75% 3.18% 3.96% p.a. 5.64% p.a % 18.76% 18.90% 17.59% 5.87% p.a. 9.75% p.a % 18.20% 18.31% 16.96% 5.33% p.a. 8.47% p.a. 9.44% 23.14% -1.00% 16.45% 4.32% p.a % p.a % 30.30% 41.35% 35.71% 26.78% p.a % p.a % 10.01% 9.13% 12.17% 10.68% p.a. 8.60% p.a % 30.96% 24.30% 23.25% 16.43% p.a % p.a % 26.54% 27.10% 21.01% 16.59% p.a % p.a % n/a n/a n/a n/a 8.64% p.a. 5

8 Investment returns to 30 June 2008 continued 6 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 AMP Responsible Investment Leaders Balanced Class A AMP0452AU Yes Yes % Anatres Lodestar Absolute Return Trust Australian Shares ANT0001AU No Yes -0.47% ANZ Cash Plus ANZ0150AU No Yes 4.44% APN Property for Income APN0003AU Yes Yes % APN Direct Property APN0005AU Yes Yes 3.64% APN Diversified Property APN0006AU Yes Yes -4.52% APN National Storage Property Trust APN0002AU No Yes n/a APN Property For Income APN0001AU Yes Yes % APN Property for Income No 2 APN0004AU Yes Yes % Arrowstreet Emerging Markets MAQ0477AU Yes Yes n/a Arrowstreet Global Equity MAQ0464AU Yes Yes % Arrowstreet Global Equity (Hedged) MAQ0079AU Yes Yes % ArteFact Partners Global L/S Equity Fd 1 PER0362AU No Yes -3.23% Artefact Partners Global L/S Equity Fd 2 PER0363AU No Yes -3.23% ArteFact Partners Global L/S Equity Fd 3 PER0396AU No Yes -3.23% ArteFact Partners Global L/S Equity Fd 4 PER0435AU No Yes -3.23% Augustus Absolute Return (AU) AFM0002AU No Yes 7.31% Ausbil Aust Geared Equity AAP0002AU Yes Yes % Ausbil Inv Trust Aust Active Equity AAP0103AU Yes Yes % Ausbil Inv Trust Aust Emerging Leaders AAP0104AU Yes Yes % Aust Unity W/s High Yield Mortgage Trst AUS0005AU Yes Yes 7.92% Australian Ethical Equities Trust AUG0002AU Yes Yes % Australian Ethical Large Companies Share AUG0004AU Yes Yes % Australian Unity Intech High Opportunities Trust AUS0007AU No Yes % Australian Unity Platypus Aust Eq Wsale AUS0030AU Yes Yes % Australian Unity Prop Sec Fd Ord Units GEM0111AU No Yes % Australian Unity Wh Defined Income Trust SBC0006AU No Yes 6.23% Australian Unity Wsale Mortgage Income AUS0116AU Yes Yes 7.07% Australian Unity Wsale Property Income YOC0100AU Yes Yes -0.37% AXA Australian Income NML0010AU No Yes 6.25% AXA Wholesale Global Equity Core NMF0002AU Yes Yes % AXA Wsale Aust Equity Industrial NML0143AU Yes Yes % AXA Wsale Aust. Monthly Income NML0316AU Yes Yes 7.62% AXA Wsale Australian Equity Value NML0061AU Yes Yes % AXA Wsale Australian Income NML0257AU No Yes 6.67% AXA Wsale Australian Property NML0001AU Yes Yes -0.78% AXA Wsale Global Equity Growth NML0318AU Yes Yes % AXA Wsale Global Equity Value NML0348AU Yes Yes % Basis Aust-Rim Diversified BCF0100AU No Yes % Basis Yield BCF0001AU No Yes n/a Becton Diversified Property BEC0001AU Yes Yes 7.45% BGI Australian Equity Index BGL0034AU Yes Yes % BGI Australian Fixed Interest Index BGL0105AU Yes Yes 4.16% BGI Australian Share BAR0814AU Yes Yes % BGI Diversified Growth BAR0813AU Yes Yes % BGI Diversified Stable BAR0811AU Yes Yes -2.43% BGI Global Markets BGL0045AU No Yes 3.34% BGI Share BAR0817AU Yes Yes % BGI Intl Equity Index BGL0106AU Yes Yes % BGI Intl Fixed Interest Index BGL0107AU No Yes n/a BGI Property Securities Index BGL0108AU Yes Yes % BGI Hedged Share BGL0109AU Yes Yes % BlackRock Asset Alloc Alpha Class D MAL0030AU No Yes 33.70% BlackRock Aust Quant Strat Fd Cl D MAL0013AU Yes Yes % BlackRock Combined Prop Income Class D Units MAL0008AU Yes Yes % BlackRock Diversified Credit MAL0011AU No Yes -2.33% BlackRock Global Allocation MAL0018AU Yes Yes 2.82% BlackRock Global Small Cap Class D MAL0133AU Yes Yes % BlackRock Global Titans Class D MAL0134AU Yes Yes % BlackRock Hedged Global Small Cap Class D MAL0135AU Yes Yes -4.22% BlackRock Hedged Global Titans Class D MAL0136AU Yes Yes -3.55% Blackrock Long-Short Active Capital MAL0035AU Yes Yes n/a BlackRock Monthly Income Class D MAL0012AU Yes Yes -7.01%

9 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 17.32% n/a n/a n/a n/a 6.38% p.a. n/a n/a n/a n/a n/a 3.92% p.a. 6.38% 5.82% 5.82% 5.57% 5.60% p.a. 5.57% p.a % 10.59% n/a n/a n/a 8.64% p.a % n/a n/a n/a n/a 11.30% p.a % n/a n/a n/a n/a 7.70% p.a. n/a n/a n/a n/a n/a *15.32% 27.58% 18.83% 23.56% 12.68% 8.43% p.a % p.a % 16.46% n/a n/a n/a -3.56% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a % p.a % 16.10% 0.70% 17.30% 5.30% p.a. 3.60% p.a. 3.44% 0.30% n/a n/a n/a n/a 3.44% 0.30% n/a n/a n/a n/a 3.44% 0.30% n/a n/a n/a n/a 3.44% 0.30% n/a n/a n/a n/a 7.43% 4.23% 9.89% n/a n/a 7.08% p.a. n/a n/a n/a n/a n/a n/a 24.82% 30.22% 34.06% 28.79% 20.27% p.a % p.a % 32.77% 37.93% 39.93% 23.54% p.a % p.a. 7.92% 8.25% n/a n/a n/a 8.08% p.a % 14.20% 21.30% 14.30% 13.10% p.a % p.a % 16.00% 23.60% 20.60% 10.20% p.a. 9.60% p.a. 7.03% n/a n/a n/a n/a -2.61% p.a % n/a n/a n/a n/a 8.75% p.a % 15.55% 16.14% 15.44% 3.89% p.a. 8.15% p.a. 4.99% 4.53% 6.09% 3.02% 4.96% p.a. 5.83% p.a. 6.61% 6.01% 6.06% 6.03% 6.35% p.a. 6.32% p.a % 12.49% 11.69% 13.09% 10.53% p.a. 9.41% p.a. 5.45% 4.74% 4.87% 4.54% 5.17% p.a. 7.59% p.a. 7.94% 22.25% n/a n/a n/a 4.36% p.a % 18.42% 25.25% 17.62% 11.58% p.a. 8.91% p.a. 6.72% 6.23% 6.13% 5.92% 6.52% p.a. 6.32% p.a % 25.87% 32.42% 24.31% 15.62% p.a % p.a. 5.87% 5.16% 5.29% 4.94% 5.58% p.a. 5.52% p.a % 14.58% 14.12% 13.67% 11.67% p.a % p.a. 4.63% 22.68% 0.88% 12.67% 2.77% p.a % p.a % 26.32% 7.47% 19.78% 6.05% p.a. 1.58% p.a % 16.58% 12.18% 5.08% % p.a. n/a n/a 18.67% 12.55% 9.10% n/a n/a 18.25% n/a n/a n/a n/a 11.12% p.a % 23.61% 25.68% 21.34% 15.83% p.a % p.a. 3.76% 3.22% 7.60% 2.09% 4.15% p.a. 4.66% p.a % 27.00% 26.24% 20.36% 16.28% p.a % p.a % 17.24% 14.45% 15.52% 9.82% p.a % p.a. 9.48% 9.34% 10.09% 8.28% 6.84% p.a. 7.82% p.a % 5.94% 11.66% n/a n/a 9.63% p.a. 7.69% 20.96% 2.57% 19.48% 4.06% p.a. 5.41% p.a. 7.33% 19.85% -0.14% 19.26% 3.81% p.a. 0.99% p.a. 4.83% 0.83% 11.89% 3.13% n/a 6.29% p.a % 17.52% 18.61% 17.07% 5.24% p.a % p.a % 18.28% 15.69% 24.14% 11.82% p.a % p.a. 3.69% n/a n/a n/a n/a 16.78% p.a % 21.86% n/a n/a n/a 13.23% p.a % 17.58% 17.47% n/a n/a 11.70% p.a. 7.05% 6.25% n/a n/a n/a 3.97% p.a % n/a n/a n/a n/a 11.24% p.a. 3.63% 26.22% 1.94% 34.47% 9.87% p.a. 0.06% p.a. 5.31% 19.32% 0.24% 14.88% 5.30% p.a % p.a % 23.91% 14.99% 40.18% 18.07% p.a. 8.92% p.a % 16.62% 12.93% 19.25% 13.01% p.a. 6.14% p.a. n/a n/a n/a n/a n/a n/a 8.82% 6.91% n/a n/a n/a 3.71% p.a. 7

10 Investment returns to 30 June 2008 continued Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 BlackRock Property Securities Class D MAL0151AU Yes Yes % BlackRock Wholesale Balanced PWA0822AU Yes Yes -5.34% BlackRock Wsale Aust Share PWA0823AU Yes Yes -7.26% BlackRock Wsale Intl Share PWA0824AU Yes Yes % BlackRock Wsale Managed Income PWA0821AU Yes Yes -4.60% BT Global Return RFA0028AU No Yes 1.38% BT Institutional Enhanced Cash WFS0377AU No Yes 4.44% BT Institutional Managed Cash WFS0245AU No Yes 7.19% BT Wholesale Asian Share BTA0054AU Yes Yes % BT Wholesale Property Securities BTA0061AU Yes Yes % BT Wholesale Technology BTA0158AU No Yes % BT Wsale Active Balanced RFA0815AU Yes Yes % BT Wsale Australian Share BTA0055AU Yes Yes % BT Wsale Australian Small Company BTA0240AU No Yes % BT Wsale Balanced Returns BTA0806AU Yes Yes -9.91% BT Wsale Conservative Outlook BTA0805AU Yes Yes -3.49% BT Wsale Core Australian Share RFA0818AU Yes Yes % BT Wsale Core Global Share RFA0821AU Yes Yes % BT Wsale Ethical Share RFA0025AU Yes Yes % BT Wsale European Share BTA0124AU Yes Yes % BT Wsale Fixed Interest RFA0813AU Yes Yes 3.80% BT Wsale Future Goals BTA0125AU Yes Yes % BT Wsale Imputation RFA0103AU Yes Yes % BT Wsale Intl Share BTA0056AU Yes Yes % BT Wsale Property Investment RFA0817AU Yes Yes % BT Wsale Smaller Companies RFA0819AU Yes Yes % BT Wsale Tax Effective Income RFA0102AU Yes Yes -9.21% BT Wsale Value Global Share RFA0109AU No Yes % Centro Dir Property MCS0001AU Yes Yes % Centro Direct Property MCS0011AU Yes Yes -9.60% CFS 452 Wsale Aust. Share FSF0079AU Yes Yes % CFS Acadian Global Equity FSF0710AU Yes Yes % CFS B&M CML0002AU No Yes 5.76% CFS Colliers Property Securities FSF0454AU Yes Yes % CFS Global Resources Long Short FSF0698AU No Yes 14.77% CFS Wholesale Index Property Securities CMI0105AU Yes Yes % CFS Wsale Global Health & Biotech FSF0146AU No Yes % CFS Wsale Aust Bond FSF0027AU Yes Yes 4.03% CFS Wsale Aust. Corporate Debt FSF0149AU Yes Yes 1.30% CFS Wsale Australian Share FSF0002AU Yes Yes % CFS Wsale Australian Share Core CFM0404AU Yes Yes -8.02% CFS Wsale Balanced FSF0040AU Yes Yes -8.08% CFS Wsale Conservative FSF0033AU Yes Yes -2.43% CFS Wsale Diversified FSF0008AU Yes Yes % CFS Wsale Fixed Interest Strategies FSF0175AU No Yes n/a CFS Wsale Geared Global Share FSF0170AU Yes Yes % CFS Wsale Geared Share FSF0043AU Yes Yes % CFS Wsale Global Credit Income FSF0084AU Yes Yes 1.91% CFS Wsale Global Diversified Strategies FSF0176AU No Yes n/a CFS Wsale Global Resources FSF0038AU Yes Yes 20.87% CFS Wsale Global Share FSF0047AU Yes Yes % CFS Wsale Global Tech & Comms FSF0143AU No Yes % CFS Wsale High Growth FSF0498AU Yes Yes % CFS Wsale Imputation FSF0003AU Yes Yes % CFS Wsale Income FSF0139AU Yes Yes 5.26% CFS Wsale PM Capital Aust Sh FSF0455AU Yes Yes % CFS Wsale Premium Cash COM0024AU No Yes 7.03% CFS Wsale Property Securities FSF0004AU Yes Yes % CFS Wsale Small Companies Core CMI0111AU Yes Yes % Challenger Global Infrastructure HOW0031AU No Yes 7.14% Challenger Howard Wsale Mortgage HOW0005AU Yes Yes 7.31% Challenger Select Aust Sh Wsale HOW0026AU Yes Yes % Challenger Wsale Asian Share HBC0010AU Yes Yes % 8

11 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 23.72% 18.32% 18.59% 15.03% 4.13% p.a. 5.55% p.a % 18.74% 13.77% 15.42% 11.39% p.a. 8.86% p.a % 29.17% 28.16% 20.88% 18.51% p.a % p.a. 8.58% 16.89% 0.96% 15.25% 5.86% p.a. 6.29% p.a % 8.54% 10.47% 9.21% 7.15% p.a. 7.16% p.a % 7.74% 8.02% 8.58% 7.86% p.a. 7.40% p.a. 6.25% 5.88% 5.83% 5.60% 5.60% p.a. 5.40% p.a. 6.23% 5.59% 5.41% 5.02% 5.43% p.a. 7.88% p.a % 26.51% 17.70% 27.35% 14.61% p.a. 2.68% p.a % 17.94% 16.95% 16.71% 6.29% p.a. 8.12% p.a % 9.23% % 11.87% 1.54% p.a % p.a % 18.03% 14.90% 18.09% 10.19% p.a. 8.45% p.a % 27.41% 28.39% 24.82% 18.30% p.a % p.a % 28.02% 44.23% 42.69% 24.87% p.a % p.a % 16.48% 13.59% 14.54% 9.22% p.a. 7.91% p.a. 9.02% 9.48% 10.38% 8.20% 6.59% p.a. 8.83% p.a % 27.33% 28.09% 25.70% 18.16% p.a % p.a. 6.38% 19.50% 2.28% 16.30% 1.88% p.a. 3.61% p.a % 28.83% 30.56% 28.79% 20.36% p.a % p.a % 26.63% 8.29% 19.65% 8.76% p.a. 1.65% p.a. 3.68% 3.42% 6.69% 2.14% 3.93% p.a. 6.76% p.a % 20.85% 15.98% 18.56% 10.68% p.a. 5.09% p.a % 29.33% 29.74% 27.57% 20.36% p.a % p.a. 6.06% 20.00% 2.00% 16.74% 1.85% p.a. 2.88% p.a % 17.14% 16.54% 16.71% 6.10% p.a. 9.62% p.a % 27.47% 42.43% 44.36% 24.89% p.a % p.a % 17.50% 18.29% 16.28% 12.05% p.a % p.a % 18.80% 3.42% 18.83% 4.10% p.a % p.a % n/a n/a n/a n/a 0.18% p.a % 18.24% 21.16% 9.96% 10.67% p.a % p.a % 15.92% 21.62% 27.16% n/a 12.76% p.a % 27.96% n/a n/a n/a 3.05% p.a. 5.23% 5.15% 5.18% 5.75% 5.41% p.a. 5.33% p.a % 24.64% 48.03% n/a n/a 17.03% p.a % n/a n/a n/a n/a 18.20% p.a % 17.68% 17.83% 16.99% 5.24% p.a. 7.58% p.a. 0.25% 18.43% -3.39% 10.06% 0.99% p.a % p.a. 3.22% 3.27% 7.71% 2.92% 4.21% p.a. 6.50% p.a. 4.29% 3.90% 7.44% 4.00% 4.17% p.a. 5.42% p.a % 23.78% 28.91% 16.96% 14.02% p.a % p.a % 27.85% 28.24% 20.68% 18.45% p.a % p.a % 12.79% 10.93% 8.61% 6.59% p.a. 7.34% p.a. 9.29% 10.61% 9.48% 8.07% 6.89% p.a. 7.49% p.a % 15.72% 12.89% 11.95% 7.31% p.a. 8.36% p.a. 7.14% 6.78% 5.72% 9.71% n/a n/a 10.94% 23.48% -3.64% 15.47% 1.69% p.a % p.a % 55.81% 62.47% 38.53% 27.04% p.a % p.a. 6.76% 6.47% 6.28% 7.04% 5.67% p.a. 5.74% p.a % 10.76% 6.37% 11.20% n/a n/a 24.59% 59.43% 21.57% 40.29% 32.57% p.a % p.a. 9.70% 17.97% -0.31% 12.20% 3.69% p.a. 3.18% p.a % 13.14% -3.82% 18.02% 3.03% p.a % p.a % 23.09% 12.45% 18.32% 9.45% p.a. 6.58% p.a % 24.96% 27.66% 15.77% 13.73% p.a % p.a. 6.73% 6.07% 5.87% 5.60% 5.90% p.a. 5.96% p.a % 28.36% 17.33% n/a n/a 7.81% p.a. 6.04% 5.38% 5.21% 4.87% 5.70% p.a. 5.63% p.a % 22.71% 23.07% 12.83% 3.41% p.a. 8.64% p.a % 36.61% 41.82% 43.60% 15.92% p.a % p.a % n/a n/a n/a n/a 12.32% p.a. 6.78% 6.34% 6.34% 5.98% 6.55% p.a. 6.38% p.a % 25.96% n/a n/a n/a 8.63% p.a % 27.21% 15.53% 24.65% 14.71% p.a. 3.05% p.a. 9

12 Investment returns to 30 June 2008 continued 10 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 Challenger Wsale Aust. Share Income HBC0011AU Yes Yes % Challenger Wsale Australian Share PAM0001AU Yes Yes % Challenger Wsale High Yield fund HOW0141AU Yes Yes % Challenger Wsale Hybrid Property HBC0013AU Yes Yes % Challenger Wsale Microcap HOW0027AU Yes Yes % Challenger Wsale MTM Intl Share HBC0012AU No Yes -9.57% Challenger Wsale Property Securities HBC0008AU Yes Yes % Challenger Wsale Smaller Companies HOW0016AU Yes Yes % Challenger Wsale Social Respon Sh HOW0121AU Yes Yes % Charter Hall Diversified Property CHF0001AU Yes Yes 29.60% Chifley Investment Australian Equities CFS0003AU Yes Yes % Chifley Investment Australian Fixed Income CFS0005AU Yes Yes 5.15% Chifley Investment Equities CFS0008AU Yes Yes % Chifley Investment Fixed Income CFS0010AU Yes Yes 5.30% Concord Australian Equity MAQ0424AU Yes Yes % Credit Suisse Aust Smaller Comp CSA0131AU Yes Yes % Credit Suisse Aust. Fixed Interest CRS0004AU Yes Yes 1.29% Credit Suisse Australian Shares CRS0003AU Yes Yes % Credit Suisse Capital Growth CRS0002AU Yes Yes % Credit Suisse Capital Stable CRS0001AU Yes Yes -4.90% Credit Suisse Cash CRS0009AU Yes Yes 6.60% Credit Suisse Fully Hdgd Int'l Shares CSA0135AU Yes Yes % Credit Suisse Global Income CSA0038AU Yes Yes -2.84% Credit Suisse Global Private Equity CSA0042AU No Yes -3.84% Credit Suisse Intl Fixed Interest CRS0006AU Yes Yes 8.46% Credit Suisse Intl Share CRS0005AU Yes Yes % Credit Suisse Property CRS0007AU Yes Yes % Credit Suisse Syndicated Loan CSA0046AU Yes Yes 0.83% Credit Suisse Unhedged Int'l Shares CSA0136AU Yes Yes % Credit Suisse/Tremont Strat Index CSA0065AU No Yes -0.96% Cromwell Property CRM0004AU No Yes 5.50% CSL Active Commodities MAQ0445AU No Yes 48.70% Custom Choice Ws Boutique Aus Sh Pfolio HOW0019AU Yes Yes % Custom Choice Ws Inter Share Pfolio HOW0029AU No Yes % Custom Choice Wsale Aust Share Portfolio HBC0113AU No Yes % DDH Australian Equities DDH0003AU Yes Yes % DDH Global Fixed Interest Alpha DDH0007AU No Yes 8.34% Deutsche Income MGL0007AU No Yes n/a 5-Yr Diversified Fixed Interest AUD Class Units DFA0108AU Yes Yes 7.31% 5-Yr Diversified Fixed Interest NZD Class Units DFA0001AU No Yes -4.60% Dimensional Aust Large Company Trust DFA0103AU Yes Yes % Dimensional Aust Small Company Trust DFA0104AU Yes Yes % Dimensional Australian Core Equity Trust DFA0003AU Yes Yes % Dimensional Australian Value Trust DFA0101AU Yes Yes % Dimensional Emerging Markets Trust DFA0107AU Yes Yes % Dimensional Global Core Equity Trust DFA0004AU Yes Yes % Dimensional Global Large Company Trust DFA0105AU Yes Yes % Dimensional Global Real Estate Trust DFA0005AU Yes Yes n/a Dimensional Global Small Company Trust DFA0106AU Yes Yes % Dimensional Global Value Trust DFA0102AU Yes Yes % Dimensional Short Term Fixed Int Trust DFA0100AU Yes Yes 7.18% Dimensional Two-Year Div Fixed Int Trust DFA0002AU Yes Yes 7.24% Diversified Investment Strategy No.2 IPA0115AU No Yes % Diversified Investment Strategy No.3 IPA0116AU No Yes % Diversified Investment Strategy No.4 IPA0124AU No Yes % Diversified Investment Strategy No.5 IPA0055AU No Yes % Donaldson Burston THS Partners Global Equity ETL0096AU Yes Yes % DWS Global Equity Agribusiness MGL0019AU Yes Yes 3.06% DWS Global Equity Thematic Fully Hedged MGL0018AU Yes Yes % DWS Global Equity Thematic MGL0004AU Yes Yes % DWS Strategic Value DEU0109AU No Yes 4.88% EII Global Property MAQ0463AU Yes Yes % Eley Griffiths Group Small Companies EGG0001AU Yes Yes %

13 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 21.61% n/a n/a n/a n/a 3.29% p.a % 26.29% 28.01% 19.05% 13.99% p.a % p.a. 7.92% 6.97% 10.89% 10.01% 4.58% p.a. 5.41% p.a % 12.63% 11.39% 10.96% 8.12% p.a % p.a % 28.56% n/a n/a n/a 10.74% p.a % n/a n/a n/a n/a 7.63% p.a % 18.63% 17.54% 16.10% 4.84% p.a. 9.42% p.a % 11.05% 17.35% 53.06% 20.97% p.a % p.a % 19.19% 26.65% 13.44% 10.02% p.a. 8.67% p.a % n/a n/a n/a n/a 18.90% p.a % 22.14% 26.01% 21.17% 14.54% p.a % p.a. 3.28% 3.33% 6.17% n/a n/a 4.74% p.a. 9.01% 22.18% 7.21% 20.64% 7.17% p.a. 5.84% p.a. 6.10% 1.01% 11.09% n/a n/a 5.62% p.a % 23.93% 26.35% n/a n/a 10.60% p.a % 20.93% 27.43% 63.10% 19.92% p.a % p.a. 3.80% 3.95% 7.97% 3.24% 4.03% p.a. 6.84% p.a % 24.64% 23.54% 14.94% 14.03% p.a % p.a % 17.48% 11.22% 13.45% 8.37% p.a. 8.09% p.a. 9.80% 10.55% 8.89% 8.72% 6.44% p.a. 6.70% p.a. 6.11% 5.73% 5.53% 5.32% 5.86% p.a. 5.64% p.a % 20.87% 10.41% 21.27% 11.39% p.a. 3.10% p.a. 7.31% 8.08% 8.02% n/a n/a 5.43% p.a % n/a n/a n/a n/a % p.a. 4.54% 0.47% 11.95% 2.72% 5.55% p.a. 7.55% p.a. 4.62% 22.54% -2.58% 20.58% 4.20% p.a. 8.40% p.a % 15.35% 19.36% 18.14% 4.99% p.a. 9.15% p.a. 9.39% 8.06% n/a n/a n/a 7.10% p.a. 4.21% 22.16% -2.55% 18.38% 3.62% p.a % p.a. n/a n/a n/a n/a n/a -1.36% p.a. 8.58% n/a n/a n/a n/a 6.54% p.a. 1.90% n/a n/a n/a n/a 21.60% p.a % 20.00% 25.15% n/a n/a 14.04% p.a % n/a n/a n/a n/a 7.11% p.a % n/a n/a n/a n/a 9.81% p.a. n/a n/a n/a n/a n/a -0.04% p.a. n/a n/a n/a n/a n/a 10.68% p.a. n/a n/a n/a n/a n/a n/a 6.03% 1.98% 9.91% 3.43% 5.69% p.a. 6.64% p.a % -7.03% 11.50% n/a n/a 4.50% p.a % 23.70% 24.93% 21.03% 15.72% p.a % p.a % 23.94% 23.70% 33.53% 21.09% p.a % p.a. n/a n/a n/a n/a n/a 4.78% p.a % 20.83% 25.28% 33.16% 17.92% p.a % p.a % 31.42% 22.24% 26.28% 18.44% p.a. 7.58% p.a. n/a n/a n/a n/a n/a % p.a. 7.69% 20.15% -0.89% 19.83% 3.91% p.a % p.a. n/a n/a n/a n/a n/a % p.a. 7.24% 24.22% 3.71% 34.63% 6.36% p.a. 2.25% p.a % 25.87% 5.58% 30.03% 6.87% p.a. 3.07% p.a. 6.22% 5.42% 5.53% 4.86% 5.84% p.a. 5.48% p.a. 5.84% n/a n/a n/a n/a 6.12% p.a % 16.54% 14.65% 15.45% 9.70% p.a. 5.41% p.a % 18.03% 14.89% 17.59% 10.10% p.a. 4.26% p.a % 20.78% 15.02% 20.28% 10.65% p.a. 4.36% p.a % n/a n/a n/a n/a 5.77% p.a % n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a 13.68% p.a. n/a n/a n/a n/a n/a -2.47% p.a % 37.84% 8.80% 18.15% 9.31% p.a. 8.95% p.a % 15.56% 8.34% 9.45% 10.55% p.a. 9.34% p.a % n/a n/a n/a n/a -4.90% p.a % 29.86% 35.71% n/a n/a 20.61% p.a. 11

14 12 Investment returns to 30 June 2008 continued Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 Emerging Resources Company Share WPC0013AU Yes Yes 23.98% EQT Intrinsic Value MMC0110AU Yes Yes % EQT Intrinsic Value Sharemarkets Plus ETL0057AU Yes Yes % EQT PIMCO Wholesale Global Bond ETL0018AU Yes Yes 7.90% EQT PIMCO Wsale Divers Fixed Int ETL0016AU Yes Yes 4.67% EQT SGH LaSalle Global Property Securities ETL0005AU Yes Yes % EQT Sgh Wsale Absolute Return Trust ETL0030AU No Yes -2.23% EQT Wholesale High Income ETL0120AU No Yes -7.05% EQT Wsale Small Companies ETL0118AU No Yes % Fidelity America FID0009AU Yes Yes % Fidelity Australian Equities FID0008AU Yes Yes -9.76% Fidelity China FID0011AU Yes Yes -9.23% Fidelity Global Equities FID0007AU Yes Yes % Fidelity India FID0015AU Yes Yes % Fidelity Japan FID0004AU Yes Yes % Fortis Australian Equity ARO0011AU Yes Yes % Fortis Concentrated Aust Equity ARO0015AU Yes Yes % Fortis Global Equity ARO0006AU Yes Yes % Fortis High Income Global Property Securities ARO0014AU Yes Yes % GMO Australian Equity Trust GMO0100AU Yes Yes % GMO Australian Small Companies Trust GMO0101AU Yes Yes % GMO Emerging Markets Trust GMO0102AU Yes Yes % GMO Global Equity Trust GMO0103AU Yes Yes % GMO Hedged Global Equity Trust GMO0004AU Yes Yes % Goldman Sachs JB Were Aust Infra JBW0030AU Yes Yes % Goldman Sachs JB Were Global Spectrum Fd JBW0034AU No Yes % Goldman Sachs JB Were Multi Strategy IDPS JBW0026AU No Yes -8.49% Goldman Sachs JBWere Aust Equities WSale JBW0009AU Yes Yes -8.58% Goldman Sachs JBWere Diversified Growth Wsale Fd JBW0017AU Yes Yes % Goldman Sachs JBWere Emerging Leaders Fd JBW0007AU No Yes % Goldman Sachs JBWere Emerging Leaders Wsale JBW0010AU Yes Yes % Goldman Sachs JBWere Enhanced Income Wsale Fd JBW0018AU Yes Yes -8.13% Goldman Sachs JBWere Glb Alpha JBW0025AU No Yes % Goldman Sachs JBWere Glob Health & Biotech Wsale JBW0111AU Yes Yes % Goldman Sachs JBWere Global Flex JBW0027AU Yes Yes % Goldman Sachs JBWere Global Small Co Wsale JBW0103AU Yes Yes % Goldman Sachs JBWere Global Technology Wsale Fd JBW0112AU No Yes n/a Goldman Sachs JBWere Hedged Global Flex JBW0028AU Yes Yes % Goldman Sachs JBWere Hedged Global Small Co Wsale JBW0020AU No Yes n/a Goldman Sachs JBWere Hedged Int Wsale JBW0021AU Yes Yes -3.82% Goldman Sachs JBWere Income Plus Wsale JBW0016AU Yes Yes -2.07% Goldman Sachs JBWere Intl Wsale JBW0014AU Yes Yes % Goldman Sachs JBWere Leaders JBW0011AU No Yes -8.20% Goldman Sachs JBWere Prop Securities WSale Fd JBW0108AU Yes Yes % Great Southern Rural Opportunities RFM0103AU Yes Yes 10.98% GSJBW Core Plus Australian Fixed Income Ord JBW0038AU Yes Yes n/a GVI Global Industrial Share TGP0004AU Yes Yes -8.09% HFA Accelerator Plus Limited HFL0003AU No Yes n/a HFA Australia Shares Wholesale HFL0002AU No Yes n/a HFA Diversified Inv (WSale Hedged Units) HFL0104AU Yes Yes -0.15% HFA Equities HFL0101AU No Yes n/a HFA Shares HFL0108AU No Yes -1.12% HFA Partners HFL0007AU No Yes -5.20% Hunter Hall Global Ethical Trust HHA0002AU Yes Yes % Hunter Hall Value Growth Trust HOW0002AU Yes Yes % Hyperion Australian Growth Companies BNT0003AU Yes Yes % Hyperion Small Growth Companies BNT0101AU Yes Yes % Income-Plus BEG0001AU Yes Yes -0.22% ING Blue Chip Imputation Trust MMF0012AU No Yes % ING Diversified High Yield Trust Wsale Units MMF0708AU Yes Yes -2.52% ING Enhanced Cash MMF0341AU Yes Yes 2.94% ING Resource Opportunities Trust MMF0064AU No Yes 14.68% ING Tax Effective Income Trust AJF0003AU Yes Yes %

15 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 52.26% -3.08% n/a n/a n/a 25.48% p.a % n/a n/a n/a 12.80% p.a % p.a % n/a n/a n/a n/a 3.05% p.a. 3.85% 1.91% 11.78% 4.90% 6.01% p.a. 7.05% p.a. 3.04% 2.17% 9.68% 3.83% 4.64% p.a. 5.93% p.a % 26.37% 33.51% n/a n/a 13.67% p.a % 31.19% 22.75% 24.54% 18.56% p.a % p.a. 9.28% 8.68% 9.01% 9.94% 5.76% p.a. 6.23% p.a % 19.27% 10.82% 42.79% 11.31% p.a % p.a % n/a n/a n/a n/a -5.01% p.a % 35.27% 33.81% 22.11% 21.03% p.a % p.a % n/a n/a n/a n/a 29.74% p.a. 9.32% 18.48% 7.02% 19.16% 7.62% p.a. 2.46% p.a % n/a n/a n/a n/a 9.11% p.a % 41.45% % 38.78% 0.96% p.a. 1.44% p.a % 26.69% 33.27% 21.91% 16.80% p.a % p.a % n/a n/a n/a n/a 3.89% p.a. 2.02% 16.53% -0.10% 12.48% 1.90% p.a. 1.37% p.a % 15.17% n/a n/a n/a 5.59% p.a % 24.87% 26.67% 18.85% 15.09% p.a % p.a % 25.46% 29.25% 29.23% 17.52% p.a % p.a % 40.51% 29.14% 32.68% 21.96% p.a % p.a. 7.59% 19.76% 3.23% 22.14% 4.67% p.a. 6.78% p.a % n/a n/a n/a n/a 5.04% p.a % n/a n/a n/a n/a 6.39% p.a. n/a n/a n/a n/a n/a % p.a % n/a n/a n/a n/a 5.97% p.a % 21.57% 31.07% 20.35% 16.72% p.a % p.a % 16.93% 14.50% 17.23% 9.39% p.a. 7.12% p.a % 13.80% 37.51% 27.11% 17.35% p.a % p.a % 12.12% 35.93% 25.79% 15.86% p.a % p.a. 6.95% 6.54% 7.89% 6.93% 3.85% p.a. 3.85% p.a % 29.20% n/a n/a n/a -1.70% p.a % 17.02% -4.25% 12.99% 0.60% p.a % p.a. 5.79% n/a n/a n/a n/a -2.61% 6.29% 24.74% 6.05% 31.98% 6.55% p.a. 4.82% p.a. n/a n/a n/a n/a n/a n/a 20.82% n/a n/a n/a n/a 4.02% p.a. n/a n/a n/a n/a n/a n/a 19.52% 16.78% 11.09% n/a n/a 12.25% p.a. 8.86% 7.98% 8.56% 10.65% 6.29% p.a. 6.29% p.a. 5.61% 19.80% -1.45% 22.45% 5.28% p.a. 3.05% p.a % 22.92% 29.31% 18.64% 16.33% p.a % p.a % 19.47% 20.30% 16.56% 4.06% p.a. 9.04% p.a. 9.79% 7.79% 5.75% 9.87% 9.27% p.a. 6.90% p.a. n/a n/a n/a n/a n/a 1.57% p.a % 19.05% n/a n/a n/a 10.11% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 17.73% 8.03% 9.35% 6.03% 8.05% p.a. 7.65% p.a. n/a n/a n/a n/a n/a n/a 20.58% 7.53% 9.85% 13.07% 9.75% p.a. 6.40% p.a. n/a n/a n/a n/a n/a 5.95% p.a % 31.54% 9.89% 33.16% 13.36% p.a. 8.09% p.a % 30.11% 12.38% 28.92% 16.46% p.a % p.a % 34.40% 31.71% 14.42% 15.32% p.a % p.a % 33.18% 25.04% 45.75% 18.75% p.a % p.a. 8.70% 8.21% 9.42% n/a n/a 6.71% p.a % 20.27% 25.84% 16.36% 13.99% p.a % p.a. 7.23% 6.13% 6.62% 17.31% 6.77% p.a. 4.29% p.a. 6.27% 5.75% 5.89% 5.85% 5.33% p.a. 5.23% p.a % 61.18% 46.36% 56.67% 41.89% p.a % p.a % 13.81% 17.16% 14.47% 8.94% p.a. 9.88% p.a. 13

16 Investment returns to 30 June 2008 continued 14 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 ING Wholesale Capital Stable Trust MMF0114AU Yes Yes -0.55% ING Wholesale Global High Dividend HML0014AU Yes Yes % ING Wholesale Global Prop Sec HML0016AU Yes Yes % ING Wsale Australian Share Trust AJF0804AU Yes Yes -8.99% ING Wsale Balanced Trust AJF0802AU Yes Yes -7.87% ING Wsale Blue Chip Imputation MMF0340AU Yes Yes % ING Wsale Diversified Fixed Interest ANZ0212AU Yes Yes 0.03% ING Wsale Emerging Companies Trust MMF0112AU No Yes % ING Wsale Fixed Interest Trust MMF0075AU Yes Yes 2.87% ING Wsale Global Emerging Markets Share Trust MMF0275AU Yes Yes -6.95% ING Wsale Global Share MMF0343AU Yes Yes % ING Wsale High Growth MMF0342AU Yes Yes % ING Wsale Managed Growth Trust MMF0115AU Yes Yes % ING Wsale Select Leaders Trust ANZ0216AU Yes Yes -4.50% Intech Intl High Opportunities Trust INT0069AU Yes Yes % Integrity Australian Share ITG0001AU Yes Yes n/a Invesco Wholesale Asian Share GTU0009AU Yes Yes % Invesco Wholesale Australian Share CNA0811AU Yes Yes % Invesco Wholesale Global Property Securities GTU0041AU Yes Yes % Invesco Wsale Aust Smaller Co CNA0812AU Yes Yes % Invesco Wsale Global Fixed Interest GTU0021AU Yes Yes 1.73% Invesco Wsale Global Matrix Hedged GTU0008AU Yes Yes % Invesco Wsale Global Matrix Unhedged GTU0102AU Yes Yes % Investors Mutual Australian Share IML0002AU Yes Yes % Investors Mutual Australian Smaller Companies IML0001AU No Yes % Investors Mutual Future Leaders IML0003AU Yes Yes % Investors Mutual Industrial Share IML0004AU Yes Yes % Investors Mutual Small Cap IML0006AU Yes Yes % Investors Mutual Value & Income IML0005AU Yes Yes % JANA Australian Share Long Short Trust MLC0672AU Yes Yes % JANA Global Share Long Short Trust MLC0673AU Yes Yes % K2 Asian Absolute Return KAM0100AU Yes Yes -7.58% K2 Australian Absolute Return KAM0101AU Yes Yes % K2 Select ARF ETL0046AU Yes Yes -7.04% Kinetic Wsale Emerging Companies HOW0036AU Yes Yes % Kinetic Wsale Small Companies (CNA) HBC0006AU No Yes % Lazard Australian Equity W Class LAZ0010AU Yes Yes % Lazard Global Equity (ex Australia) I Class LAZ0001AU Yes Yes % Lazard Global Small Cap W Class LAZ0012AU Yes Yes % Lazard Select Australian Equity W Class LAZ0013AU Yes Yes % Legg Mason Australian Bond Trust SSB0122AU Yes Yes 2.78% Legg Mason Australian Credit Trust SSB0123AU Yes Yes -2.30% Legg Mason Australian Equity Trust SSB0125AU Yes Yes % Legg Mason Diversified FI Trust JPM0018AU Yes Yes 0.81% Legg Mason Diversified Trust JPM0008AU Yes Yes % Legg Mason Property Securities Trust SSB0128AU Yes Yes % Legg Mason Tactical Allocation Trust SSB0130AU No Yes -3.93% Legg Mason Wholesale Defensive Trust SSB0001AU Yes Yes -5.28% Leveraged Investment Companies BEG0002AU Yes Yes % Life Settlements Wholesale LFS0001AU Yes Yes -5.87% LM Wholesale Mortgage Income Fd 12 mths LMI0008AU No Yes 8.76% LM Wsale Mortgage Income LMI0007AU No Yes 7.69% Macarthur Cook Diversified Prop Income MCK0002AU No Yes % Macquarie Aust Small Caps Incentive MAQ0479AU Yes Yes % Macquarie Aust Smaller Companies MAQ0454AU Yes Yes % Macquarie Direct Property MAQ0448AU Yes Yes 6.39% Macquarie Direct Property No. 11 East Coast Port MAQ0321AU No Yes n/a Macquarie Diversified Private Equity Accumulation 2003 MAQ0282AU No Yes 3.79% Macquarie Diversified Private Equity Accumulation 2004 MAQ0322AU No Yes 2.59% Macquarie Diversified Private Equity Pension 2003 MAQ0283AU No Yes 3.80% Macquarie Diversified Treasury (AA) No1 MAQ0312AU No Yes 5.67% Macquarie Diversified Treasury No.1 MAQ0223AU No Yes 5.59% Macquarie Enhanced Resource & Commodity Securities Series 3 MBL0001AU No Yes 28.83%

17 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 8.89% 7.42% 10.71% 7.37% 6.70% p.a. 5.92% p.a. n/a n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a -3.12% p.a % 23.42% 30.56% 19.30% 17.69% p.a % p.a % 15.46% 14.53% 14.32% 9.69% p.a. 8.16% p.a % 21.17% 26.78% 17.31% 14.89% p.a % p.a. 4.63% 4.73% 9.64% 3.78% 4.52% p.a. 5.33% p.a % 21.27% 49.59% 36.22% 25.50% p.a % p.a. 3.23% 3.76% 7.68% 2.75% 4.04% p.a. 5.99% p.a % 35.45% 19.22% 22.59% 19.20% p.a. 6.91% p.a. 4.99% 19.60% 1.40% 18.98% 2.18% p.a % p.a % 21.59% 15.07% 19.47% 9.90% p.a. 4.57% p.a % 17.07% 14.78% 15.82% 9.76% p.a. 7.33% p.a % 30.59% 33.91% 21.77% 22.36% p.a % p.a. 7.40% 20.10% n/a n/a n/a 0.90% p.a. n/a n/a n/a n/a n/a % p.a. 1.85% 40.95% -2.60% 32.61% 7.30% p.a. 1.81% p.a % 25.19% 28.86% 27.79% 17.26% p.a % p.a % 27.85% n/a n/a n/a 10.25% p.a % 22.30% 30.63% 27.34% 17.92% p.a % p.a. 4.56% 0.36% 10.86% 1.50% 3.74% p.a. 4.98% p.a % 16.48% 17.78% 32.02% 10.92% p.a. 6.46% p.a. 4.49% 18.40% 5.91% 27.74% 3.74% p.a % p.a % 14.90% 20.00% 20.20% 11.20% p.a % p.a % 20.70% 26.00% 28.70% 14.30% p.a % p.a % 13.80% 26.00% 23.40% 12.10% p.a % p.a % 9.20% 17.40% 16.90% 7.60% p.a. 7.90% p.a. n/a n/a n/a n/a n/a -5.70% p.a % 11.90% 16.50% n/a n/a 7.90% p.a. n/a n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a % p.a % 20.67% 13.35% 22.37% 15.34% p.a % p.a % 18.33% 22.57% 23.20% 14.64% p.a % p.a % 33.17% n/a n/a n/a 16.52% p.a. n/a n/a n/a n/a n/a -9.81% p.a % 27.25% 38.30% 29.49% 21.52% p.a % p.a % 12.09% 26.92% 20.30% 10.51% p.a % p.a. 7.81% 18.54% -1.13% 14.33% 2.64% p.a. 4.91% p.a % 25.36% 4.68% 34.63% 8.89% p.a. 6.75% p.a % 5.64% 34.44% 22.44% 11.50% p.a % p.a. 3.94% 3.62% 8.00% 2.58% 4.16% p.a. 5.26% p.a. 4.17% 3.81% 8.26% 2.65% 3.26% p.a. 4.80% p.a % 21.79% 22.63% 19.63% 13.35% p.a % p.a. 4.01% 2.53% 8.87% 3.27% 3.86% p.a. 5.64% p.a % 14.58% 12.47% 14.83% 7.40% p.a. 6.37% p.a % 16.93% 19.29% 17.87% 3.85% p.a. 7.42% p.a. 7.53% 5.92% 15.11% 15.46% 7.78% p.a. 7.17% p.a. 8.18% 6.74% 9.56% 7.30% 5.16% p.a. 5.40% p.a % n/a n/a n/a n/a 7.35% p.a. 4.69% n/a n/a n/a -0.30% p.a % p.a. 8.07% 7.50% 7.50% 7.50% 7.86% p.a. 7.88% p.a. 6.98% 6.75% 6.75% 6.75% 6.98% p.a. 7.02% p.a % n/a n/a n/a n/a % p.a. 0.00% 0.00% 0.00% 0.00% 0.00% p.a % p.a. 0.00% 0.00% 0.00% 0.00% 0.00% p.a. 8.07% p.a % n/a n/a n/a n/a 18.95% p.a. n/a n/a n/a n/a n/a n/a 7.91% 6.08% 12.93% 3.78% 6.84% p.a. 6.57% p.a. 9.13% 5.36% 5.01% 0.00% 0.00% p.a. 5.41% p.a. 9.99% 5.94% 15.27% 4.80% 7.87% p.a. 7.73% p.a. 6.52% 6.05% 6.03% 0.00% 0.00% p.a. 6.03% p.a. 6.57% 6.08% 6.08% 5.77% 6.01% p.a. 5.78% p.a. 2.74% n/a n/a n/a n/a 7.79% p.a. 15

18 16 Investment returns to 30 June 2008 continued Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 Macquarie Enhanced Resource & Commodity Securities Series 4 MBL0002AU No Yes 38.12% Macquarie Equinox Limited Class B Shares MAQ0001BM No Yes n/a Macquarie Equinox Limited Class C Shares MAQ0002BM No Yes n/a Macquarie Fortress MAQ0352AU No Yes % Macquarie Global Infrastructure Trust MAQ0222AU No Yes n/a Macquarie Global Infrastructure Trust II MAQ0353AU No Yes n/a Macquarie Global Private Equity Sec MAQ0447AU Yes Yes % Macquarie Global Prop Sec Hedged MAQ0436AU Yes Yes % Macquarie Globalis BRIC Adv Hedged MAQ0473AU Yes Yes 0.64% Macquarie Globalis BRIC Adv Unhedged MAQ0474AU Yes Yes % Macquarie Income Opportunities MAQ0277AU Yes Yes 3.73% Macquarie Income Plus No 1 MAQ0325AU No Yes 4.52% Macquarie Index-Linked Prop Sec MAQ0431AU Yes Yes % Macquarie Infrastructure Securities MAQ0432AU Yes Yes % Macquarie Martin Place Trust MAQ0270AU No Yes -4.31% Macquarie Master Active Aust Equity MAQ0062AU No Yes % Macquarie Master Alpha Plus MAQ0278AU Yes Yes % Macquarie Master Aust Enhanced Equities MAQ0057AU No Yes % Macquarie Master Balanced MAQ0058AU Yes Yes % Macquarie Master Capital Stable MAQ0059AU Yes Yes -2.51% Macquarie Master Cash MAQ0187AU Yes Yes 6.72% Macquarie Master Cash Plus MAQ0060AU Yes Yes 5.06% Macquarie Master Diversified Fixed Interest MAQ0274AU Yes Yes 3.56% Macquarie Master Fixed Interest MAQ0061AU Yes Yes 2.81% Macquarie Master Geared Growth MAQ0271AU Yes Yes % Macquarie Master Imputation MAQ0086AU No Yes -9.93% Macquarie Master Property Sec MAQ0063AU Yes Yes % Macquarie Master Small Companies MAQ0085AU No Yes % Macquarie Private Equity Trust MAQ0104AU No Yes n/a Macquarie Private Equity Trust II MAQ0269AU No Yes n/a Macquarie Property Income MAQ0300AU Yes Yes % Macquarie Treasury MAQ0055AU Yes Yes 7.28% Macquarie True Index Aust Fixed Interest MAQ0211AU Yes Yes 4.41% Macquarie True Index Australian Shares MAQ0288AU No Yes % Macquarie True Index Global Bond MAQ0266AU No Yes 8.69% Macquarie True Index Linked Aust Share MAQ0455AU Yes Yes % Macquarie True Index Property Securities MAQ0219AU Yes Yes % Macquarie WRAP Solutions Cash Account* MAQ0203AU Yes Yes 7.57% Macquarie Australian Equity Income (formerly MQ Buy Write ) MAQ0452AU No Yes n/a Magellan Global MGE0001AU Yes Yes % Magellan Infrastructure MGE0002AU Yes Yes % Maple-Brown Abbott Divers Invest Trust MPL0001AU Yes Yes % Mariner Wholesale Mortgage Trust MRN0003AU Yes Yes 7.34% Maxim Property Securities COL0001AU Yes Yes % MCG Select Portfolio SLT0010AU Yes Yes 4.53% Mercer Australian Shares Plus MIN0020AU Yes Yes % Mercer Diversified Alternatives MIN0026AU No Yes 1.20% Mercer Growth Plus MIN0021AU Yes Yes % Mercer Income Plus MIN0027AU Yes Yes -2.30% MFS Global Equity MIA0001AU Yes Yes % Mirvac Aqua Enhanced Income JFF0003AU Yes Yes 7.82% Mirvac Aqua High Income JFF0001AU Yes Yes 9.49% Mirvac Aqua Income JFF0002AU Yes Yes 7.04% MLC Platinum Global MLC0317AU No Yes % MLC Wholesale Australian Share MLC0262AU No Yes % MLC Wholesale Global Share MLC0261AU Yes Yes % MLC Wholesale IncomeBuilder MLC0264AU Yes Yes % MLC Wholesale Property Securities MLC0263AU Yes Yes % MLC Wsale Aust Share Growth Style MLC0623AU Yes Yes % MLC Wsale Aust Share Value Style MLC0624AU Yes Yes % MLC Wsale Capital Intl Global Share MLC0316AU Yes Yes % * On 29 May 2008, the underlying investment of the Cash Account was transitioned from the Macquarie Treasury to a wholesale deposit with Macquarie Bank Limited. For performance figures prior to 29 May 2008, refer to the Macquarie Treasury above on this page.

19 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 2.98% n/a n/a n/a n/a 11.34% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 10.20% 5.80% 18.00% n/a n/a -3.94% p.a. n/a n/a n/a n/a n/a 9.74% p.a. n/a n/a n/a n/a n/a 14.16% p.a % 0.00% 0.00% 0.00% 0.00% p.a % p.a % 0.00% 0.00% 0.00% 0.00% p.a. 9.57% p.a. n/a n/a n/a n/a n/a 16.24% p.a. n/a n/a n/a n/a n/a 1.30% p.a. 6.71% 5.89% 5.93% 0.00% 0.00% p.a. 5.57% p.a. 6.68% 6.25% 6.28% 0.00% 0.00% p.a. 5.96% p.a % 0.00% 0.00% 0.00% 0.00% p.a % p.a % 0.00% 0.00% 0.00% 0.00% p.a. 8.11% p.a % 40.90% 9.21% 0.00% 12.62% p.a % p.a % 25.97% 27.65% 19.52% 16.87% p.a. 8.69% p.a % 25.95% 27.62% 19.57% 16.88% p.a % p.a % 23.63% 26.13% 20.74% 15.81% p.a % p.a % 14.74% 13.76% 15.60% 9.87% p.a. 7.84% p.a. 9.70% 8.57% 8.90% 7.72% 6.37% p.a. 7.05% p.a. 5.88% 5.23% 5.09% 4.77% 5.53% p.a. 5.17% p.a. 5.92% 5.37% 5.32% 4.95% 5.32% p.a. 5.40% p.a. 6.07% 2.94% 10.18% 5.17% 5.55% p.a. 7.03% p.a. 3.38% 3.03% 5.83% 1.68% 3.33% p.a. 6.29% p.a % 45.80% 41.32% 29.28% 24.15% p.a % p.a % 25.92% 27.48% 19.03% 16.90% p.a % p.a % 17.52% 17.83% 16.10% 3.70% p.a. 9.30% p.a % 39.11% 36.89% 37.74% 26.01% p.a % p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 36.81% 26.35% 29.78% 18.87% -2.74% p.a % p.a. 7.39% 5.79% 5.64% 5.31% 6.01% p.a. 6.23% p.a. 4.00% 3.41% 7.79% 2.33% 4.37% p.a. 5.53% p.a % 24.03% 26.02% 21.72% 16.22% p.a % p.a. 5.21% 1.20% 12.29% 3.51% 6.10% p.a. 7.17% p.a. 0.00% 0.00% 0.00% 0.00% 0.00% p.a. 2.81% p.a % 18.04% 18.10% 17.24% 5.53% p.a. 8.13% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a % p.a % 13.20% 13.40% 16.80% 9.20% p.a % p.a. 6.72% 6.45.% n/a n/a 7.06% p.a. 7.02% p.a % n/a n/a n/a n/a 0.43% p.a. n/a n/a n/a n/a n/a 5.63% p.a % n/a n/a n/a n/a 9.70% p.a % n/a n/a n/a n/a 5.70% p.a % n/a n/a n/a n/a 6.90% p.a % n/a n/a n/a n/a 4.10% p.a. 7.50% 23.38% -0.12% 20.46% 5.47% p.a. 5.28% p.a. n/a n/a n/a n/a n/a 6.63% p.a. 9.47% 9.70% n/a n/a n/a 9.68% p.a. 6.52% 6.38% n/a n/a n/a 7.58% p.a % 25.51% -0.18% 34.86% 8.99% p.a. 5.32% p.a % 21.25% 26.01% 20.85% 14.54% p.a % p.a. 8.32% 21.87% -0.51% 17.83% 4.53% p.a. 2.04% p.a % 13.65% 21.33% 17.73% 8.94% p.a. 8.35% p.a % 17.44% 18.28% 17.37% 6.47% p.a. 8.42% p.a % 26.36% n/a n/a n/a 14.67% p.a % 14.32% n/a n/a n/a 10.35% p.a. 6.28% 22.52% -2.53% 17.71% 4.08% p.a % p.a. 17

20 Investment returns to 30 June 2008 continued 18 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 MLC Wsale Global Share Value Style MLC0626AU Yes Yes % MLC Wsale Horizon 3 Cons Growth Pfolio MLC0398AU Yes Yes -4.98% MLC Wsale Horizon 4 Balanced Portfolio MLC0260AU Yes Yes -8.96% MLC Wsale Horizon 5 Growth Portfolio MLC0265AU Yes Yes % MLC Wsale Horizon 6 Share Portfolio MLC0397AU Yes Yes % MLC Wsale Horizon 7 Acclerated Gth Pfolio MLC0449AU Yes Yes % MMC Property Securities MMC0103AU No Yes 0.00% MMC Small Companies AMS0100AU Yes Yes % MMC Wholesale Australian Share MMC0100AU Yes Yes % Morgan Stanley Global Franchise MAQ0404AU Yes Yes % MQ Asia Long Short MAQ0476AU No Yes n/a MQ Multi-Strategy MAQ0453AU No Yes n/a MQ Special Events Indirect MAQ0588AU No Yes n/a MQ Term Plus MTP003 MAQ0522AU No Yes 2.71% MQ Term Plus MTP004 MAQ0523AU No Yes 2.54% Multiplex Diversified Property MLP0001AU Yes Yes -26.9% p.a. Multiplex Property Income MLP0002AU Yes Yes 8.27% Octavia Wsale Premium Income Fd 6 mth MFS0011AU Yes Yes 0.00% Octaviar Wsale Premium Income Fd 12 mth MFS0010AU Yes Yes 0.00% Octaviar Wsale Premium Income MFS0009AU Yes Yes 4.28% OM IP 16eight MAN0024CK No Yes 22.80% OM-IP 130 Plus Series MAN0001CK No Yes 16.50% OM-IP 140 PLUS MAN0014CK No Yes 17.40% OM-IP 15seven Limited MAN0019CK No Yes 24.30% OM-IP Eclipse Limited MAN0026CK No Yes 21.20% OM-IP Hedge Plus MAN0004CK No Yes 7.40% OM-IP MultiStrategy Limited MAN0016CK No Yes 6.10% OM-IP Strategic Limited MAN0005CK No Yes 4.00% OM-IP Strategic Series 4 MAN0009CK No Yes 23.60% OM-IP Strategic Series 6 MAN0011CK No Yes 21.40% OM-IP Strategic Series 7 MAN0012CK No Yes 22.10% OM-IP Strategic Series 8 MAN0013CK No Yes 22.20% OM-IP Strategic Series 9 MAN0015CK No Yes 22.30% OM-IP Stratum Limited MAN0020CK No Yes 5.60% Opis Capital Dynamic Eqt OPS0001AU Yes Yes % Opis Capital Premium Eqt OPS0002AU Yes Yes % Optimix Whol Geared Aust Share Class B MMF0990AU Yes Yes % Optimix Wholesale Balanced Trust LEF0107AU Yes Yes % Optimix Wsale Aust Share Trust Class A LEF0043AU Yes Yes % Optimix Wsale Australian Fixed Int Trust LEF0104AU Yes Yes 2.86% Optimix Wsale Australian Property Securities Trust LEF0101AU Yes Yes % Optimix Wsale Australian Share Trust LEF0102AU Yes Yes % Optimix Wsale Conservative Trust LEF0108AU Yes Yes -4.77% Optimix Wsale Enhanced Cash Trust LEF0105AU Yes Yes 4.76% Optimix Wsale Glb Shares Trust Class A LEF0047AU Yes Yes % Optimix Wsale Global Share Trust LEF0103AU Yes Yes % Optimix Wsale Global Smaller Companies Share Trust LEF0173AU Yes Yes % Optimix Wsale Growth Trust LEF0106AU Yes Yes % Optimix Wsale High Growth Trust LEF0100AU Yes Yes % Optimix Wsale Moderate Trust LEF0027AU Yes Yes -7.86% Opus Income & Capital No. 21 OPU0001AU No Yes 12.82% Orb Technology ORB0001BM No Yes -1.55% Orchard Hybrid Property SAI0001AU Yes Yes -1.48% Ord Minnett Enhanced Income ORD0005AU Yes Yes 4.77% Ord Minnett Global Dynamic ORD0007AU Yes Yes % Ord Minnett hedged Global Dynamic ORD0008AU Yes Yes n/a Ord Minnett Premium Yield ORD0006AU Yes Yes % Orion Wsale Australian Share HOW0020AU Yes Yes % Patriot Australian Share PAT0001AU Yes Yes % Patriot Small Companies PAT0002AU Yes Yes % Pengana Absolute Return Real Estate PER0282AU No Yes n/a Pengana Emerging Companies PER0270AU Yes Yes % Pengana Property Securities PER0076AU Yes Yes %

21 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 17.53% 24.73% n/a n/a n/a 2.41% p.a % 12.25% 11.61% 11.00% 8.20% p.a. 6.17% p.a % 15.43% 13.84% 14.65% 9.63% p.a. 7.24% p.a % 18.24% 13.94% 17.28% 10.32% p.a. 7.06% p.a % 20.66% 14.27% 20.00% 11.36% p.a. 5.61% p.a % 24.85% 16.66% 24.41% 12.47% p.a % p.a. 0.00% 0.00% 0.00% 0.00% 0.00% p.a. 0.00% p.a % 11.81% 23.09% 30.56% 6.52% p.a % p.a % 7.54% 18.41% 14.03% 5.14% p.a. 8.17% p.a. 8.00% 18.90% n/a n/a n/a 2.20% p.a. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.71% p.a. n/a n/a n/a n/a n/a 2.54% p.a. n/a n/a n/a n/a n/a % p.a. 7.87% n/a n/a n/a n/a 8.19% p.a. n/a n/a n/a n/a n/a 5.14% p.a. n/a n/a n/a n/a n/a 5.65% p.a. 7.57% 7.27% 7.05% n/a n/a 7.24% p.a % n/a n/a n/a n/a 12.90% p.a % 10.77% 15.05% % 8.30% p.a. 8.30% p.a % 10.08% 8.83% n/a n/a 11.10% p.a % 11.13% n/a n/a n/a 15.30% p.a. n/a n/a n/a n/a n/a 19.00% p.a % 13.94% 13.18% -4.26% 8.50% p.a. 8.40% p.a % 11.69% 11.15% n/a n/a 6.50% p.a % 16.18% 21.09% -2.20% 11.50% p.a % p.a % 16.80% 19.57% -5.04% 13.80% p.a % p.a % 17.25% 19.80% -6.79% 13.00% p.a % p.a % 16.81% 17.71% -7.10% 12.40% p.a % p.a % 16.47% 18.18% -7.74% 12.40% p.a % p.a % 15.93% 17.04% n/a n/a 11.10% p.a % 12.09% n/a n/a n/a 9.80% p.a % 32.40% 19.90% 36.00% 10.80% p.a % p.a % 33.30% 21.30% 25.00% 8.80% p.a % p.a. n/a n/a n/a n/a n/a 1.44% p.a % 16.90% 13.72% 15.81% 9.92% p.a. 8.07% p.a % 24.23% 26.00% 4.06% 12.67% p.a % p.a. 3.48% 3.36% 7.55% 2.30% 3.89% p.a. 5.53% p.a % 17.01% 17.45% 15.36% 3.71% p.a. 7.46% p.a % 23.81% 26.33% 21.34% 16.19% p.a % p.a % 9.20% 10.10% 8.35% 6.48% p.a. 6.25% p.a. 5.72% 5.51% 5.48% 4.67% 5.23% p.a. 5.12% p.a % 20.62% 1.30% 8.75% 3.45% p.a. 4.07% p.a % 20.58% 1.45% 21.47% 5.82% p.a. 4.02% p.a % 22.44% 6.18% 30.05% 8.73% p.a. 5.53% p.a % 18.80% 14.88% 17.44% 10.72% p.a. 8.13% p.a % 20.91% 13.42% 21.34% 11.60% p.a. 5.19% p.a % 13.12% 12.02% 10.99% 7.97% p.a. 8.01% p.a % 8.75% n/a n/a n/a 12.51% p.a % -7.34% -0.97% 5.46% n/a -1.58% p.a % 15.59% 24.60% 11.26% 13.04% p.a % p.a. 6.46% n/a n/a n/a n/a 5.61% p.a. n/a n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a % p.a. n/a n/a n/a n/a n/a -5.49% p.a % 27.66% 31.47% n/a n/a 17.52% p.a % 30.69% n/a n/a n/a 11.15% p.a % 38.78% n/a n/a n/a 22.38% p.a. n/a n/a n/a n/a n/a n/a 70.74% 37.48% n/a n/a n/a 18.61% p.a % 17.26% n/a n/a n/a 4.71% p.a. 19

22 20 Investment returns to 30 June 2008 continued Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 Perennial Asian Shares Wsale Trust IOF0203AU Yes Yes % Perennial Aust Property Wsale Trust IOF0044AU Yes Yes % Perennial Balanced Wsale Trust IOF0104AU Yes Yes -8.97% Perennial Cash Enhanced IOF0111AU No Yes 4.55% Perennial Fixed Interest Wsale Trust IOF0046AU Yes Yes 2.46% Perennial Global Property Wsale Trust IOF0081AU Yes Yes % Perennial Growth Shares Wsale Trust IOF0048AU Yes Yes % Perennial Intl Shares Wsale Trust IOF0045AU Yes Yes % Perennial Value High Yield Shares Trust IOF0078AU Yes Yes % Perennial Value High Yield Shares Trust IOF0078AU Yes Yes n/a Perennial Value Shares Wsale Trust IOF0206AU Yes Yes % Perennial Value Shares Wsale Trust IOF0206AU Yes Yes n/a Perpetual Credit Enhanced Cash PER0265AU No Yes 3.38% Perpetual Credit Enhanced Cash (AA) PER0261AU No Yes 4.40% Perpetual Credit Income PER0263AU No Yes -1.52% Perpetual Exact Market Cash PER0258AU Yes Yes 7.34% Perpetual Structured Income PER0365AU No Yes % Perpetual Whol Diversified Income PER0260AU Yes Yes -0.33% Perpetual Wholesale Conservative Growth PER0077AU Yes Yes -0.74% Perpetual Wholesale Intl Share PER0050AU Yes Yes % Perpetual Wholesale Property Income PER0266AU Yes Yes % Perpetual Wholesale Split Growth PER0066AU Yes Yes % Perpetual Wsale Australian PER0049AU Yes Yes % Perpetual Wsale Balanced Growth PER0063AU Yes Yes -9.86% Perpetual Wsale Concentrated Equity PER0102AU Yes Yes -9.23% Perpetual Wsale Diversified Growth PER0114AU Yes Yes -5.41% Perpetual Wsale Ethical SRI PER0116AU Yes Yes % Perpetual Wsale Geared Australian PER0071AU Yes Yes % Perpetual Wsale Industrial PER0046AU Yes Yes % Perpetual Wsale Monthly Income PER0106AU Yes Yes 6.24% Perpetual Wsale Property Securities PER0070AU Yes Yes % Perpetual Wsale Share-Plus PER0072AU Yes Yes -5.79% Perpetual Wsale Smaller Companies PER0048AU Yes Yes % Perpetual`s Inv Choice Small Companies PER0039AU Yes Yes % Peters MacGregor Global WPC0002AU Yes Yes % Platinum Asia PLA0004AU Yes Yes % Platinum European PLA0001AU Yes Yes % Platinum Intl Brands PLA0100AU Yes Yes % Platinum Intl PLA0002AU Yes Yes % Platinum Intl Technology PLA0101AU Yes Yes % Platinum Japan PLA0003AU Yes Yes % Platinum Unhedged PLA0006AU Yes Yes % PM CAPITAL Absolute Performance PMC0100AU Yes Yes % PM CAPITAL Australian Opportunities PMC0101AU Yes Yes % PM CAPITAL Enhanced Yield PMC0103AU Yes Yes 3.90% Portfolio Partners Dividend Builder PPL0002AU Yes Yes % Portfolio Partners Elite Opportunities Trust PPL0115AU Yes Yes -8.83% Portfolio Partners Emerging Shares Trust PPL0107AU Yes Yes -5.46% Portfolio Partners High Growth Shares Trust PPL0106AU Yes Yes -4.52% Portfolio Partners Income Plus Growth Trust PPL0103AU Yes Yes % Portfolio Partners Listed Property Trust NFS0209AU Yes Yes % Portfolio Partners Premier Fixed Income Trust PPL0114AU Yes Yes % Portfolio Partners Shares Trust PPL0104AU No Yes % Premium China MAQ0441AU Yes Yes % Premium SAM Asia Property MAQ0574AU Yes Yes -2.26% Prime Value Growth PVA0011AU Yes Yes -4.82% Prime Value Imputation PVA0022AU Yes Yes % Principal Global Strategic Income PGI0001AU Yes Yes -8.80% Principal Property Securities PRE0001AU Yes Yes % RCM Global Equities THO0003AU Yes Yes % Real Estate Capital Partners Enhanced Income TFG0001AU Yes Yes % RREEF Global (ex Aust) Prop Sec MGL0010AU Yes Yes % RREEF Global Equity Opportunities MGL0134AU No Yes -1.84%

23 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 25.50% 14.55% 15.23% 20.98% 10.02% p.a. 4.79% p.a % 16.27% 22.15% 17.03% 5.06% p.a. 9.75% p.a % 14.72% 13.96% 16.62% 9.00% p.a. 6.69% p.a. 6.31% 5.47% 5.48% 5.16% 5.39% p.a. 5.47% p.a. 3.49% 3.32% 7.28% 3.04% 3.90% p.a. 7.18% p.a % n/a n/a n/a n/a -3.05% p.a % 29.90% 28.47% 22.58% 18.58% p.a % p.a. 6.07% 14.26% -2.60% 21.40% 4.83% p.a. 6.11% p.a % n/a n/a n/a n/a 5.99% p.a. n/a n/a n/a n/a n/a n/a 28.32% 19.93% 27.11% 22.15% 15.84% p.a % p.a. n/a n/a n/a n/a n/a n/a 6.47% 5.94% 6.01% 5.50% 5.45% p.a. 5.32% p.a. 6.34% 5.86% n/a n/a n/a 5.63% p.a. 6.43% 6.12% n/a n/a n/a 4.11% p.a. 6.42% 5.75% n/a n/a n/a 6.43% p.a. n/a n/a n/a n/a n/a -7.13% p.a. 7.08% n/a n/a n/a n/a 4.15% p.a. 9.12% 9.71% 10.22% n/a n/a 7.25% p.a. 5.20% 17.45% 1.72% 20.11% 3.38% p.a. 3.00% p.a % 18.18% n/a n/a n/a 4.56% p.a % 16.53% 9.17% 20.13% 6.33% p.a. 2.13% p.a % 26.36% 27.02% 24.47% 17.07% p.a % p.a % 17.27% 14.71% 17.78% 9.55% p.a. 8.07% p.a % 25.70% 20.70% 24.11% 16.27% p.a % p.a. 9.06% 12.98% 12.12% 12.17% 7.95% p.a. 5.93% p.a % 26.30% 22.02% 20.10% 13.12% p.a % p.a % 49.31% 51.63% 44.86% 25.87% p.a % p.a % 15.36% 21.34% 20.78% 10.64% p.a % p.a. 6.44% 6.15% 6.01% 5.63% 6.09% p.a. 5.99% p.a % 19.29% 17.54% 16.25% 4.10% p.a. 7.90% p.a % 23.92% 24.16% 24.71% 17.06% p.a % p.a % 19.94% 19.54% 27.21% 17.10% p.a % p.a % 18.59% 18.06% 25.79% 15.86% p.a % p.a % 3.06% 3.92% n/a n/a 2.91% p.a % 28.34% 47.14% 31.63% 24.14% p.a % p.a % 25.80% 3.70% 34.45% 9.51% p.a % p.a. 9.83% 26.79% 21.21% 27.02% 11.17% p.a % p.a. 6.18% 26.75% -1.68% 27.91% 7.25% p.a % p.a. 5.79% 30.55% % 35.82% 5.30% p.a. 6.73% p.a % 33.46% 3.49% 45.24% 6.92% p.a % p.a % 44.19% n/a n/a n/a 10.24% p.a. 8.50% 17.10% 0.60% 26.70% 0.40% p.a. 6.40% p.a % 25.20% 13.80% 33.90% 62.80% p.a % p.a. 7.50% 7.20% 5.80% 6.90% 34.20% p.a. 7.10% p.a % n/a n/a n/a n/a 2.43% p.a % 25.54% 26.03% 32.84% 19.03% p.a % p.a % 31.72% 26.16% 34.13% 25.33% p.a % p.a % 23.23% 24.19% 31.57% 18.67% p.a % p.a % 6.86% 11.61% 11.38% 6.33% p.a. 6.36% p.a % 17.87% 19.77% 17.96% 7.46% p.a. 9.15% p.a % % % % % p.a % p.a % 24.60% 22.71% 24.59% 15.75% p.a % p.a % 0.00% 0.00% 0.00% 0.00% p.a % p.a. 0.00% 0.00% 0.00% 0.00% 0.00% p.a % p.a % 24.37% 47.47% 27.93% 23.87% p.a % p.a % 15.29% 32.70% 39.78% 18.04% p.a % p.a. 6.44% 7.50% 8.09% n/a n/a 3.28% p.a % 21.38% 21.34% 16.21% 5.55% p.a. 6.31% p.a. 8.30% 21.75% -5.88% 10.76% 1.82% p.a. 5.11% p.a % 22.00% 23.30% 23.60% 4.50% p.a. 6.00% p.a % 28.77% n/a n/a n/a 13.45% p.a % 15.15% 10.94% 10.53% 10.42% p.a. 8.42% p.a. 21

24 Investment returns to 30 June 2008 continued 22 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 RREEF Global Property Securities MGL0011AU Yes Yes % RREEF Paladin Property Securities PAL0002AU Yes Yes % Rubicon M & A Class B Units RCP0007AU No Yes n/a Rubicon M&A Class O Units RCP0001AU No Yes n/a Russell Australian Opportunities RIM0029AU Yes Yes % Russell Australian Select Holdings RIM0035AU Yes Yes % Russell Australian Shares Class C RIM0015AU Yes Yes % Russell Australian Shares Class A RIM0006AU Yes Yes % Russell Balanced RIM0001AU Yes Yes % Russell Balanced Class C RIM0011AU Yes Yes % Russell Conservative Class A RIM0002AU Yes Yes -3.57% Russell Conservative Class C RIM0012AU No Yes -3.77% Russell Diversified 50 Class A RIM0003AU Yes Yes -8.16% Russell Diversified 50 Class C RIM0013AU No Yes -8.35% Russell Global Opportunities RIM0032AU Yes Yes % Russell Growth Class A RIM0004AU Yes Yes % Russell Growth Class C RIM0014AU Yes Yes % Russell High Growth Class C RIM0030AU Yes Yes % Russell Int Sh Fd $A Hedged Class C RIM0017AU No Yes % Russell Inter Shares (Hedged) Class A RIM0009AU Yes Yes % Russell Inter Shares Class A RIM0008AU Yes Yes % Russell Property Hedged RIM0031AU Yes Yes % Russell Shared Fd -Class C RIM0016AU No Yes % Sandhurst IML Industrial Share STL0101AU Yes Yes % Schroder Australian Equity SCH0002AU No Yes % Schroder Balanced SCH0102AU Yes Yes -8.93% Schroder Fixed Income SCH0028AU Yes Yes 4.26% Schroder Gbl Active Value (Hedged) SCH0032AU Yes Yes % Schroder Global Emerging Markets SCH0034AU Yes Yes -5.68% Schroder Hybrid Securities SCH0103AU Yes Yes -2.21% Schroder Wsale Australian Equity SCH0101AU Yes Yes % Select Alternatives Portfolio SLT0005AU Yes Yes 5.28% Select Defensive Portfolio SLT0001AU Yes Yes 0.75% Select Gold SLT0006AU Yes Yes % Select Gottex Enhanced Market Neutral SLT0003AU No Yes -6.07% Select Gottex Market Neutral SLT0004AU No Yes 1.20% Select Growth Portfolio SLT0002AU Yes Yes -4.68% Select Private Equity SLT0008AU Yes Yes % Series 10 OM IP 220 Limited MAN0021CK No Yes 21.60% Series 11 OM-IP 220 Limited MAN0025CK No Yes 20.90% SGH IC2E ETL0062AU Yes Yes % SGH20 ETL0042AU Yes Yes 10.65% Smallco Investment ASC0001AU Yes Yes % Spectrum Wholesale Enhanced Income SAM0001AU Yes Yes -4.74% SSgA Australian Equities Index Trust SST0004AU Yes Yes % SSgA Australian Fixed Income Index Trust SST0005AU Yes Yes 3.91% SSgA Australian Listed Prop Index Trust SST0007AU Yes Yes % SSgA Equities Index Trust SST0013AU Yes Yes % SSgA Intl Equities Index Hedged Trust SST0022AU Yes Yes % Suncorp Wholesale Australian Equities SUN0114AU Yes Yes % Suncorp Wholesale Australian Fixed Interest SUN0112AU Yes Yes -2.27% Suncorp Wholesale Balanced SUN0147AU Yes Yes % Suncorp Wholesale Conservative SUN0111AU Yes Yes -8.82% Suncorp Wholesale Growth SUN0113AU Yes Yes % Suncorp Wholesale Imputation SUN0118AU Yes Yes % Suncorp Wholesale Property Securities SUN0116AU Yes Yes % Suncorp Wsale Equities SUN0115AU Yes Yes % T.Rowe Price Global Equity ETL0071AU Yes Yes % TAAM New Asia TGP0006AU Yes Yes % Tankstream Property Investment TNK0001AU Yes Yes n/a Templeton Global Equity FRT0004AU Yes Yes % Tyndall Australian Share Wholesale Portfolio TYN0028AU Yes Yes % UBS Australian Bond SBC0813AU Yes Yes 3.69%

25 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 23.31% 27.93% n/a n/a n/a 11.53% p.a % 20.94% 19.51% 16.41% 4.70% p.a % p.a % 9.00% 25.10% 10.00% n/a 12.10% p.a % 8.10% 23.90% 8.30% n/a 12.10% p.a % 24.07% 26.97% n/a n/a 13.66% p.a. n/a n/a n/a n/a n/a -0.26% p.a % 23.03% 27.53% 19.93% 15.21% p.a % p.a % 23.29% 27.77% 20.20% 15.42% p.a % p.a % 15.92% 14.44% 14.85% 8.78% p.a. 5.42% p.a % 15.93% 14.18% 14.59% 8.60% p.a. 5.69% p.a. 8.94% 8.90% 9.81% 8.05% 6.30% p.a. 5.37% p.a. 8.76% 8.67% 9.53% 7.84% 6.08% p.a. 5.12% p.a % 12.36% 12.16% 11.39% 7.52% p.a. 5.63% p.a % 12.11% 11.92% 11.16% 7.30% p.a. 5.59% p.a. 7.60% 23.49% n/a n/a n/a 2.95% p.a % 19.80% 16.27% 18.64% 10.32% p.a. 5.14% p.a % 19.66% 15.95% 18.35% 10.11% p.a. 5.94% p.a % 20.88% n/a n/a n/a 8.30% p.a % 18.09% 12.71% 23.01% 10.61% p.a. 6.07% p.a % 18.27% 12.96% 23.12% 10.75% p.a. 3.78% p.a. 6.08% 20.90% 0.30% 19.09% 3.52% p.a % p.a % 25.23% n/a n/a n/a 7.22% p.a. 5.88% 20.67% 0.00% 18.96% 3.33% p.a % p.a % 9.75% 18.47% 17.92% 8.20% p.a % p.a % 27.02% 26.94% 24.49% 14.94% p.a % p.a % 15.97% 14.56% 14.82% 9.65% p.a. 8.62% p.a. 5.01% 3.88% 8.14% n/a n/a 5.40% p.a % n/a n/a n/a n/a 6.04% p.a. n/a n/a n/a n/a n/a 3.78% p.a. 6.58% 6.09% 6.71% 6.91% 4.82% p.a. 5.87% p.a % 26.71% 26.62% 24.13% 14.59% p.a % p.a % 17.74% 11.61% n/a n/a 9.89% p.a % 14.64% 9.81% 10.43% 9.66% p.a. 9.80% p.a. 0.91% 85.59% 5.42% n/a n/a 8.97% p.a % 9.50% 7.50% 11.36% 7.24% p.a. 8.38% p.a % 8.37% 7.16% 8.97% 7.31% p.a. 8.07% p.a % 20.39% 10.61% 18.09% 11.62% p.a % p.a. n/a n/a n/a n/a n/a -3.91% p.a % 14.01% n/a n/a n/a 16.90% p.a % n/a n/a n/a n/a 10.40% p.a % n/a n/a n/a n/a 3.20% p.a % 19.08% n/a n/a n/a 27.70% p.a % 35.50% 39.30% 53.20% 16.69% p.a % p.a. 7.61% 4.82% 6.11% 7.38% n/a 4.57% p.a % 23.58% 26.13% 21.56% 16.09% p.a % p.a. 3.96% 3.41% 7.85% 2.27% 4.26% p.a. 5.40% p.a % 17.79% 18.08% 17.24% 5.59% p.a. 7.52% p.a. 7.62% 19.92% -0.03% 19.41% 3.96% p.a. 1.74% p.a % 17.26% 12.94% 23.91% 11.73% p.a % p.a % 25.41% 29.29% n/a n/a n/a 3.76% 3.18% 7.67% n/a n/a n/a 12.75% 12.17% 13.47% n/a n/a n/a 10.45% 9.43% 4.00% n/a n/a n/a 17.89% 17.80% 16.78% n/a n/a n/a 28.68% 27.52% 32.22% n/a n/a n/a 26.14% 21.08% 18.44% n/a n/a n/a 6.25% 14.29% -1.75% n/a n/a n/a n/a n/a n/a n/a n/a -4.12% p.a % n/a n/a n/a n/a 7.70% p.a. n/a n/a n/a n/a n/a n/a 11.57% 20.75% n/a n/a n/a -0.13% p.a % 17.60% 29.51% 22.91% 15.75% p.a % p.a. 3.44% 3.48% 7.53% 2.42% 4.09% p.a. 8.98% p.a. 23

26 Investment name APIR Available in Super Accumulator Available in Super and Pension Manager 12 months to 30/6/08 UBS Australian Equity Income UBS0007AU Yes Yes -9.93% UBS Australian Share SBC0817AU Yes Yes % UBS Balanced Investment SBC0815AU Yes Yes % UBS Cash SBC0811AU Yes Yes 7.13% UBS Cash Plus SBC0812AU Yes Yes 5.50% UBS Credit Enhanced Cash UBS0102AU Yes Yes -0.55% UBS Defensive Investment SBC0814AU Yes Yes -5.46% UBS Diversified Fixed Income SBC0007AU Yes Yes 0.13% UBS Emerging Companies UBS0004AU Yes Yes -7.35% UBS Global Infrastructure Sec UBS0011AU Yes Yes % UBS Global Property Securities UBS0008AU Yes Yes % UBS Hybrid Income UBS0003AU Yes Yes -7.49% UBS Intl Bond SBC0819AU Yes Yes -7.49% UBS Intl Share SBC0822AU Yes Yes % UBS Property Securities SBC0816AU Yes Yes % Valuestream Australian Equity TAM0001AU No Yes % van Eyk Blueprint Alternatives MAQ0406AU Yes Yes 0.00% van Eyk Blueprint Australian Shares MAQ0289AU Yes Yes % van Eyk Blueprint Balanced MAQ0290AU Yes Yes % van Eyk Blueprint Capital Stable MAQ0291AU Yes Yes -2.11% van Eyk Blueprint High Growth MAQ0292AU Yes Yes % van Eyk Blueprint Intl Shares MAQ0293AU Yes Yes % Vanguard Aus Shares High Yield VAN0104AU Yes Yes % Vanguard Australian Fixed Int Index VAN0001AU Yes Yes 4.05% Vanguard Australian Share Index VAN0002AU Yes Yes % Vanguard Balanced Index VAN0108AU Yes Yes -6.00% Vanguard Cash Reserve VAN0020AU Yes Yes n/a Vanguard Conservative Index VAN0109AU Yes Yes -1.08% Vanguard Emerg Market Shares Index VAN0005AU Yes Yes -7.57% Vanguard Growth Index VAN0110AU Yes Yes % Vanguard High Growth Index VAN0111AU Yes Yes % Vanguard Int Prop Sec Index Hedged VAN0019AU Yes Yes % Vanguard Int Prop Sec Index Unhedged VAN0018AU Yes Yes % Vanguard Intl Fixed Int Index (Hedged) VAN0103AU Yes Yes 8.22% Vanguard Intl Share Index VAN0003AU Yes Yes % Vanguard Intl Share Index (Hedged) VAN0105AU Yes Yes % Vanguard Property Securities Index VAN0004AU Yes Yes % Ventura Diversified 50 RIM0019AU No Yes -8.60% Ventura Growth 70 RIM0020AU No Yes % Walter Scott Global Equity MAQ0410AU Yes Yes % Walter Scott Global Equity (hedged) MAQ0557AU Yes Yes n/a Winton Global Alpha MAQ0482AU No Yes 27.20% Zurich Invest Aust Prop Securities ZUR0064AU Yes Yes % Zurich Invest Aust Value Share ZUR0060AU Yes Yes % Zurich Invest Equity Income ZUR0538AU Yes Yes -8.37% Zurich Invest Global Small Co Share ZUR0240AU Yes Yes % Zurich Invest Global Thematic Share ZUR0061AU Yes Yes % Zurich Invest Managed Growth ZUR0059AU Yes Yes -9.85% Zurich Invest Unhedged Gbl Thematic Sh ZUR0518AU Yes Yes % 24 How the returns are calculated The investment returns for each investment option have been calculated and provided directly by the investment managers. Returns are annualised, based on the change in withdrawal prices of each investment option and assume the reinvestment of distributions. Returns are net of ongoing investment management fees and gross of tax and other fees that may be charged directly to your account. Past performance is no indication of future performance. The value of your investment may rise or fall. Your investment is not guaranteed. Information on the individual investment options can be found in the current Product Disclosure Statements available on ClientView or from your adviser. You should consider the current Product Disclosure Statements before deciding to invest in, or switch between, investment options.

27 12 months to 30/6/07 12 months to 30/6/06 12 months to 30/6/05 12 months to 30/6/04 5 year compound to 30/6/08 (% p.a.) Since inception to 30/6/08 (% p.a.) 25.76% n/a n/a n/a n/a 5.02% p.a % 23.35% 26.04% 20.65% 15.39% p.a % p.a % 14.46% 14.48% 13.93% 7.60% p.a. 9.14% p.a. 6.20% 5.53% 5.40% 5.10% 5.86% p.a. 6.90% p.a. 6.23% 5.74% 5.66% 5.34% 5.69% p.a. 5.77% p.a. 6.36% 5.97% 5.91% 5.73% 4.65% p.a. 4.93% p.a. 7.46% 9.24% 10.07% 8.66% 5.82% p.a. 7.61% p.a. 4.18% 3.18% 8.38% 3.83% 3.90% p.a. 5.77% p.a % 27.65% 29.31% n/a n/a 20.42% p.a % n/a n/a n/a n/a 0.35% p.a. 8.07% n/a n/a n/a n/a -5.53% p.a. 5.92% 5.67% 6.45% 6.16% 3.19% p.a. 4.67% p.a. 5.10% 1.55% 9.68% 4.22% 3.19% p.a. 4.67% p.a. 3.93% 14.94% 1.05% 14.88% 1.16% p.a. 4.35% p.a % 18.10% 24.53% 17.85% 2.74% p.a. 9.51% p.a % n/a n/a n/a n/a 5.70% p.a % 0.00% 0.00% 0.00% 0.00% p.a. 0.00% p.a % 23.30% 26.65% 19.75% 14.99% p.a % p.a % 17.50% 13.09% 15.38% 9.12% p.a. 9.62% p.a. 8.32% 10.33% 10.02% 8.82% 6.96% p.a. 7.34% p.a % 22.79% 13.98% 19.18% 9.98% p.a % p.a. 6.47% 21.82% 0.32% 19.02% 4.82% p.a. 5.07% p.a % 18.96% 24.19% 21.01% 14.83% p.a % p.a. 3.78% 3.32% 7.64% 2.25% 4.19% p.a. 5.90% p.a % 23.75% 25.90% 21.25% 15.92% p.a % p.a % 12.81% 11.97% 11.96% 8.44% p.a. 7.93% p.a. n/a n/a n/a n/a n/a 4.91% p.a % 9.29% 9.83% 8.89% 7.31% p.a. 7.05% p.a % 39.16% 22.68% 28.42% 20.68% p.a. 8.46% p.a % 16.44% 14.28% 15.25% 9.72% p.a. 8.89% p.a % 20.77% 15.68% 18.58% 10.92% p.a. 9.68% p.a % n/a n/a n/a n/a 3.27% p.a. 3.13% n/a n/a n/a n/a -4.37% p.a. 4.92% 0.85% 11.82% 3.33% 5.76% p.a. 6.83% p.a. 7.59% 20.05% -0.05% 19.36% 3.95% p.a. 3.26% p.a % 17.51% 13.08% 24.13% 11.87% p.a. 1.58% p.a % 17.73% 18.44% 17.16% 5.05% p.a. 7.52% p.a % 11.64% 11.50% 11.14% 7.04% p.a. 5.62% p.a % 15.27% 13.64% 14.61% 8.42% p.a. 5.86% p.a. 1.30% 25.20% n/a n/a n/a 3.40% p.a. n/a n/a n/a n/a n/a 5.70% p.a. n/a n/a n/a n/a n/a 28.50% p.a % 16.94% 17.56% 15.09% 4.27% p.a. 8.56% p.a % 20.10% 21.88% 14.10% 11.38% p.a. 8.76% p.a. n/a n/a n/a n/a n/a 2.80% p.a. 9.97% 22.77% 12.35% 28.68% 8.16% p.a % p.a. 8.40% 29.36% 4.57% 19.94% 9.48% p.a. 4.91% p.a % 18.95% 14.10% 13.34% 9.62% p.a. 8.34% p.a. 8.44% n/a n/a n/a n/a 5.31% p.a. n/a Performance information is unavailable 25

28 Asset allocation as at 30 June 2008 Investment name APIR As at Cash Australian fixed interest Abacus Diversified Income II Abacus Hospitality Abacus Retirement Living Trust Abacus Wodonga Land Abacus Wodonga Mortgage Aberdeen Asian Opportunities Aberdeen Australian Bond Aberdeen Australian Equities Aberdeen Australian Shares Aberdeen Australian Small Companies Aberdeen Cash Plus Aberdeen China Opportunities Aberdeen Emerging Opportunities Aberdeen Financials Aberdeen Intl Equity Absolute Capital Yield Strategies Acadian Aust Equity Long Short Acadian Wholesale Australian Equity Acadian Wsale Gbl Equity Long Short Acorn Capital Wsale Microcap Trust Advance Asian Equity Wholesale Units Advance Aust Geared Equity Wsale fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other ABA0008AU 30/06/ % 0.00% 0.00% 0.00% 3.83% 0.00% 0.00% 92.95% 0.00% 2.70% ABA0005AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.23% 0.00% 0.00% ABACUSRET 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 99.59% 0.00% 0.00% ABACUSWOD 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 96.43% 0.00% 2.30% ABACUSMOR 30/06/ % 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% EQI0028AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.20% 0.00% 0.00% 0.00% MGL0103AU 30/06/ % 79.00% 12.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 93.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MGL0114AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 82.80% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.60% 0.00% 0.00% 0.00% 0.00% EQI0017AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.00% 0.00% 0.00% 0.00% 0.00% MGL0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.83% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.65% 0.00% 0.00% 0.00% 0.00% MGL0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ETL0031AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.00% 0.00% 0.00% 0.00% ETL0032AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% EQI0027AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.40% 0.00% 0.00% 0.00% 0.00% EQI0015AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% ABS0011AU 30/06/ % 20.00% 50.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.00% 30/06/ % 20.00% 50.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.00% FSF0789AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.57% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.38% 0.00% 0.00% 0.00% 0.00% FSF0787AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.66% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.13% 0.00% 0.00% 0.00% 0.00% FSF0788AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.41% 0.00% 0.00% 0.93% AUS0108AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.86% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.16% 0.00% 0.00% 0.00% 0.00% ADV0083AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.91% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.30% 0.00% 0.00% 0.00% ADV0078AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.56% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.50% 0.00% 0.00% 0.00% 0.00% 26

29 Investment name APIR As at Cash Australian fixed interest Advance Aust Smaller Companies W/sale Advance Concentrated Aust Share W/sale Advance Global Alpha Advance Imputation Wsale Units Advance Int Shares Multi-Blend W/sale Advance Intl Sharemarket Wsale Advance Sharemarket Wholesale Advance Smaller Co Multi-Blended W/ sale Fnd All Star IAM Australian Share fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other ADV0075AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.22% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.40% 0.00% 0.00% 0.00% 0.00% ADV0115AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 89.58% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.20% 0.00% 0.00% 0.00% 0.00% ADV0117AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % ADV0046AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.09% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 89.50% 0.00% 0.00% 0.00% 0.00% ADV0053AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.35% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.10% 0.00% 0.00% 0.00% ADV0047AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.60% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% ADV0066AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.33% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.40% 0.00% 0.00% 0.00% 0.00% ADV0096AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% 0.00% VEN0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% 0.00% All Star Income VEN0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 15.90% 0.00% 0.00% 0.00% 42.70% Alpha Strategic B Class units AMP Cap Structured High Yield Class A AMP Capital Balanced Growth Trust Class A Units AMP Capital China 2 AMP Capital Conservative Class A AMP Capital Core Infrastructure Class A AMP Capital Core Plus Strategies AMP Capital Enhanced Yield Class A AMP Capital Equity Class A Units AMP Capital Global Growth Opport Class A AMP Capital Global Property Securities Class A AMP Capital Global Technology Class A AMP Capital Intl Bond Class A Units AMP Capital Listed Property Ord Class AMP Capital Listed Property Trusts Class A TOL0055AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.80% 0.00% AMP1014AU 30/06/ % 27.08% 72.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 30.00% 70.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AMP0441AU 30/06/ % 15.03% 4.59% 0.00% 7.25% 38.01% 22.86% 0.00% 0.00% 3.08% 30/06/ % 14.07% 3.35% 0.00% 10.25% 41.47% 26.44% 0.00% 0.00% 1.06% AMP1009AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a AMP0443AU 30/06/ % 27.03% 11.55% 0.00% 5.22% 15.60% 8.12% 0.00% 0.00% 2.94% 30/06/ % 26.05% 10.84% 0.00% 8.40% 19.41% 10.51% 0.00% 0.00% 1.12% AMP1179AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 83.56% AMP0279AU 30/06/ % 80.89% 19.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 79.50% 19.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AMP0685AU 30/06/ % 58.77% 41.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 81.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AMP0370AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.82% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.27% 0.00% 0.00% 0.00% 0.00% AMP0369AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 91.06% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.99% 0.00% 0.00% 0.00% AMP0974AU 30/06/ % 0.00% 0.00% 0.00% 94.72% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 95.25% 0.00% 0.00% 0.00% 0.00% 0.00% AMP0365AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.43% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.88% 0.00% 0.00% 0.00% AMP0254AU 30/06/ % 0.00% 99.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 97.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.96% AMP0269AU 30/06/ % 0.00% 0.00% 0.00% 89.96% 0.00% 0.00% 0.00% 0.00% 7.81% 30/06/ % 0.00% 0.00% 0.00% 90.48% 0.00% 0.00% 0.00% 0.00% 7.70% AMP0255AU 30/06/ % 0.00% 0.00% 0.00% 89.96% 0.00% 0.00% 0.00% 0.00% 7.81% 30/06/ % 0.00% 0.00% 0.00% 90.48% 0.00% 0.00% 0.00% 0.00% 7.70% 27

30 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest AMP Capital Res Inv Lead Intl Sh-Class A AMP Capital Small Companies Class A AMP Capital Structured High Yield Ord Class AMP Capital Sustainable Future Aust Share Class A AMP Capital Wholesale Australian Share Class A AMP Core Property (Class A) AMP Responsible Investment Leaders Balanced Class A Anatres Lodestar Absolute Return Trust Australian Shares fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other AMP0455AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.83% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.96% 0.00% 0.00% 0.00% AMP0446AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.25% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.29% 0.00% 0.00% 0.00% 0.00% WID2 30/06/ % 27.08% 72.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 30.00% 70.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AMP0449AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.63% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.22% 0.00% 0.00% 0.00% 0.00% AMP0258AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.46% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.32% 0.00% 0.00% 0.00% 0.00% AMP1015AU 30/06/ % 0.00% 0.00% 0.00% 50.00% 0.00% 0.00% 45.90% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 53.20% 0.00% 0.00% 39.15% 0.00% 7.65% AMP0452AU 30/06/ % 18.78% 5.52% 0.00% 7.35% 37.54% 21.88% 4.07% 0.00% 0.00% 30/06/ % 8.64% 4.63% 0.00% 9.29% 39.93% 20.97% 4.28% 0.00% 5.32% ANT0001AU 30/06/ % 0.00% 0.00% 0.00% -0.93% 74.19% 0.00% 0.00% 0.00% -3.06% 30/06/ % 0.00% 0.00% 0.00% -1.26% 90.90% 0.00% 0.00% 0.00% % ANZ Cash Plus ANZ0150AU 30/06/ % 87.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% APN Property for Income APN Direct Property APN Diversified Property APN National Storage Property Trust APN Property For Income APN Property for Income No 2 Arrowstreet Emerging Markets Arrowstreet Global Equity Arrowstreet Global Equity (Hedged) ArteFact Partners Global L/S Equity Fd 1 Artefact Partners Global L/S Equity Fd 2 ArteFact Partners Global L/S Equity Fd 3 ArteFact Partners Global L/S Equity Fd 4 Augustus Absolute Return (AU) Ausbil Aust Geared Equity Ausbil Inv Trust Aust Active Equity 30/06/ % 72.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% APN0003AU 30/06/ % 0.00% 0.00% 0.00% 82.20% 0.00% 0.00% 15.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 83.40% 0.00% 0.00% 10.00% 0.00% 1.20% APN0005AU 30/06/ % 0.00% 0.00% 0.00% 16.18% 0.00% 0.00% 82.46% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 26.46% 0.00% 0.00% 71.19% 0.00% 0.00% APN0006AU 30/06/ % 0.00% 0.00% 0.00% 38.83% 0.00% 0.00% 59.87% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 46.95% 0.00% 0.00% 49.82% 0.00% 0.00% APN0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% APN0001AU 30/06/ % 0.00% 0.00% 0.00% 69.94% 0.00% 0.00% 26.71% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 77.71% 0.00% 0.00% 15.96% 0.00% 0.00% APN0004AU 30/06/ % 0.00% 0.00% 0.00% 72.40% 0.00% 0.00% 22.99% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 81.92% 0.00% 0.00% 14.35% 0.00% 0.00% MAQ0477AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.10% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0464AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.60% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.62% 0.00% 0.00% 0.00% MAQ0079AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.60% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.62% 0.00% 0.00% 0.00% PER0362AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 26.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 44.70% 0.00% 0.00% 21.30% PER0363AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 26.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 44.70% 0.00% 0.00% 21.30% PER0396AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 26.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 44.70% 0.00% 0.00% 21.30% PER0435AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 26.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 44.70% 0.00% 0.00% 21.30% AFM0002AU 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AAP0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.71% 0.00% 0.00% 0.00% 0.00% AAP0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.71% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.85% 0.00% 0.00% 0.00% 0.00% 28

31 Investment name APIR As at Cash Australian fixed interest Ausbil Inv Trust Aust Emerging Leaders Aust Unity W/s High Yield Mortgage Trst Australian Ethical Equities Trust Australian Ethical Large Companies Share Australian Unity Intech High Opportunities Trust Australian Unity Platypus Aust Eq Wsale Australian Unity Prop Sec Fd Ord Units Australian Unity Wh Defined Income Trust Australian Unity Wsale Mortgage Income Australian Unity Wsale Property Income AXA Australian Income AXA Wholesale Global Equity Core AXA Wsale Aust Equity Industrial AXA Wsale Aust. Monthly Income AXA Wsale Australian Equity Value AXA Wsale Australian Income AXA Wsale Australian Property AXA Wsale Global Equity Growth AXA Wsale Global Equity Value Basis Aust-Rim Diversified fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other AAP0104AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.49% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.44% 0.00% 0.00% 0.00% 0.00% AUS0005AU 30/06/ % 0.00% 0.00% 89.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 87.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AUG0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 64.11% 26.35% 0.00% 0.00% 0.63% 30/06/ % 0.00% 0.00% 0.00% 0.00% 67.50% 22.70% 0.00% 0.00% 0.00% AUG0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 61.01% 33.97% 0.00% 0.00% 0.62% 30/06/ % 0.00% 0.00% 0.00% 0.00% 63.60% 31.10% 0.00% 0.00% 0.00% AUS0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.09% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.54% 0.00% 0.00% 0.00% AUS0030AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 90.38% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.33% 0.00% 0.00% 0.00% 0.00% GEM0111AU 30/06/ % 0.00% 0.00% 0.00% 84.75% 0.00% 0.00% 13.85% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 92.52% 0.00% 0.00% 5.25% 0.00% 0.00% SBC0006AU 30/06/ % 27.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 34.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AUS0116AU 30/06/ % 0.00% 0.00% 81.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 80.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% YOC0100AU 30/06/ % 0.00% 0.00% 0.00% 26.86% 0.00% 0.00% 72.81% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 42.15% 0.00% 0.00% 53.73% 0.00% 0.00% NML0010AU 30/06/ % 31.92% 0.00% 43.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 28.91% 0.00% 60.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NMF0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.92% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.02% 0.00% 0.00% 0.00% NML0143AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.21% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.35% 0.00% 0.00% 0.00% 0.00% NML0316AU 30/06/ % 15.61% 0.00% 64.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 19.33% 0.00% 68.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NML0061AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.42% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.46% 0.00% 0.00% 0.00% 0.00% NML0257AU 30/06/ % 31.92% 0.00% 43.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 28.91% 0.00% 60.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% NML0001AU 30/06/ % 0.00% 0.00% 0.00% 7.62% 0.00% 0.00% 80.79% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 84.20% 0.00% 0.00% NML0318AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.53% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.12% 0.00% 0.00% 0.00% NML0348AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.61% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.00% 0.00% 0.00% 0.00% BCF0100AU 30/06/ % 1.06% 27.04% 0.00% 0.00% 1.85% 0.00% 0.00% 0.00% 44.00% 30/06/ % 8.65% 62.85% 0.00% 0.00% 0.24% 1.06% 0.00% 0.00% 27.20% Basis Yield BCF0001AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Becton Diversified Property BGI Australian Equity Index BGI Australian Fixed Interest Index BGI Australian Share BGI Diversified Growth 30/06/ % 1.94% 41.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 56.07% BEC0001AU 30/06/ % 0.00% 0.00% 0.00% 1.70% 0.00% 0.00% 88.40% 0.00% 3.60% 30/06/ % 0.00% 0.00% 0.00% 5.40% 0.00% 0.00% 82.50% 0.00% 7.21% BGL0034AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% BGL0105AU 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% BAR0814AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% BAR0813AU 30/06/ % 12.93% 6.58% 0.00% 4.67% 31.89% 27.30% 0.00% 0.00% 8.43% 30/06/ % 15.48% 2.12% 0.00% 4.66% 31.76% 25.71% 0.00% 0.00% 7.53% 29

32 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest BGI Diversified Stable BGI Global Markets BGI Share BGI Intl Equity Index BGI Intl Fixed Interest Index BGI Property Securities Index BGI Hedged Share BlackRock Asset Alloc Alpha Class D BlackRock Aust Quant Strat Fd Cl D BlackRock Combined Prop Income Class D Units BlackRock Diversified Credit BlackRock Global Allocation BlackRock Global Small Cap Class D BlackRock Global Titans Class D BlackRock Hedged Global Small Cap Class D BlackRock Hedged Global Titans Class D Blackrock Long-Short Active Capital BlackRock Monthly Income Class D BlackRock Property Securities Class D BlackRock Wholesale Balanced BlackRock Wsale Aust Share BlackRock Wsale Intl Share BlackRock Wsale Managed Income BT Global Return BT Institutional Enhanced Cash fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other BAR0811AU 30/06/ % 29.37% 10.91% 0.00% 4.79% 13.38% 8.03% 0.00% 0.00% 8.44% 30/06/ % 31.60% 6.27% 0.00% 4.75% 13.36% 7.43% 0.00% 0.00% 7.62% BGL0045AU 30/06/ % -7.80% 19.36% 0.00% 0.00% % 2.15% 0.00% 0.00% 0.00% 30/06/ % 6.41% -6.70% 0.00% 0.00% 0.63% -3.38% 0.00% 0.00% 0.00% BAR0817AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% BGL0106AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% BGL0107AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% BGL0108AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% BGL0109AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% MAL0030AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAL0013AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.66% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.13% 0.00% 0.00% 0.00% 0.00% MAL0008AU 30/06/ % 0.00% 0.00% 0.00% 34.52% 0.00% 0.00% 61.70% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 47.17% 0.00% 0.00% 47.41% 0.00% 0.00% MAL0011AU 30/06/ % 54.35% 37.17% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 37.52% 54.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAL0018AU 30/06/ % 0.55% 34.87% 0.00% 0.00% 0.76% 53.46% 0.00% 0.00% 0.00% 30/06/ % 0.00% 30.41% 0.00% 0.00% 1.11% 52.80% 0.00% 0.00% 0.00% MAL0133AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.89% 90.86% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 1.49% 91.75% 0.00% 0.00% 0.00% MAL0134AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.76% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% MAL0135AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.89% 90.86% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 1.49% 91.75% 0.00% 0.00% 0.00% MAL0136AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.76% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% MAL0035AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MAL0012AU 30/06/ % 21.72% 69.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 19.03% 74.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAL0151AU 30/06/ % 0.00% 0.00% 0.00% 95.93% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.47% 0.00% 0.00% 0.00% 0.00% 0.00% PWA0822AU 30/06/ % 15.76% 6.10% 0.00% 5.00% 37.35% 26.20% 0.80% 0.00% 0.00% 30/06/ % 13.67% 9.49% 0.00% 4.68% 37.27% 27.01% 2.64% 0.00% 0.00% PWA0823AU 30/06/ % 0.00% 0.00% 0.00% 0.10% 98.48% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.51% 0.00% 0.00% 0.00% 0.00% PWA0824AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 93.76% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% PWA0821AU 30/06/ % 67.65% 0.00% 0.00% 0.00% 17.86% 0.00% 4.87% 0.00% 0.00% 30/06/ % 63.37% 0.00% 0.00% 0.00% 21.76% 0.00% 11.80% 0.00% 0.00% RFA0028AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% WFS0377AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30

33 Investment name APIR As at Cash Australian fixed interest BT Institutional Managed Cash BT Wholesale Asian Share BT Wholesale Property Securities BT Wholesale Technology BT Wsale Active Balanced BT Wsale Australian Share BT Wsale Australian Small Company BT Wsale Balanced Returns BT Wsale Conservative Outlook BT Wsale Core Australian Share BT Wsale Core Global Share BT Wsale Ethical Share BT Wsale European Share BT Wsale Fixed Interest BT Wsale Future Goals BT Wsale Imputation BT Wsale Intl Share BT Wsale Property Investment BT Wsale Smaller Companies BT Wsale Tax Effective Income BT Wsale Value Global Share Centro Dir Property Centro Direct Property CFS 452 Wsale Aust. Share CFS Acadian Global Equity fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other WFS0245AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% BTA0054AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.77% 0.00% 0.00% 0.00% BTA0061AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% BTA0158AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.90% 0.00% 0.00% 0.00% RFA0815AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 16.54% 4.55% 0.00% 6.16% 37.60% 23.33% 2.90% 8.50% 0.00% BTA0055AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.03% 0.00% 0.00% 0.00% 0.00% BTA0240AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.10% 0.00% 0.00% 0.00% 0.00% BTA0806AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 16.96% 4.48% 0.00% 4.88% 31.25% 20.97% 2.80% 8.00% 0.00% BTA0805AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 34.07% 13.20% 0.00% 3.36% 14.41% 10.30% 1.90% 6.00% 0.00% RFA0818AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.14% 0.00% 0.00% 0.00% 0.00% RFA0821AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.93% 0.00% 0.00% 0.00% RFA0025AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.76% 0.00% 0.00% 0.00% 0.00% BTA0124AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.90% 0.00% 0.00% 0.00% RFA0813AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 99.85% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% BTA0125AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 7.97% 1.48% 0.00% 6.29% 43.42% 27.82% 2.80% 8.00% 0.00% RFA0103AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 4.45% 88.97% 0.00% 0.00% 0.00% 0.00% BTA0056AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.89% 0.00% 0.00% 0.00% RFA0817AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 89.97% 0.00% 0.00% 0.00% 0.00% 0.00% RFA0819AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.14% 0.00% 0.00% 0.00% 0.00% RFA0102AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 20.26% 0.00% 0.00% 16.22% 38.55% 0.00% 0.00% 0.00% 0.00% RFA0109AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.02% 0.00% 0.00% 0.00% MCS0001AU 30/06/ % 0.00% 0.00% 0.00% 0.61% 0.00% 0.00% 98.86% 0.00% 0.43% 30/06/ % 0.00% 0.00% 0.00% 2.49% 0.00% 0.00% 94.10% 0.00% 2.59% MCS0011AU 30/06/ % 0.00% 0.00% 0.00% 1.24% 0.00% 0.00% 98.20% 0.00% 0.31% 30/06/ % 0.00% 0.00% 0.00% 5.65% 0.00% 0.00% 91.77% 0.00% 1.72% FSF0079AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.32% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 91.45% 0.00% 0.00% 0.00% 0.00% FSF0710AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.03% 0.00% 0.00% 1.76% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.16% 0.00% 0.00% 0.00% CFS B&M CML0002AU 30/06/ % 31.84% 0.00% 68.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 32.48% 0.00% 67.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31

34 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest CFS Colliers Property Securities CFS Global Resources Long Short CFS Wholesale Index Property Securities CFS Wsale Global Health & Biotech CFS Wsale Aust Bond CFS Wsale Aust. Corporate Debt CFS Wsale Australian Share CFS Wsale Australian Share Core CFS Wsale Balanced CFS Wsale Conservative CFS Wsale Diversified CFS Wsale Fixed Interest Strategies CFS Wsale Geared Global Share CFS Wsale Geared Share CFS Wsale Global Credit Income CFS Wsale Global Diversified Strategies CFS Wsale Global Resources CFS Wsale Global Share CFS Wsale Global Tech & Comms CFS Wsale High Growth CFS Wsale Imputation CFS Wsale Income CFS Wsale PM Capital Aust Sh CFS Wsale Premium Cash CFS Wsale Property Securities CFS Wsale Small Companies Core fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other FSF0454AU 30/06/ % 0.00% 0.00% 0.00% 95.36% 0.00% 0.00% 0.00% 0.00% 1.36% 30/06/ % 0.00% 0.00% 0.00% 96.29% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0698AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 60.01% 0.00% 0.00% % 30/06/ % 0.00% 0.42% 0.00% 0.00% 26.88% 43.40% 0.00% 0.00% 0.00% CMI0105AU 30/06/ % 0.00% 0.00% 0.00% 98.88% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.33% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0146AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.03% 0.00% 0.00% 1.20% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.45% 0.00% 0.00% 0.00% FSF0027AU 30/06/ % 99.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 99.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0149AU 30/06/ % 90.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.45% 0.00% 0.00% 0.00% 0.00% CFM0404AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.01% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.17% 0.00% 0.00% 0.00% 0.00% FSF0040AU 30/06/ % 50.64% 0.00% 0.00% 4.04% 23.65% 19.36% 0.00% 0.00% 0.07% 30/06/ % 48.07% 0.00% 0.00% 4.53% 24.72% 19.17% 0.00% 0.00% 0.00% FSF0033AU 30/06/ % 53.48% 16.76% 0.00% 2.38% 16.52% 9.30% 0.00% 0.00% 0.04% 30/06/ % 63.01% 2.95% 0.00% 2.71% 16.26% 9.22% 0.00% 0.00% 0.00% FSF0008AU 30/06/ % 13.25% 11.40% 0.00% 5.97% 33.05% 28.08% 0.00% 0.00% 0.10% 30/06/ % 6.87% 17.71% 0.00% 6.42% 34.19% 26.79% 0.00% 0.00% 0.00% FSF0175AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % FSF0170AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.41% 0.00% 0.00% 3.66% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.65% 0.00% 0.00% 0.00% FSF0043AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 91.69% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.82% 0.00% 0.00% 0.00% 0.00% FSF0084AU 30/06/ % 37.08% 62.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 80.07% 15.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0176AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 94.84% FSF0038AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.99% 0.00% 0.00% -0.29% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.36% 0.00% 0.00% 0.00% FSF0047AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.87% 0.00% 0.00% 0.72% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.87% 0.00% 0.00% 0.00% FSF0143AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.16% 0.00% 0.00% 3.25% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.28% 0.00% 0.00% 0.00% FSF0498AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 48.04% 48.61% 0.00% 0.00% 0.28% 30/06/ % 0.00% 0.00% 0.00% 0.00% 48.48% 48.22% 0.00% 0.00% 0.00% FSF0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.38% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.42% 0.00% 0.00% 0.00% 0.00% FSF0139AU 30/06/ % 28.62% 17.32% 49.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 42.82% 4.33% 48.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0455AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.41% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.09% 0.00% 0.00% 0.00% 0.00% COM0024AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% FSF0004AU 30/06/ % 0.00% 0.00% 0.00% 96.69% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.32% 0.00% 0.00% 0.00% 0.00% CMI0111AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.40% 0.00% 0.00% 0.00% 0.01% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.87% 0.00% 0.00% 0.00% 0.00% 32

35 Investment name APIR As at Cash Australian fixed interest Challenger Global Infrastructure Challenger Howard Wsale Mortgage Challenger Select Aust Sh Wsale Challenger Wsale Asian Share Challenger Wsale Aust. Share Income Challenger Wsale Australian Share Challenger Wsale High Yield fund Challenger Wsale Hybrid Property Challenger Wsale Microcap Challenger Wsale MTM Intl Share Challenger Wsale Property Securities Challenger Wsale Smaller Companies Challenger Wsale Social Respon Sh Charter Hall Diversified Property Chifley Investment Australian Equities Chifley Investment Australian Fixed Income Chifley Investment Equities Chifley Investment Fixed Income Concord Australian Equity Credit Suisse Aust Smaller Comp Credit Suisse Aust. Fixed Interest Credit Suisse Australian Shares Credit Suisse Capital Growth Credit Suisse Capital Stable Credit Suisse Cash fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other HOW0031AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 96.59% 30/06/ % 0.00% 0.00% 0.00% 0.00% 11.77% 0.00% 0.00% 0.00% 84.78% HOW0005AU 30/06/ % 0.00% 0.00% 92.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 89.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% HOW0026AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.27% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.21% 0.00% 0.00% 0.00% 0.00% HBC0010AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.47% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.41% 0.00% 0.00% 0.00% HBC0011AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 81.74% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 72.27% 0.00% 0.00% 0.00% 0.00% PAM0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.62% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.82% 0.00% 0.00% 0.00% 0.00% HOW0141AU 30/06/ % 83.27% 2.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 97.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% HBC0013AU 30/06/ % 0.00% 0.00% 0.00% 36.42% 0.00% 0.00% 72.42% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 50.29% 0.00% 0.00% 61.37% 0.00% % HOW0027AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 81.63% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 83.83% 0.00% 0.00% 0.00% 0.00% HBC0012AU 30/06/ % 0.00% 0.00% 0.00% 0.00% -4.45% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.55% 89.76% 0.00% 0.00% 0.00% HBC0008AU 30/06/ % 0.00% 0.00% 0.00% 90.80% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 97.74% 0.00% 0.00% 0.00% 0.00% 0.00% HOW0016AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 84.67% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.83% 0.00% 0.00% 0.00% 0.00% HOW0121AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.06% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.56% 0.00% 0.00% 0.00% 0.00% CHF0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% CFS0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% CFS0005AU 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CFS0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% CFS0010AU 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0424AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.20% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.96% 0.00% 0.00% 0.00% 0.00% CSA0131AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 81.80% 0.00% 0.00% 0.00% 9.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.99% 0.00% 0.00% 0.00% 1.21% CRS0004AU 30/06/ % 95.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CRS0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.50% 0.00% 0.00% 0.00% 3.70% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.29% 0.00% 0.00% 0.00% 0.03% CRS0002AU 30/06/ % 8.27% 13.13% 0.00% 2.78% 41.89% 24.65% 0.00% 0.00% 7.89% 30/06/ % 11.03% 7.74% 0.00% 0.00% 39.87% 33.04% 0.00% 0.00% 6.30% CRS0001AU 30/06/ % 21.51% 6.80% 0.00% 8.11% 22.10% 9.56% 0.00% 0.00% 15.96% 30/06/ % 20.18% 5.57% 0.00% 3.45% 12.65% 17.13% 0.00% 0.00% 13.13% CRS0009AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 33

36 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Credit Suisse Fully Hdgd Int l Shares Credit Suisse Global Income Credit Suisse Global Private Equity Credit Suisse Intl Fixed Interest Credit Suisse Intl Share Credit Suisse Property Credit Suisse Syndicated Loan Credit Suisse Unhedged Int l Shares Credit Suisse/Tremont Strat Index Cromwell Property CSL Active Commodities Custom Choice Ws Boutique Aus Sh Pfolio Custom Choice Ws Inter Share Pfolio Custom Choice Wsale Aust Share Portfolio DDH Australian Equities DDH Global Fixed Interest Alpha Deutsche Income 5-Yr Diversified Fixed Interest AUD Class Units 5-Yr Diversified Fixed Interest NZD Class Units Dimensional Aust Large Company Trust Dimensional Aust Small Company Trust Dimensional Australian Core Equity Trust Dimensional Australian Value Trust Dimensional Emerging Markets Trust Dimensional Global Core Equity Trust Dimensional Global Large Company Trust fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other CSA0135AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 89.47% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.09% 0.00% 0.00% 0.00% CSA0038AU 30/06/ % 10.40% 80.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.60% 30/06/ % 11.45% 72.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CSA0042AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% CRS0006AU 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CRS0005AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.36% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.93% 0.00% 0.00% 0.00% CRS0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.80% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 94.68% 2.53% 0.00% 0.00% 0.00% 0.00% CSA0046AU 30/06/ % 0.00% 82.39% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 74.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.60% CSA0136AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.21% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.20% 0.00% 0.00% 0.00% CSA0065AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.15% CRM0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.17% 0.00% 1.16% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.10% 0.00% 0.00% MAQ0445AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 68.64% HOW0019AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.05% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.83% 0.00% 0.00% 0.00% 0.00% HOW0029AU 30/06/ % 0.00% 0.00% 0.00% 0.00% -4.45% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.55% 89.76% 0.00% 0.00% 0.00% HBC0113AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.03% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.59% 0.00% 0.00% 0.00% 0.00% DDH0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.38% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.65% 0.00% 0.00% 0.00% 0.00% DDH0007AU 30/06/ % 0.00% 99.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 84.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MGL0007AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 62.00% 0.00% 26.94% 0.00% 0.00% 0.00% 0.00% 0.00% 7.51% DFA0108AU 30/06/ % 0.00% 99.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 98.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% DFA0001AU 30/06/ % 0.00% 99.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 98.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% DFA0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.34% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.73% 0.00% 0.00% 0.00% 0.00% DFA0104AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.05% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.70% 0.00% 0.00% 0.00% 0.00% DFA0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.43% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.55% 0.00% 0.00% 0.00% 0.00% DFA0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.35% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.88% 0.00% 0.00% 0.00% 0.00% DFA0107AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.44% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.44% 0.00% 0.00% 0.00% DFA0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.02% 98.87% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.24% 98.74% 0.00% 0.00% 0.00% DFA0105AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 3.06% 96.54% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 2.61% 96.90% 0.00% 0.00% 0.00% 34

37 Investment name APIR As at Cash Australian fixed interest Dimensional Global Real Estate Trust Dimensional Global Small Company Trust Dimensional Global Value Trust Dimensional Short Term Fixed Int Trust Dimensional Two-Year Div Fixed Int Trust Diversified Investment Strategy No.2 Diversified Investment Strategy No.3 Diversified Investment Strategy No.4 Diversified Investment Strategy No.5 Donaldson Burston THS Partners Global Equity DWS Global Equity Agribusiness DWS Global Equity Thematic Fully Hedged DWS Global Equity Thematic DWS Strategic Value EII Global Property Eley Griffiths Group Small Companies Emerging Resources Company Share EQT Intrinsic Value EQT Intrinsic Value Sharemarkets Plus EQT PIMCO Wholesale Global Bond EQT PIMCO Wsale Divers Fixed Int EQT SGH LaSalle Global Property Securities EQT Sgh Wsale Absolute Return Trust EQT Wholesale High Income EQT Wsale Small Companies fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other DFA0005AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 45.42% 50.75% 0.00% 0.00% 0.00% DFA0106AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 3.76% 92.08% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 4.35% 94.57% 0.00% 0.00% 0.00% DFA0102AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 3.12% 93.59% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 2.29% 96.21% 0.00% 0.00% 0.00% DFA0100AU 30/06/ % 99.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 99.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% DFA0002AU 30/06/ % 0.00% 99.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 99.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% IPA0115AU 30/06/ % 9.60% 14.70% 0.00% 8.10% 30.70% 28.70% 0.00% 2.80% 0.00% IPA0116AU 30/06/ % 5.40% 7.80% 0.00% 7.70% 34.80% 37.30% 0.00% 3.30% 0.00% IPA0124AU 30/06/ % 0.00% 0.00% 0.00% 7.90% 39.00% 49.20% 0.00% 3.10% 0.00% IPA0055AU 30/06/ % 4.90% 12.60% 0.00% 13.80% 20.10% 20.30% 0.00% 22.50% 0.00% ETL0096AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 83.39% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 84.77% 0.00% 0.00% 0.00% MGL0019AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.78% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.69% 0.00% 0.00% 0.00% MGL0018AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.14% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.94% 0.00% 0.00% 0.00% MGL0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.14% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.94% 0.00% 0.00% 0.00% DEU0109AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 96.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.91% MAQ0463AU 30/06/ % 0.00% 0.00% 0.00% 87.70% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 90.07% 0.00% 0.00% 0.00% 0.00% 0.00% EGG0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 91.84% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 86.95% 0.00% 0.00% 0.00% 0.00% WPC0013AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 82.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.95% 0.00% 0.00% 0.00% 0.00% MMC0110AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.02% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.63% 0.00% 0.00% 0.00% ETL0057AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 55.25% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 85.51% 0.00% 0.00% 0.00% ETL0018AU 30/06/ % 5.36% 94.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 4.80% 95.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ETL0016AU 30/06/ % 43.77% 56.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 44.66% 55.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ETL0005AU 30/06/ % 0.00% 0.00% 0.00% 98.72% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 96.01% 0.00% 0.00% 0.00% 0.00% 0.00% ETL0030AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 76.93% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 87.70% 0.00% 0.00% 0.00% 0.00% ETL0120AU 30/06/ % 86.27% 0.00% 0.00% 0.00% 0.00% 0.00% 8.24% 0.00% 0.00% 30/06/ % 84.02% 0.00% 0.00% 0.00% 0.00% 0.00% 8.09% 0.00% 0.00% ETL0118AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.55% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.61% 0.00% 0.00% 0.00% 0.00% Fidelity America FID0009AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 90.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.20% 0.00% 0.00% 0.00% 35

38 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Fidelity Australian Equities fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other FID0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.20% 0.00% 0.00% 0.00% 0.00% Fidelity China FID0011AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.50% 0.00% 0.00% 0.00% Fidelity Global Equities 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 92.30% 0.00% 0.00% 0.00% FID0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 91.80% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.30% 0.00% 0.00% 0.00% Fidelity India FID0015AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.70% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.50% 0.00% 0.00% 0.00% Fidelity Japan FID0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% Fortis Australian Equity Fortis Concentrated Aust Equity Fortis Global Equity Fortis High Income Global Property Securities GMO Australian Equity Trust GMO Australian Small Companies Trust GMO Emerging Markets Trust GMO Global Equity Trust GMO Hedged Global Equity Trust Goldman Sachs JB Were Aust Infra Goldman Sachs JB Were Global Spectrum Goldman Sachs JB Were Multi Strategy IDPS Goldman Sachs JBWere Aust Equities WSale Goldman Sachs JBWere Diversified Growth Wsale Goldman Sachs JBWere Emerging Leaders Goldman Sachs JBWere Emerging Leaders Wsale Goldman Sachs JBWere Enhanced Income Wsale Fd Goldman Sachs JBWere Glb Alpha Fnd Goldman Sachs JBWere Glob Health & Biotech Wsale Goldman Sachs JBWere Global Flex 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.90% 0.00% 0.00% 0.00% ARO0011AU 30/06/ % 0.00% 0.00% 0.00% 4.42% 94.28% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 5.23% 93.44% 0.00% 0.00% 0.00% 0.00% ARO0015AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.77% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.74% 0.00% 0.00% 0.00% 0.00% ARO0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 1.63% 95.55% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 2.66% 96.46% 0.00% 0.00% 0.00% ARO0014AU 30/06/ % 0.00% 0.00% 0.00% 73.46% 21.88% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 53.62% 29.38% 0.00% 0.00% 0.00% 0.00% GMO0100AU 30/06/ % 0.00% 0.00% 0.00% 6.97% 91.46% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 11.59% 87.11% 0.00% 0.00% 0.00% 0.00% GMO0101AU 30/06/ % 0.00% 0.00% 0.00% 5.05% 93.39% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 12.73% 86.05% 0.00% 0.00% 0.00% 0.00% GMO0102AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.70% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.60% 0.00% 0.00% 0.00% GMO0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.00% 0.00% 0.00% 0.00% GMO0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.00% 0.00% 0.00% 0.00% JBW0030AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.78% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.13% 0.00% 0.00% 0.00% 0.00% JBW0034AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 47.56% JBW0026AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % JBW0009AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.28% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.35% 0.00% 0.00% 0.00% 0.00% JBW0017AU 30/06/ % 23.80% 4.30% 0.00% 3.90% 42.00% 24.10% 0.00% 0.00% 0.00% 30/06/ % 21.83% 3.87% 0.00% 3.93% 39.88% 26.69% 0.00% 0.00% 0.00% JBW0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.37% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.98% 0.00% 0.00% 0.00% 0.00% JBW0010AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.37% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.98% 0.00% 0.00% 0.00% 0.00% JBW0018AU 30/06/ % 93.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 94.86% 0.00% 0.00% 0.00% -3.19% 0.00% 0.00% 0.00% 0.00% JBW0025AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % JBW0111AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.40% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.75% 0.00% 0.00% 0.00% JBW0027AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.13% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.44% 0.00% 0.00% 0.00% 36

39 Investment name APIR As at Cash Australian fixed interest Goldman Sachs JBWere Global Small Co Wsale Goldman Sachs JBWere Global Technology Wsale Fd Goldman Sachs JBWere Hedged Global Flex Goldman Sachs JBWere Hedged Global Small Co Wsale Goldman Sachs JBWere Hedged Int Wsale Goldman Sachs JBWere Income Plus Wsale Goldman Sachs JBWere Intl Wsale Goldman Sachs JBWere Leaders Goldman Sachs JBWere Prop Securities WSale Fd Great Southern Rural Opportunities GSJBW Core Plus Australian Fixed Income Ord GVI Global Industrial Share HFA Accelerator Plus Limited HFA Australia Shares Wholesale HFA Diversified Inv (WSale Hedged Units) fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other JBW0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.48% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.21% 0.00% 0.00% 0.00% JBW0112AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.10% 0.00% 0.00% 0.00% JBW0028AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.13% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.44% 0.00% 0.00% 0.00% JBW0020AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.48% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.21% 0.00% 0.00% 0.00% JBW0021AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.40% 0.00% 0.00% 0.00% JBW0016AU 30/06/ % 51.65% 7.74% 0.00% 6.78% 0.00% 0.00% 0.00% 0.00% 6.73% 30/06/ % 47.32% 7.74% 0.00% 8.13% 0.00% 0.00% 0.00% 0.00% 0.00% JBW0014AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.40% 0.00% 0.00% 0.00% JBW0011AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.33% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.44% 0.00% 0.00% 0.00% 0.00% JBW0108AU 30/06/ % 0.00% 0.00% 0.00% 96.33% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 97.38% 0.00% 0.00% 0.00% 0.00% 0.00% RFM0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 86.00% JBW0038AU 30/06/ % 67.18% 10.48% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% TGP0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 83.49% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 89.10% 0.00% 0.00% 0.00% HFL0003AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a HFL0002AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a HFL0104AU 30/06/ % 0.00% 23.50% 0.00% 0.00% 0.10% 50.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 24.60% 0.00% 0.00% 0.80% 54.30% 0.00% 0.00% 0.00% HFA Equities HFL0101AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a HFA Shares HFL0108AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 48.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 88.70% 0.00% 0.00% 0.00% HFA Partners HFL0007AU 30/06/ % 0.00% 31.50% 0.00% 0.00% 0.00% 47.30% 0.00% 0.00% 0.00% Hunter Hall Global Ethical Trust Hunter Hall Value Growth Trust Hyperion Australian Growth Companies Hyperion Small Growth Companies 30/06/ % 0.00% 36.90% 0.00% 0.00% 0.00% 53.40% 0.00% 0.00% 0.00% HHA0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 72.74% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 88.55% 0.00% 0.00% 0.00% HOW0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 18.93% 61.37% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 13.61% 79.18% 0.00% 0.00% 0.00% BNT0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.49% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.32% 0.00% 0.00% 0.00% 0.00% BNT0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.95% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.33% 0.00% 0.00% 0.00% 0.00% Income-Plus BEG0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 3.00% 0.00% 0.00% 0.00% 47.00% ING Blue Chip Imputation Trust ING Diversified High Yield Trust Wsale Units 30/06/ % 0.00% 0.00% 0.00% 0.00% 8.00% 16.00% 0.00% 0.00% 45.00% MMF0012AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.90% 0.00% 0.00% 0.00% 0.00% MMF0708AU 30/06/ % 92.60% 7.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 79.80% 12.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 37

40 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest ING Enhanced Cash ING Resource Opportunities Trust ING Tax Effective Income Trust ING Wholesale Capital Stable Trust ING Wholesale Global High Dividend ING Wholesale Global Prop Sec ING Wsale Australian Share Trust ING Wsale Balanced Trust ING Wsale Blue Chip Imputation ING Wsale Diversified Fixed Interest ING Wsale Emerging Companies Trust ING Wsale Fixed Interest Trust ING Wsale Global Emerging Markets Share Trust ING Wsale Global Share ING Wsale High Growth ING Wsale Managed Growth Trust ING Wsale Select Leaders Trust Intech Intl High Opportunities Trust Integrity Australian Share Invesco Wholesale Asian Share Invesco Wholesale Australian Share Invesco Wholesale Global Property Securities Invesco Wsale Aust Smaller Co Invesco Wsale Global Fixed Interest Invesco Wsale Global Matrix fund Hedged Invesco Wsale Global Matrix Unhedged fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MMF0341AU 30/06/ % 94.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 94.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MMF0064AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.10% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 0.00% AJF0003AU 30/06/ % 30.90% 0.50% 0.00% 22.60% 41.50% 0.00% 0.00% 0.00% 0.00% 30/06/ % 23.00% 0.40% 0.00% 28.60% 40.40% 0.00% 0.00% 0.00% 0.00% MMF0114AU 30/06/ % 35.30% 7.00% 0.00% 1.30% 13.20% 1.80% 0.00% 0.00% 0.60% 30/06/ % 22.80% 8.70% 0.00% 3.10% 15.60% 2.70% 0.00% 0.00% 0.00% HML0014AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 6.80% 88.20% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 8.00% 87.10% 0.00% 0.00% 0.00% HML0016AU 30/06/ % 0.00% 0.00% 0.00% 90.50% 0.00% 0.00% 0.00% 0.00% 4.20% 30/06/ % 0.00% 0.00% 0.00% 88.40% 0.00% 0.00% 0.00% 0.00% 0.00% AJF0804AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 0.00% AJF0802AU 30/06/ % 17.40% 1.10% 0.00% 3.10% 37.80% 18.60% 0.00% 0.00% 3.70% 30/06/ % 14.50% 2.80% 0.00% 6.70% 37.00% 23.70% 0.00% 0.00% 0.00% MMF0340AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.90% 0.00% 0.00% 0.00% 0.00% ANZ0212AU 30/06/ % 55.00% 45.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 53.00% 47.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MMF0112AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 0.00% MMF0075AU 30/06/ % 99.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 96.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MMF0275AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.70% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.20% 0.00% 0.00% 0.00% MMF0343AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.80% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.90% 0.00% 0.00% 0.00% MMF0342AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 51.50% 47.80% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 48.60% 50.10% 0.00% 0.00% 0.00% MMF0115AU 30/06/ % 12.80% 1.60% 0.00% 6.00% 39.30% 24.00% 0.00% 0.00% 5.20% 30/06/ % 9.60% 2.80% 0.00% 12.20% 37.30% 29.00% 0.00% 0.00% 0.00% ANZ0216AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.70% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.10% 0.00% 0.00% 0.00% 0.00% INT0069AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% ITG0001AU 30/06/ % 0.00% 0.00% 0.00% 2.10% 94.63% 0.00% 0.00% 0.00% 0.00% GTU0009AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.20% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.73% 0.00% 0.00% 0.00% CNA0811AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.91% 0.00% 0.00% 0.00% 0.00% GTU0041AU 30/06/ % 0.00% 0.00% 0.00% 79.10% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 79.70% 0.00% 0.00% 0.00% 0.00% 0.00% CNA0812AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.54% 0.00% 0.00% 0.00% 0.00% GTU0021AU 30/06/ % 0.00% 98.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 86.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% GTU0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 92.14% 0.00% 0.00% 0.00% GTU0102AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.30% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.74% 0.00% 0.00% 0.00% 38

41 Investment name APIR As at Cash Australian fixed interest Investors Mutual Australian Share Investors Mutual Australian Smaller Companies Investors Mutual Future Leaders Investors Mutual Industrial Share Investors Mutual Small Cap Investors Mutual Value & Income JANA Australian Share Long Short Trust JANA Global Share Long Short Trust K2 Asian Absolute Return K2 Australian Absolute Return K2 Select ARF Kinetic Wsale Emerging Companies Kinetic Wsale Small Companies (CNA) Lazard Australian Equity W Class Lazard Global Equity (ex Australia) I Class Lazard Global Small Cap W Class Lazard Select Australian Equity W Class Legg Mason Australian Bond Trust Legg Mason Australian Credit Trust Legg Mason Australian Equity Trust Legg Mason Diversified FI Trust Legg Mason Diversified Trust Legg Mason Property Securities Trust Legg Mason Tactical Allocation Trust Legg Mason Wholesale Defensive Trust Leveraged Investment Companies fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other IML0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 90.40% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.04% 0.00% 0.00% 0.00% 0.00% IML0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.33% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 87.72% 0.00% 0.00% 0.00% 0.00% IML0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 86.06% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.69% 0.00% 0.00% 0.00% 0.00% IML0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 89.74% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 91.35% 0.00% 0.00% 0.00% 0.00% IML0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 80.14% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 63.81% 0.00% 0.00% 0.00% 0.00% IML0005AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 43.80% 38.90% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 46.10% 34.40% 0.00% 0.00% 0.00% MLC0672AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MLC0673AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% KAM0100AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 3.40% 31.70% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 17.00% 38.40% 0.00% 0.00% 0.00% KAM0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 35.70% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 69.70% 0.00% 0.00% 0.00% 0.00% ETL0046AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 8.50% 34.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 16.90% 49.60% 0.00% 0.00% 0.00% HOW0036AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.28% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.36% 0.00% 0.00% 0.00% 0.00% HBC0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.53% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.06% 0.00% 0.00% 0.00% 0.00% LAZ0010AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.64% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.30% 0.00% 0.00% 0.00% 0.00% LAZ0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.03% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.03% 0.00% 0.00% 0.00% LAZ0012AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.75% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.16% 0.00% 0.00% 0.00% LAZ0013AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.57% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.15% 0.00% 0.00% 0.00% 0.00% SSB0122AU 30/06/ % 98.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 95.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SSB0123AU 30/06/ % 98.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 99.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SSB0125AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.52% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.60% 0.00% 0.00% 0.00% 0.00% JPM0018AU 30/06/ % 54.87% 44.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 51.88% 48.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% JPM0008AU 30/06/ % 11.42% 11.45% 0.00% 9.56% 36.44% 22.91% 0.00% 0.00% 3.49% 30/06/ % 20.86% 9.75% 0.00% 9.84% 28.28% 25.01% 0.00% 0.00% 0.00% SSB0128AU 30/06/ % 0.00% 0.00% 0.00% 97.05% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.70% 0.00% 0.00% 0.00% 0.00% 0.00% SSB0130AU 30/06/ % 35.00% 0.00% 0.00% 0.00% 65.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% SSB0001AU 30/06/ % 30.60% 30.87% 0.00% 4.49% 12.02% 7.84% 0.00% 0.00% 0.00% 30/06/ % 34.80% 27.50% 0.00% 4.88% 9.56% 7.98% 0.00% 0.00% 0.00% BEG0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 39

42 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Life Settlements Wholesale LM Wholesale Mortgage Income Fd 12 mths LM Wsale Mortgage Income Macarthur Cook Diversified Prop Income Macquarie Aust Small Caps Incentive Macquarie Aust Smaller Companies Macquarie Australian Equity Income (formerly MQ Buy Write ) Macquarie Direct Property Macquarie Direct Property No. 11 East Coast Port Macquarie Diversified Private Equity Accumulation 2003 Macquarie Diversified Private Equity Accumulation 2004 Macquarie Diversified Private Equity Pension 2003 Macquarie Diversified Treasury (AA) No1 Macquarie Diversified Treasury No.1 Macquarie Enhanced Resource & Commodity Securities Series 3 Macquarie Enhanced Resource & Commodity Securities Series 4 Macquarie Equinox Limited Class B Shares Macquarie Equinox Limited Class C Shares Macquarie Fortress Macquarie Global Infrastructure Trust Macquarie Global Infrastructure Trust II Macquarie Global Private Equity Sec Macquarie Global Prop Sec Hedged Macquarie Globalis BRIC Adv Hedged fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other LFS0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % LMI0008AU 30/06/ % 0.00% 0.00% 95.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 94.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% LMI0007AU 30/06/ % 0.00% 0.00% 95.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 94.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MCK0002AU 30/06/ % 0.00% 0.00% 0.00% 65.94% 0.00% 0.00% 26.34% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 38.17% 0.00% 0.00% 48.08% 0.00% 3.42% MAQ0479AU 30/06/ % 0.00% 0.00% 0.00% 3.20% 96.65% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0454AU 30/06/ % 0.00% 0.00% 0.00% 3.20% 96.65% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0452AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0448AU 30/06/ % 0.00% 0.00% 0.00% 2.73% 0.00% 0.00% 93.02% 0.00% 2.63% 30/06/ % 0.00% 0.00% 0.00% 9.67% 0.00% 0.00% 83.64% 0.00% 4.74% MAQ0321AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.34% 0.00% 1.40% MAQ0282AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0322AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0283AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0312AU 30/06/ % 68.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 88.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0223AU 30/06/ % 73.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 87.45% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MBL0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MBL0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0001BM 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0002BM 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0352AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0222AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0353AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0447AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 88.02% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0436AU 30/06/ % 0.00% 0.00% 0.00% 88.63% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0473AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 40

43 Investment name APIR As at Cash Australian fixed interest Macquarie Globalis BRIC Adv Unhedged Macquarie Income Opportunities Macquarie Income Plus No 1 Macquarie Index- Linked Prop Sec Macquarie Infrastructure Securities Macquarie Martin Place Trust Macquarie Master Active Aust Equity Macquarie Master Alpha Plus Macquarie Master Aust Enhanced Equities Macquarie Master Balanced Macquarie Master Capital Stable Macquarie Master Cash Macquarie Master Cash Plus Macquarie Master Diversified Fixed Interest Macquarie Master Fixed Interest Macquarie Master Geared Growth Macquarie Master Imputation Macquarie Master Property Sec Macquarie Master Small Companies Macquarie Private Equity Trust Macquarie Private Equity Trust II Macquarie Property Income Macquarie Treasury Macquarie True Index Aust Fixed Interest Macquarie True Index Australian Shares fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MAQ0474AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 31.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% MAQ0277AU 30/06/ % 75.24% -2.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 63.95% -1.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0325AU 30/06/ % 81.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 81.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0431AU 30/06/ % 0.00% 0.00% 0.00% 97.99% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0432AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.74% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% MAQ0270AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.08% 0.00% 1.48% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.71% 0.00% 0.18% MAQ0062AU 30/06/ % 0.00% 0.00% 0.00% 4.90% 94.96% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0278AU 30/06/ % 0.00% 0.00% 0.00% 4.90% 94.98% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0057AU 30/06/ % 0.00% 0.00% 0.00% 6.52% 93.10% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0058AU 30/06/ % 19.25% 10.25% 0.00% 9.43% 25.83% 12.08% 0.00% 0.00% 12.41% 30/06/ % 15.97% 9.79% 0.00% 9.39% 29.31% 17.11% 0.00% 0.00% 11.91% MAQ0059AU 30/06/ % 29.41% 8.55% 0.00% 4.42% 8.58% 1.39% 0.00% 0.00% 4.21% 30/06/ % 28.30% 7.54% 0.00% 4.53% 10.76% 7.21% 0.00% 0.00% 4.03% MAQ0187AU 30/06/ % 8.88% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0060AU 30/06/ % 64.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 63.65% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0274AU 30/06/ % 32.45% 51.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 29.31% 4.36% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0061AU 30/06/ % 72.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 96.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0271AU 30/06/ % 0.00% 0.00% 0.00% 4.96% 95.04% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0086AU 30/06/ % 0.00% 0.00% 0.00% 4.96% 94.96% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0063AU 30/06/ % 0.00% 0.00% 0.00% 92.23% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0085AU 30/06/ % 0.00% 0.00% 0.00% 3.20% 96.65% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0104AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MAQ0269AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MAQ0300AU 30/06/ % 0.00% 0.00% 0.00% 88.40% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 90.47% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0055AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0211AU 30/06/ % 71.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 91.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0288AU 30/06/ % 0.00% 0.00% 0.00% 6.99% 92.91% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 41

44 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Macquarie True Index Global Bond Macquarie True Index Linked Aust Share Macquarie True Index Property Securities Macquarie Wrap Solutions Cash Account fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MAQ0266AU 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0455AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.91% 0.01% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0219AU 30/06/ % 0.00% 0.00% 0.00% 94.73% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0203AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Magellan Global MGE0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.78% 75.35% 0.00% 0.00% 0.00% Magellan Infrastructure Maple-Brown Abbott Divers Invest Trust Mariner Wholesale Mortgage Trust Maxim Property Securities MGE0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 24.22% 51.67% 0.00% 0.00% 0.00% MPL0001AU 30/06/ % 19.00% 0.00% 0.00% 5.00% 39.00% 20.00% 0.00% 3.00% 0.00% 30/06/ % 16.00% 0.00% 0.00% 6.00% 37.00% 21.00% 0.00% 2.00% 0.00% MRN0003AU 30/06/ % 0.00% 0.00% 77.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 60.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% COL0001AU 30/06/ % 0.00% 0.00% 0.00% 80.58% 0.00% 0.00% 12.42% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 88.41% 0.00% 0.00% 6.96% 0.00% 0.00% MCG Select Portfolio SLT0010AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mercer Australian Shares Plus Mercer Diversified Alternatives Mercer Growth Plus Mercer Income Plus MFS Global Equity Mirvac Aqua Enhanced Income Mirvac Aqua High Income Mirvac Aqua Income MLC Platinum Global MLC Wholesale Australian Share MLC Wholesale Global Share MLC Wholesale IncomeBuilder MLC Wholesale Property Securities MLC Wsale Aust Share Growth Style MLC Wsale Aust Share Value Style MLC Wsale Capital Intl Global Share MIN0020AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.53% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.93% 0.00% 0.00% 0.00% 0.00% MIN0026AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 98.97% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 99.63% MIN0021AU 30/06/ % 2.70% 7.79% 0.00% 4.80% 27.39% 26.52% 2.33% 0.00% 24.05% 30/06/ % 2.47% 7.41% 0.00% 8.09% 31.77% 31.34% 0.00% 0.00% 15.18% MIN0027AU 30/06/ % 16.02% 31.20% 0.00% 7.45% 3.88% 0.00% 9.10% 0.00% 22.34% 30/06/ % 10.00% 39.78% 0.00% 5.86% 6.00% 0.00% 9.13% 0.00% 24.11% MIA0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.17% 97.26% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.41% 98.10% 0.00% 0.00% 0.00% JFF0003AU 30/06/ % 0.00% 0.00% 46.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% JFF0001AU 30/06/ % 0.00% 0.00% 53.21% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 87.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% JFF0002AU 30/06/ % 0.00% 0.00% 71.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 85.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MLC0317AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.10% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.73% 0.00% 0.00% 0.00% MLC0262AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.99% 0.00% 0.00% 0.00% 0.00% MLC0261AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.70% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.71% 0.00% 0.00% 0.00% MLC0264AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.73% 0.00% 0.00% 0.00% 0.00% MLC0263AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.73% 0.00% 0.00% 0.00% 0.00% 0.00% MLC0623AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.97% 0.00% 0.00% 0.00% 0.00% MLC0624AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.10% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.95% 0.00% 0.00% 0.00% 0.00% MLC0316AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.90% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.69% 0.00% 0.00% 0.00% 42

45 Investment name APIR As at Cash Australian fixed interest MLC Wsale Global Share Value Style MLC Wsale Horizon 3 Cons Growth Pfolio MLC Wsale Horizon 4 Balanced Portfolio MLC Wsale Horizon 5 Growth Portfolio MLC Wsale Horizon 6 Share Portfolio MLC Wsale Horizon 7 Acclerated Gth Pfolio MMC Property Securities MMC Small Companies MMC Wholesale Australian Share Morgan Stanley Global Franchise MQ Asia Long Short MQ Multi-Strategy MQ Special Events Indirect MQ Term Plus MTP003 MQ Term Plus MTP004 Multiplex Diversified Property Multiplex Property Income Octavia Wsale Premium Income Fd 6 mth Octaviar Wsale Premium Income Fd 12 mth Octaviar Wsale Premium Income fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MLC0626AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.98% 0.00% 0.00% 0.00% MLC0398AU 30/06/ % 31.60% 18.00% 0.00% 2.80% 20.40% 24.10% 0.00% 0.00% 1.00% 30/06/ % 31.15% 17.75% 0.00% 2.90% 21.00% 24.60% 0.00% 0.00% 0.91% MLC0260AU 30/06/ % 15.70% 14.20% 0.00% 3.70% 30.40% 31.50% 0.00% 0.00% 3.30% 30/06/ % 15.30% 14.20% 0.00% 4.10% 30.70% 31.90% 0.00% 0.00% 2.90% MLC0265AU 30/06/ % 7.40% 8.00% 0.00% 3.00% 34.20% 43.50% 0.00% 0.00% 3.50% 30/06/ % 7.10% 7.70% 0.00% 3.00% 34.90% 43.90% 0.00% 0.00% 2.70% MLC0397AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 38.40% 55.10% 0.00% 0.00% 3.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 39.70% 57.00% 0.00% 0.00% 2.50% MLC0449AU 30/06/ % 0.00% 0.00% % 0.00% 50.00% 71.90% 0.00% 0.00% 2.80% 30/06/ % 0.00% 0.00% % 0.00% 52.40% 74.60% 0.00% 0.00% 2.50% MMC0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% AMS0100AU 30/06/ % 0.00% 0.00% 0.00% 0.35% 79.44% 1.41% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 2.49% 74.77% 5.82% 0.00% 0.00% 0.00% MMC0100AU 30/06/ % 0.00% 0.00% 0.00% 0.76% 45.19% 11.98% 0.00% 0.00% 6.60% 30/06/ % 0.00% 0.00% 0.00% 7.61% 30.47% 6.54% 0.00% 0.00% 0.00% MAQ0404AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.40% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.57% 0.00% 0.00% 0.00% MAQ0476AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 17.00% 83.00% 0.00% 0.00% 0.00% MAQ0453AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 47.00% 53.00% 0.00% 0.00% 0.00% MAQ0588AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MAQ0522AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0523AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MLP0001AU 30/06/ % 0.00% 0.00% 0.00% 75.50% 0.00% 0.00% 10.40% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 92.40% 0.00% 0.00% 7.30% 0.00% 0.00% MLP0002AU 30/06/ % 0.00% 0.00% 0.00% 11.00% 0.00% 0.00% 78.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 7.00% 0.00% 0.00% 91.00% 0.00% 0.00% MFS0011AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 13.00% 0.00% 31.00% 0.00% 0.00% 0.00% 0.00% 0.00% 43.00% MFS0010AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 13.00% 0.00% 31.00% 0.00% 0.00% 0.00% 0.00% 0.00% 43.00% MFS0009AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 13.00% 0.00% 31.00% 0.00% 0.00% 0.00% 0.00% 0.00% 43.00% OM IP 16eight MAN0024CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a OM-IP 130 Plus Series 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0001CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% OM-IP 140 PLUS MAN0014CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a OM-IP 15seven Limited 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0019CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% OM-IP Eclipse Limited MAN0026CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a OM-IP Hedge Plus 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAN0004CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 43

46 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest OM-IP MultiStrategy Limited OM-IP Strategic Limited OM-IP Strategic Series 4 OM-IP Strategic Series 6 OM-IP Strategic Series 7 OM-IP Strategic Series 8 OM-IP Strategic Series 9 OM-IP Stratum Limited Opis Capital Dynamic Eqt Fnd Opis Capital Premium Eqt Fnd Optimix Whol Geared Aust Share Class B Optimix Wholesale Balanced Trust Optimix Wsale Aust Share Trust Class A Optimix Wsale Australian Fixed Int Trust Optimix Wsale Australian Property Securities Trust Optimix Wsale Australian Share Trust Optimix Wsale Conservative Trust Optimix Wsale Enhanced Cash Trust Optimix Wsale Glb Shares Trust Class A Optimix Wsale Global Share Trust Optimix Wsale Global Smaller Companies Share Trust Optimix Wsale Growth Trust Optimix Wsale High Growth Trust Optimix Wsale Moderate Trust Opus Income & Capital No. 21 fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MAN0016CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0005CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0009CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0011CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0012CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0013CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0015CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0020CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% OPS0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 72.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 89.30% 0.00% 0.00% 0.00% 0.00% OPS0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 67.90% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.80% 0.00% 0.00% 0.00% 0.00% MMF0990AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% LEF0107AU 30/06/ % 11.00% 12.50% 0.00% 6.60% 33.60% 24.40% 0.00% 0.00% 1.00% 30/06/ % 10.70% 5.90% 0.00% 10.90% 35.40% 32.10% 0.00% 0.00% 0.00% LEF0043AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% LEF0104AU 30/06/ % 55.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 67.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% LEF0101AU 30/06/ % 0.00% 0.00% 0.00% 94.40% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 97.20% 0.00% 0.00% 0.00% 0.00% 0.00% LEF0102AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.60% 0.00% 0.00% 0.00% 0.00% LEF0108AU 30/06/ % 28.10% 15.70% 0.00% 3.60% 13.30% 11.70% 0.00% 0.00% 0.00% 30/06/ % 25.80% 8.60% 0.00% 8.00% 14.40% 16.30% 0.00% 0.00% 0.00% LEF0105AU 30/06/ % 10.20% 0.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 13.90% 0.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% LEF0047AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.40% 0.00% 0.00% 0.00% LEF0103AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.40% 0.00% 0.00% 0.00% LEF0173AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.90% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.60% 0.00% 0.00% 0.00% LEF0106AU 30/06/ % 6.70% 10.00% 0.00% 6.60% 41.70% 26.50% 0.00% 0.00% 1.00% 30/06/ % 5.80% 3.00% 0.00% 11.00% 43.60% 33.20% 0.00% 0.00% 0.00% LEF0100AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 55.00% 39.80% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 48.20% 51.80% 0.00% 0.00% 0.00% LEF0027AU 30/06/ % 21.70% 14.90% 0.00% 6.10% 23.20% 13.50% 0.00% 0.00% 0.90% 30/06/ % 18.80% 12.70% 0.00% 9.10% 25.60% 20.00% 0.00% 0.00% 0.00% OPU0001AU 30/06/ % 5.56% 0.00% 0.00% 0.00% 0.00% 0.00% 92.34% 0.00% 0.00% Orb Technology ORB0001BM 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 86.49% 0.00% 0.00% 0.00% 0.00% 13.51% 0.00% 0.00% 0.00% 44

47 Investment name APIR As at Cash Australian fixed interest Orchard Hybrid Property Ord Minnett Enhanced Income Ord Minnett Global Dynamic Ord Minnett hedged Global Dynamic Ord Minnett Premium Yield Orion Wsale Australian Share fund Patriot Australian Share Patriot Small Companies Pengana Absolute Return Real Estate Pengana Emerging Companies Pengana Property Securities Perennial Asian Shares Wsale Trust Perennial Aust Property Wsale Trust Perennial Balanced Wsale Trust Perennial Cash Enhanced Perennial Fixed Interest Wsale Trust Perennial Global Property Wsale Trust Perennial Growth Shares Wsale Trust Perennial Intl Shares Wsale Trust Perennial Value High Yield Shares Trust Perennial Value High Yield Shares Trust Perennial Value Shares Wsale Trust Perennial Value Shares Wsale Trust Perpetual Credit Enhanced Cash Perpetual Credit Enhanced Cash (AA) Perpetual Credit Income fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other SAI0001AU 30/06/ % 0.00% 0.00% 0.00% 35.00% 0.00% 0.00% 60.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 50.00% 0.00% 0.00% 48.00% 0.00% 0.00% ORD0005AU 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% ORD0007AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% ORD0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.50% 0.00% 0.00% 0.00% ORD0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 85.00% 30/06/ % 0.00% 9.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 87.00% HOW0020AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.83% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.41% 0.00% 0.00% 0.00% 0.00% PAT0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 90.10% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.41% 0.00% 0.00% 0.00% 0.00% PAT0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.32% 0.00% 0.00% 0.00% 0.00% PER0282AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% PER0270AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.27% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.88% 0.00% 0.00% 0.00% 0.00% PER0076AU 30/06/ % 0.00% 0.00% 0.00% 93.42% 0.21% 3.86% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 96.40% 0.00% 0.00% 0.00% 0.00% 0.00% IOF0203AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.91% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.33% 0.00% 0.00% 0.00% IOF0044AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.40% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 97.63% 0.00% 0.00% 0.00% 0.00% 0.00% IOF0104AU 30/06/ % 23.40% 8.00% 0.00% 9.20% 34.00% 22.30% 0.00% 0.00% 0.00% 30/06/ % 21.65% 7.08% 0.00% 9.10% 32.97% 22.32% 0.00% 0.00% 0.00% IOF0111AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% IOF0046AU 30/06/ % 96.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 95.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% IOF0081AU 30/06/ % 0.00% 0.00% 0.00% 99.10% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 98.87% 0.00% 0.00% 0.00% 0.00% 0.00% IOF0048AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.24% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.26% 0.00% 0.00% 0.00% 0.00% IOF0045AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.85% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 91.34% 0.00% 0.00% 0.00% IOF0078AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.90% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.40% 0.00% 0.00% 0.00% 0.00% IOF0078AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.40% 0.00% 0.00% 0.00% 0.00% IOF0206AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.30% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.95% 0.00% 0.00% 0.00% 0.00% IOF0206AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.95% 0.00% 0.00% 0.00% 0.00% PER0265AU 30/06/ % 72.18% 0.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 72.38% 0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0261AU 30/06/ % 60.78% 1.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 69.38% 0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0263AU 30/06/ % 73.19% 0.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 75.02% 1.54% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 45

48 46 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Perpetual Exact Market Cash Perpetual Structured Income Perpetual Whol Diversified Income Perpetual Wholesale Conservative Growth Perpetual Wholesale Intl Share Perpetual Wholesale Property Income Perpetual Wholesale Split Growth Perpetual Wsale Australian Perpetual Wsale Balanced Growth Perpetual Wsale Concentrated Equity Perpetual Wsale Diversified Growth Perpetual Wsale Ethical SRI Perpetual Wsale Geared Australian Fnd Perpetual Wsale Industrial Perpetual Wsale Monthly Income Perpetual Wsale Property Securities Perpetual Wsale Share-Plus Perpetual Wsale Smaller Companies Perpetual`s Inv Choice Small Companies Peters MacGregor Global fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other PER0258AU 30/06/ % 59.62% 0.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 69.38% 0.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0365AU 30/06/ % 82.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 83.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0260AU 30/06/ % 65.91% 2.14% 5.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 47.63% 3.00% 35.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0077AU 30/06/ % 40.38% 0.00% 3.55% 3.01% 14.17% 4.50% 0.26% 0.00% 0.01% 30/06/ % 31.39% 0.03% 2.98% 4.24% 17.77% 4.63% 0.34% 0.00% 0.02% PER0050AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.78% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.78% 0.00% 0.00% 0.00% PER0266AU 30/06/ % 0.00% 0.00% 0.00% 37.37% 0.00% 0.00% 55.00% 0.00% 3.78% 30/06/ % 0.00% 0.00% 0.00% 47.19% 0.00% 0.00% 47.88% 0.00% 3.76% PER0066AU 30/06/ % 0.00% 0.00% 0.00% 0.51% 35.92% 55.33% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.43% 32.90% 60.01% 0.00% 0.00% 0.00% PER0049AU 30/06/ % 0.00% 0.00% 0.00% 0.63% 95.70% 0.23% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 91.34% 0.30% 0.00% 0.00% 0.00% PER0063AU 30/06/ % 15.45% 0.00% 3.69% 3.29% 29.81% 23.46% 0.44% 0.00% 4.59% 30/06/ % 12.00% 0.03% 3.66% 4.95% 34.22% 24.64% 0.37% 0.00% 3.85% PER0102AU 30/06/ % 0.00% 0.00% 0.00% 1.21% 91.32% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.80% 89.53% 0.00% 0.00% 0.00% 0.00% PER0114AU 30/06/ % 30.53% 0.00% 3.65% 3.45% 16.50% 17.94% 0.38% 0.00% 0.03% 30/06/ % 23.29% 0.05% 3.55% 4.74% 21.90% 18.33% 0.38% 0.00% 0.03% PER0116AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.48% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 1.03% 88.50% 0.00% 0.00% 0.00% 0.00% PER0071AU 30/06/ % 0.00% 0.00% 0.00% 0.66% 99.09% 0.25% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.67% 0.33% 0.00% 0.00% 0.00% PER0046AU 30/06/ % 0.00% 0.00% 0.00% 1.32% 93.12% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 1.18% 90.34% 0.00% 0.00% 0.00% 0.00% PER0106AU 30/06/ % 2.72% -0.03% 57.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 3.34% 0.07% 50.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PER0070AU 30/06/ % 0.00% 0.00% 0.00% 97.63% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 96.01% 0.00% 0.00% 0.00% 0.00% 0.00% PER0072AU 30/06/ % 0.00% 0.00% 0.00% -0.95% 95.68% 0.27% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% -1.96% 92.36% 0.34% 0.00% 0.00% 0.00% PER0048AU 30/06/ % 0.00% 0.00% 0.00% 0.71% 96.51% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.91% 94.30% 0.00% 0.00% 0.00% 0.00% PER0039AU 30/06/ % 0.00% 0.00% 0.00% 0.64% 96.24% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.91% 93.25% 0.00% 0.00% 0.00% 0.00% WPC0002AU 30/06/ % 0.00% 0.16% 0.00% 0.00% 0.00% 75.95% 0.00% 0.00% 0.00% 30/06/ % 8.95% 4.30% 0.00% 0.00% 0.00% 80.20% 0.00% 0.00% 0.00% Platinum Asia PLA0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 73.00% 0.00% 0.00% 0.00% Platinum European Platinum Intl Brands 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 87.90% 0.00% 0.00% 0.00% PLA0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.20% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 86.00% 0.00% 0.00% 0.00% PLA0100AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 79.60% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.70% 0.00% 0.00% 0.00% Platinum Intl PLA0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 83.10% 0.00% 0.00% 0.00% Platinum Intl Technology 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 87.80% 0.00% 0.00% 0.00% PLA0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 76.10% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 87.00% 0.00% 0.00% 0.00% Platinum Japan PLA0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 86.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.20% 0.00% 0.00% 0.00%

49 Investment name APIR As at Cash Australian fixed interest Platinum Unhedged PM CAPITAL Absolute Performance PM CAPITAL Australian Opportunities PM CAPITAL Enhanced Yield Portfolio Partners Dividend Builder Portfolio Partners Elite Opportunities Trust Portfolio Partners Emerging Shares Trust Portfolio Partners High Growth Shares Trust Portfolio Partners Income Plus Growth Trust Portfolio Partners Listed Property Trust Portfolio Partners Premier Fixed Income Trust Portfolio Partners Shares Trust fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other PLA0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 83.10% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 90.10% 0.00% 0.00% 0.00% PMC0100AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% -1.80% % 0.00% 0.00% 0.00% PMC0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 78.80% 0.00% 0.00% 0.00% 0.00% PMC0103AU 30/06/ % 65.40% 0.00% 0.00% 0.00% 0.00% 3.50% 0.00% 0.00% 0.00% 30/06/ % 54.00% 0.00% 0.00% 0.00% 0.00% 1.70% 0.00% 0.00% 0.00% PPL0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.23% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.34% 0.00% 0.00% 0.00% 0.00% PPL0115AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.32% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.04% 0.00% 0.00% 0.00% 0.00% PPL0107AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 88.29% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.66% 0.00% 0.00% 0.00% 0.00% PPL0106AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 93.60% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.45% 0.00% 0.00% 0.00% 0.00% PPL0103AU 30/06/ % 35.47% 0.00% 0.00% 0.00% 37.58% 0.00% 0.00% 0.00% 25.53% 30/06/ % 35.47% 0.00% 0.00% 0.00% 40.38% 0.00% 0.00% 0.00% 21.33% NFS0209AU 30/06/ % 0.00% 0.00% 0.00% 92.34% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 95.85% 0.00% 0.00% 0.00% 0.00% 0.00% PPL0114AU 30/06/ % 55.06% 24.82% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.28% 30/06/ % 55.38% 30.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.90% PPL0104AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 87.68% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.65% 0.00% 0.00% 0.00% 0.00% Premium China MAQ0441AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 76.29% 0.00% 0.00% 0.00% Premium SAM Asia Property Prime Value Growth Prime Value Imputation Principal Global Strategic Income Principal Property Securities RCM Global Equities Real Estate Capital Partners Enhanced Income RREEF Global (ex Aust) Prop Sec RREEF Global Equity Opportunities RREEF Global Property Securities RREEF Paladin Property Securities Fnd Rubicon M & A Class B Units Rubicon M&A Class O Units 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% MAQ0574AU 30/06/ % 0.00% 0.00% 0.00% 13.11% 0.00% 0.85% 0.00% 0.00% 0.00% PVA0011AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 80.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.09% 0.00% 0.00% 0.00% 0.00% PVA0022AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 87.86% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.41% 0.00% 0.00% 0.00% 0.00% PGI0001AU 30/06/ % 10.17% 79.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 8.28% 87.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% PRE0001AU 30/06/ % 0.00% 0.00% 0.00% 98.05% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% THO0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.80% 0.00% 0.00% 0.00% TFG0001AU 30/06/ % 0.00% 0.00% 0.00% 54.80% 0.00% 0.00% 40.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 77.50% 0.00% 0.00% 22.00% 0.00% 0.00% MGL0010AU 30/06/ % 0.00% 0.00% 0.00% 95.44% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 91.53% 0.00% 0.00% 0.00% 0.00% 0.00% MGL0134AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 97.00% MGL0011AU 30/06/ % 0.00% 0.00% 95.79% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 92.29% 0.00% 0.00% 0.00% 0.00% 0.00% PAL0002AU 30/06/ % 0.00% 0.00% 0.00% 96.42% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 98.96% 0.00% 0.00% 0.00% 0.00% 0.00% RCP0007AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% RCP0001AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 47

50 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Russell Australian Opportunities Russell Australian Select Holdings Russell Australian Shares Class C Russell Australian Shares Class A Russell Balanced Russell Balanced Class C Russell Conservative Class A Russell Conservative Class C Russell Diversified 50 Class A Russell Diversified 50 Class C Russell Global Opportunities Russell Growth Class A Russell Growth Class C Russell High Growth Class C Russell Int Sh Fd $A Hedged Class C Russell Inter Shares (Hedged) Class A Russell Inter Shares Class A Russell Property Hedged Russell Shared Fd -Class C Sandhurst IML Industrial Share Schroder Australian Equity Schroder Balanced Schroder Fixed Income Schroder Gbl Active Value (Hedged) Schroder Global Emerging Markets Schroder Hybrid Securities fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other RIM0029AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% RIM0035AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% RIM0015AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% RIM0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% RIM0001AU 30/06/ % 15.00% 10.00% 0.00% 7.00% 32.00% 31.00% 0.00% 0.00% 2.00% 30/06/ % 14.88% 9.86% 0.00% 7.78% 32.29% 30.19% 0.00% 0.00% 2.91% RIM0011AU 30/06/ % 15.00% 10.00% 0.00% 7.00% 32.00% 31.00% 0.00% 0.00% 2.00% 30/06/ % 14.88% 9.86% 0.00% 7.78% 32.29% 30.19% 0.00% 0.00% 2.91% RIM0002AU 30/06/ % 25.00% 15.00% 0.00% 3.00% 15.00% 12.00% 0.00% 0.00% 0.00% 30/06/ % 24.95% 14.89% 0.00% 5.01% 15.11% 9.83% 0.00% 0.00% 0.00% RIM0012AU 30/06/ % 25.00% 15.00% 0.00% 3.00% 15.00% 12.00% 0.00% 0.00% 0.00% 30/06/ % 24.95% 14.89% 0.00% 5.01% 15.11% 9.83% 0.00% 0.00% 0.00% RIM0003AU 30/06/ % 22.00% 13.00% 0.00% 5.00% 23.00% 22.00% 0.00% 0.00% 0.00% 30/06/ % 22.01% 12.92% 0.00% 9.88% 19.84% 20.14% 0.00% 0.00% 0.00% RIM0013AU 30/06/ % 22.00% 13.00% 0.00% 5.00% 23.00% 22.00% 0.00% 0.00% 0.00% 30/06/ % 22.01% 12.92% 0.00% 9.88% 19.84% 20.14% 0.00% 0.00% 0.00% RIM0032AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% RIM0004AU 30/06/ % 6.80% 0.00% 0.00% 9.00% 42.00% 39.00% 0.00% 0.00% 2.10% 30/06/ % 6.66% 0.00% 0.00% 7.95% 42.07% 40.11% 0.00% 0.00% 2.73% RIM0014AU 30/06/ % 6.80% 0.00% 0.00% 9.00% 42.00% 39.00% 0.00% 0.00% 2.10% RIM0030AU 30/06/ % 0.00% 0.00% 0.00% 10.00% 46.00% 44.00% 0.00% 0.00% 0.00% RIM0017AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% RIM0009AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% RIM0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% RIM0031AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% RIM0016AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% STL0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.51% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 92.93% 0.00% 0.00% 0.00% 0.00% SCH0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.05% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.03% 0.00% 0.00% 0.00% 0.00% SCH0102AU 30/06/ % 15.20% 4.50% 0.00% 0.00% 31.08% 17.16% 0.00% 0.00% 16.96% 30/06/ % 15.40% 1.50% 0.00% 0.00% 37.00% 23.00% 0.00% 0.00% 11.00% SCH0028AU 30/06/ % 70.69% 20.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 54.30% 25.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SCH0032AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.31% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.67% 0.00% 0.00% 0.00% SCH0034AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.40% 0.00% 0.00% 0.00% SCH0103AU 30/06/ % 78.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 93.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 48

51 Investment name APIR As at Cash Australian fixed interest Schroder Wsale Australian Equity Fnd Select Alternatives Portfolio Select Defensive Portfolio fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other SCH0101AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.05% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.03% 0.00% 0.00% 0.00% 0.00% SLT0005AU 30/06/ % 0.00% 0.00% 0.00% 1.90% 4.90% 10.10% 8.90% 0.00% 61.80% 30/06/ % 0.00% 0.00% 0.00% 0.00% 15.40% 11.60% 7.20% 0.00% 52.60% SLT0001AU 30/06/ % 10.60% 18.00% 0.00% 2.00% 9.70% 16.70% 9.30% 0.00% 14.30% 30/06/ % 7.20% 4.10% 0.00% 0.00% 22.10% 16.10% 9.00% 0.00% 21.50% Select Gold SLT0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 19.00% 80.00% 0.00% 0.00% 0.00% Select Gottex Enhanced Market Neutral Select Gottex Market Neutral Select Growth Portfolio Select Private Equity Series 10 OM IP 220 Limited Series 11 OM-IP 220 Limited 30/06/ % 0.00% 0.00% 0.00% 0.00% 27.20% 70.10% 0.00% 0.00% 0.00% SLT0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % SLT0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % SLT0002AU 30/06/ % 1.50% 13.40% 0.00% 1.90% 16.30% 23.80% 7.00% 0.00% 17.20% 30/06/ % 1.30% 0.00% 0.00% 0.00% 29.90% 23.80% 6.50% 0.00% 20.50% SLT0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 10.00% 67.00% 0.00% 0.00% 35.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 34.45% 62.11% 0.00% 0.00% 5.63% MAN0021CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% MAN0025CK 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% SGH IC2E ETL0062AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 94.36% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 90.47% 0.00% 0.00% 0.00% 0.00% SGH20 ETL0042AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.87% 0.00% 0.00% 0.00% 0.00% Smallco Investment Spectrum Wholesale Enhanced Income SSgA Australian Equities Index Trust SSgA Australian Fixed Income Index Trust SSgA Australian Listed Prop Index Trust SSgA Equities Index Trust SSgA Intl Equities Index Hedged Trust Suncorp Wholesale Australian Equities Suncorp Wholesale Australian Fixed Interest Suncorp Wholesale Balanced Suncorp Wholesale Conservative Suncorp Wholesale Growth Suncorp Wholesale Imputation Suncorp Wholesale Property Securities 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.29% 0.00% 0.00% 0.00% 0.00% ASC0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 87.90% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.90% 0.00% 0.00% 0.00% 0.00% SAM0001AU 30/06/ % 98.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 98.55% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SST0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.92% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 99.92% 0.00% 0.00% 0.00% 0.00% SST0005AU 30/06/ % 98.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 97.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SST0007AU 30/06/ % 0.00% 0.00% 0.00% 99.81% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.83% 0.00% 0.00% 0.00% 0.00% 0.00% SST0013AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.81% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.93% 0.00% 0.00% 0.00% SST0022AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.81% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 99.93% 0.00% 0.00% 0.00% SUN0114AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.32% 0.00% 0.00% 0.00% 0.00% SUN0112AU 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% SUN0147AU 30/06/ % 31.19% 9.93% 0.00% 10.72% 24.99% 13.46% 0.00% 0.00% 4.54% 30/06/ % 30.01% 9.89% 0.00% 11.03% 24.77% 14.47% 0.00% 0.00% 4.82% SUN0111AU 30/06/ % 36.30% 9.90% 0.00% 7.97% 14.49% 4.56% 0.00% 0.00% 0.00% 30/06/ % 35.11% 9.87% 0.00% 10.15% 14.76% 5.15% 0.00% 0.00% 0.00% SUN0113AU 30/06/ % 10.29% 6.06% 0.00% 10.58% 45.21% 23.39% 0.00% 0.00% 3.71% 30/06/ % 10.01% 4.91% 0.00% 10.75% 44.67% 23.63% 0.00% 0.00% 3.68% SUN0118AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 96.10% 0.00% 0.00% 0.00% 0.00% SUN0116AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 95.98% 0.00% 0.00% 0.00% 0.00% 0.00% 49

52 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Suncorp Wsale Equities Fnd T.Rowe Price Global Equity fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other SUN0115AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.36% 0.00% 0.00% 0.00% ETL0071AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.50% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.00% 0.00% 0.00% 0.00% TAAM New Asia TGP0006AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 92.50% 0.00% 0.00% 0.00% Tankstream Property Investment Templeton Global Equity Tyndall Australian Share Wholesale Portfolio UBS Australian Bond UBS Australian Equity Income UBS Australian Share UBS Balanced Investment 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.30% 0.00% 0.00% 0.00% TNK0001AU 30/06/2008 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 30/06/ % 0.00% 0.00% 0.00% 10.00% 0.00% 0.00% 85.00% 0.00% 0.00% FRT0004AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.69% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.84% 0.00% 0.00% 0.00% TYN0028AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 97.13% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.16% 0.00% 0.00% 0.00% 0.00% SBC0813AU 30/06/ % 81.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.72% 30/06/ % 98.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% UBS0007AU 30/06/ % 0.00% 0.00% 0.00% 1.34% 91.04% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 81.30% 0.00% 0.00% 0.00% 0.00% SBC0817AU 30/06/ % 0.00% 0.00% 0.00% 3.99% 94.16% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 2.39% 93.15% 0.00% 0.00% 0.00% 0.00% SBC0815AU 30/06/ % 12.53% 4.06% 0.00% 6.60% 26.19% 36.66% 0.00% 0.00% 12.69% 30/06/ % 10.69% 10.27% 0.00% 7.00% 23.49% 45.22% 0.00% 0.00% 0.00% UBS Cash SBC0811AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% UBS Cash Plus SBC0812AU 30/06/ % 69.72% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.23% UBS Credit Enhanced Cash UBS Defensive Investment UBS Diversified Fixed Income UBS Emerging Companies UBS Global Infrastructure Sec UBS Global Property Securities UBS Hybrid Income 30/06/ % 69.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.78% UBS0102AU 30/06/ % 67.52% 11.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.26% 30/06/ % 62.28% 6.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.83% SBC0814AU 30/06/ % 27.32% 10.15% 0.00% 2.60% 8.07% 16.77% 0.00% 0.00% 11.46% 30/06/ % 20.72% 19.90% 0.00% 2.91% 7.26% 30.34% 0.00% 0.00% 0.00% SBC0007AU 30/06/ % 68.00% 32.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 51.00% 49.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% UBS0004AU 30/06/ % 0.00% 0.00% 0.00% 3.86% 88.96% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 11.91% 83.81% 0.00% 0.00% 0.00% 0.00% UBS0011AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 13.55% 80.93% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 14.74% 79.37% 0.00% 0.00% 0.00% UBS0008AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 86.08% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 9.83% 0.51% 86.63% 0.00% 0.00% 0.00% UBS0003AU 30/06/ % 24.42% 23.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 37.23% 30/06/ % 21.60% 41.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 36.70% UBS Intl Bond SBC0819AU 30/06/ % 4.80% 95.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 4.80% 95.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% UBS Intl Share SBC0822AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.72% 0.00% 0.00% 0.00% UBS Property Securities Valuestream Australian Equity van Eyk Blueprint Alternatives van Eyk Blueprint Australian Shares van Eyk Blueprint Balanced 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 98.78% 0.00% 0.00% 0.00% SBC0816AU 30/06/ % 0.00% 0.00% 0.00% 89.99% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 99.44% 0.00% 0.00% 0.00% 0.00% 0.00% TAM0001AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 98.00% 0.00% 0.00% 0.00% 0.00% MAQ0406AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 2.36% 0.00% 0.00% 0.00% 93.09% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % MAQ0289AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% MAQ0290AU 30/06/ % 17.50% 8.00% 0.00% 6.12% 32.35% 22.04% 0.00% 0.00% 7.46% 30/06/ % 8.09% 7.68% 0.00% 5.76% 35.39% 29.49% 0.00% 0.00% 9.84% 50

53 Investment name APIR As at Cash Australian fixed interest van Eyk Blueprint Capital Stable van Eyk Blueprint High Growth van Eyk Blueprint Intl Shares Vanguard Aus Shares High Yield Vanguard Australian Fixed Int Index Vanguard Australian Share Index Vanguard Balanced Index Vanguard Cash Reserve Vanguard Conservative Index Vanguard Emerg Market Shares Index Vanguard Growth Index Vanguard High Growth Index Vanguard Int Prop Sec Index Hedged Vanguard Int Prop Sec Index Unhedged Vanguard Intl Fixed Int Index (Hedged) Vanguard Intl Share Index Vanguard Intl Share Index (Hedged) Vanguard Property Securities Index Ventura Diversified 50 Ventura Growth 70 Walter Scott Global Equity Walter Scott Global Equity (hedged) Winton Global Alpha Zurich Invest Aust Prop Securities Zurich Invest Aust Value Share Zurich Invest Equity Income fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other MAQ0291AU 30/06/ % 26.29% 23.17% 0.00% 5.21% 9.68% 7.62% 0.00% 0.00% 2.27% 30/06/ % 18.52% 18.82% 0.00% 5.94% 12.17% 12.48% 0.00% 0.00% 1.92% MAQ0292AU 30/06/ % 0.00% 0.00% 0.00% 4.32% 46.21% 37.29% 0.00% 0.00% 4.02% 30/06/ % 0.00% 0.00% 0.00% 1.90% 49.33% 43.98% 0.00% 0.00% 1.83% MAQ0293AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% VAN0104AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% VAN0001AU 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% VAN0002AU 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% VAN0108AU 30/06/ % 11.00% 17.50% 0.00% 5.80% 23.80% 19.80% 0.00% 0.00% 0.00% 30/06/ % 11.20% 16.90% 0.00% 5.90% 26.30% 17.90% 0.00% 0.00% 0.00% VAN0020AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% VAN0109AU 30/06/ % 11.30% 17.30% 0.00% 3.80% 14.50% 10.70% 0.00% 0.00% 0.00% 30/06/ % 11.20% 17.00% 0.00% 3.90% 15.90% 10.10% 0.00% 0.00% 0.00% VAN0005AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% VAN0110AU 30/06/ % 10.90% 17.60% 0.00% 7.80% 34.20% 27.60% 0.00% 0.00% 0.00% 30/06/ % 11.00% 16.90% 0.00% 8.30% 36.70% 25.00% 0.00% 0.00% 0.00% VAN0111AU 30/06/ % 3.90% 6.00% 0.00% 9.50% 44.10% 36.50% 0.00% 0.00% 0.00% 30/06/ % 3.90% 6.00% 0.00% 10.00% 48.20% 31.90% 0.00% 0.00% 0.00% VAN0019AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% VAN0018AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% VAN0103AU 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% VAN0003AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% VAN0105AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% VAN0004AU 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% % 0.00% 0.00% 0.00% 0.00% 0.00% RIM0019AU 30/06/ % 22.00% 13.00% 0.00% 5.00% 23.00% 22.00% 0.00% 0.00% 0.00% 30/06/ % 22.07% 12.77% 0.00% 10.19% 20.01% 20.02% 0.00% 0.00% 0.00% RIM0020AU 30/06/ % 15.00% 10.00% 0.00% 7.00% 32.00% 31.00% 0.00% 0.00% 0.00% 30/06/ % 14.83% 9.98% 0.00% 7.79% 31.89% 29.90% 0.00% 0.00% 0.00% MAQ0410AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.90% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.97% 0.00% 0.00% 0.00% MAQ0557AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 96.90% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% MAQ0482AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% % ZUR0064AU 30/06/ % 0.00% 0.00% 0.00% 97.20% 0.00% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 98.40% 0.00% 0.00% 0.00% 0.00% 0.00% ZUR0060AU 30/06/ % 0.00% 0.00% 0.00% 1.01% 67.90% 0.00% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 95.80% 0.00% 0.00% 0.00% 0.00% ZUR0538AU 30/06/ % 0.00% 0.00% 0.00% 3.04% 55.74% 0.14% 0.00% 0.00% 0.00% 51

54 Asset allocation as at 30 June 2008 continued Investment name APIR As at Cash Australian fixed interest Zurich Invest Global Small Co Share Zurich Invest Global Thematic Share Zurich Invest Managed Growth Zurich Invest Unhedged Gbl Thematic Sh fixed interest Mortgages Listed property Australian shares shares Direct/ Unlisted Property Absolute Return Other ZUR0240AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 97.67% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.00% 0.00% 0.00% 0.00% ZUR0061AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 95.09% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 94.70% 0.00% 0.00% 0.00% ZUR0059AU 30/06/ % 16.98% 8.30% 0.00% 5.41% 34.65% 24.68% 0.00% 0.00% 0.00% 30/06/ % 12.10% 6.00% 0.00% 9.90% 34.80% 27.10% 0.00% 0.00% 0.00% ZUR0518AU 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 91.62% 0.00% 0.00% 0.00% 30/06/ % 0.00% 0.00% 0.00% 0.00% 0.00% 93.50% 0.00% 0.00% 0.00% n/a Information for these options is not available How the asset allocation is determined The asset allocation for each investment option is determined and provided by the investment managers. Asset allocations can vary over time within ranges specified by the individual product issuers. Information on the asset allocation ranges for the individual investment options can be found in the Product Disclosure Statements available on ClientView or from your adviser. You should consider the Product Disclosure Statements before deciding to invest in, or switch between, investment options. 52

55 Investment strategies Super and Pension Manager and Super Accumulator allow you to spread your super or pension account across many investment strategies, choosing from a range of investment options and product issuers. Generally, these strategies fall into one of the following categories: Category Sector-specific investments Multi-sector managed investments Approved ASX listed securities (Super and Pension Manager only) Investment strategies Cash Fixed interest Hybrid securities Property Australian shares shares Absolute return Conservative Balanced Growth The combination of investments you choose will be based on your individual circumstances. Information on the individual investment options can be found in the Product Disclosure Statements available on ClientView or from your adviser. You should consider the Product Disclosure Statements before deciding to invest in, or switch between, investment options. Investment strategy Cash Fixed interest Hybrid securities Objective Strategy Stable returns over the short term with a high level of capital security. Short term money market securities and fixed interest securities with maturities of less than 12 months. Enhanced cash investments may hold securities with maturities greater than 12 months. Higher returns than cash over the short to medium term predominantly via income. Government, semi-government, corporate, inflation-linked bonds and money market securities. Exposure to emerging markets, high yield debt and mortgages is also permissible. Diversified investments may hold a range of Australian and international securities. Mortgage investments primarily hold mortgage backed securities. Potential return Low Moderate Moderate/high Potential risk Low Moderate Moderate/high Suggested minimum timeframe Key risks Sub-category 1 No minimum 3 years 5 years Returns may fluctuate, but capital security is high. The value of cash investments may be eroded by inflation over the long term. Securities with longer dated maturities increase the chance of negative returns in the short term. Cash Enhanced Returns may be volatile in the short term. Over the long term inflation may erode the value of fixed interest investments. Emerging markets, high yield debt and mortgage securities increase the chance of negative returns in the short term. Australian Diversified Mortgages Term deposits Higher returns than traditional fixed interest investments over the medium term predominantly via income. Subordinated corporate debt, high yield corporate bonds, convertible notes, convertible preference shares, mezzanine and emerging markets debt. Returns may be volatile in the medium term. Hybrid securities are generally of lesser credit quality and are more likely to default. There is a high risk of negative returns over the short term, resulting from a revaluation of securities. Not applicable 1 These refer to the sub-categories into which the trustee has divided the investment menu, designed to assist you and your adviser select the appropriate investment option. 53

56 Investment strategy Property Australian shares shares Objective Returns consistently higher than inflation via income and capital growth. High returns over the long term, via income and capital growth. High returns over the long term, predominantly via capital growth. Strategy Property trusts and property related securities listed on the ASX. Investments may also include unlisted property securities and direct property investments. Shares and other securities primarily listed on the ASX. Investments may focus on specific sectors such as small companies or infrastructure assets. Leveraged investments use gearing to enhance returns. Specialist investments adopt differentiated strategies. Shares and other securities primarily listed on stock exchanges across the globe including USA, Japan, Europe, Asia and emerging markets. Investments may focus on specific sectors, themes or geographical regions. Leveraged investments use gearing to enhance returns. Specialist investments adopt differentiated strategies. Exposure to foreign currency may be hedged or unhedged. Potential return Moderate/high High High Potential risk High High High Suggested minimum timeframe 5 years 6 years 8 years Key risks Returns may be volatile in the medium term. Unlisted and direct property investments are more volatile because reduced liquidity, investment gearing and limited diversification increase risk. Returns may be volatile. Sector specific, leveraged and specialist investments are more volatile because limited diversification. Gearing and specialist investment strategies increase risk. Returns may be volatile. Currency fluctuations further increase volatility for unhedged investments. Regional, sector specific, leveraged and specialist investments are more volatile because of limited diversification. Gearing and specialist strategies increase risk. Sub-category Australian Industrial and resources Global Small companies Regional Diversified Leveraged Sector specific Specialist Leveraged Specialist 54

57 Investment strategy Conservative Balanced Growth Objective Strategy Stable returns over the short to medium term via income and capital growth. A diversified mix of income assets such as money market, fixed interest securities, and growth assets such as property and shares. The weighting to growth assets will generally not exceed 33%. May include absolute return, private equity and other alternative investments. Moderate returns over the medium to long term via income and capital growth. A diversified mix of income assets such as money market, fixed interest securities, and growth assets such as property and shares. The weighting to growth assets will generally fall between 33% and 67%. May include absolute return, private equity and other alternative investments. High returns over the long term via income and capital growth. A diversified mix of income assets such as money market, fixed interest securities, and growth assets such as property and shares. The weighting to growth assets will generally exceed 67%. May include absolute return, private equity and other alternative investments. Potential return Moderate Moderate/high High Potential risk Moderate Moderate/high High Suggested minimum 3 years 5 years 7 years timeframe Key risks Returns may be volatile in the short term. Over the long term inflation may erode the value of conservative investments. The higher the exposure to growth assets the higher the risk. Returns may be volatile in the medium term. The higher the exposure to growth assets the higher the risk. Returns may be volatile in the long term. The higher the exposure to growth assets the higher the risk. Sub-category Not applicable Not applicable Not applicable Investment strategy Absolute return Approved ASX listed securities Objective Strategy Returns not correlated with traditional investment benchmarks. Different absolute return investments adopt different strategies. Common strategies include the use of financial derivatives, gearing, security arbitrage, event driven investments and macroeconomic themes. Security selection will depend on the strategy, or combination of strategies, adopted by each investment manager. High returns over the long term via income and capital growth. Securities listed on the ASX, including shares, trusts, listed investment companies, exchange traded funds and instalment warrants. Potential return High Very high Potential risk High Very high Suggested minimum 8 years 9 years timeframe Key risks Returns may be volatile in the long term. Even though absolute return investments target consistent returns they are generally less regulated than other managed investments and more dependent upon the skill of individuals. Returns may be volatile. Even though ASX listed securities may produce high long term returns, the returns of individual securities can vary significantly from the performance of the market as a whole. Limited diversification and investments in small companies and derivative securities can further increase risk. Sub-category Not applicable Not applicable 55

58 Important information Recent changes to Super and Pension Manager and Super Accumulator Legislative updates During the course of the financial year, the Parliament passed legislation to allow certain terminally ill fund members to withdraw their superannuation benefits as a tax free lump sum. The Government has also made further legislative amendments that: remove discrimination in Commonwealth superannuation laws against same-sex de facto couples and their children from 1 July 2008 extend the federal family law regime to certain oppositesex and same-sex de facto couples (including allowing superannuation splitting on the breakdown of such relationships) and change the treatment of temporary residents superannuation. The Government has also announced the following changes (which had not become law as at the date of this report): changes to the income test arrangements for various Government assistance programs (including the super co-contribution) to take account of salary sacrificed super contributions (among other things). The changes are intended to take effect from 1 July 2009 a new optional clearing house facility to allow employers to pay super contributions to a single location and a review of arrangements dealing with lost superannuation. Changes to your Cash Account As previously advised, on 29 May 2008, the underlying investment of the Cash Account, the cash hub of Super and Pension Manager and Super Accumulator, was transitioned from the Macquarie Treasury to a wholesale deposit with Macquarie Bank Limited. Government guarantee The Cash Account is a unit trust that invests into a deposit with Macquarie Bank Limited, which is covered by the Government guarantee. 1 Macquarie will absorb part of the cost of the guarantee. While the remaining cost of the guarantee will reduce the interest rate, we are committed to ensuring that investors continue to receive a competitive rate of return. For further details on the Government guarantee on deposits please refer to New Wrap Product Disclosure Statements To help fulfil our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), from 15 December 2008 the Product Disclosure Statements (PDS) will include amended forms to collect additional information about new clients This will also be the first time that we are launching the new look PDSs. What has changed? The Federal Government identified consumers need to have user-friendly PDSs. Investor research from IFSA has found that investors find PDSs were too long, detailed, and difficult to understand, and that the average PDS doesn t contain the information that investors are looking for upfront. The new PDS is now split into a shortened hard copy PDS (Part A) and an online section for detailed information (Part B), which is specifically incorporated by reference as part of the PDS. Part A of the PDS Part A is the shortened hardcopy part of the PDS. It will include information on how to open an account, features at a glance, fees, FAQs, and the accompanying application form. Part B of the PDS Part B is the online part of the PDS. It is contained in an interactive website and includes information about the operation of your account, plus information to assist you in understanding superannuation more generally. The website address for Part B is: for Super and Pension Manager, (password: super), and for Super Accumulator, superacc (password: super). If you do not have access to the internet, we can provide you with a paper copy upon request. UK transfer amount service fee From 1 August 2008, the additional service fee of $51.25 per month ($ p.a.) or part thereof no longer applies to any member of the fund The information in this document is based on the Government documentation available as at 19 November. These are proposed arrangements, and will be in place until further notice. The position in respect of Macquarie absorbing or not passing on the cost associated with the guarantee may change in the future and if so, we will notify you of this.

59 Term deposits Term deposits have been added to the approved assets that can be administered in your Super and Pension Manager portfolio. This is in addition to the approved managed investments and ASX listed securities currently available. When you choose to invest in a term deposit through Macquarie Super and Pension Manager, the registered investor on the term deposit will be Bond Street Custodians Limited (BSCL). In other words, BSCL will hold legal title to the term deposit while you retain a beneficial interest in the term deposit. Please refer to the PDS for more information. Liquidity Certain investments may be difficult to purchase or sell, preventing closing out a position or rebalancing within a timely period and at a fair price. Choosing an investment that has low liquidity or is not priced on a daily basis may affect your investments capacity to pay your pension or the timeframe within which we can process any future request from you to roll over or transfer part or all of your benefit. It is important that you understand this consequence before you select this type of investment. While an investment may be liquid at the time of purchase, there is a risk that the investment may become illiquid at a point in the future. Refer to the underlying PDS for each investment option for further details on the funds liquidity. For term deposits, liquidity risk is the risk of not being able to access your investment in a term deposit prior to the maturity date. There are restrictions on breaking a term deposit held in your account and this is outlined in the Super and Pension Manager PDS. Suspended and closed funds Since the end of the financial year, extraordinary market conditions and actions by Government bodies have forced Product Issuers to suspend a large number of managed investments to applications and redemptions. The mortgage sector was the first to experience a large number of redemptions due to the introduction of the guarantee on bank deposits and subsequent actions by other parties which incited uncertainty in the market. The global credit crisis began to have a strong negative impact on property markets and hedge fund managers. Growing pressure on valuations forced a number of direct property managers to experience liquidity issues and falling asset values in equity and fixed income markets made it difficult for hedge fund managers to trade and therefore a need to suspend managed investments to redemptions. These events have heightened the issues the industry is now facing in terms of investor concern over the loss of wealth and the lack of access to liquidity. Trustee and fund management information During the financial year, the held the following assets directly or indirectly with a value of greater than 5% of the s total assets: the combined investments in all trusts for which Macquarie Investment Management Limited acts as responsible entity ($1.768b) the combined investments in Dimensional s Australia Limited ($0.843b) the combined investments in Macquarie Wrap Solutions Cash Account ($1.294b) and the combined investments in Macquarie Life Limited ($0.701b). Use of derivatives Super and Pension Manager and Super Accumulator invest in a number of collective investments. These collective investments are managed by Macquarie and external investment managers. Some of these collective investments invest in derivatives. Derivatives used by the collective investments are outlined in each PDS. External investment managers employed by Macquarie have provided their own Derivative Risk Management Statement (DRMS) documents or equivalent information to Macquarie. Should you require further information, a copy of the Macquarie Collective Investment DRMS is available free of charge from your adviser or from Macquarie. Derivatives used by the external investment managers of the collective investments are set out in the DRMS (Part B) supplied by each of the individual investment managers. A file containing these DRMS is available from Macquarie on request. Macquarie is satisfied that the DRMSs do not reveal any material inconsistencies with the investment strategies of Macquarie Super and Pension Manager and Macquarie Super Accumulator. Subject to the trustees limits referred to in the PDS, where the trustee is satisfied that they meet the applicable investment strategy, the trustee may effect investments in instalment warrants or other derivatives. 57

60 Deceased estates On your death, your superannuation benefits in the may be treated differently to other assets you own. The trustee of the is generally required to pay your benefits as soon as practicable after your death either directly to one or more of your dependants or to your estate. In the event of your death: we will continue to deduct applicable administration and adviser fees until the payment of your superannuation benefit is authorised by the trustee and your account is closed and your investments will continue to be invested in accordance with the most recently selected investment strategy until we receive instructions from a properly authorised person. Death benefits can be paid as a lump sum, pension or combination. However, only certain beneficiaries who have been nominated by you are eligible to receive your death benefits as a pension. Eligible Rollover The trustee has elected to pay all accounts with a balance under $10,000 (for Super Manager) or $1,200 (for Super Accumulator) to an Eligible Rollover (ERF), which accepts and protects small amounts. The ERF chosen is called the Super Safeguard Eligible Rollover. The Super Safeguard Eligible Rollover is administered by Primary Superannuation Services Limited ABN AFSL APRA has approved the Super Safeguard Eligible Rollover to operate as an ERF. The trustee is Trust Company Superannuation Services Limited ABN AFSL Trust Company Superannuation Services Limited will protect your benefits from erosion due to fees and charges under member benefit protection rules. Should your benefit be transferred to the Super Safeguard Eligible Rollover all subsequent enquiries relating to your benefit should be directed to: Super Safeguard Eligible Rollover GPO Box 3426 Melbourne Victoria 3001 Phone: Fax: [email protected] Website: Should your benefit be transferred to the Super Safeguard Eligible Rollover : your interest in the, including your insurance cover, will cease you will become a member of the Super Safeguard Eligible Rollover and will be subject to its governing rules your account will be invested according to the investment strategy of the Super Safeguard Eligible Rollover the Super Safeguard Eligible Rollover may charge fees to your account and you may not be offered insurance cover. You should refer to the Product Disclosure Statement for the Super Safeguard Eligible Rollover for more information. We reserve the right to change the chosen ERF without notice to you. If you have a complaint We have arrangements for dealing with your enquiries and complaints. If you have a complaint: contact your adviser and discuss your enquiry or complaint with them if you are not satisfied with the result, you may telephone us on or it may then be necessary to write to us. We will ordinarily respond to your written enquiry or complaint within 45 days of receipt. If you are still not satisfied with our response after 90 days, you may wish to refer the matter to the Superannuation Complaints Tribunal, an independent body set up by the Federal Government to review trustee decisions relating to individual members. You can contact the tribunal by telephoning

61 Financial statements of the Macquarie Superannuation Plan Operating statement for the year ended 30 June 2008 Investment revenue Note 2008 $ 000 Changes in the net market value of investments 11 1,603, ,277 Distributions from unit trusts 535, ,552 Dividends 58,466 44,895 Total investment revenue 1,009,318 1,003, $ 000 Contributions revenue Employer contributions 201, ,039 Members contributions 619,352 1,282,846 Transfers from other s 1,183, ,251 Total contributions revenue 2,004,327 2,329,136 Total revenue from ordinary activities 995,009 3,332,860 Expenses from ordinary activities Other costs 5 99,449 74,588 Superannuation contributions surcharge 720 4,852 Total expenses from ordinary activities 100,169 79,440 Benefits accrued as a result of operations before income tax 894,840 3,253,420 Income tax (benefit)/expense 4 (74,459) 49,360 Benefits accrued as a result of operations 969,299 3,204,060 The above operating statement should be read in conjunction with the accompanying notes. 59

62 Statement of financial position as at 30 June 2008 Note 2008 $ 000 Investments 6 7,938,431 8,084, $ 000 Other assets Cash 118 1,450 Debtors 101, ,395 Current tax asset 4 17,761 - Deferred tax asset 4 36,557 - Total other assets 155, ,845 Total assets 8,094,160 8,201,924 Trade and other payables Creditors 8,491 7,614 Tax liabilities Current tax liabilities 4-5,712 Deferred tax liabilities 4-51,606 Total tax liabilities - 57,318 Total liabilities 8,491 64,932 Net assets available to pay benefits 8,085,669 8,136,992 Represented by: Liability for accrued benefits Allocated to members' accounts 8 8,085,669 8,136,992 The above statement of financial position should be read in conjunction with the accompanying notes. 60

63 Statement of cash flows for the year ended 30 June 2008 Note 2008 $ 000 Inflows/ (Outflows) 2007 $ 000 Inflows/ (Outflows) Cash flows from operating activities Contributions and transfers from other s 2,004,118 2,329,134 Benefit payments 1,006, ,995 Other unitholder transactions paid 113,597 90,516 Dividends and distributions received 609, ,297 Tax paid 56,635 25,120 Net cash inflow from operating activities 14 1,436,671 1,970,800 Cash flows from investing activities Payments for purchase of investments 7,584,777 5,615,225 Proceeds from sales of investments 6,146,274 3,638,500 Net cash outflow from investing activities 1,438,003 1,976,725 Net increase/(decrease) in cash held 1,332 5,925 Cash at the beginning of the financial year 1,450 7,375 Cash at the end of the financial year ,450 The above statement of cash flows should be read in conjunction with the accompanying notes. 61

64 Notes to and forming part of the financial statements for the year ended 30 June Summary of significant accounting policies The accounting policies set out below have been applied in preparing the financial statements for the year ended 30 June 2008 and the comparative information presented in these financial statements for the year ended 30 June (a) Statement of compliance The financial statements are general purpose statements which have been drawn up in accordance with applicable Australian accounting standards including AAS25 Financial Reporting by Superannuation s ( AAS25 ) as amended by AASB Amendments to Australian Accounting Standards [AAS 25], the Superannuation Industry (Supervision) Act 1993 and Regulations and the provisions of the Trust Deed. Compliance with IFRSs Australian Accounting Standards include Australian equivalents to Financial Reporting Standards (AIFRS). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with Financial Reporting Standards. Since AAS25 is the principal standard that applies to the financial statements, other standards, including AIFRS, are also applied where necessary except to the extent that they differ from AAS25. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year. Comparative information is reclassified where appropriate to ensure comparability. New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2008 reporting periods. The Trustee s assessment of the impact of these new standards (to the extent relevant to the ) and interpretations is set out below: (i) AASB 8 Operating Segments and AASB Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 & AASB 1038] AASB 8 and AASB are applicable to annual reporting periods beginning on or after 1 January The has not adopted these standards early. Application of these standards will not affect any of the amounts recognised in the financial statements, but may affect the segment disclosures. (ii) AASB 101 Presentation of Financial Statements (Revised). AASB 101 (Revised) is applicable to annual reporting period beginning on or after 1 January The has not adopted this standard early. Application of this standard will not affect any of the amounts recognised in the financial statements. (b) Functional and presentation currency The financial statements are presented in Australian dollars, which is the functional currency of the. Amounts have been rounded to the nearest thousand dollars except where otherwise noted. (c) Use of estimates and judgements In the application of Accounting Standards, including AIFRS, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors, that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgements made by management in the application of Accounting Standards that have significant effects on the financial statements and estimates with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements. Accounting policies are selected and applied in a manner, which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or the other events is reported. (d) Investments Investments in listed unit trusts are stated at net market value at year end by reference to the unit redemption price at the reporting date as advised by the investment managers. Investments in listed equities are stated at net market value and are valued by reference to the relevant market quotation at the reporting date. Investments in unlisted unit trusts are valued by reference to the prevailing net asset value prices at the reporting date. Investments in the life policy issued by Macquarie Life Limited are valued by reference to the prevailing net asset value prices as at the balance sheet date. The net fair value of investments is considered equal to the net market value. 62

65 (e) Revenue Unit trust distributions are brought to account on an accrual basis. Contributions and transfers from other funds are brought to account when received. Dividends are recognised in the accounts of the on the announced ex-dividend date. Changes in the net market value of investments are recognised in the operating statement in the periods in which they occur. (f) Liability for accrued benefits The liability for accrued benefits is the s present obligation to pay benefits to members and beneficiaries and has been calculated as the difference between the carrying amounts of the assets and the carrying amount of the sundry liabilities and income tax liabilities as at the reporting date. (g) Income tax The is a complying superannuation fund within the provisions of the Income Tax Assessment Act. Accordingly, the concessional tax rate of 15% has been applied on net investment earnings from unit trusts and equities, employer contributions and capital gains, with deductions allowable for administration and certain other expenses. Deferred income tax is provided on all temporary differences at the balance date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or a liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss. The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised and the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance date. (h) Goods and Services Tax (GST) Where applicable, GST incurred by the that is not recoverable from the Australian Taxation Office, has been recognised as part of the expense to which it applies. Receivables and payables are stated with any applicable GST included in their carrying amounts. The amount of any GST recoverable from, or payable to, the Australian Taxation Office is included as an asset or liability in the statement of financial position. (i) Other Debtors and Creditors Other debtors are recognised at the amounts receivable, which approximate net fair value. Other creditors represent liabilities for goods and services provided to the fund prior to the end of the financial year and which are unpaid. The amounts are unsecured. Other debtors and creditors are subject to normal trade credit terms. (j) Superannuation contributions surcharge Prior to 1 July 2005, under the Superannuation Contributions Tax (Assessment and Collection) Act 1997, the holder of surchargeable contributions for the financial year is liable to pay the superannuation contributions surcharged. The surcharge is levied on surchargeable contributions depending on the individual member s Adjusted Taxable Income. The has recognised the surcharge as an expense and liability when the assessment is received from the Australian Taxation Office. No assessed surcharge liability remains unpaid at year end. With effect from 1 July 2005, the Superannuation Contributions Surcharge has been abolished. This means that a surcharge will not be issued in respect of any surchargeable contributions made or received from 1 July No additional superannuation contributions surcharge liability in respect of surchargeable contributions made prior to 1 July 2005, has been recognised at year end as the Trustee considers that it cannot be reliably measured. There is insufficient information to provide a reliable indication of the future surcharge expense at year end due to various factors such as that the member s taxable income is unknown, and the number and turnover of members varies from year to year. (k) Cash For the purpose of the cash flow statement, cash includes cash deposits that are readily convertible to cash on hand and which are used in the cash management function on a day-today basis. 63

66 2. Nature of the plan Macquarie Superannuation ( the ) is a defined contribution fund which provides benefits to its members under a Trust Deed dated 29 May Contributions to the by employers and members are made in accordance with the terms of the Trust Deed. The consists of: Macquarie Superannuation Division SuperOptions Super/Pension Wrap Superannuation Division Wrap Super Manager/ Wrap Pension Manager Wrap Division Super Accumulator Macquarie Super Accumulator FutureWise Super Division. 3. Financial Risk Management a) Strategy in using financial instruments The s activities expose it to a variety of financial risks (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The s overall risk management programme focuses on ensuring compliance with the s Product Disclosure Statement and seeks to maximise the returns derived for the level of risk to which the is exposed. Financial risk management is carried out under policies approved by the Board of Directors of the Trustee. (b) Market risk With respect to credit risk arising from the financial assets of the Plan, the Plan s exposure to credit risk arises from default of the counterparty with a maximum exposure equal to the carrying amount of these investments. There are no significant concentrations of credit risk within the Plan. (i) Price risk The trades in financial instruments, taking positions in unlisted trusts. All securities investments present a risk of loss of capital. The Trustee moderates this risk through a careful selection of securities, within specified limits. The maximum risk resulting from financial instruments is determined by the net market value of the financial instruments. In accordance with the s policy, the risk management department of the s Investment Manager monitors the s price sensitivity on a daily basis. This is done by ensuring that the is fully invested in underlying trusts as per the s Product Disclosure Statement. The s investments are susceptible to market price risk arising from uncertainties about future prices of the underlying trusts. At 30 June 2008, the s market risk is affected by changes in market prices. If the relevant indices (including the S&P/ASX 200 Accumulation index, the MSCI World ex Aus Index, the UBS Composite Bond Index, the UBS Bank Bill index and the S&P/ ASX 200 GICS Property Accumulation Index) at 30 June 2008 had increased by 15% with all other variables held constant, this would have increased net assets attributable to unitholders by approximately $1,205,959,000 (2007: $1,230,071,000). Conversely, if the relevant indices (including the S&P/ASX 200 Accumulation index, the MSCI World ex Aus Index, the UBS Composite Bond Index, the UBS Bank Bill index and the S&P/ASX 200 GICS Property Accumulation Index) at 30 June 2008 had decreased by 15% with all other variables held constant, this would have decreased net assets attributable to unitholders by approximately $1,205,959,000 (2007: $1,230,071,000). The reasonably possible movements in the risk variables have been determined based on the Trustee s best estimates, having regard to the average absolute annual returns of the relevant indices in local terms. (ii) Foreign exchange risk The is not exposed to foreign exchange risk as all assets are denominated in Australian dollars. (iii) Interest rate risk The majority of the s financial assets and all financial liabilities are non-interest bearing. While the is normally fully invested in the underlying trust, a small cash balance may be maintained at times and interest may be earned. This is unlikely to ever be material. As a result, the is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. (c) Credit risk Credit risk arises from the s investment in underlying trusts. As part of the due diligence process prior to investing in underlying trusts, the Trustee ensures that the risk management area of the Investment Manager monitors the credit position of the underlying trust on a daily basis in accordance with the s policy. The does not have any significant exposure to any individual counterparty or industry. Other credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions. None of these assets are impaired nor past due but not impaired. 64

67 (d) Liquidity risk The is exposed to daily cash payments of members benefits. It therefore invests the majority of its assets in unlisted trusts that have daily unit pricing and can be readily disposed of. The s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its payment of benefits to members and liabilities when due irrespective of prevailing conditions. This will be achieved without incurring unacceptable losses or risking damage to the s reputation. In accordance with the s Policy management area of the Investment Manager monitors the s liquidity position on a daily basis. The s cash and liquidity policy is to hold sufficient cash balances and other liquid assets to meet anticipated benefit payments as they fall due and expenses. In addition the total liabilities for vested benefits of $8,085,669,000 (2007: $8,136,992,000) has a contractual maturity of less than 1 month. This is the earliest date on which the can be required to pay members vested benefits. However members may not necessarily call upon amounts vested to them during this time. (e) Net market value estimation The carrying amounts of the s assets and liabilities at the balance sheet date approximate their net market values. Refer to note 1 for the methods and assumptions adopted in determining the net market values of investments and other assets. 4. Income tax (a) Major components of tax expense 2008 $ $ 000 Current tax expense 10,831 19,049 Adjustment to current tax for 2, prior periods Deferred tax income relating to (88,163) (29,759) the origination and reversal of temporary differences Income tax (benefit)/expense (74,459) 49,360 (b) A reconciliation of income tax expense and benefits accrued as a result of operations 2008 $ $ 000 Benefits accrued as a result of 894,840 3,253,420 operations before tax Prima facie income tax on net 134, ,013 income calculated at 15% Tax effect of income that is not assessable in determining taxable income Non (assessable) 10,575 (36,177) deductible (revenue)/loss* Exempt loss/(income)** 74,481 (51,378) Member contributions (92,903) (192,085) Transfers from other funds (177,585) (133,688) Franking credits (31,726) (30,038) Tax effect of expenses that are not deductible in determining taxable income Non deductible expenses 5,492 3,434 Superannuation contributions surcharge Tax effect of other adjustments Under/(Over) provision 2, prior periods Income tax (benefit)/expense (74,459) 49,360 * This includes income tax on income earned on the investment held as part of the life policy with Macquarie Life Limited and is paid by Macquarie Life Limited. ** Pension Plan is tax exempt on investment earnings. (c) Current tax liabilities/(assets) 2008 $ $ 000 Provision for current income tax; Balance at beginning of year 5,712 12,625 Income tax paid current period (28,320) (16,692) Income tax paid prior period (28,316) (8,428) Current year income tax expense 10,831 19,049 Transfer from opening deferred 19,731 income tax Under/(Over) provision prior periods 2, Movement in tax due to (272) (1,394) Macquarie Life Limited (17,761) 5,712 1 For administrative purposes, units have been reported as valued at 1 cent per unit from 1 October

68 (d) Deferred tax liabilities 2008 $ $ 000 The amount of deferred tax liability recognised in the Statement of Financial Position; Unrealised capital gains 51,606 (e) Deferred tax assets 2008 $ $ 000 The amount of deferred tax liability recognised in the Statement of Financial Position; Unrealised capital losses 36, Expenses of the plan 2008 $ $ 000 Management fees 36,394 29,480 Adviser fees 62,941 44,980 Other ,449 74,588 In addition to the above management fee, a management fee has been calculated and deducted by Macquarie Life Limited from the carrying value of the s investment in life insurance policies issued by Macquarie Life Limited. This management fee is deducted against the s investments in insurance policies issued by Macquarie Life Limited in accordance with the trust deed and the policy document. This amounted to $13,805,331 in the current year (2007: $13,428,067). For all investment options with the exception of the deposit fund, a fee of up to 3.5% is deducted from each premium payment paid by Macquarie Superannuation to Macquarie Life Limited. 6. Investments 2008 $ $ 000 Wholesale Superannuation 701, ,500 s Management Policies* Investment options offered by Macquarie Super/Pension Manager** n unlisted unit trusts 4,318,612 4,487,160 n related unit trusts managed by Macquarie Investment Management Limited 1,758,093 1,616,706 n listed equities 1,160,471 1,111,713 7,938,431 8,084,079 * Macquarie SuperOptions Super/Pension invest into life insurance policies issued by Macquarie Life Limited. ** Macquarie Wrap Super Manager and Macquarie Wrap Pension Manager invest into unlisted unit trusts and listed equities. 7. Investment Managers The s investments are managed by Macquarie Investment Management Limited and other selected external investment managers. 8. Liability for accrued benefits 2008 $ $ 000 Changes in the liability for accrued benefits: Liability for accrued benefits at the 8,136,992 5,587,833 beginning of the financial year Plus: benefits accrued as a result 969,299 3,204,060 of operations Less: benefits paid (1,006,435) (639,995) Other unitholders transactions (14,187) (14,906) Liability for accrued benefits at the end of the financial year 8,085,669 8,136,992 Represented by: Macquarie Wrap Super Manager* 3,624,206 4,617,062 Macquarie Wrap Pension Manager 3,763,113 2,653,919 SuperOptions Superannuation 387, ,533 SuperOptions Pension 310, ,478 8,085,669 8,136,992 * includes Macquarie Super Accumulator 66

69 9. Vested benefits Vested benefits are benefits which are not conditional upon continued membership of the (or any other factor other than resignation from the ) and include benefits which members were entitled to receive had they terminated their membership as at the reporting date $ $ 000 Vested benefits 8,085,669 8,136, Guaranteed benefits No guarantees have been made in respect of any part of the liability for accrued benefits. 11. Changes in the net market value of investments 2008 $ $ 000 Investments held at year end (1,524,791) 586,355 Investments realised during (78,589) 93,922 the period (1,603,380) 680, Segment information The operates solely in the investment management industry in Australia. While the s direct investments are Australian based, these investments may from time to time expose the indirectly to investments based outside Australia. 13. Related parties The Trustee of the is Macquarie Investment Management Limited (MIML) ABN The following persons held office as directors of Macquarie Investment Management Limited during the year or since the end of the year and up to the date of this report: B N Terry N Roderick P Maher R Cartwright V Malley B Bruck (resigned 18/08/2008) C Vignes (appointed 18/08/08) M Rady (appointed 13/10/2008) The directors of the trustee company are regarded as Key Management Personnel and the directors did not receive and are not due any remuneration directly from the. There are no other Key Management Personnel other than directors of the trustee company. There were no transactions between the trustee and the or the directors of the trustee and the, except as follows: (a) The enters into transactions with related parties through the units held in a life policies issued by Macquarie Life Limited, a related entity of the trustee and shares held in Macquarie Bank Limited. These transactions are entered into with Macquarie Bank Limited or entities it controls on normal commercial terms and include the payment of management fees as described in note 5. The trustee is the manager of investment assets held by Macquarie Life Limited. Full details of the s investments are set out in note 6. (b) The also maintains a cash account with Macquarie Bank Limited, the ultimate parent entity of the trustee. The balance in this cash account at year end is $118,177 (2007: $1,449,655). (c) The Trustee has appointed Bond Street Custodians Limited (BSCL) ABN to hold the s investments in custody. BSCL is a wholly owned subsidiary of Macquarie Bank Limited. 67

70 (d) The invests into the following trusts for which Macquarie Investment Management Limited acts as responsible entity: 2008 $ $ 000 Arrowstreet Global Equity Arrowstreet Emerging Markets 1,700 CSL Active Commodities EII Global Property 3,543 Macquarie Lazard Master Global Equity Macquarie Active Plus Equities Macquarie Australian Small 5,383 2,470 Companies Macquarie Concord Australian 6,910 2,500 Equity Macquarie Diversified Equity Accumulated (2003 Series) 1, Macquarie Diversified Equity 1,698 1,683 Accumulated (2004 Series) Macquarie Diversified Equity Pension (2003 Series) Macquarie Global Infrastructure Trust 3 18 Macquarie Global Infrastructure Trust II 1,988 1,698 Macquarie Global Private Equity Macquarie Global Property Securities 49 (hedged) Macquarie Globalis BRIC Adv Hedged 2,029 Macquarie Globalis BRIC Adv Unhedged 932 Macquarie Income Opportunities Macquarie Index-Linked Property 2,694 1,961 Securities Macquarie Master Alpha Plus Macquarie Master Australian 16 Enhanced Equities Macquarie Master Balanced 2,235 2,416 Macquarie Master Capital Stable 1,385 1,836 Macquarie Master Cash 36,050 Macquarie Master Cash Plus 646 Macquarie Master Diversified Fixed 21,672 12,103 Interest Macquarie Master Fixed Interest 4,735 5,854 Macquarie Master Geared Growth Macquarie Master Imputation Macquarie Master Property 6,552 13,195 Securities Macquarie Master Small Companies Morgan Stanley Global Franchise 29,272 41,339 Premium China 24,683 19,493 Macquarie Wrap Solutions 1,293,683 1,180,894 Cash Account Macquarie True Index Australian Fixed 56,608 46,039 Interest Macquarie True Index Australian 28,099 38,673 Shares Macquarie True Index Global Bond 3,557 4,051 Macquarie True Index Linked 702 Australian Shares Macquarie True Index Listed 9,413 18,363 Property Macquarie Walter Scott Global 28,923 26,690 Equity Macquarie Winton Global Alpha 1,653 Macquarie Infrastructure 14,881 9,084 Securities Van Eyk Blueprint Australian 16,198 20,057 Shares Van Eyk Blueprint 14,275 17,245 Shares Van Eyk Blueprint Alternatives 15,816 11,265 Van Eyk Blueprint Balanced 81,222 93,623 Van Eyk Blueprint Capital Stable 12,105 12,329 Van Eyk Blueprint High Growth 22,681 27,818 Walter Scott Global Equity (Hedged) 58 1,758,093 1,616,706 The also has $10,665,000 (2007: $24,149,000) in debtors for the above funds in respect of distributions receivable at year end. 68

71 (e) The invests into the following shares which are related parties to the : 2008 $ $ 000 Macquarie Bank Limited 23,227 22,089 Macquarie Winton Global 1,354 1,268 Opportunities Trust Macquarie Private Capital Group 837 European Investors Global 856 1,728 Property Trust 25,437 25, Cash flow notes a) Reconciliation of net cash flows from operating activities to benefits accrued as a result of operations 2008 $ $ 000 Benefits accrued as a result 969,299 3,204,060 of operations (Profit)/losses on investments 1,603,380 (680,277) Benefits paid 1,006,435) (639,995) Other unit holder transactions (14,187) (13,816) Increase in creditors 879 4,635 Decrease in receivables 15,102 73,347 Increase/(decrease) in (131,367) 22,846 tax provisions Net cash inflows from operating activities 1,436,671 1,970,800 b) Components of cash 2008 $ $ 000 Cash at the end of the financial year as shown in the cash flow statements is reconciled to the statement of financial position as follows: Cash at bank 118 1, Remuneration of auditors Remuneration for audit of financial reports Remuneration for audit of APRA returns Remuneration for audit of compliance with SIS and APRA Licence 2008 $ 2007 $ 36,371 31,482 3,431 3,237 32,680 30,839 72,482 65,558 Fees for the audit were paid by Macquarie Investment Management Limited. The auditors, PricewaterhouseCoopers, did not provide any other services to the. 16. Commitments and contingent liabilities There are no commitments as at 30 June 2008 (2007: $Nil). There are no contingent liabilities as at 30 June 2008 (2007: $Nil). 17. Events subsequent to balance date With the exception of the current market volatility, which is reflected in the interim crediting rates, there have been no other significant events that have occurred after the reporting date that affects the interpretation of the financial information contained in these financial statements. 69

72 Trustee s statement In the opinion of the Directors of the Trustee Company, Macquarie Investment Management Limited, of Macquarie Superannuation: i) the financial statements set out on pages 59 to 61 are drawn up so as to present fairly in accordance with applicable Accounting Standards and other mandatory professional reporting requirements the financial position of the Macquarie Superannuation as at 30 June 2008 and the benefits accrued as a result of its operations and its cash flows for the year then ended; ii) the financial statements have been prepared in accordance with the full provisions of Australian Accounting Standards AAS 25, Financial Reporting by Superannuation s, other relevant Australian General Accepted Accounting Principles, Australian Equivalents to Financial Reporting Standards, Urgent Issues Group interpretations corresponding to the interpretations approved by the Accounting Standards Board ( IASB ), the provisions of the Trust Deed, and relevant legislative requirements; and iii) the has complied with the requirements of the Trust Deed dated 29 May 1992, as amended, and with the applicable provisions of the Superannuation Industry (Supervision) Act 1993 and Regulations, and the Corporations Act 2001 and Regulations and Guidelines during the year ended 30 June This statement is made in accordance with the resolution of the directors of the trustee company. R Cartwright Director C. Vignes Director Sydney 31 October

73 Independent report by approved auditor to the trustee and members PricewaterhouseCoopers ABN Darling Park Tower Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia Telephone Facsimile (A) Financial Statements I have audited the financial statements of Macquarie Superannuation for the year ended 30 June 2008 comprising the Statement of Financial Position, Operating Statement and Statement of Cash Flows. Trustee s Responsibility for the Financial Statements The superannuation entity s trustee is responsible for the preparation and fair presentation of the financial statements in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the requirements of the SIS Act and the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). The trustee s responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error, and making accounting estimates that are reasonable in the circumstances. Auditor s Responsibility My responsibility is to express an opinion on the financial statements based on my audit. I have conducted an independent audit of the financial statements in order to express an opinion on them to the trustee and members of Macquarie Superannuation. My audit has been conducted in accordance with Australian Auditing Standards. These Auditing Standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the trustee s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the trustee s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the trustee, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence i have obtained is sufficient and appropriate to provide a basis for my audit opinion. Auditor s Opinion In my opinion, the financial statements present fairly, in all material respects, in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) the financial position of Macquarie Superannuation as at 30 June 2008 and the results of its operations and its cash flows for the year ended 30 June (B) Compliance Trustee s Responsibility for Compliance The superannuation entity s trustee is responsible for complying with the requirements of the SIS Act, SIS Regulations, the Reporting Standards made under section 13 of the Financial Sector (Collection of Data) Act 2001 (FSCODA Reporting Standards), the Corporations Act 2001 (Corporations Act) and Corporation Regulations 2001 (Corporation Regulations). Auditor s Responsibility My responsibilty is to express an opinion on the trustee s compliance with the requirements of the SIS Act, SIS Regulations, FSCODA Reporting Standards, Corporations Act and Corporation Regulations based on the audit. My audit has been conducted in accordance with applicable Standards on Assurance Engagements. These Standards require that I comply with fundamental ethical requirements and plan and perform the audit to obtain reasonable assurance whether the trustee of Macquarie Superannuation has, in all material respects: a) complied with the relevant requirements of the following provisions (to the extent applicable) of the SIS Act and SIS Regulations: sections 19(2), 19(3), 36, 65, 66, 67, 69-85, 86-93A, 95, 97, 98,101,103,104,105,106,107, 109, 35A, 35C, 117,118, 121,122, 124, 125, 152, 154; regulations 2.33(2),3.10,4.08(3),5.08,6.17,7.04,7.05,9.09, 9.14, 9.29, 9.30,13.14,13.17, 13.17A; b) complied with the FSCODA Reporting Standards that are subject to audit (to the extent applicable ); c) compiled with the relevant requirements of the following provisions of the Corporations Act and Corporations Regulations: sections 10128, 1012F, 1012H(2), 10121, 10138, 1013D, 1013K(1), 1013K(2), 1016A(2), 1016A(3), 10178(1), 10178(5), 1017C(2), 1017C(3), 1017C(5), 1017C(8), 1017D(1), 1017D(3),1017D(3A), 1017DA(3), 1017E(2), 1017E(3), 1017E(4), 1020E(8) and 1020E(9); and regulation (3); and 71

74 d) Complied with the requirement to prepare the respective forms comprising the APRA Annual Return for the year ended 30 June My procedures with respect to SIS regulation 6.17 included testing whether amounts identified by the trustee as preserved and restricted non-preserved have been cashed or transferred only in accordance with the requirements of Part 6 of the SIS regulations. These procedures did not include testing of the calculation of the preserved and restricted non-preserved amounts beyond a broad assessment of the apparent reasonableness of the calculations. My procedures included examination, on a test basis, of evidence supporting compliance with those requirements of the SIS Act, SIS Regulations, FSCODA Reporting Standards, Corporations Act and Corporations Regulations. These tests have not been performed continuously throughout the period, were not designed to detect all instances of non-compliance, and have not covered any other provisions of the SIS Act and SIS Regulations, FSCODA Reporting Standards, Corporations Act and Corporations Regulations apart from those specified. The superannuation entity s trustee is responsible for complying with the SIS Act and SIS Regulations, FSCODA Reporting Standards, Corporations Act and Corporations Regulations. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Auditor s Opinion In my opinion, the trustee of Macquarie Superannuation has complied, in all material respects, with the requirements of the SIS Act and SIS Regulations, FSCODA Reporting Standards, Corporations Act and Corporations Regulations for the year ended 30 June PricewaterhouseCoopers Chartered Accountants Craig Stafford Sydney Partner 31 October

75 Contacts New South Wales Level 11, 20 Bond Street Sydney NSW 2000 Macquarie Investment Management Limited PO Box 192 Australia Square NSW 1215 Victoria Level 26, 101 Collins Street Melbourne VIC 3000 Macquarie Investment Management Limited GPO Box 5435CC Melbourne VIC 3001 Queensland Level 8, Comalco Place, 12 Creek Street Brisbane QLD 4000 Macquarie Investment Management Limited GPO Box 1459 Brisbane QLD 4001 South Australia Level 2, 151 Pirie Street Adelaide SA 5000 Macquarie Investment Management Limited GPO Box 663 Adelaide SA 5001 Western Australia Level 27, Allendale Square 77 St Georges Terrace Perth WA 6000 Macquarie Investment Management Limited PO Box 7306 Cloisters Square Perth WA 6850 This document has been printed on a PEFC certified paper which is made from elemental chlorine free pulp, derived from well-managed forests and manufactured by an ISO certified mill.

76 How to contact Macquarie Financial Advisers Existing investors Your adviser is your main point of contact for your portfolio, so if you have any queries about your Macquarie Super and Pension Manager account, please talk to your financial adviser. Macquarie can be contacted at: Macquarie Wrap PO Box N498 Grosvenor Place NSW 1220 Clientview website: 74 OTH /08