MyNorth Index Diversified Investment Options

MyNorth Index Diversified Investment Options Product Disclosure Statement Issue number 1 Issued 11 February 2016 Issued by ipac asset management limited ABN 22 003 257 225 AFS Licence No. 234655

Important Information ipac asset management limited ABN 22 003 257 225 Australian Financial Services Licence Number 234655 (ipac), is the Responsible Entity of the Summit Select Trust (the Trust) and issuer of this Product Disclosure Statement (PDS). The MyNorth Index Diversified Investment Options represent classes of units within the Trust. The Responsible Entity has appointed ipac portfolio management limited (Portfolio Manager) ABN 51 071 315 618 Australian Financial Services Licence Number 234658 as the Portfolio Manager of the Trust. The Responsible Entity has also appointed AMP Capital Investors Limited ABN 59 001 777 591, AFSL 232497 ('AMP Capital') under a Fund Services Agreement to provide other fund related services, including the preparation of this PDS. No company in the AMP Group other than the Responsible Entity is responsible for the preparation and issue of this PDS or for any statements or representations made in this PDS. You can invest in the Trust through a master trust, wrap account, investor directed portfolio service, or nominee or custody service. In this document we refer to these services as master trusts or wrap accounts. An investment in the Trust is subject to investment risk, including possible delays in repayment and loss of income and capital invested. Neither the Responsible Entity, nor any associated companies, nor any investment manager, guarantees the repayment of capital, payment of income or the performance of the Trust. Nothing in this PDS is to be taken as financial product advice. The Responsible Entity has not taken any investor s investment objectives, financial situation or particular needs into account when preparing this PDS. Investors should seek quality financial advice before investing. The offer made in this PDS is only available to investors receiving it (electronically or otherwise), signing it and submitting it in Australia. The Responsible Entity reserves the right to change the terms and conditions of the PDS. If the change is an increase in fees then notice will be provided 30 days before the change takes effect. Otherwise notice of a material change will be provided before or as soon as practicable after the change occurs. ipac asset management limited, ipac portfolio management limited and AMP Capital are part of the AMP Group. Investment Options Registered name of the Trust ARSN APIR code MyNorth Index Defensive Summit Select Trust 089 026 871 IPA0180AU MyNorth Index Moderately Defensive IPA0181AU MyNorth Index Balanced IPA0182AU MyNorth Index Growth IPA0183AU MyNorth Index High Growth IPA0184AU Throughout this PDS References to: 'Investor' or 'you' 'Investment options' 'Financial adviser' 'We', 'us', 'our' or 'Responsible Entity' 'Portfolio Manager' To be read as: A client invested in any of the MyNorth Index Diversified Investment Options, including any person authorised to act on your behalf. MyNorth Index Diversified Investment Options, the financial products described in this PDS offered by ipac. A financial adviser holding an Australian Financial Services Licence or acting as a representative or an authorised representative of a licensee. ipac asset management limited (ipac) ipac portfolio management limited

Contents About MyNorth Index Diversified Investment Options Index investment options Investment risks Investor information Fees and expenses Additional Information 4 5 8 10 12 15 3

About MyNorth Index Diversified Investment Options The MyNorth Index Diversified Investment Options are index investments that have a management style that seeks to match a relevant market index. Each Investment Option may invest in a variety of asset classes including shares, property, fixed interest and cash both in Australia and overseas. Investments will be made in managed investment schemes whose assets are managed by specialist managers selected for their expertise in that asset class. Each of the Index investment options Defensive, Moderately Defensive, Balanced, Growth and High Growth invests in a different combination of growth and defensive assets and has a different risk profile. Growth assets (such as shares and property) are expected to generate higher long-term returns than defensive assets (such as cash and fixed interest), but with greater volatility (or have a higher risk profile). Generally, the higher the amount of growth assets in an investment option, the greater the potential long-term return and the higher the risks associated with that investment option. Past returns are not an indication of future returns. Further details on each of the Investment Options are provided on pages 6 to 7. When you invest you are indirectly allocated an interest in a class of units from the Summit Select Trust (see inside front cover). This type of trust is called a 'managed investment scheme'. Each investment option represents one of those classes of units (see page 15 for more details). The money from individual investors is pooled in each unit class and invested according to the investment option s investment objective. You do not have direct ownership of the underlying assets held in the investment options. The offer of securities made under this PDS is only available to clients accessing it through a master trust or wrap account. For more information about investing through a master trust or wrap account please see page 18. ipac is responsible for the management of the MyNorth Index Diversified Investment Options, in consultation with NMMT Limited (NMMT) ABN 42 058 835 573, Australian Financial Services Licence Number 234653. Who is ipac? ipac is the Responsible Entity of the Trust. ipac and its related entities are a financial advice and investment group that has been helping clients achieve their financial goals since 1983. ipac is a wholly owned subsidiary of the AMP Group. 4

Index investment options There are five diversified investment options that take an index approach to investing. A specialist investment manager (or managers) is appointed to manage the assets of the Trust. The Portfolio Manager is responsible for conducting research to select these investment manager(s). Changes to investment managers A rigorous monitoring and review process is employed to ensure investment managers continue to manage according to the agreed strategy, with the aim of achieving the investment objectives of each investment option. The Portfolio Manager may change the investment managers or their allocations at any time without prior notice. Up-to-date information on the investment managers is available from your financial adviser or by contacting the North Service Centre on 1800 667 841. Changes to asset allocations The Portfolio Manager will manage the Index investment options in line with the target asset allocations. From time to time, ipac will review the target asset allocations to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for the asset classes. These reviews may lead to changes in the target asset allocations, which ipac may implement without notice to investors. The Portfolio Manager will not employ tactical asset allocation or deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. For up-to-date information on the Index investment options please contact your financial adviser or contact the North Service Centre on 1800 667 841. 5

Investment options Defensive Moderately Defensive Balanced Investment objective Investment strategy (i) Distribution frequency Asset allocations (ii) To provide some growth in your investment over the short to medium term with smaller fluctuations in value than the other Index investment options. To invest predominantly in defensive assets such as cash and fixed interest. Growth assets will have an average allocation over time of around 30% invested in growth assets such as shares and property. Half-yearly: June and December Total Defensive To provide modest growth in your investment over the medium term with some fluctuations in value likely. To invest in a diversified mix of growth and defensive assets. Growth assets such as shares and property To provide moderate growth in your investment over the medium to long term with moderate fluctuations in value likely. To invest in a diversified mix of growth and defensive assets. Growth assets such as shares and property will have an average allocation over will have an average allocation over time of around 50%, with the balance time of around 70%, with the balance in defensive assets such as cash and in defensive assets such as cash and fixed interest. fixed interest. Half-yearly: June and December Total Defensive Half-yearly: June and December Total Defensive Total Growth Total Growth Total Growth Asset Class Target % Range % Aust. Shares Intl. Shares 11 12 9-13 10-14 Aust. Listed Property Global Listed Property Total Growth 5 0 28 3-6 0-6 Asset Class Target % Range % Aust. Shares Intl. Shares 20 21 18-22 19-23 Aust. Listed Property Global Listed Property Total Growth 7 0 48 5-8 0-8 Asset Class Target % Range % Aust. Shares Intl. Shares 30 31 27-33 28-34 Aust. Listed Property Global Listed Property Total Growth 7 0 68 5-8 0-8 Fixed Interest Aust. Cash Total Defensive 35 37 72 30-40 34-40 Fixed Interest Aust. Cash Total Defensive 29 23 52 24-50 34-40 Fixed Interest Aust. Cash Total Defensive 18 14 32 14-22 11-17 Investment performance For up-to-date performance data please speak to your financial adviser or visit northonline.com.au For up-to-date performance data please speak to your financial adviser or visit northonline.com.au For up-to-date performance data please speak to your financial adviser or visit northonline.com.au (i) (ii) The investment strategy and asset allocation of the investment options may vary from time to time. The objectives specified are before all fees and taxes. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. Refer to pages 12 to 13 for the management cost and buy and sell cost of each investment option. The Portfolio Manager aims to manage asset allocations within the asset allocation ranges. However, in certain circumstances, the Portfolio Manager may manage actual allocations outside of the asset allocation ranges. Such circumstances may include but are not limited to where one of the investment options or underlying funds is closed for new applications or withdrawals, during changes to the product structure, asset allocation or manager line-up, or in certain market conditions. The Portfolio Manager will not employ tactical asset allocation or deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. 6

Growth High Growth Investment objective Investment strategy (i) Distribution frequency Asset allocations (ii) To provide moderate to high growth in your investment over the long term with larger fluctuations in value likely when compared to other Index Investment options (excluding High Growth). To invest in a diversified mix primarily growth assets. Growth assets such as shares and property will have an average allocation over time of around 85%, with the balance in defensive assets such as cash and fixed interest. Half-yearly: June and December Total Defensive To provide high growth in your investment over the long term with larger fluctuations in value likely when compared to other Index investment options. This investment option invests in a diversified mix of growth assets such as shares and property that will have an average allocation over time of around 99% with the balance in cash. Half-yearly: June and December Total Defensive Total Growth Total Growth Investment performance Asset Class Target % Range % Aust. Shares Intl. Shares Aust. Listed Property Global Listed Property Total Growth Fixed Interest Aust. Cash Total Defensive 36 39 7 0 82 9 9 18 33-39 36-42 5-8 0-8 5-13 6-12 For up-to-date performance data please speak to your financial adviser or visit northonline.com.au Asset Class Target % Range % Aust. Shares Intl. Shares Aust. Listed Property Global Listed Property Total Growth Fixed Interest Aust. Cash Total Defensive 44 50 4 0 98 0 2 2 41-47 47-53 For up-to-date performance data please speak to your financial adviser or visit northonline.com.au 2-5 0-5 0-5 0-5 (i) (ii) The investment strategy and asset allocation of the investment options may vary from time to time. The objectives specified are before all fees and taxes. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. Refer to pages 12 to 13 for the management cost and buy and sell cost of each investment option. The Portfolio Manager aims to manage asset allocations within the asset allocation ranges. However, in certain circumstances, the Portfolio Manager may manage actual allocations outside of the asset allocation ranges. Such circumstances may include but are not limited to where one of the investment options or underlying funds is closed for new applications or withdrawals, during changes to the product structure, asset allocation or manager line-up, or in certain market conditions. The Portfolio Manager will not employ tactical asset allocation or deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. 7

Investment risks Investments involve varying degrees of risk and the value of the assets in the investment options can fall as well as rise. Many factors affect the value and possible investment returns of these assets. Generally, the higher the potential returns the higher the potential risks associated with that investment. Some of the main risks of investing in the Trust include: Market risk: The risk of a fall in the price of assets within a particular market. In the investment options, movements in interest and inflation rates, changes in government policy, taxation, legislation and market sentiment can affect the value of assets and the income these assets can generate. Some markets such as those in emerging economies can be more volatile due to risks associated with global or local political, economic and social policies. Currency risk: The risk that movements in foreign currencies will reduce the returns from unhedged international investments. Currency risk is greater for those investment options with a higher exposure to unhedged international securities. Counterparty risk: Entry into some financial transactions, such as swaps, creates counterparty risk. Substantial losses could be incurred if a counterparty failed to deliver on its contractual obligations, or experienced financial difficulties. For this reason, the investment options only engage with approved counterparties and has processes in place to reduce the risk exposure to these counterparties. Liquidity risk: Liquidity refers to the ease with which an asset can be traded (bought and sold). An asset subject to liquidity risk may be more difficult to buy or sell and it may take longer for the full value to be realised. Where the Trust has exposure to investments which are generally considered to be illiquid, as set out under 'Asset allocation' for each investment option, it may be subject to liquidity risk. We manage the Trust with the aim of ensuring that exposure of each investment option to illiquid assets is no greater than 20%. However, in circumstances where the Trust consists of less than 80% in value of liquid assets, we may not be able to meet withdrawal requests within the specified periods. Investment specific risk: The risk of a fall in the price of an individual investment within an investment option. Examples may include the unforeseen entry of a new competitor into the market or an increase in the cost of raw materials affecting the value of individual investments. International risk: Risks such as political and economic instability of overseas countries, different accounting and reporting standards resulting in reduced disclosure, limited availability of reliable company financial information and international fund flow restrictions, are all examples of potential risks when investing in international assets. This risk is greater for those investment options with a higher exposure to international assets. Debt and leverage: Some of the underlying securities managers may use leverage or borrowings. This increases the opportunities for higher investment returns, but also increases the risk of loss. Interest rates: Cash and fixed income investments will be impacted by interest rate movements. While capital gains may be earned from fixed income investments in a falling interest rate environment, capital losses can occur in a rising interest rate environment. The risk of capital gain or loss tends to increase as the term to maturity of the investment increases. Hedging: Whilst some international investments may be hedged back to Australian dollars, where asset exposure is unhedged, the Trust could incur reduced returns through any adverse currency movements. Risks such as illiquidity or default by the other party to the transaction may also apply. Trust risk: The Trust or any investment option offered within it could terminate, the fees and expenses could change, or the Portfolio Manager or its investment team could change. There is also a risk that investing in the Trust may give different results than investing individually because of income or capital gains accrued in the Trust and the consequences of investment and withdrawal by other investors. Trust structure risk: The Trust is a single trust which has a number of classes. As investors are issued units in the relevant class (reflecting their selection of investment option) they could be adversely affected by the liability and tax positions of other investment options. Investors could be adversely affected if liabilities incurred by any one investment option extend beyond the value of that investment option, as other investment options may be liable for any deficiencies (also see pages 15 to 18). The ability of the Responsible Entity to distribute its net income and the components of any taxable income may also be affected by the nature of any losses that accrue to other investment options (see page 15). 8

Securities lending risk: although engaging in securities lending may benefit the Trust by providing increased returns, there is a risk of capital loss. This may arise if the borrower fails to return the borrowed securities, or if some of the collateral provided by the borrower to cover the value of the lending is affected by the market risk listed above, or the insolvency of a counterparty to the arrangement, including where collateral is pooled and/or held under the laws of a foreign country. The greater volume of securities lent, the greater potential for capital loss (see page 15). No assurance can be given by the Responsible Entity that the operations of the Responsible Entity or the Trust will not be adversely affected by the risks outlined above. Use of derivatives The underlying investment managers and the Trust may use derivatives such as options, futures, or forward exchange rate agreements with the aim of protecting against risks such as unfavourable changes in an investment s price brought about by changes in interest rates, commodity prices or currencies, and/or as a cost-effective alternative to purchasing physical assets. Derivatives can cause losses. The use of derivatives is closely monitored by the Portfolio Manager. 9

Investor information Investing Investors in master trusts or wrap accounts do not become investors in the investment options. Instead, it is generally the operator of the master trust or wrap account that invests for you and so has the rights of an investor. They exercise these rights in accordance with their arrangements with you. To invest in the MyNorth Index Diversified Investment Options through a master trust or wrap account, please complete the application process of your master trust or wrap account operator. It is important to ensure you have fully read and understood the disclosure document applicable to the master trust or wrap account prior to investing. While it is not our intention, we may refuse (without reason) any application. Master trust or wrap operators will need to complete an application form and submit it with an initial investment amount of at least $500,000. They can then make additional investments of at least $5,000 at any time. The Responsible Entity reserves the right to accept lower investment amounts. Processing of applications and redemptions As you are investing through a master trust or wrap account, the timing for processing and pricing an investor s application or redemption by the master trust or wrap account operator will be dependent on the requirements of the master trust or wrap account. If ipac accepts the application or redemption request from the master trust or wrap account operator by 11.00am (Sydney time) on a Sydney business day, it is generally deemed to be received that day. The effective unit price of that day will be used to calculate the number of units issued or redeemed. This unit price is generally issued within two business days after the effective date. If the application or redemption request is received after 11.00am (Sydney time) on a Sydney business day, or on a non-business day, it is generally deemed to be received the next business day. Redemption requests will normally be processed within 10 Sydney business days of receipt of request, although the Constitution allows up to 30 days for the MyNorth Index Diversified Investment Options, or a longer period if the Responsible Entity is unable to realise assets within that time due to circumstances beyond its control. If on any single Sydney business day: a member requests the redemption of units representing more than 5% of the number of units on issue in an investment option, or where in respect of any period of five consecutive Sydney business days, a number of units in an investment option representing in aggregate more than 10% of the number of units on issue in that investment option, the time for payment of redemption proceeds may be extended for the period prescribed in the Constitution. If at least 80% of the value of assets of the Trust no longer consist of cash and other assets that may be realised within the period allowed for funding redemption requests under the Constitution, the Corporations Act (Cth) 2001 will classify the Trust as not liquid. If this happens, unit holders will be unable to redeem unless the Responsible Entity chooses to make a redemption offer under the Corporations Act (Cth) 2001 and the Constitution. The Responsible Entity expects the Trust will remain liquid in normal circumstances. Please refer to the master trust or wrap account operator s disclosure document for further information regarding the payment of withdrawal proceeds. Unit pricing and asset valuation The Responsible Entity generally calculates unit prices for the Trust or class of units (or investment option) at least once each Sydney business day, although it may do so more or less often. The application price and redemption price of a unit is calculated based on the net asset value of the investment option divided by the number of units on issue adjusted for an allowance for transaction costs (see page 13). The net asset value of an investment option includes the value of the investments of that investment option and any accumulated income and profits, less amounts required to meet the actual or contingent liabilities of the investment option and any accrued charges. The Responsible Entity may delay the calculation of the unit price if it is appropriate, for example, in the case of closure of, or trading restrictions on, a securities exchange or an emergency or moratorium. Provisions in the Constitution give ipac the ability to exercise discretion in relation to the calculation of application and redemption unit prices. ipac has a policy that details how and when it exercises this discretion. We will provide you with a copy of the policy free of charge at your request. Please contact the North Service Centre on 1800 667 841. 10

Income distributions Payment of distributions The investment options will normally distribute income half-yearly, after the periods ending 30 June and 31 December, but can make additional distributions at any time. Income distributions will normally be paid within 30 days of the end of the period and must be paid within two months of the end of the period. Calculation of distributions The five investment options (see inside front cover) are part of a single registered managed investment scheme, each operating as a single trust for tax purposes. The taxable income of the Index investment options invested in the Summit Select Trust (see inside front cover) is determined after taking into account the cumulative income gains and losses for all investment options in the Trust. Therefore, although the income entitlement of investors is determined by reference to the assets of the particular investment option in which units are held, the ability of any investment option to distribute its net income and the components of any taxable income distributed may be affected by the nature of any losses that accrue to other investment options. The Responsible Entity will endeavour to quarantine the gains and losses of an investment option to that particular investment option. However, this may not always be possible so that the gains of one investment option may be reduced by the losses of another investment option. Conversely, investment options that have accrued losses may not have the ability to carry these losses forward and may lose the associated tax benefit. Where the Trust's expenses exceed its income in a distribution period, there would be no net income for that period. In this case, no investment option will distribute income for that period. The distribution amount for each investment option is divided by the number of units on issue on the last day of the distribution period to provide a cents per unit distribution amount. The amount each unit holder receives is calculated by multiplying the cents per unit distribution amount by the number of units they hold at the end of the last day of the distribution period. Each unit for a particular investment option receives the same distribution amount, regardless of how long it has been held. Distributions are not guaranteed. Unit prices normally fall immediately after a distribution has been declared, because the net assets of the portfolios have been reduced by the amount of the distribution. Depending on your arrangements with the master trust or wrap account, you may direct your master trust or wrap account to request the Responsible Entity to reinvest all income entitlements to purchase units in the Trust. Alternatively, distributions may be paid to your account with your master trust or wrap account operator. 11

Fees and expenses Consumer advisory warning Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2 per cent of your fund balance rather than 1 per cent could reduce your final return by up to 20 per cent over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial adviser. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a managed investment fee calculator to help you check out different fee options. Fee amounts in this PDS This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the Trust assets as a whole. Unless otherwise stated, the fees shown in this section are inclusive of Goods and Services Tax ('GST') and any applicable stamp duty, less reduced input tax credits ('RITCs') or other input tax credits claimable. Taxation information is on page 16. You should read all the information about fees and costs because it is important to understand their impact on your investment. Fees and costs for particular investment options are set out on page 14. Type of fee or cost Fees when your money moves in or out of the Index Diversified Investment Options Establishment fee The fee to open your investment. Contribution fee The fee on each amount contributed to your investment. Withdrawal fee The fee on each amount you take out of your investment. Exit fee The fee to close your investment. Management costs The fees and costs for managing your investment (excluding transaction costs) (i) Service fees Investment switching fee This is the fee charged when you switch between investment options. You may also incur a buy or sell cost when switching between investment options Amount Nil Nil Nil Nil 0.65% p.a. Nil How and when paid Not applicable Not applicable Not applicable Not applicable Calculated daily on the gross assets of the Trust. Paid monthly as a percentage of the amount you have invested in each investment option and included in the unit price of that option. For more information refer to pages 13 to 14. Not applicable (i) For further information on transaction costs refer to page 13. 12

Additional explanation of fees and costs Management costs An estimate of the total costs incurred by investors for each investment option is shown in the management costs table on page 13. It is based on expected costs and expenses to be incurred and is deducted from the earnings before the unit price is calculated. It is based on information at the date of publication and is subject to change. The management costs include the following: a) Management fee The Responsible Entity receives a management fee for providing both Responsible Entity and portfolio management services. Fees payable to the underlying securities managers are paid from the management fee. The management fee for each investment option is partly dependent on the underlying construction of each portfolio, including its asset and securities manager allocations. Changes to the portfolio construction may lead to an increase or decrease in the management fee. The maximum fee ipac may receive for providing Responsible Entity and portfolio management services under the Constitution is 1.1% p.a. We will provide you with 30 days notice if the management fee increases above the current management costs as outlined on page 12. b) Expense recovery The Constitution provides for the Responsible Entity to be reimbursed from the Trust for all expenses reasonably and properly incurred in relation to the proper performance of its duties in connection with the Trust. Reimbursable expenses include (but are not limited to) custodial and audit expenses, printing and postage expenses, unit registry costs and costs associated with the preparation of the PDS. These reimbursable expenses are reflected in the unit prices for the Trust. In some cases, costs may not actually be incurred, for example, where new investments are made at the same time as other investments are withdrawn. However, to treat investors in a consistent manner generally the buy/sell cost is applied to all applications and withdrawals. These costs are not paid to ipac, they are retained in the investment option. The management costs and buy/sell costs for each investment option are in the management costs table. These fees and expenses are based on information at the date of publication and are subject to change. The most up-to-date buy/sell costs are available from your financial adviser or by contacting the North Service Centre on 1800 667 841 or by visiting northonline.com.au. Increases or alterations in charges The governing rules of the investment options allow the Responsible Entity to alter any of the charges outlined on page 13 up to the maximum (if any) outlined in the Constitution and levy other charges as stated in the Constitution. You will be given at least 30 days notice in writing of any increases in fees. Transaction costs (buy/sell costs) This is the difference between the purchase unit price and the sell unit price and is the Portfolio Managers estimate of the costs of buying and selling investments of the investment option as a consequence of amounts being invested in and paid from the investment option. For example, these costs may include brokerage fees, custody settlement, government taxes and charges. This amount is an additional cost to the investor reflected in the unit price and is not charged separately. Buy/sell costs are intended to ensure that investors who transact infrequently do not bear the costs generated by investors who transact frequently. If considered in isolation the effect of the buy/sell costs of 1.0% on a $1,000 investment would result in the reduction of the investment to approximately $990 upon its sale. That is, $1,000 less the buy/sell costs of $10 (1.0%) = $990. 13

Example of annual fees and costs This table gives an example of how the fees and costs in the MyNorth Index Balanced investment option for this product can affect your investment over a one-year period. You should use this table to compare this product with other managed investment products. EXAMPLE The Index Balanced Investment Option Contribution fees Plus Management costs Equals Cost of fund Nil 0.65% p.a. BALANCE of $500,000 with a contribution of $5,000 during the year For every $5,000 you put in, you will be charged $0. And, for every $500,000 you have in the fund you will be charged $3,250 each year. If you had an investment of $500,000 at the beginning of the year and you put in an additional $5,000 during that year you would be charged fees of: $3,250 What it costs you will depend on the investment option you choose and the fees you negotiate with your fund or financial adviser. Note: The management costs amount assumes a constant investment of $500,000 throughout the year, with a $5,000 contribution made on the last day of the period. Any applicable performance fees have not been included. Management costs are also applied to any additional contributions that you make during the year. Investors through a master trust or wrap account should be aware that in addition to the fees and expenses set out in this PDS, fees and expenses for the master trust or wrap account will also be payable in accordance with the terms and conditions for the master trust or wrap account. Estimated management costs The table below provides the estimated management costs and buy/sell costs applicable to each investment option. Investment option Estimated management costs % p.a. Buy/Sell cost% (i) On application On redemption Defensive 0.65 0.08 0.08 Moderately Defensive 0.65 0.10 0.10 Balanced 0.65 0.12 0.12 Growth 0.65 0.13 0.13 High Growth 0.65 0.15 0.15 (i) Buy/sell costs are payable when an application or redemption is made. Please refer to transaction costs for additional information. 14

Additional Information Structure of the investment options within the Trust The Index investment options operate as part of a single trust called Summit Select Trust, which includes a number of separate and identifiable portfolios of assets (investment options). Of these investment options only the five Index investment options are offered in this PDS. Each Index investment option is represented by a different class of units, with each class of units being priced separately based on the value of the assets relating to that investment option. Income is distributed to holders of the class of units invested in that investment option. However, if the liabilities of one of the Index investment options exceed the assets of that investment option, this may impact on the members of the other investment options. Losses in one or more investment options in the Summit Select Trust may affect the distributable amounts in respect of another investment option. Labour standards and environmental, social and ethical considerations The investment decisions made for the Trust do not consider labour standards or environmental, social or ethical issues. Securities lending Securities lending is an investment practice whereby securities of a fund are lent to a third party (the borrower) for a period of time in return for a fee. Title to the securities is transferred to the borrower, but the fund s exposure to capital movements and investment income remain unchanged. For the duration of the loan, the borrower is required to provide collateral in excess of the value of the securities loaned. Up to 95% of Trust's assets may be lent under the securities lending program. Securities lending exposes the Trust to additional risks which may cause a loss of capital, in particular the risk that the borrower defaults by failing to return the securities. However, processes are in place to manage and substantially mitigate these risks, including: Loans may only be made to approved borrowers, who are carefully selected taking into account credit risk Aggregate borrowing limits are set and monitored Acceptable collateral must be high quality and highly liquid, including cash, shares in larger companies and government bonds; in the event of default, collateral may be liquidated to fund purchase of replacement securities Borrowers are required to maintain collateral equal to the value of the securities on loan plus a margin of 5 to 10% depending on type of collateral Market movements of both securities on loan and collateral are monitored on a daily basis and adjustments made where necessary to ensure that loans remain fully collateralised Restrictions may be placed on which securities are available to be loaned and limits on the proportion of securities that may be loaned Loans may be recalled at any time at the discretion of the responsible entity and the securities lending agreement may be terminated at short notice should market conditions warrant such action In addition, the Trust has further risk mitigation in place against possible capital loss resulting from insolvency of a borrower by a legally enforceable indemnity from the securities lending agent (a related party of the Trust's custodian), who would make up any shortfall between the collateral and the cost to repurchase a loaned security. Income earned from securities lending is returned to the Trust after the deduction of operational costs and fees payable to the securities lending agent (for operation of the program and the provision of the indemnity) and to AMP Capital for monitoring, governance and oversight. These fees are 30% and 10% of securities lending revenue respectively which are in line with normal commercial rates. Investing in the Trust Investment in the Trust is generally confined to investors who are making an investment through a master trust or wrap account approved by the Responsible Entity. Investment performance In conjunction with your financial adviser, your decision to invest in the Trust should be based on all the information provided in this PDS. Past performance should not be taken as an indication of future performance. Past performance information is updated regularly. To obtain the most up-to-date performance for each investment option, please speak to your financial adviser or visit northonline.com.au. 15

Up-to-date information The information in this PDS is current as of the date of this PDS, however the information in this PDS is subject to change. Any changes to the information in this PDS that are not material may be updated from time to time. Please contact your financial adviser or the North Service Centre by calling 1800 667 841 for this updated information. A paper copy of any updated information will be provided to you free of charge upon request. Taxation information This taxation information is a general summary only and is based on information that is current at the date of issue of this PDS. Given the complexity of the taxation legislation, it is strongly recommended that you consult a tax professional before making an investment decision. The following taxation comments relate to Australian resident individual investors who hold their investment on capital account only. Non-residents should seek their own advice. Distributions relating to your investment in the Trust and the proceeds relating to any dealings in your investment in the Trust will be paid to the master trust or wrap account operator. The tax consequences to you of investing in the Trust will depend on the relevant arrangement and structure of the master trust or wrap account. ipac will only perform a tax calculation at year end. The tax statement supplied at year end will pro rata all tax components of an investor according to the total dollars distributed from the fund. The pro rata will not take into account when the unit holder invested in the Trust. This treatment of tax components also applies whenever a unit holder applies or redeems. It is the intention of the Responsible Entity to distribute the income of the Trust sufficient to prevent the Responsible Entity being liable to tax on the net income of the Trust. Both the cash and non-cash components of the distributions from the Trust may form part of the investor s assessable income even where the distribution is automatically reinvested. It is expected that gains and losses on the disposal of investments of the Trust, (other than certain investments such as fixed interest securities), will be assessed under the capital gains tax (CGT) provisions of the income tax legislation. Subject to the comments made under Losses, net capital gains realised by the Trust will be distributed to unit holders. Taxation of investors Where net capital gains are distributed to unit holders, it may be possible for you to offset these against any realised capital losses you may have incurred on the disposal of your units in the Trust or from other sources. Distributions from investment options that invest in Australian shares may include franked dividends. The dividend and franking credits will generally be included in your assessable income and taxed at your marginal rates. The franking credits may be used to offset any tax payable on income for that year. Excess franking credits are refundable to certain tax payers. Franking credits may be denied at the Trust level in certain circumstances. It is the Responsible Entity s intention to manage the Trust in a manner that will minimise the potential impact on unit holders. However, unit holders will need to look to their own position in determining their ability to utilise the franking benefits attached to the distributions from the Trust made to them. If a distribution includes foreign income you may be entitled to a tax offset for the foreign tax paid. Distributions from investment options may include tax-deferred amounts. Tax-deferred amounts are generally not assessable but will reduce the cost base of the units for the purposes of calculating a capital gain or loss in respect of your units. On acquisition of your units, a portion of the purchase price may be referable to undistributed income and unrealised capital gains. You may receive such amounts in future distributions. Taxation on disposal of units Under the CGT provisions, when you dispose of your units you may be liable to pay tax on any gain. Any capital loss arising on a disposal of units may be offset against capital gains arising in that year or subsequent years. Certain unit holders (for example, those carrying on a business of trading in units) may be liable to pay tax on any gains made on disposal of units as ordinary income. Where units have been held for more than 12 months, individuals and other prescribed entities may qualify for CGT concessions in relation to the disposal of units. Losses in the Index investment options If you are invested in the Index investment options, the components of your distribution, including franking credits, may be impacted by the nature of gains and losses made by other investment options in Summit Select Trust. This arises from the fact that the Summit Select Trust (see inside front cover) consists of classes of units (or investment options) within the one trust rather than separate trusts. The Summit Select Trust is not able to distribute the net losses of an investment option. The net income of the Summit Select Trust is determined by taking into account the cumulative income gains and losses of all investment options. Therefore, although the distribution is determined by reference to the assets of the particular investment option, the ability to distribute the income of, and the components of taxable income in relation to, an investment option may be affected by the gains and losses of other investment options in the Summit Select Trust. Tax file numbers (TFNs) and Australian business numbers (ABNs) It is not obligatory to quote your TFN and ABN. If, however, you choose not to quote your TFN or ABN and do not claim an exemption, tax will be deducted from your distributions at the highest marginal rate, plus any applicable levy. Business taxpayers may quote an ABN instead of a TFN. 16

The Responsible Entity ipac is the Responsible Entity for the Trust. Its duties and obligations to unit holders are imposed, and its functions and powers are conferred on it by the Constitution (see below), the Corporations Act and general law. For example, in exercising its powers and carrying out its duties, the Responsible Entity must: act in the best interests of unit holders and treat unit holders of the same class equally and unit holders of different classes in the Trust fairly act honestly exercise the degree of care and diligence that a reasonable person would exercise if they were in the Responsible Entity s position, and if there is a conflict between unit holders interests and its own interest, give priority to the unit holders interests. The Responsible Entity is authorised under the Constitution to appoint agents (such as the custodian) or engage the services of other persons (such as the operator of a securities clearing system) to undertake matters on its behalf. The Responsible Entity remains liable for the acts and omissions of any agent or person so appointed pursuant to the Corporations Act as though it had itself done (or failed to do) anything the agent or person has done (or failed to do). International Financial Reporting Standards Terminology used in this PDS e.g. market value, net asset value, may not necessarily be consistent with terminology in the Australian accounting standards equivalent to International Financial Reporting Standards. The accounting standards relate to financial statements. The PDS uses terminology commonly accepted in the financial services industry when referring to the calculation of fees and unit prices which may differ to that used in the Trust's financial statements. Alternative forms of remuneration Financial services providers are required to maintain a register which outlines the alternative forms of remuneration. The register is available free of charge by contacting the North Service Centre on 1800 667 841. The Constitution The Constitution under which the Trust was established provides the framework for the operation of the Trust. Together with the general law, relevant legislation and the Corporations Act, the Constitution sets out the terms and conditions under which the Trust operates and sets out many of the rights, liabilities and obligations of unit holders and the responsibilities and duties of the Responsible Entity in its capacity as Responsible Entity for the Trust. In summary, the Constitution includes provisions dealing with: the Responsible Entity's investment and contracting powers on behalf of the Trust and valuation principles for assets the distribution of income and capital of the Trust the obligations, duties and powers of the Responsible Entity and delegation of its functions the voluntary and compulsory retirement, removal or replacement of the Responsible Entity the duration of the Trust, including termination by members or the Responsible Entity, or under operation of law recoverable expenses, permitted borrowing and the limiting of liability and remuneration and indemnification of the Responsible Entity the manner in which notices will be given, and payments made, to members procedures by which members may make complaints procedures for the convening and holding of meetings of members the maximum fees the Responsible Entity may charge, and amendment of the Constitution. The Responsible Entity will provide, on request and free of charge, a copy of the Constitution (and any amendments that may be made from time to time). Please contact the North Service Centre on 1800 667 841 should you require a copy. The compliance committee and compliance plan In accordance with the Corporations Act, a compliance plan has been prepared for the Trust and lodged with ASIC. The compliance plan, amongst other things, sets out the measures the Responsible Entity will apply to ensure that the Trust is operating in accordance with the Corporations Act and the Constitution. A compliance committee, with a majority of external members, has been established with the principal role of monitoring the Responsible Entity's adherence to the compliance plan, an adequacy of the plan. An external auditor will audit the compliance plan annually and report its findings to the Responsible Entity. Unit holder meetings Meetings of unit holders of the Trust may be convened at any time by the Responsible Entity, provided that proper notice of the meeting is given to unit holders of the Trust as required by the Constitution and the Corporations Act. The Responsible Entity must also convene a meeting of unit holders when requested to do so by unit holders with at least 5% of the votes that may be cast or at least 100 unit holders in the Trust. 17

Unit holder liability The Constitution for the Trust provides that the liability of unit holders is limited to the amount, if any, which remains unpaid in relation to the member s subscription for their units. However, because this matter has not been tested in court, the Responsible Entity cannot give an absolute assurance in this regard. How direct and indirect investments differ This PDS generally describes the rights exercisable by, and the merits of investing in the Trust applicable to, a direct investor in the Trust. As you are investing in the Trust through a master trust or wrap account, any rights that this PDS describes as being exercisable by a unit holder are exercisable by the master trust or wrap account operator rather than by you. Similarly, references to Unit holder liability (see above) are applicable to the master trust or wrap account operator, and not to persons investing through those services. You should be aware that the rights of investors indirectly investing in the Trust through a master trust or wrap account, and the rights of persons investing directly in the Trust, differ. If you are a direct investor in the Trust (in addition to other things): units in the Trust are held in your name (unless you arrange otherwise) you may make investments, redemptions and switches in accordance with this PDS the distribution of income will be calculated and paid to you or at your direction in accordance with the Constitution fees and charges will be charged in accordance with this PDS and the Constitution the Responsible Entity will keep you informed of the progress of your investment and all transactions that you make you will have voting rights in respect of your units, and you may have cooling-off rights if you are classified as a retail investor under the Corporations Act. If you are an indirect investor in the Trust through a master trust or wrap account, in addition to other things: the registered holder of units in the Trust will be the master trust or wrap account operator investments, redemptions and switches in relation to units, and the timing of them, will be governed (in part) by the terms and conditions for the master trust or wrap account income distributions will be distributed to the master trust or wrap account operator from which distributions may be allocated to you or credited to your account in accordance with the terms and conditions of the relevant master trust or wrap account the master trust or wrap account operator will be responsible for informing you of the progress of your investment through the master trust or wrap account you do not have any voting rights in respect of the units held on your behalf by the master trust or wrap account operator and you have no rights to attend and speak at meetings of members of the Trust. The master trust or wrap account operator may exercise all of the rights relating to the investment, and you generally do not have any cooling-off rights. Investors should refer to the relevant disclosure document of the master trust or wrap account for their cooling-off rights (if any). Reporting Persons who invest in the Trust through a master trust or wrap account will not receive confirmation of transactions, quarterly reports, distribution statements, tax statements or financial statements directly from the Responsible Entity in respect of the Trust. These should be provided by the Responsible Entity to the master trust or wrap account operator who will report to you on your investments in the relevant master trust or wrap account in accordance with the arrangements governing that master trust or wrap account. Financial position of the Trust The financial statements of the Trust will be made available free of charge upon request. Please contact the North Service Centre on 1800 667 841 should you require a copy. 18

Privacy and complaints Investors should refer to the privacy policy and complaints policy set out in the relevant MyNorth disclosure documents. If your complaint is not resolved to your satisfaction or is not resolved within 45 days, you may wish to contact the Financial Ombudsman Service, by telephone on 1300 780 808 or in writing to GPO Box 3, Melbourne Victoria 3001. Cooling-off period Cooling off rights do not apply under this PDS. Investors should refer to the relevant disclosure document of the master trust or wrap account for their cooling-off rights (if any). Related party transactions We may use the services of other companies associated with ipac, including to manage the assets of the Trust. The association may involve a common ownership interest of a parent entity in both ipac and the company providing services to ipac. Notwithstanding this, these transactions will be made on an arm s length basis. Electronic format For investors receiving this PDS electronically, a paper copy will be provided free of charge upon request. Offers limited to Australia This document can only be used by investors receiving it (electronically or otherwise), signing it and submitting it in Australia. Further information If you require any further information please speak with your financial adviser or call the North Service Centre on 1800 667 841. 19

Contact your adviser or financial planner Directory Registered address of ipac Level 24, 33 Alfred Street Sydney NSW 2000 Business address of ipac Level 5, 50 Bridge Street Sydney NSW 2000 ipac.com.au 07603 0912 North Service Centre Postal address: GPO Box 2915, Melbourne VIC 3001 Telephone: 1800 667 841 Email: north@amp.com.au northonline.com.au