ASGARD Employee Superannuation Account · number 5) for ASGARD Employee Superannuation Account....

Supplementary PDS ASGARD Employee Superannuation Account – Members 1

Supplementary Product DisclosureStatement (SPDS)This SPDS dated 30 June 2005 relates to the Product Disclosure

Statement (PDS) - Members dated 1 October 2004 (Issue

number 5) for ASGARD Employee Superannuation Account.

This SPDS is issued by ASGARD Capital Management Ltd

(ASGARD) ABN 92 009 279 592, AFSL 240695 and should be

read together with the PDS.

From 30 June 2005 the PDS will consist of 2 PARTS.

PART 1:The PDS dated 1 October 2004 as amended by this

SPDS – providing general information.

PART 2: Investment Selection: A list of the available investment

options for Managed Profiles.

Your financial adviser should provide you with both PARTS 1 & 2.

If you have not received both parts please contact your

financial adviser.

This SPDS has been issued to outline important updates and

changes relating to information contained in the PDS.

The following information is covered in this SPDS

• Fees and other costs

• Performance update

• Product minimums

• Eligible Rollover Fund

• Cooling-off

• Insurance changes

• Superannuation update

A reference to ‘we’, ‘us’ or ‘our’ in this document is a reference

to ASGARD.

ASGARD Employee Superannuation Account

2 Supplementary PDS ASGARD Employee Superannuation Account – Members

This section shows fees and other costs that you may be charged.

These fees and other costs may be deducted from the Cash

Balance within your Account (‘Cash Balance’) or from the returns

on the managed investments in your portfolio (for investments in

Separately Managed Accounts – Funds (SMA – Funds)) or profile

(for investments in Managed Profiles).

Taxation information is provided under the heading ‘Tax features’

on page 31 of the PDS. Insurance costs are set out under the

heading of ’Protecting your future with ASGARD insurance’ on

pages 43 to 49 of the PDS.

You should read all of the information about fees and other

costs, because it is important to understand their impact on

your investment.

Fees and costs for particular investment options in SMA – Funds

are set out on page 5 of this SPDS and for Managed Profiles the

fees and costs are set out in PART 2 of the PDS.

The fees and other costs shown do not take into account any

income tax benefit (if applicable), but do include a net GST cost

recovery (after reduced input tax credits) of 2.5%.

Fees and other costs

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% of your

Account balance rather than 1% could reduce your final

return by up to 20% 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 us or your

financial adviser.

TO FIND OUT MOREIf you would like to find out more, or see the impact of fees

based on your own circumstances, the Australian Securities

and Investments Commission (ASIC) website

(www.fido.asic.gov.au) has a superannuation calculator to help

you check out different fee options.

Establishment fee – Nil Not applicable

The fee to open your Account.

Contribution fee 1 – The fee on each Between 0% and 5.125% Contribution fees are deducted from your Cash

amount deposited to your Account by Balance at the time each deposit is made.

you or by someone else for you. This fee is negotiable.1

Withdrawal fee – The fee on each Nil Not applicable

amount you take out of your Account.

Termination fee – The fee to close Nil Not applicable

your Account.

Fee type Amount How and when paid?

Fees when your money moves in and out of your Account

We are required by legislation to adopt new guidelines around disclosure of fees and other costs. Please note that there hasbeen no change to the nature or the amount of the ASGARD fees charged by us.The following section replaces the sectionheaded ‘Fees and charges’ on pages 33 to 42 of the PDS.

Administration fee

• Deducted from your Cash Balance at the

beginning of each month.

• Calculated based on your Account balance at the

end of the previous month.

• You will pay full fees in the month you open

your Account.

• The portion of the Administration fee payable to

your financial adviser is negotiable.2


The fees for managing

your Account.

Administration fee2 Administration fee scale

We operate a dual tiering arrangement which

offers discounts related to both the size of the

Accounts held by all members of the employer

group (Employer Tiering) and the size of your

Account (Member Tiering).

Member Tiering

As your Account balance increases, the fee

reduces as follows:

SMA ManagedFunds Profiles

Account balance % fee pa. % fee pa.

First $50,000 1.2300% 1.5375%

Next $50,000 0.9840% 1.2813%

Next $150,000 0.7380% 0.9225%

Next $750,000 0.4920% 0.6150%

Balance over

$1,000,000 0.1025% 0.1025%

A minimum monthly fee applies:

• SMA – Funds with an Account balance less than

$7,500 – $7.69

• Managed Profiles with an Account balance less

than $10,000 – $12.81

The minimum monthly fee applies irrespective of

any Employer Group Discount (please see below).

Employer Tiering

In addition to the Member Tiering, we also offer a

discount on the Administration fee based on the

total value of the Accounts of the employer group

of which you are a member.

Total value of employer group Group Accounts on last day of the month Discount %

$0 - $500,000 0

$500,001- $1,000,000 5

$1,000,001 - $5,000,000 30

$5,000,001 - $10,000,000 40

$10,000,001 - $20,000,000 45

More than $20,000,000 50

Management Costs



beginning of every month.

• Calculated based on your Account balance at the

end of the previous month.

• You will pay the applicable Expense recovery in

the month you open your Account.


Expense recovery This is an estimate of the out-of-pocket expenses

we are entitled to recover from your Account.The

trust deed allows us to fully recoup all authorised

expenses including registry costs, audit fees, the

cost of reports, government duties, various other

disbursements and net GST expenses.

The actual percentage used to calculate the

amount deducted from your Cash Balance may

vary from month to month, depending on the

amount of authorised expenses that we have

available to recover at the end of each month.

Where the actual amount deducted from your

Cash Balance in any month is less than the

maximum amount we are otherwise entitled to

deduct, we may recover this shortfall in any

subsequent month, provided that the total

expense recovery deducted for the 12 months

to September in each year does not exceed

0.2563% per annum for SMA – Funds and

0.3588% for Managed Profiles.

SMA ManagedFunds Profiles

First $500,000 Up to Up to

of your Account balance 0.2563% 0.3588%

The balance of your

Account over $500,000 Nil Nil

Trustee fee This is the fee for our services in overseeing the

Account’s operations and/or providing access to

the Account’s investment options.

0.0974% per annum of your Account balance.


beginning of every month.

• Calculated based on your Account at the end of

the previous month.

• You will pay applicable fees in the month you open

your Account.

Management Costs


Investment fees3

The amount you pay

for specific SMA – Funds

is set out in this table

and for Managed Profiles

investment options is

shown on pages 4 to 11

of PART 2 – Investment

Selection of the PDS.

This is the fee for managing the investments

in your Account.

SMA – Funds

Depending on the portfolio you choose,

these fees, which are payable to the investment

managers of the managed investments in your

portfolio, will range from 0.19% per annum to

0.62% per annum (after Investment fee rebates).

Fees shown are for the year to 31 March 2005

and are estimates only.

Portfolio % Fee per annum

Defensive 0.19

Moderate 0.34

Balanced 0.48

Growth 0.57

High Growth 0.62

Past fees are not indicative of, or a guarantee of

future fees.

Managed Profiles

Depending on the investments you choose,

these fees, which are payable to the investment

managers of the managed investments in your

Account, will range from 0.00% per annum to

3.19% per annum (after Investment fee rebates).

SMA – Funds

• Fees taken are generally reflected in the unit prices

of the managed investments in your portfolio.

• These fees are generally deducted by each

investment manager from their managed

investment, usually on a monthly basis.

Managed Profiles

• Fees taken are generally reflected in the unit prices

of the managed investments in your profile.

• These fees are generally deducted by each

investment manager from their managed

investment, usually on a monthly basis.


Management Costs


1 We pay an amount equal to this fee to your financial adviser. See ‘Adviser remuneration’ under the heading ‘Additional explanation of fees and other costs’on page 7.

2 This fee includes an amount payable to your financial adviser. See ‘Adviser remuneration’ under the heading ‘Additional explanation of fees and other costs’on page 7.

3 Refer to ‘Buy/Sell differential’ under the heading ‘Additional explanation of fees and other costs’ on page 8 for costs charged by investment managers.While there are no fees associated with switching, a cost associated with the buy/sell differential may apply. .

Additional Service Fees3

Investment switching Nil Not applicable

fee3:The fee for

switching portfolios

PLUS Management Costs3,4 2.0637% And, for the first $50,000 you have in your Account you will be charged

$1,031.85 each year.

EQUALS Cost of Account If you put in $5,000 during a year and your balance was $50,000, then for

that year you will be charged fees from:

$1,031.85 to $1,288.105

What it costs you will depend on the portfolio you choose and the feesyou negotiate with your financial adviser.

Contribution fee 0 - 5.125% For every $5,000 you put in you will be charged between $0 and $256.25.

Example – Superannuation Balance of $50,000 with total Balanced Portfolio1 contributions of $5,000 during year 2,3

PLUS Management Costs 3,4 1.6947% And, for the first $50,000 you have in your Account you will be charged

$847.35 each year.

EQUALS Cost of Account If you put in $5,000 during a year and your balance was $50,000, then

for that year you will be charged fees from:

$847.35 to $1,103.605





Examples of annual fees and other costsThe tables below give examples of how fees and other costs in the Superannuation Balanced Portfolio for this product can affect your

superannuation investment over a one year period.You should use these tables to compare this product with other superannuation products.

Table 1 – Where Total Value of Accounts within employer group is less than $500,000 – nil administration fee group discount.

Table 2 – Where Total Value of Accounts within employer group is between $1,000,000 and $5,000,000 – includes 30%

administration fee group discount.

PLUS Management Costs 3,4 1.5102% And, for the first $50,000 you have in your Account you will be charged

$755.10 each year.

EQUALS Cost of Account If you put in $5,000 during a year and your balance was $50,000, then

for that year you will be charged fees from:

$755.10 to $1011.355




Table 3 – Where Total Value of Accounts within employer group is between $10,000,000 and $20,000,000 – includes 45%

administration fee group discount.

1 The Superannuation Balanced Portfolio used in the above examples is the SMA – Funds Balanced portfolio.2 The contribution of $5,000 is assumed to be deposited to your Account at the end of the year.3 As your Account balance increases, the total Management Costs you pay, as a percentage of your Account balance, will decrease due to the tiered

Administration fee structure as shown in the Administration fee scale in the table on page 3.4 Management Costs include Administration fee, Expense recovery,Trustee fee and Investment fees.5 Additional fees may apply.

Additional explanation of fees and other costs


Adviser remuneration

You and your financial adviser must agree on the adviser

remuneration that your financial adviser is entitled to receive.

Contribution fees

Our fee structure provides you and your financial adviser with

flexibility when determining the Contribution fee that will apply

to deposits to your Account. If your financial adviser agrees to

rebate part, or all, of their Contribution fee remuneration, this will

reduce the Contribution fee you pay accordingly. Any

Contribution fee agreed will be paid to your financial adviser.

If you do not have a financial adviser, the amount of the fee is not

negotiable and the maximum fee (5.125%) is payable by you and

retained by us.

Administration fee

You may agree that your financial adviser should receive either

standard adviser remuneration or non-standard adviser

remuneration (as explained below).

Adviser remuneration - Standard

We pay 25% of the standard monthly Administration fee to your

financial adviser as standard monthly adviser remuneration and

retain the other 75%.

Adviser remuneration - Non Standard

If your financial adviser agrees with you to receive more (or less)

than the standard 25%, the Administration fee can be increased

(or rebated) accordingly.You can choose to vary the

remuneration paid to your financial adviser in one of three ways

(payable monthly from your Cash Balance):

• replace the standard monthly adviser remuneration (25%) with a

specified flat percentage per annum of your total Account balance

• replace the standard monthly adviser remuneration with a flat

dollar amount which you can agree to increase annually in line

with the Consumer Price Index

• increase the Administration fee by a specified percentage,

with the extra amount being paid to your financial adviser.

Initially, your employer will negotiate your financial adviser’s

ongoing remuneration, however, you may renegotiate this yourself.

Employer Tiering

We offer a group tiering discount on the administration fees

depending on the total value of all Accounts within your

employer group. Please refer to the discount scale on page 3.

If the standard monthly adviser remuneration applies, the discount

applies to the full Administration fee. For example, a 50%

discount on the SMA – Funds fee of 1.23% (excluding GST cost

recovery which is calculated on the final Administration fee) gives

an effective Administration fee of 0.6% (0.615% including GST

cost recovery).

If the standard monthly adviser remuneration is varied the

applicable employer group discount is applied to 75% of the

standard Administration fee (i.e. the portion of the Administration

fee that is retained by us) but not to the portion of the fee that

is paid to your financial adviser.

Volume benefits

Generally up to 40% of our Administration fees (after any standard

monthly adviser remuneration) may be paid to your financial

adviser as a volume benefit (also known as a platform payment).

Additional loyalty payments of up to 25% of the Administration

fee (after any standard monthly adviser remuneration) may also

be paid to financial adviser groups who qualify under certain

other criteria. Please note this is not an additional cost to you.


Investment fee rebates

We have been able to negotiate rebates on the Investment fees

charged by some investment managers. Investors with an Account

open at the time these rebates are received by us, which is

generally quarterly, will benefit from these rebates (also known as

fund manager payments).

The range of Investment fees shown in the fee table for SMA –

Funds and Managed Profiles, on page 5, take into account the

Investment fee rebates applicable at 30 June 2004.

Investment fee rebates may vary from time to time. Please refer

to PART 2 of the PDS for the amount of the Investment fee

rebate for each investment option.You may review the current

Investment fee rebates at any time by logging on to Investor Online

at www.investoronline.info and referring to PART 2 of the PDS

and related updating information (please refer to the description

for obtaining updating information on page 1 of the PDS).

Remuneration from investment managers

We may receive remuneration (of up to 100% of the Investment

fees) directly from investment managers in exchange for providing

access to services and information (also known as fund manager

payments). However, we do not provide any personal information

about you to these investment managers.

Performance fees

Some of the investment managers of the managed investments

available through your Account may be entitled to performance

fees in addition to the Investment fees they receive. Performance

fees, if applicable, will increase the Management Cost for a

managed investment option. Please refer to the relevant managed

investment’s PDS for any performance fee information. Speak to

your financial adviser for a copy of the current underlying PDS.

Cash Balance

Should your Cash Balance become negative at any time, we will

charge interest on the negative amount at the same rate as

interest paid on positive Cash Balances. See pages 25 and 26 of

the PDS for more information.

The events that may cause your Cash Balance to become

negative include certain payments that are made from your

Cash Balance such as fees and taxes.

Share brokerage

This fee is applicable to the purchase/sale of shares through a

Managed Profiles Account. A brokerage fee of $20.50 is charged

per trade from your Account.This cost is an additional cost to you.

This fee can be varied at any time by the broker without notice.

Buy/Sell differential

The buy/sell differential typically ranges from 0.00% to 2.20%, but

can be higher.This cost is an additional cost to you.

When units in a managed investment are bought and sold,

transaction and brokerage costs are incurred.These costs are

applied to those investors who buy and sell units, in particular,

managed investments and this is done through the use of two

different unit prices – a buy price and a sell price.The difference

between the buy price and sell price takes into account these

costs and is called the buy/sell differential and, as stated above,

can range from 0.00% (that is, no buy/sell differential) to 2.20%.

For example, if you wanted to invest $10,000 in a managed

investment and the buy price was $1.00 per unit you would

receive 10,000 units. If you subsequently sold all of the units on the

same day the units would be sold at the sell price. If the sell price

was $0.995 per unit (that is a 0.50% buy/sell differential applies),

you would only receive $9,950 for the sale of those 10,000 units.


Rapid Withdrawal facility

If you use the Rapid Withdrawal facility to make a withdrawal from

your Account, there is a charge of 0.25% of the withdrawal amount

or $50.00 (whichever is greater).This fee is not subject to GST.

For a further explanation of the Rapid Withdrawal facility, please

refer to page 29 of the PDS.

Protection of small accounts (Super Account only)

Government regulations limit the amount of fees that can be

deducted from your benefits if the value of your Account is less

than $1,000 and includes, or has included, Superannuation

Guarantee or award contributions from your employer. Any

required refund of fees will be made after 30 June each year.

In addition, we review your Account balance twice monthly, at

which time, if the balance of your Account is less than $2,000,

contribution fees charged since the last review will be refunded.

Insurance premiums

If you have insurance cover through your Account, the premiums

payable will be deducted monthly from your Cash Balance. If

there are insufficient funds in your Cash Balance to pay these

premiums, your Cash Balance will be taken into negative to fund

the premium payment, and your managed investments will be

sold in proportion to their current value to restore the Cash

Balance to its required level. If the balance in your Account is

insufficient to cover the premium, a contribution deposit must be

made to your Account to ensure continuity of insurance

protection. Please refer to page 43 of the PDS for more

information about insurance premiums.

Insurance administration fees

We may, but currently do not, charge you a monthly insurance

administration fee of up to $2.56 (including GST) per month on

each type of insurance selected.The administration fee covers the

cost associated with establishing and maintaining your insurance

and is unrelated to the fees the Insurer pays us for administration

services. It is not a fee payable to the Insurer for your insurance.

If there are any changes to these fees we will give you three

months notice prior to any changes being implemented.

Insurance profit share

We may be entitled to a profit share rebate (if it is justified by the

claims experience) from the insurer as remuneration for the

administrative services we provide.

Variation of fees and other costs

We are entitled to charge the following fees:

• Contribution fee – 6.1500%

• Administration fee – 1.5375%

• Trustee fee – 0.1537%

• Expense recovery – all authorised expenses including registry

costs, audit fees, the cost of reports, government duties, various

other disbursements and net GST expense

• Withdrawal fee – $64.36 on each exit, indexed annually

• Switching fee – $64.36 on each switch, indexed annually

• Transaction fee – for the purchase/sale of shares through

Managed Profiles – $57.04 indexed annually

Our ability to charge fees and costs, including both maximum

amounts and the introduction of new fees and other costs, is not

restricted under the Trust Deed.You will receive at least 30 days

written notice of any proposal by us to introduce new fees and

other costs or to increase our current fees and other costs.

Investment fees may be varied at any time by an investment

manager, without notice to you. Please refer to PART 2 of

the PDS for the full list of investment fees for Managed Profiles.

You may review the current investment fees applying to your

Account at any time by logging on to the Investor Online at

www.investoronline.info and referring to PART 2 of the PDS and

any related updating information (please refer to the description

for obtaining updating information on page 1 of the PDS).


Service fee

We may receive a service fee of up to 1.1% (including GST) per

annum from St.George Bank Limited or other providers of cash

products.This fee may be received on some, or all of the cash

products held through your Account and it is for the introduction

of your banking business, and for performing client service

activities and transaction reporting.This service fee is calculated as

a percentage of the daily balance of the relevant cash products. It

is not an additional charge to you.

Disclosure of fees, costs and

benefits by your financial adviser

Your financial adviser must disclose to you any benefits they

receive in relation to you investment, including all fees and costs

that you have negotiated with them. Please refer to your financial

adviser’s Financial Services Guide and/or Statement of Advice for

further information on these benefits.

Alternative Forms of Remuneration Register

We are required to comply with the Investment and Financial

Services Association Code of Practice on Alternative Forms of

Remuneration (‘the Code’), in the wealth management industry.

The Code aims to eradicate any practises that may influence

product providers and financial advisers acting outside of your

best interests.

We are required by the Code to maintain a register to record

any material forms of alternative remuneration (being $300 per

item or more) which are paid and received by us. Registers are

required to be maintained by fund managers, platform providers,

representatives and licensees.

Our register is publicly available for inspection by you and a copy of

the register can be requested by contacting us on 1800 998 185.

Flexibility

Expertise

Choice


Performance update

The historical portfolio performance figures for each of the

SMA – Fund portfolios shown on pages 13 to 15 of the PDS

are updated as follows.

Portfolio % performance**

Historical portfolio performance figures* for the year to 31 March 2005

Defensive 9.2

Moderate 11.4

Balanced 13.1

Growth 14.4

High Growth 15.7

* Note: Past performance is not necessarily indicative, nor a guarantee, offuture performance. For monthly performance information, please consultyour financial adviser.

** Returns are shown before tax and after Investment fees and do notinclude the effect of the Investment fee rebates.

Product minimums

The section headed ‘Product minimums’ on page 52 of the PDS is deleted.


Eligible Rollover Fund

The following is substituted for the second sentence in the first

paragraph under the section headed ‘Eligible Rollover Fund’ on

page 52 of the PDS:

ASGARD may transfer your benefits to this fund or another

nominated fund of its choosing, if the value of your Account is

less than $2,000 or where the average of the sum of the Account

balances held by all members, who are employer sponsored

members employed by the same employer or employer group,

is less than $10,000.

Cooling-off

Paragraph three under the section headed ‘Cooling-off ’ on page

52 of the PDS is replaced with the following:

If the contribution was made by your employer, its contribution

will be paid to a superannuation fund, approved deposit fund

or retirement savings account nominated by the employer.

The employer must make such nomination to ASGARD within

one month of its refund request. If the contribution was made

by you, it will be paid to another superannuation fund, retirement

savings account or approved deposit fund as directed by you.

If no direction is given, your benefit may be transferred to the

ASGARD Superannuation Account (see page 30 of the PDS) or

the Retirement Savings Account (see page 52 of the PDS).


Insurance changes

The 28 day cooling-off period, as described on page 45 of the

PDS under the heading ’Other Information you need to know’,

will not apply to new members who join ASGARD Employee

Superannuation from 1 July 2005.The section entitled ’Other

information you need to know’ on page 45 of the PDS is

substituted with the following:

Cancellation of cover

You have the option of cancelling your insurance cover at any

time. Should you decide to cancel your insurance cover:

• the final premium that you will pay will be the monthly premium

paid immediately prior to the date that you cancel cover, and;

• the insurance cover will cease at the end of the monthly

premium paying period after you cancel the cover.

The first sentence under the section headed ‘When does

insurance cover commence’ on page 47 of the PDS is replaced

with the following:

Generally, if you have joined ASGARD Employee Superannuation

as a result of commencing employment, insurance cover, other

than Basic Cover, will commence:

• Where you qualify for Automatic Acceptance:

• For your sum insured up to the Automatic Acceptance Level:

On the date you commence service with your employer and

commence your normal duties, as long as you qualify for

insurance cover, and will remain in force provided that an

initial contribution to your Account is made within 120 days

of cover commencing.

• For your sum insured that exceeds the Automatic Acceptance

Level: Cover will commence on the date your insurance has

been accepted by the Insurer, and will remain in force

provided that an initial contribution to your Account is made

within 120 days of you commencing service and

commencing your normal duties.

• Where Automatic Acceptance does not apply to any of your

insurance cover:

• Cover will commence on the date your insurance has been

accepted by the Insurer, and will remain in force provided

that an initial contribution to your Account is made within

120 days of cover commencing.

If you have become a member of ASGARD Employee

Superannuation because your employer has recently enrolled as

an ASGARD Employee Superannuation participating employer

and your employer has enrolled you for cover, other than Basic

Cover, then cover will generally commence from the date you

become a member and will remain in force provided that an

initial contribution to your Account is made within 120 days of

cover commencing.

The table below replaces the ‘Occupation Category’ table on

page 49 of the PDS.

Occupation Life Life & TPDCategory Protection Protection

Level of cover per unit per week

Professional $0.80 $1.00

White Collar $0.80 $1.00

Light manualTechnical and certain tradespeople $0.80 $1.25

Heavy manual (skilled)Tradespeople and those involved in heavier manual duties $0.80 $1.60

Heavy manual (unskilled)

Heavy manual occupations $0.80 $2.00

Individual ConsiderationSome occupational categories may be excluded from TPD cover.

Premiums shown allow for remuneration of 30% plus GST (20% financialadviser, 10% ASGARD)

The Individual Consideration Occupational Category, mentioned

in the table above, applies to Comprehensive Cover and also

applies to the ASGARD Group Life Rates tables and the

Occupational Adjustment table on pages 50 and 51 of the PDS

Stamp duty – Salary Continuance only

The stamp duty rate for WA has changed to 10%. All other rates

remain unchanged as stated on page 51 of the PDS.


Superannuation update

The following section of the SPDS updates you in relation to

some major superannuation changes.

Choice of Fund

What is Choice of Fund?

With the recent passing of legislation on Choice of Fund (‘Choice’),

you may be eligible to direct your employer to pay your

superannuation guarantee contributions (SG contributions) to any

complying superannuation fund of your choice from 1 July 2005.

How do I choose a super fund?

If you are eligible for Choice, your employer will provide you with

a standard choice form.The standard choice form allows you to

choose a superannuation fund. It will contain the name of the

default fund into which your employer will pay your SG

contributions if you do not chose another superannuation fund

into which your employer can pay your SG contributions.

Your employer has the option to nominate ASGARD Employee

Super as its default fund.

We recommend you seek advice from your financial adviser

regarding Choice.Your financial adviser will help you assess your

superannuation requirements and better plan for your security

in retirement.

The information on page 43 of the PDS entitled ‘Protecting

your future with ASGARD insurance’ should be read in

conjunction with the following information.

Insurance under Choice

The Choice legislation provides that employers may make SG

contributions to a default superannuation fund for their

employees if that fund meets the minimum requirements under

the Choice legislation in relation to offering insurance cover in

respect of death.

Our Choice Insurance Offering

In order to satisfy the minimum insurance cover required under

the Choice legislation we have introduced a Basic Cover option.

Basic Cover will be applied to all eligible new members joining

ASGARD Employee Super from 1 July 2005.

You are eligible for Basic Cover if:

• you are under age 65

• your employer has nominated their ASGARD Employee

Superannuation corporate superannuation fund as their

default fund

• you are not covered for insurance protection through an

existing group insurance benefit design in your employer’s

superannuation arrangements.

Basic Cover will include life and total and permanent disablement

(TPD) protection (except members who are employed in

hazardous occupations, who will be covered for life protection

only) based on a ‘fixed dollar premium per unit per week’ benefit

design. Members covered by Basic Cover will have one unit of

insurance cover.

Basic Cover

The following information describes the features of Basic Cover.

Levels of Basic Cover

The level of cover per unit depends on your age next birthday, as

shown in the table below:

Age next birthday Life & TPD cover per unit

Level of cover per unit

15 to 40 71,000

41 to 45 59,000

46 to 50 40,000

51 to 55 27,000

56 to 60 18,000

61 to 65 11,500


Can I cancel or vary my insurance cover?

If you choose not to have Basic Cover you must complete a

‘Request to Cancel Insurance Benefits’ form and forward it to

ASGARD Capital Management Ltd, PO Box 7490, Cloisters

Square, Perth,WA 6850.

Note: Before you exercise your option to cancel the insurance

cover provided through your membership of ASGARD Employee

Superannuation, we recommend that you discuss this with your

financial adviser first.

Can I have TPD cover under Basic Cover if I am a

casual employee?

Yes. If you are employed for 15 hours or more per week the

definition of TPD is shown on page 44 of the PDS. If you are

employed for less than 15 hours per week during the thirteen

week period prior to the date of the event that caused you to

become totally and permanently disabled you will receive a TPD

benefit if you are unable to perform at least two of the following

activities of daily living:

• Dressing – the ability to put on or take off clothing

without assistance.

• Bathing – the ability to wash or shower without assistance.

• Toileting – the ability to use the toilet including getting on

and off without assistance.

• Mobility – the ability to get in and out of bed and a chair

without assistance.

• Feeding – the ability to get food from a plate into the mouth

without assistance.

When will Basic Cover terminate?

Please refer to Page 46 of the PDS for the circumstances in

which your Basic Cover will terminate. For Basic Cover your

expiry age for life and TPD cover is the anniversary of the

commencement date of insurance prior to your 65th birthday.

In addition Basic Cover will terminate if your Cash Balance has a

nil balance 120 days after the date that you commence service

with your employer.

For further information about insurance cover please also refer to

the section headed ‘Protecting your future with ASGARD

insurance’ on pages 43 to 49 of the PDS.

Cost of Basic Cover

The premium for one unit of cover depends on your occupation

category, as shown in the table below:

Premiums will be deducted monthly from your Cash Balance.

When will Basic Cover commence?

If you have become a member of ASGARD Employee

Superannuation because your employer has recently enrolled as

an ASGARD Employee Superannuation participating employer,

and your employer has nominated the ASGARD Employee

Superannuation superannuation fund as their default fund, then

cover will commence from the date you become a member.

If you have joined your employer’s ASGARD Employee

Superannuation default superannuation fund as a result of

commencing employment with your new employer cover will

commence from the first day that you attend your employment

and commence your usual employment duties, and will remain in

force provided that we receive an initial contribution from your

employer within 120 days of you commencing employment.

The cover expiry age (for purposes of termination of your cover

– please see page 46 of the PDS) for this category of insurance

cover is age 65.

Basic Cover will automatically apply under our automatic

acceptance business rules, regardless of the number of employees

in an employer group.The elimination of the minimum employee

requirement, where cover is provided under Basic Cover, replaces

the current business rules that automatic acceptance will only be

provided where there is a minimum of five employees and all

employees take up insurance cover.

Occupation Life & TPDCategory premium per unit

Professional $1.00

White Collar $1.00

Light manual $1.25

Heavy manual (skilled) $1.60

Heavy manual (unskilled) $2.00

Individual ConsiderationSome occupational categories may be excluded from TPD cover.

Level of cover per unit per week


Government co-contributionsWe accept co-contributions paid by the Government. If you earn

less than $58,000 (taxable income plus reportable fringe benefits)

a year, are otherwise eligible and make personal super contributions

to your Account, the Government will pay into your superannuation

Account a co-contribution up to a maximum of $1,500 per annum.

Employees on incomes up to $28,000 making their own personal

contributions will receive $1.50 per dollar of personal contributions

up to the maximum of $1,500 per annum.The maximum co-

contribution will reduce by 5 cents per dollar of income from

$28,000 up to $58,000 (for the 2004/05 financial year).

Each year we report your contributions to the Australian Taxation

Office (ATO) to allow them to determine whether you are

eligible to receive the Government co-contribution.Through this

reporting the ATO will also determine that any entitlement to the

Government co-contribution can be accepted by ASGARD and

will therefore be paid into your ASGARD Account. If you have an

entitlement to the Government co-contribution that relates to

contributions you have made to another superannuation fund,

you can still nominate another fund, such as your ASGARD

Account, to accept the co-contribution.

To do this, simply complete the ATO superannuation fund

nomination form which you can obtain from ASGARD or your

financial adviser and forward the form to the ATO. Please contact

your financial adviser to establish whether you are eligible to

benefit from the Government co-contribution.

The ATO will assess whether you are entitled to receive a co-

contribution payment using the information we provide them and

the income tax return you lodge. Payment of the co-contribution

will be made to your Account after the year when you have

lodged your income tax return.The ATO will send you a letter

with details about your co-contribution amount after it has been

deposited into your Account.

Super and Family LawSuperannuation can be divided or ’split’ between spouses, in the

event of their marriage breakdown, by agreement or by court

order. All are binding on us.

We may be required under the Family Law Act to provide

certain information about your superannuation benefit to ’eligible’

persons (as defined under the Family Law Act).This includes your

spouse.The Family Law Act requires us to provide information to

an ’eligible person’ without notifying the relevant member that

the request for information has been made.We are also

prohibited from providing either the member or non-member

spouse’s address details to the other party.

As the Family Law Act provisions regarding the splitting of

Super benefits are highly complex we recommend that you

seek financial and legal advice with respect to your own

particular circumstances.

We do not currently charge any fees for ’splitting’ of

superannuation Accounts, providing information or meeting other

Family Law Act requirements. However, we may review this policy

in the future and reserve the right to do so. If we decide to

charge a fee we will give your 30 days advance notice in writing.

APY

MES

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Members

Q

Issue number 5Employ# Super

Product Disclosure Statement – Members

ASGARD Separately Managed Accounts – Funds (previously called Model Choice) andASGARD Managed Profiles (previously called Market Choice) are available throughthe ASGARD Employee Superannuation Account.

In this Product Disclosure Statement:

• ‘the Account’ refers to the ASGARD Employee Superannuation Account

• ‘We’, ‘us’ or ‘our’ refers to the Trustee (ASGARD Capital Management Ltd)

• ‘They’, ‘their’, ‘them’, or ‘Employer’ are references to your employer as theemployer sponsor in the ASGARD Employee Superannuation Account

ASGARD Capital Management Ltd ABN 92 009 279 592

Australian Financial Services Licence Number 240695

Level 38, Central Park, 152 St George’s Terrace, Perth WA 6000

Telephone 08 9415 5688 Facsimile 08 9481 4834

Investor Services 1800 998 185

www.asgard.com.au

Available from accountants and other licensed financial advisers across Australia.

Date of preparation 1 October 2004

Who is this document for?ASGARD sends this document to employees who have been enrolled in the ASGARD Employee Superannuation Account

by their employer.

ASGARD Employee Super 1

Superannuation with ASGARD 3

ASGARD Employee Super @ a glance 6

Separately Managed Accounts – Funds portfolio construction 9

Choosing your SMA – Funds portfolio 12

Managed Profiles 16

Choosing your investment profile 17

Your Account 23

How your Account works 24

Tax features 31

Fees & charges 33

Protecting your future with ASGARD insurance 43

Other information 52

Acknowledgments, Confirmations and Agreements 54

How to proceed 56

Forms Booklet

IMPORTANT INFORMATION YOU SHOULD READ

ASGARD Capital Management Ltd (ASGARD) has prepared this Product Disclosure Statement and is the trustee of the ASGARD Employee Superannuation Account.

An investment in the ASGARD Employee Superannuation Account is an investment in a master fund. It is not a bank deposit or security.The investments you select aresubject to investment risk and there may be delays in the payment of withdrawals, in some circumstances, as permitted under the Trust Deed. Neither ASGARD, SEALCORPHoldings Limited ABN 28 009 143 597 (SEALCORP), or St.George Bank Limited ABN 92 055 513 070 (St.George), nor any member of the St.George Bank Group,guarantees the repayment of capital or any particular rate of capital or income return, the performance of the specific investments you select or the ASGARD EmployeeSuperannuation Account generally.

We reserve the right to change the terms and features of the Accounts subject to our ability to do so under the terms of the Trust Deed and superannuation law.

The provision of the investments available through the ASGARD Employee Superannuation Account or any other investment information, example or statements in thisProduct Disclosure Statement should not be taken as the giving of investment advice by ASGARD as it is not aware of your investment objectives, financial position andparticular needs. No action should be taken on any information in this Product Disclosure Statement without consideration of your particular financial circumstances andinvestment objectives.

The insurer of the ASGARD Employee Superannuation Account is PrefSure Life Limited (PrefSure) ABN 20 000 017 194 Australian Financial Services Licence Number 239632, Level 9, 1 O’Connell St, Sydney, 2000.

Telephone (02) 8258 8700 Toll free 1800 998 185

www.prefsure.com.au

All insurance benefits are subject to the terms and conditions contained in the Master Policies and Policy Information Statements.

The insurance is issued by PrefSure and administered by ASGARD.The insurance benefits provided by the Master Policies described in this Product Disclosure Statement areliabilities of PrefSure.They are not deposits in, or liabilities of, and not guaranteed by any other bank or company whether related to PrefSure or not. ASGARD is the ownerof the Master Policies of Insurance with PrefSure.

ASSIRT Pty Ltd has consented to the inclusion in this Product Disclosure Statement of references to it, in the form and context in which they are included, and statementsattributed to it and this consent has not been withdrawn before the date of this Product Disclosure Statement.

Commonwealth data included in this work is copyright and reproduced by permission.

ContentsASGARD Employee Super

The law requires that the information in this Product Disclosure Statement must be up-to-date at the time it is given to you, except

for any changes which may occur from time to time that are not materially adverse, provided we give you a means of finding out

about these changes.You can do this by ringing ASGARD Investor Services toll free on 1800 998 185 or, if you are an existing

ASGARD investor, by checking on Investor Online. You can also obtain a paper copy of the updated information free of charge by

contacting your financial adviser or ASGARD Investor Services.

Simplicity

ASGARD was awarded Retail Master Trust of the Year byPersonal Investor Magazine in 2002, 2003 and 2004.


Why choose ASGARD for yourinvestments and superannuation?• You have peace of mind knowing your money is in good hands.

ASGARD is owned by St.George, one of Australia’s largest and

most respected service companies.

• You can choose from one of the largest investment menus in the

industry which provides the freedom to construct a portfolio to best

meet your needs.Through ASGARD, you have access to over 200

leading managed investments and shares listed on the ASX 300.

• You decide the level of control you have over your investments.You

can choose from a range of pre-set managed investment portfolios

or shares, or create your own portfolio from the ASGARD menu.

• You can save on transaction costs and paperwork by keeping

your investments in one place. ASGARD has a solution to suit you

from your very first investment through to your retirement.

• You’ll receive excellent service. ASGARD is Australia’s most

awarded investment platform and currently administers more

than $17 billion for over 200,000 investors.

In recognition of its ongoing commitment to providing service of

the highest quality, ASGARD has been awarded:

• Best Master Trust/Wrap – ASGARD eWRAP Investment – ASSET

magazine Awards for Excellence in Financial Services 2002,

2003 and 2004

• Best Master Trust/Wrap – ASGARD eWRAP Super/Pension –

ASSET magazine Awards for Excellence in Financial Services

2002 and 2003

• Runner-up Master Trust/Wrap – ASGARD eWRAP Super/Pension –

ASSET magazine Awards for Excellence in Financial Services 2004

• Runner-up Master Fund/Wrap Account in the ASSIRT Service

Level Survey 2003

• Runner-up Master Fund Category in the ASSIRT Service Level

Survey 2004

• Best online service for financial advisers as judged by

independant expert Investment Trends in their September 2004

Competitive Analysis Report: Investment Platforms

• Best online service for financial advisers as judged by

independent expert ACNielsen.consult in their annual Advisers

Online Benchmark report 2002 and 2003

• AAA rating for the ASGARD Employee Superannuation Account

by SelectingSuper, a division of Rainmaker Information

ASGARD offers a range of Managed Accounts to suit a variety of

investors.With the help of your financial adviser, you can choose

the right ASGARD Managed Account to suit your investment

needs, whether you want to:

• select pre-set portfolios of shares or managed investments

• establish your own investment profile

• actively manage your portfolio each time you invest.

Investment choiceThe ASGARD Employee Superannuation Account enables you to

choose between ASGARD Separately Managed Accounts –

Funds (SMA – Funds) and ASGARD Managed Profiles (Managed

Profiles). SMA – Funds and Managed Profiles are master funds.

Superannuation with ASGARD

To assist you to invest in your future, youremployer has joined the ASGARD EmployeeSuperannuation Account (Employee Super)and established an Account for you.Through ASGARD, you have access to arange of flexible superannuationinvestment options depending on yourpersonal investment style.

4 ASGARD Employee Super

SMA – Funds

Within SMA – Funds ASGARD has constructed five portfolios

tailored to meet specific investment risk tolerance levels.Whether you

are a cautious investor or are willing to take greater risks for a higher

return on your money, there’s a portfolio to suit you.This is explained

more fully in the section on SMA – Funds on pages 9 to 15.

Unless your employer has nominated an alternative investment

default you will have been placed in SMA – Funds, in a portfolio

based on your age (see table below).The age-based portfolios

assume that different amounts of risk are more suitable at different

stages of your working life and are based on ASGARD research.

You can stay in the portfolio allocated to you, or you are free to

alter your portfolio choice or switch to Managed Profiles at any

time according to your personal investment risk profile and

retirement goals.

If your employer has nominated an alternative investment default

this will be detailed in your Welcome Letter from ASGARD.

The default options are fully explained on pages 9 to 15.

Managed Profiles

Through Managed Profiles you design your own investment

profile specific to your individual investment needs.

Together with your financial adviser, you establish an investment

profile containing any number of managed investments chosen

from ASGARD’s extensive range of more than 200 wholesale

managed investments.Your money, including any additional

investments, is invested according to this profile.You can purchase

shares from a broad range of securities listed on the Australian

Stock Exchange.This is explained more fully in the section on

Managed Profiles on pages 16 to 22.

What is a master fund?

A master fund (also known as a master trust) is an administration

facility for investment and superannuation.With a master fund,

you can access a wide range of investments through your

Account.You receive consolidated transaction and valuation

reporting as well as the convenience of one central point of

contact for all your Account queries.

Investing through a master fund is an excellent way to diversify –

or spread – your investments across different asset classes –

shares, property, cash and fixed interest. By diversifying your

investments, you will generally receive a more consistent return

on your overall investment (ie the investments performing well

may compensate for any which don’t perform quite so well).

How a master fund works

You

The masterfund

Managedinvestment

Managedinvestment

Managedinvestment

Managedinvestment

Managedinvestment

• Withdrawals• Income• Consolidated reporting –

performance and tax

• Deposits• Fees

Age Portfolio

Age-based portfolios

Older than 60 Defensive

56 to 60 Moderate

41 to 55 Balanced

30 to 40 Growth

Younger than 30 High Growth


Your financial adviserIf your employer joined the Account after 1 April 2000, a

reference to ‘your financial adviser’ is a reference to the financial

adviser appointed by your employer.Where your employer joined

prior to this date, or has not appointed a financial adviser, then

the reference is to any financial adviser appointed by you.

FlexibilityYou can switch between SMA – Funds and Managed Profiles at

any time.You can also change your investment strategy at any time

within SMA – Funds by selecting a different portfolio and within

Managed Profiles by changing investments (or the percentages

allocated to your investments). Any investments you hold which

are common to your new portfolio or profile will be automatically

transferred without the need to sell down the investments.

Consolidated reporting for all your investmentsASGARD will send you detailed half-yearly reports containing all

your investment information, as well as an Annual Report.

Access to information about your AccountYou can view your personal Account details 24 hours a day, seven

days a week through Investor Online and Investor Oncall.Visit

www.asgard.com.au to log on.You’ll find information on accessing

Investor Online and Investor Oncall on page 23.

ExpertiseBenefit from the expertise of experienced investment managers.

More information on the investment managers can be found in

the product disclosure statement for each of the managed

investments and cash products.These are available from your

financial adviser.

Wholesale prices and fee rebatesThrough ASGARD you can access a range of wholesale managed

investments.These managed investments generally have lower

investment manager charges than retail funds and are typically not

available to retail investors directly.ASGARD has also been able to

negotiate rebates on the fees charged by some of the investment

managers. Investors with an open Account at the time the rebate is

credited, which is generally quarterly, will benefit from these rebates.

Fees and charges are fully explained on pages 33 to 42.

Auto-rebalancingThe Auto-rebalancing facility ensures that your investment profile

is automatically maintained on a quarterly, half-yearly or yearly

basis, so that you don’t need to constantly monitor your

investments or send in manual investment instructions.This facility

is only available if your financial adviser submits an Account

Amendment for you via adviserNET. Refer to ‘Rebalancing’ on

page 17 for further information.

Insurance To help protect your lifestyle and investments in the event of a

personal crisis, ASGARD offers a range of insurance options,

including Life Protection,Total and Permanent Disablement

Protection and Salary Continuance. For further information on

insurance, please refer to pages 43 to 51.


ASGARD Employee Super @ a glance

Reporting

Electronic Continuous online access to your Account details

Paper • Half-yearly Investor Report• Annual Report on the Account

General

Who can invest? All employees of a participating employer. ASGARD may also open accounts for self-employed persons

Minimum initial contribution No minimum

Minimum additional contribution No minimum

Minimum withdrawal No minimum

What type of contributions Subject to superannuation law:can be made? • personal

• employer• spouse• Eligible Termination Payments (ETPs)• Superannuation Guarantee vouchers

How can contributions You and your employer can make contributions of any size and at any time into your Account by:be made? • cheque

• forwarding your Superannuation Guarantee voucher or other notice of entitlement to • Superannuation Guarantee shortfall payments to ASGARD• Employer Online Transact (internet payment facility) – contributions made by your employer only• Co-contributions*

Product Minimums We reserve the right to remove a member with an average balance in their ASGARD Employee SuperAccount of less than $10,000 after a designated period of time.

Investment

Insurance

SMA – Funds Five portfolios differing in degree of risk and potential return

Managed Profiles Choose from:• more than 200 managed investments• a broad range of securities listed on the Australian Stock Exchange

Default option Your Welcome Letter from ASGARD will detail whether you have been:• invested in SMA – Funds and allocated to a portfolio based on your age (refer to page 23), or• invested in an alternative default nominated by your employerRegardless of the investment option initially applied to your Account, you are free to select a different SMA – Funds portfolio or move between SMA – Funds and Managed Profiles at any time.

Provider PrefSure Life Limited

Types of cover available • Life Protection• Total and Permanent Disablement Protection• Salary Continuance

* ASGARD expects to make provision to accept these contributions sometime before the end of the next financial year


Costs (inclusive of a net GST cost recovery of 2.5% where applicable)

Investor Services

Upfront Fee Up to 5.125% (5% before GST cost recovery), negotiable with your financial adviser

Exit Fee Nil

Administration Fee pa Value of your Account SMA – Funds Managed Profiles

First $50,000 1.2300% 1.5375%

Next $50,000 0.9840% 1.2813%

Next $150,000 0.7380% 0.9225%

Next $750,000 0.4920% 0.6150%

Balance over $1M 0.1025% 0.1025%Minimum administration fee $7.69 (applicable on Account $12.81 (applicable on Account per month balances less than $7,500) balances less than $10,000)

Employer group discount ASGARD offers a group discount on the Administration Fee depending on the total value of allAccounts within your employer group, as follows:

$0 - $500,000 0%

$500,001 - $1,000,000 5%

$1,000,001 - $5,000,000 30%

$5,000,001 - $10,000,000 40%

$10,000,001 - $20,000,000 45%

More than $20,000,000 50%

Trustee Fee 0.0974% pa

Expenses Calculated on the value of your Account on the last day of each month:

SMA – Funds Managed ProfilesFirst $500,000 Up to 0.2563% pa Up to 0.3588% paBalance over $500,000 Nil Nil

Wholesale investment These fees apply to the underlying investments and are listed for SMA – Funds on pages 13 to 15manager charges and for Managed Profiles in the Investment Selection

Switching Fee Nil

Share transaction fees Brokerage – $20.50 per security per transaction (Managed Profiles only)

Insurance Administration Fee Nil

For full details of the costs associated with your Account please refer to pages 33 to 42.

Telephone ASGARD Investor Services 1800 998 185

Email [email protected]

Internet access via Investor Online – available 24 hours a day, seven days a weekwww.asgard.com.au

Choice

Through ASGARD Separately Managed Accounts – Funds you select one of five portfolios specific to yourinvestment needs.


ASGARD Separately Managed Accounts – Funds offers you a

choice of five diversified portfolios, each with a specific set of

risk/return characteristics.With ASGARD Separately Managed

Accounts – Funds, you make just one investment decision for

your overall portfolio choosing one of the following portfolios:

• Defensive

• Moderate

• Balanced

• Growth

• High Growth

The portfolios are not offered as unitised funds with a single unit

price. Each portfolio invests in managed investments listed on the

ASGARD investment menu and as an investor, you will hold a

beneficial interest in unit holdings in each of the underlying managed

investments that comprise the portfolio.This means that when you

want to switch investments from one portfolio to another, you may

not need to sell down all of the holdings of the underlying managed

investments like you would with a single unitised fund.

How the portfolios are constructedASGARD has engaged St.George’s dedicated investment

consultancy unit, the Investment Solutions team, to oversee all

investment management work relating to the portfolios and to

make recommendations to the ASGARD Board regarding the

structure, design and make up of those portfolios.The Investment

Solutions team is responsible for the investment strategy, asset

allocation, fund manager selection, fund manager blending, and

ongoing monitoring and review of the portfolios. In conducting its

work, the Investment Solutions team also draws on the

investment manager research and ratings of ASSIRT Research.

Recommendations of the Investment Solutions team are

reviewed by the St.George Group Investment Committee, which

draws on senior investment professionals from across St.George

Wealth Management.The Group Investment Committee provides

an additional layer of diligence and peer review of the work of

the Investment Solutions team.

Investment philosophyThe portfolios aim to provide investors with superior long term

returns through the skillful selection and combination of

investment managers across asset sectors.The core principal of

this philosophy is that indepth research and selection of

investment managers can deliver above average returns over the

short to medium term, and that consistent attainment of above

average returns over the short to medium term will result in top

quartile performance over the long term.

The portfolios seek to deliver above average returns by:

• selecting top quality investment managers across asset sectors

• optimising the mixing of allocation to investment managers

within sectors

• using specialist active asset allocation investment managers.

In addition, the portfolios place a strong emphasis on risk reduction.

Risk control is a key element of the design and management of the

portfolios. Risk reduction is achieved through diversification across

three areas – asset sectors, investment managers and the individual

investment styles of investment managers.

The portfolios aim to reduce the extent of fluctuations in returns

brought about by investment style, and they are designed to be

style neutral (that is, not favouring any particular investment style)

with respect to the following two broad style factors:

Value or Growth

Generally, value managers buy shares when the current market

value is lower than the intrinsic value and endeavour to sell these

shares at a profit when the market recognises their true value.

Seperately Managed Accounts – Fundsportfolio construction

You’ve decided to invest in managedinvestments, but there are so manymanaged investments available. How do you decide which ones to choose?

ASSIRT Research and the ASSIRT Rating Service

ASSIRT Research was established in 1986 to provide

independent and objective research and analysis on the

Australian investment management industry.The ASSIRT

Rating Service was established in 1994, and today covers in

excess of 40 investment managers and more than 1,000

products, making ASSIRT Ratings the most comprehensive,

independent assessment of managed investments within the

Australian marketplace. ASSIRT Research employs a rigorous

and disciplined methodology resulting in consistent, thorough

and objective research.


A growth manager is one who seeks capital gain from expected

further growth in company or security earnings.Typically, growth

managers place less emphasis on price/earnings ratios and other

valuation measures and more on earnings growth.

Small, mid, or large capitalisation bias

Investment managers with a small capitalisation bias focus on

selecting small companies as represented by stocks with small

market capitalisations, while mid and large capitalisation

investment managers focus on selecting stocks with mid and large

sized market capitalisations respectively.

Investment objectives

The portfolios are designed for investors seeking stability and

consistency of returns across the five different risk profiles –

Defensive, Moderate, Balanced, Growth and High Growth.Within

each risk profile, the portfolios seek to deliver above average

returns with below average risk over the short to medium term.

In addition, each of the five diversified portfolios has been

designed with specific long term return and risk objectives.You

can read about each portfolio in detail on pages 13 to 15.

Investment process

The investment process comprises the following six steps:

Step 1: Set objectives

Investment objectives for each of the five diversified portfolios are

set by consultation between Investment Solutions and ASGARD.

Once set, these objectives drive the determination of asset

allocation, sector structures and strategy of the portfolio.The five

portfolios range from the lower risk ‘Defensive’ portfolio, through

to the higher risk ‘High Growth’ portfolio. Generally speaking, the

lower the risk, the lower the expected return and the higher the

risk, the higher the expected return.

Step 2:Asset allocation modelling

After determining the appropriate investment objectives for each

portfolio, the Investment Solutions team determines the optimal

allocation to each asset class for each portfolio. Each portfolio is

built around a long term ‘strategic asset allocation’, which means

each asset class is allocated a percentage weighting within the

portfolio which is designed to be maintained over the long term.

The strategic asset allocation is determined based on long term

forecasts of risk and return of the underlying asset classes and by

application of a detailed modelling process.

For each risk profile, a target exposure to growth assets

(Australian equities, international equities and property) is

determined so as to position the portfolios in line with industry

categorisations of products.

Asset allocations are selected as those that maximize the return

for each given level of risk for each of the five risk profiles.The

relative positioning of the five portfolios is shown below and

details of the asset allocations for each of the portfolios is

provided on pages 13 to 15.

Step 3: Sector structuring

For each sector, the Investment Solutions team applies its

investment research to determine what it regards as the most

suitable long term investment strategy.This includes making

decisions on the following key factors:

Optimal number of managers to use – determining the number

of investment managers which achieves the greatest reduction in

risk without resulting in over-diversification of the fund.

Mix of active and passive management styles – determining

whether to adopt an active or passive investment management

approach is driven by analysis of the evidence of historic value-

add by active managers within each sector. An ‘active’ manager

seeks to outperform the index for a particular portfolio, while a

‘passive’ manager does not try to outperform the index, but to

provide the same outcome as the index by choosing shares in

line with those in the index.

RiskDefensive

Moderate

Balanced

Growth

HighGrowth

Return

Australian Shares

International Shares

International Fixed Interest

Australian Fixed Interest

Cash

Property


Choice of investment style – in structuring the equity sectors,

the portfolios aim to minimise fluctuations in returns that are

brought about by investment style and market capitalisation

biases.The portfolios are thus diversified across investment styles

and market capitalisation biases.

Hedging of foreign currency exposure – in the case of

international fixed interest, the sector fund is fully hedged to

Australian dollars, thus eliminating any additional volatility

associated with currency. In the case of international shares, the

optimal hedge ratio has been determined as part of the asset

allocation optimisation process.The hedge ratio has been

determined as that which minimises the total risk of the

diversified fund.

Step 4: Investment manager selection

Strict qualitative and quantitative criteria are used for short listing

investment managers for potential inclusion in the portfolios.

From a qualitative perspective, investment managers are short

listed where they have an ASSIRT rating of 4 or 5 stars, or are

highly regarded by ASSIRT. Reference is also made to other

research houses, for comparison purposes, or where ASSIRT has

not rated a particular investment manager.

From a quantitative perspective, investment managers are

identified that have demonstrated superior performance over

rolling one, three or five year periods. A demonstration of

consistency in performance, relative to their investment style, is

also considered.

Each investment manager short listed for inclusion in the

portfolios is subject to a comprehensive due diligence process

undertaken by the Investment Solutions team.

Step 5: Investment manager blending

The aim of the portfolios is to minimise return fluctuations

brought about by style or market capitalisation factors.The

investment manager blending process aims to blend investment

styles that will generate the highest returns while reducing the

probability of loss, as well as help prevent extreme swings in

performance – thereby providing greater consistency and less

volatility of returns over the short and long term.The blending

process thus focuses on determining asset allocations that best

achieve this objective.

Step 6: Monitoring and review

The portfolios are subject to an intensive ongoing review process

to ensure that they are optimally positioned at all times.

Performance of the portfolios is monitored on a monthly basis,

while full, indepth analysis of sources of outperformance or

underperformance is conducted on a quarterly basis.

The investment manager composition of the portfolios is

reviewed on a quarterly basis, or as and when any major adverse

developments occur within the underlying investment managers.

The strategic asset allocations are reviewed on an annual basis or

upon any major economic or market structural change. Changes

to asset allocations are only likely to occur once every three

years, and even then, are not expected to be significant. Actual

portfolio allocations may drift from the long term strategic asset

allocations due to performance differences across sectors and

investment managers.The actual allocations are generally

reviewed on a six monthly basis, and rebalancing of the portfolio

at these intervals is undertaken to minimise the impact of capital

gains tax and to keep the asset allocation in line with the strategic

asset allocations set within each risk profile.

Accordingly, ASGARD, from time to time may change:

• the asset allocation ranges for the portfolios

• the strategic benchmark for each portfolio

• the managed investments that comprise the portfolios.This

includes changing from Pooled Superannuation Trusts to Non-Tax

Paid investments.


How to decide which portfolio is best for youBefore deciding whether to remain in your investment default or

transfer to another SMA – Funds portfolio, you need to carefully

consider how much of your capital you are prepared to risk in

order to receive potential gains.Your financial goals and attitude

to risk will help determine which portfolio best suits your

investment needs.Your financial adviser will help determine your

tolerance to risk and your investment goals, and recommend the

most suitable portfolio.

To help you and your financial adviser to select the most

appropriate portfolio, additional information is available in the

product disclosure statement for each of the underlying

investments in the SMA – Funds portfolios. A list of the underlying

investments in the portfolios and the product disclosure

statements relating to the investments are available from ASGARD

or your financial adviser free of charge on request.

Changing your investment choiceYou can change your investment strategy at any time by

selecting a different portfolio.You can do this by completing an

Investment Selection or your financial adviser can do this for you

online using adviserNET.

If you choose a new portfolio, ASGARD will buy and sell

managed investments so that the investment percentages will be

correct for the new portfolio.The sale of managed investments

may result in the realisation of capital gains or losses.

Changing to an ASGARD ManagedProfiles Account If you decide you would like to select any other managed

investments to include in your portfolio, you may switch from

SMA – Funds to Managed Profiles at any time.You can do this by

simply completing an Investment Selection.Your financial adviser

can submit this change for you on adviserNET.

Characteristics of the portfoliosOn pages 13 to 15 you will find general information about the

portfolios, which should help you determine which portfolio best

suits your investment needs.

Choosing your SMA – Funds portfolio


Defensive

*rounded to two decimal places. Refer to the 'SMA - Funds:Total ongoing fees'table on page 35 for further information.

Asset Allocationas at 30 June 2004**

** For more informationon the asset allocation,refer to ‘Asset allocation’on page 10 and‘Monitoring and review’ onpage 11.

Who is this portfolio for?Investors seeking a relatively low-risk investment over a moderate time frame.They are prepared to accept lower returnsto preserve capital.The adverse effects of tax and inflation arenot a concern, provided the initial investment is relatively stable.

ObjectiveTo provide a secure return with low risk of capital loss over any time period.

Historical portfolio performance▲

▲after fees, before tax and assuming reinvestment of income.

Note: Returns are net of fees, and have been calculated by applying thestrategic asset allocation to the actual performance of the underlying fundmanagers. Past performance is not necessarily a guide to future performance.For monthly performance information, please refer to Investor Online or consultyour financial adviser.

What else should I know?Investment in growth assets is generally around 30% of totalassets. In the short-term, capital values may fall, due to theexposure to growth assets. However, for investments held longerthan the recommended minimum investment term, this risk issubstantially reduced.

Moderate


Asset allocationas at 30 June 2004**


Who is this portfolio for?Investors seeking better than basic returns, with low risk over a moderate time frame.They are willing to accept modest exposure to less aggressive growth investments toachieve a higher return than the Defensive Portfolio and cash.

ObjectiveTo provide a return above that of purely defensive/income assetsby incorporating a moderate exposure to growth assets.





Recommended minimum 3 yearsinvestment term

Key statistics

Secure income High

Steady growth (capital + income) Moderate

Capital stability Moderate/High

Long-term wealth accumulation Not appropriate

Investment manager charges* 0.18% - 0.23% pa(after fee rebate)

Australian Shares 16%

International Shares 9%

InternationalFixed Interest 18%

Property 5%

Cash 27%

AustralianFixed Interest 25%

2004 6.72003 4.52002 2.52001 5.82000 3.8

Year (to 30 June) % performance

5 year compound average 4.7


Key statistics

Secure income Moderate

Steady growth (capital + income) Moderate

Capital stability Moderate

Long-term wealth accumulation Low

Investment manager charges* 0.33% - 0.38% pa (after fee rebate)




Property 6%

Cash 15%


2004 10.32003 1.42002 -0.82001 5.92000 6.9



Balanced




Who is this portfolio for?Investors wanting a balanced portfolio of diversified investments to meet medium- to long-term financial goals.They require a strategy that will cope with the effects of tax andinflation. Calculated risks are acceptable to achieve greater returns.

ObjectiveTo provide moderate to high returns over the medium – to long-term via a diversified investment portfolio with exposure to growth assets.





Growth




Who is this portfolio for?Investors wanting to invest funds for capital growth over themedium- to long-term through a diversified portfolio.They arewilling to accept more aggressive/growth investments with highervolatility (and the potential for capital loss in the short term).

ObjectiveTo provide moderate to high returns by a very significantexposure to aggressive/growth assets within a diversified portfolio.







Key statistics

Secure income Low

Steady growth (capital + income) High

Capital stability Low

Long-term wealth accumulation Moderate





Property 9%

Cash 10%


2004 14.12003 -2.82002 -5.42001 5.62000 10.5




Key statistics

Secure income Not appropriate

Steady growth (capital + income) Low

Capital stability Low

Long-term wealth accumulation High





Property 10%

Cash 5%


2004 16.72003 -6.52002 -10.02001 5.02000 15.0




High Growth




Who is this portfolio for?Investors prepared to compromise portfolio balance to pursuepotentially higher long-term gains.Your investment choices arediverse but carry with them a higher level of risk. Security ofcapital is secondary to the potential for wealth accumulation.

ObjectiveTo provide a high relative return over the longer term but with a higher risk of capital loss. Investments will tend to be in aggressive/growth assets, with investments consistingpredominantly of Australian and international shares.




What else should I know?Investments in this category will generally comprise diversifiedportfolios of Australian and international shares. For investmentsheld longer than the recommended minimum investment term,the risk of capital loss is substantially reduced.


Key statistics

Secure income Not appropriate

Steady growth (capital + income) Not appropriate

Capital stability Not appropriate

Long-term wealth accumulation High


Australian Shares 50%Property 5%


2004 19.52003 -11.02002 -15.32001 8.42000 16.7




Managed Profiles

With ASGARD Managed Profiles you design your investment

profile from the extensive list of managed investments in the

Investment Selection.You can also include shares as part of your

Account.You may choose to change to Managed Profiles if you

would prefer to be more actively involved in the selection and

management of your investments.

How ASGARD selects managedinvestment optionsASGARD takes into consideration the quality of the investment

managers’ business, stability of their investment team, past

performance and their investment management process before

selecting suitable investment options.

How to decide which investmentsare best for youBefore deciding your investment options, you need to carefully

consider how much of your capital you are prepared to risk in

order to receive potential gains.Your financial adviser will help you

choose the right investment strategy to match your tolerance to

risk and your investment goals. Investments earning higher returns

usually carry a higher risk, whilst more stable investments such as

cash generally earn lower returns.

To help you and your financial adviser select the most appropriate

investment strategy, there is a product disclosure statement for

each managed investment and cash product available through the

Account.You must receive a copy of the product disclosure

statement for each managed investment and/or cash product you

choose, before you make an investment decision.

For more information about managed investments and cash

products offered in Managed Profiles see pages 17 to 22.

Fr#dom

ASGARD Employee Super allows you tochoose between SMA – Funds andManaged Profiles. This section describesthe features of Managed Profiles. Refer topages 9 to 15 for details on SMA – Funds.


Choose your investment profile and letASGARD do the restWith the help of your financial adviser, you choose the managed

investments you want to invest in and the percentage to be

allocated to each.This is known as your investment profile.The

Investment Selection lists the investments that may be accessed

through your Account and is the form you need to complete to

choose your investment profile.

ASGARD will automatically invest your money according to your

investment profile and pay any fees from your Account.

Example: Selecting a profile

Ben has $50,000 he would like to invest in ASGARD

Managed Profiles.

With his financial adviser, Ben determines his selected investments

from the list of managed investments on the Investment Selection.

Using the Investment Selection, Ben allocates a percentage to each

of the managed investments he has selected – this is his profile.

His profile determines how his initial contribution, future

contributions and income distributions will be invested.

For example, Ben has selected the following profile:

Changing your investment profileYou can change investments (or the percentages allocated to

your investments) at any time, by the following methods.

Please note, if your account is currently waiting for a previous

purchase or sale of investments to complete and you have

requested to change your investments using one of these

methods, this request may be delayed.

Rebalancing

Over time, the weighting towards the managed investments you

choose will change due to the different performance of those

investments. Rebalancing is the process of buying and selling

managed investments to restore the investment percentages to

the levels you have chosen for your investment profile.

Auto-rebalancing – if you choose to use the Auto-rebalancing

facility, your investment percentages will be rebalanced

automatically to your investment profile either :

• quarterly (on or around the 15th of March, June, September

and December)

• half-yearly (on or around the 15th of June and December), or

• yearly (on or around the 15th of June)

If you choose the Auto-rebalancing facility, you should be aware that:

• at the time of auto-rebalancing we will check your Cash Balance

and if necessary restore it to the required level

• sales arising from Auto-rebalancing could result in a buy/sell

differential or a capital gains tax (CGT) liability being realised

(Non-Tax Paid managed investments only)

• if any of the managed investments in your investment profile are

closed to further investment or have sales restrictions, then those

managed investments will not be included in the Auto-rebalance,

although the rest of your managed investments will be

• no Auto-rebalancing will occur if your Account is in the process of

being closed or if the transactions are otherwise impeded.

Please note that your financial adviser must use adviserNET to

set up, change or cancel Auto-rebalancing.

One-off rebalancing – you can rebalance your Account by simply

re-submitting your original Investment Selection to ASGARD. Your

financial adviser can also do this for you online using adviserNET.

New investment selection

You can change your investment profile by completing another

Investment Selection.Your financial adviser can do this for you

using adviserNET. ASGARD will buy and sell managed investments

in accordance with your new instructions, so that your current

holdings are rebalanced to match your new profile. New

contributions made to your Account will also be invested

according to your new profile.

Switching

You can switch your total holding in any one managed investment

into another managed investment by completing an Investment

Choosing your investment profile

Managed investment Profile

A 25%

B 25%

C 50%

100%


Selection.This instruction will not affect holdings in the remainder

of your Account, so your Account will not be rebalanced.When a

switch is made, the profile percentage of the managed investment

you have switched from will be allocated to the managed

investment you have switched to.

Capital Gains Tax (CGT) consequences

Each of the methods described above will generally result in the

sale of some or all of your investments.Where this happens, a

CGT event will occur that may result in you incurring a capital

gain or capital loss that will affect the amount of tax paid from

your Account.

Limited Power of Attorney

For your convenience, you can grant a Limited Power of Attorney

to your financial adviser.This allows your financial adviser to make

changes to your investment profile on adviserNET without the

need for you to sign an Investment Selection. If you’d like to grant

a Limited Power of Attorney to your financial adviser, please

contact him or her.

Purchasing shares In addition to managed investments, you can also purchase shares.

These include:

• shares in most top 300 Australian companies (based on market

capitalisation)

• shares in a selection of listed investment companies

• units in a selection of listed property trusts.

The section ‘Purchasing shares’ on page 26 explains in more detail

how you can include shares as part of your Account.

Changing to ASGARD SeparatelyManaged Accounts – Funds You can change from Managed Profiles to SMA – Funds at any

time.You can do this simply by completing an Investment

Selection indicating your chosen profile, which your financial

adviser can submit for you online using adviserNET.

Understanding asset classesManaged investments invest in one or more of the following

asset classes:

In the Investment Selection, the asset classes are grouped into

specialist categories: Income, Equity or Multi-Sector.

The Income and Equity investments are suitable for investors

who, together with their financial adviser, wish to choose their

own asset allocation. Investments under these categories can be

combined with other categories to create a diversified profile.The

Multi-Sector category offers pre-set diversified investments which

spread your money across a range of asset classes.

Each category offers a choice of investments from many of

Australia’s leading investment managers.

The characteristics of each investment category are outlined on

the following pages. If you would like to know more about the

features of a specific investment, consult your financial adviser and

relevant product disclosure statements.

Cash

Fixed Interest Income

Mortgages

Australian Shares

International Shares Equity

Property


Income

Cash

Who is this suitable for?

Very conservative or cautious investors seeking absolute security

of capital, or investing for relatively short periods of time.

What are the investment objectives?

To provide a secure return with a low risk of capital loss over any

time period.

What are the features?

Suggested time frame for investment

0-2 years, or more

Security over suggested time frame

High

Return objective (relative to other investment categories)

Low

Ease of withdrawal

High (except for Fixed-Term Deposits)

What are the asset allocation ranges?

Cash 100%

What else?

Investments are usually spread across short-term securities

comprising cash deposits and government and bank-backed fixed-

interest securities. Individual securities may have a maturity date

of up to one year.The average maturity will be less than one year.

Fixed Term Deposit options are available with investment in bank

deposits ‘locked in’ for up to two years.

Fixed Interest

Sub-Categories

• Australian Fixed Interest

• International Fixed Interest


Investors seeking a return higher than that available from cash, as

well as an income stream. Capital losses may occur over the

short-term and the level of income may vary from time to time.


To provide a higher return than that available from cash over the

suggested investment time frame.



2-3 years, or more


Moderate


Moderate

Ease of withdrawal

High (except possibly for funds with low credit investments)

What are the asset allocation ranges? (min and max)

Fixed Interest

Cash

What else?

Investments will generally comprise diversified portfolios of

Australian or international fixed interest securities valued regularly

to reflect the underlying asset values.Values can vary as interest

rates change. Specifically, the value of investments in this strategy

may fall during periods when interest rates are rising. Currency

movements may significantly affect returns of international fixed

interest investments.

Mortgages

Sub-categories

• Mortgage Trusts


Investors seeking a return higher than cash and a fairly regular

income stream.


To provide fairly steady income with a relatively low risk of capital

loss over the suggested investment time frame.

Note: Mortgage investments involve some capital risk and the level of

income may vary.



2-3 years, or more


Moderate


Moderate/High

Ease of withdrawal

Moderate to high, although the assets and liabilities of the trusts

are not matched.The trusts offer high liquidity to investors but

invest in illiquid assets.

0 20 40 60 80 100%



Mortgages &

Securitised Assets

Cash & Fixed Interest

Securities

What else?


registered mortgages, securitised assets, bank bills, government

bonds and cash.

Note: Many trust deeds allow the manager to delay paying investors

for up to 60 days if there is a need to liquidate a mortgage in order

to meet a withdrawal request.

EquityAustralian SharesSub-Categories

• Diversified Equity

• Industrial Equity

• Smaller Companies


Investors seeking a long-term investment in a diversified portfolio

of Australian share investments, and who are prepared to accept

the prospect of capital losses in the short-term.


To provide a high relative return over the suggested investment

time frame. Returns depend on many factors, including company

earnings, interest rates and the general economic outlook. A

significant proportion of the return from shares is likely to arise

from changes in capital values. For investments held over the

suggested time frame the risk of capital losses is significantly

reduced. However, short-term investments in the Australian share

market show considerable volatility.



5-7 years, or more


Moderate


High

Ease of withdrawal

High


Australian Shares

Cash

What else?


Australian share securities. Investments can be split broadly

between those with a spread between industrial and resource

shares (ie Diversified Equity), those focusing on industrial shares

(ie Industrial Equity) and those that focus on smaller companies

(ie Smaller Companies).


Sub-Categories

• Global Equity

• Regional Equity


Investors seeking a long-term investment in a diversified portfolio

of global share investments, and who are prepared to accept the

prospect of capital losses in the short-term.


To provide a high relative return over the suggested time frame

of investment. A significant proportion of the return from shares

is likely to arise from changes in capital values. Returns depend on

many factors, including company earnings, global interest rates and

the global economic outlook. Currency movements may

significantly affect returns. For investments held over the suggested

time frame, the risk of capital losses is significantly reduced.



5-7 years, or more


Moderate/Low (subject to currency movements)


High

Ease of withdrawal

High



Cash

What else?


0 20 40 60 80 100%

0 20 40 60 80 100%

0 20 40 60 80 100%


international share securities. Investments can be split between

those investing across all world markets (ie Global Equity), those

focusing on specific regions (eg South-East Asia, Japan, Europe,

North America, Emerging Markets) and those focusing on specific

themes (ie Global Technology, Global Health and Biotechnology,

Global Resources).

Property

Sub-Categories

• Property Securities

• Diversified Property


Investors seeking a medium- to long-term investment in a

diversified portfolio of listed property securities.


To provide a return higher than that expected from an income

strategy over the suggested investment time frame. Returns are

derived from a balance of income (rental) and capital growth

from the underlying properties and property securities. Returns

depend on many factors - property values, interest rates, the

economic outlook (particularly inflation) and movements in the

sharemarket.These investments also provide access to the

benefits of investment in property, with greater liquidity than with

unlisted property trusts or direct property investments.



3-5 years, or more


Moderate


Moderate/High

Ease of withdrawal

High (except possibly for funds with an unlisted direct

property component)


Listed Property

Cash

What else?

Investments will generally comprise diversified portfolios of listed

property securities, but may also include an unlisted direct

property component (ie Diversified Property).

Multi-sector

Multi-sector 30


Investors seeking a higher return than from cash alone, who are prepared to accept modest exposure to growth assets toachieve this.


To provide a return higher than available from defensive assets

through a modest exposure to growth assets.



2-3 years, or more


Moderate/High


Moderate

Ease of withdrawal

High


Cash



Australian Shares


Property

What else?

Investment in shares and property is generally in the range of 10% to 30%.

Multi-sector 50


Investors wishing to achieve a higher return than from cash alone,and who are prepared to accept moderate exposure to growthassets to achieve this.


To provide a return higher than available from defensive assetsthrough a moderate exposure to growth assets.



2-3 years, or more


Moderate


Moderate

0 20 40 60 80 100%

0 20 40 60 80 100%


Ease of withdrawal

High


Cash



Australian Shares


Property

What else?

Investment in shares and property is generally in the range of 30%to 50%. It is possible that the value of the investment may rise orfall depending on the exposure to growth assets, such as shares.Also, volatility in interest rates may cause the prices of fixed incomeinvestments in the strategy to move up and down and thosechanges can also affect the current market value of the strategy.

Multi-sector 70


Investors seeking a medium- to long-term investment and

moderate/high returns and who accept the possibility of a decline

in capital values.


To provide moderate to high returns within the context of a

diversified investment portfolio.This is achieved by significant

exposure to growth assets.



3-5 years, or more


Moderate


Moderate/High

Ease of withdrawal

High


Cash



Australian Shares


Property

What else?

Investment in shares and property is generally in the range of

50% to 70%. Growth may be achieved either through a significant

exposure to shares or property, or through other growth

strategies.The market value of an investment will rise or fall

depending on whether the value of the assets in the portfolio

rises or falls.The market value could fall over some periods due

to volatility of prices of the underlying assets.

Multi-sector 70+


Investors seeking a medium- to long-term investment and

moderate/high returns and who accept the possibility of a decline

in capital values


To provide moderate to high returns within the context of a

diversified investment portfolio.This is achieved by significant

exposure to growth assets.



3-5 years, or more


Low/Moderate


Moderate/High

Ease of withdrawal

High


Cash



Australian Shares


Property

What else?

Investment in shares and property is generally more than 70%.

Growth may be achieved either through a significant exposure to

shares or property, or through other growth strategies.The

market value of an investment will rise or fall depending on

whether the value of the assets in the portfolio rises or falls.The

market value could fall over some periods due to volatility of

prices of the underlying assets.

0 20 40 60 80 100%

0 20 40 60 80 100%

0 20 40 60 80 100%


Your Account

When your employer opened your Account it was

automatically invested in either :

• an SMA – Funds portfolio, based on your age, if your employer

did not nominate an investment default

• the investment default chosen by your employer and detailed in

your Welcome Letter from ASGARD.

The table below shows the SMA – Funds portfolios for the

relevant age bands. If no date of birth was provided by your

employer you have been placed in the Balanced Portfolio.

Your funds will remain in this default portfolio, regardless of any

age threshold you reach, until we receive instructions from you

stating your choice of portfolio.

You can choose to change your portfolio now or at any time,

using the Investment Selection at the back of this Product

Disclosure Statement. ASGARD will purchase managed

investments on your behalf as required and pay any associated

fees from your Account. Managed investments purchased will be

held in ASGARD’s name as trustee.

If you choose to change your portfolio or switch from SMA –

Funds to Managed Profiles you will receive confirmation in writing

of receipt of that instruction.

You will also receive a Personal Identification Number (PIN) to

access Investor Online and Investor Oncall when your Account is

initially established.

Investor OnlineInvestor Online gives you access to information on your

ASGARD Accounts anywhere, any time, over the internet.

You can view your Account balances, investments held,

transaction details, insurance details and asset allocation in an

easy to read format. Investor Online is fast, secure and gives you

up-to-date information about your Account.This service is free

of ASGARD fees.Visit www.asgard.com.au and log on once you

have received your PIN.

Investor OncallInvestor Oncall is an automated service similar to the telephone

banking service offered by major financial institutions. Using your

telephone keypad, you can select information about your Account

details, Account balance, Account valuation and the last 10

transactions.This service is free of ASGARD fees.To access this

service, call 1800 062 109 once you have received your PIN.

Age Portfolio

Default Portfolios

Older than 60 Defensive

56 to 60 Moderate

41 to 55 Balanced

30 to 40 Growth

Younger than 30 High Growth

Making contributions to your Account You can view a record of contributions to your Account on the

Transaction Details screen on Investor Online.

Contributions to your Account can be:

• money contributed to superannuation for the first time, generally

by you, your employer or your spouse, including Superannuation

Guarantee vouchers or other notice of entitlement to

Superannuation Guarantee shortfall payments.* You must meet

certain conditions before contributions can be accepted from

each of these sources

• superannuation benefits you transfer or rollover from another

superannuation fund, retirement savings account or approved

deposit fund – known as Eligible Termination Payments.

The table below shows what circumstances you must meet to

enable the acceptance of particular contributions. For more

information about the different types of rollovers and contributions

(and who can make them), contact your financial adviser.


How your Account works

Contributions will be paid into your cashbalance and invested according to yourSMA – Funds portfolio or ManagedProfiles investment profile.

* ASGARD will need to redeem these vouchers or other notice of entitlement to Superannuation Guarantee shortfall payments for cash through the Australian Taxation Office (ATO), which may take some time.

Mandated Non-mandated Eligible employer employer spouse Personal

Circumstances contributions contributions contributions contributions

Circumstances in which contributions may be made and the types of contributions that may be accepted by ASGARD

1.You are under age 65 z z z z

2.You have reached age 65 but are not age 70 and z z z z

you are gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year in which the contribution is made

3.You have reached age 70 but are not age 75 and z x x z

you are gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year in which the contribution is made

4.You are over age 75 z x x x


How contributions to your Account are investedContributions made to your Account (unless they are

specifically for the purchase of shares) are automatically paid

into your Cash Balance and then invested according to your

investment instructions. For the process to purchase shares,

please refer to page 26.

Generally, ASGARD places transaction instructions with

investment managers on the next business day after receipt of

the contribution.

Maintaining a Cash BalanceA percentage of your Account is retained in cash to allow for

ongoing monthly transactions, such as the payment of fees.

The percentage varies according to your Account value as

shown below.

Your Cash Balance is held in a bank account with St.George Bank

and earns a competitive rate of interest. ASGARD checks your

Cash Balance regularly and when it exceeds the required balance

by $1,000 or more, the total excess is automatically invested

according to your current investment profile.

If your Cash Balance falls to less than 1% of your total Account

balance, ASGARD will automatically sell managed investments in

proportion to their current value to restore the Cash Balance to

its required level.

You can view your Cash Balance at any time on Investor Online

by looking up your Portfolio Valuation.

Example: Ben’s profile contains three

managed investments.

The following table illustrates how a $50,000 contribution to

Ben’s Account will be invested.

$50,000 minus 4% Cash Balance ($2,000) leaves $48,000 to invest.

Negative Cash Balance

Should your Cash Balance become negative at any time,

How to contribute to your Account

* Employer Online is an internet-based solution that enables employers tomake electronic contributions directly into an employee’s Account.

Contributions (other • by chequethan rollovers) • by forwarding your Superannuation

Guarantee voucher to ASGARD(which ASGARD will redeem through the ATO)

• by Employer Online Transact(contributions made by youremployer only)*

Rollovers • by forwarding your ETP cheque anddocumentation to ASGARD

• by completing the Transfer Authority at the back of this Product Disclosure Statement

Contribution Cash Balance Managed Investment B 25%

Managed Investment C 50%

Managed Investment A 25%

Example: How Ben’s contributions are invested

Less than $100,000 4.0%

Cash Balance

Account value (% of Account value)

$100,000 - $250,000 3.0%

Over $250,000 2.0%

Managed

investment Profile Amount

A 25% $12,000

B 25% $12,000

C 50% $24,000

100% $48,000

ASGARD will charge interest on the negative amount at the

same rate as interest paid on positive Cash Balances. ASGARD

will sell managed investments from your Account to restore your

Cash Balance to its required level, following the method

described above.

Example

Your Cash Balance is $4,000 below the required level.Your

Account currently has 80% of the total Account value invested in

Asset A, 10% in Asset B and 10% in Asset C. ASGARD will

restore your Cash Balance by selling down each asset pro rata to

produce the following amounts:

Purchasing shares (Managed Profiles only)If you elect to purchase shares, you will need to confirm that you

are comfortable with investing up to 80% of your Account in

shares.This indicates that you accept that there may be significant

volatility of returns within your investment portfolio.The

information below outlines how shares are bought and sold

within the Managed Profiles Account.

Shareholder Discount cards are not available to members who

purchase shares.

How shares are purchased

Funds for the purchase of shares are administered through a

Share Trading Account, set up as part of your Account.You are

not required to complete a separate application form to set up

the Share Trading Account.

You need to put money into the Share Trading Account before

you can purchase shares.You can do this in two ways:

• Make a contribution to your Account by cheque, and send a

Contribution Remittance Advice to ASGARD indicating that you

want the contribution invested in your Share Trading Account

• Ask your adviser to transfer funds from your Cash Balance to

your Share Trading Account electronically via adviserNET.

Your share purchase instructions can only be submitted by your

financial adviser online using adviserNET.

When a purchase is made, ASGARD debits the Share Trading

Account for the amount of the purchase and fees (see ‘Share

transaction fees’ on page 38) and notifies you and your financial

adviser of the successful purchase.

Interest will be paid (at competitive rates) on any funds remaining

in the Share Trading Account.

Restrictions on the purchase of shares

You can invest:

• up to 80% of the value of your Account in shares (including funds

in your Share Trading Account)

• no more than the greater of $10,000 or 30% of the total value

of your Account in a single share holding.

ASGARD will review your Account on a six-monthly basis to

ensure that the value of shares (including cash in the Share

Trading Account) is within these limits.

If the value falls outside these limits, we will notify you and your

financial adviser in writing and recommend that you adjust your

investment profile. If the adjustment is not made within three

months of the recommendation, ASGARD may make this

adjustment for you as follows:

• If the $10,000 or 30% limit on the value of a single share

holding is exceeded, ASGARD will sell shares in that holding to

bring it within the required limit

• If the 80% limit is exceeded, ASGARD will transfer any funds in

your Share Trading Account to your Cash Balance. If this

adjustment is not sufficient, ASGARD will sell down the share

holding with the highest value to bring your investment profile

back to the required limit.

Please note that ASGARD does not accept any liability for not

notifying you or not rebalancing your share portfolio.

Selling shares

If you purchase shares through your Account, you will not be able

to transfer them out of the Account.You will need to sell them if

you no longer wish to hold them in your Account.

Your financial adviser will forward your share sell instructions

electronically via adviserNET. Shares will be sold at market price.


Asset A 80% of $4,000 = $3,200

Asset B 10% of $4,000 = $400

Asset C 10% of $4,000 = $400

Total = $4,000


When a sale is made, ASGARD credits the sale proceeds to the

Share Trading Account, deducts fees (see ‘Share transaction fees’

on page 38) and notifies you and your financial adviser that the

sale has been successful.

You can instruct your adviser to use the funds to purchase other

shares or move them to your Cash Balance to be invested according

to your investment profile. Interest will be paid (at competitive rates)

on any funds remaining in the Share Trading Account.

EarningsEarnings from your investments will be in the form of capital

growth, dividends (if you have shares) and/or income distributions.

Dividends (if you have shares) and income distributions are

automatically paid into your Cash Balance and invested according

to your SMA – Funds portfolio or Managed Profiles investment

profile.You can view a summary of the income distributions and

dividends you have been paid on the Account Summary screen

on Investor Online.

ValuationsThe investments in your Account are valued at least weekly,

and in most cases daily, based on valuations provided by

investment managers.

You can view your Account value on the Portfolio Valuation

screen on Investor Online.

Accessing your moneyUnder superannuation law, different conditions apply to the

withdrawal of benefits from superannuation.These are explained

in detail below.

You should note that due to the level of investment returnsthat may be earned by your investments and ASGARD’scharges, if you close your Account within a few years of joining,you may get back less than you paid in.

Your superannuation benefits comprise contributions, any

rollovers, investment earnings and proceeds from any insurance

claims, less taxes, superannuation surcharge amounts, fees and any

other costs (including insurance premiums).

Government legislation protects the superannuation savings of

individuals and restricts the accessibility of funds. In general, you

cannot get your benefits paid to you until you have reached age

65, or have reached your preservation age and have retired.

Your preservation age depends on the date you were born

according to the following table.

Funds held in superannuation fall into one of three categories.The

categories, and what they mean in terms of withdrawing your

superannuation money, are explained below.

Benefit categories of superannuationThere are three benefit categories:

• preserved benefits

• restricted non-preserved benefits

• unrestricted non-preserved benefits

Unrestricted non-preserved benefits are accessible at any time.

However, access to preserved and restricted non-preserved

benefits is governed by superannuation law as set out below.

Accessing preserved and restricted non-preserved benefits

You may rollover preserved and restricted non-preserved benefits

to another complying superannuation fund or retirement savings

account at any time, but you can only have the benefits paid to you

if you satisfy a condition of release, as outlined in the table below.

Where a condition of release is satisfied, preserved benefits and

restricted non-preserved benefits become unrestricted non-

preserved benefits and can be paid to you.

Accessing unrestricted non-preserved benefits

Once your benefits become unrestricted non-preserved they can,

at any time, be:

• paid to you as a lump sum

• Contributions

• Rollovers

• Earnings

• Proceeds from

insurance claims

Your

super

benefits

Before 1 July 1960 55

Date you were born Your preservation age

1 July 1960 – 30 June 1961 56

1 July 1961 – 30 June 1962 57

1 July 1962 – 30 June 1963 58

1 July 1963 – 30 June 1964 59

After 30 June 1964 60

• Taxes

• Super surcharge

amounts

• Fees and other

costs

– =

• transferred to an ASGARD Pension Account and paid to you as an allocated pension or term allocated pension

• rolled over into another superannuation or pension fund,retirement savings account or approved deposit fund.

What happens to my superannuationwhen I retire?Once you retire from work your superannuation benefits must bepaid as either a lump sum or transferred to anothersuperannuation or pension fund, or a retirement savings account.

With an ASGARD Employee Super Account, it’s easy to transferyour money directly into a tax-effective ASGARD PensionAccount.You can choose from:

• Allocated Pension – You have a regular allocated pension paid to

you monthly, quarterly or annually.You can choose the amount of

pension paid (within set limits) and you can withdraw part or all

of your investment as a lump sum.

• Term Allocated Pension – Like an allocated pension, you have a

regular pension paid to you. However, the amount is set and lump

sum withdrawals are only allowed in special circumstances.You

must also choose the term over which your pension will be paid to

you and once you have selected this term, it cannot be changed.

General information on withdrawalsWithdrawals may be subject to restrictions imposed by some investment managers. Details of specific withdrawalrestrictions appear in the product disclosure statement relating toeach managed investment and cash product. None of themanaged investment options offered by ASGARD has a minimumholding requirement.

If your account is currently waiting for a previous purchase or saleof investments to complete and you have requested a withdrawal,this withdrawal may be delayed.

If you wish to transfer or rollover any part of your benefits orclose your Account and have not left your employer, we requireyour employer’s approval before we can process your withdrawal.

One-off withdrawals

To make a one-off withdrawal, submit a Payment Request form.Unless you indicate otherwise on your Payment Request, we willfund partial withdrawals from your Cash Balance, followed by thesale of managed investments (in proportion to their currentvalue) from your Account.

If managed investments do not need to be sold, ASGARD willendeavour to pay the required amount within five working daysof receiving a request at the Perth office.


Condition of release How much of the benefits you can withdraw

You are aged 65 or more All All

You are aged 60 or more and you leave your employer All All

You satisfy all of the following:

• You have reached your preservation age (see ‘Preservation age’ above)

• You are not gainfully employed

• You can reasonably satisfy ASGARD that you never intend to work

for 10 or more hours per week again All All

ASGARD is reasonably satisfied that you are permanently incapacitated* All All

You have compassionate grounds for applying* Part or All Part or All

You suffer severe financial hardship* Part (a single lump sum Part (a single lump sum

every twelve months of every twelve months of

no more than $10,000) no more than $10,000)

You are an eligible temporary resident who is leaving

Australia permanently* All All

You terminate your employment with an employer who has

contributed to the ASGARD Superannuation Account in

relation to you None Part or All

Preserved benefits Restricted non-preserved benefits

*As provided under superannuation legislation.


If managed investments do need to be sold, ASGARD willendeavour to pay the amount requested within five working daysof receiving the proceeds from the sale of all the investments.

The price you receive on a managed investment will depend onwhen the investment manager receives and processes therequest.We will pay your withdrawal amount to you after wehave received all the funds from the relevant investment manager.

Example: How withdrawals from your

Account are treated

When a withdrawal is made, units in each managed investmentare sold down proportionately by their current holdings.

Over time, the actual holdings in each of the managedinvestments may become different to your profile. For example, six months after opening his Account, this is how Ben’s Account looks:

Now, Ben has decided to withdraw $12,000 of unrestricted non-preserved benefits.There is currently $2,000 available in the CashBalance.The remaining $10,000 would be funded as follows:

Because the Cash Balance is now $0, ASGARD will also sell downadditional managed investments to top up the Cash Balance tothe required level.

If you would like to fund part of a withdrawal from the sale ofshares you must arrange, through your financial adviser, to havethe shares sold before lodging the Payment Request.You will alsoneed to indicate on your Payment Request that you require fundsto be taken from your Share Trading Account.

Rapid Withdrawal

If you request a Rapid Withdrawal, you will generally receive

payment within 48 hours of your original signed request being

received by ASGARD in Perth, subject to the terms and

conditions on the Rapid Withdrawal Request form.

What happens if you die?Under superannuation law, you can nominate to have the balance

in your Account (including any insured benefit) paid to a

dependant or your estate, in the event of your death. Dependants

only include the following:

• your spouse (married or de facto)

• your children (including adopted, step and ex-nuptial children)

• Any person with whom you have an interdependency relationship

• any other person financially dependent on you at the time of

your death.

For the purposes of superannuation law, subject to subsequent

change by Regulation, two persons (whether or not related by

family) have an interdependency relationship if:

a) they have a close personal relationship; and

b) they live together; and

c) one or each of them provides the other with financial

support; and

d) one or each of them provides the other with domestic

support and personal care.

If two persons (whether or not related by family) satisfy (a) and

they do not satisfy (b), (c) and (d) and the reason they do not

satisfy the other requirements is that either or both of them

suffer from a physical, intellectual or psychiatric disability, they will

still have an interdependency relationship.

Binding Death Benefit Nomination

This nomination is binding on ASGARD, subject to conditions.

(See the ASGARD Binding Death Benefit Nomination at the back

of this Product Disclosure Statement.)

Discretionary

A discretionary nomination is not binding on ASGARD. However,

ASGARD considers each case individually to ensure death

benefits are paid appropriately and will endeavour to abide by

your wishes.

Managed Actual Actual

investment holding percentage

A $13,500 25.8%

B $11,800 22.6%

C $27,000 51.6%

$52,300 100%

Managed Actual Amount

investment holding sold

A $13,500 $2,580

B $11,800 $2,260

C $27,000 $5,160

$52,300 $10,000

What happens if I don’t make any nomination?

If you do not nominate a beneficiary, ASGARD has the discretionto determine the recipient(s) of your benefits in accordance withsuperannuation law.

Tax implications of nominations

The tax consequences of a nomination can vary depending onyour choice of beneficiary.The type of nomination you make willnot impact on the amount of tax payable if any.You shoulddiscuss your tax position with your financial adviser.

What happens if you leave your employer?If you leave your employer and do not:

• nominate another employer group within the ASGARD Employee

Superannuation Account to which to transfer your Account, or

• rollover your benefits to another superannuation fund, retirement

savings account or approved deposit fund.

your Account will be automatically transferred to the ASGARD

Superannuation Account. If your account balance is under $2,000

you may be transferred to the Retirement Savings Account (refer

to Eligible Rollover Fund on pages 52 - 53).

Upon transfer to the ASGARD Superannuation Account, you will

retain the same investment option(s) and the same financial adviser

and your existing insurance will transfer automatically. However, as

you are no longer eligible for the Administration Fee discount (refer

to page 37) the costs associated with your Account may increase.

Likewise, as you will no longer be eligible for Group Insurance

premiums, there will be an adjustment to your insurance premium

(refer to ‘Continuation option’ on page 46 for further information).

Reporting

Investor reports

ASGARD’s comprehensive half-yearly Investor Reports provide

you with a clear picture of all your investments in one easy to

understand report.Your Report includes an account summary,

contribution history, how your funds are allocated to each asset

class, general market performance information, rates of return,

earnings and valuations for your investments.

Annual Report

Investors receive an Annual Report for each year to 30 June.The

Annual Report details important information for investors and

provides abridged financial statements relating to the Account.

AXIS

AXIS Magazine keeps you up-to-date with what’s currently

happening and what’s in the pipeline at ASGARD. AXIS includes

information about new ASGARD products and features, as well

as topical investment and industry information.

Communications from investment managers and

corporate actions

All investments are held in ASGARD’s name, as trustee.This

means that ASGARD receives all investment communications,

including annual reports and financial statements.

Because ASGARD holds all investments in its name, you forego

direct voting rights and generally will not be able to attend

investor meetings. Also, income from your investments will be

paid into your Cash Balance and you will not have access to any

Dividend or Distribution Reinvestment Program.

For Managed Profiles investors who hold shares in their Account,

when companies announce new shareholder entitlements, or

undertake restructuring or other corporate actions, ASGARD, as

trustee, will decide what action to take on your behalf. However,

ASGARD’s current policy is that no action will be taken where

the corporate action requires payment from your Account.

Electronic reporting

ASGARD is progressively increasing the range of reporting,

transaction and compliance information that we send to you

electronically.When you submit your application you agree to

receive certain communications and documents electronically.

We will notify you when we extend the range of information that

we make available electronically.



We have included only general information about tax below.The

amount of tax paid on the funds in your Account can depend on

a combination of factors, including:

• your individual circumstances

• the current tax rates applicable (contributions tax,

superannuation surcharge, top marginal tax rate, Medicare levy

and capital gains tax)

• your adjusted taxable income (ATI) for superannuation

surcharge purposes

• the components of any Eligible Termination Payment (ETP)

• your age

• the current Reasonable Benefit Limits (RBL)

• whether benefits are paid to you or paid as death benefits

to your dependants.

ASGARD’s taxation flyer ‘Tax and your retirement’, available from

your financial adviser or ASGARD Investor Services, is based on

current tax laws. It explains all the terms listed above, provides

current tax rates figures and thresholds and gives you an

overview of how taxation may apply to your Account.

Information in the flyer will be updated annually in line with any

changes to tax legislation.

Taxation of your superannuation

Contributions

Contributions tax is payable on:

• personal contributions (for which a tax deduction is allowed)

• all contributions made by your employer.

An additional contributions tax (superannuation surcharge) may

apply to certain contributions depending on your ATI.

ASGARD will deduct any contributions tax or surcharge owing

from your Account and ensure that it is paid to the Australian

Taxation Office (ATO) by the required payment dates.

Investment earnings

Generally, earnings in the Account are taxed at a lower rate than

most other forms of savings.

Non-Tax Paid managed investments

Some of the managed investments available are Non-Tax Paid

(NTP) managed investments.These investments do not pay tax at

fund level and superannuation funds will be liable for :

• tax at 15% on any taxable income distributed to them by NTPs

• tax at up to 15% on any capital gains distributed to them or

arising from the sale of units in NTPs.

Tax will be provided for in your Account on such distributions or

capital gains (before offsetting losses) at the rate of 15%. If we

subsequently establish that tax is payable on this income at a rate

lower than 15%, or that you have a capital loss from the sale of units

in NTPs which can reduce your capital gains, your Account will be

adjusted. (Capital gains will generally be taxed at only 10% when the

investment realised has been held for at least 12 months.) However,

these adjustments are only made annually, in December, for the

financial year that ended on the previous 30 June.

If you close your Account before the end of a particular

financial year, you will not receive the benefit of any adjustment

relating to that financial year. For further information, please

contact your financial adviser.

Tax features

Taxation is complex and we recommendyou consult a suitably qualifiedprofessional when considering tax mattersin relation to investing in the Account.


Rolling over your superannuation

The post-30 June 1983 untaxed component of any rollover into

your Account (such as a ‘golden handshake’) is generally taxed at

the current rate after accounting for any allowable deductions.

The superannuation surcharge may also apply.

Withdrawals

Withdrawals are classified as ETPs. Different ETP components are

taxed at different rates depending on your age, the components

of the withdrawal and your RBL.

Death benefits

A lump sum payment made directly to a dependant (as defined

for tax purposes) will be tax-free up to your pension RBL.

A lump sum payment made directly to a non-dependant will be

treated as an ordinary ETP.

If a lump sum payment is made to your estate for distribution in

accordance with your will or the administration laws, the amount

given to a dependant by the estate will be tax free in the estate

and to the dependant up to your available pension RBL.

A payment to the estate in respect of a non-dependant will be

treated as an ETP in the hands of the trustee of the estate and

taxed at special rates.

If lump sum payments exceed the pension RBL, the excess amount

will be taxed at the top marginal rate plus the Medicare levy.

Taxation and your insurance

Taxation of premiums

All or part of the premiums paid through your Account may be

claimed as tax deductions by ASGARD. ASGARD will calculate

these deductions and reflect them in your Account.

Taxation of Total and Permanent Disablement

(TPD) benefits

There is no tax payable on TPD benefits paid into your Account.

However, any part of the benefit subsequently withdrawn will be

an ETP and taxed accordingly, except for any post-June 1994

Invalidity Component, which is tax-free.

If you consider the total and permanent disablement is a result of

personal injury the Insurer recommends that you seek

independent tax advice.

Taxation of Salary Continuance benefits

Any benefits received from this insurance cover will be assessable

to you as income and therefore subject to tax.

These comments are a guide only, based on our current

understanding of tax laws.As your individual circumstances may

be quite different, you should discuss any taxation issues with

your taxation adviser.

Simplicity

Fr#dom

Choice


Fees & charges

The total fees and charges you will pay include not only the

fees and charges applying to your Account, but the ongoing fees

and expenses deducted by investment managers from the

managed investments you choose (‘investment manager fees’). It

is important that you understand the investment manager fees

and expenses, and that they are in addition to ASGARD’s fees

and the transaction costs incurred on your behalf.The costs of

the managed investments you choose will generally be set out

in the product disclosure statement for that managed

investment, which is available from your financial adviser.

ASGARD reserves the right to vary it’s fees and charges applying

to your Account and to introduce new fees and charges subject

to the maximum fees specified in the Trust Deed and listed under

‘Fee maximums’ on page 38, although we do not currently intend

to do so.We will give you at least 30 days’ written notice of any

proposal to introduce new fees and charges or to increase

current fees and charges.

Investment management fees may be varied at any time by an

investment manager, without notice to you.

Any fee negotiated with your financial adviser will be disclosed in the

Statement of Advice you receive from your financial adviser.

You should read all of the informationabout fees and charges, as it is importantto understand their impact on yourinvestment. Tax information is set out in‘Tax features’ on page 31 of this ProductDisclosure Statement.

Flexibility

Expertise

Choice

Switching fee: This is the fee chargedwhen you switch between investmentoptions offered by the Account.

Nil Not Applicable

Adviser service fee – (referred to asMonthly Adviser Remuneration) This isthe fee charged by your financial adviserfor advice about your investment(s) in the Account.

Nil. But ASGARD pays 25% of theAdministration fee to your financialadviser as a standard Monthly AdviserRemuneration and retains the other 75%.See ‘Important additional disclosure items’on page 37.

Not Applicable


Ongoing fees: This is the total of allongoing administration, investmentmanagement, expense recovery and otherfees charged to your Account. Abreakdown of these fees is shown in the‘Breakdown of Ongoing Fees’ table onpages 35 to 36.This fee includes anamount payable to your financial adviser.

Total Ongoing Fees payable for theadministration of your Account will varydepending on:• the value of your Account• the total value of all Accounts within

your employer group and• investment option/sSeparately Managed Accounts - FundsFor accounts with balances of more than $7,500 the ongoing fee range is0.18% to 2.2237%.Managed ProfilesFor accounts with balances of more than $10,000 the ongoing fee range is 0% to 4.8737%.Refer to examples on page 39.

Deducted from your Cash Balancemonthly in arrears at the beginning ofevery month, calculated on the balance of your Account at the end of theprevious month.Investment Managers of underlyingmanaged investments deduct their feesdirectly from the managed investments,usually on a monthly basis.

Significant fees This table shows significant fees that you may be charged as an investor in the Account.These fees may be deducted by

ASGARD from your Cash Balance. Investment managers of underlying managed investments will deduct their fees directly from

their managed investments.

Current Amount (including a netGST cost recovery of 2.5%, unlessotherwise specified) How and when paid?

Establishment fee: This is the fee to set up your Account.

Nil Not Applicable

Contribution fee: (referred to as theUpfront fee) This is the fee for the initialand subsequent deposits to your Account.The amount of this fee can be negotiatedand is generally payable to your financialadviser. For further information, see the'Important additional disclosure items' onpages 37 to 38.

Upfront fee

5.125% (including GST) of each deposit.

Upfront fees – Upfront fees are deductedfrom your Cash Balance at the time thedeposit is made.

Withdrawal fee: This is the fee chargedfor each withdrawal you make from your Account.

Nil Not Applicable

Termination fee: This is the fee payablewhen you close your Account.

Nil Not Applicable


Breakdown of Ongoing feesThis table contains a breakdown of the ongoing fees shown in the ‘Significant Fees’ table on page 34.These fees are not additional to

the amounts shown on page 34.The examples on page 39 show estimated total ongoing fees for various Account sizes. Note that the

same ongoing fees apply regardless of Upfront Fee type.

Amount (including a net GST cost recovery of 2.5%, unlessotherwise specified) How and when paid

Administration fee: This is the fee to cover the general administration of yourAccount.This fee includes an amountpayable to your financial adviser. Forfurther information, see the 'Importantadditional disclosure items' table on page 37

ASGARD offers a unique tiering modelthat provides employer group andindividual tiering benefits.This appliesincentives at two levels:• the larger the employer group the

larger the employer group discount• the larger the individual Account balance

the larger the individual discount.Individual Fee TieringSeparately Managed Accounts – Funds

Account Balance Fee per annumFirst $50,000 1.2300% p.a.Next $50,000 0.9840% p.a.Next $150,000 0.7380% p.a.Next $750,000 0.4920% p.a.$1,000,000 and above 0.1025% p.a.

Minimum monthly Administration fee: $7.69for Account balances less than $7,500.Managed Profiles

Account Balance Fee per annumFirst $50,000 1.5375% p.a.Next $50,000 1.2813% p.a.Next $150,000 0.9225% p.a.Next $750,000 0.6150% p.a.$1,000,000 and above 0.1025% p.a.

Minimum monthly Administration fee: $12.81for Account balances less than $10,000.

Deducted from your Cash Balancemonthly in arrears at the beginning ofevery month, calculated on the balance of your Account at the end of theprevious month. Fees are not pro-ratedfor part of a month.

Investment management fee: This is thefee for managing the underlying managedinvestments in your Account.

Separately Managed Accounts – FundsThe fee, payable to investment managers,is generally calculated as a percentage ofthe value of the gross assets of theirmanaged investments. Depending on theportfolio you choose, the fee payable willrange from 0.18% to 0.64% (afterInvestment manager fee rebates).The current estimated range of the totalaverage ongoing costs associated withinvesting in each portfolio is:Defensive 0.18% - 0.23% p.a.Moderate 0.33% - 0.38% p.a.Balanced 0.46% - 0.51% p.a.Growth 0.55% - 0.60% p.a.High Growth 0.59% - 0.64% p.a.

Managed ProfilesDepends on managed investment(s)chosen. Refer to the Investment Selectionfor the current investment manager fees.The fee, payable to investment managers,is generally calculated as a percentage ofthe value of the gross assets of theirmanaged investments and, will range from0% to 2.88% (before Investment managerfee rebates).Investment manager fee rebates (payableto you) are available on certain managedinvestments (see ‘Investment manager feerebates’ on page 37).

Investment Managers of underlyingmanaged investments deduct their feesdirectly from their managed investments,usually on a monthly basis. Fees taken arereflected in the unit price.

Amount (including a net GST cost recovery of 2.5%, unlessotherwise specified) How and when paid


Member Fee: This is a member Account-keeping fee

Nil Not applicable

Issuer fee (referred to as the ‘TrusteeFee’):This is the fee for ASGARD’sservices in overseeing the Account’soperations and/or for providing access tothe Account’s investment options.

0.0974% per annum of your Accountbalance.For other information particular to theTrustee Fee, please refer to ‘Total ongoingfees and differential fees’ on page 38.

Deducted from your Cash Balancemonthly in arrears at the beginning ofevery month, calculated on the balance of your Account at the end of theprevious month. Fees are not pro-ratedfor part of a month.

Expense Recovery: This is an estimate ofthe out-of-pocket expenses ASGARD isentitled to recover from the Account.TheTrust Deed allows ASGARD to fullyrecoup all authorised expenses incurredin administering your Account, includingregistry costs, audit fees, legal fees, thecost of reporting on your investments andgovernment duties.

Separately Managed Accounts – FundsASGARD currently limits the expenserecovery to 0.2563% per annum of yourAccount value up to $500,000. Noexpense recovery is charged on thebalance of your Account above $500,000.

Managed ProfilesASGARD currently limits the expenserecovery to 0.3588% per annum of yourAccount value up to $500,000. Noexpense recovery is charged on thebalance of your Account above $500,000.

For other information particular to the Expense Recovery, please refer to‘Total ongoing fees and differential fees’on page 38.

Deducted from your Cash Balancemonthly in arrears at the beginning ofevery month, calculated on the balance of your Account at the end of theprevious month. Fees are not pro-ratedfor part of a month


Important additional disclosure items

Upfront feesThe upfront fee is initially negotiated by your employer with the

appointed financial adviser, however you may be able to negotiate

a different amount for individual contributions.

ASGARD’s fee structure provides you and your adviser with

flexibility when determining the fees that will apply to deposits to

your Account.Your financial adviser can rebate part or all of their

remuneration, thus reducing the Upfront Fee you pay.

Administration Fee/Monthly AdviserRemunerationASGARD pays 25% of the Administration fee to your financial

adviser as a standard Monthly Adviser Remuneration and retains

the other 75%.

If your financial adviser agrees with you to receive more (or less)

than the standard 25%, the Administration fee can be increased

(or rebated) accordingly.You can choose to vary the

remuneration paid to your financial adviser in one of three ways:

• Replace the standard Monthly Adviser Remuneration (25%) with a

specified flat percentage per annum of your total Account balance.

• replace the standard Monthly Adviser Remuneration with a flat

dollar amount.You can also agree to increase this annually in line

with the Consumer Price Index.

• Increase the Administration fee by a specified percentage, with

the extra amount being paid to your financial adviser.

Initially, your employer will negotiate your financial adviser’s

ongoing remuneration, however, you may renegotiate this yourself.

Employer group tieringASGARD offers a group discount on the Administration Fee

depending on the total value of all Accounts within your

Employer group.The discount scale is as follows:

ASGARD pays 25% of the Administration fee to your financial

adviser as a standard Monthly Adviser Remuneration and retains

the other 75%.

If the standard Monthly Adviser Remuneration applies, the

discount applies to the full Administration Fee. For example, a

50% discount on the Managed Profiles fee of 1.5% (excluding

GST cost recovery which is calculated on the final administration

fee) gives an effective Administration Fee of 0.75% (0.76875%

including GST cost recovery). If the standard Monthly Adviser

Remuneration is varied the applicable Employer Group Discount

is applied to 75% of the Standard Administration Fee. Refer to

Administration Fee/Monthly Adviser Remuneration for

information on how the standard Monthly Adviser Remuneration

may be varied,

For example, where the total value of all Accounts within an

Employer Group exceeds $1,000,001 (but is below $5,000,000) and

Standard Adviser Remuneration applies, then, except for members

being charged the minimum Administration Fee, all employee

Accounts receive a 30% discount on their entire Administration Fee.

Cash BalanceShould your Cash Balance become negative at any time,

ASGARD will charge interest on the negative amount at the

same rate as interest paid on positive Cash Balances. See page 25

for more information.The events that may cause your Cash

Balance to go negative include investment profile changes

requested, (ASGARD buys and sells investments at the same

time) and certain other payments that are made from your Cash

Balance such as fees and taxes.

Investment manager fee rebateThese are discounts in the form of a rebate payable to you on

certain managed investments.The rebate is based on volume of

funds invested as negotiated between ASGARD and the

underlying investment manager from time to time.The rebate is

paid directly to your Cash Balance upon receipt from the

Investment Manager. It is calculated based on the number of units

you hold and the period for which you held them.The rebate

typically ranges from 0% to 40% of the disclosed Investment

Manager Fee but can be in excess of 40%.

Buy/sell differentialRepresents the percentage difference in the buy and sell price of

certain managed investments.This cost is only incurred when

$0-$500,000 0%$500,001-$1,000,000 5%$1,000,001-$5,000,000 30%$5,000,001-$10,000,000 40%$10,000,001-$20,000,000 45%More than $20,000,000 50%

Total Value of Accounts within employer group Discount %


those managed investments are bought or sold and reflects the

brokerage and other transactional costs incurred by the

investment managers.The buy/sell differential typically ranges from

0-1.5% but can be higher. Any buy/sell fees incurred are deducted

prior to the calculation of the unit price by the relevant

investment manager.

Rapid Withdrawal FacilityIf you use the Rapid Withdrawal facility to make a withdrawal from

your Account, there is a charge of 0.25% of the withdrawal amount

or $50 (whichever is greater).This fee is not subject to GST.

Insurance premiums If you have insurance cover through your Account, the premiums

payable will be deducted from your cash balance. If there are

insufficient funds in your cash balance to pay these premiums, you

will need to make a deposit to your Account or your cover will

lapse. Please note that the Trustee is not responsible for notifying

you if your insurance cover will lapse or has lapsed due to

insufficient premiums being paid by or for you. Refer to page 43

for more information about insurance premiums.

Protection of small accountsGovernment regulations limit the amount of fees that can be

deducted from your benefits if the value of your Account is less than

$1,000 and includes, or has included, Superannuation Guarantee or

award contributions from your employer.Any required refund of fees

will be made after 30 June each year. In addition,ASGARD reviews

your Account value twice monthly, at which time, if the value of your

Account is less than $2,000, establishment/contribution fees charged

since the last review will be refunded.

Share transaction feesApplicable to the purchase/sale of shares through a Managed

Profiles Account.The following fees are charged if you buy/sell

shares: Brokerage - $20.50 per security per transaction.This fee

may be varied at any time without notice.

Fee maximumsThe maximum fees (including a net GST cost recovery of 2.5%)

that can be charged under the Trust Deed are:

• Contribution fee – 6.1500%

• ASGARD Administration fee – 1.5375%

• Issuer fee – 0.1537%

• Expenses – all authorised expenses including registry costs, audit

fees, the cost of reports, government duties, various other

disbursements and net GST expense.

• Withdrawal fee - $64.36 on each exit indexed annually

• Switching fee - $64.36 on each switch indexed annually

• Transaction Fee for the purchase/sale of shares through

Managed Profiles - $57.04 indexed annually.

Insurance administration feesASGARD may, but currently does not, charge you a monthly

insurance administration fee of up to $2.56 (including GST) per

month on each type of insurance selected.The administration fee

covers the costs associated with establishing and maintaining your

insurance and is unrelated to the fees the Insurer pays ASGARD

for administration services. It is not a fee payable to the Insurer

for your insurance.

If there are any changes to these fees, ASGARD will give you

three months’ notice prior to any changes being implemented.

Total ongoing fees, and differential feesCertain fees such as administration and expense recovery fees

vary depending on the value or balance of your Account (or other

factors). For example, discounts are provided on administration

fees – the higher the value of Accounts within an employer group,

the higher the discount on administration fee.

ASGARD reserves the right to further discount or decrease fees

as appropriate.These types of arrangements are permissible

where they do not adversely affect fees paid or to be paid by

other investors in the fund who are not entitled to the benefit of

those fee arrangements. Please note, under the Trust Deed all

fees are subject to a maximum limit, as provided above.

Once your receive your Investor Online PIN, you will have real-

time access to information about the fees paid from your

Account simply by logging on Investor Online

(www.investoronline.info).You will also receive written details of

ASGARD fees and charges on your ASGARD Investor Report.


Case Study 1 – $10,000 Investment, Employer group with between $500,001 and$1,000,000 (a 5% Employer Group Discount Applies to the Administration Fee)

Total ongoing fees (per annum) for an investment of $10,000 in an SMA – Funds Account

Each line shows the annual percentage fees payable to ASGARD, the fees paid to Investment Managers and the total ongoing fees

applicable to a $10,000 investment in each portfolio:

Total ongoing fees (per annum) for an investment of $10,000 in a Managed Profiles Account


applicable to a $10,000 investment in each Asset class:

Total ongoing fee examples

The total ongoing fees you pay on your Account will vary depending on your choice of portfolio or investments and the value ofyour Account. For example, the fees for investing in Australian and international share managed investments tend to be higher thanthose charged for investing in cash or fixed interest.The following case studies provide current estimates of the average totalongoing fees you could pay for investing in each portfolio in SMA-Funds and each asset class for Managed Profiles Accounts.Theyare inclusive of any applicable employer group administration discounts.

The case studies are based on Account value of $10,000 and $100,000 for investors in an Employer Group with between $500,001and $1,000,000 or $5,000,001 and $10,000,000.These case studies do not allow for any variation to the fees and charges set out in this PDS which you may separately authorise. ASGARD cannot guarantee that the figures will not fluctuate in future.

The case studies shown below do not take into account non-standard Monthly Adviser Remuneration which is paid separately. Anynon-standard Monthly Adviser Remuneration is negotiable between you and your financial adviser and is in addition toadministration and investment manager fees.

% paid to % paid to Investment Total ongoing Total ongoing

Portfolio ASGARD pa* Managers pa** fee % pa fee $pa#

Defensive 1.522 0.1800 - 0.2300 1.7022 - 1.7522 170.22 -175.22

Moderate 1.522 0.3300 - 0.3800 1.8522 - 1.9022 185.22 - 190.22

Balanced 1.522 0.4600 - 0.5100 1.9822 - 2.0322 198.22 - 203.22

Growth 1.522 0.5500 - 0.6000 2.0722 - 2.1222 207.22 - 212.22

High Growth 1.522 0.5900 - 0.6400 2.1122 - 2.1622 211.22 - 216.22


Asset Class ASGARD pa* Managers pa** fee % pa fee $pa#

Cash 1.9168 0.3100 2.2268 222.68

Australian Fixed Interest 1.9168 0.4400 2.3568 235.68

International Fixed Interest 1.9168 0.4600 2.3768 237.68

Property 1.9168 0.6900 2.6068 260.68

Australian Shares 1.9168 0.9800 2.8968 289.68

International Shares 1.9168 1.2300 3.1468 314.68

Case Study 2 – $100,000 Investment, Employer group with between $500,001 and$1,000,000 (a 5% Employer Group Discount Applies to the Administration Fee)









Defensive 1.4054 0.1800 - 0.2300 1.5854 - 1.6354 1,585.40 - 1,635.40

Moderate 1.4054 0.3300 - 0.3800 1.7354 - 1.7854 1,735.40 – 1,785.40

Balanced 1.4054 0.4600 - 0.5100 1.8654 - 1.9154 1,865.40 - 1,915.40

Growth 1.4054 0.5500 - 0.6000 1.9554 - 2.0054 1,955.40 - 2,005.40

High Growth 1.4054 0.5900 - 0.6400 1.9954 - 2.0454 1,995.40 - 2,045.40



Cash 1.7951 0.3100 2.1051 2,105.10

Australian Fixed Interest 1.7951 0.4400 2.2351 2,235.10

International Fixed Interest 1.7951 0.4600 2.2551 2,255.10

Property 1.7951 0.6900 2.4851 2,485.10

Australian Shares 1.7951 0.9800 2.7751 2,775.10

International Shares 1.7951 1.2300 3.0251 3,025.10



Case Study 3 - $10,000 investment, Employer group with between $5,000,001 and$10,000,000 (a 40% Employer Group Discount Applies to the Administration Fee)









Defensive 1.0917 0.1800 - 0.2300 1.2717 - 1.3217 127.17 -132.17

Moderate 1.0917 0.3300 - 0.3800 1.4217 - 1.4717 142.17 - 147.17

Balanced 1.0917 0.4600 - 0.5100 1.5517 - 1.6017 155.17 – 160.17

Growth 1.0917 0.5500 - 0.6000 1.6417 - 1.6917 164.17 - 169.17

High Growth 1.0917 0.5900 - 0.6400 1.6817 - 1.7317 168.17 - 173.17



Cash 1.3787 0.3100 1.6887 168.87

Australian Fixed Interest 1.3787 0.4400 1.8187 181.87

International Fixed Interest 1.3787 0.4600 1.8387 183.87

Property 1.3787 0.6900 2.0687 206.87

Australian Shares 1.3787 0.9800 2.3587 235.87

International Shares 1.3787 1.2300 2.6087 260.87

Case Study 4 - $100,000 investment, Employer group with between $5,000,001 and$10,000,000 (a 40% Employer Group Discount Applies to the Administration Fee)







* Includes Administration Fee,Trustee Fee and Expense recovery.

** Note: Investment Manager Fees are based on average Investment Management Fees as at 23 July 2004. Past fees may not be a reflection of future fees.For current Investment Manager Fees refer to the Investment Selection.

# Note:You won’t actually see this whole amount deducted from your Account, since Investment Management Fees are deducted from the unit price of yourinvestments. However the value of your Account will effectively be reduced by this amount.



Defensive 1.0179 0.1800 - 0.2300 1.1979 - 1.2479 1,197.90 -1,247.90

Moderate 1.0179 0.3300 - 0.3800 1.3479 - 1.3979 1,347.90 - 1,397.90

Balanced 1.0179 0.4600 - 0.5100 1.4779 - 1.5279 1,477.90 - 1,527.90

Growth 1.0179 0.5500 - 0.6000 1.5679 - 1.6179 1,567.90 - 1,617.90

High Growth 1.0179 0.5900 - 0.6400 1.6079 - 1.6579 1,607.90 - 1,657.90



Cash 1.3018 0.3100 1.6118 1,611.90

Australian Fixed Interest 1.3018 0.4400 1.7418 1,741.90

International Fixed Interest 1.3018 0.4600 1.7618 1,761.90

Property 1.3018 0.6900 1.9918 1,991.90

Australian Shares 1.3018 0.9800 2.2818 2,281.90

International Shares 1.3018 1.2300 2.5318 2,531.90



Through the ASGARD Employee Superannuation Account, your

employer can arrange insurance for you at group rates.

This section applies to you if your employer has arranged insurance

for you. If so, we will be sending you a Policy Information Statement,

with a copy of the Master Policy, which will outline the type of cover

arranged for you, the amount of cover and your premiums.

If your employer has not arranged insurance cover for you, you

can apply for insurance independently. Details can be found in the

ASGARD Employee Superannuation Account Product Disclosure

Statement – Individual Enrolment, available from Investor Services

or your financial adviser.

You should ask your employer if you are unsure if insurance has

been arranged for you.

Types of insurance coverThe following types of insurance cover are available:

• Life Protection

• Life Protection and Total & Permanent Disablement (TPD) Protection

• Salary Continuance

The insurance cover provides worldwide cover, 24 hours a day,

subject to any terms and conditions noted on the Policy

Information Statement, however the Insurer may require you to

return to Australia at your expense for assessment in the case of

a TPD or Salary Continuance claim. Insurance cover is not

available if you are not a permanent Australian resident unless the

Insurer agrees in writing before you leave Australia.

The insurance cover which is provided as a benefit through your

Account is secured by a master policy which the Trustee holds

with PrefSure.You do not have any interest in this master policy.

Any payment of insurance benefits by the Trustee is limited to

payments received from PrefSure.

Life Protection

What is Life Protection?

Life Protection pays a lump sum if you die or are diagnosed with

a terminal illness.

Benefits

Death Benefit

If you die, your sum insured (at the date of death) will be paid.

Your Death Benefit is reduced by any benefits paid for Terminal

Illness or TPD.

Protecting your future with ASGARD insurance

ASGARD Group Insurance provides youwith access to insurance at group rates,and makes the process of applying forinsurance simple.

About the Insurer – PrefSure LifePrefSure Life is one of Australia’s largest risk-only life insurers and

an industry leader in the provision of life insurance arrangements

to superannuation funds and administration platforms.

Today PrefSure Life provides insurance cover to over 500,000

Australians and has annual in-force premium in excess of

$200 million. PrefSure is widely acknowledged in the market

for its excellent products and superior service.

This local presence is enhanced through the support of their

parent Capital Alliance, a financial services group listed on the

Johannesburg Securities Exchange (JSE) in South Africa, with over

60 years’ experience in the insurance industry and in excess of

$4 billion of total assets and one million policyholders worldwide.

As a leading group risk underwriter, with strong growth and

excellent shareholder returns, PrefSure currently underwrites

more than 10% of the group risk market.

This success has been achieved through strong underwriting

skills combined with the adoption of innovative technology

based solutions to streamline medical underwriting processes

for the key superannuation (pension) fund market in Australia.

The company innovates constantly to ensure they maintain a

competitive edge.This was recognised by Money Management

and research house Dexx&r who awarded PrefSure Life ‘Best

Risk Company of the Year’ in the 2003 and 2004 Adviser

Choice Risk Awards and in 2003 the Australia and New

Zealand Institute of Insurance and Finance (ANZIIF) awarded

PrefSure ‘Claims Team of the Year’.

Terminal Illness Benefit

If you are diagnosed with a terminal illness, defined as any disease

or condition that is likely to lead to your death within 12 months

from the date of notice of your condition is received, the Insurer

will pay the full Death Benefit up to a maximum of $2,000,000. If

the Insurer pays less than the full Death Benefit, your insurance

will continue at the reduced benefit with a reduced premium.The

remaining Death Benefit will be paid on your death.

Exclusions

A Death Benefit will not be paid where death is a result of:

• an intentional self-inflicted act (whether you are sane or insane)

within 12 months of the commencement or reinstatement of cover

• an exclusion which is specific to you and noted on the Policy

Information Statement.

If death was because of suicide committed within 12 months after

an increase in your cover, the increase in cover will not be paid.

A Terminal Illness Benefit will not be paid where any intentional

self-inflicted injury or attempt at suicide causes the terminal

illness, directly or indirectly.

TPD ProtectionThis insurance is only available as an additional benefit to Life

Protection at an additional cost.The TPD Benefit cannot exceed

the Death Benefit.

What is TPD Protection?

TPD Protection pays a lump sum if, or when, you become totally

and permanently disabled due to sickness or injury.The TPD

Benefit is payable once only.

Benefits

TPD Benefit

You will receive the TPD Benefit if you become totally and

permanently disabled:

• as a result of suffering the permanent loss of:

- the use of two limbs (where ‘limb’ means the whole hand below the

wrist or the whole foot below the ankle); or

- the sight in both eyes; or

- the use of one limb and the sight in one eye,

OR

you are unable to perform at least two of the Activities of Daily

Living.The Activities of Daily Living are:

• Dressing – the ability to put on and take off clothing

without assistance

• Bathing – the ability to wash or shower without assistance

• Toileting – the ability to use the toilet, including getting on and off

without assistance

• Mobility – the ability to get in and out of bed and a chair

without assistance

• Feeding – the ability to get food from a plate into the mouth

without assistance.

Where ‘assistance’ means the assistance of another person.

OR

you are engaged in any business, profession or occupation,

whether as an employee or otherwise and:

• you have been absent as a result of sickness or injury from

employment for six consecutive months; and

• at the end of the period of six months, you are disabled to such

an extent as to render you unlikely to ever again be engaged in

any gainful business, profession or occupation for which you are

reasonably suited by education, training or experience.

TPD Tapering

The TPD Benefit reduces by 20% per year at each anniversary of

the commencement date of insurance up to the anniversary prior

to your 65th birthday (according to the table below).

Exclusions

A TPD Benefit will not be paid where your disability is:

• directly or indirectly caused by any intentional self-inflicted injury

or any attempt at suicide

• directly or indirectly caused by an act of war (whether

or not declared)

• due to an exclusion which is specific to you and noted on the

Policy Information Statement.

Salary Continuance

What is Salary Continuance?

Salary Continuance insurance replaces up to 75% of your

monthly income if you become disabled through sickness or

injury and are unable to work.You must be working at least 15

hours per week to be eligible for Salary Continuance.The

maximum period of time for which a monthly benefit will be paid,

for any one sickness or any one injury, whilst you are totally or

partially disabled, is two years.


61 20%

Age next birthday at the anniversary of the TPD cover is commencement date reduced by

62 40%

63 60%

64 80%

65 TPD cover ceases


Benefits

Total Disability Benefit

If you are totally disabled, the Insurer will pay the monthly benefit

after the selected waiting period has ended. No benefit is paid

during the waiting period, which you may choose as either 30 or

90 days, from the date that you are totally disabled.Total disability

means, due to sickness or injury, you are:

(i) unable to perform at least one important duty of your regular

occupation; and

(ii) not currently working in any gainful occupation; and

(iii) under the care and following the advice of a medical practitioner.

You must be totally disabled for at least 14 out of the first 19

consecutive days during the waiting period to qualify for this

benefit.You may return to work for a total of five days or less

during the 30 day waiting period (or 10 days or less if the waiting

period is greater than 30 days) without the waiting period

beginning again. Any days you work will be added to the length of

the selected waiting period.This benefit will be paid to you

monthly in arrears.

Partial Disability Benefit

If you are partially disabled after the waiting period has ended

and qualify for the Total Disability Benefit, the Insurer will pay you

a proportion of your monthly benefit based on the reduction in

your pre-disability income. Partial disability means, due to sickness

or injury, you:

(i) are only able to work in your own occupation in a reduced

capacity, or you are working in another occupation; and

(ii) have a monthly income that is less than your pre-disability

income; and

(iii) are following the advice of a medical practitioner.

Recurrent Disability Benefit

A claim recurring from the same (or related) cause within six

months will be treated as a continuation of the previous claim.

The waiting period will be waived and benefits will start to

accrue immediately.

Waiver of premium

If you are totally or partially disabled for longer than the selected

waiting period, you do not have to pay any premiums while

receiving a Total or Partial Disability Benefit.

Superannuation Contributions BenefitFor an additional premium you may choose to add the

Superannuation Contributions Benefit.The Superannuation

Contributions Benefit enables you to maintain your

superannuation contributions during periods of disability.The

benefit can be no more than the monthly equivalent of:

• the amount of total superannuation contributions made by you or

your employer on your behalf or

• 15% of your annual income

in the 12 months preceding the date you applied for this benefit.

The benefit will be paid directly to your Account.This benefit will

only be paid in circumstances permitted by the relevant laws

relating to superannuation and taxation.

Exclusions

The Insurer will not pay a benefit that arises in connection with:

• war or an act of war (whether declared or not)

• any intentional self-inflicted injury or any attempt at suicide

• normal and uncomplicated pregnancy or childbirth

• an exclusion which is specific to you and noted on the Policy

Information Statement.

Benefit reductions

If, due to your disability, you are entitled to any other income

which exceeds 10% of your pre-disability income, the Insurer will

reduce the monthly benefit that the Insurer must pay you under

this policy by the amount received.

Such disability income may include:

• any sick leave entitlements

• any payments resulting from a workers compensation or motor

accident claim or any claim you make under any State or

Federal legislation

• benefits from any other insurance that provides income payments

due to sickness or injury.

If your monthly benefit is reduced because of a benefit reduction,

a part of the premium paid to the Insurer in the last 12 months

will be refunded in proportion to the reduction of your benefit.

Other information you need to know

28 day cooling-off period

If you are not completely satisfied with the cover, you may cancel

it by notifying ASGARD in writing within 28 days of the issue

date of the your Policy Information Statement. Any premiums

paid will be refunded to your Account, unless you have made a

claim before the end of those 28 days.

The refund of premiums deducted from your Account may be

subject to the preservation rules of superannuation law. If this is

the case, the refunded premiums cannot be paid to you in cash

and will be paid back into your Account.

Interim Accident Benefit Interim Accident Benefit covers you if you have an accident while

the insurer considers your Life Protection and/or Salary

Continuance application.This benefit applies for up to 90 days.

You will be covered for the amount of insurance you have applied

for, subject to a maximum of $500,000 under Life Protection and

a maximum of $10,000 per month under Salary Continuance.

To whom are benefits payable?Any benefit payable under the insurance is paid to ASGARD and

held on your behalf until payable under the terms of the trust

deed for the ASGARD Employee Superannuation Account.

Life & TPD Protection

Before a TPD or Terminal Illness Benefit can be paid, you must be

permanently incapacitated as defined by superannuation law, or

satisfy another condition of release.

Salary Continuance

Before a Salary Continuance Benefit can be paid, you must be

temporarily or permanently incapacitated as defined by

superannuation law, or satisfy another condition of release.

Continuation optionIf you leave your employment your insurance cover will

automatically transfer to an ASGARD Superannuation Account.

The terms and conditions may change and your premium rates

will be based on smoker rates until you complete a Non Smoker

Declaration that we will forward to you upon transfer.

You also have the following options:

• if you join an employer who is also registered with the ASGARD

Employee Superannuation Account, then you can transfer your

Account and your cover to that employer group, or

• you can transfer your Life Protection only or your Life Protection

and Total & Permanent Disablement Protection to the ASGARD

Risk Insurance Service, provided you apply within 60 days of

ceasing your employment,

but the premium rates and the terms and conditions may change.

The transfer of your insurance cover to any account is subject to

the conditions of transfer set out in the relevant Master Policy.

Termination of your coverYour insurance cover will end as soon as one of the

following happens:

• you have reached the cover expiry age

• a Death Benefit has been paid

• a Benefit has been paid for Terminal Illness or TPD and there is

no remaining Death Benefit

• you cease to be employed by the employer group

• ASGARD receives a written request from you to cancel the

insurance cover

• premiums are not paid within 30 days of written notice of

premiums due

• the Insurer terminates for misrepresentation or non-disclosure

• you are no longer a member of the ASGARD Employee

Superannuation Account

• you are absent from active employment for a period of time of

more than one year

• you die

• the Master Policy ends.

If the Master Policy ends, ASGARD will endeavour to provide a

replacement policy with another Insurer under which the cover

will be continued on similar terms and conditions to that

provided in this policy.

What rules govern your insurance?Insurance in the ASGARD Employee Superannuation Account is

governed by an Insurance Master Policy. A copy of the Life

Protection or the Salary Continuance Master Policy is available for

inspection at our Head Office or we can provide you with a copy.

A copy will be sent to you with the Policy Information Statement

once your insurance has been accepted by the Insurer.

The Insurer may vary the terms and conditions of the Master

Policy provided ASGARD agrees.

Competitive premiums

Premiums are based on the type and level of cover you or your

employer choose along with various factors such as your age,

gender and occupation.They are recalculated at each anniversary

of the commencement date of insurance based upon your age

and/or any increase in the sum insured.

The premiums for insurance will be placed in the Insurer’s Statutory

No. 1 Fund and insurance claims will be paid from that Fund.

Future premium rates are not guaranteed to stay the same as

current premium rates.The Insurer reserves the right to change

the premium rates under the Master Policy and must provide

ASGARD with 90 days’ notice.The premium rates for your

employer’s plan are generally guaranteed for three years from the

commencement date of your employer’s group insurance plan,

however these rates may change earlier if:

• the number of employees changes by more than 25% from the

date of the last rate review of your employer’s group insurance

plan, or

• there is a material change to the Benefit Design.

Any Government taxes or charges (including Stamp Duty)

relating to this policy will be passed on with immediate effect.

ASGARD will deduct your insurance premium from your Account

monthly.As ASGARD is not liable to meet the cost of your



insurance, if you do not have enough cash in your Account

ASGARD may be required to sell a portion of your investments in

your Account to pay the premium. If your Account balance is

insufficient to cover the premiums, the Insurer will allow you up to

30 days (from the premium due date) to pay your premiums before

your insurance cover will cease.You will be advised in writing of the

date when all cover will cease if the premiums are not paid.

ASGARD receives up to 11% (including GST) of insurance

premium payments from the Insurer as remuneration for the

administrative services it provides.This remuneration is included in

the premium rate.

Your Financial Adviser receives up to 27.5% (including GST) of

insurance premium payments as remuneration, except if the

Benefit Design is 'Fixed Dollar premium per unit per week cover'

in which case your Financial Adviser currently receives 22%

(including GST) of insurance premium payments as remuneration.

This remuneration is also included in the premium rate.

When does insurance cover commence?Generally, insurance cover will commence on the date your

Account was opened by your employer, as long as you qualify for

insurance cover and are eligible for Automatic Acceptance, and an

initial contribution is made within 60 days. If this does not occur

you will be required to provide a personal medical history and

your insurance cover will commence once the Insurer has

accepted your application.

How did your employer select yourinsurance cover?The amount of insurance cover required differs amongst various

employee categories, depending on the age, type of work

performed and income of employees within each group.Your

employer has decided what insurance cover is to be arranged for

different employee categories and has specified a Benefit Design for

each.You will have been allocated to a category by your employer.

Some Benefit Design alternatives are detailed below.Your

employer may have selected one of these or designed their own.

Life and TPD Protection

• Fixed-dollar amount (eg $500,000)

• Fixed-dollar premium per unit per week cover – refer to page 48

• Multiple of salary (eg 5 x salary)

• Fixed-percentage of salary per annum for each year of service

remaining to age 65, calculated annually (eg 10% of salary x

years to age 65).

Salary Continuance

Salary Continuance requires your employer to nominate a

percentage of your income that will be replaced (maximum is the

lesser of 75% and $20,000 per month) and a waiting period of

either 30 or 90 days before a benefit becomes payable to you.

The benefit period is two years. In addition to protecting your

income your employer may have arranged to protect your

superannuation contributions up to a maximum of 15%.

What is Automatic Acceptance?Automatic Acceptance provides you with cover without the need

for you to provide a personal statement or any underwriting

evidence, which is normally required by the insurer to assess the

risk of insuring individuals. Because your employer has nominated

a Benefit Design for you and by meeting certain criteria, you can

be automatically covered.

As the number of employees increase, the cover limits for

Automatic Acceptance also increase, as shown below. For example,

if your employer has 60 employees, your employer can provide

insurance cover for each employee for Life and TPD Protection up

to $500,000 without the need for personal statements.

If you would like a higher level of cover than that allowed under

Automatic Acceptance, you need to be personally underwritten for

the amount above the Automatic Acceptance Level.You will need

to complete an Insurance Application and Personal Statement, both

of which can be found in the Employee Super Product Disclosure

Statement - Individual Enrolment. (This is available from Investor

Services or your financial adviser).

Life Protection Employees aged 16 to 65 70 (69 for Terminal Illness) $5,000,000

TPD Protection Employees aged 16 to 64 65 Lesser of Death Benefit who work 15 hours per week in a and $2,000,000permanent position

Salary Continuance Employees aged 16 to 64 who 65 75% of the previous 12 months’work 15 hours per week in a income up to a maximum monthlypermanent position benefit of $20,000, plus 15% of

income for super contributions.

Type of cover Eligibility* Expiry age *^ Maximum cover levels

Who qualifies for insurance cover?

* Age is age next birthday^ Cover ends on the anniversary of the commencement date of insurance prior to the expiry age indicated

Automatic Acceptance is subject to:

• your employer having at least five employees who qualify for

insurance (if your employer has less than five employees you will

be required to provide personal medical history), and

• at least 75% of the employees in your employer group have

insurance through their Accounts, or at least 90% of employees

that have an Account have insurance, and

• you being actively at work and undertaking all the regular duties

of your occupation on the day you are eligible to join the

insurance plan.

Should you wish to reinstate your insurance after it has been

cancelled, Automatic Acceptance will not apply and you will be

required to provide personal medical history.

What are the Automatic Acceptance limits?

The following table should be used as a guide only:

How do you estimate your premium?See Fixed-dollar premium per unit, per week if your insurance

has been arranged using the Fixed-dollar premium per unit, per

week benefit design. (Your employer will be able to advise if

this is the case.)

The rate tables on pages 50 to 51 give an indication of the

premium rates that may be payable in respect of each applicable

type of cover.You should note however that these rates are

indicative only.The precise rate payable in your particular case

may vary depending on:

• your age next birthday

• any underwriting requirements (which may take into account the

state of your present health, your occupation and any other

relevant factors)

• the remuneration payable to the financial adviser

• any additional benefits, premium payment factors or discounts

that may apply to your cover.

For more details about premiums, or quotation of the premium

payable for your chosen cover, please contact Investor Services or

your financial adviser.

Payment factorsAll figures quoted are annual premiums.To calculate your monthly

premium, multiply the annual premium by 1.06 then divide by 12.

Life Protection only or Life and TPD Protection

To estimate the annual premium for your Life and TPD Protection,

find the premium rate applicable for your age next birthday

(ANB) on the table on page 50.Then do the following calculation:

Annual Premium = sum insured/1000 x annual premium rate.

Example

A female, white-collar employee is 35 next birthday.The annual

premium for $200,000 Life and TPD Protection would be:

$200,000/1000 x 0.62 = $124.00

Salary Continuance

To estimate the annual premium for your Salary Continuance, find

the premium rate applicable for your age next birthday on the

table on page 51.Then do the following calculation:

Annual premium (for 75% of income) = (75% x income/12/100 x

annual premium rate) + stamp duty.

Example

A male, white-collar employee with an annual income of $45,000

is 35 next birthday and resides in NSW.The annual premium for

insuring 75% of income with a 90 day waiting period would be:

75% x $45,000/12/100 x 1.03 = $28.97 plus stamp duty.

Fixed-dollar premium per unit, per week The ‘fixed-dollar premium per unit, per week’ benefit design

provides insurance cover for you in an easy-to-understand and

affordable package. If your insurance has been arranged in this

way then the following will apply. (Your employer will be able to

advise if this applies to you.)

The level of cover per unit depends on your age as shown below:


5 – 19 $250,000 $48,000

Salary

Number of Life & Continuance

employees TPD Protection Protection

20 – 29 $350,000 $60,000

30 – 49 $450,000 $72,000

50 – 99 $500,000 $72,000

100 – 199 $600,000 $84,000

200 – 499 $700,000 $96,000

500+ Negotiable Negotiable

15 to 40 $71,000

Age Next Birthday Sum Insured Per Unit $

Level of Cover Per Unit

41 to 45 $59,000

46 to 50 $40,000

51 to 55 $27,000

56 to 60 $18,000

61 to 65 $11,500


The premium price per unit per week depends on the

occupation category detailed below:

Your employer may have chosen multiples of units in order to

tailor the level of cover for their employees. For example, for a 47

year old heavy manual (skilled) tradesperson, three units

($120,000) of Life Protection Cover would cost $2.40 per week.

Automatic Acceptance will apply provided your employer:

• has a minimum of five (5) employees

• provides insurance cover for all employees

In addition, please note, there is a maximum number of units of

cover that can be provided for automatic acceptance, they are:

Should you wish to reinstate your insurance after it has been

cancelled, Automatic Acceptance will not apply and you will be

required to provide personal medical history.

The Automatic Acceptance Level (AAL) for your employer group

will be lesser of:

• the number of units your employer has selected as the level of

cover and

• the maximum number of units stated in the above table.

Should the selected number of units be greater than the AAL, or

should you increase your number of units above the AAL you will

need to be personally underwritten for the number of units

above the AAL.

5 to 19 4 units

Number of Members in Units of

Employer Group Cover Offered

20 to 29 6 units

30 or more 8 units

White collar $0.80 $1.00

Occupation Life Life & TPD*

Category Protection Protection

Light manualTechnical and certain tradespeople $0.80 $1.25

Heavy manual (skilled)Tradespeople and those involved in heavier manual duties $0.80 $1.60

Heavy manual (unskilled)

Heavy manual occupations $0.80 $2.00

Hazardous $1.00 N/A

Premiums shown allow for remuneration of 30% plus GST (20% financial adviser, 10% ASGARD)*Some occupational categories may be excluded from TPD cover


ASGARD Group Life RatesAnnual Premium Rates per $1,000 sum insured. Rates include 10% ASGARD commission and 25% adviser commission, plus GST relating

to these commissions. For D & TPD Rates Age Next Birthday 66-70 are Death Only. Rates for plans with less than 50 members at time

of quotation/review are to be loaded 15%.

16 0.71 0.29 0.75 0.33

17 0.71 0.29 0.75 0.33

18 0.85 0.33 0.92 0.38

19 0.97 0.36 1.08 0.43

20 0.99 0.36 1.12 0.43

21 0.92 0.34 1.08 0.43

22 0.88 0.33 1.03 0.41

23 0.83 0.29 1.00 0.39

24 0.77 0.28 0.95 0.38

25 0.72 0.27 0.92 0.36

26 0.67 0.24 0.89 0.36

27 0.62 0.23 0.84 0.33

28 0.60 0.22 0.83 0.34

29 0.57 0.23 0.83 0.36

30 0.57 0.23 0.83 0.38

31 0.56 0.24 0.84 0.41

32 0.56 0.27 0.84 0.44

33 0.56 0.28 0.85 0.50

34 0.56 0.29 0.90 0.56

35 0.57 0.32 0.94 0.62

36 0.60 0.34 0.99 0.71

37 0.61 0.38 1.05 0.79

38 0.62 0.41 1.12 0.90

39 0.67 0.46 1.22 1.03

40 0.72 0.51 1.33 1.18

41 0.77 0.56 1.46 1.35

42 0.83 0.60 1.61 1.51

43 0.89 0.64 1.78 1.69

44 0.95 0.66 1.97 1.82

45 1.03 0.69 2.20 1.97

46 1.13 0.71 2.47 2.12

47 1.22 0.74 2.74 2.30

48 1.33 0.77 3.05 2.54

49 1.42 0.83 3.39 2.85

50 1.54 0.89 3.80 3.20

51 1.68 0.95 4.23 3.62

52 1.81 1.07 4.70 4.11

53 1.96 1.17 5.24 4.61

54 2.10 1.28 5.80 5.12

55 2.26 1.37 6.43 5.68

56 2.43 1.51 7.14 6.29

57 2.63 1.64 7.69 6.71

58 2.85 1.78 8.45 7.26

59 3.09 1.91 9.37 7.82

60 3.37 2.06 10.38 8.43

61 3.66 2.20 11.51 9.06

62 3.98 2.40 12.75 9.80

63 4.31 2.62 14.07 10.73

64 4.63 2.91 15.48 11.88

65 4.99 3.22 17.02 13.23

66 6.11 4.10 6.11 4.10

67 6.54 4.56 6.54 4.56

68 6.99 5.15 6.99 5.15

69 7.47 5.81 7.47 5.81

70 7.96 6.63 7.96 6.63

Age next Death Death and TPDbirthday Male Female Male Female

Age next Death Death and TPDbirthday Male Female Male Female

Death only Death & TPD Salary Continuance

Professional 0.9 0.9 0.8

White collar 1 1 1

Light manual – technical and certain tradespeople 1 1.25 1.5

Heavy manual skilled – tradespeople and those involved in heavier manual duties 1.25 1.6 1.75

Heavy manual unskilled 1.5 2 2.5

Occupational Adjustment


ASGARD Group Salary Continuance RatesAnnual Premium Rates per $100 monthly benefit. Rates include 10% ASGARD commission and 25% adviser commission, plus GST

relating to these commissions. Rates are net of Stamp Duty. Rates for plans with less than 50 members at time of quotation/review

are to be loaded 15%

16 3.51 5.14 1.09 1.25

17 3.61 5.30 1.11 1.29

18 3.72 5.46 1.15 1.33

19 3.78 5.54 1.17 1.35

20 3.84 5.60 1.17 1.37

21 3.92 5.67 1.19 1.39

22 3.82 5.75 1.11 1.41

23 3.76 5.83 1.05 1.43

24 3.70 5.91 0.99 1.43

25 3.65 5.99 0.95 1.45

26 3.61 6.07 0.89 1.47

27 3.65 6.25 0.87 1.57

28 3.70 6.46 0.87 1.66

29 3.78 6.76 0.87 1.72

30 3.90 7.09 0.87 1.78

31 4.06 7.47 0.89 1.84

32 4.22 7.92 0.91 1.90

33 4.43 8.41 0.95 1.98

34 4.67 8.95 0.99 2.06

35 4.93 9.54 1.03 2.18

36 5.20 10.17 1.11 2.30

37 5.52 10.84 1.17 2.46

38 5.87 11.57 1.27 2.64

39 6.23 12.34 1.37 2.87

40 6.64 13.14 1.49 3.13

41 7.07 13.99 1.64 3.43

42 7.55 14.90 1.80 3.78

43 8.06 15.84 1.98 4.18

44 8.61 16.83 2.18 4.64

45 9.22 17.89 2.44 5.15

46 9.87 19.00 2.71 5.71

47 10.58 20.16 3.03 6.34

48 11.35 21.40 3.41 7.03

49 12.18 22.72 3.84 7.77

50 13.10 24.12 4.30 8.60

51 14.13 25.60 4.87 9.49

52 15.23 27.19 5.47 10.44

53 16.45 28.93 6.18 11.47

54 17.81 30.78 6.97 12.56

55 19.33 32.81 7.87 13.71

56 21.01 35.01 8.88 14.94

57 22.90 37.44 10.01 16.23

58 24.99 40.12 11.29 17.59

59 27.37 43.07 12.70 18.98

60 30.03 46.38 14.29 20.45

61 33.06 50.09 16.07 21.97

62 36.51 54.27 18.03 23.52

63 40.45 59.00 20.23 25.14

64 38.21 55.27 17.59 21.12

65 20.99 30.84 6.36 7.59

Age 30 day waiting period 90 day waiting periodnext 2 year benefit period 2 year benefit periodbirthday Male Female Male Female

Age 30 day waiting period 90 day waiting periodnext 2 year benefit period 2 year benefit periodbirthday Male Female Male Female

Stamp duty – Salary Continuance only

10.0% 5.0% 10.0% 7.5% 11.0% 8.0% 10.0% 8.0%

ACT NSW NT QLD SA TAS VIC WA


Managing riskAll investments contain an element of risk and you should be aware

that the value of investments may rise and fall, as may the amount of

income generated from those investments, depending on the market

and its effect on the value of the underlying assets. Sometimes

investments may not generate any income, and losses can occur.

Investment returns may be influenced by a variety of factors both

on a local and global scale.These include economic conditions,

interest rate movements, exchange rates, government policy,

technological and environmental factors as well as market

sentiment and business decisions. By diversifying your investments

and investing for an appropriate time frame you may reduce risk.

ASGARD takes business risks seriously and has procedures in

place to ensure its systems and processes work effectively.

Treatment of labour standards and environmental, social and ethical considerationsASGARD does not take into account labour standards or

environmental, social or ethical considerations in the selection,

retention or realisation of investments. However, the various listed

entities in which you may invest and investment managers of the

available managed investments and cash products may have their

own policy on the extent to which labour standards or

environmental, social or ethical considerations are taken into

account when making investment decisions.

For managed investments and cash products, any such policies

should be included in the product disclosure statements for

these investments.

Cooling offIf the first contribution made to your Account (whether by you

or your employer) is the first contribution to any Account of an

employee in the employer group, your employer has 19 days

from the date of that contribution to ask that the contribution be

refunded, which is known as cooling off.You do not have any right

to cool off.

Your employer may exercise their cooling off rights by notifying

ASGARD in writing within the 19 day period.

If the contribution was made by your employer, it will be returned

to them. If the contribution was made by you, it will be returned to

you, unless it is subject to preservation, in which case it cannot be

returned to you and will be paid to another superannuation fund,

retirement savings account or approved deposit fund as directed

by you. If no direction is given your benefit may be transferred

to the ASGARD Superannuation Account (see page 30) or the

Retirement Savings Account (see below).

The amount returned will reflect any market movements, up or

down, in the value of the investments in your Account. ASGARD

may also deduct taxes, reasonable transaction and administration

costs. As a result, the amount returned to you may be less than

the amount contributed.

Product minimums We reserve the right to remove a member with an average

balance in their ASGARD Employee Super Account of less than

$10,000 after a designated period of time.

ASGARD will provide a minimum of 30 days notice, and

appropriate information, to allow you to direct ASGARD in the

rollover of the monies to a fund of your choosing.

Complaints resolutionASGARD has established procedures for dealing with

enquiries and complaints that meet the Australian Standard

for Complaints Handling.

If you have any enquiries or concerns about the operation or

management of your Account, you can:

• call ASGARD Investor Services on 1800 998 185

• email [email protected]

• write to ASGARD Investor Services,

PO Box 7490 Cloisters Square, Perth WA 6850.

If you have complained to ASGARD about a decision which

affects you and your complaint has not been resolved to your

satisfaction, you may have a right to lodge a complaint about the

decision with the Superannuation Complaints Tribunal.The Tribunal

is an independent body set up by the Federal Government to

review trustee decisions relating to members (as opposed to

trustee decisions relating to the management of the fund as a

whole).You can contact the Superannuation Complaints Tribunal

by telephoning 1300 884 114 (for the cost of a local call).

Eligible Rollover FundThe Retirement Savings Account is ASGARD’s nominated Eligible

Rollover Fund. ASGARD may transfer your benefits to this fund if

the value of your Account is less than $2,000.

The trustee of the Retirement Savings Account is Advance Asset

Management Limited ABN 98 002 538 329 (‘Advance’).

Both ASGARD and Advance are wholly owned subsidiaries of

St.George Bank Limited.

Other information


If your benefits are transferred into the Retirement Savings

Account, the trustee of the fund must ensure that all benefits are

subject to the ‘Member Protection Rules’ of the superannuation

law, irrespective of the size of the benefit.You will no longer be a

member of the ASGARD Superannuation Account and no

further contributions may be made to your ASGARD Account.

You will also no longer receive regular reports from ASGARD

and any insurance cover you may have held through your

Account will cease.

For further information contact:

The Retirement Savings Account

GPO Box B87

Perth WA 6838

Telephone: 1800 819 935

About the Trust DeedThe operation of your Account is governed by the ASGARD

Independence Plan – Superannuation Trust Deed dated

12 May 1988, as amended.

The Trust Deed sets out rules on the administration and

operation of the Account.These rules include:

• the Trustee’s powers and duties

• the benefits you are entitled to as a consequence of becoming a

member of the Account

• how the Trustee may be removed or replaced

• how your money may be invested

• the maximum fees that ASGARD may charge

• how the Trust Deed can be amended - under superannuation

law, no amendment can be made which will result in a decrease

in your accrued benefits.

If you would like a copy of the Trust Deed, please call ASGARD

Investor Services, who will provide you with a copy, free of charge.

Privacy Statement‘Us’ or ‘our’ are references to ASGARD and the Insurer.

What this statement is about

Your right to privacy is important to us.This statement explains

your privacy rights and our rights and obligations in relation to

your personal information.You can view ASGARD’s Privacy

Brochure at any time on Investor Online.

Your rights

You need not give us any of the personal information requested

in the Application or any other document or communication

relating to your Account. However, without this information, we

may not be able to process your Application or provide you with

an appropriate level of service.

You may request access at any time to personal information held

by us about you and ask us to correct it if you believe it is

incorrect or out of date.We do not charge a fee for an access

request, but we may charge you our reasonable costs of

processing your request.

How we may use your personal information

Your personal information may be used to:

• maintain a register of names and addresses

• process your Application, including any application for insurance

• administer and manage your investment in the Account, including

to process and investigate claims made against your insurance

• facilitate our internal business operations, including fulfilling

legal requirements

• carry out confidential maintenance and testing of computer systems.

We may also use your personal information or give access to

personal information about you to any member of the St.George

Bank Group to:

• analyse products and customer needs and develop new products

• unless you tell us not to, market products and services provided

by any member of the St.George Bank Group or other suppliers

which we think may be of interest to you.

Our right to disclose your personal information

Your personal information may be disclosed if it is necessary to

do so in the following circumstances:

• On a confidential basis to our agents, contractors or third party

service providers to enable them to provide financial,

administrative or other services. For example, your personal

information may be provided to your financial adviser or broker,

their office and licensed dealer, investment managers of the

products you select, financial institutions nominated by you,

providers of gearing facilities, mail houses contracted to mail

reports and information to you in relation to your investments

and archive companies

• Where the law requires or permits us to do so

• If you consent.

In addition, the Insurer may need to disclose your personal

information to:

• medical practitioners or health professionals for the purpose of

assessing your insurance application or claim

• reinsurers and claims investigators

• your insurance representative.

Your health or medical information will be disclosed where

necessary only to service providers or authorised personnel who

are directly involved in the assessment or administration of your

insurance application or an insurance claim.

Your authority to us

By signing the Application, including any insurance application, you

authorise us to collect, maintain, use and disclose the personal

information provided in the Application and other forms relating

to your Account and in all future communications between you

and us in the manner set out in this Privacy Statement.


As part of your enrolment you:

Acknowledge that:

• ASGARD will effect investment transactions, within its capacity to

do so, as part of the investment process.

• ASGARD reserves the right to reject contributions at its discretion.

• All withdrawals are subject to any investment managers’

withdrawal restrictions.

• ASGARD does not guarantee the performance of the investments

which have been selected.

• If your employer subscribes to Employer Online (for example, to

pay contributions) they may lodge certain instructions on your

behalf electronically.You agree to your employer lodging

instructions in this manner and acknowledge ASGARD bears no

liability, nor are we in anyway responsible for the conduct of your

employer.This facility is only provided to your employer on the

condition that the information they provide (and payments

made) are to give effect to them meeting their superannuation

obligations on your behalf. ASGARD is not liable for any loss

arising from the use of this facility.

• If your financial adviser subscribes to adviserNET then your

financial adviser may lodge instructions on your behalf

electronically.You agree to your financial adviser lodging

instructions in this manner and acknowledge that ASGARD bears

no liability, nor is it in any way responsible, for the conduct of your

financial adviser.This facility is only provided to your financial

adviser on the condition they confirm to ASGARD that they have

your specific written authority to make the transaction. ASGARD

is not liable for any loss arising from the use of this facility, and

disclaimers apply to transactions conducted in this manner.These

are available from your financial adviser and you will be given a

copy of these disclaimers before using this facility.

• ASGARD is not aware of your investment objectives, financial

position and particular needs. Accordingly, the provision of

products available through the Account should not be taken as

the giving of investment advice by ASGARD.

• You have read and understood IMPORTANT INFORMATION YOU

SHOULD READ on page 1 of this Product Disclosure Statement.

• You have read and understood the Privacy Statement on page 53

of this Product Disclosure Statement and you consent to the

collection, maintenance, use and disclosure of personal information

in accordance with the Privacy statement.When you provide

information about another individual, you declare that the individual

has been made aware of that fact and the contents of the Privacy

Statement.You also declare you have the authority of each principal,

company officer or partner that you purport to represent.

• You are aware of the following details:

– ASGARD can collect your Tax File Number under the

Superannuation Industry (Supervision) Act 1993.

– If you or your employer do provide your Tax File Number to

ASGARD, it will only be used for legal purposes.This includes

finding or identifying your superannuation benefits where

other information is insufficient, calculating tax on any eligible

termination payment you may be entitled to, and providing

information to the Commissioner of Taxation (amongst other

things to enable the Commissioner of Taxation to assess any

surcharge payable on superannuation contributions made by

or for you).These purposes may change in the future.

– It is not an offence if you choose not to quote your Tax File

Number. However if you or your employer do not provide

ASGARD with your Tax File Number, either now or later, you

may pay more tax on your benefits than you have to AND a

surcharge (which may not have been payable if you had

provided your Tax File Number) may be payable on

contributions made by or for you. In some circumstances the

Acknowledgments, Confirmations and Agreements


surcharge may be reclaimed through the Australian Taxation

Office. It may also be more difficult to locate or amalgamate

your superannuation benefits in the future to pay you any

benefits you are entitled to.These consequences may change

in the future.

– If you or your employer supply ASGARD with your Tax File

Number, we may provide it to the trustee of another

superannuation fund or to a retirement savings account

provider, where that retirement savings account provider or

trustee is to receive your transferred benefits in the future.

We will not pass your Tax File Number to such a trustee or

retirement savings account provider if you tell us in writing

that you don’t want us to do that.We may also give your tax

file number to the Commissioner of Taxation. Otherwise your

Tax File Number will be treated as confidential.

Confirm that:

• If you are making a contribution to your Account, you:

– are under age 65

– have reached age 65 but are not age 75 and are gainfully

employed for at least 40 hours in any consecutive thirty day

period during the year in which the contribution is made.

• You agree to be bound by the provisions of the Trust Deed dated

12 May 1988, as amended from time to time (a copy is available

free from ASGARD) governing the operation of the ASGARD

Employee Superannuation Account.

• You authorise ASGARD to give information relating to your

Account and investments in your Account (including product

disclosure statements for those investments) to your financial

adviser and acknowledge that your financial adviser is your agent

for the purpose of receipt of this information.

• You are eligible under superannuation law to make contributions

to your Account.

Agree to:

• Provide ASGARD with any information it may request which

relates to your membership of the Account and you further

undertake that, should any information you provide change, you

will notify ASGARD of this change as soon as reasonably possible.

• Inform ASGARD and, if necessary, cease contributing if you cease

to be employed for a continuous period of two years other than

for ill-health.

• If accessing Investor Oncall and Investor Online, be bound by the

ASGARD Investor Oncall and Investor Online terms and

conditions.You will accept those respective terms and conditions

when you use either service for the first time.

Flexibility

Simplicity

Choice


Your Welcome Letter from ASGARD sets out details of your

Account, including:

• your personal details we have recorded

• the investment option that applies to your Account

• the contact details of the financial adviser appointed

by your employer.

If your employer has arranged insurance you will also receive a

separate letter detailing your insurance arrangements.

You can choose to take no further action at this stage if none of

the following apply to you.

Account AmendmentYou will need to use the attached Account Amendment to:

• notify us of any change to your name, address etc

• nominate beneficiaries

• vary your insurance cover from the default amount that

applies to you.

Transfer AuthorityYou can use this form to advise ASGARD of any other super

funds you may have that you would like to consolidate into your

Account.This gives you the opportunity to:

• ensure you have an appropriate investment strategy for

your superannuation

• reduce the amount of paperwork you receive each year

• potentially decrease the amount of fees you pay.

If you have more than one super fund you would like to

consolidate you can photocopy this form.

Binding Death Benefit Nomination You will need to complete this form to make a death benefit

nomination that is binding on ASGARD.

Investment SelectionComplete this form if you wish to select an alternative

SMA – Funds portfolio or to change to Managed Profiles,

rather than remaining in the default SMA – Funds portfolio or

employer-nominated default applied to your Account. If you do

not return the form with an alternative portfolio or Managed

Profiles selected your Account will remain invested in the

default portfolio.

How to proceed

Flexibility

Simplicity

Choice

Sydney

Level 12

400 George Street

Sydney NSW 2000

Melbourne

Level 41, ANZ Tower

55 Collins Street

Melbourne VIC 3000

Brisbane

Level 21,Central Plaza One

345 Queen Street

Brisbane QLD 4000

Perth

Level 38, Central Park

152 St George’s Terrace

Perth WA 6000

Adelaide

Level 25, Santos House

91 King William Street

Adelaide SA 5000

Investor Services 1800 998 185

Email

[email protected]

ASGARD Capital Management Ltd

ABN 92 009 279 592


89q

S

Steve Waugh run out.Like any smart player, Steve Waugh has been planning his retirement for years,which is why he invests through ASGARD.

To retire on your own terms, talk to your financial adviser about ASGARD.

Investment. Superannuation. Retirement.

ASGARD Capital Management Ltd ABN 92 009 279 592 is a licensed dealer in securities.There is a product disclosure statement for each ASGARD Account. Anyone wishing to invest in or continue to hold any ASGARD Accounts needs to complete the application form in the product disclosure statement, copies of which can be obtained from ASGARD or your financial adviser.

APY

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Members

Forms Booklet

Q

Employ# Super

Employee Super – Account Amendment 1 of 3

Please complete this form in BLOCK LETTERS and

e Post it to ASGARD, PO Box 7461, Cloisters Square, Perth WA 6850

• Make cheques payable to ASGARD – AESA

• We cannot accept faxes or photocopies of this form

• Your financial adviser may submit this form electronically on adviserNET

iThis symbol indicates you need to give us more information

Note: Privacy laws protect your privacy. Please read our Privacy Brochure for more information. A copy can be obtained from

ASGARD Investor Services.

Questions? Call ASGARD Investor Services on 1800 998 185 or email [email protected]

ASGARDEmployee Super

Account Amendment

1. Account details

2. Change of address

3. Change of name

Account number – D2 –

Account name

Title Surname

Given names

Change my name to:

Title Surname

Given names

i Include a certified copy of your marriage certificate or Deed Poll as evidence of your change of name.

Change my postal address to:

Address

State Postcode

Phone: Home Business

Mobile Facsimile

Email

2 of 3 Employee Super – Account Amendment

5. Nominated beneficiaries

%

Discretionary Nomination

Estate Allocation

AND/OR

Dependant

Relationship Allocation %

Dependant


OR Ensure allocations add up to : 100%


i Complete the ASGARD Binding Death Benefit Nomination in this booklet. For information on the effect of making a nomination, refer to the current Employee Super Product Disclosure Statement – Members.

Reduce my insurance cover to:

Life Protection $ , , .

Total & Permanent Disablement Protection $ , , .

Salary Continuance $, , . per month

To apply for, or increase, insurance cover complete a new Application and Personal Statement in the Employee Super Product

Disclosure Statement – Individual Enrolment. Copies are available from your financial adviser or ASGARD Investor Services

on 1800 998 185.

xxxxxx

6. Insurance

Only required if insurance is salary-based.

My current gross salary, excluding commissions, bonuses and overtime is $ , . per annum.xx

7. Change of salary

I have left my employer, but would like to keep my funds with ASGARD within the ASGARD Superannuation Account.

I have read and understood the current:

Separately Managed Accounts – Funds – Super/Pension Product Disclosure Statement and/or

Managed Profiles – Super/Pension Product Disclosure Statement

and have read and understood the Declarations, Conditions and Acknowledgments.

Copies of the applicable Product Disclosure Statement for the ASGARD Superannuation Account are available from yourfinancial adviser or ASGARD Investor Services.

I acknowledge that I will no longer be entitled to an administration fee discount. If I have insurance, I agree to pay ASGARD’smonthly insurance administration fee of $4.10.

8. Change of employer

4. Reports and information

Send Investor Reports to (tick one): Investor OR Financial adviser

I would like to receive information about other products or services (which may be supplied by ASGARD, other members of the

SEALCORP Group or other suppliers) which ASGARD considers may be of value and interest to me*:

Yes OR No

*If you do not tick either box, then we will use your information as set out in the Privacy Statement on page 10 in the Key Features Statement.

Employee Super – Account Amendment 3 of 3

I authorise ASGARD to give information relating to my Account and Investments in my Account (including product disclosurestatements for those investments) to my financial adviser and acknowledge that my financial adviser is my agent for the purpose ofreceipt of this information. I also acknowledge that my new financial adviser will not receive the ongoing Monthly Adviser Fee paid tomy previous financial adviser.

Change my financial adviser’s details to:

Adviser’s company

Adviser’s name

Adviser’s phone

ASGARD Client Relationship Centre

ASGARD Adviser’s Code BA

10. Change of adviser

Please make the changes as marked in sections 1 to 10 to my Account.

Signature Date | |x

11. Signature

ASGARD Capital Management Ltd ABN 92 009 279 592 Australian Financial Services Licence Number 240695Investor Services 1800 998 185PO Box 7490, Cloisters Square, Perth WA 6850

89

I resigned/retired from my employer on | |

My employer made contributions to my Account on my behalf.

i Attach a copy of your letter of resignation provided to your employer.

9. Declaration to have Restricted Non-Preserved Funds made accessible

Dealer Stamp

OR

I have changed my employer, but would like to keep my funds with ASGARD within the ASGARD EmployeeSuperannuation Account. My new employer details are:

Employer name

ASGARD Employer Account No. 09

Address

State Postcode

Phone: Business Facsimile

Date joined new employer | |

8. Change of employer (continued)

4 of 3 Employee Super – Account Amendment

This page has been intentionally left blank

Employee Super – Transfer Authority 1 of 2

1. Details of fund to be transferred

2. Your details

Please transfer the amount shown above to ASGARD Capital Management Ltd as Trustee for the ASGARD Employee SuperannuationAccount.The ASGARD Employee Superannuation Account forms part of a complying superannuation fund.ASGARD is acting on mybehalf for this transfer, and I authorise you to provide all relevant information to them.Please make cheques payable to ASGARD – AESA.

3. Instructions to the Trustee of the Transferor or Fund

Complete this form in block letters and:e Post it to ASGARD, PO Box 7461, Cloisters Square, Perth WA 6850• Do not use this form if you wish to close your existing ASGARD Account• Use a separate form for each fund being transferred• We will accept photocopies with an original signatureNote: Privacy laws protect your privacy. Please read our Privacy Brochure for more information. A copy can be obtained fromASGARD Investor Services.Questions? Call ASGARD Investor Services on 1800 998 185 or email [email protected]

I understand that:• Once benefits have been transferred, the Trustee of my previous fund is discharged from any further liability in respect of any amount• In certain cases ASGARD may be required by law to deduct tax from the untaxed portion, if any, of the Eligible Termination Payment• I approve the deduction of transfer fees, if any, from the benefits transferred (subject to legislative restrictions)• Transfers between funds are done at least every three months.

Signature Date | |x

4. Signature

OFFICE USE ONLY Account Number Adviser Code -BA-01

Fund name

Policy/Account number

Name of Administration Company/Trustee

Administration Company’s/Trustee’s address

State Postcode

Please transfer Total Account value $ , , . (approximate value)

OR Partial Account value of $ , , .Amounts paid into the policy after 30 June 1983 that I have claimed as a tax deduction.

Nil OR All OR $ , , .If you are leaving an Employer, complete the details below:

Name of Previous Employer

Date Left Previous Employer | |

Title Surname

Given names

Date of birth | |

Postal address

State Postcode

ASGARDEmployee SuperTransfer Authority


89

A S G A R D ASGARD Capital Management Ltd

ABN 92 009 279 592


A SEALCORP Company

Sydney

Level 12

400 George Street

Sydney NSW 2000

Telephone 02 9947 1288

Facsimile 02 9511 2366

Melbourne

Level 41, ANZ Tower

55 Collins Street

Melbourne VIC 3000



Perth

Level 38, Central Park

152 St George’s Terrace

Perth WA 6000



Brisbane

Level 21, Central Plaza One

345 Queen Street

Brisbane QLD 4000



Adelaide

Level 25, Santos House

91 King William Street

Adelaide SA 5000



1800 998 185

89TO WHOM IT MAY CONCERN

CERTIFICATE OF COMPLIANCE

We certify that:

1. The ASGARD Employee Superannuation Account (the Account) is part of a complying superannuation fund under Section 45 of the Superannuation Industry (Supervision) Act 1993 (‘SIS’) – Superannuation FundNumber 262 047 944.

2. The ASGARD Employee Superannuation Account SPIN is ASG0007AU.

3. The Trustee of the Account is ASGARD Capital Management Ltd.

4. The Account has not been directed by the Australian Prudential Regulation Authority to cease acceptingcontributions under Section 63 of SIS.

For and on behalf of the TrusteeASGARD Capital Management Ltd

Employee Super – Binding Death Benefit Nomination 1 of 2

ASGARDEmployee Super


1. If you do not want to make a death benefit nomination that is binding on ASGARD and would prefer ASGARD to have a discretion inrelation to the payment of your superannuation benefit after death, you must use the Nominated Beneficiary section of theApplication or an Account Amendment.

2. If you are a member of the ASGARD Allocated Pension Account and would like to nominate your spouse to receive a reversionarypension after you die, you must use the Nominated Beneficiary section of the Application or an Account Amendment.You cannot usethis form to make a reversionary pension nomination.

3. Unless you revoke it, this Binding Death Benefit Nomination will remain valid for a period of three years from the date you first signedit, or last confirmed or amended it. If a Binding Death Benefit Nomination ceases to be valid, it will not be binding on ASGARD andASGARD will have a discretion to determine to whom your death benefit is paid, although the Nomination will be taken into account.

4. You can only nominate an ‘eligible dependant’ or your estate. If you nominate your estate, your death benefit will form part of yourestate and will be distributable in accordance with your last valid Will or, if you do not have a valid Will, as the law provides. An eligibledependant is defined by superannuation law as:

• your spouse (including a person who, although not legally married to you, lives with you on a genuine domestic basis as yourhusband or wife (as the case may be))

• your child (including children such as adopted children and step-children, ex-nuptial children and adult children whether or notfinancially dependent on you, but not including grandchildren or nieces or nephews)

• any person with whom you have an interdependency relationship

• any other person financially dependent on you at the time of your death.

When nominating an eligible dependant, please use one of the following relationship descriptions: ‘Spouse’, ‘Child’, ‘Interdependency’ or ‘Financial Dependant’.

For the purposes of superannuation law, subject to subsequent change by Regulation, two persons (whether or not related by family)have an interdependency relationship if:

a) they have a close personal relationship; and

b) they live together; and

c) one or each of them provides the other with financial support; and

d) one or each of them provides the other with domestic support and personal care.

If two persons (whether or not related by family) satisfy (a) and they do not satisfy (b), (c) and (d) and the reason they do not satisfythe other requirements is that either or both of them suffer from a physical, intellectual or psychiatric disability, they will still have aninterdependency relationship.

5. ASGARD can only pay your death benefit to the eligible dependant(s) you nominate if that person is, or those persons are, or eligibledependant(s) at time of your death.

6. You can nominate more than one dependant, but you must specify the percentage of your death benefit each dependant is to receive.

7. You must sign and date this form in the presence of two witnesses. Each witness must have turned 18 years of age and neither ofthem can be a beneficiary named in Section 2. Each witness must also sign and date the Declaration in Section 4.

8. If you want to amend this nomination, you will need to complete and send a new Binding Death Benefit Nomination to ASGARD.

9. If you want to revoke this nomination, please ask ASGARD or your financial adviser for the required form (which must be witnessed inthe same way described in paragraph 7 above).

10. If you want to confirm this nomination (extend its period of validity for another three years from the date of the confirmation), all youneed to do is give a written notice to ASGARD that you want to confirm your nomination.This written notice must be signed anddated by you but does not need to be witnessed.

11. Your death benefit nomination shall be reviewed (and amended, if necessary) whenever your circumstances change.Thesecircumstances may include divorce, marriage, the birth of additional children, the death of a nominated beneficiary and other changesin your personal circumstances.

12. You should also consider the tax consequences of nominating eligible dependants directly against nominating your estate.If in doubt, please contact your financial or other professional adviser.

Information on completing this form

Complete this form in block letters and:e Post it to ASGARD, PO Box 7461, Cloisters Square, Perth WA 6850• We cannot accept faxes or photocopies of this form.Note: Privacy laws protect your privacy. Please read our Privacy Brochure for more information. A copy can be obtained fromASGARD Investor Services.Questions? Call ASGARD Investor Services on 1800 998 185 or email [email protected]

OFFICE USE ONLY Client Relationship Centre

2 of 2 Employee Super – Binding Death Benefit Nomination

In the event of my death, I direct ASGARD to pay my death benefit as follows:

% of Death Benefit

Dependant

1. Full Name of Dependant


2. Full Name of Dependant


AND/OR

3. Estate Allocation %

The allocations must total 100 %

The legal definition of 'dependant' is detailed in the 'Information on completing this form' section.

2. Nominated Beneficiaries

We declare that:

• We have turned 18 years of age and we are not nominated beneficiaries in Section 2

• This nomination was signed by the Account holder in our presence.

Witness 1: Full Name

Signature Date | |

Witness 2: Full Name

Signature Date | |x

x

4. Witnesses' Declaration

Do not sign this Declaration unless in the presence of both witnesses.

I have read the 'Information on completing this form' and understand that:

• In the event of my death, ASGARD will pay my death benefit in accordance with this nomination;

• This nomination revokes any previous nomination which I may have made; and

• Unless I revoke it or amend it before it expires, this nomination will become invalid in three years time.

Signature Date | |x

3. Declaration

Account Number – –

Account Name

1. Account Details


89

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ASGARD Capital Management Ltd

ABN 92 009 279 592


89q

S

30 June 2005 ASGARD PART 2 – Investment Selection 1

OFFICE USE ONLY ASGARD Client Relationship Centre

ASGARDPART 2 – Investment Selection Issue date 30 June 2005

The Product Disclosure Statement (PDS) for the following products consists of 2 PARTS:

ASGARD Managed Profiles Superannuation – PDS issued 20 September 2004 (issue number 3) and Supplementary Product

Disclosure Statement (SPDS) issued 30 June 2005

ASGARD Managed Profiles Allocated Pension – PDS issued 20 September 2004 (issue number 3) and SPDS issued 30 June 2005

ASGARD Managed Profiles Term Allocated Pension – PDS issued 20 September 2004 (issue number 3) and SPDS issued 30 June 2005

ASGARD Employee Super – Members – PDS issued 1 October 2004 (issue number 5) and SPDS issued 30 June 2005

ASGARD Employee Super – Individual Enrolment – PDS issued 1 October 2004 (issue number 4) and SPDS issued 30 June 2005

PART 1 sets out important general information about the above listed products.

PART 2 sets out information on the managed investments available through the above listed products.

You should read both PART 1 and PART 2 before making an investment decision.

This PART 2 uses terms that are defined in PART 1 of the PDS.

A PDS is available for each managed investment.

ASGARD Capital Management ABN 92 009 279 592 Australian Financial Services Licence Number 240695

Important Information

Investment fees

The investment options and Investment fees are set out on pages 3 to 11 of this document and are current as at the date of this

PART 2.

Investment fees and Investment fee rebates may vary over time. Refer to the ‘Fees and other costs’ section in the SPDS for further

information on Investment fees and Investment fee rebates.

ASGARD fees and other costs

In addition to the Investment fees (payable to each investment manager), costs for these products also include fees and costs charged

by ASGARD as set out in the ‘Fees and other costs’ section in the SPDS.The ASGARD fees and costs are also listed on pages 4 to 11

of this document and are based on an account balance of $50,000.The total fee you pay will depend on the type of Account you have.

Separately Managed Accounts – Funds (ASGARD Employee Super only)

• An Administration fee of 1.2300% per annum for an account balance of $50,000; and

• A Trustee fee of 0.0974% per annum which is calculated based on your Account Balance; and

• A maximum expense recovery of 0.2563% per annum.

Managed Profiles

• An Administration fee of 1.5375% per annum for an account balance of $50,000; and

• A Trustee fee of 0.0974% per annum which is calculated based on your Account Balance; and

• A maximum expense recovery of 0.3588% per annum.

For details on ASGARD’s Administration fee,Trustee fee and Expense Recovery refer to the ‘Fees and other costs’ section in the SPDS.

Notes to following pages (3 – 11)

2 ASGARD PART 2 – Investment Selection 30 June 2005

Management Costs

Management Costs are the total of the Investment fee and ASGARD fees and other costs.The Management Costs shown on pages

3 to 11 are before any applicable Investment fee rebate.

Shares

Investors in the above listed products also have access to most of the top 300 Australian Companies (based on market

capitalisation). Please contact your financial adviser for information about the shares available through your Account.

APIR and Product Codes

APIR codes are used throughout the financial services industry to uniquely identify financial products, including managed investments.

The APIR and Product codes allow us (and your financial adviser) to identify a particular managed investment quickly and easily and

are generally for internal use only.The APIR and Product codes are included in this list of available investment options for

administrative purposes only.

Notes to following pages (3 – 11) (continued)

Updating the information in this Product Disclosure Statement

The law requires that the information in this Product Disclosure Statement must be up-to-date at the time it is given to you,

except for any changes which may occur from time to time that are not materially adverse, provided we give you a means of

finding out about these changes.You can do this by phoning ASGARD Investor Services on 1800 998 185 or, if you are an

existing ASGARD investor, by checking on Investor Online at www.investoronline.info.You can also obtain a paper copy of the

updated information free of charge by contacting your financial adviser or ASGARD Investor Services.

How to complete this form

Separately Managed Accounts – Funds (ASGARD Employee Super only)

To choose (or change) your portfolio: In section 2, select one of the portfolios by ticking the check box.

Managed Profiles

To choose (or change) your investment profile: In section 3, please indicate the percentage you would like to allocate to each

managed investment.Your investment profile must add up to 100%. As ASGARD will maintain up to 4% of your funds in the Cash

Balance, please do not include your Cash Balance when selecting your managed investments as ASGARD automatically calculates it.

• Your entire portfolio (excluding shares or assets with sales restrictions, such as existing fixed term products, closed products

listed in section 4 and switches made in section 5) will be rebalanced when this Investment Selection is lodged.

• Sales of particular investments could result in a capital gains tax liability being realised (including Non Tax Paid (NTP) investments).

• Future deposits and earnings will also be invested according to this Investment Selection until we receive another one from you.

• All sales of particular investments are subject to the investment managers’ withdrawal restrictions, if any.

• Contact your financial adviser or ASGARD Investor Services to ensure you have the most current PART 2 – Investment Selection.

• For the latest investment and product information, call ASGARD Investor Services.

• Non tax paying (NTP) investments may make income distributions that will be subject to taxation.

• If you purchase NTP investments, you will only receive value for any tax credits (such as imputation credits) distributed by those

investments if your Account was open at the end of the financial year to which they relate and then only to the extent that the

Super fund as a whole is entitled to those credits.The relevant amount will be credited against the tax provision in your Account

after the end of the financial year. If you close your Account before the end of the financial year (other than for the purpose of

transferring to an ASGARD Pension Account which remains open at the end of that financial year), you will not receive any

value for those tax credits.

Before you go ahead, you should know that:


Separately Managed Accounts – Funds (SMA – Funds) (ASGARD Employee Super only)

Employee Super

Managed Profiles

Super Employee Super Allocated Pension Term Allocated Pension

Account Number – –

Account Name

1. Account Details

Select one of the five portfolios below:

2. SMA – Funds – Portfolio Selection (ASGARD Employee Super only)

SMA – FundsInvestment Portfolio

Investment fee (% per annum) (A)

ASGARD fees and other costs for an account balance of $50,000 (% per annum) (B)

Management Costs (% per annum) (A+B)

Defensive 0.19 1.5837 1.7737

Moderate 0.34 1.5837 1.9237

Balanced 0.48 1.5837 2.0637

Growth 0.57 1.5837 2.1537

High Growth 0.62 1.5837 2.2037

How to complete this form (continued)

Example: Ben has selected three managed investments

to make up his profile.

This table illustrates how his $50,000 deposit will be invested:

$50,000 minus 4% Cash Balance ($2,000) leaves $48,000 to invest.

Funds deposited into your Account are automatically credited into your Cash Balance and will be invested across your current

investment profile (when you have exceeded your Cash Balance requirement by $1,000).

Complete this form in BLOCK LETTERS and:

e Post it to ASGARD, PO Box 7490, Cloisters Square, Perth WA 6850

• Or fax it to us on (08) 9481 4834 (please don’t send us the original as well)

• Or complete it and have your adviser lodge it electronically using adviserNET

Questions? Call ASGARD Investor Services on 1800 998 185 or email [email protected]

Note: Privacy laws protect your privacy. Please read our Privacy Brochure for more information. A copy can be obtained from

ASGARD Investor Services.

Please ensure you have completed each relevant section of this form. ASGARD cannot process your Investment

Selection until we have a copy of an accurately completed form.

Managed Investment Investment profile Amount

A 25% $12,000

B 25% $12,000

C 50% $24,000

100% $48,000

(B) InvestmentFee (%)


Income

Cash

MMCF MAQ0187AU Macquarie Master Cash Fund 0.51 10% - 25% 1.9937 2.5037MMI Money Market Investment Account 0.00 1.9937 1.9937SBCKCF SBC0811AU UBS Cash Fund 0.22 1.9937 2.2137F1MMYY 1Yr Fixed Term Bank Deposit 0.00 1.9937 1.9937F2MMYY 2Yr Fixed Term Bank Deposit 0.00 1.9937 1.9937

3. Managed Profiles – Investment Profile Selection

Fixed Interest


Australian Fixed InterestAAFIIF ADV0064AU Advance Aust Fixed Interest Index - WS 0.11 1.9937 2.1037AMPEYFA AMP0685AU AMP Capital Enhanced Yield Fund – Class A 0.87 1.9937 2.8637AFIMBF ADV0084AU Australian Fixed Interest Multi-Blend Fd 0.55 1.9937 2.5437BAFIIF BGL0105AU Barclays Australian Fixed Interest Index 0.26 Over 40% 1.9937 2.2537CHYI HOW0141AU Challenger High Yield Fund – IDPS* 0.67 10% - 25% 1.9937 2.6637CCBT SSB0123AU Citigroup Australian Credit Trust 0.50 10% - 25% 1.9937 2.4937CSAFI CRS0004AU Credit Suisse Australian Fixed Int Fund 0.27 1.9937 2.2637JBWEIW JBW0018AU GS JBWere Enhanced Income Wholesale Fund 0.85 Up to 10% 1.9937 2.8437CNFIT CNA0817AU INVESCO WS Aust Fixed Interest Fund 0.55 1.9937 2.5437MMAFIF MAQ0061AU Macquarie Master Fixed Interest Fund 0.61 Up to 10% 1.9937 2.6037MTIFIF MAQ0211AU Macquarie True Index Fixed Interest Fund 0.00 1.9937 1.9937SHSF SCH0103AU Schroder Hybrid Securities Fund WS Class 0.78 1.9937 2.7737SBCKFIF SBC0813AU UBS Australian Bond Fund 0.40 1.9937 2.3937VAFIIF VAN0001AU Vanguard Index Aust Fixed Interest Fund 0.29 1.9937 2.2837

International Fixed InterestAIFIIF ADV0058AU Advance Int’l Fixed Int Index Fd - WS 0.14 1.9937 2.1337AMPWIFI AMP0254AU AMP Capital International Bond - Cl A 0.77 10% - 25% 1.9937 2.7637BIFIIF BGL0107AU Barclays International Fixed Int Index 0.29 Over 40% 1.9937 2.2837CSGHIF CSA0038AU Credit Suisse Global Hybrid Income Fund 0.78 1.9937 2.7737CSIFI CRS0006AU Credit Suisse International Fixed Int Fd 0.55 1.9937 2.5437IFIMBF ADV0067AU International Fixed Int Multi-Blend Fund 0.65 1.9937 2.6437MTIGBF MAQ0266AU Macquarie True Index Global Bond Fund 0.00 1.9937 1.9937PWMIBF PWA0825AU Merrill Lynch WS Int’l Bond Fund 0.79 10% - 25% 1.9937 2.7837UBSHIF UBS0003AU UBS Hybrid Income Fund 0.70 1.9937 2.6937VIFIIF VAN0103AU Vanguard Index Int’l Fixed Int - Hedged 0.31 1.9937 2.3037

Diversified Fixed InterestCSBFI CSA0104AU Credit Suisse Balanced Fixed Interest Fd 0.40 1.9937 2.3937JBWIPW JBW0016AU GS JBWere Income Plus W/S Fund 0.72 1.9937 2.7137MMDFIF MAQ0274AU Macquarie Master Div Fixed Interest Fund 0.62 Up to 10% 1.9937 2.6137MLWMIF MAL0012AU Merrill Lynch WS Monthly Income Fund 0.51 1.9937 2.5037SFIF SCH0028AU Schroder Fixed Income Fund WS 0.53 Up to 10% 1.9937 2.5237UBSDFIT SBC0007AU UBS Diversified Fixed Income Fund 0.42 1.9937 2.4137


Mortgages

AUWMI AUS0116AU Australian Unity W/S Mortgage Income Trust 0.80 10% - 25% 1.9937 2.7937NMAIF NML0257AU AXA WS Australian Income Fund 1.46 1.9937 3.4537AXAWAMIF NML0316AU AXA WS Australian Monthly Income Fund 0.72 10% - 25% 1.9937 2.7137CFSWGM FSF0138AU Colonial First State WS Gtd Mortgage 1.14 Up to 10% 1.9937 3.1337CFSWM FSF0139AU Colonial First State WS Income Fund 0.60 Up to 10% 1.9937 2.5937HWMT HOW0005AU Howard WS Mortgage Trust 0.99 1.9937 2.9837LMWMIFAC LMI0007AU LM Wholesale Mortgage Income At Call A/c 2.20 1.9937 4.1937PWMIF PER0106AU Perpetual’s WS Monthly Income Fund 0.79 10% - 25% 1.9937 2.7837

Alloc. – Allocation Inv. – Investment Mgmt. – Management

* The Performance fee applied by the investment manager of this managed investment may result in higher Management Costs.# This is a retail managed investment with an Investment fee rebate that generally reduces the Investment fee to the lower wholesale rate.** Investment fees do not take into account any Investment fee rebate that may apply.


(A)Inv. fee(% perannum)**

Inv. feerebate

(B)ASGARDfees andothercosts for anaccountbalance of$50,000(% perannum)

(A) + (B)Mgmt.Costs (% perannum)**

APIRCode

%Alloc. Managed Investment

ProductCode



Equity

Equity – Australian Shares

Diversified EquityABNAEF ARO0011AU ABN AMRO Australian Equity Fund 0.83 10% - 25% 1.9937 2.8237AAGEF ADV0079AU Advance Australian Equity Growth Fund 1.90 1.9937 3.8937AAGEFW ADV0078AU Advance Australian Geared Equity Fd - WS 1.02 1.9937 3.0137AASIF ADV0062AU Advance Australian Shares Index Fd - WS 0.16 1.9937 2.1537AWIF ADV0046AU Advance Imputation Fund - WS Units 0.92 1.9937 2.9137AMPEFCA AMP0370AU AMP Capital Equity Fund - Class A 0.97 10% - 25% 1.9937 2.9637ABLIAE AAP0103AU Ausbil Inv Tst - Aust Active Equity Fnd 0.90 10% - 25% 1.9937 2.8937ASMBF ADV0045AU Australian Shares Multi-Blend Fund 0.92 Up to 10% 1.9937 2.9137BASIF BGL0034AU Barclays Australian Equity Index Fund 0.31 Over 40% 1.9937 2.3037BMIFAS BAR0814AU Barclays Mgd Invest - Aust Share Fund 0.79 Up to 10% 1.9937 2.7837CFSW452A FSF0079AU CFS Wholesale 452 Australian Share Fund 1.22 1.9937 3.2137PANG PAM0001AU Challenger Australian Share Fund - WS 0.91 10% - 25% 1.9937 2.9037CBASPI HOW0019AU Challenger Boutique Aust Share Ptf IDPS 1.06 Up to 10% 1.9937 3.0537COASFI HOW0020AU Challenger Orion Aust Share Fund (IDPS)* 0.97 10% - 25% 1.9937 2.9637CSASFW HOW0026AU Challenger Select Aust Share Fund - WS* 0.90 10% - 25% 1.9937 2.8937JPMET SSB0125AU Citigroup Australian Equity Trust 0.70 10% - 25% 1.9937 2.6937FSWE FSF0002AU Colonial First State WS Australian Share 0.96 Up to 10% 1.9937 2.9537FSWGS FSF0043AU Colonial First State WS Geared Share Fd 1.05 Up to 10% 1.9937 3.0437FSWI FSF0003AU Colonial First State WS Imputation Fund 0.95 Up to 10% 1.9937 2.9437FSWSE FSF0016AU Colonial First State WS Leaders Fund 0.96 Up to 10% 1.9937 2.9537CSAS CRS0003AU Credit Suisse Australian Shares Fund 0.49 1.9937 2.4837DAEAF MGL0114AU Deutsche Australian Equities Alpha Fund 0.80 1.9937 2.7937JBWAEW JBW0009AU GS JBWere Australian Equities WS Fund 0.96 Up to 10% 1.9937 2.9537HSBCWAG HBC0113AU HSBC Active Australia Equity WS Fund 1.00 10% - 25% 1.9937 2.9937HSBCIGM HBC0011AU HSBC Imputation WS Fund 0.96 10% - 25% 1.9937 2.9537WHTMASF WHT0001AU Hyperion Australian Growth Comp Fund No 2 1.40 1.9937 3.3937MMLWAS AJF0804AU ING WS Aust Share Fund 0.90 10% - 25% 1.9937 2.8937CNAET CNA0811AU INVESCO WS Australian Share Fund 1.01 1.9937 3.0037IMAS IML0002AU Investors Mutual Australian Share Fund 0.97 1.9937 2.9637IMWISF IML0004AU Investors Mutual Industrial Share Fund 0.97 1.9937 2.9637IWPVST IOF0206AU IOOF/Perennial WS Value Shares Trust 0.82 Up to 10% 1.9937 2.8137LAEW LAZ0010AU Lazard Australian Equity Fund - W Class 0.90 1.9937 2.8937MMAEEF MAQ0057AU Macquarie Master Aust Enhanced Equities 0.72 Up to 10% 1.9937 2.7137PWMAEF PWA0823AU Merrill Lynch WS Australian Share Fund 0.78 10% - 25% 1.9937 2.7737OWASCA LEF0043AU OptiMix WS Australian Share Trust Class A 0.98 10% - 25% 1.9937 2.9737PISF PER0011AU Perpetual Industrial Share Fund# 1.93 Over 40% 1.9937 3.9237FPWCEF PER0102AU Perpetual’s WS Concentrated Equity Fund 0.92 1.9937 2.9137PWISF PER0046AU Perpetual’s WS Industrial Share Fund 0.92 Up to 10% 1.9937 2.9137PPWAET PPL0110AU Portfolio Partners Aust Equity Trust 0.86 1.9937 2.8537NUPPHGST PPL0106AU Portfolio Partners High Growth Shares 1.69 1.9937 3.6837SAEF SCH0002AU Schroder Australian Equity Fund 0.64 1.9937 2.6337TASWP TYN0028AU Tyndall Australian Share WS Portfolio 0.79 10% - 25% 1.9937 2.7837SBCAE SBC0817AU UBS Australian Share Fund 0.80 1.9937 2.7937MVEBAS MAQ0289AU van Eyk Blueprint Australian Shares Fund 0.74 1.9937 2.7337VASIF VAN0002AU Vanguard Index Australian Shares Fund 0.34 1.9937 2.3337VASF RIM0021AU Ventura WS Australian Shares Fund 1.03 1.9937 3.0237

Hedge Funds RAFW RCP0005AU Rubicon Australia Fund Wholesale Class B* 2.00 1.9937 3.9937RALF RCP0017AU Rubicon Australian Leaders Fd - Class B* 1.75 1.9937 3.7437RMAF RCP0001AU Rubicon M&A Fund - Class B* 2.00 1.9937 3.9937MVEBAF MAQ0406AU van Eyk Blueprint Alternatives Fund 1.50 1.9937 3.4937



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Equity (continued)

Equity – Australian Shares (continued)

Smaller CompaniesAMPSCFA AMP0446AU AMP Capital Small Companies Fund-Cl A 1.02 10% - 25% 1.9937 3.0137ABLIALVE AAP0104AU Ausbil Dexia Aust Emerging Leaders Fund* 0.85 10% - 25% 1.9937 2.8437ASCMBF ADV0096AU Aust Smaller Comp Multi-Blend Fund 1.18 10% - 25% 1.9937 3.1737CMCF HOW0027AU Challenger Microcap Fund – IDPS* 1.50 1.9937 3.4937CSAEC CSA0131AU Credit Suisse Australian Small Co Fund 1.22 1.9937 3.2137DASCF MGL0001AU Deutsche Australian Small Companies Fund 0.90 1.9937 2.8937EGGSCF EGG0001AU Eley Griffiths Group Small Co Fund* 1.20 1.9937 3.1937JBELWF JBW0010AU GS JB Were Emerging Leaders Fund 1.26 Up to 10% 1.9937 3.2537CNSCT CNA0812AU INVESCO WS Aust Smaller Companies Fund 1.22 1.9937 3.2137

Socially ResponsibleAMPSFASF AMP0450AU AMP Sustainable Future Aust Share 0.72 10% - 25% 1.9937 2.7137AESF WFS0242AU BT Institutional Eco Share Fund 0.97 1.9937 2.9637RESWT RFA0025AU BT WS Ethical Share Fund 1.14 Up to 10% 1.9937 3.1337CSRIFMT HOW0121AU Challenger Socially Responsible Inv Fund 1.15 1.9937 3.1437HHAVT HHA0001AU Hunter Hall Australian Value Trust* 2.66 26% - 40% 1.9937 4.6537PWESRIF PER0116AU Perpetual’s WS Ethical SRI Fund 1.18 Up to 10% 1.9937 3.1737

Specialist EquityMLCIIB MLC0264AU MLC Investment Trust Income Builder 0.97 1.9937 2.9637

Equity – International Shares


Global EquityABNGEF ARO0006AU ABN AMRO Global Equity Fund 0.96 10% - 25% 1.9937 2.9537AWISF ADV0047AU Advance Int’l Sharemarket Fund - WS 1.18 Up to 10% 1.9937 3.1737AISCW ADV0068AU Advance Int’l Shares Core Fund 0.90 10% - 25% 1.9937 2.8937AISIF ADV0056AU Advance Int’l Shares Index Fund - WS 0.21 1.9937 2.2037AXAWGEVF NML0348AU AXA WS Global Equity - Value Fund 1.00 10% - 25% 1.9937 2.9937BHISF BGL0109AU Barclays Hedged International Share Fund 0.94 Up to 10% 1.9937 2.9337BISIF BGL0106AU Barclays International Equity Index Fund 0.35 Over 40% 1.9937 2.3437BIFISF BAR0817AU Barclays International Funds - Int Share 0.89 Up to 10% 1.9937 2.8837BTSTIS BTA0056AU BT WS International Share Fund 1.16 Up to 10% 1.9937 3.1537BTWPISV1 BTA0245AU BT WS Partner Int’l Shares Value 1 1.23 26% - 40% 1.9937 3.2237CSIS CRS0005AU Credit Suisse International Shares Fund 0.96 26% - 40% 1.9937 2.9537TIOT THO0003AU Dresdner RCM International Equities Fund 1.22 1.9937 3.2137FAGGE FID0007AU Fidelity Global Equities Fund 1.15 1.9937 3.1437JBGSCWF JBW0103AU GS JBWere Global Small Co WS Fund 1.44 Up to 10% 1.9937 3.4337JBIWF JBW0014AU GS JBWere International WS Fund 1.23 Up to 10% 1.9937 3.2237INGWGT MMF0342AU ING WS High Growth Trust 0.95 10% - 25% 1.9937 2.9437AWMWWS ADV0053AU International Shares Multi-Blend Fund 1.18 Up to 10% 1.9937 3.1737GTIG GTU0008AU INVESCO Wholesale Global Matrix - Hedged 1.05 10% - 25% 1.9937 3.0437INVGTFW GTU0102AU INVESCO WS Global Matrix Fund - Unhedged 1.05 10% - 25% 1.9937 3.0437MGEF MAQ0079AU Macquarie Lazard Master Global Equities 1.18 Up to 10% 1.9937 3.1737MLWHGSCF MAL0135AU Merrill Lynch Hedged Global Small Cap WS 1.25 10% - 25% 1.9937 3.2437MFSGET MIA0001AU MFS Global Equity Trust 0.77 1.9937 2.7637FIDISTIF PER0031AU Perpetual International Fund# 2.19 Over 40% 1.9937 4.1837PIBF PLA0100AU Platinum International Brands Fund 1.54 1.9937 3.5337PLTIF PLA0002AU Platinum International Fund 1.54 1.9937 3.5337SBCIS SBC0822AU UBS International Share Fund 0.90 1.9937 2.8937MVEBIS MAQ0293AU van Eyk Blueprint International Shares Fund 0.92 1.9937 2.9137VISIFH VAN0105AU Vanguard Index Int’l Shares Fund-Hedged 0.36 1.9937 2.3537VISIF VAN0003AU Vanguard Index International Shares Fund 0.36 1.9937 2.3537VISF RIM0022AU Ventura WS International Shares Fund 1.17 1.9937 3.1637ZIENTF ZUR0061AU Zurich Inv Series Int’l Share Fd 0.98 10% - 25% 1.9937 2.9737





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Equity (continued)

Equity – International Shares (continued)

Asian EquityAWAS ADV0083AU Advance Asian Equity Fund - WS Units 1.25 1.9937 3.2437BTSTAS BTA0054AU BT WS Asian Share Fund 1.26 Up to 10% 1.9937 3.2537HSBCAEM HBC0010AU HSBC Asian Equity WS Fund 1.12 26% - 40% 1.9937 3.1137GTAG GTU0009AU INVESCO WS Asian Share Fund 1.05 10% - 25% 1.9937 3.0437PLTAF PLA0004AU Platinum Asia Fund 1.54 1.9937 3.5337

European EquityABNEEF ARO0004AU ABN AMRO Europe Equity Fund 1.71 10% - 25% 1.9937 3.7037BTWEG BTA0124AU BT WS European Share Fund 1.19 Up to 10% 1.9937 3.1837PLTEF PLA0001AU Platinum European Fund 1.54 1.9937 3.5337

Global Health & BiotechnologyJBGHBWF JBW0111AU GS JBWere Global Health & Biotech WS Fund 1.61 Up to 10% 1.9937 3.6037

Global ResourcesCFSGRW FSF0038AU Colonial First State WS Global Resources 1.16 Up to 10% 1.9937 3.1537

Global TechnologyBTWTIME BTA0158AU BT WS TIME Fund 1.18 Up to 10% 1.9937 3.1737JBGTWF JBW0112AU GS JBWere Global Technology WS Fund 1.61 Up to 10% 1.9937 3.6037PITF PLA0101AU Platinum International Technology Fund 1.54 1.9937 3.5337

Hedge Funds BGMF BGL0045AU Barclays Global Markets Fund* 1.03 1.9937 3.0237BAROF BCF0100AU Basis Aust-Rim Opportunity Fund* 1.45 1.9937 3.4437RGR RFA0028AU BT Global Return Fund 1.76 Up to 10% 1.9937 3.7537CFSWLSSS FSF0177AU CFS WS Long Short Share Strategies Fund* 2.41 Up to 10% 1.9937 4.4037DGEOF MGL0134AU Deutsche Global Equity Opportunities Fd 1.10 1.9937 3.0937DSVF DEU0109AU Deutsche Strategic Value Fund 1.10 1.9937 3.0937HFADIF HFL0104AU HFA Diversified Investments Fund* 1.37 1.9937 3.3637HFASIF HFL0108AU HFA International Shares Fund 1.88 1.9937 3.8737RASFW RCP0100AU Rubicon Asia Fund Wholesale - Class B* 2.00 1.9937 3.9937RILFW RCP0013AU Rubicon International Leaders Fd Class B* 1.75 1.9937 3.7437

Specialist International EquityPMCAP PMC0100AU P.M. Capital Absolute Performance Fund* 1.09 1.9937 3.0837

Socially ResponsibleABNWSF ARO0013AU ABN AMRO Global Socially Resp Invest Fd 0.92 10% - 25% 1.9937 2.9137AMPSFISCA AMP0455AU AMP Capital Sustain Future Int’l- Cl A 1.07 10% - 25% 1.9937 3.0637ABDSGEF AAP0001AU Dexia Sustainable Global Equity Fund 1.05 Up to 10% 1.9937 3.0437HHGET HHA0002AU Hunter Hall Global Ethical Trust* 3.54 26 – 40% 1.9937 5.5337


Equity – Property

Property SecuritiesAAPSIF ADV0060AU Advance Aust Prop Secs Index Fund - WS 0.16 1.9937 2.1537AWPSF ADV0052AU Advance Property Securities Fund - WS 0.67 1.9937 2.6637AMPWLP AMP0255AU AMP Capital Listed Property Tst - Cl A 0.97 10% - 25% 1.9937 2.9637APNPIF APN0001AU APN Property for Income Fund 0.95 1.9937 2.9437NMAPT NML0001AU AXA WS Australian Property Fund 0.92 10% – 25% 1.9937 2.9137BPSIF BGL0108AU Barclays Property Securities Index Fund 0.31 Over 40% 1.9937 2.3037RPSWT RFA0817AU BT WS Property Investment Fund 0.81 Up to 10% 1.9937 2.8037JPMPST SSB0128AU Citigroup Prop Securities Trust - Cl A 0.71 10% - 25% 1.9937 2.7037FSWPS FSF0004AU Colonial First State WS Property Sec Fd 0.80 Up to 10% 1.9937 2.7937CSPF CRS0007AU Credit Suisse Property Fund 0.50 1.9937 2.4937PALPS PAL0002AU Deutsche Paladin Property Securities Fd 0.75 26% - 40% 1.9937 2.7437JBWPSWF JBW0108AU GS JBWere Property Securities WS Fund 0.78 Up to 10% 1.9937 2.7737HSBCPSM HBC0008AU HSBC Property Securities WS Fund 0.86 10% - 25% 1.9937 2.8537HSBCPM HBC0013AU HSBC Strategic Property WS Trust 0.88 10% - 25% 1.9937 2.8737MLCPIF MAL0008AU Merrill Lynch Combined Prop Income Fd 0.90 1.9937 2.8937





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Equity (continued)

Equity – Property (continued)

OWAPCA LEF0042AU OptiMix WS Australian Property Securities Trust – Class A 0.98 10% - 25% 1.9937 2.9737PJFWPS PER0070AU Perpetual James Fielding WS Prop Secs Fd 0.90 1.9937 2.8937PSMBF ADV0095AU Property Securities Multi-Blend Fund 0.67 1.9937 2.6637SSLPIT SST0007AU SSgA Aust Listed Property Index Trust 0.18 1.9937 2.1737TGPSF TFG0001AU Trafalgar Enhanced Income Fund 0.85 1.9937 2.8437UBSPSF SBC0816AU UBS Property Securities Fund 0.85 1.9937 2.8437VANWPSI VAN0004AU Vanguard Index Prop Securities Fund 0.34 1.9937 2.3337


Multi Sector 20

RFCAIT RFA0811AU BT WS Ethical Conservative Fund 1.03 Up to 10% 1.9937 3.0237MMLWCS MMF0114AU ING WS Capital Stable Trust 0.75 10% - 25% 1.9937 2.7437CNICSF CNA0805AU INVESCO Wholesale Protected Growth Fund 1.06 1.9937 3.0537PMCEY PMC0103AU P.M. Capital Enhanced Yield Fund* 0.57 1.9937 2.5637MVEBCS MAQ0291AU van Eyk Blueprint Capital Stable Fund 0.45 1.9937 2.4437


Multi Sector 40

BMIFCS BGL0102AU Barclays Mgd Invest - Div Stble No 2 0.69 Up to 10% 1.9937 2.6837BTCSNF BTA0805AU BT WS Conservative Outlook Fund 0.87 Up to 10% 1.9937 2.8637FSWCS FSF0033AU Colonial First State WS Conservative Fd 0.75 Up to 10% 1.9937 2.7437CSCS CRS0001AU Credit Suisse Capital Stable Fund 0.60 1.9937 2.5937AWIEF ADV0049AU Defensive Multi-Blend Fund 0.67 1.9937 2.6637RF2P RIM0023AU Foundation II Portfolio - Class A 0.55 1.9937 2.5437MMIFCS MAQ0059AU Macquarie Master Capital Stable Fund 0.82 Up to 10% 1.9937 2.8137PWMMIF PWA0821AU Merrill Lynch WS Mgd Income Fund 0.78 10% - 25% 1.9937 2.7737OWCCA LEF0045AU OptiMix WS Conservative Trust – Class A 0.86 10% - 25% 1.9937 2.8537SBCIP SBC0814AU UBS Defensive Investment Fund 0.65 1.9937 2.6437VCSF RIM0018AU Ventura WS Capital Stable Fund 0.94 1.9937 2.9337


Multi Sector 60

AIMT AUG0001AU Australian Ethical Balanced Trust 1.85 1.9937 3.8437JPMTAAT SSB0130AU Citigroup Tactical Alloc Trust - Cl A 0.64 10% - 25% 1.9937 2.6337AJWBF AJF0802AU ING WS Balanced Trust 0.90 10% - 25% 1.9937 2.8937MMBF ADV0091AU Moderate Multi-Blend Fund 0.73 1.9937 2.7237OWBCA LEF0044AU OptiMix WS Balanced Trust – Class A 0.97 10% - 25% 1.9937 2.9637MVEBBF MAQ0290AU van Eyk Blueprint Balanced Fund 0.67 1.9937 2.6637VDFF RIM0019AU Ventura WS Diversified 50 Fund 0.99 1.9937 2.9837


AWIGF ADV0050AU Balanced Multi-Blend Fund 0.77 1.9937 2.7637BMIFG BGL0103AU Barclays Mgd Invest - Div Grth No 2 0.79 Up to 10% 1.9937 2.7837RFAMIT RFA0815AU BT WS Active Balanced Fund 1.03 Up to 10% 1.9937 3.0237JPMDIVT JPM0008AU Citigroup Diversified Trust 0.69 10% - 25% 1.9937 2.6837FSWD FSF0008AU Colonial First State WS Diversified Fund 0.96 Up to 10% 1.9937 2.9537CSCG CRS0002AU Credit Suisse Capital Growth Fund 0.70 1.9937 2.6937RF4P RIM0024AU Foundation IV Portfolio - Class A 0.65 1.9937 2.6437HSBCDIM HBC0009AU HSBC Diversified Growth WS Fund 1.06 Up to 10% 1.9937 3.0537MMLWMG MMF0115AU ING WS Managed Growth Fund 0.90 10% - 25% 1.9937 2.8937CNIGF CNA0806AU INVESCO Wholesale Diversified Growth Fnd 1.06 1.9937 3.0537MBADIT MPL0001AU Maple-Brown Abbott Diversified Inv Tst 0.95 1.9937 2.9437PWMBF PWA0822AU Merrill Lynch WS Balanced Fund 0.82 10% - 25% 1.9937 2.8137

Multi Sector

Multi Sector 80





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Multi Sector (continued)

MLCIB MLC0260AU MLC Investment Trust Balanced 0.99 1.9937 2.9837OWGCA LEF0049AU OptiMix WS Growth Trust – Class A 0.99 10% - 25% 1.9937 2.9837PWBGF PER0063AU Perpetual’s WS Balanced Growth Fund 0.97 Up to 10% 1.9937 2.9637SBCBI SBC0815AU UBS Balanced Investment Fund 0.70 1.9937 2.6937VGSF RIM0020AU Ventura WS Growth 70 Fund 1.06 1.9937 3.0537ZBGF ZUR0059AU Zurich Inv Series Managed Growth Fund 0.87 10% - 25% 1.9937 2.8637

Multi Sector 80 (continued)


RF6P RIM0025AU Foundation VI Portfolio - Class A 0.70 1.9937 2.6937GMBF ADV0085AU Growth Multi-Blend Fund 0.96 1.9937 2.9537HGMBF ADV0087AU High Growth Multi-Blend Fund 1.18 Up to 10% 1.9937 3.1737MLCIG MLC0265AU MLC Investment Trust Growth 0.99 1.9937 2.9837MVEBHG MAQ0292AU van Eyk Blueprint High Growth Fund 0.89 1.9937 2.8837

Multi Sector 100


AASCFW ADV0075AU Advance Aust Smaller Companies Fd - WS 1.13 1.9937 3.1237AMPGGO AMP0369AU AMP Capital Global Growth Opp Fd- Cl A 0.97 10% - 25% 1.9937 2.9637AEF ADV0081AU Ascalon Ethical Fund 1.44 26% - 40% 1.9937 3.4337BTSTAUS BTA0055AU BT WS Australian Share Fund 1.02 Up to 10% 1.9937 3.0137BTMNF BTA0806AU BT WS Balanced Returns Fund 0.89 Up to 10% 1.9937 2.8837RAEWT RFA0818AU BT WS Core Australian Share Fund 1.03 Up to 10% 1.9937 3.0237RAGWT RFA0821AU BT WS Core Global Share Fund 1.29 Up to 10% 1.9937 3.2837MMAPSF MMF0018AU ING WS Flex Ret Stable 0.78 10% - 25% 1.9937 2.7737IMWFLF IML0003AU Investors Mutual Future Leaders Fund 0.97 1.9937 2.9637IMSC IML0001AU Investors Mutual Smaller Companies Fund 0.97 1.9937 2.9637MMIFB MAQ0058AU Macquarie Master Balanced Fund 0.92 Up to 10% 1.9937 2.9137SSGFIIT SST0009AU SSgA Global Fixed Income Index Trust 0.20 1.9937 2.1937

Unavailable to New Investors

The following PST investments are only available through the ASGARD Superannuation Account and ASGARDEmployee Superannuation Account

(B)

Income (PST)

Cash

MLCDF Macquarie Life Cash Fund 0.40 10% - 25% 1.9937 2.3937


Fixed Interest (PST)

Australian Fixed InterestAPSTAFII ADV0065AU Advance PST - Aust Fixed Interest Index 0.11 1.9937 2.1037MLFIF MAQ0314AU Macquarie Life Fixed Interest Fund 0.60 Up to 10% 1.9937 2.5937

International Fixed InterestAPSTIFI ADV0059AU Advance PST - Intl Fixed Interest Index 0.14 1.9937 2.1337CSIFIPST CRS0015AU Credit Suisse Int’l Fixed Int PST 0.61 1.9937 2.6037


Equity (PST)

Equity - Australian Shares (PST)

Diversified EquityAPSTAS ADV0038AU Advance PST - Australian Shares 0.92 1.9937 2.9137APSTASI ADV0063AU Advance PST - Australian Shares Index 0.16 1.9937 2.1537





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Equity – Property (PST)

Property SecuritiesAPSTAPSI ADV0061AU Advance PST - Aust Property Sec Index 0.16 1.9937 2.1537RPSPST RFA0010AU BT Property Securities PST 0.88 Up to 10% 1.9937 2.8737FSPSTP FSF0037AU Colonial First State PST - Property Sec 0.81 Up to 10% 1.9937 2.8037PALPST MGL0121AU Deutsche Paladin Prop Securities Inv Opt 0.75 1.9937 2.7437

Multi Sector (PST)

Multi Sector 20

MMMLCS MMF0028AU ING WS Super Capital Stable 0.98 10% - 25% 1.9937 2.9737


Multi Sector 40

BSITCSF BAR0802AU Barclays Super Fund - Diversified Stable 0.69 Up to 10% 1.9937 2.6837BTCSF BTA0005AU BT Conservative Outlook PST - Tax Paid 0.88 Up to 10% 1.9937 2.8737FSPSTCS FSF0036AU Colonial First State PST - Conservative 0.75 Up to 10% 1.9937 2.7437CSCSPST CRS0011AU Credit Suisse Capital Stable PST 0.63 1.9937 2.6237WCSPST WAR0502AU HSBC Capital Stable PST 1.10 10% - 25% 1.9937 3.0937MLCSF Macquarie Life Capital Stable Fund 0.64 Up to 10% 1.9937 2.6337SBCCS SBC0826AU UBS Stable Growth Fund 0.70 1.9937 2.6937

(B) Investment

Multi Sector 60

MMLSBO MMF0113AU ING Corporate Super Balanced Fund 0.98 10% - 25% 1.9937 2.9737MLCCSF UK1603 MLC Capital Stable Fund 0.59 1.9937 2.5837


Equity (PST) (continued)

Equity – Australian Shares (PST) (continued)

BSFAE BAR0415AU Barclays Super Fund - Aust Share Fund 0.79 Up to 10% 1.9937 2.7837FSEPST FSF0029AU Colonial First State PST - Aust Share 0.95 Up to 10% 1.9937 2.9437CSASPST CRS0012AU Credit Suisse Australian Shares PST 0.51 1.9937 2.5037HSBCAEPS HBC0024AU HSBC Australian Equity PST 1.21 10% - 25% 1.9937 3.2037MMASPST MMF0037AU ING WS Super Australian Shares 0.70 10% - 25% 1.9937 2.6937MLAEEF MAQ0315AU Macquarie Life Aust Enhanced Equities 0.50 Up to 10% 1.9937 2.4937MAEPST PWA0806AU Merrill Lynch Australian Equity PST 0.82 10% - 25% 1.9937 2.8137PISFPST PER0058AU Perpetual’s PST - Industrial Share 0.92 Up to 10% 1.9937 2.9137TPSTAS TYN0100AU Tyndall PST - Australian Share Option 0.75 10% - 25% 1.9937 2.7437





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Equity - International Shares (PST)

Global EquityABNGEPST TQM0003AU ABN AMRO Global Equity PST 1.07 10% - 25% 1.9937 3.0637APSTIS ADV0039AU Advance PST - International Sharemarket 1.02 1.9937 3.0137APSTISI ADV0057AU Advance PST - International Shares Index 0.21 1.9937 2.2037BTPSTI BTA0063AU BT Specialist PST - International Share 1.15 Up to 10% 1.9937 3.1437CSISPST CRS0014AU Credit Suisse International Shares PST 0.98 26% - 40% 1.9937 2.9737GTPISF GTU0010AU INVESCO WS Global Matrix PST-Hedged 1.02 10% - 25% 1.9937 3.0137MGEL MAQ0317AU Macquarie Lazard Life Global Equities Fd 1.15 Up to 10% 1.9937 3.1437PPSTINT PER0059AU Perpetual’s PST - International Share 1.23 10% - 25% 1.9937 3.2237

Asian EquityGTASF GTU0025AU INVESCO WS Asian Share PST 1.02 10% - 25% 1.9937 3.0137

European EquityABNEEPST TQM0004AU ABN AMRO Europe Equity PST 1.70 10% - 25% 1.9937 3.6937


Multi Sector (PST) (continued)


Unavailable to New Investors (PST)

RFACSST RFA0502AU BT Active Conservative PST 1.00 Up to 10% 1.9937 2.9937BTMF BTA0004AU BT Balanced Returns PST - Tax Paid 0.84 10% - 25% 1.9937 2.8337RASPST RFA0017AU BT Core Australian Share PST 1.03 Up to 10% 1.9937 3.0237RAGPST RFA0110AU BT Core Global Share PST 1.43 Up to 10% 1.9937 3.4237WGSCG WFS0852AU BT Inst Div Balanced PST 0.78 1.9937 2.7737BTPSTAU BTA0062AU BT Specialist PST - Australian Share 0.87 10% - 25% 1.9937 2.8637CFMPSTG CFM0803AU C’wealth Funds Mngt PST Managed Growth 0.55 1.9937 2.5437NMFM NML0011AU NMFM Superannuation Fund 0.87 1.9937 2.8637


Other ASGARD available products not listed on this form


Multi Sector 80

AWFM ADV0006AU Advance PST - Managed Portfolio 0.72 1.9937 2.7137BAPPF BAR0803AU Barclays Super Fund - Diversified Growth 0.79 Up to 10% 1.9937 2.7837RFASIT RFA0823AU BT Active Balanced PST 1.02 Up to 10% 1.9937 3.0137JPMASF JPM0811AU Citigroup Balanced Trust 0.76 10% - 25% 1.9937 2.7537JPMTAPST SSB0132AU Citigroup Tactical Allocation PST 0.66 10% - 25% 1.9937 2.6537FSWPSTD FSF0030AU Colonial First State PST - Diversified 0.95 Up to 10% 1.9937 2.9437CSCGPST CRS0010AU Credit Suisse Capital Growth PST 0.71 1.9937 2.7037WSUT WAR0503AU HSBC Balanced PST 1.06 10% - 25% 1.9937 3.0537MMMLMG MMF0027AU ING WS Super Managed Growth 0.98 10% - 25% 1.9937 2.9737CNASUTGF CNA0511AU INVESCO WS Diversified Growth PST 1.06 1.9937 3.0537CNASUTCS CNA0512AU INVESCO WS Protected Growth PST 1.06 1.9937 3.0537MBAEF MPL0801AU Maple-Brown Abbott Pooled Super Trust 0.65 1.9937 2.6437PWPF PWA0805AU Merrill Lynch Balanced PST 0.83 10% - 25% 1.9937 2.8237MLCSIF UK1394 MLC Balanced Fund 0.67 1.9937 2.6637CRF UK1386 MLC Growth Superannuation Fund 0.69 1.9937 2.6837PPSTBG PER0061AU Perpetual’s PST - Balanced Growth 0.97 Up to 10% 1.9937 2.9637ZILF ZUR0209AU Zurich WS Super Managed Growth Fund 0.66 1.9937 2.6537





Inv. feerebate



APIRCode


ProductCode

4. Closed products to be held

Retain the following closed products in my Account (any closed products not listed here will be sold down in full):

Product Code Managed Investment

12 ASGARD Part 2 – Investment Selection 30 June 2005

This section is not applicable if you have already completed section 3, ‘Managed Profiles – Investment ProfileSelection’ on this form.

In this section, you can switch your total holding in any managed investment into another managed investment (existing or new).You can also switch a partial holding in any managed investment into another managed investment (existing only) or the Cash Balance.

The following options are only available if you are currently invested in Managed Profiles.

• Where there are multiple switches for a full switch, partial switch or switch to Cash Balance, the switches will be processed inthe order listed on the form.

• Where a full switch and a partial switch are requested partial switches will be processed before full switches.

• Where a partial switch or switch to the Cash Balance is requested, there is a minimum of $1,000 per switch.

Note:• When a full switch is made, the profile percentage of the ‘Switch From’ managed investment will be allocated to the ‘Switch To’

managed investment.

• A full switch instruction will not affect holdings in the remainder of your investment profile (that is, your investment profile will not be rebalanced).

Partial switch

Note:• A partial switch instruction will not affect holdings in the remainder of your investment profile (that is, your investment profile will

not be rebalanced).

• Partial switches can only be made to managed investments in your current profile (excluding closed investments).

• If you wish to switch one managed investment into multiple managed investments you will need to list each request separately on this form.

• Where the dollar amount is equal to or greater than 95% of the asset value then the entire ‘Switch From’ asset will be sold.This may result in more or less of the holdings being switched than requested.Where the 95% rule is applied the profile percentage of the ‘Switch From’ asset will remain in your client’s current profile (not applicable to closed assets which have been removed fromyour profile).

Switch to Cash Balance

5. Switching Managed Investments (Managed Profiles only)

Switch From


Switch To


>

>

>

Full switch

Switch From


Switch To


>

>

>

$

Amount

Switch From


>

>

>

$

Amount

($minimum – $1,000)

($minimum – $1,000)

($minimum – $1,000)

Note:

• A switch to the Cash Balance will not change the profile percentages in your Account.

• A switch to the Cash Balance may cause excess cash to be reinvested across your existing profile including the ‘Switch From’managed investment.


I direct ASGARD to action my request as set out in this PART 2 – Investment Selection.

I have received a copy of the current Product Disclosure Statement and Supplementary Product Disclosure Statement for therelevant product from my financial adviser and a copy of the current Product Disclosure Statement (except where not required) foreach managed investment in my profile.

If section 2 or 3 has been completed, I understand that this Investment Selection will rebalance my Account to the percentages orportfolio listed in that section.

Signature Date | |x

7. Signatures


0APYMES50505_sup2

Adviser’s Company

Adviser’s Name

Adviser’s Phone

ASGARD Client Relationship Centre

ASGARD Adviser’s Code BA

6. Adviser’s Details

ASGARD Employee Superannuation Account · number 5) for ASGARD Employee Superannuation Account....

Documents

Transcript of ASGARD Employee Superannuation Account · number 5) for ASGARD Employee Superannuation Account....