Eight Sector Trusts

The following paragraphs describe the various asset classes in which we currently invest. We may vary the asset classes from time to time.

Cash

This asset class includes short term debt securities issued with a term to maturity of less than one year. The securities are issued or guaranteed by the Australian Government (or the Government of a State or Territory of Australia), Australian banks and other issuers of high credit quality.

Vanguard Investments Australia Ltd currently manages this asset class.

Enhanced Cash

This asset class includes cash and investment grade higher yielding debt securities such as floating rate notes, mortgage backed securities, asset backed securities and corporate bonds. Investment grade securities are those rated at least BBB- by Standard & Poors or Baa3 or higher by Moodys. The enhanced cash portfolio maintains a duration similar to that of traditional cash type investments.

Aberdeen Fund Managers Australia Limited currently manages this asset class.

Australian Fixed Interest

This asset class includes debt securities issued by the Australian Government or the Government of a State or Territory of Australia. It also includes investments in investment grade, higher yielding debt securities such as floating rate notes, corporate bonds and shortterm securities.

Colonial First State Investments Limited and Barclays Global Investors Australia Limited currently manage this asset class.

International Fixed Interest

This asset class includes debt securities issued by the government of a country outside Australia and non-government investment grade, higher yielding debt securities such as floating rate notes, corporate bonds, asset and mortgage backed securities and short-term securities. International fixed interest investments are hedged 100% to the Australian Dollar. In simple terms, this means that the portfolio is protected against the full impact of increases and decreases in currency rate movements.

PIMCO Australia Pty Limited and Vanguard Investments Australia Ltd currently manage this asset class.

Australian Listed Property Trusts

This asset class includes units or ordinary shares of property trusts and property related companies, which are listed on the Australian Securities Exchange.

Challenger Managed Investments Limited and Vanguard Investments Australia Ltd currently manage this asset class.

Global Listed Property Securities

This asset class includes units or securities of property trusts and property related companies which are listed on the Australian and recognised overseas securities exchanges. Global listed property securities are hedged 100% to the Australian Dollar.

Deutsche Managed Investments Limited (RREEF), Cohen and Steers Capital Management Inc., LaSalle Investment Management (Securities), LP, and SG Hiscock & Company Limited currently manage this asset class.

Australian Equities

This asset class includes ordinary shares, preference shares and other equity securities of companies or trusts listed on the Australian Securities Exchange.

Orion Asset Management Ltd, Barclays Global Investors Australia Limited, Fidelity International Limited, AllianceBernstein Investment Management Australia Limited and Vanguard Investments Australia Ltd currently manage this asset class.

International Equities

This asset class includes companies listed on a recognised overseas securities exchange. Investments include ordinary shares, preference shares and other equity securities or derivatives of companies or trusts listed on these exchanges. Currently, international equities are hedged to a benchmark of 50% to the Australian Dollar. As this is a target, the actual level of hedging may change from time to time. State Street Global Advisors, Australia, Limited currently manages the hedging process.

BlackRock Investment Management (Australia) Limited, Wellington Management Company LLP, Walter Scott & Partners Limited and AllianceBernstein Investment Management Australia Limited currently manage this asset class.