Macquarie Investment Accumulator - Your Link to Financial Services

The Investment Accumulator Further Information booklet is available at wrapguide.com.au/iaccum using the password invest. 1

Macquarie Investment AccumulatorIDPS Guide

Macquarie Wrap Macquarie Adviser Services

Investor Directed Portfolio Service Guide issued by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492

Dated 31 August 2010

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Contents

This document is the Investor Directed Portfolio Service (IDPS) Guide for Macquarie Investment Accumulator (Investment Accumulator), an IDPS operated by Macquarie Investment Management Limited ABN 66 002 867 003 Australian Financial Services Licence 237 492 (MIML/we/us/our/the operator).

Investment Accumulator and Macquarie Investment Manager and the superannuation products Macquarie Super and Pension Manager and Macquarie Super Accumulator, are provided by MIML under the name Macquarie Wrap, part of Macquarie Group Limited.

MIML has appointed Bond Street Custodians Limited ABN 57 008 607 065 (BSCL) to hold your assets in custody. BSCL also liaises with the product issuers of those managed investments that appear on the investment menu. BSCL and MIML are wholly owned subsidiaries of Macquarie Bank Limited ABN 46 008 583 542 (MBL/the Bank).

Companies named in this IDPS Guide (Guide) and the Macquarie Investment Accumulator Further Information booklet (Further Information booklet) have given and have not withdrawn their consent to statements by or about them, or statements based on statements by them, in this Guide and the Further Information booklet in the form and context in which they appear.

In deciding whether to acquire or continue to hold an investment, you should consider this Guide and the Further Information booklet. Applications can only be made on the application form contained in the current Guide. The operator may change any of the terms and conditions in this Guide and the Further Information booklet with, in the case of certain material changes, 30 days notice to investors. Information that is not materially adverse is subject to change from time to time and may be updated through the website, wrapguide.com.au/iaccum. A paper copy of any updated information is available free of charge upon request.

Investments made through Investment Accumulator are not deposits with or other liabilities of MBL or of any Macquarie Group company, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither MBL, MIML, nor any other member company of the Macquarie Group guarantees the repayment of capital or the performance or any particular rate of return of the investments purchased through Investment Accumulator.

IDPS Guide dated 31 August 2010.

We will only issue, circulate and distribute this Guide within Australia. This offer is only available to persons receiving this Guide in Australia (electronically or otherwise).

The information contained in this Guide and the Further Information booklet is general information only. We have not taken into account your objectives, financial situation or needs. You should consider the appropriateness of the information in this Guide and the Further Information booklet, taking into account your objectives, financial situation and needs, before acting on any information in this Guide or the Further Information booklet. You should obtain the relevant Product Disclosure Statement (PDS) and other disclosure documents for a financial product before making any decision about whether to acquire that financial product.

MIML is a member of the Financial Services Council (FSC). FSC member companies must comply with standards set by the FSC, which are primarily designed to inform investors.

01 The Macquarie Wrap difference

02 Why choose Macquarie Investment Accumulator?

04 How Macquarie Investment Accumulator works

05 Features at a glance

07 Understanding your investments

10 About the service and custodian

11 Fees and other costs

13 Additional explanation of fees and costs

15 Before you start

16 Frequently asked questions

17 How to complete an application

19 Portfolio types and application requirements

Insert:

Macquarie Investment Accumulator application booklet


The Macquarie Wrap difference

What is a Wrap service?As the name suggests, a Wrap service draws all of your investments together around a cash hub. This enables easy administration of your portfolio, as all buying, selling, reporting and maintenance of investments held in your portfolio occurs in one place. Macquarie Wrap products are designed for investors who are looking for:

a wide choice of investments■■

consolidated reporting, and■■

someone else to manage the paperwork related to ■■

their portfolio.

As a Macquarie Wrap client you will benefit from online access to your portfolio details and tax efficient features, all supported by Macquarie Wrap’s leading-edge technology and deep technical know-how.

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Important informationThis document is an investor directed portfolio service guide (Guide) and aims to provide you with the information necessary to open your portfolio. The Investment Accumulator Further Information booklet (Document number MAQIA01) contains information on how to operate your portfolio once it is opened as well as general information on the investment service.

This Guide should be read in conjunction with the Investment Accumulator Further Information booklet, the Product Disclosure Statements (PDS) and other disclosure documents of the underlying investments that you invest in (which will be provided by your adviser free of charge).

As an environmental initiative, the Investment Accumulator Further Information booklet has not been printed as the material it contains is subject to more frequent changes. The booklet, together with the Macquarie Investment Management Limited Financial Services Guide, is available online at wrapguide.com.au/iaccum using the password invest.

If you are unable to access the online information, your adviser can provide the information in hard copy. Alternatively, the hard copy information is available from us free of charge.

Macquarie WrapMacquarie Wrap is operated by Macquarie Investment Management Limited (MIML). MIML is one of Australia’s most reputable financial services providers and has offered Wrap investment and administration solutions to investors and their advisers since 1999. MIML offers award-winning client service, efficient administration and continued innovation.

Our commitment to service At Macquarie Wrap, we offer an award-winning suite of investment and administration products and services, and we measure ourselves against quality client service and attention to detail. In the end, it is how we respond to you that really sets us apart.

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Why choose Macquarie Investment Accumulator?

Investment Accumulator is designed for investors who are interested in creating a combined portfolio of diversified investments without the administration hassles.

With an extensive range of managed investments to choose from, comprehensive online reporting and exceptional client service, Investment Accumulator is the choice for a wide range of investors.

Further details of the features are available in the Further Information booklet.

Who can open an Investment Accumulator portfolio?

Individuals over 18 years old■■

Joint account holders■■

Companies■■

Incorporated bodies (e.g. strata bodies corporate, trade ■■

unions and some social or sporting associations)

Unincorporated bodies■■

Trustees, including trustees of self managed ■■

superannuation funds, and

Deceased estates■■

A wide range of investment optionsNot everyone’s investment needs are the same, so we provide you with access to a wide choice of managed investment schemes (also called managed investments or managed funds). This means you and your adviser can construct an investment portfolio to meet your individual financial objectives:

a wide range of managed investments available, with over ■■

260 managed investments offered by over 45 professional investment managers

access to all of the main asset classes■■

managed investments are generally available at wholesale ■■

fees which can be significantly cheaper than the retail fees you would pay if you invested in each managed investment directly.

Other personal assets

It may be possible to include in your portfolio reporting other assets which are not Wrap approved investment options. Your adviser can provide us with details of these assets so that we can include them in some of the reports that we provide to you.

Consolidated reporting on your portfolioBoth you and your adviser can track your investments online. Our consolidated reporting, updated each weekday, provides you with comprehensive reports on your portfolio. These reports include details of:

your investments and their value■■

all transactions on your portfolio■■

the performance of your portfolio■■

your asset allocation, and■■

the income received and the expenses charged to ■■

your portfolio.

Upon opening your portfolio, you will be issued with an access code and password for ClientView, our secure online reporting website.


Smart administration made simpleWe receive all correspondence from investment managers and product issuers on your behalf. This enables us to offer streamlined transacting and processing.

Individual tax processing

Your investment income and capital gains/losses are tracked for you in any given year, making it easier to provide the relevant details at tax time. You will not need to contact different financial institutions for the details of your income, as we will provide you with a consolidated tax report.

You retain the rights

Your portfolio is held in your name and you make all the investment decisions. Please refer to the About the service and custodian section for more information.

Margin lending

You can increase the size of your portfolio through gearing with a margin loan or instalment gearing facility. For added flexibility, we offer a choice of margin lenders.

Competitive life insurance1

You can add a range of insurance solutions as part of your portfolio that can cover you for the financial consequences of death, disability or medical conditions. Please refer to the Macquarie Super Protector PDS (death and disability insurance), FutureWise PDS (death, disability and medical recovery insurance) and Macquarie Life Active PDS for further details.

1 Macquarie Super Protector, FutureWise and Macquarie Life Active are insurance products offered by Macquarie Life Limited ABN 56 003 963 773 AFSL 237 497. FutureWise Super is a superannuation product issued by MIML. You should consider the appropriateness of the information contained in the applicable PDS, available from your adviser, before making a decision to acquire and hold an insurance product.

Cash Transactionsfrom 2 December 2009 to 14 July 2010Transactions displayed in ascending date orderAccount Name: SAMPLE AAccount No: 111111Product:Adviser:

DescriptionDate Debit($) Credit($) Balance($)

OPENING BALANCE02/12/2009 $0.00Investment Application 2,000.0004/12/2009 $2,000.00 CRSavings Plan Contribution 400.0010/12/2009 $2,400.00 CRInterest Income Paid 5.8805/01/2010 $2,405.88 CRAdministration Fee 1.1005/01/2010 $2,404.78 CRAdviser Fee 1.9305/01/2010 $2,402.85 CRSavings Plan Contribution 400.0013/01/2010 $2,802.85 CRPortfolio Switch Redemption 1,550.0027/01/2010 $1,252.85 CRAdministration Fee 1.3303/02/2010 $1,251.52 CRAdviser Fee 2.3303/02/2010 $1,249.19 CRSavings Plan Contribution 400.0010/02/2010 $1,649.19 CRPortfolio Switch Redemption 160.0016/02/2010 $1,489.19 CRPortfolio Switch Redemption 120.0016/02/2010 $1,369.19 CRPortfolio Switch Redemption 80.0016/02/2010 $1,289.19 CRPortfolio Switch Redemption 80.0016/02/2010 $1,209.19 CRPortfolio Switch Redemption 80.0016/02/2010 $1,129.19 CRPortfolio Switch Redemption 60.0016/02/2010 $1,069.19 CRPortfolio Switch Redemption 60.0016/02/2010 $1,009.19 CRIncome Distribution - GMO Australian Small Companies Trust 1.6302/03/2010 $1,010.82 CRAdministration Fee 1.4503/03/2010 $1,009.37 CRAdviser Fee 2.5503/03/2010 $1,006.82 CRSavings Plan Contribution 400.0010/03/2010 $1,406.82 CRPortfolio Switch Redemption 80.0016/03/2010 $1,326.82 CRPortfolio Switch Redemption 60.0016/03/2010 $1,266.82 CRPortfolio Switch Redemption 60.0016/03/2010 $1,206.82 CRAdministration Fee 1.8707/04/2010 $1,204.95 CRAdviser Fee 3.2807/04/2010 $1,201.67 CRInterest Income Paid 13.5309/04/2010 $1,215.20 CRSavings Plan Contribution 400.0014/04/2010 $1,615.20 CRIncome Distribution - Vanguard Emerg Market Shares Index Fund 0.1516/04/2010 $1,615.35 CRIncome Distribution - Vanguard Intl Share Index Fund 0.7716/04/2010 $1,616.12 CRPortfolio Switch Redemption 50.0016/04/2010 $1,566.12 CRPortfolio Switch Redemption 50.0016/04/2010 $1,516.12 CRPortfolio Switch Redemption 50.0016/04/2010 $1,466.12 CRAdministration Fee 2.0105/05/2010 $1,464.11 CRAdviser Fee 3.5405/05/2010 $1,460.57 CRPortfolio Switch Redemption 50.0017/05/2010 $1,410.57 CRPortfolio Switch Redemption 50.0017/05/2010 $1,360.57 CRPortfolio Switch Redemption 50.0017/05/2010 $1,310.57 CRPortfolio Switch Redemption 50.0017/05/2010 $1,260.57 CRAdministration Fee 2.0904/06/2010 $1,258.48 CRAdviser Fee 3.6604/06/2010 $1,254.82 CRAdministration Fee 2.0105/07/2010 $1,252.81 CRAdviser Fee 3.5205/07/2010 $1,249.29 CRInterest Income Paid 12.3506/07/2010 $1,261.64 CRIncome Distribution - Walter Scott Global Equity Fund 2.1813/07/2010 $1,263.82 CRIncome Distribution - Perennial Value Shares Wsale Trust 5.5714/07/2010 $1,269.39 CRCLOSING BALANCE14/07/2010 $1,269.39 CR

TOTALS 2,772.67 4,042.06

15/07/2010 14:08 Account No: 111111Page 1/2

Portfolio Valuation

Account Name:

Product:111111Account No:

Adviser:

SAMPLE A

as at 14 July 2010

Cost ($)Security Average CostPer Unit ($)

Market Price($)

Market Value($)

Portfolio(%)

Units

MANAGED FUNDS AND LISTED TRUSTS

Australian Shares - Industrial & ResourcesPerennial Value Shares Wsale Trust(IOF0206AU) 1.1368 1.0468* 561.71 14.44%536.5953 610.00

Perpetual Wsale Industrial Fund(PER0046AU) 1.5252 1.4310* 440.98 11.33%308.1597 470.00

Perpetual Wsale Concentrated Equity Fund(PER0102AU) 1.7396 1.6520* 446.34 11.47%270.1832 470.00

1,449.031,550.00 37.25%

Australian Shares - Small CompaniesGMO Australian Small Companies Trust(GMO0101AU) 0.8809 0.8164* 213.17 5.48%261.1062 230.00

213.17230.00 5.48%

International Shares - GlobalWalter Scott Global Equity Fund(MAQ0410AU) 1.0982 1.0843* 404.80 10.40%373.3302 410.00

Vanguard Intl Share Index Fund(VAN0003AU) 1.0741 1.0685* 318.33 8.18%297.9245 320.00

723.13730.00 18.59%

International Shares - RegionalVanguard Emerg Market Shares Index Fund(VAN0005AU) 1.6301 1.6712* 235.80 6.06%141.0966 230.00

235.80230.00 6.06%2,621.132,740.00 67.37%Total Managed Funds and Listed Trusts

DIRECT CASHMacquarie WRAP Solutions Cash Account 1,269.391,269.39

1,269.39 32.63%1,269.39Total Direct Cash

Account No: N0169715/07/2010 14:08 Page 1/4

Income and Expensesfrom 2 December 2009 to 30 June 2010

Account Name: SAMPLE AAccount No: 111111Product:Adviser:

CurrentPeriod($)

FinancialYTD($)2

Income Flows

31.76 31.76Interest Received

2.55 2.55Dividends/Distributions Received

Total Income Flows 34.31 34.31

Expenses

0.00 0.00Goverment Charges3

(9.85) (9.85)Administration fees

(17.29) (17.29)Adviser fees

Total Expenses (27.14) (27.14)

Net Income/(Expense) 7.17 7.17

Realised Gains/(Losses)1

Total Realised Gains/(Losses) 0.00 0.00

Net Income Flows 7.17 7.17

Note: This report uses a cash basis for accounting i.e. it uses receipt date for transaction vs payment date. All figures displayed are inclusive of GST.

1Realised Gains/(Losses) are not indexed to the CPI.2Financial YTD is for current financial year only.3The Government Charges amount on this report includes withholding tax.

For all enquiries regarding this report please call Announcer Financial Planning on 02 9251 5558.Information in this report is provided by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 (MIML). While the information in thisreport is given in good faith and is believed to be reliable and accurate, neither MIML nor any member of the Macquarie Group gives any warranty as to thereliability or accuracy of the information, nor accepts any responsibility for any errors or omissions.

15/07/2010 14:08 Account No: 111111Page 1/1

Income and Expensesfrom 2 December 2009 to 30 June 2010


CurrentPeriod($)

FinancialYTD($)2

Income Flows

31.76 31.76Interest Received

2.55 2.55Dividends/Distributions Received

Total Income Flows 34.31 34.31

Expenses

0.00 0.00Goverment Charges3

(9.85) (9.85)Administration fees

(17.29) (17.29)Adviser fees

Total Expenses (27.14) (27.14)

Net Income/(Expense) 7.17 7.17

Realised Gains/(Losses)1

Total Realised Gains/(Losses) 0.00 0.00

Net Income Flows 7.17 7.17

Note: This report uses a cash basis for accounting i.e. it uses receipt date for transaction vs payment date. All figures displayed are inclusive of GST.

1Realised Gains/(Losses) are not indexed to the CPI.2Financial YTD is for current financial year only.3The Government Charges amount on this report includes withholding tax.

For all enquiries regarding this report please call Announcer Financial Planning on 02 9251 5558.Information in this report is provided by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 (MIML). While the information in thisreport is given in good faith and is believed to be reliable and accurate, neither MIML nor any member of the Macquarie Group gives any warranty as to thereliability or accuracy of the information, nor accepts any responsibility for any errors or omissions.

15/07/2010 14:08 Account No: 111111Page 1/1

Investment Transactionsfrom 2 December 2009 to 14 July 2010


UnitsDate PriceDescription Cost1

($)Proceeds2

($)Market Value3

($)

GMO Australian Small Companies Trust (GMO0101AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

100.0027/01/2010 0.9059110.3875

Portfolio SwitchApplication

80.0016/02/2010 0.869891.9752


50.0017/05/2010 0.851258.7435

213.1714/07/2010 0.8164*261.1062Current Balance

Perennial Value Shares Wsale Trust (IOF0206AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

400.0027/01/2010 1.1272354.8616


80.0016/02/2010 1.107772.2217


80.0016/03/2010 1.174268.1315


50.0016/04/2010 1.208341.3805

561.7114/07/2010 1.0468*536.5953Current Balance

Walter Scott Global Equity Fund (MAQ0410AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

200.0027/01/2010 1.0966182.3819


160.0016/02/2010 1.0968145.8789


50.0017/05/2010 1.109445.0694

404.8014/07/2010 1.0843*373.3302Current Balance

Perpetual Wsale Industrial Fund (PER0046AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

300.0027/01/2010 1.5130198.2816


60.0016/02/2010 1.482040.4858


60.0016/03/2010 1.555038.5852


50.0016/04/2010 1.623030.8071

440.9814/07/2010 1.4310*308.1597Current Balance

Perpetual Wsale Concentrated Equity Fund (PER0102AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

300.0027/01/2010 1.7180174.6217


60.0016/02/2010 1.697035.3565


60.0016/03/2010 1.789033.5383


50.0016/04/2010 1.875026.6667

446.3414/07/2010 1.6520*270.1832Current Balance

Vanguard Intl Share Index Fund (VAN0003AU)Opening Total01/12/2009 0.0000Portfolio SwitchApplication

150.0027/01/2010 1.0793138.9790

15/07/2010 14:08 Account No: 111111Page 1/2

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Your adviser establishes and maintains your portfolio and is your main point of contact for portfolio queries. Your adviser will work with you to identify an investment strategy which best suits your risk profile and needs, and will provide you with information about your investment options within Investment Accumulator to implement the strategy.

Investment Accumulator assists you and your adviser by minimising the administration involved in managing your investments.

Your Cash AccountYour Investment Accumulator portfolio is ‘wrapped’ around a cash hub, the Macquarie Wrap Solutions Cash Account1 (Cash Account). This means you combine a powerful investment platform with a transactional cash facility that helps you control your money.

All cash transactions into or out of your account, including deposits, applicable withholding taxes, payments, fees and charges are processed through your Cash Account. You can also deposit directly into the Cash Account from different sources using a variety of methods such as BPAY® and

electronic funds transfer. Upon your instructions, your adviser can buy and sell investments within your portfolio online. Prior to investing, your adviser will provide you with the disclosure documents for these investments. You should carefully consider these disclosure documents before investing.

Taking the ‘work’ out of paperworkWe process all investment paperwork associated with your transactions on your behalf. This is all done according to the instructions you provide to your adviser which are then sent to us.

This significantly reduces the burden of ongoing administrative paperwork for your adviser, giving them more time to explore new investment options to make your money work even harder for you.

Online reportingYour adviser can go online at any time to view a consolidated picture of your portfolio through our secure web portal, so their advice to you is based on the latest, integrated view of your financial situation.

How Macquarie Investment Accumulator works

ADvISer

MArGIN LeNDING

rePorTING

Your PorTFoLIo

MANAGeD INveSTMeNTS

INCo

Me

INveST

CASh ACCouNT• Pension payments2

• Adviser fees• Administration fees

• Cheque, direct credit, BPAY® or direct debit

• Super contributions2

• Investment income• Rental income• Other income

Your Investment Accumulator Portfolio

1 Macquarie Wrap Solutions Cash Account is offered by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492. In deciding whether to acquire or continue to hold an investment, you should consider the Macquarie Wrap Solutions Cash Account Product Disclosure Statement (PDS), which accompanies this Guide.

2 If you are opening a self managed superannuation fund portfolio.

® registered to BPAY Pty Ltd ABN 69 079 137 518.


Features at a glance

The main features of Investment Accumulator are outlined below. Further details are available in this Guide and the Further Information booklet, available online at wrapguide.com.au/iaccum using the password invest.

Feature Key information

Reporting

Online access ClientView is a secure website that allows you to view details of your portfolio, such as the overall value, asset allocation and transaction history.

Statements You may elect to receive hard copy quarterly statements on your portfolio.

Group reporting Link multiple portfolios to access a consolidated report.

Tax reporting Receive consolidated tax information each year to assist with completing your tax return.

Investment options

Cash Account The cash hub for all the cash transactions into and out of your portfolio.

Managed investments Over 260 managed investments are available on the investment menu.

Other approved assets It may be possible to include other approved assets in your portfolio which do not fall into the investment options described above.

Services

Margin lending You can borrow funds to increase the size of your investment portfolio.

Dollar cost averaging Regular monthly or quarterly investments from your Cash Account into managed investments.

Automatic cash management Manage the balance in your Cash Account through the automated buying and selling of managed investments.

Automatic rebalancing Rebalance the managed investments within your portfolio to ensure your portfolio stays in line with your investment strategy.

Taxation

Tax reporting We will provide you with a consolidated tax report.

Investment/Transaction minimums

Initial investment and ongoing balance

$5,000 or $2,000 with a regular direct debit facility.

Cash Account balance $500

Balance per managed investment $1,000

Managed investment transactions $500

Other approved assets $1,000 (unless otherwise stated).

Additional investments

Cheque, direct deposit or BPAY® $500

Direct debit $100 per debit

Withdrawals

Minimum withdrawal $500 per lump sum withdrawal.

In-specie transfer to Investment Manager

You can in-specie transfer your assets into an Investment Manager portfolio.

® registered to BPAY Pty Ltd ABN 69 079 137 518.

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Feature Key information

Fees and other costs

Administration costs The fee paid to the operator for the general administration of your portfolio.

Investment management costs The fees charged by the product issuers for the managed investments and other approved assets held within your portfolio.

Adviser fees These fees are negotiated with, and payable to, your adviser and/or their dealer group.

Other fees and costs Other fees and costs may apply to your portfolio.

Transacting on your portfolio

Online transacting for your adviser On your instruction, your adviser can buy and sell your investments online.

Further information

Further Information booklet The Further Information booklet includes information about the operation of your portfolio and more detailed information on the features contained within this document.

The booklet can be accessed at wrapguide.com.au/iaccum using the password invest.


Features at a glance


Understanding your investments

By investing through Investment Accumulator you have access to over 260 managed investments. Before investing, you should read any PDS and other disclosure documents that are provided to you by your adviser.

What are the risks?In an investment context, risk is the possibility of not meeting your financial objectives. If the value of your investment is expected to change (up or down) significantly over time, this is considered a volatile or more risky investment. Investments that offer the highest returns generally also carry the highest level of risk. All investments involve some element of risk. Given the risks of different asset classes over the long-term, investors could generally expect listed securities and property investments to generate the highest average return with the most volatility. Fixed interest and cash investments could be expected to produce lower average returns, but with lower volatility. The relationship between risk and return over the 15 years to 31 May 2010 is illustrated in the following diagram. Periods of extended volatility in both financial markets and the Australian dollar, such as the period between 2007 and 2010, have resulted in some long term asset class returns varying from what may generally be expected.

Risk

Ret

urn

Cash

Aus Fixed Interest

Conservative funds

Balanced funds

Global Equities

Growth funds

Aus Equities

Aus Listed Property

This graph has been prepared by MIML, based on indices we commonly use to measure the performance and risk of the relevant investment markets (over the past 15 years, 1 June 1995 to 31 May 2010). The reinvestment of dividends and/or income has been assumed. Past performance is no indication of future performance. The value of your investment can rise or fall.

The level of risk associated with your portfolio will depend in part on the investment strategy you and your adviser adopt. You need to consider the specific risks of the investments you choose, which are included in the PDS and other disclosure documents in addition to the risks described in this Guide.

How does diversification help reduce risk?As well as the risks, you should also consider how investing through Investment Accumulator fits into your overall investment portfolio. Diversification of your investment portfolio can be used as part of your overall portfolio risk management to limit your exposure to loss or underperformance of any one investment, product issuer or asset class. For more information on diversification, please refer to the Investment selection section in the Further Information booklet.

Investment risksIn considering the associated risks when investing through Investment Accumulator, there are broadly two types of risk categories you should be aware of:

general risks: ■■ those which arise from participating as an investor in financial markets

specific risks:■■ which can be considered as risks which stem from the specific product design.

Details of the general and specific risks that investors should consider when investing through Investment Accumulator are outlined in this Guide. There are other risks that may affect the performance of investments and no assurance or guarantee as to future profitability, return of capital or performance of these managed investments can be provided by MBL or any other Macquarie Group company or any of the product issuers (except where stated). For more comprehensive details of the risks you may be exposed to, you need to consider this Guide and the Further Information booklet and the PDS and other disclosure documents of the underlying investments you are considering.

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General investment risks

Understanding your investments

Risk Description

Sharemarket A change in the price of shares (or other listed securities) in which your underlying managed investments have invested may result in loss of principal or large fluctuations in the unit prices. Factors that drive changes in share prices may include changing profitability of, and confidence in, companies, industries/sectors, economic cycles, volume of shares on issue, investor demand levels, business confidence and government and central bank policies.

Inflation Your investments may not keep pace with inflation. Broadly, this means prices may increase by more than the value of your investments. If this risk eventuates, you would not be able to buy as much with the value of your investments in the future as you could now.

Interest rate Changes in interest rates may adversely affect the value of certain investments. An increase in interest rates may lead to a reduction in the value of a fixed interest investment, and vice-versa. This risk is usually greater for fixed interest investments that have longer maturities.

Default Where money has been lent, this is the risk that the borrower (or product issuer) will not pay the interest and/or repay the principal of a security in which you or your underlying managed investments invest. This risk is generally greater for borrowers or issuers with lower credit ratings.

Country The risk that potential adverse political, economic or social developments may adversely affect the return on an investment in that country. Examples include political instability, recession and war. Exposure to country risk is higher where you or your managed investments invest in emerging markets or developing countries.

Volatility Generally the higher the potential return for the investment the higher the risk, and the greater the chance of substantial fluctuation in returns (including the possibility of losses) that may occur over time (especially over shorter periods of time).

Issuer The risk that the product issuer may not achieve its performance objective or does not produce returns that compare favourably against its peers.

Counterparty The risk of loss to your investment due to counterparty default. Counterparties can include brokers for exchange traded futures, structured investment counterparties, fixed interest investment issuers and term deposit takers.

Change of law Changes in laws or their interpretation, including taxation and corporate regulatory laws, practice and policy could have a negative impact on your investment.

Specific investment risksRisk Description

Liquidity Certain investments may be difficult to purchase or sell, preventing closing out a position or rebalancing within a timely period and at a fair price. Choosing an investment that has low liquidity or is not priced on a daily basis may affect the timeframe within which we can process any future request from you to withdraw part or all of your portfolio. It is important that you understand this consequence before you select this type of investment. Please refer to the How do I withdraw? section in the Further Information booklet for more details.

While an investment may be liquid at the time of purchase, there is a risk that the investment may become illiquid at a point in the future. Refer to the underlying PDS and other disclosure documents for each investment option for further details on the investment’s liquidity.

Concentration Concentration risk is the risk that poor performance of a single investment or group of investments significantly affects your portfolio return. Making a concentrated investment gives greater exposure to the underperformance or failure of that single asset. You should also consider the concentration risk of being exposed to deposit takers as well as holding shares and other investment products issued by that particular entity.

Fund (managed investment)

This is the risk that a fund could terminate, the fees and expenses could change, or key investment manager staff could change. There is also the risk that investing in a fund may give less favourable results than investing directly in the assets in which a fund invests because of the income and capital gains accrued in the fund and the consequences of investment and withdrawal by other investors.

Currency Currency risk is the risk that fluctuations in exchange rates between the Australian dollar and foreign currencies may cause the value of managed investments to decline significantly. Product issuers may choose to mitigate the impact of currency movement by ‘hedging’ all or part of the investment’s exposure to foreign currencies, however there is no guarantee this will occur.


Risk Description

Derivative Product issuers may use leveraged instruments, such as exchange traded futures contracts, to obtain or reduce market exposure. Derivatives, such as futures and options, are financial instruments whose value is derived from actual underlying assets. Futures and options can be used to offset the risk of price variations in securities or as an alternative to buying the underlying security. Futures and options can also be used to take advantage of any opportunities for profit which may exist in the market from time to time and in the management of currency. Losses as well as gains are magnified through the use of leverage.

Geared investment options

Product issuers of underlying managed investment products may borrow money to increase the total amount invested which increases the volatility of investment returns. This is known as gearing.

Gearing an investment option could typically increase long-term returns. However, if the asset value were to fall, gearing may result in substantial negative returns. In the event of a significant fall in the asset value, the value of a geared investment could fall to less than the total value of borrowings, rendering the investment worthless. Although the chances of this occurring are low, it emphasises that gearing is a strategy for high risk investors. An increase in interest rates may also negatively impact returns. There is also a risk that the product issuer may not be able to refinance its borrowings at commercially reasonable rates or at all and may be forced to sell assets. Gearing may not be suitable for all investors. We recommend you discuss the suitability of geared investments with your adviser.

Non-investment risksAs with any service that uses technology, there is some risk that our administration system’s hardware and software may fail, causing a delay in the processing and reporting on your portfolio. We do not accept responsibility if this was to happen and the failure was outside of our control. We have sought to address this risk and the risks associated with other unforeseen circumstances by implementing a disaster recovery plan. This includes manual processes and nightly backups of our computer systems. We also ensure that our systems and control procedures are reviewed by an external, independent auditor on an annual basis.

There is also risk associated with our reliance on information provided by product issuers and other external service providers. We address this risk by having service agreements in place with third parties. When they notify us of an error, it is corrected promptly and if the change is material, it is communicated to you and/or your adviser.

Your investment instructionsYou give us investment instructions through your nominated adviser. Your adviser will ask you to complete a transaction authorisation and will carry out your instructions. If you cannot contact your adviser, you must give us written and signed instructions, provided that you have received the relevant PDS and other disclosure documents for these investments. These instructions can be faxed, subject to the Fax and electronic instruction service requirements in the Further Information booklet.

Instructions will be acted on and effected as soon as practicable but there is no obligation to do so by any particular time, nor any obligation to enquire whether they are genuine or proper. In certain circumstances your assets can be realised without obtaining your instructions, with the proceeds paid to your Cash Account. For example, if your managed investment holding has dropped below the minimum requirement. You are responsible for any associated fees.

We will act on all instructions from your adviser or directly from you except in limited circumstances, including if:

we suspect that you or your adviser are in breach of the ■■

terms of this Guide

the authenticity of the instruction is in doubt ■■

your instructions are unclear■■

following the instructions is contrary to the law or ■■

relevant policy

you do not have sufficient available cash in your Cash ■■

Account to carry out the instruction

either your portfolio and/or Cash Account would fall below ■■

the minimum balance if the instructions were carried out

you do not have sufficient investment holdings for us to ■■

carry out the instruction

acting on them would be impracticable or would breach ■■

relevant market practice, or

where your instructions require pre-approval by a margin ■■

lender where you have a margin loan attached to your portfolio.

10

About the service and custodian

The activities of the custodian and the investor directed portfolio service are regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC).

The Custody DeedThe operation of the custody service provided to you is set out in the Custody Deed and is described in this Guide. BSCL is our agent for the purpose of providing the custody service to you. Only investments held by us as your custodian can be transacted through Investment Accumulator. You may request, and we will provide as soon as practicable, a copy of any communication required by law to be given to you as the holder of accessible investments. The obligations on us and BSCL in providing the custody service to you are set out in the Custody Deed, which is available on the Wrap website or a copy of which can be provided to you on request free of charge.

OperatorMIML is the operator of the investor directed portfolio service. Our obligations as operator include (but are not limited to):

choosing the investment options available to investors ■■

ensuring the service operates in accordance with its ■■

Custody Deed, and

reporting ■■ regularly to you.

How is investing in Investment Accumulator different to investing directly?

Your rights

It is important to recognise that acquiring interests in underlying investments such as managed investments through Investment Accumulator is not identical to holding these investments in your own right. Please note the following differences:

the custodian, BSCL, will be the legal owner of the assets ■■

rather than you

you do not become the direct unit holder in the managed ■■

investments you have selected for your portfolio. The registered unit holder will be BSCL as our agent for you. As such, BSCL may exercise the rights of a unit holder or decline to exercise them in accordance with the arrangements specified in the Custody Deed

certain rights and obligations available to, or owing by, the ■■

legal owner of an asset are exercisable by the operator, rather than by you for example:

cooling off rights generally do not apply, and –

transaction processing and unit pricing may differ –

when you make an initial or additional investment in an ■■

underlying investment, there is a risk that you have not considered the most recent PDS and other disclosure documents for the underlying investment, or that you have not been made aware of recent material changes or significant events affecting that investment, and

you can access managed investments, generally with ■■

wholesale fees, which can be significantly cheaper than the retail fees you would pay if you invested in each managed investment directly.

In performing our services, from time to time, interest bearing pooled operating accounts will be used, however no interest is payable to you in respect of those accounts.

Information from underlying investments

BSCL holds the investments in your portfolio and receives all communication from the issuers of the investments in your portfolio. You can request a copy of these communications and, where possible, we will provide them to you directly or to your adviser directly or through our website, as soon as practicable.

Keeping you informed

You may request an up to date copy of the IDPS Guide for Investment Accumulator at any time from your adviser free of charge. Where applicable, you should read the relevant PDS and other disclosure documents prior to investing.

As PDS and disclosure documents may be updated or replaced from time to time, your adviser must provide you with the most recent PDS and other disclosure documents for each investment you are considering. The PDS and other disclosure documents for each investment are prepared by the relevant product issuer. These documents contain detailed information about the product issuer and the management and administration of the investment. The most recent versions of these documents are available on ClientView or from your adviser.

If an event occurs about which we have not yet informed you, but which we believe is an important consideration when making additional investments or switches within your portfolio, we may be unable to immediately comply with any investment instructions we receive from you. In this event, we will forward you the relevant information and will only execute your instructions when we believe you have received all the necessary information.



The total fees and charges you pay will include the costs of this service as well as the cost of any investment you choose. It is important that you understand the fees of any investment you choose, and that those fees are in addition to the fees charged by us for the service, together with transaction and portfolio costs incurred on your behalf. The costs of the investments you choose will generally be set out in the PDS and other disclosure documents for the investments.

If you have insufficient available cash in your Cash Account, we reserve the right to sell down your holdings to top up your Cash Account up to the required minimum and deduct outstanding fees. Please refer to the Transacting section in the Further Information booklet for more details.

1 except where noted, fees will be debited from your Cash Account, generally in the first week of the month after the fees were accrued or upon closure of your portfolio.

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 fund 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 management costs where applicable. Ask the issuer of the managed investment or your adviser.

To find out moreIf you would like to find out more, or see the impact of these fees based on your own circumstances, the Australian Securities & Investments Commission (ASIC) website (fido.asic.gov.au) has a managed investment fee calculator to help you check out different fee options.

Goods and Services Tax (GST)GST will apply to the fees and expenses charged by MIML. It will also apply to the fees charged by your adviser and the fees and expenses charged by product issuers of the managed investments which you select. We may be able to claim a Reduced Input Tax Credit (RITC) of 75% of the GST paid on some of these fees. Where we are able to claim a RITC, we will pass the benefit of this on to you.

The fees shown in the Fees and other costs section and the Additional explanation of fees and costs section are inclusive of GST unless expressly stated otherwise (after any adjustment for RITCs). You should read all of the information about fees and costs, as it is important to understand their impact on your portfolio.

Type of fee or cost Amount How and when paid1

Fees when your money moves in or out of your account

Establishment fee

Payable to your adviser

The fee to open your portfolio.

You and your adviser may negotiate an establishment fee.

One-off dollar based fee.

Contribution fee

The fee on each amount contributed to your portfolio.

Nil Not applicable

Withdrawal fee

The fee on each amount you take out of your portfolio.

Nil Not applicable

Termination fee

The fee to close your portfolio. Nil Not applicable

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Type of fee or cost Amount How and when paid1

Administration/Management costs

Payable to us

The fees and costs that we, as operator, charge for administering your portfolio.

Administration fee

0.62% p.a.

This equates to $6.20 per $1,000 of your portfolio.

Calculated on the daily closing balance of your portfolio.

This fee applies to each of your holdings including your Cash Account and each managed investment in your portfolio.

Payable to the product issuers2

The amount you pay for specific investment options is shown in the investment menu and the relevant PDS and other disclosure documents for each managed investment.

The investment costs range from 0.00% to 2.57% p.a. of the value of the investment holding’s assets. This equates to $0.00 to $25.70 per $1,000 invested. These costs can vary and may be subject to change at the discretion of the product issuers. These costs are correct as at 31 May 2010 and are estimates only, based on information provided by the product issuers. Refer to the PDS and other disclosure documents for each managed investment for specific information on fees payable.

This is an indirect fee calculated and charged by the individual product issuers and generally reflected in the unit price of each managed investment.

Refer to the PDS and other disclosure documents for each managed investment for details on how and when this fee is charged.

Service fees3

Transaction fees: The fee for changing investment options.

Payable to your adviser You and your adviser may negotiate an adviser transaction fee.

Calculated at the time of each transaction and based upon the number of transactions or the value of each transaction.

Other adviser fees

Payable to your adviser Adviser fees are negotiated between you and your adviser and can be made up of the following:

adviser service fee■■

adviser adhoc service fee.■■

Adviser service fee: a percentage and/or dollar based ongoing monthly fee. If percentage based, it will be calculated on the daily closing balance of your portfolio.

Adviser adhoc service fee: a once only, dollar-based fee as agreed by you with your adviser.

1 except where noted, fees will be debited from your Cash Account, generally in the first week of the month after the fees were accrued or upon closure of your portfolio.2 The investment costs are based on the Indirect Cost ratio (ICr) of managed investments on the investment menu. A managed investment scheme’s ICr comprises, where

applicable, the management fee, the performance fee and any expenses. These fees are estimates only, based on information provided by the product issuers as at 31 May 2010. They are subject to change at any time at the discretion of the product issuer.

3 other service costs may apply (see Additional explanation of fees and costs).



Additional explanation of fees and costs

About adviser feesAll fees paid to your adviser are negotiable between you and your adviser and are set down on the application form or subsequent written communications to us. If no amounts are specified, these fees will be nil.

There are no maximum adviser fees, however, we are able to reject the amount of adviser fees if we believe they are unreasonable.

Adviser establishment fee

This may only be structured as a one-off dollar amount.

Adviser service fee

The adviser service fee, listed in the Fees and other costs table, may be structured in the following ways:

tiered structure, specifying a percentage to apply at ■■

different portfolio values

flat percentage structure, specifying a percentage to apply ■■

to the total value of your portfolio

flat dollar structure, specifying a flat (fixed) dollar amount.■■

Adviser adhoc service fee

This fee may only be structured as a one-off dollar amount.

Adviser transaction fee

Transaction fees for non-automated transactions can be structured as either a fixed dollar amount per buy transaction or as a percentage of the value of buy transactions made by your adviser. Transaction fees for automated transactions (dollar cost averaging, automatic rebalancing and automatic cash management) can only be structured as a percentage of the transaction.

Incidental feesYou may incur incidental fees resulting from certain requests or transactions on your portfolio. These fees, inclusive of the net effect of GST, are outlined below and are payable to MIML. Incidental fees also apply to your Cash Account. Please refer to the Cash Account PDS for further details.

Incidental fees Amount

Dishonour feeIf a direct debit from your nominated bank, building society or credit union account is returned unpaid or your cheque is dishonoured.

Your Cash Account will bear any fees associated with the dishonour, when they are charged to us.

Bank chequeIf you request a withdrawal via bank cheque.

$7.50 per request.

Telegraphic transfersIf you request a withdrawal via telegraphic transfer (overseas or domestic).

Up to $35.00 per request.

Distribution redirection feeIf you require distributions to be redirected to you following the closure of your portfolio.

$50.00 per distribution.

Additional information on feesDepending on how you operate your portfolio, you may be charged additional fees. The fees listed below are outlined in the Further Information booklet.

Performance fees

Management costs payable to the product issuers (set out in the table of Fees and other costs) include an estimate of performance fees payable for the relevant managed investments.

The current performance fees that apply to each managed investment (and the method of charging them) are set out in the relevant PDS and other disclosure documents available on ClientView or from your adviser. Performance fees may change from time to time in accordance with the rules specified by the individual product issuers.

Buy/sell spreads

You may incur buy/sell spreads as a consequence of buying and selling managed investments. Buy/sell spreads are an allowance for transaction expenses, such as brokerage, so that individual investors in managed investments more equitably share the costs associated with buying and selling the underlying investments.

Buy/sell spreads apply at the time of each transaction and are charged by the individual product issuers in one of two ways:

by reducing the particular investment option’s performance ■■

(unit price), or

by adjusting the application and/or withdrawal price. ■■

14

The current buy/sell spreads (and the method of charging them) that apply to each investment option are set out in the PDS and other disclosure documents issued by each product issuer. Generally, these amounts can vary from 0% to 1.4% (for example, between $0 and $14.00 per $1,000).1 Buy/sell spreads may change from time to time in accordance with the rules specified by the individual product issuers. Buy/sell spreads are charged directly by the product issuer; no portion is retained by us. Buy/sell spreads are additional costs that you incur only if you transact in managed investments.

Increases or alterations in the fees and costsWe reserve the right to increase the fees and costs outlined in this Guide, and to charge for other miscellaneous services. If any fees or costs change, we will give you at least 30 days advance notice.

Commissions For details on commissions payable by us, please refer to the Fees and other costs section in the Further Information booklet.

Example of annual fees and costs for a balanced investment optionThe following example of ongoing charges is provided as a guide for investing through Investment Accumulator. It does not necessarily reflect the actual cost of investing through Investment Accumulator and should not be taken as a guarantee of future charges.

In general, the fees charged on your portfolio will be influenced by the investment management costs applicable to the managed investments you invest in.

The fee example outlined is calculated by adding the average of the investment costs charged by the product issuers within each asset class shown as at 30 June 2010 to the administration costs which we charge (based on the stated assumptions).

Please note that the adviser fee example below is for illustration purposes only. Actual adviser fees will be agreed by you and your adviser and stated on your application form.

1 These are estimates only, based on information provided by the product issuers.

Additional explanation of fees and costs

Example: $50,000 portfolioThe following example uses a portfolio with five investments (including the Cash Account) for 12 months, with an average daily balance of $10,000 per investment. Please note the example adviser service fee is for illustration only. Adviser fees will be agreed by you and your adviser and specified on your application.

Establishment fee

If you agree with your adviser to an establishment fee of $500, the total establishment fee you will pay upon opening your portfolio will be as follows:

Establishment fee $500 + 10% GST $550

Management costs

Administration costs (operator) Total portfolio $50,000 x 0.62% $310

Cash Account $10,000 x 0.55% $55

Australian fixed interest $10,000 x 0.37% $37

Australian shares $10,000 x 0.63% $63

International shares $10,000 x 1.07% $107

Multi sector – balanced $10,000 x 0.91% $91

Total management costs 1.326% $663

Adviser service fee

If you agree with your adviser to an advice service fee of 0.50%, the total annual service fee will be 0.55% (including GST).

Adviser service fee Total portfolio $50,000 x 0.55% $275


Before you start

Before you open your portfolio, you should read the information contained in this Guide and the Further Information booklet, the Cash Account PDS and the PDS and other disclosure documents of the underlying investments that you invest in.

The Further Information booklet will provide you with details covering the following areas:

Further Information booklet section Details

Opening and adding to your portfolio Includes information on how you can make additional deposits and investments into your portfolio.

Investment selection Provides details on the range of managed investments in the service and further information on some risks.

Transacting Explains how transactions are processed.

Reporting Gives you details on the reporting you will receive including our online service ClientView.

Fees and other costs Provides you with further explanation on fees and charges, including:payments we receive from other parties■■

fees applicable during a month, and■■

commissions.■■

How do I withdraw? Tells you everything you need to know about how to withdraw from your portfolio.

Taxation Broadly outlines the taxes that may apply.

Other information Provides you with further information about the service, or expanding on information contained in the Guide, including the role of your adviser and how we deal with related parties.

Terms and Conditions These are the terms and conditions that apply to you when you invest with Macquarie Investment Accumulator. You should also refer to the provisions of the Custody Deed and the information set out in the IDPS Guide and the Further Information booklet.

Financial Services Guide for Macquarie Investment Management Limited (MIML FSG)

The MIML FSG provides you with information about us to help you decide whether to use the financial products and services we offer.

16

Frequently asked questions

Question Answer

How do I add money to my portfolio?

You can make additional investments by BPAY®, direct deposit, direct debit or by cheque.

Who should cheques be made payable to?

Macquarie Investment Accumulator (full account name)

When will I receive confirmation of my portfolio being opened?

We will open your portfolio once we have received all of the completed documentation. You will receive a welcome letter, a ClientView access code and password a few days after your portfolio has been opened.

Can I view my portfolio online? Yes. ClientView provides you with consolidated online reports on your portfolio. These reports provide a variety of portfolio information, including the investment values, transactions, income and expenses.

How do I change my contact details?

If any of your details change, including your contact details, please notify us in writing. Your adviser may also update your contact details online.

What happens if I change my adviser?

You must have an authorised adviser who is registered with us to assist you with your portfolio.

If you change advisers, you must notify us in writing.

If your adviser is not registered with us, we will seek to assist them in becoming registered. If however, they do not become registered, or for any other reason you do not have a registered adviser:

we may reject transactions, other than to close your portfolio, and■■

if this situation persists past 30 days, we, on 30 days notice, reserve the right to redeem ■■

your holdings at current market values, deduct any outstanding fees, charges and taxes and close your portfolio.

If I have a complaint, what do I do? 1. Contact your adviser and tell them about your complaint.

2. If you are not satisfied with the result, you can write to us. We will ordinarily respond to your written enquiry or complaint as soon as possible but within 45 days of its receipt.

Send your letter to: The Complaints Manager

Macquarie Wrap PO Box N498 Grosvenor Place NSW 1220

3. If you are still not satisfied with our response, you may wish to refer the matter to the Financial Ombudsman Service (FOS) on 1300 780 808. FOS is an independent external industry complaints resolution scheme of which we are a member.

Where can I see Macquarie's Privacy Statement?

Our Privacy Statement is available in the Further Information booklet.

How safe are my assets with Macquarie?

Please refer to the About the service and custodian section in this Guide.

Does the Australian Government's guarantee on bank deposits apply to my portfolio?

The Australian Government guarantee on bank deposits does not apply on your portfolio. Further details of the underlying investments of the Cash Account are available in the PDS which accompanies this Guide.

Where can I locate the Further Information booklet?

The Further Information booklet is available at wrapguide.com.au/iaccum using the password invest.



The application form will guide you through the questions that are applicable to you. Please note that for some portfolio types we require additional documentation. The Portfolio types and application requirements table that follows will advise you of any additional requirements.

When you complete the application form, please:

use a black pen■■

write in capital letters■■

answer all ■■ mandatory sections

provide additional documentation where required■■

sign the Declaration and Signature section, and■■

send the■■ original completed form to us.

If you make an error, please do not use correction fluid. Instead, please cross out your error and sign next to your amendments in full.

General guidelines

Completed application forms

Completed application forms and supporting documentation should be sent to us at:


Residential and mailing addresses

Please note that we are required to collect a residential address (or office address, where applicable) for the portfolio holder(s).

If your mailing address is care of a third party such as your adviser, please be aware that all correspondence will be sent to this address, including passwords and access codes.

Three or more applicants

For applications with three or more applicants, please attach a separate completed application form(s) with additional applicant’s details.

Signing under Power of Attorney

If you are signing under power of attorney, please provide identification (e.g. driver’s licence) with an attached original certified copy of the power of attorney and specimen signature(s) of the attorney(s) if not displayed in the document.

Who should sign the application form?

Please refer to Portfolio types and application requirements table.

How to complete an application

What if not all sections are completed?

We will endeavour to open your Investment Accumulator portfolio as soon as possible. In some circumstances, where mandatory questions are not completed or additional documents required are not supplied, we will not be able to open your portfolio until such time this information is provided or completed. If we do not receive completed documentation within 30 days, we reserve the right to return all money less any fees.

Identification formsThe Portfolio types and application requirements table provides an overview of the Identification Forms required for the different portfolio types available to be opened via Investment Accumulator. To help ensure the correct documentation is supplied, please find further information regarding these forms and supporting documentation required prior to your Investment Accumulator portfolio being opened.

When do I need to provide an identification form?

You must supply an identification form unless:

you were an existing Macquarie account holder on ■■

12 December 2007 and your account is still open, or

you have already supplied an FSC/FPA identification form ■■

or other acceptable identification documentation since 12 December 2007.

This also applies to individuals who are authorised third party signatories on your portfolio.

Why do I need to provide identification?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires the collection and verification of specific information from clients.

Which identification form should I use and what do I need to do?

This will depend on the type of portfolio you are opening and whether or not you are being identified through an authorised Financial Adviser. Please see below.

18

Identification through an authorised Financial Adviser

If you are being identified by your Financial Adviser, then your adviser will need to:

complete the relevant FSC/FPA Identification form for the ■■

type of portfolio you are opening (see the Portfolio types and application requirements table for details of the form you will need to complete). The Individual & Sole Traders Identification form is in the back of this Guide. All other FSC/FPA Identification forms are available from macquarie.com.au/idforms

verify certain identification documents, such as your ■■

passport or driver’s licence. Each form has different requirements which are specified on the form

send a copy of the completed form to us with your ■■

application form.

Please note that you will need to supply original or certified copies of your proof of identification documents to the person who is verifying your identification.

We only require the FSC/FPA form. Please do not send us copies of identification when verification of your information is being completed by a Financial Adviser.

Can you be identified without an adviser?

Yes. In the event that you are not able to be identified by your Financial Adviser, you may be able to be identified by a checking officer at a Macquarie office or at Australia Post. Further details on the required forms, supporting identification documentation, and process can be obtained by using our website macquarie.com.au/idforms and following the links.

Please note that you will need to supply original or certified copies of your proof of identification documents.

What is a certified copy?

A certified copy is a document that has been certified as a true and accurate copy of the original document by one of the following persons listed below. The authorised person should also print their name and position and if possible affix an official stamp.

An officer with, or authorised representative of, a holder of an ■■

Australian Financial Services Licence (AFSL), having two or more continuous years of service with one or more licensees

Finance company officer with two or more continuous years ■■

of service with one or more finance companies (for the purposes of the Statutory Declaration Regulations 1993)

An officer with two or more continuous years of service ■■

with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993)

A permanent employee of the Australian Postal ■■

Corporation with two or more years of continuous service who is employed in an office supplying postal services to the public

An agent of the Australian Postal Corporation who is in ■■

charge of an office supplying postal services to the public

A Justice of the Peace■■

A person who is enrolled on the roll of the Supreme Court ■■

of a State or Territory, or the High Court of Australia, as a legal practitioner (however described)

A judge of a court■■

A magistrate■■

A chief executive officer of a Commonwealth court■■

A registrar or deputy registrar of a court■■

An Australian police officer■■

An Australian consular officer or an Australian diplomatic ■■

officer (within the meaning of the Consular Fees Act 1955)

A member of the Institute of Chartered Accountants ■■

in Australia, CPA Australia or the National Institute of Accountants with two or more years of continuous membership

A notary public (for the purposes of the Statutory ■■

Declaration Regulations 1993)

How to complete an application


Portfolio types and application requirements

The table below lists the various types of applicants and any documentation required to support the application.

Each signatory on the portfolio must provide an Individuals & Sole Traders Identification Form. This is not required for signatories who have already provided this or for those signatories who have a Macquarie account which was held on 12 December 2007 and is still open.

Foreign documentation

Where any document relied on as part of the procedure is in a language that is not English, it must be accompanied by an English translation prepared by an accredited translator.

Applicant Type

Whose name must the portfolio be in Who signs

Identification form(s) and additional documentation required1

Individual Applicant The individual The individual Individuals & Sole Traders Identification Form

If Attorney(s) – if you are signing under power of attorney, please also attached a certified copy of the power of attorney

Joint Applicants Each individual investor

All investorsIndividuals & Sole Traders Identification Form

If Attorney(s) – if you are signing under power of attorney, please also attached a certified copy of the power of attorney

Sole Trader The individual and the business name

The sole trader Individuals & Sole Traders Identification Form

Certified copy of registration of business name

Investing for a child under 18 (minor)

The parent or guardian (as trustee)

The parent or guardian Individuals & Sole Traders Identification Form

Certified copy of the minor’s birth certificate

Deceased Estate The executors of the estate (as trustees for the trust)

The executor Individuals & Sole Traders Identification Form

Certified copy of the grant of probate or letters of administration

Incorporated Entities

The company Two officers (eg directors or a director and secretary)ORAs required by the constitution/rules of the companyOROne director (for a sole director company)

Company Identification Form

Certified copy of Certificate of Incorporation

Non Corporate Trusts (including superannuation funds)

The trustees of the trust

All trusteesTrust Identification Form

Certified copy/extract of the trust deed, showing the trust name, trustee(s) names, trustee(s) signatures with witness’ signatures

Corporate Trusts (including superannuation funds)

The Corporate Trustee

Two directorsORSole directorORDirector and company secretary (as required by the constitution/rules of the company)

Trust Identification Form

Company Identification Form

Certified copy/extract of the trust deed, showing the trust name, trustee(s) names, trustee(s) signatures with witness’ signatures

20

Applicant Type

Whose name must the portfolio be in Who signs

Identification form(s) and additional documentation required1

Partnerships The principals of the partnership

The Partners Partnership Identification Form

Certified copy/extract of the partnership agreement, showing the names of the partners

Associations

Incorporated or Unincorporated

The name of the incorporate bodyOROfficers on behalf of the unincorporated body

Appointed officers

Applications must be completed under common seal and witnessed by two officers (for incorporated associations)

(All officers must specify their title)

Association Identification Form

Copy of signed meeting minutes showing which officers can open and operate on the portfolio

Registered Co-operatives

The name of the Registered Co-operative

Appointed officers

Applications must be completed under common seal and witnessed by two officers

(All officers must specify their title)

Co-operative Identification Form

Government Body The name of the Government Body

Appointed officers Government Body Identification Form

For foreign government bodies, information about beneficial ownership/control should also be provided

1 If you are not using the FSC/FPA Identification Forms, you will be required to provide additional identification documentation. Please refer to macquarie.com.au/idforms for further information. We reserve the right to vary these requirements.

Portfolio types and application requirements

1

Please ensure ALL relevant attachments are included.Please take a moment to review this list to assist in the timely processing of your Macquarie Investment Accumulator application form. We suggest that you check each section in the list below to assist you in successfully completing this application form.

The following sections (A-B, 1–3, 9, 10) are MANDATORY

✔ Mandatory sections

Section A: Financial adviser details

Section B: Margin Lender approval (if applicable)

Section 1: Margin Lender details

Section 2: Applicant details

Section 3: Purpose of this investment portfolio

Section 9: Adviser fee details

Section 10: Declaration and signatures

The following sections (4–8) are OPTIONAL

✔ Optional sections

Section 4: Mailing address

Section 5: Portfolio signing instructions

Section 6: Your opening balance

Section 7: Nominated bank account details

Section 8: Direct debit request

Macquarie Investment Accumulator checklist

2

This page has been left blank intentionally.

3

Do not use this form unless it is attached to or accompanying the IDPS Guide dated 31 August 2010.

Macquarie Investment Accumulator application formMacquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492

Before you complete this form: n Refer to the How to complete an application section and the Portfolio types and application requirements table in the IDPS Guide for assistance.

n Use black ink and print in CAPITAL LETTERS. n Mark boxes with an (X) where applicable. n If there is not enough room on the application form (e.g. a joint account between three parties), please complete the relevant

pages from a second application form (including the signature pages) and attach to the back of this application form.

A. Financial adviser use onlyYou must be a registered financial adviser to use this service.

Please note: this application may not be accepted if the dealer code and adviser code are incomplete.

Dealer name

Adviser name

Dealer code Adviser code

For more information regarding this application form please contact my assistant/support staff:

Contact number

Email address

B. Approved Margin Lender use onlyTO BE COMPLETED BY THE MARGIN LENDER if you are opening a portfolio with a Margin Loan.

Margin Lender name

Client Margin Loan number

Margin Lender nominated account details

BSB Account number

Account name

We confirm that a Margin Lending application form has been received and approved for the client(s) listed in Section 2 and authorise MIML to open an Investment Accumulator portfolio with the approved Margin Lender holding mortgage over the portfolio.

Signature 1

Date

D D / M M / Y Y Y YName

Signature 2

Date

D D / M M / Y Y Y YName

4

1. Margin Lending (mandatory)If you select yes and you are a guarantor, please provide the name of the borrower and proceed to Section 2.

Is this portfolio to be linked to a Margin Loan?

No Proceed to Section 2

Yes The approved Margin Lender is

This account is to be linked as

borrower

guarantor Name of borrower

2. Applicant details (mandatory)* Required under the AML/CTF Act 2006

Individual: complete 2A, then go to 3.

Joint: complete 2A and 2B, then go to 3.

Company, incorporated association, incorporated body: complete 2A, 2B and 2C, then go to 3.

Trustee or other entity: complete 2A,2B, 2C (where applicable). Complete trust or other entity details in 2D, then go to 3.

Account type

Individual Joint Company, incorporated association, incorporated body Trustee or other entity

2A. Applicant 1Title

Mr Mrs Miss Ms Other

Gender Date of birth

Male Female D D / M M / Y Y Y YGiven name(s)*

Surname*

Any other names known by (if applicable)*

Security question: What is your mother’s maiden name?

Your residential address cannot be a PO Box.

RESIDENTIAL ADDRESS*

Street number and name

Suburb

State Postcode Country

Occupation*

CONTACT DETAILSWork phone number Home phone number

Fax number Mobile phone number

Email address

5

Tax residency status: If you are not an Australian resident for tax purposes, please specify your country of tax residence, and note that you cannot provide an Australian TFN on this form.

Tax File Number (TFN): please refer to the Taxation section of the Further Information booklet for details on TFN collection.

For joint accounts, withholding tax will be deducted unless all account-holders are Australian residents for tax purposes and have provided their TFNs.

Are you an Australian resident for tax purposes?

Yes

No Please specify your country

Tax File Number

OR exemption details (if applicable)

We will provide you with a Macquarie Access Code (MAC) and online access to your portfolio through ClientView. If you do not check a box, a new MAC will be issued to you.

ELECTRONIC ACCESS

Do you have an existing MAC?

No Yes Please specify your MAC

If you wish to receive hard copy quarterly reports in addition to your online reports please check here

2B. Applicant 2Title




Surname*






Suburb


Occupation*



Email address

Are you an Australian resident for tax purposes?

Yes

No Please specify your country

Tax File Number


1. Margin Lending (mandatory)If you select yes and you are a guarantor, please provide the name of the borrower and proceed to Section 2.

Is this portfolio to be linked to a Margin Loan?

No Proceed to Section 2

Yes The approved Margin Lender is

This account is to be linked as

borrower

guarantor Name of borrower

2. Applicant details (mandatory)* Required under the AML/CTF Act 2006

Individual: complete 2A, then go to 3.

Joint: complete 2A and 2B, then go to 3.

Company, incorporated association, incorporated body: complete 2A, 2B and 2C, then go to 3.

Trustee or other entity: complete 2A,2B, 2C (where applicable). Complete trust or other entity details in 2D, then go to 3.

Account type

Individual Joint Company, incorporated association, incorporated body Trustee or other entity

2A. Applicant 1Title




Surname*






Suburb


Occupation*



Email address

6

ELECTRONIC ACCESS




PREFERRED CONTACT (where there is more than one applicant to this portfolio)

Contact number

2C. Company, incorporated association or incorporated bodyIf the entity is a trustee, please also complete Section 2D.

Name of entity

What is the nature of the activities undertaken by the entity?*

The ACN is mandatory if the portfolio is being opened in the name of the company.

ACN (where applicable)

The principle place of office cannot be a PO Box.

PRINCIPLE PLACE OF OFFICE*


Suburb


ABN or Tax File Number


2D. Trust or other entity Please provide the name of the self managed super fund, minor, trust, deceased estate, business or unincorporated association.

If you are unsure of the correct name, please refer to the Portfolio types and application requirements table in the IDPS Guide. Trustees must complete Sections 2A, 2B and 2C as applicable and provide appropriate documentation.

Name of the trust or entity

What is the nature of the activities undertaken by the trust or entity?* (N/A for portfolios opened for a minor)

ABN/ACN* (N/A for portfolios opened for a minor)

Tax File Number


Please select one of these account types.

Trust Partnership Self managed super fund Other

3. What is the purpose of this investment? (mandatory)This section is required under the AML/CTF Act 2006. Savings Growth Income Retirement Business Account

Other, please specify

Please ensure that you have completed all mandatory sections above (1 – 3) and that your adviser and the approved Margin Lender (where applicable) have completed sections A and B. You may wish to complete the optional sections below (please refer to the checklist or proceed to Sections 9 and 10).

7

4. Mailing address detailsThis address will receive all correspondence in relation to your portfolio. If this section is not completed, all mail will be sent to the residential address of Applicant 1 or the principle place of office address as applicable.

PORTFOLIO MAILINg ADDRESS (if different from your residential or principal place of office address)

Attention or C/o

Street number and name or PO Box

Suburb


Third party examples include your financial adviser, stockbroker, accountant or self managed super fund administrator.

Is this address care of a third party?

No Yes

5. Portfolio signing instructionsIf you do not check a box we will assume all to sign and all future written instructions must be executed in the same way as this application.

A. Joint accounts

Any one of us to sign All of us to sign Other (if more than two applicants)

Where signed under Corporate Power of Attorney, a certified copy of this document must also be provided with the application form. Please ensure your director details have been completed in Section 2.

B. Company, incorporated association or body

These accounts must be signed by two officers (e.g. two directors or a director and secretary), or as required by the constitution or rules of the company or body, or signed by one director for a sole company, or under Corporate Power of Attorney.

Any one of us to sign All of us to sign Other (please specify)

6. Your opening balanceIncorrect cheque payee details may result in delays in banking or rejection of the cheque. Please ensure your cheques are made payable to: Macquarie Investment Accumulator (full portfolio name).

How much is your initial investment? $

Please indicate how the opening balance will be provided:

Cheque (attached to this application form)

Direct debit – please complete Section 8

Funds transfer by internet/phone (e.g. BPAY)If transferring from your existing Macquarie Cash Management Account (CMA), you will be authorising us to transfer this amount from your specified CMA into your portfolio cash hub and close your existing CMA if transferring the full balance.

Transferring from your existing CMA (please specify account number)

Please specify the amount you wish to transfer:

full balance, and close account

partial amount of $

7. Nominated bank account detailsPlease nominate your banking details for withdrawals.

Name of financial institution

Branch

BSB Account/Membership number

Account name

ELECTRONIC ACCESS




PREFERRED CONTACT (where there is more than one applicant to this portfolio)

Contact number

2C. Company, incorporated association or incorporated bodyIf the entity is a trustee, please also complete Section 2D.

Name of entity

What is the nature of the activities undertaken by the entity?*

The ACN is mandatory if the portfolio is being opened in the name of the company.

ACN (where applicable)

The principle place of office cannot be a PO Box.

PRINCIPLE PLACE OF OFFICE*


Suburb


ABN or Tax File Number


2D. Trust or other entity Please provide the name of the self managed super fund, minor, trust, deceased estate, business or unincorporated association.

If you are unsure of the correct name, please refer to the Portfolio types and application requirements table in the IDPS Guide. Trustees must complete Sections 2A, 2B and 2C as applicable and provide appropriate documentation.

Name of the trust or entity

What is the nature of the activities undertaken by the trust or entity?* (N/A for portfolios opened for a minor)

ABN/ACN* (N/A for portfolios opened for a minor)

Tax File Number


Please select one of these account types.

Trust Partnership Self managed super fund Other

3. What is the purpose of this investment? (mandatory)This section is required under the AML/CTF Act 2006. Savings Growth Income Retirement Business Account

Other, please specify

Please ensure that you have completed all mandatory sections above (1 – 3) and that your adviser and the approved Margin Lender (where applicable) have completed sections A and B. You may wish to complete the optional sections below (please refer to the checklist or proceed to Sections 9 and 10).

8

8. Direct debit requestComplete this section if you wish to set up a regular deposit into your Cash Account.

Minimum $100 per transaction.

Regular deposit

$

You cannot nominate a third party account. The account must be in the same name as your portfolio.

Please attach an account statement that is less than six months old, for the account you are debiting.

Details of account to be debited


Branch


Account name

You authorise Macquarie Investment Management Limited, ABN 66 002 867 003 AFSL 237 492 (User ID 013402), (MIML) under the terms and conditions specified in the Guide and Further Information booklet, until further notice in writing, to debit the nominated account with any amount which MIML may debit or charge you in connection with your Macquarie Wrap Solutions Cash Account direct debit(s), through the BECS (Bulk Electronic Clearing System).

To be signed by nominated account holders (not third party authorised signatories).

If you wish to terminate your direct debit facility, please complete the Direct debit request form.

Signature 1

Date

D D / M M / Y Y Y YTitle


Name

If you are a company officer, please state your corporate title Director Sole Director Secretary

Other

Signature 2

Date



Name

If you are a company officer, please state your corporate title Director Secretary

Other

9

9. Adviser fee detailsAny amendments to this section must be signed in full by the applicant(s).

Macquarie will add 10% gST to the base fee set by your adviser.

Fees can be charged on cash where the AFSL holder has previously agreed with MIML to have this option available.

The adviser service fee is an annual fee, calculated daily on your portfolio valuation and deducted monthly.

You must complete one of the following:– (a) or (b) or (c) – (a) and (c)– (b) and (c)

ESTABLIShMENT FEE (ex-gST)

$ (specific dollar amount only)

ADvISER SERvICE FEE

(a) Tiered fee (ex-gST) (percentage of your portfolio value)

From To

$0.00 $ % p.a.

$ $ % p.a.

$ $ % p.a.

$ $ % p.a.

$ $ % p.a.

(b) Flat fee (ex-gST) (percentage of your portfolio value) % p.a.

(c) Flat fee (ex-gST) (specific dollar amount) $ p.a.

TRANSACTION FEE (ex-gST)Online purchases of managed investments % per transaction OR

$ per transaction

Automated transactions: dollar cost averaging, automatic rebalancing and autocash management % per transaction

8. Direct debit requestComplete this section if you wish to set up a regular deposit into your Cash Account.

Minimum $100 per transaction.

Regular deposit

$

You cannot nominate a third party account. The account must be in the same name as your portfolio.

Please attach an account statement that is less than six months old, for the account you are debiting.

Details of account to be debited


Branch


Account name

You authorise Macquarie Investment Management Limited, ABN 66 002 867 003 AFSL 237 492 (User ID 013402), (MIML) under the terms and conditions specified in the Guide and Further Information booklet, until further notice in writing, to debit the nominated account with any amount which MIML may debit or charge you in connection with your Macquarie Wrap Solutions Cash Account direct debit(s), through the BECS (Bulk Electronic Clearing System).

To be signed by nominated account holders (not third party authorised signatories).

If you wish to terminate your direct debit facility, please complete the Direct debit request form.

Signature 1

Date



Name


Other

Signature 2

Date



Name


Other

10

10. Declaration and signatureEach signatory on the portfolio must provide an Individuals & Sole Traders Identification Form. This is not required for signatories who have already provided this or for those signatories who have a Macquarie account which was held on 12 December 2007 and is still open.

This application accompanies the Macquarie Investment Accumulator IDPS guide, dated 31 August 2010, which contains information about investing through the Macquarie Investment Accumulator and should be read in conjunction with the Macquarie Investment Accumulator Further Information booklet (Further Information booklet) before applying for a Macquarie Investment Accumulator portfolio. The IDPS guide is issued by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492.

ThE FOLLOWINg CONDITIONS APPLY IF YOu hAvE APPLIED FOR MARgIN LENDINg IN CONJuNCTION WITh YOuR MACquARIE INvESTMENT ACCuMuLATOR PORTFOLIOYou have applied for a Margin Loan from an approved Margin Lender. You would like the Margin Lender to set up a Macquarie Investment Accumulator portfolio in respect of your loan. You understand that the Macquarie Investment Accumulator portfolio (including the Macquarie Wrap Solutions Cash Account) will be in the name of and may only be operated by the Margin Lender (or its custodian) or by your adviser within guidelines established by the Margin Lender. You understand that your loan is governed by the loan agreement with the Margin Lender. The terms and conditions governing your Margin Loan are contained in the loan agreement with the Margin Lender. You authorise the Margin Lender to supply Macquarie with information in respect of your loan for the purposes of administering the Macquarie Investment Accumulator portfolio. You authorise Macquarie to supply the Margin Lender with information in respect of your portfolio for the purposes of administering the Macquarie Investment Accumulator portfolio. You have read and understood the conditions of tax file number collection, personal information consents and telephone recording policy in the IDPS Guide and the Further Information booklet. If in due course you discharge the Margin Loan and wish to continue to have the Macquarie Investment Accumulator portfolio, the Margin Lender will instruct Macquarie to change the account name to you. If this occurs, you agree to be bound by the terms, conditions and requirements of the Macquarie Investment Accumulator IDPS Guide.

ThE FOLLOWINg CONDITIONS APPLY FOR ALL APPLICATIONSYou confirm that this application was signed in Australia. You agree to be bound by the terms, conditions and requirements of the Macquarie Investment Accumulator agreement, which includes the IDPS Guide and the Further Information booklet. You confirm that you have received the current offer document and any supplementary material for the Macquarie Wrap Solutions Cash Account (Cash Account), and any investments chosen and a written recommendation where required. You agree to be bound by the terms of the offer document and any supplementary material. You confirm you have read the Financial Services Guide for Macquarie Investment Management Limited. You have read and understood the conditions of tax file number collection, personal information consents and telephone recording policy in the IDPS Guide and the Further Information booklet. You acknowledge that all investment decisions must take place in Australia and declare that if you are going to be overseas for any period of time, you will appoint a Power of Attorney in Australia to consult with your financial adviser to make investment decisions on your behalf.

You should read the IDPS guide attached to this application form, the Further Information booklet, the PDS and other disclosure documents for each investment which you have chosen before signing this application form.You acknowledge that investments in financial products accessible through Macquarie Investment Accumulator are not deposits with or other liabilities of Macquarie Bank Limited or of any Macquarie Group company, and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. The Cash Account is issued by Macquarie Investment Management Limited. Fees and charges may be payable. Terms and conditions are set out in the Cash Account PDS. You further acknowledge that neither Macquarie Bank Limited, Macquarie Investment Management Limited nor any other member company of the Macquarie Group, guarantees the repayment of capital or the performance or any particular rate of return of the Cash Account or any investments purchased using Macquarie Investment Accumulator. You confirm you have read the Financial Services Guide for Macquarie Investment Management Limited. You authorise your adviser to transact on your Cash Account for the purpose of operating your Macquarie Investment Accumulator portfolio and transferring cash from your Cash Account to any nominated accounts.

Please note that company accounts generally require two signatories. See Portfolio types and application requirements table in the IDPS Guide.

Please ensure that Sections A-B, 1-3 and 9 have all been completed before signing the declaration. We cannot open your portfolio unless all mandatory sections have been completed.

Signature 1 (in black ink)

Date



Name


Other


Date



Name


Other

have you completed your application? If you have not done so already,

review the checklist on page 1 to ensure there are no delays in opening your account.

Please send your completed application and all accompanying documents to:


11

10. Declaration and signatureEach signatory on the portfolio must provide an Individuals & Sole Traders Identification Form. This is not required for signatories who have already provided this or for those signatories who have a Macquarie account which was held on 12 December 2007 and is still open.

This application accompanies the Macquarie Investment Accumulator IDPS guide, dated 31 August 2010, which contains information about investing through the Macquarie Investment Accumulator and should be read in conjunction with the Macquarie Investment Accumulator Further Information booklet (Further Information booklet) before applying for a Macquarie Investment Accumulator portfolio. The IDPS guide is issued by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492.

ThE FOLLOWINg CONDITIONS APPLY IF YOu hAvE APPLIED FOR MARgIN LENDINg IN CONJuNCTION WITh YOuR MACquARIE INvESTMENT ACCuMuLATOR PORTFOLIOYou have applied for a Margin Loan from an approved Margin Lender. You would like the Margin Lender to set up a Macquarie Investment Accumulator portfolio in respect of your loan. You understand that the Macquarie Investment Accumulator portfolio (including the Macquarie Wrap Solutions Cash Account) will be in the name of and may only be operated by the Margin Lender (or its custodian) or by your adviser within guidelines established by the Margin Lender. You understand that your loan is governed by the loan agreement with the Margin Lender. The terms and conditions governing your Margin Loan are contained in the loan agreement with the Margin Lender. You authorise the Margin Lender to supply Macquarie with information in respect of your loan for the purposes of administering the Macquarie Investment Accumulator portfolio. You authorise Macquarie to supply the Margin Lender with information in respect of your portfolio for the purposes of administering the Macquarie Investment Accumulator portfolio. You have read and understood the conditions of tax file number collection, personal information consents and telephone recording policy in the IDPS Guide and the Further Information booklet. If in due course you discharge the Margin Loan and wish to continue to have the Macquarie Investment Accumulator portfolio, the Margin Lender will instruct Macquarie to change the account name to you. If this occurs, you agree to be bound by the terms, conditions and requirements of the Macquarie Investment Accumulator IDPS Guide.

ThE FOLLOWINg CONDITIONS APPLY FOR ALL APPLICATIONSYou confirm that this application was signed in Australia. You agree to be bound by the terms, conditions and requirements of the Macquarie Investment Accumulator agreement, which includes the IDPS Guide and the Further Information booklet. You confirm that you have received the current offer document and any supplementary material for the Macquarie Wrap Solutions Cash Account (Cash Account), and any investments chosen and a written recommendation where required. You agree to be bound by the terms of the offer document and any supplementary material. You confirm you have read the Financial Services Guide for Macquarie Investment Management Limited. You have read and understood the conditions of tax file number collection, personal information consents and telephone recording policy in the IDPS Guide and the Further Information booklet. You acknowledge that all investment decisions must take place in Australia and declare that if you are going to be overseas for any period of time, you will appoint a Power of Attorney in Australia to consult with your financial adviser to make investment decisions on your behalf.

You should read the IDPS guide attached to this application form, the Further Information booklet, the PDS and other disclosure documents for each investment which you have chosen before signing this application form.You acknowledge that investments in financial products accessible through Macquarie Investment Accumulator are not deposits with or other liabilities of Macquarie Bank Limited or of any Macquarie Group company, and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. The Cash Account is issued by Macquarie Investment Management Limited. Fees and charges may be payable. Terms and conditions are set out in the Cash Account PDS. You further acknowledge that neither Macquarie Bank Limited, Macquarie Investment Management Limited nor any other member company of the Macquarie Group, guarantees the repayment of capital or the performance or any particular rate of return of the Cash Account or any investments purchased using Macquarie Investment Accumulator. You confirm you have read the Financial Services Guide for Macquarie Investment Management Limited. You authorise your adviser to transact on your Cash Account for the purpose of operating your Macquarie Investment Accumulator portfolio and transferring cash from your Cash Account to any nominated accounts.

Please note that company accounts generally require two signatories. See Portfolio types and application requirements table in the IDPS Guide.

Please ensure that Sections A-B, 1-3 and 9 have all been completed before signing the declaration. We cannot open your portfolio unless all mandatory sections have been completed.


Date



Name


Other


Date



Name


Other

have you completed your application? If you have not done so already,

review the checklist on page 1 to ensure there are no delays in opening your account.

Please send your completed application and all accompanying documents to:


IDENTIFICATION FORM INDIVIDUALS & SOLE TRADERS

2/1 V 200712.04

GUIDE TO COMPLETING THIS FORMo Complete one form for each individual. Complete all applicable sections of this form in BLOCK LETTERS.

o Contact your licensee if you have any queries.

SECTION 1A: PERSONAL DETAILS

Surname Date of Birth dd/mm/yyyy

Full Given Name(s)

Residential Address (PO Box is NOT acceptable)

Street

yrtnuoC edoctsoP etatS brubuS

COMPLETE THIS PART IF INDIVIDUAL IS A SOLE TRADER Full Business Name (if any) ABN (if any)

Principal Place of Business (if any) (PO Box is NOT acceptable)

Street

yrtnuoC edoctsoP etatS brubuS

12

IDENTIFICATION FORM INDIVIDUALS & SOLE TRADERS

2/2

SECTION 1B: VERIFICATION PROCEDURE

Verify the individual’s full name; and EITHER their date of birth or residential address.o Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III.)o Contact your licensee if the individual is unable to provide the required documents.

PART I – ACCEPTABLE PRIMARY ID DOCUMENTSTick Select ONE valid option from this section only

Australian State / Territory driver’s licence containing a photograph of the person

Australian passport (a passport that has expired within the preceding 2 years is acceptable)

Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of the person

Foreign passport or similar travel document containing a photograph and the signature of the person*

PART II – ACCEPTABLE SECONDARY ID DOCUMENTS – should only be completed if the individual does not own a document from Part ITick Select ONE valid option from this section

Australian birth certificate

Australian citizenship certificate

Pension card issued by Centrelink

Health card issued by Centrelink

Tick AND ONE valid option from this section A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financialbenefits to the individual and which contains the individual’s name and residential address A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and residential address. Block out the TFN before scanning, copying or storing this document.A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual’s name and residential address) If under the age of 18, a notice that: was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school

PART III – ACCEPTABLE FOREIGN ID DOCUMENTS – should only be completed if the individual does not own a document from Part ITick BOTH documents from this section must be presented

Foreign driver's licence that contains a photograph of the person in whose name it issued and the individual’s date of birth*

National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*

*Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator.

SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT:

Attach a legible copy of the ID documentation used to verify the individual (and any required translation). Alternatively, if agreed between your licensee and the product issuer, complete the ID Document Details below, and DO NOT attach copies of the ID Documents.

ID DOCUMENT DETAILS Document 1 Document 2

Verified From Original Certified Copy Original Certified Copy

Document Issuer Issue Date Expiry Date Document Number

Accredited English Translation N/A Sighted N/A Sighted

SECTION 1D: FINANCIAL PLANNER DETAILS – identification and verification conducted by:

Date Verified (dd/mm/yyyy)

.oN enohP emaN s’rennalP laicnaniF

.oN LSFA emaN eesneciL SFA


22oFD6022 09/08oFD6103A 08/10

How to contact Macquarie Adviser Services

Financial advisers please call

1800 025 063

Existing investors

Your adviser is your main point of contact for your portfolio, so if you have any queries about your Investment Accumulator portfolio, please talk to your financial adviser.

Macquarie can be contacted at Macquarie Wrap PO Box N498 Grosvenor Place NSW 1220

ClientView website macquarie.com.au/clientview

OFD6

419

01/1

0 Macquarie Wrap

Freecall 1800 025 063

macquarie.com.au/wrapsolutions

Cash Account Supplementary Product Disclosure Statement

Macquarie Wrap

This Supplementary Product Disclosure Statement (SPDS) is issued on 22 January 2010 by Macquarie Investment Management Limited (MIML) ABN 66 002 867 003 AFSL 237 492 and is to be read together with the Cash Account Product Disclosure Statement (PDS) dated 1 July 2007, and any other supplementary PDS in respect of the Cash Account. The Cash Account is an investment in the Macquarie Treasury Fund, available in conjunction with your Wrap investment.

Important information regarding Standard & Poor’s credit rating of products for retail investorsStandard & Poor’s has not applied for a retail Australian Financial Services Licence (AFSL). As a result, Standard & Poor’s credit ratings will no longer be available for disclosure to Australian retail investors in financial products from 1 January 2010. Given this, while Standard & Poor’s credit rating still applies for the Macquarie Treasury Fund, from 1 January 2010 the credit rating will no longer be disclosed to retail investors.

The Cash Account PDS should be read with the understanding that all references to Standard & Poor’s and all statements about the ratings given by Standard & Poor’s on page 3 are deleted.

MIML is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MIML’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML. Investments in the Macquarie Treasury Fund (f 091 491 084) are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 or of any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited nor any other member company of the Macquarie Group guarantees the performance of the Macquarie Treasury Fund or the repayment of capital from the Macquarie Treasury Fund.

MAC114 OFD6419 Wrap SPDS PR.indd 1 21/4/10 4:15:08 PM

Macquarie WrapSmart administration solutions made simple

Cash Account

Product Disclosure Statement issued by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSEL L0001281 ARSN 091 491 084 APIR Code MAQ0203AU Dated 1 July 2007

�

Contents03 About the Cash Account

03 About Macquarie

03 About this Product Disclosure Statement

03 What the Fund invests in

03 Investment style

04 The benefits

04 Fund income

04 Fund performance

04 The risks

05 Fees and other costs

05 Additional explanation of fees and costs

06 Tax

06 How to invest

06 Accessing your money

07 Distributions

07 Unit pricing

07 Keeping you in touch

07 Our legal relationship with you

07 We respect your personal details

07 Enquiries and complaints

08 Contact

Investments in the Macquarie Treasury Fund (ARSN 091 491 084) (the Fund) are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 or of any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited nor any other member company of the Macquarie Group guarantees the performance of the Fund or the repayment of capital from the Fund.

The issuer of this Product Disclosure Statement (PDS) Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSEL L0001281 (MIML, Macquarie, the trustee, we, us), is the issuer of this Product Disclosure Statement. In this document the Macquarie Treasury Fund is referred to as the Cash Account. Macquarie Investment Management Limited is the responsible entity of the Macquarie Treasury Fund. This offer is only open to persons receiving this Product Disclosure Statement as a hard copy or electronically within Australia.

The trustee may change any of the terms and conditions in this PDS with, in the case of certain material changes, 30 days notice to investors. Information that is not materially adverse is subject to change from time to time and may be updated through the website, www.macquarie.com.au. A paper copy of any updated information will be given to you without charge on request.

MIML is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MIML’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MIML.

The information contained in this PDS is general information only. We have not taken into account your objectives, financial situation or needs. You should consider the appropriateness of the advice in this PDS, taking into account your objectives, financial situation and needs, before acting on any advice in this PDS. You should obtain the relevant PDS for a financial product before making any decision about whether to acquire that financial product.

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About the Cash AccountInvestors in the Cash Account are investing directly into the Macquarie Treasury Fund (the ‘Fund’). The Fund provides access to a portfolio of actively managed cash investments. The Fund is designed to provide regular income while preserving capital value, by using a low risk investment strategy.

The Fund invests in prime quality, short-term money market securities.

About MacquarieThe Fund is managed by Macquarie Investment Management Limited (Macquarie, we, us, our), which is part of Macquarie Funds Management, a division of Macquarie Bank Limited and its associated entities (Macquarie Group). We offer a diverse range of investment funds and pricing structures across the full spectrum of risk/return profiles and in all major asset classes. With over 25 years funds management experience, Macquarie’s strong client focus, disciplined investment processes and dedication to innovation have established our reputation as one of Australia’s leading fund managers. Our experience in funds management suggests that not all clients are looking for the same outcome from their investments. Working with clients to tailor their investment to an appropriate level of risk and return is an integral part of the Macquarie service.

We are the responsible entity of the Fund, which is a registered managed investment scheme.

About this Product Disclosure StatementInvestors planning to access the Fund through a master trust or wrap account may rely on this Product Disclosure Statement. We can provide electronic or paper copies of this Product Disclosure Statement free on request.

Standard & Poor’s has assigned an “AAAm” rating to the Fund. This rating is not a recommendation to make, hold, or seek redemption of an investment in the Fund as it does not comment as to market price or suitability for a particular investor. The rating is based on current information provided to Standard & Poor’s by the responsible entity or obtained by Standard & Poor’s from other sources it considers reliable.

Standard & Poor’s does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The rating may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances. Standard & Poor’s has given written consent to be named in this Product Disclosure Statement with the statements about the rating of the Fund on page 1 and this page included in the form and context in which they are included, and has not withdrawn that consent before the date of this Product Disclosure Statement. Other than giving that consent, Standard & Poor’s has not authorised or caused the issue of this Product Disclosure Statement. Its only role in relation to the preparation of this Product Disclosure Statement has been to review the above statements about the Fund and this paragraph. Standard & Poor’s makes no representation or warranties as to the completeness or appropriateness of any other information contained in this Product Disclosure Statement. They will not be paid a fee for this work.

Standard & Poor’s do not have any interest in the promotion of the Fund or in any property proposed to be acquired for the purposes of the Fund. They are paid a fee for rating the Fund.

Investment styleMacquarie’s cash management strategies are driven by disciplined and thorough processes, and are backed by in-house economic and quantitative analysis.

We actively manage the maturity profile of the Fund to take advantage of movements in market interest rates. For example, if we believe that interest rates will rise we will shorten our maturity structure. Conversely, if we believe that interest rates will fall then we will lengthen our maturity structure. In determining the maturity profile, we assess:

n current and future economic conditions, in particular the outlook for monetary policy;

n yield curve shape and level, aiming to take advantage of changes in the shape of the yield curve;

n market sentiment indicators to gauge the degree to which market prices are influenced by sentiment factors; and

n the technical condition of the market with a view to identifying market trends.

After determining the maturity profile we use a number of analytical tools to select the securities offering the best value and to find the most appropriate yield curve position.

Rating by Standard & Poor’s Australia*

The Fund has been assigned an “AAAm” credit rating by Standard & Poor’s (“S&P”) which indicates that the safety of the Fund is excellent and it has a superior capacity to maintain principal value and limit exposure to loss. Macquarie monitors the Fund daily to ensure it maintains this rating, and regularly provides reports to S&P on its assets.

* Standard & Poor’s Information Services (Australia) Pty Ltd

Ethical investments

Generally and in normal circumstances, our investment decisions do not take into account labour standards, environmental, social or ethical considerations. However, these considerations may be taken into account if they have the potential to materially affect the value of the investment, but no specific methodology is applied.

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The benefitsManaged funds, including the Fund, have certain advantages. They can:

n allow access to investment opportunities, markets and diversity that may usually not be accessible to all investors;

n usually invest for less cost; and

n have access to investment techniques that may not be available to all investors.

Fund incomeIncome derived by the Fund accrues daily and is distributed to clients quarterly. It may include gains and losses on securities from futures trading and interest income.

Fund performancePerformance history and Fund size information can be obtained from:

n www.macquarie.com.au/performance

n client service on 1800 814 523, 9.00am to 5.00pm Sydney time, Monday to Friday.

As you are investing through a master trust or wrap account, the net performance of the investment may be different from the information we publish due to cash flows specific to your investment and any fees charged by the master trust or wrap account provider.

Past performance is not an indication of future performance.

The risksThere are risks associated with any investment. Generally, the higher the expected return of an investment, the higher the risk and the greater the variability of returns. Macquarie’s risk management objective is to deliver risk/return outcomes in line with our clients’ expectations. However, we cannot provide assurances or guarantees on future returns, distributions and return of capital.

The most common risks are described below, but there could be other risks that affect the performance of the Fund. You should seek your own professional advice on the appropriateness of this investment to your circumstances. A financial adviser can explain these risks and provide advice based on your financial objectives, time frame for investing and attitude to risk.

General risks

The risks explained below are general risks that apply to most investments.

Investment objective risk is the risk that an investor’s objectives will not be met by their choice of investments. Measures of risk in this Fund are the variability of the returns received on principal invested, and the return of principal itself. The main drivers of risk in this Fund are disclosed below.

Liquidity risk exists when particular investments are difficult to purchase or sell, preventing a fund from closing out its position or rebalancing within a timely period and at a fair price. While every effort is made for the Funds to be able to meet all redemptions, the nature of the underlying securities means that in highly unusual circumstances, we may not be able to meet all redemption requests when they are received.

Manager risk refers to the risk that the manager will not achieve its performance objectives or not produce returns that compare favourably against its peers.

Specific risks

The main investment risks that apply to this Fund are explained below.

Default risk is the risk of loss due to default, either through the failure of an issuer to pay the interest and/or repay the principal of a security, or through counterparty default. Counterparties may include brokers of exchange traded futures and options, clearing brokers for exchange traded futures and options and swap and structured deal counterparties. Default risk is generally greater for counterparties or issuers with lower credit ratings.

Interest rate risk arises with changes in market yields that change the price of fixed income investments. An increase in interest rates leads to a reduction in the value of a fixed income investment and vice versa. The risk is usually greater for fixed income securities that have longer maturities.

Spread risk arises with declines in perceptions of the credit worthiness of particular borrowers or within the corporate sector as a whole, leading to a fall in the value of corporate securities.

Derivatives risk. Derivatives can be used to obtain or reduce market exposures. They can potentially be used to create leveraged positions, where exposures are obtained that are greater than the value of assets required to support them. As the market value of derivatives positions are variable, gains or losses can be incurred, and can be greater than unleveraged positions. The Fund may use derivatives:

n as a hedge;

n as an alternative to buying and selling the physical security; and/or

n to take advantage of opportunities for increased returns.

Each derivative position is assessed on an effective exposure basis for risk management. This treatment is employed to:

n determine effective asset allocations and equivalent physical positions;

n test adherence to trading limits; and

n test that overall Fund risk parameters are complied with.

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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 fund 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 the fund or your financial adviser.

To find out moreIf you would like to find out more, or see the impact of these fees based on your own circumstances, the Australian Securities and Investment Commission (ASIC) website (www.fido.asic.gov.au) has a managed investment fee calculator to help you check out different fee options.

Fees and other costsThis PDS shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment, or from the Fund assets as a whole. Tax is set out in another part of this PDS. You should read all of the information about fees and costs because it is important to understand their impact on your investment.

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the Fund

Establishment fee:The fee to open your investment.

Nil Not applicable

Contribution fee:The fee on each amount contributed to your investment.

Nil Not applicable

Withdrawal fee:The fee on each amount you take out of your investment.

Nil Not applicable

Termination fee:The fee to close your investment.

Nil Not applicable

Management costs

The fees and costs for managing your investment.

Estimated 0.55% p.a. (inclusive of GST) or $5.50 per year for every $1,000 invested. These costs include the fee payable to us for acting as responsible entity of the Fund and fees for the promotion and distribution of the Fund.

Calculated daily and deducted quarterly. Subtracted from the gross income of the Fund before it is distributed to you.

Service fees

Investment switching fees:The fee for changing investment options.

Nil Not applicable

Additional explanation of fees and costsManagement fees and expense recoveries

The management fee is 0.55% pa of the net asset value of the Fund, inclusive of the net impact of Goods and service Tax (GST) and is below the maximum that Macquarie may charge under the Fund’s constitution.

In addition, we have the right to recover from the Fund all proper expenses, and are entitled to be indemnified from the Fund for liabilities we properly incur in connection with the Fund. Expense recoveries include both normal types of

expenses, such as custody and audit fees, and abnormal types of expenses, such as costs associated with any litigation (eg fees to professional advisers engaged by Macquarie) and expenses in relation to unitholder meetings. The Fund’s constitution does not place any limit on the amount of the expenses that we can recover from the Fund provided that the expenses are properly incurred. However, we currently choose to pay normal expenses out of the management fee and do not seek a reimbursement from the Fund.

Buy/Sell spread

There is no buy/sell spread.

1 This fee may include an amount payable to your adviser. (See ‘Adviser renumeration’ under the heading ‘Additional explanation of fees and costs’).

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Fees we are allowed to charge

The Fund’s constitution permits us to charge other fees including entry and exit fees or higher fees than the rates disclosed in this information memorandum. However, it is not our current intention to charge these additional fees. if we were ever to change our policy on fees, we would first give investors at least 30 days prior written notice.

Commission

We may make payments from our fees to:

n Macquarie Bank and its associated companies;

n consultants, advisory firms or investment advisers;

n the operators of some master trusts and wrap accounts; or

n other professional organisations.

These are not additional charges to investors.

We also maintain a register of compliance with the industry code of practice on alternative forms of remuneration, summarising alternative forms of remuneration that are paid or provided to advisers and/or financial service licensees. If you would like to review this register, please contact your adviser.

Differential fees

We may negotiate reduced management fees with sophisticated and professional investors, as defined in the Corporations Act. These negotiations are subject to compliance with legal requirements and any applicable ASIC relief.

Related party transactions

In the execution of transactions, we deal with professional organisations that may include entities from within the Macquarie Group. All transactions are conducted on arm’s length terms. We can also trade the Fund’s investments with Macquarie Group or associated companies where we believe the investments are in the best interest of investors. These organisations may receive commissions at prevailing market rates for the execution of transactions. Any conflict of interest or potential conflict of interest is managed in accordance with our Conflict of Interest Policy.

We may invest the assets of the Fund in a number of other funds of which we act as responsible entity. In these circumstances you will only be charged management fees and performance fees once.

Changes to fees

We can increase fees or charge fees not currently charged, after giving not less than 30 days prior notice to existing investors.

Transaction costs

The Fund incurs transaction costs from trading money market securities and derivatives. Transaction costs are currently minimal and are charged directly to the Fund. Transaction costs are subject to change and may impact on the value of your investment.

Example of annual fees and costs for managed investment products#

This table gives an example of how the fees and costs in the Fund can affect your investment over a 1 year period. You should use this table to compare this product with other managed investment products.

EXAMPLE – the Macquarie Balance investment option

Fees Balance of $�0,000 with total contributions of $�,000 during the year

Contribution fees Nil For every additional $5,000 you put in you will be charged $0

PLUS Management costs

0.55% pa of the value of your investment

For every $50,000 you have in the fund you will be charged $275 a year

EQUALS Cost of the Fund

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged $275 for the initial $50,000 and up to $27.50 for the additional $5,000*

# This is an illustrative example only. The management cost is an estimate and may vary with the result that the amount may be more or less then 0.55%pa.

* The amount you would pay depends on when the additional $5,000 is invested. If it was invested on the first day of the year you would pay the full $27.50, bringing the total fee for the year to $302.50.

TaxBuying and selling investments and receiving income are likely to have taxation consequences. We do not give tax advice. Given the complex and changeable nature of the Australian tax and social security systems, and the fact that different investors have different tax and social security circumstances, we recommend you seek professional tax and social security advice prior to investing. At the Fund’s tax year-end we will send to you details of any assessable income, capital gains and any other relevant tax and accounting information to include in your income tax return.

Under normal circumstances, the Fund does not pay income tax because the net taxable income is distributed to investors. Income earned in this Fund, whether distributed or reinvested, forms part of your assessable income in the year of entitlement.

Tax file number (TFN) and Australian business number (ABN)

It is not compulsory to provide your TFN or ABN, and it is not an offence if you decline to provide them. However, tax will be deducted from the income paid to you at the highest marginal tax rate plus Medicare levy if you do not provide a TFN or claim an exemption. These numbers can be provided on the application form when making an initial investment.

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Goods and Services Tax (GST)

The Fund has registered for GST. The issue and redemption of units in the Fund and receipt of distributions will not be subject to GST. However, GST is payable on our fees and reimbursement of expenses. The Fund may be able to claim a Reduced Input Tax Credit (RITC) of 75% of the GST paid on some fees.

How to investAs you are investing through a master trust or wrap account, you are known as an indirect investor.

Indirect investors gaining exposure to this Fund through a master trust or wrap account do not themselves become investors in the Fund. Instead it is the operator of the master trust or wrap account that invests for you that has the rights of a direct investor, and the operator may choose to exercise these rights in accordance with their arrangements with you.

Indirect investors will need to complete the application form provided by the master trust or wrap account operator, and will receive reports and other information from that operator. Any enquiries should be directed to them. Additional investments are also to be made through this operator.

We reserve the right to establish higher minimum investment amounts or to decline part or all of any application.

Where Macquarie receives the application and investment amount from your master trust or wrap account operator prior to 3.30pm Sydney time on a business day in our Sydney office, units will be credited on the same day. Investment amounts and application forms received after 3.30pm Sydney time will be deemed to be received on the following business day.

Accessing your moneyWe generally process withdrawal requests each business day. If we receive the request from your master trust or wrap account operator before 2.30pm Sydney time, proceeds will usually be available on the same day. If we receive a withdrawal request after this, or on a non-business day for us, we treat it as having been received before 2.30pm Sydney time the next business day. The Fund constitution allows for 5 working days to pay withdrawals.

We are allowed to deduct certain monies owing from the withdrawal amount including amounts for tax.

DistributionsIncome accrues daily and for the life of this Product Disclosure Statement we will generally distribute income quarterly net of fees following the end of March, June, September and December. All income is reinvested.

Unit pricingThe Fund has a constant unit price of $1.00.

Keeping you in touchThe master trust or wrap account operator provides indirect investors with reports on the progress of the Fund.

The Fund may also be subject to regular reporting and disclosure obligations as a disclosing entity under the Corporations Act. Copies of documents that we lodge with ASIC to meet these requirements may be obtained from or inspected at an ASIC office. We can provide free of charge within five days of your request a copy of:

n the annual financial report most recently lodged with ASIC;

n if available, any half-yearly financial report and continuous disclosure notices that have been lodged after the annual accounts but before the date of this Product Disclosure Statement. There are currently no such documents.

Investors should keep a copy of the current Product Disclosure Statement and any supplementary documents for future reference. Product Disclosure Statements are available from any of our offices free of charge.

Our legal relationship with youThe constitution provides the framework for the operation of the Fund, and together with the Corporations Act and laws relating to trust deeds and this Product Disclosure Statement, sets out our relationship with you. The constitution is available from any of our offices on request free of charge. It deals with, amongst others, the following matters:

n we can terminate the Fund with prior notice;

n we are not liable for any loss unless we fail to comply with our duties or the law otherwise requires.

We reserve the right to change the terms of the Product Disclosure Statement by giving prior notice.

We respect your personal detailsWe do not collect or hold your personal information in connection with your investments in the Fund. You should contact the operator of the master trust or wrap account that has made the investment with us for details on the collection, storage and use of personal information.

Enquiries and complaintsAs you are investing through a master trust or wrap account, in the event of a complaint you should contact your adviser or the operator.

How to contact Macquarie Your adviser is your main point of contact

for your portfolio, so if you have any queries, please talk to your financial adviser.

Financial Advisers

1800 025 063

[email protected]


www.macquarie.com.au/clientview

OFD6106 06/07