Investment Option: Conservative

From 1 July 2012
Suitability	This option may be suitable if you wish to see your capital protected from inflation and are prepared to experience some short term volatility in order to gain longer term capital growth.
Objective	To provide a return of 2% p.a. (2.5% p.a. Income Streams) (after fees and taxes) above the rate of inflation over a 3 year period.
Growth assets to defensive assets	35% growth and 65% defensive (growth range 30-40%)
Target asset allocations as at 1 July 2012 (asset allocation ranges are  shown in brackets)	Content goes here. Australian shares 6.0% (0-15%) Overseas shares1 9.0% (0-15%) Property 7.5% (2.5-12.5%) Alternative assets - growth 12.5% (5-20%) Fixed interest2 12.0% (10-30%) Alternative assets - defensive 3.0% (0-10%) Cash 50% (20-60%)
Performance  (period 1 July to 30 June)	Accumulation Plan Crediting rate % p.a*	Beneficiary Account Crediting rate % p.a*	Income Streams Crediting rate % p.a*
2011/12	5.51	5.51	6.25
2010/11	6.94	6.94	8.12
2009/10	7.09	7.09	8.33
2008/09	-1.21	-1.52	-1.71
2007/08	1.10	0.75	0.65
3 years – compound average p.a.	6.51	6.51	7.56
5 years – compound average p.a.	3.83	3.69	4.24
Minimum suggested  investment timeframe	3 years
Risk band#	2 – LOW
Estimated number of negative  annual returns#	Less than 1 over any 20 year period#

1. A policy of maintaining a benchmark currency hedge of 50% applies to overseas shares. This may change from time to time as determined by the Emergency Services Superannuation Board (the Board).
2. A policy of maintaining a benchmark currency hedge of 100% applies to overseas fixed interest. This may change from time to time as determined by the Emergency Services Superannuation Board (the Board).
3. Invested 100% in cash, therefore range is not applicable.
4. Short-term securities includes higher yield securities, corporate debt securities and similar financial instruments which may fluctuate in value.
* Past performance is not a reliable indicator of future performance and should not be relied upon for making investment decisions.
# The standard risk measure is based on industry guidance so that members can compare investment options and periods of negative annual returns over a 20 year period. The standard risk measure is not a complete assessment of all forms of investment risk, for instance, it does not detail the likely size of a negative return or the potential for a positive return to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on a negative return. Members should still ensure they are comfortable with the risks and potential losses associated with chosen investment option/s.