Investment Option: Defensive⁶

From 1 July 2012
Suitability	This option may be suitable if you are prepared to accept a measured amount of risk by investing in a small amount of growth assests. Your priority remains the preservation of capital.
Objective	To provide a return of 1.5% p.a. (2.0% p.a. Income Streams) (after fees and taxes) above the rate of inflation over a 1 year period.
Growth assets to defensive assets	15% growth and 85% defensive (growth range 10-20%)
Target asset allocations as at 1 July 2012 (asset allocation ranges are  shown in brackets)	Content goes here. Australian shares 3.0% (0-10%) Overseas shares1 4.0% (0-10%) Property 3.0% (0-10%) Alternative assets - growth 5.0% (0-10%) Fixed interest2 7.5% (0-40%) Cash 77.5% (50-90%)
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	4.91	4.91	5.57
2010/11	1.06	1.06	1.23
2009/10	N/A	N/A	N/A
2008/09	N/A	N/A	N/A
2007/08	N/A	N/A	N/A
3 years – compound average p.a.	N/A	N/A	N/A
5 years – compound average p.a.	N/A	N/A	N/A
Minimum suggested  investment timeframe	1 year
Risk band#	1 – VERY 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.
2. A policy of maintaining a benchmark currency hedge of 100% applies to overseas fixed interest.
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.
5. The High Growth and Cash options commenced 1 October 2008.
6. The Defensive option commenced on 1 April 2011 the 2010/11 returns shown represent the 3 month year to 30 June 2011.
* 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.