Investment Option: Shares Only

From 1 November 2011
Suitability	This option may be suitable if you are prepared to experience the volatility of investing in listed investments in the pursuit of high long term capital growth.
Objective	To provide a return of 4.5% p.a. (after fees and taxes) above the rate of inflation over a 10 year period.
Growth assets to defensive assets	100% growth
Interim strategic asset allocations as at 1 October 2011 (asset allocation ranges are shown in brackets)	Content goes here. Australian shares 41% (25-75%) Overseas shares1 54% (25-75%) Alternative assets - growth 5% (0-10%)
Performance (period 1 July to 30 June)	Credit rate % p.a*
2010/11	10.68
2009/10	9.65
2008/09	-19.84
2007/08	-13.65
2006/07	21.85
3 years – compound average p.a.	-0.92
5 years – compound average p.a.	0.47
Minimum suggested investment timeframe	10 years
Risk band#	6 – HIGH
Estimated number of negative annual returns#	4 to less than 6 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).
* 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.