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Statement of Advice prepared for Ms Genevieve Mary Roberson

ABN 41 005 845 778Australian Financial Services

Licence No. 247413

22/12/2010

Ms Genevieve Mary Roberson15 Lantana CourtCARNEGIE VIC 3214

Dear Ms Roberson,

Thank you for the opportunity to discuss your financial situation. As a result of ourdiscussions, please see the attached Statement of Advice (SoA) which you should readcarefully. In the preparation of this SoA, I have taken into account the information you

provided to me, together with your individual financial objectives, goals and attitudetowards risk.

The primary intent of this SoA is to provide you with an investment strategy that meetswith your financial objectives and goals. In its design, a number of investment optionswere considered before finalising my recommendations. As the financial planning processcan include several steps, the enclosed SoA should be considered as a starting point toinvesting and a basis for future discussion.

As an authorised representative, I am unable to provide taxation and legal advice. I have,however, included factual information and guidance on future illustrations. I recommendthat you seek professional taxation and legal advice prior to making any investment orlegal decisions.

I look forward to providing you with any further assistance and advice in relation tofinancial planning. If you have any queries, please do not hesitate to contact me.

Yours sincerely,

Sample AdviserFinancial AdviserAuthorised Representative No. 26234 XXXXX of Mortgage & General Financial Services Pty Ltd

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Statement of Advice

for

Ms Genevieve Mary Roberson

22/12/2010

Prepared by

Sample Adviser

Financial Adviser

Authorised Representative number XXXXXX of

Mortgage & General Financial Services Pty Ltd

ABN 4100 584 5778

Australian Financial Services Number 247413

APF:Adviser Business Address

Ph APF:Adviser Business Phone Fax APF:Adviser Fax

This is an important document. You should read it carefully and make sure youunderstand it. If there is anything that you disagree with or do not understand, pleasecontact your financial adviser.

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Table Of Contents

IMPORTANT INFORMATION ........................................................................................................................ ... 4

EXECUTIVE SUMMARY ..................................................................................................................................... 5

G OALS AND O BJECTIVES ...............................................................................................................................................5STRATEGY AND R ECOMMENDATIONS ...............................................................................................................................5D ISCLOSURE .................................................................................................................................................................6

CURRENT POSITION ........................................................................................................................................... 6

BACKGROUND ...............................................................................................................................................................6P ERSONAL SUMMARY ....................................................................................................................................................6DEPENDANTS ................................................................................................................................................................7ASSETS AND L IABILITIES ...............................................................................................................................................7INCOME AND E XPENSES .................................................................................................................................................8R ISK INSURANCE ..........................................................................................................................................................8YOUR O BJECTIVES .......................................................................................................................................................8ATTITUDE TO I NVESTING AND R ISK ..............................................................................................................................10YOUR R ISK P ROFILE ..................................................................................................................................................10

RECOMMENDED STRATEGIES .................................................................................................................. ... 11

SUMMARY OF R ECOMMENDATIONS ...............................................................................................................................11R ECOMMENDED STRATEGY ..........................................................................................................................................11D IVERSIFICATION O VER I NVESTMENT M ARKET SECTORS ..............................................................................................13R ISK /R ETURN T RADE -O FF .........................................................................................................................................13VOLATILITY ...............................................................................................................................................................13

RECOMMENDED PRODUCTS ......................................................................................................................... 14

P RODUCT R ECOMMENDATIONS .....................................................................................................................................14R ECOMMENDED ASSET ALLOCATION ............................................................................................................................17

ILLUSTRATIONS ............................................................................................................................................... . 17

ANNUAL C ASH F LOW .................................................................................................................................................18T AXABLE INCOME .......................................................................................................................................................19YEAR O NE T AXABLE INCOME BY C LIENT .....................................................................................................................20P ORTFOLIO VALUE .....................................................................................................................................................22

DISCLOSURES ..................................................................................................................................................... 24

INITIAL F EES AND BROKERAGE ....................................................................................................................................24O NGOING F EES AND BROKERAGE .................................................................................................................................26E XPLANATION OF MER AND GST..............................................................................................................................27

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ONGOING ADVICE AND REVIEW SERVICE ......................................................................................... ..... 28

ADVISORY SERVICES AND F REQUENCY ..........................................................................................................................28F EES AND C HARGES ....................................................................................................................................................28C LIENT ' S O BLIGATIONS AND R ESPONSIBILITIES .............................................................................................................28

ACTION TO PROCEED ...................................................................................................................................... 28

AUTHORITY TO PROCEED ............................................................................................................................. 29

REFERENCE MATERIAL .............................................................................................................................. ... 31

M ASTER F UNDS AND ASGARD.................................................................................................................................32

Important Information

This Statement of Advice (SoA) is an important document and you should read itcarefully. It is the written record of my advice to you and explains the basis on which thisadvice is given. It includes information about any limitations in the advice and outlinesincentives and benefits to be received by me or any associates as a result of providingthis advice to you.

Supporting information, including a Product Disclosure Statements, has also beenprovided to help you make an informed decision about the strategy and productsrecommended.

Please ensure you read and understand this SoA and the accompanying documentsbefore making any decision to implement the recommendations.

If there are any errors or omissions with respect to your investment objectives, or if yourequire further explanation or clarification with regards to the SoA or accompanyingdocuments, please contact me.

This advice is based on the information that you have provided to me about you and yourrelevant personal circumstances. It is important to ensure that the information you haveprovided is complete and accurate, otherwise, this advice may not be appropriate foryou.

You have elected not to provide me with complete information on your financialcircumstances, needs and objectives. Accordingly, the advice provided in this SoA does

not consider all of your financial circumstances, needs and objectives and may not meetyour overall requirements. Before acting on this advice, you should consider theappropriateness of the advice, having regard to your relevant personal circumstances.

You have requested that this advice is restricted to text. Therefore, the recommendationscontained in this advice are offered without taking full account of available product typesand may not meet your overall financial needs and objectives. Before acting on thisadvice, you should consider the appropriateness of this advice, having regard to yourrelevant personal circumstances.

You have been offered a full advice service, however, have requested I only provideadvice in relation to text. Accordingly, the advice provided in this SoA does not considerall of your financial circumstances, needs and objectives and may not meet your overallrequirements. It does not for example consider your insurance, superannuation,

retirement planning or estate planning needs. Before acting on this advice, you should

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consider the appropriateness of the advice, having regard to your relevant personalcircumstances.

All estimates and illustrations in my recommendations are based on assumptionsprovided by ASSIRT Research and are intended as a guide only.

Please ensure that this SoA contains information that accurately summarises your current

situation, investments and financial objectives. This information is detailed in the sectiontitled Current Position. If accurate information has not been provided, this advice maynot be appropriate to your relevant personal circumstances.

Currency of Recommendations The information in this SoA is current for a period of 45 days only. After this time, therecommendations should not be implemented as legislation, economic conditions or yourneeds may have changed. Any implementation of the recommendation in this SoAsubsequent to the 45-day period should only be made in consultation with me.

Financial ProductsA cooling off provision applies if you acquire certain financial products. You have a rightto return the product to the product issuer or seller within 14 days of acquisition. Themoney will be repaid to you subject to certain adjustments that operate in relation tomarket linked products or where taxes apply.

The cooling off period relates to the following recommended products:

Executive Summary

Goals and Objectives

Your goals and objectives can be summarised as follows:

Strategy and Recommendations

Following our discussions, taking into account your goals and objectives and carefully

considering the available options, I recommend that you undertake the followingstrategy:

This is illustrated in the diagram below.

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Disclosure

I am required to disclose any incentives provided to me to recommend products. I amalso required to disclose all upfront and ongoing commissions and benefits received by

myself, Mortgage & General Financial Services Pty Ltd, or any associates, should youaccept the recommendations contained in this SoA. Full Details are provided in theDisclosures section of this SoA, however, I have also included a summary below.

As discussed and agreed by you, a fee of $1,000.00 (X.X percent) is payable for thepreparation of this advice.

If you accept my recommendations and choose to have me place these investments foryou, then you will be charged a fee of X.X percent of the total value of the investments.

Future contributions to this investment will be subject to a fee of $XX (X.X percent).

As a result of my recommendation to contribute on an ongoing basis, I will receive $XX

(X.X percent) initial commission for each contribution.Ongoing fees will be deducted by INSERT MASTERFUND NAME from your Account eachmonth. Based on your existing balance, annual ongoing fees deducted from your accountwill be $XX (X.X percent) , of which I will receive $XX (X.X percent). This ongoing feeincludes Administration fees, Expense Recovery fees and Responsible Entity fees, myfees and those of my licensee.

Underlying Investment Manager expenses and fees are not included in the ongoing feesabove. These costs, referred to as the Management Expense Ration, are deducted by theInvestment Manager from the income/growth of your Account. I do not receive any of thisfee which is detailed in the accompanying Product Disclosure Statement (PDS)/Disclosure

Table (where Separately Managed Accounts).

Current Position The following information summarises your current personal and financial position, andyour goals and objectives for the immediate and long-term future.

Background

Free text

Personal Summary

PERSONAL DETAILS GENEVIEVE MARY Occupation Consultant

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Source A$XXX

Recommendedinvestment A

$XXX

Recommendedinvestment B

$XXX

Source B$XXX

Source C$XXX

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Date of birth 4 December 1952Age last birthday 51Marital Status WidowedProposed retirement age 65

Dependants

NAME AGE LAST BIRTHDAY AGE DEPENDENCY CEASESDavid 29 18Angela 26 18

Assets and Liabilities

Your current assets and liabilities are outlined below:

Description Amount ($)ASSETSMotor Vehicle (insured) 15,000Principal Residence (insured) 500,000Brenton Ave Rental Property 300,000National Aust. Bank 25,000Macquarie Cash Management 750,000ANZ Super Fund 60,000Total of Assets 1,650,000LIABILITIES

Total of Liabilities NilNET WORTH 1,650,000

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Income and Expenses

Your current income and expenditure is as follows:

CASHFLOW SOURCE TOTAL ($)

Salary & Wage 80,000Brenton Ave Rental Property 9,000National Aust. Bank 1,000Macquarie Cash Management 33,750TOTAL INFLOWS 123,750Other 25,000TOTAL OUTFLOWS 25,000

Tax Payable 39,416Medicare 2,879Unused Imputation CreditsSURPLUS 56,455

Risk Insurance

You have advised that you have the following insurance policies in place:

Insurance

Policy

ContractType

Owner LifeAssure

d

AnnualPremiu

m($)

Benefit($)

Benefit

Period

Waiting

Period

IncomeProtection

IncomeProtection

Genevieve Mary

MLC 3,528.00 60,000.00

30 days

Total 3,528.00

Your Objectives

We discussed your lifestyle goals and how these translate into financial goals. You haveadvised that your objectives are:

Estimated Funds Required

You have informed me that you have the following retirement plans:

Retirement Plans Estimated Income perannum (in todaysdollars)

Retirement Age

C LIENT / H OUSEHOLD $0.00 65

Retirement Plans Estimated Income per

annum (in todaysdollars)

Retirement Age

Genevieve Mary $0.00 65

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APF:Client 2 GivenName

$ 0

If there are funds that are to be used immediately, please note that these have not beentaken into consideration in this SoA.

In addition to these goals and objectives, you have also stated that you require $XX inliquid funds to be set aside for emergencies.

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Attitude to Investing and Risk

As well as achieving your goals, I want to help you to satisfy your future needs. Researchindicates some of the most common needs for clients when seeking financial advice are:

1. Security of Capital concern about losing capital as a result of fluctuations inthe value of your portfolio.

2. Wealth Accumulation capital growth of your portfolio.

3. Income that your portfolio produces an immediate income.

4. Tax Efficiency concern about the amount of tax you pay.

5. Ease of Withdrawal ready access to your funds.

6. Comfort Factor trust in the reputation and service provided by your financialadviser and investment companies.

7. Simplicity easy to understand solutions.

8. Communication to be kept well informed about investments.

Your Risk Profile

A number of interacting factors will influence your Risk Profile. These factors include yourattitude towards taking chances (risk tolerance), your knowledge of investments and theshare market, your investment experience and your time horizon. Your time horizon isdetermined by what proportion of your funds you require at a particular time.

Every investment decision that you make involves some degree of risk, as there willalways be a chance that you will not achieve your financial goals. Your ideal investmentportfolio should be expected to achieve the anticipated results without causing youundue worry.

If you are not comfortable with the selected risk profile, please let me know immediately,as it is a key consideration when forming my recommendations.

For the purposes of preparing a financial strategy, you completed the Investor Risk ProfileWorkbook .

Our assessment of your needs, objectives and personal circumstances indicates that youwould be most comfortable with a High Growth portfolio.

The High Growth portfolio is suitable for investors seeking a higher return investment. They are prepared to invest for a long term and ride out extended periods of negativereturns provided they may benefit from higher returns. The High Growth portfolio willhave a large allocation of around 95% to growth assets such as shares and property.Capital is therefore not guaranteed and there will be large fluctuations and somenegative returns from year to year. There is a significant risk of a portfolio decreasing invalue in the short term although this is substantially reduced for investments over therecommended minimum investment term of ten years.

Taking into consideration your risk profile and your investment time frame, the followingchart shows the asset allocation associated with this risk profile.

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High Growth Risk Profile

45%

50%5%

Property Equity Internat ional Equity Australian

Recommended Strategies

I considered a number of options before finalising the recommendations set out in thisSoA. I believe that the recommended strategy and investments will help you to achieveyour financial goals and objectives.

Summary of Recommendations

Source of Funds Amount($)

Recommended Application Amount($)

Investment - Direct 325,000 ASGARD eWRAP Investment 654,020Investment - OrdinaryManaged Fund

750,000 ASGARD eWRAP Super 155,980

Investment - Super /Rollover/ETP

60,000 Investment - Direct 325,000

TOTAL 1,135,000

TOTAL 1,135,000

Investment Owner InvestmentAmount

($)

Employer

Contribution($ pa)

SalarySacrifi

ceContribution($ pa)

Deductible

Contribution($ pa)

Spouse

Contribution($ pa)

UndeductedContribution($ pa)

ASGARD eWRAPSuper

Genevieve MaryRoberson

155,980 0 0 0 0 0

Recommended Strategy

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Detailed Recommendations and Strategy

In order to meet your personal and financial objectives, I recommend the following.

Reasons for Recommendations

The reasons for my development of the recommended strategy are detailed below.

1. Recommendation/strategy

Reasons for recommendation:





Where references are made to the reference material attached, please ensure that youread the reference material to help you to better understand the reasons for myrecommendations.

If you believe that there are objectives or needs which have not beenaddressed in the strategy shown, please notify me immediately.

If you select products other than those I have researched and recommended, I may notbe able to provide appropriate information on these products. All products recommendedin this SoA have been selected based on comprehensive research and this may not applyto products selected at your direction.

Alternative Strategies Considered

In designing the recommended investment strategy, the following options wereconsidered:

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Diversification Over Investment Market Sectors

In preparing this SoA, I have selected a combination of investments designed to best suit

your requirements.Investment sectors move in different cycles. In order to minimise the volatility and risk ina portfolio, it is necessary to diversify across the various asset classes, with the weightingof each asset class reflecting economic conditions and investment prospects.

It is also important to achieve a balance between income and growth, according to yourneeds and objectives. This allows income requirements to be met, whilst minimisingtaxation liability. It is also important to protect the value of capital against the effects of inflation.

Risk/Return Trade-Off

The relationship between long-term risk and return in different asset classes is illustratedin the following graph:

In general, most people are conversant with the concept of investment return andunderstand, for example, that a 10 percent per annum return on $100,000 would result in$10,000 being received each year. However, many people do not clearly understandvolatility, a concept that can be explained as follows.

Volatility

Volatility is a term that refers to the unpredictable upward and downward shifts ininvestment values over a period of time. The greater the volatility, the more frequent theshifts in investment values.

Volatility occurs across the life of an investment however the highest impact is generallyin the short-term and historically the effects of volatility have generally been smoothedout over the long term. Assets subject to higher volatility have tended in the past to yieldhigher returns over the long-term.

In deciding the constituents of your portfolio, I have decided that a spread of assetswould best suit your needs. This approach should provide you with a good opportunity to

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achieve the best long-term returns for the level of volatility that you are prepared toaccept.

Recommended Products

Product Recommendations

In line with the strategies discussed above, I recommend the following specificinvestments. I have made my recommendations based on the Approved Product Listreferred to in the Financial Services Guide.

Why ASGARD?

I have decided to recommend ASGARD as an alternative to investing directly withinvestment managers. ASGARD is a master fund (an administration facility) whichprovides such benefits as:

access to a wide range of managed investments allowing you to choose adiversified portfolio through a single account

the flexibility to alter your investments should your personal needs or financialgoals change

the convenience of regular and consolidated reports on all your investments

generally lower investment manager charges than retail funds.

The following diagram illustrates how these platforms work.

Further information is provided in the ASGARD PDS and other supporting material whichaccompanies this SoA.

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ASGARD Master Trustor eWRAP Account

Your capital for investment

ManagedFund

A

Investment into each Fund or Shares

Income from each Fund or Share

Inves tment into the Service

Income or Consolidated reporting

ManagedFund

B

ManagedFund

C

Shares

D

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Investments

Investments Status Amount Owner Reinvest

Est (%) Est (%)

($) income Growth IncomeASGARD eWRAPInvestment

Genevieve Mary

APN Property for Income New 20,929 Y -0.20 6.20Citigroup Prop Sec Trust X New 12,734 Y -0.20 6.80Col First State Wsale GlobRes

New 62,132 Y 6.30 2.80

Credit Suisse Aust Sml CoFd

New 51,668 Y 4.50 5.30

eCASH Account New 1,000 Y 0.00 4.30Hunter Hall Aust Value New 85,023 Y 4.80 4.70IOOF Perennial Wsale ValueSh

New 103,335 Y 4.80 5.40

Perpetual Wsale IndustrialSh New 103,335 Y 4.50 5.40

Platinum International Fund New 155,003 Y 5.30 2.50Vanguard Int Share IndexWsale

New 58,862 Y 6.40 3.80

ASGARD eWRAP Super Genevieve Mary

APN Property for Income New 4,991 Y -0.20 6.20CASH Account New 3,250 Y 0.00 4.00Citigroup Prop Sec Trust X New 3,276 Y -0.20 6.80Col First State Wsale GlobRes

New 11,568 Y 6.30 2.80


New 9,072 Y 4.50 5.30

Hunter Hall Aust Value New 20,278 Y 4.80 4.70IOOF Perennial Wsale ValueSh

New 24,644 Y 4.80 5.40

Perpetual Wsale IndustrialSh

New 24,644 Y 4.50 5.40

Platinum International Fund New 36,967 Y 5.30 2.50Vanguard Int Share IndexWsale

New 17,289 Y 6.40 3.80

Investment - DirectBrenton Ave RentalProperty

Retained 300,000 Genevieve Mary

N 0.00 3.00

National Aust. Bank Retained 25,000 Genevieve Mary

N 4.00 -6.10

4.00

Investment Total 1,135,000

Please note:

All estimated growth and income figures have been provided by ASSIRT ResearchLtd. ASSIRT is part of the St.George Group.

The rates of return used to prepare the above estimates for income and capitalgrowth are estimated illustrations only.

The performance of investment products falls as well as rises depending uponeconomic and market cycles as well as the particular investment strategies of theFund Manager(s) providing the product(s).

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No guarantee of investment performance or rates of return on either capital orincome can be given, nor is implied, by these illustrations. You should alsounderstand that past performance may not be indicative of future performance.

Refer to the relevant Product Disclosure Statement(s) for performance reports,fees, fund strategy and asset allocation of each of the recommended investments.

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Recommended Asset Allocation

It is important to gain diversification across asset classes to reduce risk and to enhancepotential returns. This graph indicates the spread of your total portfolio across the assetclasses.

Your total exposure to growth assets including Australian and international shares andlisted property trusts is XX percent after implementation of the recommendations.

If you do not feel comfortable with this level of exposure to the sharemarket,please do not implement my recommendations until this has been discussedwith me.

ASSET ALLOCATION

Recommended

Target

%

0

10

20

30

40

50

60

AC AFI AS II IS DP LP O

Sector Actual(%)

Target(%)

Variance(%)

Australian Cash (AC) 6.33 0.00 6.33Australian Fixed Interest (AFI) 0.00 0.00 0.00Australian Shares (AS) 31.54 50.00 -18.46International Interest (II) 0.00 0.00 0.00International Shares (IS) 32.04 45.00 -12.96

Direct Property (DP) 26.83 0.00 26.83Listed Property (LP) 3.53 5.00 -1.47Other (O) 0.20 0.00 0.20

The asset distribution shown in this graph should be viewed as a long-term target. Actualallocations sometimes vary due to market fluctuations.

In calculating the above asset allocation, the family home has been excluded.

Illustrations

The following tables show estimates of income, expenditure and capital growth based onmy recommendations and the information supplied by you. The following assumptions

have been used in the calculation of the illustrations:

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Annual Cash Flow

These estimates have been produced as a guide to help you assess the effect of inflationover time and to provide an indication of the real value of income that may be producedby your portfolio. You should be aware that these estimates are based on assumptionsabout growth in asset values and future earning rates. Thus, I cannot guarantee thatreturns will be as predicted in any time period.

Note: Inflows detailed in the table below do not include reinvested income. Outflows mayrequire a combination of income and the drawdown of capital to meet your needs. Allcash flow amounts are expressed in future dollars.

Cash Flow Source Status Year 1($)

Year 2($)

Year 3($)

Year 5($)

Year 10($)

Salary & Wage 80,000 82,400 84,872 90,041 104,382

eCASH Account (Inv.Income) New 27,339 29,774 32,378 38,137 56,318Brenton Ave RentalProperty (Inv. Income)

Retained 9,000 9,000 9,000 9,000 9,000

National Aust. Bank (Inv.Income)

Retained 1,000 1,040 1,082 1,170 1,423

TOTAL INFLOWS 117,339 122,214 127,331

138,347

171,124

Other 25,000 25,750 26,523 28,138 32,619eCASH Account (Reinv.Income)

Retained 27,339 29,774 32,378 38,137 56,318

ASGARD eWRAP Investment(Reinv. Income)

Retained

Brenton Ave RentalProperty (Reinv. Income)

Retained

National Aust. Bank (Reinv.Income)

Retained

TOTAL OUTFLOWS 52,339 55,524 58,900 66,274 88,938 Tax Payable 33,737 35,912 38,196 43,112 57,751Unused Imputation CreditsMedicare Levy 2,809 2,936 3,070 3,357 4,213SURPLUS (DEFICIT) 28,454 27,842 27,166 25,603 20,222Net Present Value 27,625 26,243 24,860 22,085 15,047

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Taxable Income

The following table details your income from all sources (including the recommendedportfolio) and estimates your tax position as if my recommendations had beenimplemented.

The estimate is a guide only and depends on the continuation of current taxationtreatment of deductible expenses as well as current taxation laws and tax rates.

Taxation Details Year 1($)

Year 2($)

Year 3($)

Year 5($)

Year 10($)

Salary & Wage 80,000 82,400 84,872 90,041 104,382Investment Income 37,339 39,814 42,459 48,306 66,742Dividend Imputable 4,777 4,997 5,227 5,719 7,164ASSESSABLE INCOME 122,115 127,210 132,558 144,066 178,288

Tax free Income 9,768 9,767 9,767 9,767 9,767TAXABLE INCOME 112,348 117,443 122,791 134,300 168,521Gross Tax 38,514 40,909 43,422 48,832 64,916

Imputation Rebate Entitlement 4,777 4,997 5,227 5,719 7,164TAX PAYABLE 33,737 35,912 38,196 43,112 57,751Assessable Income 122,115 127,210 132,558 144,066 178,288Dividend Imputable 4,777 4,997 5,227 5,719 7,164

Tax Payable 33,737 35,912 38,196 43,112 57,751Unused Imputation CreditsMedicare Levy 2,809 2,936 3,070 3,357 4,213INCOME AFTER TAX 80,793 83,365 86,066 91,877 109,159Net Present Value 78,439 78,580 78,762 79,254 81,225

Please note: Capital gains tax calculations are not included in this illustration. When

interpreting these figures, adequate allowance should be made for any capitalgains tax that may be payable as a result of withdrawals from investments.

I am not authorised by Mortgage & General Financial Services Pty Ltd to provideadvice in relation to taxation. I have however provided estimates and explanationsbased on my understanding and interpretation of the relevant legislation at thetime this SoA was written. Due to its complexity and the speed and frequency withwhich taxation laws and regulations may change, I recommend you seek moredetailed advice from your taxation adviser on any taxation issues relating to myrecommendations.

Any imputation credits not used to reduce your tax liability to zero may berefunded to you. Please refer to the Reference Material for more information.

Unless you have nominated that you have private health insurance with hospitalcover, these illustrations will incorporate the additional Medicare Levy Surchargeat a rate of 1 percent if your taxable income exceeds the Medicare Levy Surchargethresholds.

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Year One Taxable Income by Client

The following table details your estimated tax position for the first year of implementationof the recommended portfolio. The estimate is a guide only and depends on thecontinuation of current taxation treatment of deductible expenses as well as currenttaxation laws and tax rates.

Taxation Details GenevieveMary

Total

Salary & Wage 80,000 80,000Investment Income 37,339 37,339Dividend Imputable 4,777 4,777ASSESSABLE INCOME 122,115 122,115

Tax free Income 9,768 9,768TAXABLE INCOME 112,348 112,348Gross Tax 38,514 38,514Imputation Rebate Entitlement 4,777 4,777TAX PAYABLE 33,737 33,737Assessable Income 122,115 122,115Dividend Imputable 4,777 4,777

Tax Payable 33,737 33,737Unused Imputation CreditsMedicare Levy 2,809 2,809INCOME AFTER TAX 80,793 80,793Net Present Value 78,439 78,439

Please note: Capital gains tax calculations are not included in this illustration. When

interpreting these figures, adequate allowance should be made for any capitalgains tax that may be payable as a result of withdrawals from investments. Aspreviously mentioned, you should consult with your taxation adviser to determineyour particular taxation position.

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Portfolio Value

The following table illustrates the growth of your portfolio after allowing for fees,investment income and capital spending.

These estimates have been produced as a guide to help assess the effects of inflationover time and to provide an indication of the real value of your portfolio.

You should be aware that these estimates are based on assumptions about growth inasset values and future earning rates. No guarantee as to the accuracy of theseillustrations can be made nor is implied.

ENSURE THAT THE TABLE REFLECTS THE TIME FRAME OF THE CLIENT (s)

Portfolio Value at yearend

Status Year 1($)

Year 2($)

Year 3($)

Year 5($)

Year 10($)

APN Property for Income(ASGARD eWRAP

Investment)

New 20,427 20,386 20,346 20,264 20,063

Citigroup Prop Sec Trust X(ASGARD eWRAPInvestment)

New 12,429 12,404 12,380 12,330 12,207

Col First State Wsale GlobRes (ASGARD eWRAPInvestment)

New 64,593 68,663 72,988 82,475 111,940

Credit Suisse Aust Sml CoFd (ASGARD eWRAPInvestment)

New 52,805 55,181 57,664 62,971 78,473

eCASH Account (ASGARDeWRAP Investment)

New 28,339 58,112 90,490 163,788 406,654

Hunter Hall Aust Value(ASGARD eWRAPInvestment)

New 87,143 91,326 95,710 105,119 132,888

IOOF Perennial Wsale ValueSh (ASGARD eWRAPInvestment)

New 105,913 110,997 116,324 127,760 161,510

Perpetual Wsale IndustrialSh (ASGARD eWRAPInvestment)

New 105,610 110,362 115,328 125,941 156,946

Platinum International Fund(ASGARD eWRAPInvestment)

New 159,627 168,087 176,996 196,255 254,075

Vanguard Int Share Index

Wsale (ASGARD eWRAPInvestment)

New 61,251 65,171 69,342 78,502 107,050

APN Property for Income(ASGARD eWRAP Super)

New 5,182 5,493 5,823 6,542 8,795

CASH Account (ASGARDeWRAP Super)

New 3,380 3,515 3,656 3,954 3,656

Citigroup Prop Sec Trust X(ASGARD eWRAP Super)

New 3,421 3,646 3,887 4,417 6,107

Col First State Wsale GlobRes (ASGARD eWRAPSuper)

New 12,362 13,487 14,714 17,514 27,172

Credit Suisse Aust Sml CoFd (ASGARD eWRAP Super)

New 9,757 10,713 11,763 14,182 22,714

Hunter Hall Aust Value(ASGARD eWRAP Super)

New 21,749 23,815 26,078 31,268 49,402

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IOOF Perennial Wsale ValueSh (ASGARD eWRAP Super)

New 26,601 29,315 32,305 39,231 63,981

Perpetual Wsale IndustrialSh (ASGARD eWRAP Super)

New 26,529 29,155 32,042 38,700 62,264

Platinum International Fund(ASGARD eWRAP Super)

New 39,033 42,078 45,360 52,712 77,048

Vanguard Int Share IndexWsale (ASGARD eWRAPSuper)

New 18,662 20,565 22,663 27,522 44,885

HBA Retained 1,800 1,800 1,800 1,800 1,800Principle Residence Home -Contents

Retained 200 200 200 200 200

Principle ResidenceInsurance

Retained 700 700 700 700 700

Brenton Ave RentalProperty

Retained 300,000 300,000 300,000 300,000 300,000

National Aust. Bank Retained 26,000 27,040 28,122 30,416 37,006Income Protection Retained 3,528 3,528 3,528 3,528 3,528

Operating Bank Account 28,454 56,296 83,461 135,485 248,286Portfolio Value 1,225,496

1,332,037

1,443,670

1,683,576

2,399,349

Net Present Value 1,189,802

1,255,573

1,321,162

1,452,268

1,785,341

The following is a graphical representation of the above illustration.

Projected Portfolio Value

$

Years

0

500000

1000000

1500000

2000000

1 2 3 4 5

Please note:

The values are calculated from the anniversary date of this plan. Thus, Year 1

portfolio values are for the 12 months following 26/11/2004. Capital gains tax calculations are not included in this illustration. When

interpreting these figures, adequate allowance should be made for any capitalgains tax that may be payable as a result of any withdrawals from investments.

Generally, the recommended investments require a time frame of at least XXyears for performance objectives to be confidently achieved. Illustrations of portfolio value over a lesser period are subject to significant variation and may notbe achieved.

The performance of the portfolio I have recommended may fall as well as rise,depending upon economic and market cycles as well as the particular investmentstrategies of the Fund Managers providing the products. Please refer to the

relevant Product Disclosure Statements for performance reports, fund strategy,asset allocation and specific risks for each of the recommended investments.

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Net present value shows the effects of inflation over time assuming an inflationrate of 3 percent.

Disclosures

As an authorised representative, I am required to disclose all upfront and ongoingcommissions, benefits or advantages received by myself, Mortgage & General FinancialServices Pty Ltd and any of my associates, should you accept the recommendationscontained in this SoA.

Mortgage & General Financial Services Pty Ltd is the holder of an Australian FinancialServices Licence issued by the Australian Securities and Investments Commission.

I am required to disclose that:

I will receive initial and ongoing fees and brokerage in relation to the investmentsrecommended in this SoA.

I may also receive additional benefits such as increased commissions, salesvolume bonuses, assistance with marketing expenses and other sales rewards, for

example, gift vouchers. Additional benefits may be paid to me by master fund , Mortgage & General

Financial Services Pty Ltd or Fund Managers. These are not additional to feesdisclosed below.

Personal association/Directorships/Other

Investment Managers may pay master fund a fee rebate based on the size of themaster funds total investment in their managed funds. The master fund passes onthis rebate in full to you. For further information, please refer to the Master fundProduct Disclosure Statement.

St.George pays ASGARD 0.275 percent (including GST) commission on the fundsinvested in the eCASH Account. ASGARD passes this commission onto me. This isnot an additional cost to you.

For recommendations, I receive X.X percent of commissions paid to Mortgage &General Financial Services Pty Ltd and Mortgage & General Financial Services PtyLtd retains X.X percent. This is reflected in all disclosure tables shown below.

If the recommendation is accepted, APF:Referral Name will receive X.X percentof the total initial commission, being $XX for the referral of your business, and X.Xpercent of the total ongoing commission. This will be paid from the total initial feesand total ongoing fees disclosed in the tables following and will not be anadditional cost to you.

If you use the services of APF:Referral Name, I will receive X.X percent of thetotal initial commission, being $XX for the referral of your business, and X.Xpercent of the total ongoing commission. This will be paid for by APF:ReferralName and is not an additional cost to you.

The initial and ongoing fees below are payable for this SoA and the ongoingadministration of your account for the first twelve months period. They do not coverongoing advice or portfolio reviews on additional investments.

I have recommended that you invest your capital as set out in the Initial Fees table. Allinitial fees, including my fees and those of Mortgage & General Financial Services Pty Ltdare included in the Total Entry Fee. If you instruct me to place these investments, thesefees will be charged to you as mour implementation cost.

Initial Fees and Brokerage

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As discussed and agreed by you, a flat fee of $1,000.00 is payable for the preparation of this advice. This fee, due at this time, is payable to Mortgage & General FinancialServices Pty Ltd. Where initial commission is received, it will be fully rebated/X.X percentwill be rebated to you.

If you accept my recommendations and choose to have me place these investments foryou, then you will be charged a fee of X.X percent of the total value of the investments.

Investment Investment

Representative

Licensee

FundManag

er

Platform

TotalEntry

Name Amount Fee Fee Fee Fee FeeASGARD eWRAPInvestmenteCASH Account $1,000 $0 (0.00%) $0

(0.00%)N/A $0

(0.00%)$0(0.00%)

APN Property for Income $20,929 $322 (1.54%) $138(0.66%)

N/A $0(0.00%)

$460(2.20%)

Citigroup Prop Sec TrustX

$12,734 $196 (1.54%) $84(0.66%)

N/A $0(0.00%)

$280(2.20%)

Col First State Wsale GlobRes

$62,132 $957 (1.54%) $410(0.66%)

N/A $0(0.00%)

$1,367(2.20%)


$51,668 $796 (1.54%) $341(0.66%)

N/A $0(0.00%)

$1,137(2.20%)

Hunter Hall Aust Value $85,023 $1,309(1.54%)

$561(0.66%)

N/A $0(0.00%)

$1,870(2.20%)

IOOF Perennial WsaleValue Sh

$103,335

$1,591(1.54%)

$682(0.66%)

N/A $0(0.00%)

$2,273(2.20%)

Perpetual WsaleIndustrial Sh

$103,335

$1,591(1.54%)

$682(0.66%)

N/A $0(0.00%)

$2,273(2.20%)

Platinum InternationalFund

$155,003

$2,387(1.54%)

$1,023(0.66%)

N/A $0(0.00%)

$3,410(2.20%)

Vanguard Int Share IndexWsale $58,862 $906 (1.54%) $388 (0.66%) N/A $0(0.00%) $1,295(2.20%)ASGARD eWRAP SuperCASH Account $3,250 $0 (0.00%) $0

(0.00%)N/A $0

(0.00%)$0(0.00%)


N/A $0(0.00%)

$102(2.05%)


$3,276 $47 (1.435%) $20(0.615%)

N/A $0(0.00%)

$67(2.05%)


$11,568 $166(1.435%)

$71(0.615%)

N/A $0(0.00%)

$237(2.05%)


$9,072 $130(1.435%)

$56(0.615%)

N/A $0(0.00%)

$186(2.05%)

Hunter Hall Aust Value $20,278 $291(1.435%)

$125(0.615%)

N/A $0(0.00%)

$416(2.05%)


$24,644 $354(1.435%)

$152(0.615%)

N/A $0(0.00%)

$505(2.05%)


$24,644 $354(1.435%)

$152(0.615%)

N/A $0(0.00%)

$505(2.05%)


$36,967 $530(1.435%)

$227(0.615%)

N/A $0(0.00%)

$758(2.05%)

Vanguard Int Share IndexWsale

$17,289 $248(1.435%)

$106(0.615%)

N/A $0(0.00%)

$354(2.05%)

Total $810,000

$12,247 $5,249 $0 $0 $17,497

Please note:

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Dollar amounts are rounded up to the nearest dollar.

The above table contains information relating only to the initial sum invested. Allsubsequent investments to the account will be subject to fees at the samepercentage rate (but different dollar amounts).

Ongoing Contributions Disclosure

Ongoing Fees and Brokerage

Ongoing fees will be deducted from your Account each month. The table below sets outthe total fees deducted over one year.

All ongoing fees and commissions, including master fund Administration fees,Expense Recovery fees and Responsible Entity fees, my fees and those of mylicensee are included in the Total Ongoing Fee.

Commissions are paid out of (not in addition to) the Total Ongoing Fee charged by theFund Manager.

Ongoing commission generally continues until you redeem the investment. The amountsmay vary according to the value of your Account.

Investment Original Representative

Licensee

FundManag

er

Platform

Total

Name Amount Fee Fee Fee Fee Ongoing

Invested

Fee

Brenton Ave RentalProperty

$300,000

$0 (0.00%) $0(0.00%)

$0(0.00%)

N/A $0(0.00%)

National Aust. Bank $25,000 $0 (0.00%) $0(0.00%)

$0(0.00%)

N/A $0(0.00%)

ASGARD eWRAPInvestmenteCASH Account $1,000 $2 (0.1925%) $1

(0.0825%)

$0(0.00%)

$0(0.00%)

$3(0.275%)


$262(1.25%)

$100(0.49%)

$592(2.84%)

Citigroup Prop Sec Trust

X

$12,734 $98 (0.77%) $42

(0.33%)

$92

(0.72%)

$61

(0.49%)

$293

(2.31%)Col First State Wsale GlobRes

$62,132 $478 (0.77%) $205(0.33%)

$721(1.16%)

$298(0.49%)

$1,702(2.75%)


$51,668 $398 (0.77%) $171(0.33%)

$460(0.89%)

$248(0.49%)

$1,276(2.48%)

Hunter Hall Aust Value $85,023 $655 (0.77%) $281(0.33%)

$1,905(2.24%)

$407(0.49%)

$3,247(3.83%)


$103,335

$796 (0.77%) $341(0.33%)

$847(0.82%)

$495(0.49%)

$2,479(2.41%)


$103,335

$796 (0.77%) $341(0.33%)

$950(0.919%)

$495(0.49%)

$2,582(2.509%)


$155,003

$1,194(0.77%)

$512(0.33%)

$2,387(1.54%)

$743(0.49%)

$4,835(3.13%)

Vanguard Int Share Index $58,862 $453 (0.77%) $194 $212 $282 $1,141

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Wsale (0.33%) (0.36%) (0.49%) (1.95%)ASGARD eWRAP SuperCASH Account $3,250 $6 (0.1792%) $2

(0.0768%)

$0(0.00%)

$0(0.00%)

$8(0.256%)

APN Property for Income $4,991 $38 (0.77%) $16

(0.33%)

$62

(1.25%)

$42

(0.8515%)

$159

(3.2015%)


$3,276 $25 (0.77%) $11(0.33%)

$24(0.72%)

$27(0.8515%)

$87(2.6715%)


$11,568 $89 (0.77%) $38(0.33%)

$134(1.16%)

$97(0.8515%)

$358(3.1115%)


$9,072 $70 (0.77%) $30(0.33%)

$81(0.89%)

$76(0.8515%)

$256(2.8415%)

Hunter Hall Aust Value $20,278 $156 (0.77%) $67(0.33%)

$454(2.24%)

$170(0.8515%)

$847(4.1915%)


$24,644 $190 (0.77%) $81(0.33%)

$202(0.82%)

$206(0.8515%)

$679(2.7715%)


$24,644 $190 (0.77%) $81(0.33%)

$226(0.919%)

$206(0.8515%)

$704(2.8705%)


$36,967 $285 (0.77%) $122(0.33%)

$569(1.54%)

$309(0.8515%)

$1,285(3.4915%)

Vanguard Int Share IndexWsale

$17,289 $133 (0.77%) $57(0.33%)

$62(0.36%)

$145(0.8515

%)

$397(2.3115

%)Total $1,135,000

$6,213 $2,662 $9,650 $4,407 $22,930

Please note: The above table does not take into account any changes in account valuation or

any additional contributions you may make.

Dollar amounts are rounded up to the nearest dollar.

Ongoing Contributions Disclosure

Explanation of MER and GST

Management Expense Ratio (MER)

Other costs associated with implementing the investments recommended include theInvestment Managers expenses and fees. These costs, referred to as the ManagementExpense Ratio (MER) are normally expressed as a percentage of the size of the managedinvestment and deducted by the underlying Investment Manager from the income/growth

of your account and are not included in the table above . MERs vary between InvestmentManagers and their products. You will find full details of the MERs for the above

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investments in the master fund Product Disclosure Statement. MERs are not applicablefor risk products.

Goods and Services Tax (GST)

All managed investment fees (both initial and ongoing) are subject to GST which ischarged to your Account at 10 percent. However, the funds can claim an input tax creditfor 75 percent of the GST that applies to these fees, resulting in a net GST impact to youraccount of 2.5 percent (that is, 10 percent less 7.5 percent). This net GST cost of 2.5percent will be deducted from your Account as an expense at the same time that fees arecharged to your Account. You have no entitlement to input tax credits in respect of feescharged to your Account.

All managed investment fees are subject to GST which is charged to your Account at 10percent. This GST cost of 10 percent will be deducted from your Account as an expenseat the same time that fees are charged to your Account. You have no entitlement to inputtax credits in respect of fees charged to your Account.

Ongoing Advice and Review Service

Our ongoing advisory service will help ensure you continue to meet your financialplanning needs and objectives.

Advisory Services and Frequency

Review Service: Your personal circumstances, risk profile and needs andobjectives will be revisited Frequency/Date and your investment portfolio andstrategy will be reviewed. We will contact you Frequency/Date and makerecommendations on the basis of this review.

Client-Requested Review: You have declined my offer to receive an ongoingreview service. If you do wish to receive a review of your portfolio, you maycontact us at any time.

Call at any time with queries: We are contactable by telephone during businesshours or you can email your enquiry at a time convenient to you.

Other

Fees and Charges

The fees and charges for this Advice Review Service are in addition to the on-going trail commissions as detailed in this Statement of Advice. $ XXX or % of funds under management will be charged per year.

All fees and charges for this Advice Review Service are included in the on-goingfee disclosure detailed above.

Client's Obligations and Responsibilities

To provide this Full Review Service, you should advise us of any changes to yourpersonal and financial circumstances, needs or objectives.

If you no longer wish to receive this service, you should notify me immediately.

Action to Proceed

5. Please ensure that you read the attached Statement of Advice and appendices.

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6. Please ensure that you read the Product Disclosure Documents and disclosuredocuments that have been provided to you.

7. If necessary, arrange another appointment with me to discuss therecommendations made and address any further questions or concerns that youmay have.

8. Once you are comfortable with the recommendations in the SoA please arrange anappointment with me and bring to the appointment:

the attached Authority to Proceed signed and dated,

cheques as detailed below,

your ETP Rollover Statement,

completed and signed forms for existing policy withdrawals/termination,

your bank account or cash management account details, and

signed and dated application forms, including your Tax File Number.

5. Cheques should be crossed Not Negotiable and made out as directed in theProduct Disclosure Document or disclosure document. To assist you further, I haveset out in the table below your recommended investments and life insurancepolicies, with their respective cheque payees.

Investment Payee Amount($)

ASGARD eWRAP Investment ASGARD eWRAP Investment(Genevieve Mary Roberson)

$654,020

ASGARD eWRAP Super ASGARD eWRAP Super Account $155,980

Authority to Proceed

Ms Genevieve Mary Roberson15 Lantana CourtCARNEGIE VIC 3214

I/We acknowledge that the investments listed in the table below are to be invested inmy/our names.

Investment AmountASGARD eWRAP Investment $654,020ASGARD eWRAP Super $155,980

Client Declaration

I/We confirm having received a Mortgage & General Financial Services Pty Ltd FinancialServices Guide (FSG) including the Mortgage & General Financial Services Pty LtdPrivacy Statement which I/we have read.

I/We have read, understood and retained a copy of the Statement of Advice (SoA)prepared by Sample Adviser dated 22/12/2010. I/We was/were given the opportunity toconsider the advice provided and ask questions.

I/We confirm that the SoA contains information that accurately summarises my/ourcurrent situation, investments and my/our financial objectives. I/We have provided to youall necessary information to prepare your advice and understand the advice is based onthe information I/we provided. I/We understand that if I/we provide incomplete orinaccurate information I/we risk making a financial commitment that may not beappropriate to my/our needs.

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I/We have read and understood the Disclosure section of the SoA, which outlines the fees,commissions and notes that all recommendations are solely based on currentinterpretations of applicable laws and regulations.

I/We acknowledge that we have received a current Product Disclosure Document for eachproduct recommended and have read it and understood them.

I/We understand that the value of the recommended investment/s may rise and fall in linewith market conditions and that projected returns (where used) are only used as anestimate based on historical data and no guarantee is given as to future performance.

Where advice has been provided to terminate the whole or part of a product I/weunderstand the benefits lost and or charges incurred.

I/We understand that this SoA is solely for the use of the client(s) to whom it is addressedand Mortgage & General Financial Services Pty Ltd does not accept any liability

whatsoever to third parties who use or rely on the whole or any part of the content.I/We hereby authorise Sample Adviser to proceed with the implementation of the SoA andthe recommendations made within it.

I/We hereby request Sample Adviser to provide the services detailed in the OngoingAdvice and Review Section of the SoA. I/We understand that ongoing services other thanthose defined in this section are provided at the discretion of Sample Adviser.

Signatories

Individual Authority: Genevieve MaryRoberson

Individual Authority: APF:Client 2 GivenName APF:Client 2 Surname

Signature

/ /

Date

Signature

/ /

Date

Accepted for and on behalf of Mortgage

& General Financial Services Pty Ltd bySample Adviser

Signature

/ /

Date

Authorised Representative of Mortgage & General Financial Services

Pty LtdAustralian Financial Services Licence

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Holder

Reference Material

The following reference material has been included:

Master Funds and ASGARD

Age Pension

Allocated Pensions

Annuities

Baby Bonus (Refundable Tax Offset)

The Blended Portfolio

Capital Gains Tax

Additional CGT Concessions for Small Businesses

Compensation Preclusion Period

Death Benefit ETP

Deeming

Disability Support Pension

Discretionary Trusts

Dividend Imputation

Dollar Cost Averaging

Eligible Termination Payments (ETPs)

Estate Planning

ASGARD eWRAP

Family Tax Benefits Parts A and B

Gifting

Historical Investment Returns

Income Maintenance Period

Liquid Assets Waiting Period

Listed Investments

Advantages of Managed Investments

Types of Managed Investments

Mortgage Trusts

Negative Gearing

Dealing with Negative Returns

Newstart Allowance

Investing Overseas

Partner Allowance

Personal Risk Management

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Property Securities

Reasonable Benefits Limits

Redundancy and Early Retirement Payments

Risk and Reward

Self-Managed Superannuation Funds Share Trusts

Spouse Superannuation Contributions

Investing in Superannuation

Superannuation Contributions Surcharge

Tax Deductions for Superannuation Contributions

Investing into Superannuation for a Child Under 18

Who Can Contribute to Superannuation?

Who Gets Your Superannuation When You Die?

Superannuation Pensions

Tax on Children's Income

Termination Payments Surcharge

Undeducted Contributions

Investing in Unit Trusts

The following appendices or additional information has also been given to you:

High Growth flyer

Master Funds and ASGARD

What is a master fund?

A master fund is a service that allows you to establish a diversified and flexible portfolioof investments within a single administration facility. In the past, many investorsconstructed portfolios of retail managed funds and found that they suffered problems,including:

receiving too many statements and various reports from each investment,

fund manager performance and tax reports were only provided at the individualinvestment level, which made it difficult to obtain an overview of the totalportfolio,

altering the portfolio was an expensive and time-consuming exercise.

A master fund is designed to overcome these problems by providing an efficient portfolioestablishment and administration service. It also provides you with consolidatedperformance and tax reports on your total portfolio.

Are there different types of master fund?

Master funds are available in many different forms. In broad terms, however, they can be

split into three main types:

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1. Fund of FundsWith this type of master fund, you and your financial adviser choose the type of investment (for example, capital stable, managed or growth portfolios). The operator of the master fund chooses the investment managers and looks after the paperwork.

2. Discretionary

With this type of master fund, you and your financial adviser choose from a menu of wholesale investments offered by the master fund operator. Each investment is usuallyoffered by a reputable fund manager. After you have selected the investments, themaster fund operator then looks after the paperwork.

3. ComprehensiveSome master funds now provide both fund of funds and discretionary options. Theseprovide you and your financial adviser with a range of options in constructing yourinvestment portfolio. Master funds are available for investment of both superannuationand non-superannuation money. You can use a master fund to contribute tosuperannuation, to roll over benefits received from other funds or to pay you a regularincome stream, such as an allocated pension. Alternatively, you can use a master fund tosimplify your investments in unit trusts.

Why use a master fund?

Master funds offer you a wide range of benefits including:

consolidated reporting for ease of investment monitoring,

simplified and consolidated tax reporting to promote better tax planning,

access to lower-cost wholesale fund management,

improved monitoring of superannuation requirements, such as Reasonable BenefitLimits and preserved superannuation benefits,

simple and low cost investment switching, and

regular income received at pre-determined intervals from one source, greatlysimplifying financial planning and cash flow management.

How do I invest in a master fund?

All master funds issue Product Disclosure Documents. These documents will outline thefunds investment options and it will contain an application form. When you wish to investin a master fund, your financial adviser will help you to complete the application form anda document detailing your investment selections. These documents and your cheque arethen sent to the master funds administration. Your member account is then opened andyour money is invested in accordance with your instructions. On a regular basis you willthen receive consolidated reports on your investment portfolio including detailedtransaction statements and investment valuations.

About the ASGARD Superannuation Account

The ASGARD Superannuation Account is designed to allow individuals to accumulatesavings for their retirement in a tax-advantaged environment. Earnings within thesuperannuation environment are taxed at a maximum of 15 percent compared withinvesting outside superannuation where you will be taxed at your marginal tax rate whichis often a higher rate. The 15 percent rate may be offset by imputation credits andbuilding depreciation/allowances that the fund receives from investments as well as taxdeductible expenses. The ASGARD Superannuation Account allows you to invest in a taxeffective environment with capital growth.

The ASGARD Superannuation Account is part of a complying superannuation fund and

provides access to a diverse range of investments including managed funds, cash, sharesand listed property from which you can construct your own individual portfolio.

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Through ASGARD you have access to a range of wholesale managed investments withlower investment manager charges than retail managed investments which aregenerally not available to retail investors. ASGARD has also negotiated rebates on thefees charged by some investment managers and these are passed on to you in full (net of GST).