Strategic Asset Allocation as at 7 October 2008

Crediting Rate 2007-2008: -2.13%

Objective: The Balanced Option seeks high long-term returns, with stable returns on a rolling five-year basis through a balanced exposure to risk. The objective is to out-perform (after fees and tax) the consumer price index increase plus 4 per cent a year over rolling five-year periods.

Strategy: This option seeks high returns and return stability over the medium to longer term. The strategy is to maintain and manage a well-diversified, risk-controlled exposure to market and specific risk.

This option invests mainly in listed equities and the Target Return Portfolio. In each asset class there is a high level of risk exposure. Stability of returns is maintained through diversification at the asset class level.

Level of risk: High. This option is likely to exhibit return volatility in the short term and might produce negative returns from time to time. It has exposure to specific risk and market risk.

Typical investor: Members who are able to take on above-average risk.

Superannuation Rolling Crediting Rates

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