The Ausbil Investment Trusts

Transcription

1 Product Disclosure Statement Issue No.5 This PDS is dated 12th December 2008 AUSBIL DEXIA LIMITED AFS Licence Number ABN The Ausbil Investment Trusts Money does not perform. People do. Ausbil Dexia Limited Australia

2 IMPORTANT NOTES Legal entity Registered numbers Abbreviated term used throughout the PDS and Incorporated Material Ausbil Dexia Limited Dexia Asset Management Luxembourg S.A. ABN AFSL Luxembourg Trade Register No. R.C Ausbil, we, us, our Dexia Dexia Asset Management Belgium S.A. Brussels Register of Legal Person (Register des Personnes Morales) No. RPM Dexia AM Ausbil Investment Trusts - Australian Active Equity Fund Ausbil Investment Trusts - Australian Geared Equity Fund Ausbil Investment Trusts - Australian Emerging Leaders Fund Ausbil Investment Trusts - Balanced Fund Ausbil Investment Trusts - Dexia Sustainable Global Equity Fund ARSN APIR AAP0103AU ARSN APIR AAP0002AU ARSN APIR AAP0104AU ARSN APIR AAP0101AU ARSN APIR AAP0001AU Australian Active Equity Fund, Fund, and Funds refers collectively to the managed investment schemes offered under this PDS Australian Geared Equity Fund, Fund, and Funds refers collectively to the managed investment schemes offered under this PDS Australian Emerging Leaders Fund, Fund, and Funds refers collectively to the managed investment schemes offered under this PDS Balanced Fund, Fund, and Funds refers collectively to the managed investment schemes offered under this PDS Dexia Sustainable Global Equity Fund, Fund, and Funds refers collectively to the managed investment schemes offered under this PDS Ausbil is the issuer of this Product Disclosure Statement (PDS) and the Incorporated Material Issue No.1 (Incorporated Material). Ausbil is the responsible entity and issuer of units in the Funds offered in this PDS. The Incorporated Material is publicly available on the Ausbil website, and may be obtained on request free of charge by contacting Investor Services on (Toll Free). Neither Ausbil nor any member of the Dexia Group guarantees the performance of the Funds, the repayment of capital or any particular rate of return. Investment in the Funds is not a bank deposit or an investment in or other liability of Ausbil or any member of the Dexia Group. No assurance is given in respect of the Funds that their individual projected asset allocations, sector weightings or stated objectives will be achieved or maintained at the levels disclosed in this PDS. Staff of Ausbil are remunerated from the management and performance fees earned by Ausbil, received in its capacity of Responsible Entity for the Ausbil Investment Trusts and Investment Manager for the discretionary mandates. Elements of the remuneration received are linked to the performance fees generated from the performance of certain Funds and discretionary mandates. The Directors are all shareholders of Ausbil or representatives of the majority shareholder, Dexia. No Directors fees are paid by Ausbil to the directors, who are either remunerated directly by Ausbil or Dexia or receive dividends pursuant to their shareholding in Ausbil. Certain key executives of Ausbil are shareholders and thus also receive dividends. The Ausbil Investment Trusts are Wholesale Funds and Ausbil does not provide advice to retail investors on the merits of investments in the Funds. The Funds offered in this PDS are registered managed investment schemes for the purposes of the Corporations Act. The offer of units in the Funds falls under Australian jurisdiction. Indirect investors, such as those investing through Investor Directed Portfolio Services (IDPS), should read the information contained under the heading Indirect Investors in the Incorporated Material. All fees quoted in this PDS, unless otherwise stated, are quoted inclusive of any Goods and Services Tax (GST) and Reduced Input Tax Credits (RITCs) of 75% of GST paid, which effectively reduces the GST payable by the Funds from 10% to 2.5%. Obtaining other information before making a decision Visit our website for further information which should be read in conjunction with this PDS, including: Incorporated Material Financial Services Guide Fund Updates Unit prices, performance and asset allocations We recommend that you obtain and review such information before you invest. Alternatively, you can call us on (Toll Free) and we will send you the requested information free of charge. The Fund s constitution is also available upon request. If you are unsure as to any aspect relating to the Funds, Ausbil recommends that you consult your financial or other professional adviser. This PDS is dated 12th December 2008.

3 contents Ausbil Investment Trusts - at a glance 2 The investment manager 3 Investment process 4 Australian Active Equity Fund 5 Australian Geared Equity Fund 6 Australian Emerging Leaders Fund 7 Balanced Fund 8 Dexia Sustainable Global Equity Fund 9 The funds investments 13 Risks 14 Fees and other costs 16 Additional information 23 Application form checklist 26 Application form 27 New customer identification procedures 31 Directory 64 Please Note: Before any investment decisions are made, ensure this PDS is read in conjunction with the Incorporated Material, available at or by calling (Toll Free) THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1

4 Ausbil INVESTMENt TRUSTS - at a glance Choice of Funds Minimum amounts per Fund Australian Active Equity Fund Australian Geared Equity Fund Australian Emerging Leaders Fund Balanced Fund Initial investment $50,000 Switching amounts $50,000 Additional investment $10,000 Withdrawals $10,000 Distributions Frequency Dexia Sustainable Global Equity Fund Dexia Sustainable Global Equity Fund: Annually at 30 June All the other Funds: Half yearly at 31 December and 30 June Payment Method Reinvested into the relevant Fund as additional units or paid to your bank account. Fees and other costs Establishment / Contribution fee Nil Withdrawal fee Nil Administration fee Nil Australian Active Equity Fund 0.90% p.a. Management fee Australian Geared Equity Fund % p.a.(g)/2.40% p.a.(n) Australian Emerging Leaders Fund 0.85% p.a. Balanced Fund 0.90% p.a. Dexia Sustainable Global Equity Fund 1.05% p.a. Performance fee The Australian Emerging Leaders Fund charges a % performance fee 2 Buy-Sell spread 3 Investor Reporting Transaction confirmations Regular reporting Annual tax statement Annual financial report Other Information Valuation Transaction cut off times Access to funds Contact Details For applications and redemptions 0.15% to 0.60% per transaction (varies by fund) After every application, redemption and switch Quarterly unitholders report ( 31 March, 30 June, 30 September and 31 December). Annually (30 June) Annually. Available on our website. Daily pricing Requests must be received by 2:30pm (AEST) to receive that days unit price Generally within 4 working days of the next available unit price Mail: National Australia Bank Limited Registry Services PO Box 1406, Melbourne VIC 3001 Fax : Ausbil details Website Tel: (Toll Free) Fax: The Fund s Management Fee based on gross assets (g) includes the Fund s borrowings, while the net assets figure (n) excludes the Fund s borrowings. The net assets figure assumes that the gearing ratio is 50%. 2 This is the performance fee paid by the Fund, inclusive of GST and RITC. For more information on performance fees please refer to page18 3 For further information refer to buy-sell spreads on page 20 2 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

5 THE INVESTMENT MANAGER Ausbil Dexia Limited is an Australian equities specialist with approximately $9 billion in funds under management as at 30 September Established in April 1997, we are a joint venture between senior members of the Australian investment/management team and Dexia Asset Management, the asset management arm of the Dexia Group. The Dexia Group is rated AA- and as at 30 September 2008 had assets of approximately A$1,099 billion and shareholders funds in excess of A$34 billion. The Dexia Group s funds under management as at 30 September 2008 were in excess of A$161 billion. Ausbil offers our clients the focus and specialisation of an employee-owned boutique backed by the financial integrity of a global banking partner. Dexia Asset Management Australian Investment/Management Team Ausbil Dexia Limited Australia Established: April 1997 Ausbil s company structure embraces four criteria important in the selection of a fund manager: Solid parentage providing strong financial integrity of the investment manager; Key management incentivised by way of ownership in the business; Proven investment processes and performance track record in core areas of expertise with a strong focus on risk management skills; A highly experienced and stable team of investment managers. These four elements are firmly entrenched within Ausbil. Ausbil has developed as an active fund management business that provides specialist investment skills to both superannuation and non-superannuation clients. The investment philosophy and corporate goals of Ausbil have been formulated to provide a tightly defined and disciplined investment management style that is primarily active, but which also incorporates quantitative inputs and is risk averse. Ausbil s style pursues a goal of adding value from a clear set of transparent processes that seek to enhance performance, whilst containing volatility. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3

6 INVESTMENT process Ausbil s Investment Philosophy and Process Ausbil s broad investment philosophy is that active management of our portfolios facilitates consistent and risk controlled outperformance. Rather than focusing only on growth or value investing, our investment processes allow us to exploit the inefficiencies across the entire market, at all stages of the cycle and across all market conditions. The basic premise of our philosophy is that stock prices ultimately follow earnings and earnings revisions. Our process seeks to identify earnings and earnings revisions at an early stage, and hence to pre-empt stock price movements. We seek to position our portfolios towards those sectors and stocks which we believe will experience positive earnings revisions and away from those we believe will suffer negative revisions. Ausbil employs a four-stage process to provide the framework for portfolio construction consistent with its investment philosophy. We believe that stock price moves are a function of macroeconomic, sectoral themes and individual stock influences on earnings. This process is summarised in the diagram below: STAGE 1 Macro Analysis Assess current economic market conditions STAGE 2 Sectoral Analysis STAGE 3 Stock Selection Identify attractive sectors and portfolio themes Fundamental stock analysis backed by quantitative ranking STAGE 4 Portfolio Construction Robust appropriate and risk aware portfolio Conclusions constantly retested Neither Ausbil Dexia Limited nor any member of the Dexia Group guarantees the performance of the Ausbil Investment Trusts, the repayment of capital or any particular rate of return. Investment in the Funds is not a bank deposit or an investment in or other liability of any member of the Dexia Group. 4 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

7 AUSTRALIAN ACTIVE EQUITY FUND (ARSN ) (APIR AAP0103AU) COMMENCED: JULY 1997 Investment Manager Objective Investment Philosophy and Process Ausbil Investment guidelines Australian Equity % Cash 0-10% Authorised Investments The aim of the Fund is to outperform the S&P/ASX 300 Accumulation Index over the medium to long term with moderate tax effective income. The Fund invests in a portfolio of listed Australian equities that are generally chosen from the S&P/ASX 300 Index. Refer to Ausbil s Australian equities investment philosophy and process on page 4. Authorised Investments of this Fund are Australian: Equities Cash and short term money market securities Bank Bill securities Unit trust units and other unit trust investments Options to buy or sell Authorised Investments Derivatives contracts Fund size $2,270.2m as at 30 September 2008 Minimum investment amount $50,000 Minimum switching amount $50,000 Additional investment amount $10,000 Minimum withdrawal amount $10,000 Distribution frequency Unit Pricing frequency Buy- sell spread Management fee Performance and Asset allocation information Six monthly: 31 December and 30 June Daily 0.30% buy / 0.30% sell 0.90%p.a. The latest performance and asset allocations for the Fund are available at or alternatively please contact our Investor Services Team on (Toll Free). THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5

8 AUSTRALIAN GEARED EQUITY FUND (ARSN ) (APIR AAP0002AU) COMMENCED: MAY 2007 Investment manager Objective Investment Philosophy and Process Ausbil The aim of the Fund is to outperform the S&P/ASX 300 Accumulation Index over the long term. The Fund will borrow to invest into a portfolio 4 of listed Australian equities that are generally chosen from the S&P/ASX 300 Index. Refer to Ausbil s Australian equities investment philosophy and process on page 4. Gearing Process. The Fund will be geared by borrowing from third party lenders to purchase additional investments. The gearing ratio will generally be managed within a range of 0-55%. The gearing ratio 5 is in part determined by the relationship between the dividend yield and the borrowing rate so that, as much as possible, the dividends and income of the Fund exceed the cost of borrowing and other expenses. Therefore, when interest rates are low relative to dividend yields, then the gearing ratio may be relatively high, and vice-versa. A specific gearing ratio is not targeted for the Fund but is managed on the basis that the estimated income generated by the portfolio exceeds the estimated borrowing cost and other expenses. The gearing ratio may also change on a daily basis as a result of market movements and cash flows into the Fund. Investment guidelines Australian Equity % Cash 0-10% Gearing Ratio 0-55% Authorised investments Authorised Investments of this Fund are Australian: Equities Cash and short term money market securities Bank Bill securities Unit trust units and other unit trust investments Options to buy or sell Authorised Investments Derivatives contracts Fund size $33.4m as at 30 September 2008 Minimum investment amount $50,000 Minimum switching amount $50,000 Additional investment amount $10,000 Minimum withdrawal amount $10,000 Distribution frequency Six monthly: 31 December and 30 June Unit pricing frequency Daily Buy sell spread % buy / % sell Management fee % p.a.(g) / 2.40% p.a.(n) Performance and Asset allocation information Details about the latest performance and asset allocations for the Fund are available at or alternatively please contact our Investor Services Team on (Toll Free). Gearing Risk Gearing is the use of borrowings to invest. It increases and magnifies the volatility of investment gains or losses and reduces the security of capital invested. Geared investments may significantly underperform equivalent non-geared investments when the underlying assets experience negative returns. In extreme negative market conditions, all capital invested could be lost. 4 Currently the Australian Geared Equity Fund s objective is implemented by investing in the Ausbil Managed Trusts- Australian Active Equity Fund. 5 Gearing ratio refers to the Fund s borrowings divided by the gross value of assets, expressed as a percentage. 6 The buy sell spread depends on the specific gearing level of the Fund. We are assuming a gearing ratio of 50% when determining the 0.60% buy / 0.60% sell spread. The actual buy-sell spread will vary depending on the actual gearing level throughout the year. 7 The Fund s Management Fee based on gross assets (g) includes the Fund s borrowings, while the net assets (n) excludes the Fund s borrowings. The net figure assumes a gearing ratio of 50%. 6 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

9 AUSTRALIAN EMERGING LEADERS FUND (ARSN ) (APIR AAP0104AU) COMMENCED: MAY 2002 Investment manager Objective Ausbil The aim of the Fund is to outperform the benchmark over the medium to long term. The Fund invests in a portfolio of listed Australian equities that are primarily chosen from the S&P/ASX 300 Index, but generally exclude securities from the S&P/ASX 50 Leaders Index. The performance benchmark for the Fund consists of 70% S&P/ ASX Midcap 50 Accumulation Index and 30% S&P/ASX Small Ordinaries Accumulation Index. The Fund invests in both mid and small cap stocks which possess potential for superior growth. Investment Philosophy and Process Refer to Ausbil s Australian equities investment philosophy and process on page 4. Investment guidelines Australian Equity % Cash 0-10% Authorised Investments Authorised Investments of this Fund are Australian: Equities Cash and short term money market securities Bank Bill securities Unit trust units and other unit trust investments Options to buy or sell Authorised Investments Derivatives contracts Fund size $708.3m as at 30 September 2008 Minimum investment amount $50,000 Minimum switching amount $50,000 Additional investment amount $10,000 Minimum withdrawal amount $10,000 Distribution frequency Six monthly: 31 December and 30 June Unit pricing frequency Daily Buy sell spread 0.30% buy / 0.30% sell Management fee 0.85% p.a. Performance fee % of returns above the benchmark Performance and Asset allocation information The latest performance and asset allocations for the Fund are available at or alternatively please contact our Investor Services Team on (Toll Free). 8 For more information on the Performance fee refer to page 18 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 7

10 BALANCED FUND (ARSN ) (APIR AAP0101AU) COMMENCED: JULY 1997 Investment manager Objective Investment Philosophy and Process Ausbil The aim of the Fund is to outperform the strategic benchmark allocation over the medium to long term whilst at the same time provide moderate income. The investment philosophy seeks to add value through an active judgemental investment management style that incorporates quantitative inputs to reduce risk. The majority of value added is derived from those asset classes which provide opportunities to outperform, whilst our asset allocation process takes a medium term, business cycle approach. The key decisions impacting on our management of diversified portfolios are: Sound strategic benchmark allocation Medium term business cycle asset allocation Active management within sectors where judged appropriate Passive management in sectors with limited active management potential Outsourced sectors where we do not have core competencies Authorised investments Authorised Investments of this Fund (which may be Australian or overseas) are: Equities Government and Semi-Government securities Fixed Interest securities Mortgages and mortgage backed securities Real Estate, Leases and Real Property Interest bearing securities Unit trust units and other unit trust investments Options to buy or sell Authorised Investments Cash and short term money market securities Derivatives contracts Currency strategy Currency exposure is partially hedged when considered appropriate. Fund size $55.6m as at 30 September 2008 Minimum investment amount $50,000 Minimum switching amount $50,000 Additional investment amount $10,000 Minimum withdrawal amount $10,000 Distribution frequency Six monthly: 31 December and 30 June Unit pricing frequency Daily Buy sell spread 0.15% buy / 0.15% sell Management fee 0.90%p.a Performance and asset allocation information The latest performance and asset allocations for the Fund are available at or alternatively please contact our Investor Services Team on (Toll Free). 8 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

11 DEXIA SUSTAINABLE GLOBAL EQUITY FUND (ARSN ) (APIR AAP0001AU) COMMENCED: NOVEMBER Investment manager Objective Dexia AM has been appointed as investment adviser The aim of the Fund is to outperform the MSCI World Index (Net Dividends Reinvested) $A-unhedged over the medium to long term by investing in best-of-sector global sustainable equities. Investment Philosophy and Process The Fund invests in listed Global Equities generally selected from the MSCI World Index. Dexia AM s sustainable management philosophy seeks to generate alpha from two distinct sources: The first source of alpha is derived from identifying long term sustainable market trends and risks and opportunities linked to environmental social and governance issues that are often out of the scope of traditional financial analysis but which can have a significant impact on performance 10. The second source of alpha results from detailed quantitative financial analysis of the sustainable universe coupled with a risk controlled portfolio construction process. Sector, region and style biases in the portfolio are minimised to ensure stock specific factors drive portfolio performance rather than predetermined macro-investment themes. Investment guidlines Global Equity % Cash 0-10% Authorised investments Authorised investments of this Fund are: Equity securities (or equivalent transferable securities) including ordinary shares, preference shares, partly paid shares, convertible securities, warrants and rights. Unit trusts and other unit trust investments. American depository receipts (ADR) and/or global depository receipts (GDR) securities. Derivatives contracts Cash and short term money market securities. Cash deposits and loans. Currency strategy Currency is unhedged and therefore investors effectively hold an investment with international currency exposure. Fund size $56.8m as at 30 September 2008 Minimum investment amount $50,000 Minimum switching amount $50,000 Additional investment amount $10,000 Minimum withdrawal amount $10,000 Distribution frequency Unit pricing frequency Buy sell spread Management fee Performance and asset allocation information Annually: 30 June Daily 0.40% buy / 0.40% sell 1.05% p.a The latest performance and asset allocations for the Fund are available at or alternatively please contact our Investor Services Team on (Toll Free). 9 First established in Australia in November 2002 as a stand-alone global equity product, the Dexia Sustainable World Equities Fund (Australia) was relaunched in December 2004 as an Ausbil Investment Trust and renamed the Dexia Sustainable Global Equity Fund. The investment process remained unchanged. 10 For a more detailed description of the labour standards, environmental, social and ethical considerations refer to pages 10 to 12 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 9

12 DEXIA SUSTAINABLE GLOBAL EQUITY FUND CONT D The Certification Symbol signifies that a product or service offers an investment style that takes into account environmental, social, ethical or labour standard considerations. The Symbol also signifies that Ausbil Dexia Limited has adopted strict disclosure practices required under the Responsible Investment Certification Program for the category of Fund Manager. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and the Dexia Sustainable Global Equity Fund s methodology, performance and stock holdings can be found at together with details about other responsible investment products certified by RIAA. * *The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that this financial product is a suitable investment or that returns are guaranteed. RIAA is not a financial services business and does not hold an Australian Financial Services Licence. Dexia AM s Sustainable Responsible Investment (SRI) Research Methodology The investment process of the Dexia Sustainable Global Equity Fund takes into account environmental, social and governance factors. The aim of Dexia AM s internal sustainability research is to optimise the risk-return ratio through the analysis of risks and opportunities linked to environmental, social and governance factors that are often out of the scope of traditional financial analysis but which can have a significant and material impact on long-term performance. Dexia AM s sustainability analysis follows a strict process as evidenced below: Stage 1: Sectoral Analysis Stage 2: Company Analysis & Rating Stage 3: Sustainable Stock Selection Identify and analyse sustainable sectorspecific macro and micro issues Rank companies within their sectors based on their ability to manage both the sustainable macro and micro issues identified in Stage1 Best of sector companies selected for inclusion in the sustainable universe Stage 1 Sectoral Analysis Macro Analysis Key Sustainability Challenges (KSC) KSCs are long term trends that may significantly influence the business environment in which companies evolve and may also shape future market challenges and long term growth. Dexia AM analyses the following six KSCs in order to identify the most relevant macro challenges within each sector: Ageing Populations Climate Change Growing & Developing Populations Health & Wellness Interconnectivity Resource Depletion 10 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

13 Micro Analysis Stakeholder Review Stakeholders are sources of both risks and opportunities that may influence a company s long-term value. The risks and opportunities attached to each stakeholder are of varying business relevance within each sector. Dexia AM utilises the following stakeholder framework in order to identify these risks and opportunities: EMPLOYEES Staff Relations -dialogue with employees Employability -diversity & discrimination -training & career management -responsiveness to change Working Conditions CUSTOMERS Commercial Practices -anti-competitive practices -commercial behaviour Quality & Safety Assurance -quality & safety assurance -client relations management INVESTORS Corporate Governance -board accountability -audit & reporting -investors rights -remuneration Sustainable Outlook SUPPLIERS Sustainable Relationships Practices of Suppliers -working practices of suppliers -environmental practices of suppliers COMPANY ENVIRONMENT Process Related Environmental Impacts -water consumption & emissions -energy & climate change -other atmospheric emissions -land use & biodiversity -raw materials & waste Product Related Environmental Impacts -use -disposal & recycling SOCIETY Community Relations -socio-economic interactions -site safety -access to products/services Public Authority Relations -lobbying -corruption -compliance -work time & flexibility -remuneration -health & safety -corporate governance in view of sustainable development -sustainable business model -long term profitability Stage 2 - Company Analysis & Ratings Companies are screened and rated in a proprietary database based on an in-depth analysis which reflects how each company manages the identified sector specific sustainability issues. The macro analysis assesses a company s exposure to sector-relevant KSCs and the micro analysis assesses a company s ability to take into account sector-specific stakeholder interests into their long term strategies. Stage 3 - Sustainable Stock Selection Following the rating of individual companies, the sustainability analysts produce a ranking of companies within each sector and region that combines the results of both the macro and micro analysis. The top 35% of each sector and region are then selected, based on a bestof-sector selection strategy for inclusion in the sustainable universe. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1 1

14 DEXIA SUSTAINABLE GLOBAL EQUITY FUND CONT D One final check is then undertaken to ensure the selected companies adhere to international norms and standards based on the ten principles of the United Nations Global Compact. The UN Global Compact s ten principles cover Human Rights, Labour Rights, the Environment and Bribery and Corruption. Independent Advisory Board Dexia AM has also appointed an independent SRI advisory board of experts. The board has two main functions. Firstly, the board notifies and advises the sustainability analysts of any new developments or issues that may impact sustainable company performance now or in the future. Secondly, the board monitors whether the developed analytical framework and methodology is effective and whether the team is compliant with the methodology. Review and Divestment Procedure Dexia AM s proprietary database is updated by the sustainability analyst team on an ongoing basis. Dexia AM s team of dedicated in-house sustainability analysts obtain data from a variety of independent sources including specialist service providers. GMI (Governance Metrics International) provides data relating to issues of corporate governance and Innovest and Vigeo provide company-specific data. Further, the in-house SRI team directly contacts the companies themselves, non-governmental organisations (NGOs), industry associations, industrial experts and has access to various media sources to not only verify the data collected but to source extra information if required. If information highlighting problematic company-specific issues surface, the sustainability analysts place the company on a watch list. The company is then monitored for up to 3 months after which time, if there is no change or a deterioration of the situation, the company is removed from the sustainable investment universe. The portfolio manager then has up to 3 months in which to sell out of the holdings completely. All companies are fully reviewed every 18 months by sector and their ranking updated accordingly. The portfolio manager is sent an updated universe on a monthly basis. Important Information Concerning the Sustainability Analysis Dexia AM s Sustainability Analysis is based upon different sources of information developed by Dexia AM s SRI team, among other sector studies and company analyses by Dexia AM s sustainability analysts, Dexia AM s Sustainability Analysis Research Methodology 2006, Methodology Guidelines November 2005 by Franca Morroni, Dexia AM SRI Business Case 2004 and Dexia AM leading SRI principles and multiple research conducted since 1996 as well as data from selected SRI data providers. 12 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

15 THE FUNDS INVESTMENTS Authorised Investments Although Ausbil has a broad range of investment powers under the Constitutions, Ausbil has determined that the investments of the various Funds referred to in this PDS and Incorporated Material are to be limited to the classes of investments outlined in the description of the Funds earlier in this PDS. For the purposes of this PDS the term securities has the meaning given to it in the Corporations Act. Authorised Investments will be in Australian assets unless otherwise stated. Labour standards, environment, social and ethical considerations For all Funds apart from the Dexia Sustainable Global Equity Fund (refer to pages 9 to 12), Ausbil uses an investment approach that considers each investment based on its individual merits. When making investment decisions, social, ethical, environmental considerations and labour standards are not necessarily taken into account. However, where such issues may have a material impact on the value or performance of an underlying investment, Ausbil will take these into consideration when evaluating the stock s investment case. Ausbil has no predetermined view as to what constitutes a labour standard or social, ethical or environmental consideration as these will be determined on a case-by-case basis. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1 3

16 RISKS Risks of Investing All investments have risk, which means the value of your investment may fall. While it is not possible to identify every risk factor relevant to investing in the Funds, the significant risks are listed below. Market Risks Investment returns are influenced by market factors. These factors include changes in government regulations, market sentiment, local and international political events and environmental and technological issues. Macro-economic Risks The general state of the Australian and international economies as well as changes in taxation policy, monetary policy, interest rates, currency exchange rates and statutory requirements are some of the factors which may influence the progress of financial markets and individual companies. Company-specific Risks In addition to the macro-economic risks outlined above, the progress of individual companies may be affected by changes in factors such as the competitive environment in which they operate, technology, personnel and consumer preferences. Operational Risks The custody and investment administration of the Funds has been outsourced to National Australia Bank Limited. The custodial operations of National Australia Bank Limited are subject to regular review and reporting by external audit, however, by itself this review does not prevent breakdown of operations and procedures. Ausbil is satisfied that National Australia Bank Limited has in place adequate internal controls for its custody and investment administration operations. Liquidity Risk Liquidity risk exists when particular investments are difficult to purchase or sell, preventing a fund from closing out its position or rebalancing within a timely period and at a fair price. While every effort is made for the Fund to be able to meet all redemptions, the nature of the underlying securities means that in certain circumstances, we may not be able to meet all redemption requests when they are received. Fund Risk Fund risks include potential termination of Funds and a change in fees and expenses. There is also a risk that investing in a Fund may give different results than investing directly because of the income or capital gains or losses accrued in the Funds and the consequences of applications and withdrawals by other investors. 14 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

17 Currency Risk Currency risk is the risk that fluctuations in exchange rates between the Australian dollar and foreign currencies may cause the value of a fund s investments and the income from those investments to decline. All Funds potentially have indirect exposure to currency risks as the underlying investments may source a major part of their revenue from overseas. Regulatory Risk Regulatory risk arises from regulatory or taxation changes introduced by a government or a regulator, which may affect the value of securities in which the Funds invest. These regulatory or taxation changes may occur in Australia or other countries in which the Funds invest. These changes are monitored by Ausbil, and action is taken where appropriate and consistent with the Fund s investment objectives. Counter-party Risk Counterparty risk is the risk associated with entering into derivative transactions or over-thecounter instruments with parties who may become insolvent or cannot otherwise meet their obligations to the fund. In order to minimise this risk, Ausbil will only enter into derivative transactions with a counterparty that is an established Exchange or a recognised institution with at least an A rating from Standard and Poor s or the equivalent from Moody s Investor Services. Interest Rate Risk Changes in interest rates can directly and indirectly impact on investment returns. Fixed interest and debt securities are directly impacted by changes in interest rates. An increase in interest rates leads to a reduction in the value of a fixed interest investment, and vice versa. This risk is usually greater for fixed interest investments that have longer maturities. Interest rates may also impact a Fund s or company s cost of borrowings. Gearing Risk Gearing is the use of borrowings to invest. It increases and magnifies the volatility of investment gains or losses and reduces the security of capital invested. Geared investments may significantly underperform equivalent non-geared investments when the underlying assets experience negative returns. In extreme negative market conditions, all capital invested could be lost. How Ausbil manages risk Ausbil is unable to eliminate all investment risk, but does analyse, manage and aim to reduce the impact of risks by actively monitoring investment markets and portfolios and through the use of carefully considered investment guidelines. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1 5

18 FEES AND OTHER COSTS Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask us or your financial adviser. To find out more If you would like to find out more, or see the impact of fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website ( has a managed investment fee calculator to help you check out different fee options. The above consumer advisory warning is required under Australian law. This document shows fees and other costs that you may be charged. These fees and other costs may be deducted from the money you invest, from the returns on your investment or from the Fund assets as a whole. You should read all the information about fees and costs, because it is important to understand their impact on your investment. Taxation information is set out in the Incorporated Material available at 16 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

19 Summary of Fees Type of Fee or Cost Amount 11 How and when paid Fees when your money moves in or out of the Fund Establishment Fee: The fee to open up your initial investment. Contribution Fee: The fee on each amount contributed to your investment. Withdrawal Fee: The fee on each amount you take out of your investment. Termination Fee: The fee to close your investment. Management Costs Management Fee: The fees and costs for managing your investment. Performance Fee: This fee is in addition to the above Management Fee. Services Fee Switching Fee: The fee for changing between investment options. Nil Nil Nil Nil Australian Active Equity Fund 0.90%p.a. Australian Geared Equity Fund 1.20% p.a. (g) / 2.40% p.a.(n) 12 Australian Emerging Leaders Fund 0.85% p.a. Balanced Fund 0.90% p.a. Dexia Sustainable Global Equity Fund 1.05% p.a. (all funds include GST and RITC) Australian Emerging Leaders Fund % of the benchmark out-performance. (includes GST and RITC) All other Funds: Nil Nil Not applicable Not applicable Not applicable Not applicable These costs are accrued daily and drawn monthly in arrears. This performance fee only applies to the Australian Emerging Leaders Fund and is accrued daily and drawn monthly in arrears. No switching fee is charged. You may incur a buy spread and a sell spread, when you switch from one Fund to another Fund. See Buy-Sell spreads on page Fees and costs disclosed in this table are inclusive of GST and RITC. 12 The Fund s Management Fee based on gross assets (g) includes the Fund s borrowings, while the net assets figure (n) excludes the Fund s borrowings. The net assets figure assumes that the gearing ratio is 50%. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1 7

20 FEES AND OTHER COSTS Example of annual fees and costs for the Balanced Fund The following table presents an example of how the fees and costs in the Balanced Fund can affect your investment over a 1 year period. You should use this table to compare this product with other managed investment products. Example Amount Balance of $50,000 with a contribution of $5,000 during the year Contribution fee 0% Nil Plus Management Costs 0.90% p.a. And for every $50,000 you have in the fund you will be charged $450 each year. Equals Cost of Fund If you have an investment of $50,000 at the beginning of the year and put in an additional $5,000 during that year, you would be charged fees of between $450 and $495* *$495 is based on the additional $5,000 being invested for the entire year. If the additional $5,000 was invested during the year the fee amount would be lower than $495. Please note that this is just an example. In practice, the actual investment balance of an investor will vary daily and the actual fees and expenses we charge are based on the value of the investment balance. Performance Fee In addition to the fixed Management Fee, a performance fee may be payable to Ausbil in respect to the Australian Emerging Leaders Fund. This fee is only payable where the Fund outperforms the relevant investment benchmark. The performance fee is set at 15% (exclusive of GST and RITC) of the gross (exclusive of management fees) amount of outperformance. The performance benchmark is 70% S&P / ASX Midcap 50 Accumulation Index and 30% S&P/ASX Small Ordinaries Accumulation Index.The fee is calculated at each valuation date and if a period of underperformance to the benchmark occurs, the performance fee accrued is frozen at its current level and further performance fees may not commence to be accrued again until the full amount of underperformance is recouped. The unit price is reflective of accrued performance fees. The full methodology for calculating the performance fee is detailed in the Fund s Constitution. The following table illustrates how performance fees might impact the investment of a hypothetical unitholder under two scenarios, a positive market return and a negative market return, and assumes the following: The unitholder invests $50,000 in the Fund The unitholder remains in the Fund for a full year Positive market return scenario:the Fund achieves a return of 14% compared with the Benchmark return of 12% for the year i.e. 2% outperformance. Negative market return scenario: The Fund achieves a return of -12% compared with the Benchmark return of -14% for the year i.e. 2% outperformance. 18 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

21 Scenario 1: Positive Market Returns. Market value at commencement of year $50,000 Gross value-added Fund performance in Year 1 of 14% $7,000 Gross value-added benchmark performance in Year 1 of 12% $6,000 Out-performance over benchmark in Year 1 of 2% $1,000 Manager s performance fee (15%* of out-performance) $150 GST payable on Manager s performance fee $15 RITC ($11.25) Performance fee payable by the Fund of % (inclusive of GST and RITC) $ Gross value added less performance fee payable by the Fund ($7,000 - $153.75) $6, Market value at end of year $56, *exclusive of GST and RITC Scenario 2: Negative Market Returns. Market value at commencement of year $50,000 Gross Fund performance in Year 1 of -12% -$6,000 Gross Benchmark performance in Year 1 of -14% -$7,000 Out-performance over benchmark in Year 1 of 2% $1,000 Manager s performance fee (15%* of out-performance) $150 GST payable on Manager s performance fee $15 RITC ($11.25) Performance fee payable by the Fund of % (inclusive of GST and RITC) $ Gross value added less performance fee payable by the Fund (-$6,000 - $153.75) -$6, Market value at end of year $43, *exclusive of GST and RITC So, under both scenarios if the hypothetical unitholder had an average investment of $50,000 over the period, the performance fee would be $ or 0.31% of the average Fund value over the period. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 1 9

22 FEES AND OTHER COSTS Indirect Cost Ratio (ICR) The ICR provides a ratio of a funds management costs that are not deducted directly from an investors account to its total average net assets over a given period. The ICR does not include establishment, contribution, withdrawal or termination fees, transactional and operational costs, but does include administration and management fees and performance fees. The ICR paid by a sample investor in dollar terms, assuming their minimum investment was $50,000 in a Fund for the 12 months ending 30 June 2008, would have been as follows: ICR Fee paid on $50,000 Australian Active Equity Fund 0.90% p.a. $450 Australian Geared Equity Fund 2.40% p.a. 13 $1,200 Australian Emerging Leaders Fund 1.13% p.a. 14 $565 Balanced Fund 0.90% p.a. $450 Dexia Sustainable Global Equity Fund 1.05% p.a. $525 With the exception of the Australian Emerging Leaders Fund, Ausbil has adopted a total management fee approach whereby the Funds ICR is fixed at a disclosed level enabling full transparency and control of costs for investors, as provided in the table above. For the Australian Emerging Leaders Fund, the ICR represented in the table above does not represent any promise that the ICR for future periods will remain at this level. The ICR could be higher or lower depending on the Fund s performance and performance fees payable. Borrowing costs These are for borrowing money or securities (where applicable), and include costs such as interest on borrowings, establishment fees, stock borrowing fees, and other related costs. Borrowing costs are not included in the Management Costs and are paid by the Fund. Buy-Sell spreads The buy and the sell spread aim to ensure that an individual investor bears the transaction cost associated with an investment decision to either enter or exit the Fund. The amount is, in the case of a buy spread, an extra cost to enter the Fund and the sell spread is an extra cost charged to exit the Fund. These spreads are Ausbil s reasonable estimates of transaction costs and comprise the costs associated with brokerage and stamp duties, taxes and other charges and expenses from buying or selling the underlying investments and are paid by the Fund. The buy-sell spread is not a fee paid to us but is retained by the Fund. They are, however, an additional cost to you and will impact on the return on your investment. Buysell spreads are not charged on units issued from re-invested distributions. The current buysell spread for each Fund is shown in the following table. 13 The ICR for this Fund is based on net assets and assumes the average gearing ratio over the period was 50%. 14 Based on the actual Management Fee and performance fee charged to the Fund over the 12 months to 30 June The actual Performance fee and therefore the ICR of the Fund will depend upon the performance of the Fund and so is likely to vary from this example. 20 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

23 Buy spread Fund % Dollar example on investment of $50,000 Sell spread % Dollar example on withdrawal of $50,000 Australian Active Equity Fund $ $150 Australian Geared Equity Fund* $ $150 Australian Emerging Leaders Fund $ $150 Balanced Fund $ $75 Dexia Sustainable Global Equity Fund $ $200 *The buy-sell spread of the Australian Geared Equity Fund depends on the specific gearing level within the Fund. At the time of this publication the buy-sell spread is 0.30%/0.30%. The buy-sell spread may be altered at any time, but for investments made under this PDS, the total buy-sell spreads will not exceed 1.20%. The current buy-sell spreads are available by contacting us. Fee changes and maximum fees All fees can change. Reasons for this may include changing economic conditions and changes in regulation. We will however give you 30 days written notice of any proposed change, however we cannot charge more than the Funds Constitutions allow. If we wished to raise fees above the amounts allowed for in the Funds Constitutions, we would need approval from unitholders. Under the Funds Constitution we are presently entitled to charge the following maximum fees. Fee Contribution fee Withdrawal fee Management fee Issuer fee Performance fee Australian Emerging Leaders Fund Other Funds Switching fee Maximum permitted under Constitution* 5.00% of the application monies payable on application Nil 0.80% p.a. of the value of the assets of the Fund 0.05% p.a. of the value of the assets of the Fund 20% of benchmark out performance (gross of management costs). Nil Nil *Exclusive of GST and RITC Miscellaneous fees Financial institutions may charge us a fee if your cheque or other negotiable instrument is dishonoured. In this event, Ausbil may recover a handling fee of $20 from the applicant. Can fees be different for different investors? We may negotiate, rebate or waive fees for wholesale clients (as defined by the Corporations Act) and our employees or employees of our related body corporates. The rebates are paid from the management fee Ausbil is entitled to receive, and will therefore not affect the unit price. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 2 1

24 FEES AND OTHER COSTS Related Party Fee Disclosures The Balanced Fund has a diversified spread of investment sectors some of which involve investment in other related investment funds for which Ausbil acts as the Responsible Entity. The Balanced Fund invests in the Ausbil Managed Trusts Australian Active Equity Fund for its Australian equity exposure. There are no fees charged by the Ausbil Managed Trusts - Australian Active Equity Fund for this service. The Balanced Fund also invests in the Ausbil Investment Trusts Dexia Sustainable Global Equity Fund as part of its international equity exposure. There are no fees charged by the Ausbil Investment Trusts Dexia Sustainable Global Equity Fund for this service. Dexia AM is the Investment Advisor to this Fund and derives fees from this role which are paid directly by Ausbil. In respect of the Australian Active Equity Fund and the Australian Geared Equity Fund the assets are invested in units of the Ausbil Managed Trusts - Australian Active Equity Fund for which Ausbil is the Responsible Entity. There are no fees charged by the Ausbil Managed Trust - Australian Active Equity Fund for this service. Adviser Commissions As wholesale Funds, the Funds do not pay commissions. Additional payments made by Ausbil Ausbil may make Product Access Payments (flat dollar amounts) to IDPS operators who distribute our Funds on their investment menu. These payments may help to cover costs incurred in establishing and maintaining our Funds on those menus, and certain other marketing and distribution costs. If these types of payments are made, they are paid directly by Ausbil and do not impact the Fund. Ausbil will negotiate the amount of the Product Access Payment with each IDPS operator. Ausbil may also make Fund Manager Payments (rebates) to IDPS operators, dealer groups and financial advisers for their marketing support. We may also provide other types of nonmonetary benefits such as technical support and sponsorship of professional development days. If these types of payments are made, they are paid directly by Ausbil and do not impact the Funds. 22 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

25 ADDITIONAL INFORMATION AML/CTF acknowledgement By applying to invest in the Funds you warrant that: You comply and will continue to comply with applicable anti-money laundering (AML) and counter-terrorism financing (CTF) Act and Rules, including but not limited to the law and regulations of Australia in force from time to time (AML/CTF Law); You are not aware and have no reason to suspect that: i. The moneys used to fund your investment in a Fund have been or will be derived from or related to any money laundering, terrorism financing or similar activities illegal under applicable laws or regulations or otherwise prohibited under any international convention or agreement ( illegal activity ); or ii. The proceeds of your investment in a Fund will be used to finance any illegal activities. You will provide us with all additional information and assistance that we may request in order for us to comply with any AML/CTF Law; You are not a politically exposed person or organisation for the purposes of any AML/CTF Law; and You acknowledge that Ausbil may, in its sole and absolute discretion but otherwise in accordance with the law, vary the terms of this PDS or alter the arrangements in respect of any Fund, where Ausbil is required to do so due to changes in the AML/ CTF Law. By applying to invest in the Funds, you also acknowledge that we may Decide to delay or refuse any request or transaction, including suspending the issue or redemption of units in a Fund, if we are concerned that the request or transaction may breach any obligation of, or cause us to commit or participate in an offence under any AML/CTF Law, and we will incur no liability to you if we do so; Take other action we reasonably believe is necessary to comply with AML/CTF Law, including disclosing any information that we hold about you to any of our related bodies corporate or service providers whether in Australia or outside Australia, or to any relevant Australian or foreign AML or CTF regulator; and Collect additional information about you from time to time, from you or from third parties, for the purposes of satisfying our AML/CTF Law obligations, and that we may use and disclose any such information as described in the privacy statement in the Incorporated Material. Identification information and documents To comply with our obligations under anti-money laundering and counter-terrorism financing legislation, we must collect certain information about each investor, supported by relevant identification documents. The documents you will need to provide are listed in the form you complete at the time of applying for an investment in a Fund. THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 2 3

26 ADDITIONAL INFORMATION Responsible Entity and Constitutions As the Responsible Entity of the Funds, Ausbil is required to manage the Funds in a proper and efficient manner and in the best interests of unitholders. We must also comply with the constitutions and the Corporations Act. Further information can be found in the Other information section of the Incorporated Material. Cooling-Off Direct investors for units in the Funds have the benefit of a 14-day cooling-off period starting from the earlier of: The receipt of confirmation of their investment The end of the 5th day after the issue of units in response to their application If a direct investor reconsiders his or her decision to invest in one of the Funds within that 14-day period and notifies Ausbil before the expiry of the 14 days, then the direct investor is entitled to receive their Application Money back subject to any negative market movements in the intervening period and after deduction of reasonable expenses incurred by Ausbil in the processing of the application. If negative market conditions occur during this cooling-off period, the losses incurred on terminating the redemption will be deducted from the proceeds. In addition, if there is a buy-sell spread applicable on the investment, the cost of this spread will be deducted from the proceeds. Dispute Resolution If you have a complaint about the Ausbil Investment Trusts, please contact us on (Toll Free), or write to us at: Compliance officer Ausbil Dexia Limited Level Kent Street Sydney NSW 2000 If you are not satisfied with the handling of your complaint, you may refer the issue to the Financial Ombudsman Service Limited ( FOS ) which is an independent body whose decisions are binding on us. Financial Ombudsman Service Limited Mail: GPO Box 3, MELBOURNE VIC 3001 Phone: Fax: (03) Web: 24 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

27 Further information on the Ausbil Investment Trusts is provided in the Incorporated Material available at including: The Funds Investments Operational Information Taxation Staying Informed Other Information Privacy Indirect Investors Contact us THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 2 5

28 APPLICATION FORM CHECKLIST CHECKLIST Please ensure you have completed all of the requirements in the checklist below in order for your application to proceed. Completed the Application Form Signed the Application Form Attached a cheque or arranged a direct credit transfer Completed a Customer Identification Form (see page 31) Attached copies of relevant identification documents Customer Identification Forms and relevant identification documents are only applicable for initial investments. Please note that we are unable to issue units in the Funds untill we have recieved your correctly completed Application Form and Customer Identification Form. If you have any questions with regards to completing the Forms, please call our Investor Services Team on (Toll Free). 26 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

29 Ausbil Investment Trusts- Application Form PDS No.5 dated 12 December, 2008 This is the Application Form you must complete to apply for units any of the Ausbil Investment Trusts included in this Product Disclosure Statement (PDS). The PDS contains important information about investing in the Fund, and it is advised that you read the PDS and Incorporated Material in full before completing the Application Form. A person who gives another person access to this Application Form must at the same time and by the same means give the other person access to the PDS. While the PDS is current, the Issuer will send paper copies of the PDS, any supplementary document and the Application Form on request and without charge. Simply call our Investor Services Team on (Toll Free). 1. INVESTMENT DETAILS Please tick if you are an existing Ausbil investor. If yes, please quote your Investor Number 2. INVESTOR DETAILS What type of account are you opening? (Please indicate using an X ). Individual Joint Sole Trader Trust Superannuation Fund Estate Company Partnership Government Body Please refer to Customer ID Procedures on page 31. Association Co-operative Applicant Surname/Company/Partnership/Adult for child under 18 or Executors Title First Name Middle Name Date of Birth Joint Applicant Surname Title First Name Middle Name Date of Birth Designated Account e.g. <Super Fund or Trust> (or Joint Applicant) RESIDENTIAL OR BUSINESS ADDRESS DETAILS (PO BOX not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Address (Only for purpose of electronic communications of Unitholder information) Telephone Number (where you can be contacted during business hours) Contact Name (PRINT) Please indicate below your preferred method of communication for investment materials and marketing information Mail TFN/ABN/Exemption Code* Applicant Joint Applicant *Collection of TFNs is authorised by taxation laws. Quotation of TFNs is not compulsory and will not affect your application, however if not advised, the Responsible Entity is required to deduct tax from distributions at the highest marginal tax rate (including medicare levy) PLEASE COMPLETE IF MAILING ADDRESS IS DIFFERENT FROM ADDRESS ABOVE Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 2 7

30 PLEASE COMPLETE IF REGISTERED OFFICE ADDRESS IS DIFFERENT FROM BUSINESS ADDRESS ABOVE (PO BOX not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Contact Name (PRINT) Telephone Number (business hours) 3. BANK ACCOUNT This will be your primary bank account linked to your investment account Please provide your nominated account details in the section below. Financial Institution Name Branch Name Branch Number (BSB) Account Number Account Name Please note the Responsible Entity will not issue cheques for income distributions or redemptions payments. 4. INVESTMENT DETAILS (Minimum initial investment: $50,000 per fund) Fund Name Amount $ (each fund) Income Distribution* (Tick one box for each investment) Reinvestment of Distribution Pay Distribution to bank account nominated in section 3 Australian Active Equity Fund Australian Geared Equity Fund Australian Emerging Leaders Fund Balanced Fund Dexia Sustainable Global Equity Fund How will this investment be made? Cheque Total * If left blank, income distribution will be reinvested Make Cheque payable to NNL-Ausbil Dexia Limited Application Account and complete below the cheque details Cheque Number Branch Number (BSB) Account Number Cheque Drawer Direct Credit 5. ADVISER DETAILS Payments by direct credit transfer to the Custodian s Bank Account Bank: National Australia Bank Limited BSB No: Account No: Account Name: NNL-Ausbil Dexia Limited Application Account. Complete your advisor details (If applicable) Dealer Group. Stamp Adviser Name Adviser Contact Number- direct/mobile ( ) ( ) Adviser Adviser s Authorised Representative number 28 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

31 5. ADVISER DETAILS (Continued) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Contact Name (PRINT) Telephone (Business Hours) Adviser Firm Name Dealer Group Name Dealer Group AFS Licence Number 6. PERFORMANCE OF CUSTOMER VERIFICATION PROCEDURES Adviser s use only Please confirm whether verification procedures have been performed: Tick one option Verification procedures have been performed and legible certified copies or extracts of acceptable identification documentation (and any required translation) used to verify the customer s identity have been attached Verification procedures have NOT been performed and legible certified copies or extracts of acceptable identification documentation (and any required translation) have been attached As agreed between your AFS licensee and Ausbil, appropriate identification and verification procedures have been performed please ensure dealer group details are completed in section 5 Please note that the application will not be processed until appropriate documentation has been received to enable verification of the customer s identity. 7. ANNUAL REPORTS Annual reports are available from our website at AKNOWLEDGEMENTS By returning this Application Form you agree to the following statements: I/we agree and aknowledge that: all details in this application are true and correct; I/we have read the Product Disclosure Statement (PDS) in full to which this application relates and agree to the offer contained in it and to be bound by the provisions of the Constitutions for the Ausbil Investment Trusts; there is additional information about the Ausbil Investment Trusts in the Incorporated Material which may assist me/us in making my/our investment decision. that acceptance of my/our application and allocation of units in any of the funds in this PDS will be at the sole discretion of Ausbil Dexia Limited (Ausbil), and that Ausbil has the right to reject any application; I/we have legal power to invest in accordance with this Application Form; the details of my/our investment can be provided to the dealer group or adviser shown on this Application Form by the means and in the format that they direct; in the case of joint investments, the joint applicants agree that unless otherwise expressly indicated on this Application Form, the Units will be held as joint tenants and either investor is able to operate the account and bind the other investor for future transactions; sole signatories signing on behalf of a company confirm that they are signing as sole director and sole secretary of the company; if investing as a trustee, on behalf of a superannuation fund or trust I/we confirm that I/we am/are acting in accordance with my/our designated powers and authority under the trust deed; if this Application Form is signed under Power of Attorney, the Attorney declares that he/she has not received notice of revocation of that power (a certified copy of the Power of Attorney should be submitted with this Application Form unless we have already sighted it); I/we have read the pages of the Product Disclosure Statement containing the information under the heading Privacy and personal information. I am/we are aware that until I/we inform Ausbil otherwise, I/we will be taken to have consented to all the uses of my/our personal information (including marketing) contained under that heading; if I/we fail to provide any information requested in this Application Form or do not agree to any of the possible exchanges or uses detailed above, my/our application may not be accepted by Ausbil; THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 2 9

32 the risks involved with purchasing Units in the Ausbil Investment Trusts and have not relied on any representation (whether oral or written) from Ausbil or any other persons involved in the preparation of this Product Disclosure Statement as investment, financial, legal or taxation advice as to the suitability of the Ausbil Investment Trust to my/our circumstances; I/we confirm that I am/we are over 18 years of age; that my/our investment in the Ausbil Investment Trusts is subject to investment risks, including possible delays in repayment and loss of income and principal invested; I/we have read the pages of the Incorporated Material containing the information under the heading Redemption and agree to be bound by the conditions contained therein; I/we have read and understood the section Anti-Money-Laundering Laws and my/our obligations on page 23 of the PDS. YOUR SIGNATURE(S) HERE Name Date Company Stamp Signature Individual Partner Director Company Secretary Sole Director Trustee Executor Power of Attorney Name Date Signature Individual Partner Director Company Secretary Sole Director Trustee Executor Power of Attorney Please tick here if you require joint signatures for future transactions. Once you have completed and signed this Application Form, please send this form, relevant identification form(s) and cheque (if payment by cheque) to: National Australian Bank Limited, Registry Services, PO BOX 1406, Melbourne, VIC If paying by cheque, please ensure your cheque is crossed Not Negotiable and made payable to: NNL-Ausbil Dexia Limited Applications Account. If you have any questions about completing this form, please contact our Investor Services Team on (Toll Free). privacy act Information you supply on this Application Form will be used by Ausbil Dexia Limited (AFSL ) in connection with the issue and subsequent administration of the Ausbil Investment Trusts. Your personal information may be used for related purposes, such as to inform you about Ausbil Dexia Limited and its business in newsletters and other communications that may be sent to you from time to time. 30 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

33 NEW CUSTOMER IDENTIFICATION PROCEDURES What are the new customer identification forms? In order to comply with the new requirements under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) customers must now provide additional information when investing in Ausbil Dexia products. These identification forms must accompany all new investor applications. When do I need to complete the customer identification forms? A customer identification form must be completed for all new investors. We will be unable to process your application request if a customer identification form and the requested supporting documents are not provided to National Custodian Services (NCS). If you are an existing investor and you are adding to your existing investment account, you will not be required to complete a customer identification form. How should my adviser or I complete the customer identification forms? Identify your customer type in the table below Complete the relevant fields in the customer type identification form Attach a legible certified copy or extract of your identification documents (see definitions below) Sign the adviser section of the form where indicated (for financial advisers only). Which customer identification form should I use? Please send the application form to NCS together with the relevant completed identification form and supporting identification documents. The information you need to provide depends upon your customer type. You will only need to complete the section(s) of the form that relate(s) to your particular customer type and circumstances, as follows: Customer Type Identification Form to be completed Individual Individual and Sole Trader Identification Form Sole Trader (a person who is self employed e.g. carpenter) Trust Individual and Sole Trader Identification Form All Trusts must complete the Trust and Trustee Identification form PLUS either the Australian Company Trustee or Foreign Company Trustee Identification Form. Company Australian Company or Foreign Company Identification Form Partnership Partnership and Partners Identification Form Government Body Government Body Identification Form Associations- Incorporated or Unincorporated Association and Co-operative Identification Form Co-operatives-Unregistered or Registered Association and Co-operative Identification Form THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3 1

34 NEW CUSTOMER IDENTIFICATION PROCEDURES What does certified copy mean? Certified copy means a document that has been certified as a true copy of an original document What does certified extract mean? Certified extract means an extract that has been certified as a true copy of some of the information contained in a complete original document Who can certify documents or extracts? People who can certify documents or extracts are: (Italics are added for ease of comprehension) 1. (a lawyer) a person who is enrolled on the roll of the Supreme Court of a State or Territory, or High Court of Australia, as a legal practitioner (however described); 2. a judge of a court; 3. a magistrate; 4. a chief executive officer of a Commonwealth court; 5. a registrar or deputy registrar of a court; 6. a Justice of Peace; 7. a notary public (for the purposes of the Statutory Declaration Regulations 1993); 8. a police officer; 9. (a postal agent) an agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public; 10. (the post office) a permanent employee of The Australian Postal Corporation with two or more years of continuous service who is employed in an office supplying postal services to the public; 11. an Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955); 12. an officer with 2 or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993); 13. a finance company officer with 2 or more continuous years of service with one or more financial companies (for the purposes of the Statutory Declaration Regulations 1993); 14. an officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees; and 15. (an accountant) a member of the institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership. 32 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

35 IDENTIFICATION FORM - INDIVIDUAL AND SOLE TRADER GUIDE TO COMPLETING THIS FORM Complete one form for each individual. Complete all applicable sections of this form in BLOCK LETTERS. SECTION 1A: PERSONAL DETAILS COMPLETE THIS PART IF INDIVIDUAL IS A SOLE TRADER Full business name (if any) ABN (if any) SECTION 1B: VERIFICATION PROCEDURE Verify the individual s full name; and EITHER their date of birth or residential address. Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III.) Part I Acceptable Primary Id Documents Tick Select ONE valid option from this section Australian State / Territory driver s licence containing a photograph of the person. Australian passport (a passport that has expired within the preceding 2 years is acceptable). Card issued under a State or Territory for the purpose of proving a person s age containing a photograph of the person. Foreign passport or similar travel document containing a photograph and the signature of the person*. Part II Acceptable Secondary ID Documents (only to be completed if the individual does not own a document from Part I) Tick Select ONE valid option from this section Tick Australian birth certificate Australian citizenship certificate Pension card issued by Centrelink Health card issued by Centrelink AND ONE valid option from this section A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual s name and residential address. A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual s name and residential address. Block out the TFN before scanning, copying or storing this document. A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual s name and residential address). If under the age of 18, a notice that was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school. Part Iii Acceptable Foreign Id Documents (only to be completed if the individual does not own a document from Part I) Tick BOTH documents from this section must be presented Foreign driver s licence that contains a photograph of the person in whose name it is issued and the individual s date of birth.* National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: VERIFICATION DOCUMENTATION IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the individual (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3 3

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37 IDENTIFICATION FORM - TRUST AND TRUSTEE GUIDE TO COMPLETING THIS FORM Complete the following in BLOCK LETTERS: Section 1 (applicable parts) all trusts AND tick and complete one of the following sections for ONLY ONE of the trustees: Section 2 (applicable parts) if selected trustee is an individual. If your trustee is an Australian company please also complete the Australian Company Trustee s Identification Form. If your trustee is a foreign company please also complete the Foreign Company Trustee s Identification Form. Only send the completed sections of this form with the application form. SECTION 1A: TRUST DETAILS 1.1 GENERAL INFORMATION Full business name (if any) Country where Trust established 1.2 TYPE OF TRUST (Tick only one of the following Trust types and provide the information requested) Registered managed investment scheme Provide Australian Registered Scheme Number (ARSN) Regulated Trust (e.g. a SMSF) Provide name of the regulator (e.g. ASIC, APRA, ATO) Provide the Trust s ABN or registration/licensing details Government superannuation fund Provide name of the legislation establishing the fund Other Trust type Trust description (e.g. Family, unit, charitable, estate) Go to section 1B. Go to section 1B. Go to section 1B. Complete section 1.3 and BENEFICIARY DETAILS (Only complete if Other Trust type is selected in section 1.2 above) Do NOT complete if the Trust is a registered managed investment scheme, regulated trust (e.g. SMSF) or government superannuation fund. Do the terms of the Trust identify the beneficiaries by reference to membership of a class? YES Provide details of the membership class/es (e.g. unit holders, family members of named person, charitable purpose) Go to section 1.4. NO How many beneficiaries are there? Provide full name of each beneficiary below: Full given name(s) Surname If there are more beneficiaries, provide details on a separate sheet. 35 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3 5

38 1.4 TRUSTEE DETAILS (Only complete if Other Trust type is selected in section 1.2 above) Do NOT complete if the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund. How many trustees are there? Provide full name and residential address of each trustee, if an individual trustee, or registered office, if a company trustee, below: (PO BOX not acceptable) Trustee 1 Full given name(s) or company name Surname Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Trustee 2 Title First Name Surname Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Trustee 3 Title First Name Surname Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Trustee 4 Title First Name Surname Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Trustee 5 Title First Name Surname Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence If there are more trustees, provide details on a separate sheet. 36 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

39 SECTION 1B: TRUST VERIFICATION PROCEDURE For a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund (as selected in 1.2), verify: The full name of the Trust That the Trust is a registered managed investment scheme, regulated Trust or government superannuation fund, as applicable. Tick Verification options (select ONE of the following options used to verify the Trust) Perform a search of the ASIC, ATO or relevant regulator s website (e.g. Super Fund Lookup at A copy or relevant extract of the legislation establishing the government superannuation fund sourced from a government website. If other Trust type is selected in section 1.2, verify: The full name of the Trust. Tick Verification options (select ONE of the following options used to verify the Trust) A notice issued by the Australian Taxation Office within the last 12 months (e.g. a Notice of Assessment).Block out the TFN before scanning, copying or storing this document. A letter from a solicitor or qualified accountant that confirms the name of the Trust. An original or certified copy or certified extract of the trust deed*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the Trust (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number SECTION 2A: INDIVIDUAL DETAILS (To be completed if selected trustee is an individual) Title First Name Surname Date of Birth SECTION 2B: INDIVIDUAL TRUSTEE VERIFICATION PROCEDURE If Other Trust type is selected in section 1.2 above, verify the trustee s full name; and EITHER their date of birth OR residential address. Complete Part I (or if the trustee does not own a document from Part I, then complete either Part II or III). Part I Acceptable Primary ID Documents Tick Select ONE valid option from this section Australian State / Territory driver s licence containing a photograph of the person. Australian passport (a passport that has expired within the preceding 2 years is acceptable). Card issued under a State or Territory for the purpose of proving a person s age containing a photograph of the person. Foreign passport or similar travel document containing a photograph and the signature of the person*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. Part II Acceptable Secondary ID Documents (Should only be completed if the individual does not own a document from Part I) Tick Select ONE valid option from this section Australian birth certificate Australian citizenship certificate Pension card issued by Centrelink Health card issued by Centrelink THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3 7

40 BSECTION 2B: INDIVIDUAL TRUSTEE VERIFICATION PROCEDURE (Continued) Tick AND ONE valid option from this section A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual s name and residential address. A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual s name and residential address. Block out the TFN before scanning, copying or storing this document. A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual s name and residential address). Part Iii Acceptable Foreign Id Documents (Should only be completed if the individual does not own a document from Part I) Tick BOTH documents from this section must be presented Foreign driver s licence that contains a photograph of the person in whose name it is issued and the individual s date of birth.* National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 2C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the individual trustee (and any required translation). If the selected trustee is an individual, the form is now COMPLETE. 38 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

41 IDENTIFICATION FORM - AUSTRALIAN COMPANY TRUSTEE GUIDE TO COMPLETING THIS FORM Complete the following in BLOCK LETTERS SECTION 1A: AUSTRALIAN COMPANY DETAILS (To be completed if the selected Trustee is an Australian Company) 1.1 GENERAL INFORMATION Full name as registered by ASIC ACN 1.2 REGULATORY/LISTING DETAILS (Tick the following categories which apply to the trustee company and provide the information requested) Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator) Regulator name Licence details Australian listed company Name of market/exchange Majority-owned subsidiary of an Australian listed company Australian listed company name Name of market/exchange 1.3 COMPANY TYPE (Tick only ONE of the following categories) Public Proprietary If the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund, go to section 1B Go to section DIRECTORS (Only needs to be completed for proprietary companies) This section does NOT need to be completed for public and listed companies. How many directors are there? Provide full name of each director below: Full given name(s) Surname 9 10 If there are more directors, please provide details on a separate sheet of paper THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 3 9

42 SECTION 1A: AUSTRALIAN COMPANY DETAILS (Continued) If the company is a regulated company (as selected in section 1.2 above) AND the Trust type is: a registered managed investment scheme, regulated Trust (e.g. SMSF) or government superannuation fund,go to section 1B if the Other Trust type was selected in section 1.2 of the Trust and Trustee Identification Form, complete sections 1B and 1C of this form. Otherwise, continue to section 1.5 below. 1.5 SHAREHOLDERS (only needs to be completed for proprietary companies that are not regulated companies as selected in section 1.2) Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the company s issued capital. Shareholder 1 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 2 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 3 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country SECTION 1B: AUSTRALIAN COMPANY TRUSTEE VERIFICATION PROCEDURE Standard verification procedure Verify: The full name of the trustee company as registered by ASIC Whether the trustee company is registered as a proprietary or a public company The ACN issued to the trustee company. Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant ASIC database. If the ASIC database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC. Alternative verification procedure For a company which is an Australian listed company, a majority owned subsidiary of an Australian listed company or is a regulated company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator). If other Trust type is selected verify: That the trustee company is an Australian listed company (if applicable) That the trustee company is a majority owned subsidiary of an Australian listed company (if applicable) That the trustee company is a regulated company (if applicable). 40 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

43 SECTION 1B: AUSTRALIAN COMPANY TRUSTEE VERIFICATION PROCEDURE (Continued) Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant market/exchange. Perform a search of the relevant ASIC database. Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator. A public document issued by the relevant company. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the trustee company. SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 4 1

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45 IDENTIFICATION FORM - FOREIGN COMPANY TRUSTEES GUIDE TO COMPLETING THIS FORM Complete the following in BLOCK LETTERS SECTION 1A: FOREIGN COMPANY DETAILS (To be completed if the selected trustee is a foreign company) 1.1 GENERAL INFORMATION Full name of foreign company Country of formation / incorporation / registration Tick if registered by a foreign registration body and provide name of body 1.2 IS THE FOREIGN COMPANY REGISTERED WITH ASIC? (Tick one of the following) YES Provide ARBN Provide EITHER Principal place of business address in Australia OR Local agent name and address details (Tick only one box) Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Name of local agent in Australia NO Provide company identification number (if any) issued by the foreign registration body Principal place of business in the company s country of formation or incorporation (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country 1.3 REGULATORY/LISTING DETAILS (Tick each of the following categories that apply to the trustee company and provide the information requested) Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator) Regulator name Licence details Listed as defined in the IFSA/FPA Guidelines Name of market/exchange Majority-owned subsidiary of an Australian listed company Australian listed company name Name of market/exchange THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 4 3

46 1.4 FOREIGN COMPANY/TYPE (Tick only ONE of the following categories and provide any information requested) If the Trust is a registered managed investment scheme, regulated Trust (e.g. SMSF) or government Public superannuation fund, the form is now COMPLETE. If Other Trust type is selected on the Trust and Trustee Identification Form, complete sections 1B and 1C below. Private/Proprietary Go to section 1.5. Other Trust type Go to section DIRECTORS (Complete for all companies other than public or listed companies) How many directors are there? Provide full name of each director below: 1 Full given name(s) Surname If the company is a regulated company (as selected in section 1.3 above) AND Other Trust type is: selected in section 1.2 of the Trust and Trustee Identification Form, go to section 1B. not selected above, the form is now COMPLETE. Otherwise, go to section 1.6 below. 1.6 SHAREHOLDERS (Complete for all companies other than public, listed or regulated companies) Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the company s issued capital. Shareholder 1 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 2 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 3 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country If Other Trust type is: selected, go to section 1B. not selected, the form is now COMPLETE. 44 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

47 SECTION 1B: FOREIGN COMPANY TRUSTEE VERIFICATION PROCEDURE Standard verification procedure for foreign companies registered with ASIC Verify: The full name of the company as registered by ASIC The ARBN issued to the trustee company Whether it is registered by a foreign registration body and if so Whether it is registered as a private company or a public company. Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant ASIC database. Perform a search of the relevant foreign registration body. If the ASIC or foreign registration body database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC or by the relevant foreign registration body. Standard verification procedure for foreign companies NOT registered with ASIC Verify: The full name of the trustee company Whether it is registered by a foreign registration body and if so whether it is registered as a private company or a public company the identification number issued to the trustee company. Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant foreign registration body. If the foreign registration body database is not reasonably available, an original or certified copy of the certification of registration issued by the relevant foreign registration body. Where the above means are unavailable, a disclosure certificate from the trustee company given by an individual acting as agent of the trustee company (where the agent has been verified). See your licensee for other disclosure certificate requirements. Alternative verification procedure For a company which is a listed company, a majority owned subsidiary of an Australian listed company or is a regulated company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator). Verify: That the trustee company is a listed company (if applicable) That the trustee company is a majority owned subsidiary of an Australian listed company (if applicable) That the trustee company is a regulated company (if applicable). Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant financial market. Perform a search of the relevant ASIC database. Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator. A public document issued by the relevant company.* *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the trustee company (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 4 5

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49 IDENTIFICATION FORM - AUSTRALIAN COMPANY GUIDE TO COMPLETING THIS FORM Complete all applicable sections of this form in BLOCK LETTERS SECTION 1A: AUSTRALIAN COMPANY DETAILS (To be completed if the company is an Australian company) 1.1 GENERAL INFORMATION Full name as registered by ASIC ACN 1.2 REGULATORY/LISTING DETAILS (Tick the following categories which apply to the company and provide the information requested) Regulated company (licensed by an Australian Commonwealth, State or Territory statutory regulator) Regulator name Licence details Australian listed company Name of market / exchange Majority-owned subsidiary of an Australian listed company Australian listed company name Name of market / exchange 1.3 COMPANY/TYPE (Tick only ONE of the following categories) Public Go to section 1B Proprietary Go to section DIRECTORS (Only needs to be completed for proprietary companies) This section does NOT need to be completed for public and listed companies. How many directors are there? Provide full name of each director below: Full given name(s) 1 Surname If the company is a regulated company (as selected in section 1.2 above) go to section 1B below. Otherwise, for all other proprietary companies continue to section SHAREHOLDERS (Only needs to be completed for proprietary companies that are not regulated companies as selected in section 1.2) Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the company s issued capital. Shareholder 1 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 4 7

50 1.5 SHAREHOLDERS (Continued) Shareholder 2 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 3 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country SECTION 1B: AUSTRALIAN COMPANY VERIFICATION PROCEDURE Standard verification procedure Verify: The full name of the company as registered by ASIC Whether the company is registered as a proprietary or a public company The ACN issued to the company. Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant ASIC database. If the ASIC database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC. Alternative verification procedure For a company which is an Australian listed company, a majority owned subsidiary of an Australian listed company or is a regulated company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator). Verify: That the company is an Australian listed company (if applicable) That the company is a majority owned subsidiary of an Australian listed company (if applicable) That the company is a regulated company (if applicable). Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant market/exchange. Perform a search of the relevant ASIC database. Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator. A public document issued by the relevant company. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the company. SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number If the company is an Australian company, the form is now COMPLETE. 48 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

51 IDENTIFICATION FORM - FOREIGN COMPANY GUIDE TO COMPLETING THIS FORM Complete all sections of this form in BLOCK LETTERS SECTION 1A: FOREIGN COMPANY DETAILS (To be completed if the Company is a foreign company) 1.1 GENERAL INFORMATION Full name of foreign company Country of formation / incorporation / registration Tick if registered by a foreign registeration body and provide name of body below: 1.2 IS THE FOREIGN COMPANY REGISTERED WITH ASIC? (Tick ONE of the following) YES Provide ARBN Provide EITHER (Tick one box) Address (PO Box is NOT acceptable) Principal place of business address in Australia OR Local agent name and address details (Tick one box) Suburb/City or Town State Postcode Country Name of local agent in Australia NO Provide company identification number (if any) issued by the foreign registration body below: Principal place of business in the company s country of formation or incorporation (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country 1.3 REGULATORY/LISTING DETAILS (Tick each of the following categories that apply to the company and provide the information requested) (licensed by an Australian Commonwealth, State or Territory statutory regulator) Regulator name Licence details Listed as defined in the IFSA/FPA Guidelines Name of market / exchange Australian listed company name Name of market / exchange 1.4 FOREIGN COMPANY/TYPE Tick only ONE of the following categories and provide any information requested. Public Private/Proprietary Other THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 4 9

52 1.5 DIRECTORS Complete for all companies other than public or listed companies. How many directors are there? Full given name(s) Provide full name of each director below: Surname If the company is a regulated company (as selected in section 1.3 above) go to section 1B below. Otherwise, for all other private/proprietary companies continue to section 1.6 below. 1.6 SHAREHOLDERS Complete for all companies other than public, listed or regulated companies. Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the company s issued capital. Shareholder 1 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 2 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country Shareholder 3 Title First name Middle name Surname Residential Address (PO Box is NOT acceptable) Suburb/City or Town State Postcode Country SECTION 1B: FOREIGN COMPANY VERIFICATION PROCEDURE Standard verification procedure for foreign companies registered with ASIC Verify: The full name of the company as registered by ASIC The ARBN issued to the company Whether it is registered by a foreign registration body and if so- whether it is registered as a private company or a public company. Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant ASIC database. Perform a search of the relevant foreign registration body. If the ASIC or foreign registration body database is not reasonably available, an original or certified copy of the certification of registration issued by ASIC or by the relevant foreign registration body. 50 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

53 SECTION 1B: FOREIGN COMPANY VERIFICATION PROCEDURE (Continued) Standard verification procedure for foreign companies NOT registered with ASIC Verify: The full name of the company Whether it is registered by a foreign registration body and if so whether it is registered as a private or a public company; and the identification number issued to the company Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant foreign registration body. If the foreign registration body database is not reasonably available, an original or certified copy of the certification of registration issued by the relevant foreign registration body. Where the above means are unavailable, a disclosure certificate from the company given by an individual acting as agent of the company (where the agent has been verified). See your licensee for other disclosure certificate requirements. Alternative verification procedure For a company which is a listed company, a majority owned subsidiary of an Australian listed company or is a regulated company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator). Verify: That the company is a listed company (if applicable) That the company is a majority owned subsidiary of an Australian listed company (if applicable) That the company is a regulated company (if applicable). Tick Verification options (select ONE of the following options used to verify the company) Perform a search of the relevant financial market. Perform a search of the relevant ASIC database. Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator. A public document issued by the relevant company.* *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the company (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5 1

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55 IDENTIFICATION FORM - PARTNERSHIPS AND PARTNERS GUIDE TO COMPLETING THIS FORM Complete all applicable sections of this form in BLOCK LETTERS. SECTION 1A: PARTNERSHIP DETAILS 1.1 GENERAL INFORMATION Full name of partnership Registered business name of partnership (if any) Country where partnership established 1.2 TYPE OF PARTNERSHIP (Tick only one of the following partnership types and provide the information requested) Is the partnership regulated by a professional association? YES Provide name of association NO Provide membership details How many partners are there? Go to section 1B. Provide full name and address of all partners below. PARTNERSHIP DETAILS (Only complete for partnerships NOT regulated by a professional association) Partner 1 Title Given Name Surname Residential Address (PO BOX not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Partner 2 Title Given Name Surname Residential Address (PO BOX not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Partner 3 Title Given Name Surname Residential Address (PO BOX not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence If there are more partners, please provide details on a separate sheet THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5 3

56 SECTION 1B: PARTNERSHIP VERIFICATION PROCEDURE Verify the following: Complete Part I (for all partnerships); and Complete Part II (if the partnership is regulated by a professional association). Part I Acceptable ID Documents (to verify partnership name) Tick Verification options (select ONE of the following options used to verify the partnership) An original, certified copy or certified extract of the partnership agreement. A certified copy or a certified extract of minutes of a partnership meeting. An original current membership certificate (or equivalent) of a professional association. Membership details independently sourced from the relevant professional association. A search of the relevant ASIC or other regulator s database. A notice issued by the Australian Taxation Office within the last 12 months e.g. Notice of Assessment.Block out the TFN before scanning, copying or storing this document. An original or certified copy of a certificate of registration of business name issued by a government or government agency in Australia. Part II Acceptable ID Documents (to verify membership of a professional association) Tick Verification options (select ONE of the following options used to verify the partnership) An original current membership certificate (or equivalent). Membership details independently sourced from the relevant association. Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the Partnership (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number SECTION 2A: INDIVIDUAL PARTNER DETAILS (To be completed for one partner) Title Given Name Surname Date of Birth SECTION 2B: INDIVIDUAL PARTNER VERIFICATION PROCEDURE Verify the partner s full name and EITHER their date of birth or residential address by completing Part I (or if the partner does not own a document from Part I, then complete either Part II or III.) Part I Acceptable Primary ID Documents Tick Select ONE valid option from this section Australian State / Territory driver s licence containing a photograph of the person. Australian passport (a passport that has expired within the preceding 2 years is acceptable). Card issued under a State or Territory for the purpose of proving a person s age containing a photograph of the person. Foreign passport or similar travel document containing a photograph and the signature of the person*. 54 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

57 Part II Acceptable Secondary ID Documents (should only be completed if the individual does not own a document from Part I) Tick Select ONE valid option from this section Australian birth certificate Australian citizenship certificate Pension card issued by Centrelink Health card issued by Centrelink Tick AND ONE valid option from this section A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual s name and residential address. A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual s name and residential address. Block out the TFN before scanning, copying or storing this document. A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual s name and residential address). Part Iii Acceptable Foreign Id Documents (only to be completed if the individual does not own a document from Part I) Tick BOTH documents from this section must be presented Foreign driver s licence that contains a photograph of the person in whose name it is issued and the individual s date of birth.* National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 2C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the individual partnership (and any required translation). SECTION 2D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5 5

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59 IDENTIFICATION FORM - GOVERNMENT BODY GUIDE TO COMPLETING THIS FORM Complete the following in BLOCK LETTERS. SECTION 1A: GOVERNMENT BODY DETAILS GOVERNMENT INFORMATION (Tick ONE of the following categories and provide the information requested) Commonwealth of Australia government body Australian state or territory government body, please specify state or territory. Foreign country government body, please specify foreign country. SECTION 1B: GOVERNMENT BODY IDENTIFICATION PROCEDURE Verify the following: Full name of the government body Full address of the government body s principal place of operations Whether the government body is: A body of the Commonwealth of Australia; or A body of a State or Territory of Australia (and, if so which one); or A body of a foreign country (and, if so which country). Tick Verification options (select ONE of the following options used to verify the Government Body) Search of the relevant Commonwealth, State, Territory or Foreign government website for confirmation of the body s existence. Search of the relevant Commonwealth, State, Territory or Foreign country register of government bodies. A copy or extract of the legislation establishing the body obtained from a reliable and independent source, such as a government website. Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the Government body (and any required translation). SECTION 1D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5 7

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61 IDENTIFICATION FORM - ASSOCIATION AND CO-OPERATIVE GUIDE TO COMPLETING THIS FORM Complete all parts of section 1 in BLOCK LETTERS AND for Unincorporated Associations and Unregistered Co-operatives also complete section 2 Individual Member ID procedure. SECTION 1A: ASSOCIATION AND CO-OPERATIVES DETAILS 1.1 GENERAL INFORMATION Full name of Association or Co-operative Full name of the following (or equivalent in each case): Full given name(s) of officer (if applicable) Surname Chairman Secretary Treasurer Provide an ID number issued by relevant governing body (e.g. an ACN if any) 1.2 CLASSIFICATION TYPE (select only ONE of the following categories) Registered Co-operative Unregistered Co-operative Incorporated Association Go to section 1.3 Unincorporated Association Go to section INCORPORATED ASSOCIATION OR REGISTERED CO-OPERATIVE (select and complete only ONE of the following categories) Principal place of administration Address (PO BOX is not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Registered office Address (PO BOX is not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence Name and residential address of the public officer (or president, secretary or treasurer if there is no public officer) Full given name(s) of officer (if applicable) Surname Position Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 5 9

62 1.4 Unincorporated Association or Unregistered Co-operative Principal place of administration Address (PO BOX is not acceptable) Unit Number/Level Street Number Street Name Suburb/City or Town State Postcode Country of Residence SECTION 1B: VERIFICATION PROCEDURE If Incorporated Association or Registered Co-operative is selected in section 1.2, verify: Full name of the Association or Co-operative ID number issued on Incorporation (if any). Tick Verification options (select ONE or more of the following options used to verify the Incorporated Association or Co-operative) Tick Information provided by ASIC or the government responsible for the incorporation of the Association or Co-operative. An original, certified copy or certified extract of the Constitution or Rules of the Association or Co-operative. If Unincorporated Association or Unregistered Co-Operative is selected in section 1.2, verify: Full name of this Association or co operative Verification options (select ONE or more of the following options used to verify the Incorporated Association or Co-operative) An original, certified copy or certified extract of the Constitution or Rules of the Association or Co-operative. Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 1C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the Association or Co-operative. SECTION 2A: INDIVIDUAL MEMBER IDENTIFICATION PROCEDURE (Unincorprated Association or Unregistered Co-operative only) Name and residential address of the member who is signing on behalf of the Association or Co-operative Full given name(s) Surname Date of Birth Address (PO BOX is not acceptable) Suburb/City or Town State Postcode Country of Residence 60 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

63 SECTION 2B: INDIVIDUAL MEMBER VERIFICATION PROCEDURE If Unincorporated Association or Unregistered Co-operative is selected in section 1.2, verify the member s full name, and EITHER their date of birth OR residential address. Complete Part I (or if the member does not own a document from Part I, then complete either Part II or III). Part I Acceptable Primary ID Documents Tick Select ONE valid option from this section Australian State / Territory driver s licence containing a photograph of the person. Australian passport (a passport that has expired within the preceding 2 years is acceptable). Card issued under a State or Territory for the purpose of proving a person s age containing a photograph of the person. Foreign passport or similar travel document containing a photograph and the signature of the person*. Part II Acceptable Secondary ID Documents (only to be completed if the individual does not own a document from Part I) Tick Select ONE valid option from this section Australian birth certificate Australian citizenship certificate Pension card issued by Centrelink Health card issued by Centrelink Tick AND ONE valid option from this section A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual s name and residential address. A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual s name and residential address. Block out the TFN before scanning, copying or storing this document. A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual s name and residential address). Part Iii Acceptable Foreign Id Documents (only to be completed if the individual does not own a document from Part I) Tick BOTH documents from this section must be presented Foreign driver s licence that contains a photograph of the person in whose name it is issued and the individual s date of birth.* National ID card issued by a foreign government containing a photograph and a signature of the person in whose name the card was issued*. *Documents that are written in a language that is not English must be accompanied by an English translation prepared by an accredited translator. SECTION 2C: RECORD OF VERIFICATION PROCEDURE IMPORTANT: Attach a legible certified copy or extract of the ID documentation used to verify the individual member (and any required translation). SECTION 2D: FINANCIAL PLANNER DETAILS identification and verification conducted by: Date verified Financial planner s name Phone number AFSL name AFSL number THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 6 1

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65 Notes THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT 6 3

66 directory The Responsible Entity: Registered Office: Ausbil Dexia Limited Level 23, 207 Kent Street, Sydney NSW 2000 Mailing address: GPO Box 2525 Sydney NSW 2001 Telephone: (Toll Free) Facsimile: (02) Website: Directors of the Responsible Entity: N Abou-Jaoudé* Chairman P Xiradis Chief Executive Officer, Deputy Chairman A Lancaster J Grace H M Tranchimand* T de Villenfagne* W Vermeir* *Representatives of Dexia Asset Management Luxembourg S.A. Secretary to the Responsible Entity: M W Reilly Auditor of the Funds: PricewaterhouseCoopers 201 Sussex Street, Sydney NSW 1171 Custodian of Fund Assets: National Australia Bank Limited (ABN ) Level 12, 500 Bourke Street, Melbourne VIC 3000 PricewaterhouseCoopers and National Australia Bank Limited have not been involved in the preparation of this Product Disclosure Statement and their name appears for information purposes only. 64 THE AUSBIL INVESTMENT TRUSTS PRODUCT DISCLOSURE STATEMENT

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