Investment Portfolio. Product Disclosure Statement. Part One Product Book. David Kan, Head of Product and keen sailor.

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1 Investment Portfolio Product Disclosure Statement Part One Product Book This Product Disclosure Statement is comprised of: Part One this book Part Two Investment Book 12 June 2006 David Kan, Head of Product and keen sailor.

2 ING Funds Management Limited ABN AFSL (INGFM) is the issuer of this Product Disclosure Statement (PDS) and invites you to invest in OneAnswer Investment Portfolio. An investment in OneAnswer Investment Portfolio is neither a deposit nor liability of: ING Funds Management Limited ABN (INGFM) ING Australia Limited ABN (ING Australia) Australia and New Zealand Banking Group Limited ABN (ANZ Group) or any of its related corporations ING Bank (Australia) Limited ABN (ING Bank) ING Investment Management Limited ABN (INGIM) or any other company in the ING Group (ING). This PDS should not be used as a substitute for financial advice and you should speak to a licensed financial adviser before investing in OneAnswer Investment Portfolio. This PDS will assist you in determining whether this product is suitable to your needs. This PDS does not take into account your individual objectives, financial situation or needs. INGFM is responsible for the contents of this PDS except for information about external fund managers and margin lending. Information about each external fund manager and the investment strategy, objectives and asset allocation is based on information provided by the external fund managers. The external managers have provided consent to be named. Information about margin lending is based on information provided by the ANZ Group. The external fund managers and ANZ Group consent to information they have provided being included in this PDS in the form and context in which it has been included and they have not withdrawn their consent at the time of preparation of this PDS. They take no responsibility for any other information in this PDS. The value of investments in the investment funds offered through OneAnswer Investment Portfolio can go up and down. Neither INGFM or any other company in the ING Group or any other company associated with the ANZ Group guarantees investment performance or earnings or return of capital invested in any of the OneAnswer investment funds unless otherwise stated. Past performance is not necessarily indicative of future performance. Investment is subject to risks including delays in repayment and loss of income and capital invested. In this PDS, the terms us, we and our refer to INGFM. The invitation to invest in OneAnswer Investment Portfolio is only available to persons receiving this PDS in Australia. ING Funds Management Limited ABN AFSL Kent Street Sydney NSW 2000 Phone Fax Website customer@ing.com.au

3 Investment Portfolio Supplementary Product Disclosure Statement No.2 8 October 2007 This Supplementary Product Disclosure Statement (Supplementary PDS) supplements Part One and Part Two of the OneAnswer Investment Portfolio Product Disclosure Statement (PDS) issued 12 June 2006 and the Supplementary PDS dated 26 March 2007 (Supplementary PDS No.1). This Supplementary PDS is to be read together with the PDS and Supplementary PDS No.1. Terms defined in the PDS have the same meaning in this Supplementary PDS. The issuer of this Supplementary PDS is ING Funds Management Limited ABN , AFSL The purpose of this Supplementary PDS is to update the PDS to include information on five new investment funds available within OneAnswer Investment Portfolio from 8 October Ongoing Fees The information in the table below forms part of the Ongoing Fees tables on pages 4 5 of Supplementary PDS No.1. Investment fund AMP Capital Responsible Investment Leaders Australian Shares AMP Capital Responsible Investment Leaders International Shares Ongoing Fee (% p.a.) Entry Fee option Challenger Australian Share Income Goldman Sachs JBWere Income Plus OptiMix Global Emerging Markets Shares Distributions Nil Entry Fee option The information in the table below forms part of the tables on pages of Part One of the PDS. Investment fund AMP Capital Responsible Investment Leaders Australian Shares AMP Capital Responsible Investment Leaders International Shares Challenger Australian Share Income Goldman Sachs JBWere Income Plus OptiMix Global Emerging Markets Shares Distribution frequency Half yearly Half yearly Quarterly Quarterly Half yearly Registered managed investment schemes The information in the table below forms part of the tables on pages of Part One of the PDS. Investment fund ARSN Constitutional name AMP Capital Responsible Investment Leaders Australian Shares AMP Capital Responsible Investment Leaders International Shares Challenger Australian Share Income Goldman Sachs JBWere Income Plus OptiMix Global Emerging Markets Shares OneAnswer AMP Capital Responsible Investment Leaders Australian Share Trust OneAnswer AMP Capital Responsible Investment Leaders International Share Trust OneAnswer Challenger Australian Share Income Trust OneAnswer Goldman Sachs JBWere Income Plus Trust OptiMix Global Emerging Markets Share Trust Introducing Goldman Sachs JBWere Asset Management The following fund manager profile is an addition to the profiles on pages of Part Two of the PDS. Asset Management Goldman Sachs JBWere Asset Management ABN Established 2003 Funds under management $11 billion (as at 30 June 2007) Goldman Sachs JBWere Asset Management is a specialist provider of investment management products to investors in Australia and New Zealand. Its capabilities include active domestic and international portfolio management, as well as alternative assets. The business forms part of the Goldman Sachs JBWere Group, which has a worldwide network providing the highest level of services to private, corporate and institutional clients.

4 Investment fund profiles The information on the investment funds below are an addition to the profiles outlined on pages of Part Two of the PDS. Profile 2 Conservative Asset Management Investment objective Investment strategy Minimum time horizon Goldman Sachs JBWere Income Plus The fund aims to provide regular income and to achieve medium-to long-term capital growth by investing in cash, money market products, domestic fixed interest assets and a range of high yielding investments including domestic hybrid investments, property, infrastructure and utilities securities and international fixed interest assets. In doing so, the fund aims to outperform the UBS Bank Bill Index over rolling three-year periods. A diversified income approach is used when managing the fund, which combines three key elements: a broad set of strategies or multiple asset approach; strong sector management and security selection; and active risk management and asset allocation. These elements are used to provide multiple sources of returns, while managing the down-side risk. 3 years Asset allocation* Asset class Benchmark (%) Range (%) Cash Australian fixed interest Hybrid investments International fixed interest Property, infrastructure and utilities securities Underlying fund: Goldman Sachs JBWere Income Plus Wholesale fund. * The maximum combined exposure to hybrid investments and property, infrastructure and utilities securities is 50%. Combined allocation to Australian fixed interest, international fixed interest and cash must be within the range of %. Profile 5 High growth OptiMix Global Emerging Markets Shares Investment objective Investment strategy Minimum time horizon The fund aims to achieve returns (before fees, charges and taxes) that exceed the MSCI Emerging Markets (Free) Index ($A unhedged), over periods of five years or more. The fund invests predominantly in a diversified portfolio of shares in global emerging markets through a mix of managers. The fund is actively managed in accordance with the OptiMix Manage the Managers process. 7 years Asset allocation Asset class Benchmark (%) Range (%) Cash Global emerging markets shares

5 AMP Capital Responsible Investment Leaders Australian Shares* Investment objective Investment strategy Minimum time horizon On a rolling five-year basis, the fund aims to: provide high returns over the long term, while accepting high levels of volatility provide a total return (after external manager costs but before taxes and OneAnswer Ongoing Fees) higher than the return from the S&P/ASX200 Accumulation Index. The fund seeks to achieve its objective by investing in shares listed on the Australian Stock Exchange. The fund is managed using a Socially Responsible Investment approach. The fund may invest up to 5% in cash and fixed interest securities if these investments are seen to add value or assist in managing risk. 5 7 years Asset allocation Asset class Benchmark (%) Range (%) Cash Australian shares Underlying fund: Responsible Investment Leaders Australian Share fund. * Please refer to page 4 of this Supplementary PDS for information about the standards used by AMP Capital in the management of the fund. AMP Capital Responsible Investment Leaders International Shares* Investment objective Investment strategy Minimum time horizon On a rolling five-year basis, the fund aims to: provide high returns over the long term, while accepting high levels of volatility provide a total return (after external manager costs but before taxes and OneAnswer Ongoing Fees) higher than the return from the MSCI World Accumulation Index. The fund seeks to achieve its objective by investing in shares listed on international stock exchanges, allowing it to take advantage of opportunities in countries throughout the world if the investments are considered consistent with its objectives. The fund is managed using a Socially Responsible Investment approach. The fund s investments are diversified across countries, industries and types of companies. The fund may invest up to 5% in cash and fixed interest securities if these investments are seen to add value or assist in managing risk. 5 7 years Asset allocation Asset class Benchmark (%) Range (%) Cash International shares Underlying fund: Responsible Investment Leaders International Share fund. * Please refer to page 4 of this Supplementary PDS for information about the standards used by AMP Capital in the management of the fund.

6 Challenger Australian Share Income Investment objective Investment strategy Minimum time horizon The fund aims to provide a higher level of tax effective income than the S&P/ASX 200 Accumulation Index, with the potential for capital growth over the medium to long term. The fund is managed in an active bottom up style and aims to enhance the mix of total return in favour of income and generate capital growth by using fundamental research to identify companies with attractive, sustainable and growing dividends. Challenger s approach to stock selection combined with the use of derivatives and hybrid equity securities will generally produce a portfolio with a lower level of volatility (i.e. variations in total return) than the S&P/ASX 200 Accumulation Index. 5 years Asset allocation Asset class Benchmark (%) Range (%) Cash n/a 0 10 Hybrid equity securities n/a 0 20 Australian shares n/a Derivatives n/a 0 40 Underlying fund: Challenger Wholesale Australian Share Income fund. The following information forms part of the section titled What standards do we adhere to when investing? on page 53 of Part Two of the PDS. Standards AMP Capital uses when managing the Responsible Investment Leaders funds The Responsible Investment Leaders funds are managed by AMP Capital using a multi-manager approach, which uses a blend of investment managers to provide greater diversification. In selecting the managers, consideration and assessment is made from a financial, social and environmental perspective. From a social and environmental perspective, AMP Capital seeks out investment managers that are identifying leaders across industries, in their responsible approach to the following Socially Responsible Investment issues: Environmental considerations including energy and resource use and product stewardship (e.g. where a company takes into account the life cycle of the product, from manufacture to the extent to which the product can be recycled). Social considerations including indigenous relations and community involvement. Ethical considerations including meeting fundamental human rights, and articulating and implementing a Code of Conduct. Labour standards including Occupational Health and Safety, International Labour Organisation standards, working conditions and the exclusion of child labour. Governance considerations including meeting corporate governance guidelines on board structures and remuneration. Additionally, investment managers and funds will also be well regarded if they actively participate in corporate engagement and governance initiatives. Investment managers are also required to avoid companies operating within sectors with recognised high negative social impact. This means the Responsible Investment Leaders funds will avoid exposure to companies with material exposure to the production or manufacture of alcohol, armaments, gambling, pornography, tobacco and uranium. Material exposure is considered to be where a company derives more than 10% of its total revenue from these industries. If a company falls below the standards noted above, it is policy that the relevant manager sells its investment in the company within six months. This policy is monitored and if the policy is breached, AMP Capital may terminate the services of the relevant underlying manager. AMP Capital s policy also requires that the managers review individual companies if there are major changes to the companies, such as takeovers or major environmental incidents. Investments may also be sold at any time for financial reasons. If you would like to invest in any of the five new investment funds outlined in this Supplementary PDS, please complete the addendum to the Application Form on the following page. This form must be attached to a completed OneAnswer Investment Portfolio Application Form dated 26 March 2007.

7 Investment Portfolio Addendum to Application Form 8 October 2007 This addendum to the Application Form dated 26 March 2007 should only be completed by those investors making an investment in any of the following funds: Financial adviser s stamp AMP Capital Responsible Investment Leaders Australian Shares AMP Capital Responsible Investment Leaders International Shares Challenger Australian Share Income Goldman Sachs JBWere Income Plus OptiMix Global Emerging Markets Shares This form must be attached to a completed Application Form dated 26 March Investor details (please print) Investor 1/Company details Title Mr Mrs Ms Miss Dr Other Surname/Business name Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Home Business Mobile Investor 2/Company details Title Mr Mrs Ms Miss Dr Other Surname/Business name Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Home Business Mobile Investment details How are the amounts to be invested? Please provide the investment amount(s) and distribution payment method for each selected investment fund. Where distributions are elected to be paid to a nominated financial institution account, these will be paid to the account nominated in section 4 of the Application Form. Note: If no selection is made, distributions will be reinvested as additional units. In the future investment authority column, please also nominate how you would like future investments to be allocated. If no nomination is made, additional investments will be allocated using your initial investment nomination or your auto-rebalance profile where you have selected this facility.

8 Investment fund name Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Future investment authority Reinvest Account AMP Capital Responsible Investment Leaders Australian Shares (J057) AMP Capital Responsible Investment Leaders International Shares (J056) or % % or % % Challenger Australian Share Income (J054) or % % Goldman Sachs JBWere Income Plus (J053) OptiMix Global Emerging Markets Shares (J052) or % % or % % Subtotal of above funds $,,. or % Subtotal from page 26 of Application Form $,,. or % Total $,,. or % Regular investment/draw-down Plan details Regular Investment Plan: Allows you to add to your investment on a monthly or quarterly basis. If you are planning to use ANZ Margin Lending to invest regularly, please complete the ANZ Margin Lending Application Form on pages of Part One of the PDS. Regular Draw-down Plan: Allows you to receive a set amount from your investment each month or quarter. Note: You cannot use the Regular Investment Plan and the Regular Draw-down Plan for any investment fund at the same time. Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or Quarterly AMP Capital Responsible Investment Leaders Australian Shares (J057) AMP Capital Responsible Investment Leaders International Shares (J056) Challenger Australian Share Income (J054) Goldman Sachs JBWere Income Plus (J053) OptiMix Global Emerging Markets Shares (J052) Subtotal of above funds $,,. Subtotal from page 29 of Application Form $,,. Total $,,. 6

9 Declaration and signature By completing this addendum, I/we: acknowledge that I/we have received and read the entire PDS (consisting of Part One and Part Two, Supplementary PDS No.1 and Supplementary PDS No.2) and agree to be bound by the conditions of the offer set out in the PDS and the terms of the relevant investment fund constitutions, as amended from time to time acknowledge that my/our investment in OneAnswer Investment Portfolio will only be processed if this addendum is attached to a completed Application Form dated 26 March 2007 acknowledge that any Tax File Number or Australian Business Number supplied at any time may be applied to this investment and previous or future investments in my/our name(s), or in the name of the business/enterprise in which I/we represent acknowledge that the repayment of capital, the payment of income and the performance of the investment funds is not in any way guaranteed by INGFM, ING Australia or any other company associated with the ING Group. The value of investments can go up and down. Past performance is not necessarily indicative of future performance acknowledge that any investment in OneAnswer Investment Portfolio does not represent a deposit with or liability of INGFM, ING Australia or any other company associated with the ING Group and that investment in any of the investment funds is subject to investment risk including possible delays in repayment and loss of income and capital invested consent to telephone conversations being recorded and listened to for training purposes or to provide security for transactions authorise the collection, use and disclosure of my/our personal information for the purpose of the assessment of my/our application, and if accepted, the management and administration of those financial products and services in which I/we have invested or for which I/we wish to apply as outlined in the current PDS. I/We understand that unless I/we consent to the collection, use and disclosure identified in the privacy section of the PDS, INGFM will not be able to process my/our application or deliver any further financial products or services to me/us accept that ING may send me/us information about its financial products or services from time to time. I/We understand that I/we may notify ING of my/our decision not to receive any further information by contacting ING directly authorise my/our financial adviser named in section 12 of the Application Form to receive and access my/our personal information for the purpose of managing my/our investments to use the InvestmentLink service and/or online service and to switch investments on my/our behalf. Where there is any change relating to my/our financial adviser, I/we will notify ING of the change in writing. I/We, whose signature/s appear below, declare that the statements made in this Application Form are true and correct. Name of Investor 1/Director/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Name of Investor 2/Director/ Company Secretary/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Note: If this form is signed by an attorney, the attorney acknowledges that there has been no notice of revocation of the Power of Attorney at the time of signing. For partnerships, please ensure all partners sign. Company Seal This form must be attached to a completed Application Form dated 26 March

10 Customer Services Phone Postal address OneAnswer GPO Box 5306 Sydney NSW 2001 Website Adviser Services For use by financial advisers only Phone L3254/1007

11 Investment Portfolio Supplementary Product Disclosure Statement 26 March 2007 This Supplementary Product Disclosure Statement (Supplementary PDS) supplements Part One and Part Two of the OneAnswer Investment Portfolio Product Disclosure Statement (PDS) issued 12 June 2006 and is to be read together with that PDS. This Supplementary PDS incorporates the information included in the previous Supplementary PDS issued on 11 December Terms defined in the PDS have the same meaning in this Supplementary PDS. The issuer of this Supplementary PDS is ING Funds Management Limited ABN , AFSL New Nil Entry Fee option This section replaces the information under the heading What are the fees and charges? on page 7 of Part One of the PDS. When you invest in OneAnswer Investment Portfolio you can select either the Entry Fee option or the Nil Entry Fee option. The option you select will determine the fees you are charged. Entry Fee option Generally, if you choose this option, a fee is deducted from each investment you make into your OneAnswer Investment Portfolio. However, there is usually no Withdrawal Fee when you withdraw your money, and this option has lower Ongoing Fees than the Nil Entry Fee option for the first four years of each investment. Nil Entry Fee option If you choose this option, you can invest without an Entry Fee charged on your investments. However, generally, this option has higher Ongoing Fees than the Entry Fee option for the first four years of each investment and Withdrawal Fees may apply when you withdraw your money. Fees and other costs Government regulations require all managed investment product issuers to include the following standard consumer advisory warning as set out below. The information in the consumer advisory warning is standardised across all managed investment product issuers and does not provide any specific information on the fees and charges for this product. 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 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 the product issuer or your financial adviser. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website ( gov.au) has a managed investment fee calculator to help you check out different fee options. This section shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the investment fund assets as a whole. Information relating to taxes is detailed on page 23 of Part One of the PDS. You have two different fee payment options: (a) to pay Contribution Fees upfront, at the time when you make each investment. No Withdrawal Fees apply under this option (Entry Fee option). (b) to pay no Contribution Fees upfront, at the time when you make each investment, but pay a Withdrawal Fee when you withdraw the investment under this option in the first three years. In addition, you will pay a higher Ongoing Fee under this option for the first four years of each investment (Nil Entry Fee option). Note: You may pay more in total fees if you choose the Nil Entry Fee option. Also, the fee payment options for ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages differ from the options above. You should read all the information about fees and costs because it is important to understand their impact on your investment. Fees and costs for particular investment funds are set out on pages 4 to 5 of this Supplementary PDS.

12 Type Of Fee Or Cost Amount How and When Paid Option to pay Contribution Fees upfront (Entry Fee option) Option to pay no Contribution Fees upfront (Nil Entry Fee option) Fees when your money moves in or out of the fund* Establishment Fee The fee to open your investment. Nil Nil Not applicable. Contribution Fee (Entry Fee) The fee on each amount contributed to your investment by you. ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages nil All other investment funds 4% Nil This fee is deducted from any initial, additional or regular investment at the time of investment. This fee is payable to your financial adviser and can be negotiated with your financial adviser. Please refer to Financial adviser commissions on page 9 of this Supplementary PDS. Withdrawal Fee The fee on each amount you take out of your investment. ING Mortgage Trust No.2 and Challenger Howard Mortgages: 1.5% within 6 months 1% within 6 12 months Nil after 1 year. All other investment funds nil ING Cash nil ING Mortgage Trust No.2 and Challenger Howard Mortgages: 1.5% within 6 months 1% within 6 12 months Nil after 1 year. All other investment funds up to 3% of any amount withdrawn within three years. This fee is deducted from each withdrawal you make. The Withdrawal Fee period applies from the date of each investment. Withdrawal Fees relating to the Regular Draw-down Plan are explained on page 18 of Part One of the PDS. Withdrawal Fees do not apply to reinvested distributions and/or reinvested rebates. Please refer to Withdrawal Fees on page 7 of this Supplementary PDS. Termination Fee The fee to close your investment. Nil Nil Not applicable. 2

13 Type Of Fee Or Cost Amount How and When Paid Option to pay Contribution Fees upfront (Entry Fee option) Option to pay no Contribution Fees upfront (Nil Entry Fee option) Management costs The fees and costs for managing your investment. The amount you pay for specific investment funds is shown on pages 4 to 5 of this Supplementary PDS. Ongoing Fees ING Cash 0.95% p.a. ING Mortgage Trust No % p.a. Challenger Howard Mortgages 1.65% p.a. Fee range for other investment funds 1.33% p.a. to 2.90% p.a. Ongoing Fees ING Cash 0.95% p.a. ING Mortgage Trust No % p.a. Challenger Howard Mortgages 1.65% p.a. Fee range for other investment funds 2.18% p.a. to 3.75% p.a. Ongoing Fees This fee is deducted from the assets of each investment fund and included in the unit price. Generally, these fees are deducted monthly. Performance Fees may also be applicable to specific investment funds. Please refer to Performance fees on page 6 of this Supplementary PDS. Ongoing Fee rebate Ongoing Fee rebates may apply to account balances over $100,000, thereby reducing the above Ongoing Fees. Please refer to Ongoing Fee rebates on page 6 of this Supplementary PDS. Ongoing Fee rebate Ongoing Fee rebates may apply to account balances over $100,000, thereby reducing the above Ongoing Fees. Please refer to Ongoing Fee rebates on page 6 of this Supplementary PDS. This fee includes an amount payable to your financial adviser and can be negotiated with your financial adviser. Please refer to Financial adviser commissions on page 9 of this Supplementary PDS. Nil Entry Fee rebate A rebate of 0.85% p.a. will apply after four years of each investment. Please refer to page 6 of this Supplementary PDS. Investor Fee Investor Fee Investor Fee An Investor Fee of $48 p.a. applies to account balances under $10,000. An Investor Fee of $48 p.a. applies to account balances under $10,000. This fee is deducted from your account balance annually. Please refer to Investor Fee on page 7 of this Supplementary PDS. Service fees Investment Switching Fee* The fee for changing investment funds. Contribution and Withdrawal Fees may apply when switching to and from ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages. Please refer to Switching on page 8 of this Supplementary PDS. For other investment funds there are currently no fees when switching. Withdrawal Fees may apply to ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages. Please refer to Switching on page 8 of this Supplementary PDS. For other investment funds there are currently no fees when switching and a switch will not change the investment start date for the calculation of Withdrawal Fees and the Nil Entry Fee rebate. Deducted from amounts switched. * You may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 8 of this Supplementary PDS. Ongoing Fees are expressed as a percentage of gross assets unless otherwise indicated. Other service fees may apply. Please refer to Service fees on page 8 of this Supplementary PDS. 3

14 Ongoing Fees The following tables list the Ongoing Fees of each investment fund offered through OneAnswer Investment Portfolio. Multi-manager Single manager Ongoing Fee (% p.a.) Ongoing Fee (% p.a.) Investment fund Entry Fee option Nil Entry Fee option* Investment fund Entry Fee option Nil Entry Fee option* Profile 1 Defensive Profile 1 Defensive OptiMix Australian Fixed Interest OptiMix Enhanced Cash Profile 2 Conservative OptiMix Conservative Profile 3 Moderate OptiMix Moderate Profile 4 Growth OptiMix Balanced OptiMix Growth Profile 5 High growth Property OptiMix Property Securities Australian shares OptiMix Australian Shares OptiMix Geared Australian Shares Global shares OptiMix Global Shares OptiMix Global Smaller Companies Shares Multi-sector OptiMix High Growth Challenger Howard Mortgages Colonial First State Global Credit Income ING Cash ING Diversified Fixed Interest # ING Mortgage Trust No Merrill Lynch Monthly Income UBS Diversified Fixed Income # Profile 2 Conservative AMP Capital Enhanced Yield Credit Suisse Syndicated Loan ING Capital Stable # ING Diversified High Yield # ING Income Plus Perpetual Conservative Growth # UBS Defensive # Profile 3 Moderate ING Balanced ING Protected Growth Schroder Balanced # UBS Balanced # Profile 4 Growth Barclays Global Investors Diversified Growth # Colonial First State Diversified #

15 Single manager continued Ongoing Fee (% p.a.) Ongoing Fee (% p.a.) Investment fund Entry Fee option Nil Entry Fee option* Investment fund Entry Fee option Nil Entry Fee option* ING Active Growth ING Managed Growth ING Tax Effective Income Merrill Lynch Balanced # Perpetual Balanced Growth # Profile 5 High growth Property AXA Australian Property Credit Suisse Property # ING Property Securities ING Global Property Securities Vanguard Property Securities Australian shares AMP Capital Equity # Ausbil Australian Emerging Leaders Barclays Global Investors Australian Shares BT Smaller Companies Colonial First State Imputation # ING Australian Shares ING Blue Chip Imputation ING Emerging Companies ING Select Leaders ING Sustainable Investments Australian Shares Investors Mutual Australian Shares # IOOF/Perennial Value Shares Perpetual Australian Shares # Schroder Australian Equity # Vanguard Australian Shares Index Global shares AXA Global Equity Value # Barclays Global Investors International Shares Credit Suisse International Shares # ING Global Emerging Markets Shares ING Global High Dividend ING Global Shares MFS Global Equity Perpetual International Shares # Platinum International Vanguard International Shares Index Vanguard International Shares Index (Hedged) Zurich International Shares Multi-sector ING High Growth Profile 6 Alternative investments ING SGAM Protected Alternatives Merrill Lynch Asset Allocation Alpha * A rebate of 0.85% p.a. will be paid after four years of each investment, effectively reducing the Ongoing Fee to the level of the Entry Fee option (excluding ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages). This is the Ongoing Fee charged on the net assets of the investment fund. Assuming a gearing ratio of 50%, this would represent an Ongoing Fee on gross assets of 1.45% in the Entry Fee option, and 1.88% p.a. in the Nil Entry Fee option. 0.25% p.a. of the Ongoing Fee (0.35% p.a. in the case of ING Global Shares) is charged under the expense clause of the relevant fund s constitution. The remainder is charged under the management fee clause. # In some circumstances, the fee charged to these investment funds is higher than the fee stated. However, you will be paid an Ongoing Fee rebate to ensure the net fee you pay is in line with the fees stated. 5

16 Additional explanation of fees and costs Ongoing Fee rebates Ongoing Fee rebates apply to account balances over $100,000, thereby reducing the Ongoing Fees. The rebate is based on your total account balance within a fee option, excluding investments in ING Cash, ING Mortgage Trust No.2, Challenger Howard Mortgages or OptiMix Enhanced Cash. The rebates paid are set out in the following table: The Ongoing Fee rebate is calculated as follows: Account balance Rebate calculation Ongoing Fee rebates First $100,000 $100,000 x 0.00% p.a. $0 Next $100,000 $100,000 x 0.20% p.a. $200 Next $100,000 $100,000 x 0.40% p.a. $400 Amounts over $300,000 $20,000 x 0.60% p.a. $120 Total rebate $720 p.a. ($180 per quarter) Account balance Ongoing Fee rebates Note: The Ongoing Fee rebate does not apply to ING Cash. First $100,000 Next $100,000 Next $100,000 Amounts over $300,000 Nil 0.20% p.a. 0.40% p.a. 0.60% p.a. The maximum Ongoing Fee is charged and a fee rebate is applied. Rebates are calculated monthly and credited as additional units to your OneAnswer Investment Portfolio on or about the quarterly anniversary of your account start date, or on full withdrawal. You can choose to have all rebates paid into one investment fund or across all applicable investment funds. Alternatively you can choose to have these rebates paid into your bank account. In most cases, rebates should be treated as taxable income, however there may be circumstances where this is not the appropriate treatment. You should seek tax advice specific to your circumstances. If you choose the Entry Fee option, you will be charged the full Ongoing Fee of the Nil Entry Fee option and then a rebate of the difference between the fees charged for the Nil Entry Fee option and the Entry Fee option will be paid. Example: Lachlan is using the Nil Entry Fee option and has the following investments: ING Cash $30,000 ING Balanced $140,000 ING Australian Shares $60,000 OptiMix Moderate $60,000 Credit Suisse Property $60,000 Total account balance $350,000 Nil Entry Fee rebate For the Nil Entry Fee option, a rebate of 0.85% p.a. applies after four years of each investment. The rebate will be based on the account balance of each investment after it has been invested for four years or more. This rebate is in addition to any other rebates that may apply to your investment. The rebate is paid in the same manner as Ongoing Fee rebates (see previous section). This rebate is not applicable to ING Cash, ING Mortgages or Challenger Howard Mortgages. Example: Mark invested into ING Balanced on 30 June From 1 July 2011, assuming his account balance from that original investment is $150,000, Mark is entitled to a Nil Entry Fee rebate as follows: $150,000 x 0.85% = $1,275 p.a. It is important to note that Mark is still entitled to an Ongoing Fee rebate of $100 p.a. in addition to the Nil Entry Fee rebate. Goods and Services Tax (GST) and fees The GST inclusive fees detailed on pages 4 to 5 of this Supplementary PDS are shown after taking into consideration the reduced input tax credits that may be claimed by the investment funds, unless otherwise stated. Performance fees Performance fees are currently applicable only for the investment funds mentioned in this section. Ausbil Australian Emerging Leaders Merrill Lynch Asset Allocation Alpha We do not charge performance fees directly, however performance fees may be payable from the underlying fund to the investment manager. The investment manager may charge a performance fee if the underlying fund outperforms the relevant investment benchmark. 6

17 The relevant benchmarks and performance fees are noted below. Investment fund Benchmark Performance fee Ausbil Australian Emerging Leaders Merrill Lynch Asset Allocation Alpha 70% S&P/ASX Midcap 50 Accumulation Index and 30% S&P/ASX Small Ordinaries Accumulation Index UBS Australia Bank Bill Index 15% of outperformance above the benchmark (exclusive of fees). 20% of outperformance above the benchmark (exclusive of fees).* * The difference between the performance return of Merrill Lynch Asset Allocation Alpha and its corresponding benchmark (cumulative outperformance) must be greater than it was when a performance fee was last paid (high water mark). Any such performance fees are reflected as a reduction in the returns generated by the underlying fund and therefore, in the value of your investment. The performance fee is accrued daily and drawn monthly in arrears. (Each unit price of the underlying fund reflects accrued performance fees.) The below table illustrates how fees might impact on the investment of a hypothetical investor based on the following assumptions: The investor invests $100,000. The investor remains in the fund for a full year. The fund achieves a return of 14% compared with the benchmark of 12% for the year (i.e. 2% outperformance). Performance fee of 15%* charged on returns above the benchmark. Market value at commencement of Year 1 $100,000 Gross value-added fund performance in Year 1 (14%) $14,000 Gross value-added benchmark performance in Year 1 (12%) $12,000 Outperformance over benchmark in Year 1 (2%) $2,000 Performance fee (15% of outperformance) $300 Gross value-added less performance fee $13,700 This example is provided for illustrative purposes only and should not be taken as an indication of future performance. The performance fee (and therefore, the management costs) will change over time depending on the fund s returns. * Different funds may charge different performance fees. If a period of underperformance to the benchmark occurs, the performance fee accrued is frozen at its current level and further performance fees do not commence to be accrued again until the full amount of underperformance is recouped. OptiMix investment funds We pay the fees of the investment managers from the Ongoing Fees of each OptiMix investment fund. The Ongoing Fee of OptiMix Australian Shares, OptiMix Geared Australian Shares, OptiMix Conservative, OptiMix Moderate, OptiMix Balanced, OptiMix Growth and OptiMix High Growth may include a performance fee payable to the investment manager. To align the investment managers interests with investors interests, the performance fee is only paid if the investment managers meet specified performance targets. Any such performance fees do not represent an additional charge to investors. Investor Fee This is an account keeping fee of $48 p.a. where your total account balance (excluding investments in ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages) is under $10,000. In addition, for investments solely in Challenger Howard Mortgages, ING Cash and ING Mortgage Trust No.2 this fee will not apply. The fee will be deducted on an annual basis, proportionately across your investment funds, on or about the date corresponding to the commencement date of your account or pro rated upon full withdrawal from OneAnswer Investment Portfolio. If you invested prior to 20 September 2004, this fee will not apply to your current investment, including additions. Withdrawal Fees Entry Fee option No Withdrawal Fees apply under this option except for amounts withdrawn or switched from ING Mortgage Trust No.2 or Challenger Howard Mortgages. The Withdrawal Fees for amounts withdrawn or switched from ING Mortgage Trust No.2 or Challenger Howard Mortgages are: 1.5% within 6 months 1% within 6 12 months nil after 1 year. For example, for every $1,000 you withdraw or switch from the ING Mortgage Trust No.2 within six months from the date of each investment, you will be charged a $15 Withdrawal Fee. 7

18 Nil Entry Fee option You will be charged a Withdrawal Fee of up to 3% on withdrawals from all investment funds, except ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages, within the first three years of the date of each investment. For example, for every $1,000 you withdraw from ING Managed Growth within three years from the date of each investment you will be charged a $30 Withdrawal Fee. There are no Withdrawal Fees for amounts withdrawn from ING Cash where the amount was originally invested in ING Cash. The Withdrawal Fees for amounts withdrawn or switched from ING Mortgage Trust No.2 and Challenger Howard Mortgages are: 1.5% within 6 months 1% within 6 12 months nil after 1 year. For example, for every $1,000 you withdraw or switch from the ING Mortgage Trust No.2 within six months from the date of each investment, you will be charged a $15 Withdrawal Fee. Service fees Switching There are currently no investment Switching Fees charged for switching between any of the investment funds. However, Entry and Withdrawal Fees will apply to switches to or from ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages in the following circumstances: ING Mortgage Trust No. 2 and Challenger Howard Mortgages switching to, or from any other investment fund or between these two funds is treated as a new investment and the standard Entry and/or Withdrawal Fees will apply. ING Cash (Entry Fee option) if you switch from ING Cash to any other investment fund you will pay an Entry Fee on the new fund. If you switch from any other investment fund (except ING Mortgage Trust No. 2 and Challenger Howard Mortgages) into ING Cash, you will not incur any fees. ING Cash (Nil Entry Fee option) if you switch from ING Cash to any other investment fund you will commence the Withdrawal Fee period at the time of the switch. If you switch from any other investment fund (except ING Mortgage Trust No.2 and Challenger Howard Mortgages) into ING Cash, the Withdrawal Fee period of the original investment will continue to apply. Transaction cost factors (buy/sell spreads) Transaction costs are incurred when buying and selling investment fund assets. These transaction costs include brokerage, stamp duty and costs incurred when buying and selling units in underlying investment funds. A transaction cost factor ( buy spread) may be included in the unit price used to buy units in an investment fund to allow for some or all of the costs of buying assets. Similarly, a transaction cost factor ( sell spread) may be included in the unit price used to sell units in an investment fund to allow for some or all of the cost of selling assets. Transaction cost factors of up to 0.60% (except for AXA Australian Property which is currently 1.40%) may apply when calculating buy (issue) and sell (redemption) unit prices. The transaction cost factors that apply are based on an estimate of the transaction costs incurred by the investment fund. These costs are deducted by us and paid to the underlying fund. They are an additional cost paid by you at the time of the transaction. The transaction cost factors for each investment fund are available by contacting or on the ING website. For example, for every $1,000 that you invest in ING Managed Growth, the estimated transaction cost that is incurred is 0.18% or $1.80. This amount is reflected in the buy unit price at the time of your transaction. Note: If a transaction cost factor applies to an investment fund, then it will apply when switching. Adviser Service Fee You can agree to pay your financial adviser an adviser service fee (ASF) for their services in relation to your investment. These fees are optional and agreed between you and your financial adviser. The amount received by your financial adviser will include GST. There are two ways you can choose to have this fee paid. Ongoing Adviser Service Fee This fee may be charged on an ongoing basis as a percentage of your account balance or set dollar amount per annum. This fee is currently calculated and deducted from your account balance on or about the monthly anniversary of your account or pro rated on full withdrawal. If you have opted to pay your financial adviser an ongoing ASF, it will be deducted across all your investment funds or from a nominated investment fund. You can terminate this fee at any time by notifying us in writing. One-off Adviser Service Fee This fee may be charged on a one-off basis as a set dollar amount or as a percentage of: your investment at the time of your initial or additional investment, or your total account balance at any other time. If you have opted to pay your financial adviser a one-off ASF, it will be deducted across all your investment funds or from a nominated investment fund. Where this fee is being charged at the time of your investment it will be deducted after your investment has been processed. 8

19 Adviser Service Fee example Please find below an example of how an ongoing ASF is calculated. If you have a $10,000 total account balance and have negotiated an ongoing ASF of 1.00% p.a. to be paid to your financial adviser, the amount deducted from your account would be $100 p.a. ($10,000 x 1.00%) or $8.33 per month. Financial adviser commissions We may pay your financial adviser commissions for selling you this product. These commissions are already incorporated into the Contribution and Ongoing Fees outlined in this Supplementary PDS. Financial adviser commissions are not charged directly to your OneAnswer Investment Portfolio. The commission amounts shown below are the amounts paid to your adviser and include GST. The initial and ongoing commissions are calculated based on the value of amounts you invest (initial) and your account balance (ongoing). The financial adviser commissions for ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages are as follows (regardless of whether you choose the Entry Fee or Nil Entry Fee option). ING Cash initial commission is nil and ongoing commission is 0.33% p.a. ING Mortgage Trust No.2 and Challenger Howard Mortgages either initial commission of 1.10% or ongoing commission of 0.33% p.a.* * Additional investments must follow the same commission option as the original investment. Additional investments into accounts opened prior to 19 August 2002 must be processed with the initial commission option selected, i.e. 1.10% initial commission. If you negotiate a rebate of initial commission in the Entry Fee option, you will be charged a reduced Entry Fee. If you negotiate a rebate of initial commission in the Nil Entry Fee option, the rebate will result in additional units being added to your account at the time of investment. If you negotiate a rebate of ongoing commission in the Entry Fee or Nil Entry Fee option, the rebate is paid in the same manner as Ongoing Fee rebates noted on page 6 of this Supplementary PDS. If you would like to confirm contact details of your financial adviser or would like to contact a financial adviser if you do not already have one, please contact Customer Services on In addition to any initial and ongoing commissions, we may make payments to dealer groups based on commercial arrangements. We may also make payments to dealer groups or to financial advisers to enable them to provide educational or marketing support. Payments made by us are not charged to you or your OneAnswer Investment Portfolio. These other payments are up to a maximum of 0.25% p.a. (including GST) of funds under management. Other investment funds the financial adviser initial and ongoing commissions are as follows: OptiMix Enhanced Cash Other investment funds Entry Fee option Initial 4.40% 4.40% Ongoing (p.a.) 0.33% 0.60% Nil Entry Fee option Initial 3.30% 3.30% Ongoing (p.a.) 0.33% 0.60% For example, for every $1,000 that you invest in OptiMix Enhanced Cash in the Entry Fee option, your financial adviser will receive $3.30 p.a. ongoing commission. Initial and ongoing commissions can be partially or fully rebated and can be negotiated with your financial adviser.

20 Other fees and additional information Dishonour Fee Currently, a $10 fee is charged to your OneAnswer Investment Portfolio where any payment made by Direct Debit is dishonoured (for example, insufficient funds are available in the account debited). This fee does not apply to ING Tax Effective Income or ING Income Plus. Processing Fee Your financial institution may charge a processing fee each time you make a contribution using the Regular Investment Plan. This amount will vary depending on your financial institution. Differential fees We may negotiate differential fees in relation to different classes of units with wholesale clients as defined in the Corporations Act, which may result in rebates being paid to these investors. These rebates will be paid from our own monies and will not affect other investors. Tax may be payable on these rebates. Payments from underlying fund managers We may receive a fund manager payment from underlying fund managers based on funds under management. These amounts are already considered when we determine the fees and charges for each investment fund. These payments come from each fund managers resources and are not an additional fee to you. These fund manager payments are up to a maximum of 0.60% p.a. of funds under management. Expenses The Ongoing Fees of the investment funds managed by fund managers other than INGIM include the Ongoing Fees and charges of the underlying fund managers advised to us at the time of writing this PDS. These underlying fees are an expense to the investment fund and may be subject to change without notice. Maximum fees and charges Each investment fund s constitution allows us to charge higher fees as outlined in the table below. It is not our intention to raise our fees and charges for any investment fund in the foreseeable future. Maximum fees all investment funds Entry Fee 8% Withdrawal Fee 5% Management Fee (p.a.) Switching Fee Investor Fee (p.a.) $100* Dishonour Fee 5% ING Capital Protected and ING SGAM Protected Alternatives 4% All other investment funds 5% or up to a $50* maximum per switch Actual cost incurred by us for the dishonour * This amount is adjusted by changes to the Consumer Price Index (CPI) each quarter. Alterations to fees We reserve the right to change any of our fees and charges from their present levels without your consent. We will provide you with 30 days notice before increasing any fees and charges. The fees contained in this Supplementary PDS are up to date at the time of its preparation. Alternative Form of Remuneration Register ING Australia maintains an Alternative Form of Remuneration Register (Register) in accordance with IFSA Industry Code of Practice on Alternative Forms of Remuneration in the Wealth Management Industry. The Register outlines the alternative forms of remuneration which are paid and received from givers and receivers of such remuneration. If you would like to view the Register, please contact Customer Services on

21 Example of annual fees and costs for a balanced investment option The tables below provide an example of how the fees and costs in a balanced investment option for this product can affect your investment over a one year period. You should use these tables to compare this product with other managed investment products. Entry Fee option Example ING Managed Growth Balance of $50,000 with total contributions of $5,000 during year Contribution Fees 4% For every $5,000 you put in, you will be charged $200. PLUS Management costs 1.80% p.a. And, for every $50,000 you have in this investment fund you will be charged $900.* EQUALS Cost of fund If you put in $5,000 during a year and your balance was $50,000, then for that year, you would be charged fees of $1,100. What it costs you will depend on the investment option you choose and the fees you negotiate with your financial adviser. * Ongoing Fee rebates apply when your account balance exceeds $100,000. Please refer to Ongoing Fee rebates on page 6 of this Supplementary PDS. Additional fees may apply: you may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 8 of this Supplementary PDS. Nil Entry Fee option Example ING Managed Growth Balance of $50,000 with total contributions of $5,000 during year Contribution Fees Nil Not applicable. PLUS Management costs 2.65% p.a. And, for every $50,000 you have in this investment fund you will be charged $1,325.* EQUALS Cost of fund If you put in $5,000 during a year and your balance was $50,000, then for that year, you would be charged fees of $1,325. What it costs you will depend on the investment option you choose and the fees you negotiate with your financial adviser. * Ongoing Fee rebates apply when your account balance exceeds $100,000 and for the Nil Entry Fee option, a Nil Entry Fee rebate applies after four years of each investment. Please refer to Ongoing Fee rebates and Nil Entry Fee rebate on page 6 of this Supplementary PDS. Additional fees may apply: you may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 8 of this Supplementary PDS a Withdrawal Fee of up to 3% of any amount withdrawn within three years of investing will apply to ING Managed Growth. Please refer to Withdrawal Fees on page 7 of this Supplementary PDS. 11

22 Auto-rebalance facility introduced The auto-rebalance facility allows you to automatically maintain your nominated investment profile. Your investment profile is the same as your initial investment allocation and will be updated when you nominate the auto-rebalance facility at the time of a switch request. The auto-rebalance facility works by switching units between investment funds in order to realign your investment allocation as per your nominated investment profile. For example, your initial investment was invested into Fund A 50% and Fund B 50%. This is your nominated investment profile. Over time, unit price movements and transactions made on your account may change the allocation of your total investment to each fund. This means your fund allocations may now be Fund A 60% and Fund B 40%. If you nominate to use the auto-rebalance facility, your investment allocation will be automatically rebalanced back to your investment profile at the frequency you nominate. As a result, we will switch units from Fund A to Fund B in order to realign your investment allocation as per your nominated investment profile of Fund A 50% and Fund B 50%. How often does auto-rebalancing occur? You can choose to auto-rebalance your investment: quarterly (22 February, 22 May, 22 August and 22 November) half-yearly (22 May and 22 November) yearly (22 May). If any of these dates fall on a weekend or a Sydney public holiday, auto-rebalancing will occur the next Sydney business day. Your auto-rebalance transaction will occur after all other transactions on your account have been processed. How do you select the auto-rebalance facility? You can request to auto-rebalance your investment by: completing the relevant section on the enclosed Application Form, or adding this facility to your account at a later date, by requesting a switch and completing the relevant section on the Switch Request Form. This form is available on the ING website or by contacting Customer Services and can be mailed or faxed back to us. Important information about the auto-rebalance facility There is currently no fee charged for the auto-rebalance facility, however any Entry Fees, Withdrawal Fees or transaction costs that currently apply when switching will apply to auto-rebalancing. Switching is a withdrawal from one fund and a new investment into another. Therefore, you may realise a capital gain or loss. All additional investments or withdrawals may affect your auto-rebalance facility. If you transact outside the funds within your nominated investment profile we will automatically cancel the auto-rebalance facility on your account. All switches may affect your auto-rebalance facility. If you transact outside the funds within your nominated investment profile and do not advise us at the time that you want to change your nominated investment profile, we will automatically cancel the auto-rebalance facility on your account. An auto-rebalance only takes place when your investment allocation differs from your nominated profile by at least the selected tolerance level at the next auto-rebalance date. The default tolerance level is 5%. For example, if your nominated investment profile is to be invested in Fund A 50% and Fund B 50%, then auto-rebalance will be triggered when your investment in Fund A or Fund B is at least 5% higher or lower, i.e. Fund A 56% and Fund B 44%. Regardless of market performance, auto-rebalancing will occur automatically at your nominated frequency in line with your investment profile. The tolerance level prevents a rebalance (switching of units) for significantly low amounts. A minimum of two investment funds must be nominated to participate in the auto-rebalance facility. You can amend or cancel your auto-rebalance facility by notifying us at least two weeks prior to the next auto-rebalance date. Amendments to your nominated auto-rebalance profile can be made by requesting a switch and completing the relevant section on the Switch Request Form. To cancel your auto-rebalance facility, simply notify us in writing. Risks The following paragraphs are an addition to the risks outlined on page 6 of Part One of the PDS. Derivatives risk Some of the investment funds available in OneAnswer may use financial derivatives. Risks associated with derivatives include: potential illiquidity, the derivative potentially not moving in unison with its physical asset, and counterparty risk, i.e. where the counterparty to the derivative instrument is unable to meet its financial obligations. Short selling risk Some of the investment funds available in OneAnswer may engage in short selling. The objective of short selling is to benefit from falling markets, whereby a manager sells a security it does not own, in the hope of buying it back at a later date and at a lower price. The potential loss on a short position is theoretically unlimited. This is because there is potentially no limit on how much the price of the security can rise, before the short position is closed off. 12

23 Capital protection counterparty risk Although it is not likely, for the fund(s) offering capital protection, the protection provider could fail to honour its commitments. If this happens, the protection provider may not be able to satisfy its contractual obligations in respect of the capital protection mechanism which supports the fund. If this occurs, you could lose some or all of your investment. Distributions and Registered Managed Investment Schemes Columns 1 and 2 of this table form part of the table of distribution frequencies on pages of Part One of the PDS. Columns 1, 3 and 4 of this table form part of the table on pages of Part One of the PDS. Investment fund Distribution frequency ARSN Constitutional name ING Protected Growth Yearly OneAnswer ING Protected Growth Fund ING Global Property Securities Half yearly OneAnswer ING Global Property Securities Fund Merrill Lynch Asset Allocation Alpha Half yearly OneAnswer Merrill Lynch Asset Allocation Alpha Trust ING SGAM Protected Alternatives Yearly OneAnswer ING SGAM Protected Alternatives Trust Capital Gains Tax (CGT) This section forms part of the Capital Gains Tax section on page 23 of Part One of the PDS. It may be possible that some trusts will hold their assets on revenue account rather than capital account. Gains on revenue assets are not eligible for the CGT discount and will be distributed as ordinary income. Taxation of non-resident investors This section replaces the information under the heading Taxation of non-resident investors section on page 24 of Part One of the PDS. Non-residents are generally liable to pay Australian tax on income which is sourced in Australia and certain capital gains. Recent Tax Law changes have limited the application of capital gains tax to non-resident Australian real property. Non-residents are now liable to pay Australian capital gains tax only where the asset involved falls within the definition of 'taxable Australian real property' (TARP). This change represents a significant concession for non-residents and brings Australia s capital gains tax rules in line with international standards. When you receive a distribution We are required by Australian tax law to withhold tax from some components of your distribution. The rate of tax that we are required to withhold will depend upon the type of income and/or capital gain that is being distributed, whether you are an individual or a company and which country you reside in. When you sell your units If you own less than 10% of the units in an investment fund and make a capital gain or loss on the redemption of units in that investment fund, you are not liable to pay Australian income tax, and we do not withhold tax from your redemption. If you own more than 10% of the units in an investment fund and make a capital gain or loss on the sale of these units, a liability to Australian tax will only arise if 90% or more of the underlying assets of the investment fund represent TARP. At the end of the financial year, we will advise you if you have owned more than 10% of the units in an investment fund. We will also advise you of the nature of the underlying assets. 13

24 New profile This section is an addition to the profiles outlined on page 7 of Part Two of the PDS. Profile 6 Alternative investments Alternative investments are a relatively new asset class to most investors and are more likely to suit you if you seek to add further diversification to your portfolio. Alternative investments may increase or in some instances, depending on how you use them, decrease the volatility of your portfolio. Asset classes: includes hedge funds, private equity, infrastructure, commodities etc. Investment fund profiles The information on the investment funds below are an addition to the profiles outlined on pages of Part Two of the PDS and includes a new profile (Profile 6). Profile 3 Moderate ING Protected Growth* Investment objective The fund aims to provide investors with exposure to growth assets via a portfolio that is managed with the objectives of providing long term capital growth and to limit losses in falling markets. The fund is expected to achieve returns (before fees, charges and taxes) that on average exceed inflation by 3.75% per annum, over the long term. Investment strategy The fund invests in the ING Investment Management HarVest Fund (IHF). The IHF invests in an actively managed mix of growth assets, cash and fixed interest. Each of the asset classes are managed in accordance with INGIM s investment process. Protection is provided at a level of 85% of the highest unit price. This protection means the unit price of IHF will not fall by greater than 15% from its highest unit price, adjusted for distributions. ING Bank N.V. (AA- rated bank) is the provider of the protection. Minimum time horizon 4 years Asset allocation The IHF varies the allocation between growth assets, cash and fixed interest in order to limit the losses in falling markets to no more than 15%. The IHF intends to achieve its growth asset exposure via the ING Wholesale Managed Growth Trust. Underlying fund: ING Investment Management HarVest Fund (IHF) managed by INGIM. * This fund is not available to OneAnswer Term Allocated Pension members. The capital protection applies to the underlying fund (IHF). There are no guarantees that apply directly to your investment. Refer to page 16 of this Supplementary PDS for additional information regarding ING Protected Growth. 14

25 Profile 5 High growth Property ING Global Property Securities* Investment objective Investment strategy Minimum time horizon To outperform (before fees, charges and taxes) the UBS Global Real Estate Investors (ex-australia) Total Return Index (hedged to the Australian dollar) over rolling three year periods. The fund invests primarily in a portfolio of global (including Australia) property and property-related securities. 5 years Asset allocation Asset class Benchmark (%) Range (%) Cash Global property securities Underlying fund: ING Wholesale Global Property Securities Fund managed by INGIM. * This fund is not available to OneAnswer Term Allocated Pension members. Profile 6 Alternative investments Merrill Lynch Asset Allocation Alpha * Investment objective The fund provides investors with exposure to the asset allocation strategies pursued by BlackRock in the management of its Australian Balanced funds in a separate and leveraged form. The fund aims to provide investors with the benefits of an active asset allocation process which could either be combined with specialist sector funds or utilised as a total return fund. The fund targets a return of 12 percentage points above the UBS Australia Bank Bill Index over rolling three-year periods, before fees, charges and taxes. Most, if not all, of the fund s returns are likely to be in the form of income. Investment strategy Minimum time horizon Asset allocation The investment strategies are thematic, concentrating on exploiting trends, likely developments and mispricing in asset markets in Australia and internationally. The thematic strategies employed are the product of BlackRock s analysis which focuses on a fundamental assessment of economics, liquidity and valuations. BlackRock draws on its worldwide research capabilities and fund management expertise in developing and exploiting these strategies. 5 years N/A Underlying fund: Merrill Lynch Asset Allocation Alpha Fund (Class D Units). * This fund is not available to OneAnswer Term Allocated Pension members. The Merrill Lynch name and logo are trademarks of, and used under license from Merrill Lynch & Co., Inc. 15

26 This section is in addition to Other important information on page 52 of Part Two of the PDS. ING Protected Growth This investment option invests in an underlying fund, the ING Investment Management HarVest Fund (IHF). The IHF dynamically manages the allocation of assets between growth biased investments and income biased investments so as to maximise returns, whilst also allocating to protect the value of the fund from losses of greater than 15% of its highest value. The unit price of the IHF is capital protected so as not to fall by more than 15% from its previous highest unit price, adjusted for distributions. The capital protection is provided by ING Bank N.V. (an AA- rated bank). Should the assets of the IHF fall excessively, the protection provider will add assets to the IHF to ensure that the unit price does not fall below the minimum capital protected level. The capital protection applies to the underlying fund (IHF). There are no guarantees that apply directly to your investment. Counterparty risk Introducing Société Générale Asset Management The IHF is exposed to counterparty risk. Although it is unlikely, ING Bank N.V. could fail to honour its commitments. If this happens, ING Bank N.V. may not be able to satisfy its contractual obligations to the IHF in respect of the capital protection mechanism applying to the IHF. If this occurs, you could lose some or all of your investment. Exposure to growth assets The IHF invests in growth and defensive assets. The IHF intends to achieve its growth asset exposure via ING Wholesale Managed Growth Trust, which currently has a benchmark exposure to growth assets of 70%. The expected average exposure to this trust over the long term is around 75% of the IHF, but this can vary substantially over time and will fall as low as 0% if the capital protected minimum level is reached. Should the capital protection mechanism be instigated, your exposure via IHF to ING Wholesale Managed Growth Trust will remain at 0% and the capital protection will cease to apply. A reallocation to growth assets would not be possible. This may adversely affect the future return potential of the IHF as it would no longer contain any exposure to growth assets. The following section is an addition to Single manager investment funds between Schroder Investment Management Australia Limited and UBS Global Asset Management on page 24 of Part Two of the PDS. Société Générale Asset Management Banque S.A. Established 1996 Funds under management $550 billion (as at 30 June 2006) Société Générale Asset Management Banque S.A., a French registered company, is a subsidiary of the SG Asset Management Group (SGAM Group). The SGAM Group has been structuring and managing guaranteed funds for over ten years. Due to the growing demand of these products, a separate entity Société Générale Asset Management Alternative Investments (SGAM AI) was set up within the SGAM Group to be dedicated to the management of four main alternative product lines, namely structured products, hedge funds, private equity and real estate. The SGAM Group is a wholly owned subsidiary of Société Générale, the fifth largest European bank (total assets). Created in 1864, Société Générale is present and active throughout the world with more than 16 million customers in retail banking and employs over 120,000 staff members based in more than 80 countries. 16

27 The information on the investment fund below is an addition to Profile 6 Alternative investments, outlined on page 15 of this Supplementary PDS. Profile 6 Alternative investments ING SGAM Protected Alternatives* Investment objective Investment strategy Minimum time horizon Asset allocation The fund aims to achieve returns of up to 4% p.a. in excess of the UBS Australian Bank Bill Index (before fees, charges and taxes) over the medium term. The fund invests in the ING SGAM Wholesale Protected Alternatives Trust (Wholesale Trust). The Wholesale Trust provides investors with exposure to alternative assets via a Reference Portfolio that is managed with the objective of providing long-term capital growth while limiting losses in falling markets. 5 years Exposure is varied between alternative assets, cash and fixed interest in order to maintain a capital protection level of 80%. The exposure to alternative assets will vary over the life of the exposure agreement. * This fund is not available to OneAnswer Term Allocated Pension members. The Reference Portfolio is capital protected. The capital protection applies to the Reference Portfolio and is set at 80% of its highest ever value until the maturity date. After the maturity date the capital protection will no longer apply and the Wholesale Trust will consist solely of delivery assets. Please refer to page 18 of this Supplementary PDS for more information. This section is an addition to Other important information on page 52 of Part Two of the PDS. ING SGAM Protected Alternatives The below investment terms apply to the information on the ING SGAM Protected Alternatives fund. Exposure agreement The ING SGAM Wholesale Protected Alternatives Trust (Wholesale Trust) does not generally invest in direct assets, instead it holds a Deferred Purchase Agreement (exposure agreement) with Société Générale Asset Management Banque S.A. (SGAM). The exposure agreement provides the Wholesale Trust with exposure to the performance of the Reference Portfolio until the maturity date. The agreement also specifies that SGAM will deliver the delivery asset to the Wholesale Trust on the maturity date or for a specific amount upon redemption. The exposure agreement provides the Wholesale Trust with rising capital protection until the maturity date. The exposure agreement, cash and the delivery asset are likely to be the Wholesale Trust s only significant assets. Reference Portfolio The Reference Portfolio is a list of notional assets and liabilities (component funds, cash and fixed interest) used as a reference point for determining: the value of the exposure agreement on a daily basis the delivery amount under the exposure agreement. Component funds The component funds provide exposure to the following alternative assets: Highbridge Statistically Enhanced Equity Portfolio US being a long only US equity fund SGAM AI Equisys Euroland I1 being a long short European equity fund HFRX Global Tracker Fund Series B being a multi-strategies hedge fund. The exposure of the Reference Portfolio to the returns of the component funds will be varied as a result of Dynamic Portfolio Insurance. Note that an investment in the Wholesale Trust is not a direct investment in the component funds. Dynamic Portfolio Insurance (DPI) DPI is the methodology of dynamically allocating between alternative investments and cash and fixed interest in order to maximise the return within the capital protection constraints. This means the Reference Portfolio s level of exposure to the component funds (i.e. to alternative assets) will vary during the life of the exposure agreement, and can fall as low as 0%. As a result, this may reduce the Reference Portfolio s future return potential. 17

28 Delivery asset The delivery asset is streettracks S&P/ASX 200 Fund (ARSN ). SGAM must deliver these assets to the Wholesale Trust under the terms of the exposure agreement on the maturity date or for a specific amount upon redemption. The streettracks S&P/ASX 200 Fund invests in a portfolio of securities so as to generally correspond to the composition of the S&P/ASX 200 Index. The S&P/ASX 200 Index is typically comprised of 200 of the largest securities by market capitalisation and liquidity listed on the Australian Stock Exchange. Rising capital protection The capital protection is of a rising nature due to the fact that it always represents 80% of the highest ever value of the Reference Portfolio, i.e. as the value of the Reference Portfolio increases so does the value of the capital protection. The absolute percentage amount of capital protection does not change i.e. it remains at 80%, however as the value of the Reference Portfolio increases this translates to a higher protected dollar amount. Maturity date Although your investment in ING SGAM Protected Alternatives does not have an expiry date, the exposure agreement held by the Wholesale Trust has a maturity date of 1 March From the maturity date the investments of the Wholesale Trust will be streettracks S&P/ASX 200 Fund and investment returns from that date will reflect those investments. Important information about the fund ING SGAM Protected Alternatives invests in an underlying trust, ING SGAM Wholesale Protected Alternatives Trust. The Wholesale Trust holds an exposure agreement with SGAM whereby SGAM will provide the performance of a Reference Portfolio to the Wholesale Trust. The Reference Portfolio will be dynamically managed so that the allocation of assets between the component funds, cash and fixed interest is varied in order to maximise returns whilst providing 80% rising capital protection. As a result, the value of the Reference Portfolio is managed so as not to fall by more than 20% from its previous highest value. The capital protection of the Reference Portfolio is provided by Société Générale S.A. (an AA rated bank). Should the assets of the Reference Portfolio fall below the capital protected level, Société Générale S.A. will add assets to the Reference Portfolio to ensure that the value of the Reference Portfolio will at least be at the capital protected level. ING SGAM Protected Alternatives is designed for investors who are seeking exposure to alternative assets and understand the nature of the exposure agreement. We strongly recommend that you consult your financial adviser before deciding to use this investment strategy. The 80% capital protection applies to the Reference Portfolio. There are no guarantees that apply directly to your investment. Capital protection The exposure agreement is designed to provide the Reference Portfolio with rising capital protection. The capital protected amount will equate to 80% of the highest ever value of the Reference Portfolio. In other words, as the value of the Reference Portfolio increases so will the value of protection. As at the maturity date, the capital protection will cease to apply. For more information please refer to the section The maturity of the exposure agreement. Should the capital protection mechanism be instigated prior to the maturity date, the Reference Portfolio will consist entirely of cash and fixed interest. The capital protection will cease to apply and may be terminated by SGAM under the exposure agreement. Also, a re-allocation to the component funds would not be possible. This will affect the future return potential of the Reference Portfolio as it will no longer contain any exposure to the component funds. Exposure agreement The exposure agreement is between INGFM as the Responsible Entity of the Wholesale Trust and SGAM. The exposure agreement provides for the purchase (on a deferred basis) and delivery of delivery assets. The purchase price is paid up front by the Wholesale Trust to SGAM and delivery of the delivery assets is deferred until the maturity date or upon redemption. The delivery amount is the higher of: the value of the Reference Portfolio at the maturity date or upon redemption the capital protected amount. In the last two months of the term of the exposure agreement, the Reference Portfolio composition may be progressively shifted from the component funds to cash and fixed interest in order to prepare for the delivery of assets on the maturity date. The exposure agreement is classified as a 'derivative' because the value of the exposure agreement will vary significantly over time by reference to the value of the Reference Portfolio. Although unlikely, the exposure agreement may be terminated by SGAM or INGFM prior to the maturity date. Component funds The Reference Portfolio provides capital protection via a dynamic allocation between cash, fixed interest and the component funds (DPI management). The basket of component funds is generally invested as follows: 40% SGAM AI Equisys Euroland I1 The fund's objective is to capture equity market growth in the euro zone while reducing sensitivity to significant downturns. Managed using a systematic process, the fund combines two complementary approaches: pertinent stock-picking and active management of market exposure. 18

29 40% Highbridge Statistically Enhanced Equity Portfolio (Steep) US A purely quantitative long-only US equity fund that seeks to achieve capital appreciation above the S&P 500 Index with similar volatility over a medium-term horizon (3 5 years). 20% HFRX Global Tracker Fund Series B The HFRX Global Tracker Fund Series B s objective is to replicate the performance of the HFRX Global Hedge Fund Index which is a passive, capitalisation-weighted index designed to be representative of a wide range of alternative investment strategies. Please note the above allocation and component funds can be varied. The maturity of the exposure agreement At the maturity date, the Wholesale Trust s exposure to the Reference Portfolio will cease as the exposure agreement will have ended. At this time, the Wholesale Trust s assets will consist entirely of the delivery asset (streettracks S&P/ASX 200 Fund) and cash. The capital protection will also cease to apply. Instead, the returns of the Wholesale Trust will reflect the returns of the streettracks S&P/ASX 200 Fund. Delivery obligations On receipt of redemption requests, or on the maturity of the exposure agreement, SGAM will be required to transfer the delivery asset to the Wholesale Trust based on the equivalent net asset value of the Reference Portfolio (less any cost or expense incurred in acquiring or transferring the delivery asset). Where abnormal trading conditions prevail in respect of the delivery asset on the maturity date, or upon redemption, SGAM may be unable to purchase the entire delivery asset on that particular day for reasons beyond its reasonable control. This may result in delays or the delivery asset being substituted for an alternative security. Counterparty risk Although it is unlikely, Société Générale S.A. could fail to honour its commitments as the guarantor of the exposure agreement. If this happens, Société Générale S.A. might not be able to satisfy its contractual obligations in respect of the capital protection mechanism which supports the Reference Portfolio. If this occurs you could lose some or all of your investment. ING Australia or any other company in the ING Group or any other company associated with the ANZ Group does not provide a guarantee if Société Générale S.A. fails to honour its commitments. Risks associated with component funds The component funds have exposure to alternative investment strategies such as long short equity and other hedge fund strategies. This form of investing involves additional risks such as lack of liquidity, increased volatility and lack of transparency. Distributions (OneAnswer Investment Portfolio only) Distributions from this fund are not likely to be significant due to the fact that the strategy of the Wholesale Trust is to provide long-term capital growth while limiting losses in falling markets. Fees payable in connection with component funds The net asset value of the component funds used to determine the value of the Reference Portfolio is net of fees (including management and performance fees) and expenses. The average management fee charged by the component funds (weighted according to their initial percentage allocations in the Reference Portfolio) is 1.13% p.a. The performance fees charged by the component funds range from 0% p.a. to 20% p.a. of outperformance above the respective benchmark of each component fund. Note, these fees may be subject to change without notice throughout the duration of the exposure agreement. These are not additional fees charged by us and have already been taken into account in the net asset value of the component funds. Tax The following tax information is specific to ING SGAM Protected Alternatives within OneAnswer Investment Portfolio. This section should be read in addition to What do I need to know about taxation? in Part One of the OneAnswer Investment Portfolio PDS. The net income of the fund is derived from its investment in the Wholesale Trust. The composition of the net income of the Wholesale Trust prior to maturity of the exposure agreement is expected to be different to the composition after maturity of the exposure agreement. This is because the key assets of the Wholesale Trust prior to maturity of the exposure agreement will be the rights under the exposure agreement, whereas after maturity of the exposure agreement the Wholesale Trust will be invested in the delivery assets. Hence, During the period prior to maturity of the exposure agreement, the Wholesale Trust is not expected to have significant net income, unless there are any early redemptions of the exposure agreement (e.g. to meet redemption requests). Such early redemptions may result in net capital gains or losses on the consequent disposal of delivery assets received. The treatment of capital gains derived by the Wholesale Trust is discussed further below. 19

30 After maturity of the exposure agreement, any net income is expected to comprise distributions received on the delivery assets (including any franked dividend components, foreign income components and distributed capital gains) as well as net capital gains realised by the Wholesale Trust on any disposal of delivery assets. A unitholder s share of taxable income at this time may also include certain amounts which are not represented by a cash distribution, including franking credits and foreign tax credits attached to distributions received on the delivery assets. A tax offset or credit for these amounts may be available in calculating a unitholder s tax liability, depending on the unitholder s specific circumstances and the law at that time. The components of your distribution will be indicated on your end of year Consolidated Tax Statement. Foreign Investment Fund (FIF) rules The FIF rules tax unrealised gains arising from certain foreign investments. We do not expect the Wholesale Trust to be subject to these rules as the exposure agreement is not a FIF interest. Capital gains of the Wholesale Trust As mentioned above, the Wholesale Trust may realise capital gains or losses when it disposes of any delivery assets received. Net capital gains realised by the Wholesale Trust will be distributed to investors as part of their share of the net income of the Wholesale Trust as described above. These capital gains or losses essentially represent the difference between the price paid for the delivery assets under the exposure agreement and the proceeds received when those delivery assets are sold by the Wholesale Trust. For example, if the Wholesale Trust enters an exposure agreement to acquire delivery assets at a particular price, takes delivery of the assets and then sells the assets at a later date for a higher price, the Wholesale Trust will realise a capital gain on the disposal. If the Wholesale Trust entered into the exposure agreement 12 months or more before the disposal, the capital gain should benefit from the discount available for assets held for 12 months or more. Anti Avoidance Provisions (Part IVA) General anti avoidance provisions in the tax law (known as Part IVA) allow tax benefits obtained under certain schemes to be cancelled. This is where any party to the scheme has entered into or carried out the scheme for the objectively ascertained dominant purpose of enabling a taxpayer to obtain a tax benefit. The application of Part IVA will depend on the facts and circumstances of each investor. Whilst no assurance can be given that Part IVA will not apply to a particular investor, in many cases the objectively ascertained dominant purpose of an investor will be to invest in the delivery assets and not to obtain a tax benefit. Investors should obtain their own tax advice on the operation of Part IVA to their own specific circumstances. Potential changes to Tax Law or Practice Australian Taxation Office (ATO) Practice Investors should note that the ATO are currently reviewing the tax treatment of deferred purchase agreements. While ING believes that the above tax treatment accords with current legislation and practice, it is possible that the ATO may determine that a different tax treatment should apply. ING will keep investors updated of any changes in this regard. Legislative amendments Taxation of Financial Arrangements (TOFA) On 3 January 2007, the Government released new exposure draft legislation, the Tax Laws Amendment (Taxation of Financial Arrangements) Bill If enacted as currently drafted, the new rules would change the way in which exposure agreements entered into by the Wholesale Trust are treated for tax. This tax treatment will flow on to the investors in that the components of income received by investors from the Wholesale Trust will differ to those described above. Under TOFA, investors may be subject to accruals taxation and may be assessed to tax on distribution components when no cash distribution is paid out. However, the changed treatment will only apply to exposure agreements entered into by the Wholesale Trust after the new rules become operative expected to be from 1 July Changes in the taxation law or in the way in which the ATO interprets current tax legislation may alter the taxation outcome of the Wholesale Trust s investment in the exposure agreement. Discussions of taxation matters in the PDS are general in nature and are not specific to each investor s particular circumstances. Accordingly, investors should seek their own professional tax advice before investing in this product. 20

31 Investment Portfolio Application Form 26 March 2007 This Application Form replaces the Application Form dated 12 June 2006 on pages of Part One of the PDS. The invitation to invest in OneAnswer Investment Portfolio is only available to persons receiving the PDS in Australia. It is not made directly or indirectly to persons in any other country. Application faxed D D M M Y Y Y Y Special instructions Have you attached any special instructions to this Application Form? Yes No Financial adviser s stamp 1. do you have an existing investment in OneAnswer Investment Portfolio? Office Use Only Yes No If yes, and this is an additional investment to an existing OneAnswer Investment Portfolio account please quote your investor number (if an investor number is not nominated, a new account will be opened). 2. Payment method Please select one of the following payment methods for your investment: Cheque (please make payable to ING Funds Management Limited) Direct debit please complete details below. Direct debit request I/We request and advise ING Funds Management Limited (user ID number:102) to debit my/our nominated account in terms of the payment arrangement made between us: Name of financial institution Branch where account is held Account name BSB number Account number Amount to be debited I/We acknowledge that this direct debit arrangement is governed by the Direct Debit Request Service Agreement on page 47 of Part One of the PDS. All financial institution account signatories must sign below. Signature of account holder A (sign clearly within box) Date D D M M Y Y Y Y Signature of account holder B (sign clearly within box) Date D D M M Y Y Y Y 21

32 3. Investor details please print Type of investor Individual Joint Trust (Please complete details below) Company Partnership Other (Please complete details on page 19) Personal investor 1/Trustee 1 Title Mr Mrs Ms Miss Dr Other Surname Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Home Business Mobile Fax Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 of Part One of the PDS for further information. Type: Individual TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, my country of residence for tax purposes is Personal investor 2/Trustee 2 Title Mr Mrs Ms Miss Dr Other Surname Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Home Business Mobile Fax Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 of Part One of the PDS for further information. Type: Individual TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, my country of residence for tax purposes is 22

33 Company/Beneficiary/Partnership/Incorporated Association Name Contact name Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Home Business Mobile Fax Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 of Part One of the PDS for further information. Please cross the entity to which the supplied TFN or exemption relates. Type: Company Super Fund Trust Partnership TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, the country of residence for tax purposes is 4. Nominated financial institution account The following nominated financial institution account will be a) debited for the Regular Investment Plan and b) credited with payment of distributions, withdrawals and Regular Draw-down Plan payments, if applicable. Name of financial institution Branch Account name BSB number Account number Direct debit request (must be signed by investors choosing the Regular Investment Plan only) I/We request and advise ING Funds Management Limited (user ID number:102) to debit my/our nominated account in terms of the payment arrangement made between us. I/We acknowledge that this direct debit arrangement is governed by the terms of the Direct Debit Request Service Agreement on page 47 of Part One of the PDS. I/We understand that where a Regular Investment Plan payment is dishonoured, a fee of $10 is charged and that a processing fee may also be charged by my/our financial institution each time a regular investment is made. All account signatories must sign below. Signature of account holder A (sign clearly within box) Date D D M M Y Y Y Y Signature of account holder B (sign clearly within box) Date D D M M Y Y Y Y Note: If the nominated account above is transferred, closed or the account details have changed, please advise us two weeks before the debit date. 5. Fee structures Please select one of the following fee structures: Entry Fee option OR Nil Entry Fee option Note: This Application Form cannot be processed unless an option is nominated. If this is an additional investment, your existing fee structure will apply. 23

34 6. Investments, distribution payment method, future investment authority and rebates Auto-rebalance facility Please cross the applicable boxes below if you would like your account to be automatically rebalanced. Auto-rebalance my account Please note the auto-rebalance facility can only be selected for initial investments using this form. The tolerance level is 5 %, unless you state another tolerance level %. Select the frequency at which your account is to be auto-rebalanced: Quarterly Half-yearly Yearly If auto-rebalance is selected, your investment and regular investments in the section below must be the same funds. How are the amounts to be invested? Please provide the investment amount(s) and distribution payment method for each selected investment fund. Where distributions are elected to be paid to a nominated financial institution account, these will be paid to the account nominated in section 4. Note: If no selection is made, distributions will be reinvested as additional units. In the future investment authority column, please also nominate how you would like future investments to be allocated. If no nomination is made, additional investments will be allocated using your initial investment nomination or your auto-rebalance profile where you have selected this facility. Investment fund name Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Multi-manager Reinvest Account Profile 1 Defensive Future investment authority OptiMix Australian Fixed Interest (J002) OptiMix Enhanced Cash (J001) Profile 2 Conservative OptiMix Conservative (J013) Profile 3 Moderate OptiMix Moderate (J016) Profile 4 Growth OptiMix Balanced (J018) OptiMix Growth (J019) Profile 5 High growth or % % or % % or % % or % % or % % or % % Property OptiMix Property Securities (J005) Australian shares OptiMix Australian Shares (J007) OptiMix Geared Australian Shares (J047) Global shares OptiMix Global Shares (J010) OptiMix Global Smaller Companies Shares (J028) Multi-sector OptiMix High Growth (J023) or % % or % % or % % or % % or % % or % % 24

35 Investment fund name Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Single manager Reinvest Account Profile 1 Defensive Future investment authority Challenger Howard Mortgages (J042) Colonial First State Global Credit Income (J040) ING Cash (TRCT) ING Diversified Fixed Interest (J003) ING Mortgage Trust No.2 (MOR2) Merrill Lynch Monthly Income (J043) UBS Diversified Fixed Income (J004) or % % or % % or % % or % % or % % or % % or % % Profile 2 Conservative AMP Capital Enhanced Yield (J037) Credit Suisse Syndicated Loan (J041) ING Capital Stable (J024) ING Diversified High Yield (J026) ING Income Plus (TIP2) Perpetual Conservative Growth (J015) UBS Defensive (J014) or % % or % % or % % or % % or % % or % % or % % Profile 3 Moderate ING Balanced (BEN) ING Protected Growth (J049) Schroder Balanced (J017) UBS Balanced (TCSG) or % % or % % or % % or % % Profile 4 Growth Barclays Global Investors Diversified Growth (J022) Colonial First State Diversified (TCFD) ING Active Growth (MAN) ING Managed Growth (J020) ING Tax Effective Income (TTEI) Merrill Lynch Balanced (TMLB) Perpetual Balanced Growth (J021) or % % or % % or % % or % % or % % or % % or % % Profile 5 High growth Property AXA Australian Property (J039) Credit Suisse Property (J006) ING Global Property Securities (J050) ING Property Securities (TPST) Vanguard Property Securities Index (J046) or % % or % % or % % or % % or % % 25

36 Investment fund name Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Future investment authority Australian shares AMP Capital Equity (TAHE) Ausbil Australian Emerging Leaders (J038) Barclays Global Investors Australian Shares (J035) BT Smaller Companies (J034) Colonial First State Imputation (TCFI) ING Australian Shares (AST) ING Blue Chip Imputation (BLUE) ING Emerging Companies (GREE) ING Select Leaders (J025) ING Sustainable Investments Australian Shares (J012) Investors Mutual Australian Shares (J009) IOOF/Perennial Value Shares (J036) Perpetual Australian Shares (TAPT) Schroder Australian Equity (J008) Vanguard Australian Shares Index (J044) Global shares AXA Global Equity Value (TLIT) Barclays Global Investors International Shares (J011) Credit Suisse International Shares (TCSI) ING Global Emerging Markets Shares (TASI) ING Global High Dividend (TTEC) ING Global Shares (TIST) MFS Global Equity (TEUR) Perpetual International Shares (TFPI) Platinum International (J027) Vanguard International Shares Index (TTNG) Vanguard International Shares Index (Hedged) (J045) Zurich International Shares (TJAP) Multi-sector ING High Growth (TTRC) Profile 6 Alternative investments ING SGAM Protected Alternatives (J048) or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % or % % Merrill Lynch Asset Allocation Alpha (J051) or % % Total $,,. or % % 26

37 Rebates Please credit any applicable rebates as additional units to: all investment funds (where applicable), or the following investment fund (insert investment fund name) Note: If an investment fund is not nominated, rebates will be credited as additional units to all your investment funds (where applicable). 7. Financial report Do you wish to receive a copy of OneAnswer Investment Portfolio s annual financial report? No Yes Note: By selecting No, you are helping us to be environmentally friendly by reducing the use of paper. You will be able to access the annual financial report electronically via the ING website. 8. Account signing authorities for future transactions (for joint investors only) 1 and 2 either 1 or 2 1 only 2 only Note: If no option is nominated, future transactions will require both parties to sign. 9. Regular Investment/Draw-down Plan details Regular Investment Plan: Allows you to add to your investment on a monthly or quarterly basis. If you are planning to use ANZ Margin Lending to invest regularly, please complete the ANZ Margin Lending Application Form on pages 49 to 54 of Part One of the PDS. Regular Draw-down Plan: Allows you to receive a set amount from your investment each month or quarter. Note: You cannot use the Regular Investment Plan and the Regular Draw-down Plan for any investment fund at the same time. Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or Quarterly Multi-manager Profile 1 Defensive OptiMix Australian Fixed Interest (J002) OptiMix Enhanced Cash (J001) Profile 2 Conservative OptiMix Conservative (J013) Profile 3 Moderate OptiMix Moderate (J016) Profile 4 Growth OptiMix Balanced (J018) OptiMix Growth (J019) Profile 5 High growth Property OptiMix Property Securities (J005) Australian shares OptiMix Australian Shares (J007) OptiMix Geared Australian Shares (J047) Global shares OptiMix Global Shares (J010) OptiMix Global Smaller Companies Shares (J028) Multi-sector OptiMix High Growth (J023) 27

38 Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or Quarterly Single manager Profile 1 Defensive Challenger Howard Mortgages (J042) Colonial First State Global Credit Income (J040) ING Cash (TRCT) ING Diversified Fixed Interest (J003) ING Mortgage Trust No.2 (MOR2) Merrill Lynch Monthly Income (J043) UBS Diversified Fixed Income (J004) Profile 2 Conservative AMP Capital Enhanced Yield (J037) Credit Suisse Syndicated Loan (J041) ING Capital Stable (J024) ING Diversified High Yield (J026) ING Income Plus (TIP2) Perpetual Conservative Growth (J015) UBS Defensive (J014) Profile 3 Moderate ING Balanced (BEN) ING Protected Growth (J049) Schroder Balanced (J017) UBS Balanced (TCSG) Profile 4 Growth Barclays Global Investors Diversified Growth (J022) Colonial First State Diversified (TCFD) ING Active Growth (MAN) ING Managed Growth (J020) ING Tax Effective Income (TTEI) Merrill Lynch Balanced (TMLB) Perpetual Balanced Growth (J021) Profile 5 High growth Property AXA Australian Property (J039) Credit Suisse Property (J006) ING Global Property Securities (J050) ING Property Securities (TPST) Vanguard Property Securities Index (J046) 28

39 Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or Quarterly Australian shares AMP Capital Equity (TAHE) Ausbil Australian Emerging Leaders (J038) Barclays Global Investors Australian Shares (J035) BT Smaller Companies (J034) Colonial First State Imputation (TCFI) ING Australian Shares (AST) ING Blue Chip Imputation (BLUE) ING Emerging Companies (GREE) ING Select Leaders (J025) ING Sustainable Investments Australian Shares (J012) Investors Mutual Australian Shares (J009) IOOF/Perennial Value Shares (J036) Perpetual Australian Shares (TAPT) Schroder Australian Equity (J008) Vanguard Australian Shares Index (J044) Global shares AXA Global Equity Value (TLIT) Barclays Global Investors International Shares (J011) Credit Suisse International Shares (TCSI) ING Global Emerging Markets Shares (TASI) ING Global High Dividend (TTEC) ING Global Shares (TIST) MFS Global Equity (TEUR) Perpetual International Shares (TFPI) Platinum International (J027) Vanguard International Shares Index (TTNG) Vanguard International Shares Index (Hedged) (J045) Zurich International Shares (TJAP) Multi-sector ING High Growth (TTRC) Profile 6 Alternative investments ING SGAM Protected Alternatives (J048) Merrill Lynch Asset Allocation Alpha (J051) Total $,,. 29

40 10. Adviser Service Fee Ongoing Adviser Service Fee I confirm that I have agreed to pay an ongoing ASF of. % p.a. or $ p.a. I understand that the ongoing ASF will be deducted based on my total account balance and paid to the financial adviser nominated in section 12. I understand that this amount will be withdrawn each month by redeeming units from my investment. Please deduct the ongoing ASF payment from: all investment funds, or the following investment fund (insert investment fund name) Note: If an investment fund is not nominated, the ongoing ASF will be deducted across all your investment funds. Signature of Investor 1 (sign clearly within box) Date D D M M Y Y Y Y Signature of Investor 2 (sign clearly within box) Date D D M M Y Y Y Y One-off Adviser Service Fee I confirm that I have agreed to pay a one-off ASF of. % or $. I understand that the one-off ASF will be calculated on the total investment amount stated in section 6 and will be paid to the financial adviser nominated in section 12 by redeeming units from my investment. Please deduct the one-off ASF payment from: all investment funds, or the following investment fund Note: If an investment fund is not nominated, the one-off ASF will be deducted across all your investment funds. (insert investment fund name) Signature of Investor 1 (sign clearly within box) Date D D M M Y Y Y Y Signature of Investor 2 (sign clearly within box) Date D D M M Y Y Y Y 30

41 11. Declaration and signature By completing this Application Form, I/we: acknowledge that I/we have received and read the entire PDS (consisting of the Supplementary PDS, Part One and Part Two) and agree to be bound by the conditions of the offer set out in the PDS and the terms of the relevant investment fund constitutions, as amended from time to time acknowledge that any Tax File Number or Australian Business Number supplied at any time may be applied to this investment and previous or future investments in my/our name(s), or in the name of the business/enterprise in which I/we represent acknowledge that the repayment of capital, the payment of income and the performance of the investment funds is not in any way guaranteed by INGFM, ING Australia or any other company associated with the ING Group. The value of investments can go up and down. Past performance is not necessarily indicative of future performance acknowledge that any investment in OneAnswer Investment Portfolio does not represent a deposit with or liability of INGFM, ING Australia or any other company associated with the ING Group and that investment in any of the investment funds is subject to investment risk including possible delays in repayment and loss of income and capital invested consent to telephone conversations being recorded and listened to for training purposes or to provide security for transactions authorise the collection, use and disclosure of my/our personal information for the purpose of the assessment of my/our application, and if accepted, the management and administration of those financial products and services in which I/we have invested or for which I/we wish to apply as outlined in the current PDS. I/We understand that unless I/we consent to the collection, use and disclosure identified in the privacy section, INGFM will not be able to process my/our application or deliver any further financial products or services to me/us accept that ING may send me/us information about its financial products or services from time to time. I/We understand that I/we may notify ING of my/our decision not to receive any further information by contacting ING directly authorise my/our financial adviser named in section 12 to receive and access my/our personal information for the purpose of managing my/our investments to use the InvestmentLink service and/or online service and to switch investments on my/our behalf. Where there is any change relating to my/our financial adviser, I/we will notify ING of the change I/We, whose signature/s appear below, state that the statements made in this Application Form are true and correct. Name of Investor 1/Director/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Name of Investor 2/Director/ Company Secretary/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Note: If this Application Form is signed by an attorney, the attorney acknowledges that there has been no notice of revocation of the Power of Attorney at the time of signing. For partnerships, please ensure all partners sign. Company Seal 31

42 The following questions are to be completed by the financial adviser only 12. Financial adviser details Master sales account number Sales account number Seller code 2 (if applicable) Seller code 3 (if applicable) Company name Name of adviser Phone Home Business Mobile Fax 13. Commission If no nomination is made, standard commission will be paid. A. Entry Fee option* Initial commission Please specify the commission amount to be paid. Maximum 4% (rebate 0%) 3% (rebate 25%) 2% (rebate 50%) 1% (rebate 75%) 0% (rebate 100%) or specify amount to be rebated. % The nominated amount above excludes 10% GST (e.g. 4% means commission paid is 4.40%, including GST). B. Nil Entry Fee option* Initial commission Please specify the commission amount to be paid. Maximum 3% (rebate 0%) 2% (rebate 33.3%) 1% (rebate 66.6%) 0% (rebate 100%) or specify amount to be rebated. % The nominated amount above excludes 10% GST (e.g. 3% means commission paid is 3.30%, including GST). * This does not apply for ING Cash, ING Mortgage Trust No.2 or Challenger Howard Mortgages. C. Ongoing commission (trail) Please specify the commission amount to be rebated:. % (e.g. 100% means all ongoing commission, excluding the 10% GST component, will be rebated to your client). D. ING Mortgage Trust No.2 and Challenger Howard Mortgages Initial commission (e.g. 1.10%) OR Ongoing commission (e.g. 0.33% p.a.) or specify amount to be rebated % Note: If neither commission option is selected, monies will be invested in the initial commission option. Signature of financial adviser (sign clearly within box) Date D D M M Y Y Y Y 32

43 14. Special instructions Please note the forms on pages of Part One of the PDS are current and available for use. 33

44 34

45 35

46 Customer Services Phone Postal address OneAnswer GPO Box 5306 Sydney NSW 2001 Website Adviser Services For use by financial advisers only Phone L2982/0307

47 Contents OneAnswer Investment Portfolio Product Book What is OneAnswer? 3 One What is OneAnswer Investment Portfolio? 4 Two What are the fees and charges? 7 Three Transacting and managing your investment 17 Four What is margin lending? 20 Five What do I need to know about taxation? 23 Six What else do I need to know? 25 Seven Application Forms Eight

48 Why ING? Our global strength and expertise can help you grow and protect your wealth. ING Australia Limited (ING Australia) is one of Australia s leading fund managers, life insurers and superannuation providers with over $30 billion in assets under management. ING Australia is a joint venture between the global ING Group, which owns 51%, and one of Australia s major banks, ANZ, which owns 49%. ING Australia provides a broad range of financial products and services through an extensive network of professional financial advisers and financial institutions, including its own advice groups. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries. With a diverse workforce of over 113,000 people, ING increasingly comprises a broad spectrum of prominent companies that serve their clients under the ING brand. Investment expertise ING Australia uses ING Investment Management Limited (INGIM) to manage ING investment fund options. INGIM is ING Group s specialist global investment manager with highly qualified investment professionals in all major asset classes Australian shares, global shares, property, fixed interest and cash. ING Australia s multi-manager investment funds are marketed under the OptiMix brand and are managed by INGIM's specialist OptiMix team. OptiMix s active Manage the Managers (MTM) process extends across a broad range of asset classes and fund managers within Australia and internationally. ING in the community ING Australia is actively involved in the community through charitable programs and sponsorships, supporting a range of Australian charities through the ING Foundation. The ING Foundation was founded in 1978 and manages an ongoing program of grants to charitable causes and cultural institutions. All employees are encouraged to donate their time and skills through fundraising and volunteering programs with charity partners. By combining company and community resources the ING Foundation can make a difference to the lives of others. >> ING...helping Australians grow and protect their wealth 2

49 What is OneAnswer? OneAnswer is an investment product designed to support you in maximising and protecting your wealth. It offers you a wide range of funds and the flexibility to tailor the ideal investment solution for you. It is easy and convenient to manage and is backed by the strength and security of one of Australia's leading wealth managers. Within OneAnswer you can access: Investment Portfolio (which is covered in this PDS) Personal Super Pensions. Choice and flexibility Carefully selected menu OneAnswer Investment Portfolio offers 68 carefully selected funds all in the one investment product. This gives you the choice to diversify your investment across a wide range of asset classes, sectors and global markets, so you can maximise your returns and minimise your risk. Affordable investing OneAnswer is competitively priced. It has a simple and easy to understand fee structure that allows you to see exactly what you are being charged. You may also be rewarded with an Ongoing Fee rebate as your account balance grows. A range of services OneAnswer offers a variety of services to ensure that all your investment needs are covered. Competitive life insurance is available through OneAnswer Personal Super, helping you to protect yourself, your family and your assets. Plus, you can increase the amount of money working for you through OneAnswer Investment Portfolio's margin lending facility. Convenience and control Easy account management OneAnswer provides you with the flexibility to switch easily between funds as your financial objectives change over time. Also when you retire, transferring from superannuation to a pension is simple. Straightforward reporting OneAnswer helps you keep track of your investment with easy to read reporting, including consolidated statements. Online services You can conveniently manage your account online through account access. Keeping you informed As an ING customer, you can access our regular investment updates and online financial education. Security and stability ING is one of Australia s leading wealth managers with over $12 billion in funds under management in OneAnswer alone. Globally ING offers banking, insurance and asset management to over 60 million clients. One 3

50 What is OneAnswer Investment Portfolio? OneAnswer Investment Portfolio is an investment product that allows you to invest in managed funds. It gives you convenient access to a range of investment funds managed by OptiMix, INGIM and other leading fund managers. Through OneAnswer Investment Portfolio all ongoing administration, reporting and communication is performed across all investment funds enabling you to manage your investments effectively. Who should invest OneAnswer Investment Portfolio is designed for people wanting to invest in managed funds over the medium to long term. You may be looking to: generate capital growth from an investment generate income from an investment Features at a glance save toward a specific purpose such as buying a house, a child s education or early retirement invest tax effectively borrow to invest magnify returns through gearing. Minimum amounts Minimum initial investment $5,000 $1,000 per investment fund Minimum additional investment $1,000 $100 per investment fund Minimum switch $250 per investment fund Minimum balance $250 per investment fund Minimum withdrawal $1,000 Using the Regular Investment Plan the minimum account balance is reduced Minimum initial investment Minimum regular investment $1,000 per investment fund $100 per investment fund (per month or quarter) Using the Regular Draw-down Plan Minimum total portfolio balance $20,000 Minimum regular payment $100 per investment fund (per month or quarter) Investment choice (refer to the Investment Book) OptiMix ING Other leading managers 12 OptiMix MTM funds 20 single manager funds, managed by INGIM 36 single manager funds, managed by a selection of leading fund managers Fee options See page Flexible fee options Entry Fee and Nil Entry Fee options 7 Ongoing Fee rebates Available for account balances over $100, Features See page Regular Investment Plan Invest regularly monthly and quarterly 17 Regular Draw-down Plan Withdraw regularly monthly or quarterly 18 Switching Available between all investment funds 18 Online access Account access available through the ING website 19 Margin lending Borrow to invest 20 InvestmentLink Information system for financial advisers 27 4

51 Benefits Combined with the expertise of your financial adviser, OneAnswer Investment Portfolio covers all your investment needs. It offers choice and flexibility through a range of carefully selected investment funds, convenience and control through extensive services and gives you the security and peace of mind offered by a leading global wealth manager. Choice and flexibility Range of investment funds To build your wealth on a strong foundation you need access to a broad range of investment funds. OneAnswer Investment Portfolio gives you access to 68 quality investment funds: investing in Australia and internationally investing in all major asset classes managed by a range of leading fund managers with different investment styles with different levels of risk with capital growth and/or regular income focus. Single manager and MTM funds OneAnswer Investment Portfolio allows you to build your own portfolio by investing in single manager funds managed by INGIM and a range of other leading fund managers. You can also choose to invest in OptiMix MTM funds. The OptiMix process carefully selects a number of complementary investment managers to manage your investments within each asset class. This enables you to diversify across a range of asset classes, managers and styles all via one convenient investment. Diversification Diversification is achieved by holding more than one type of investment, OneAnswer Investment Portfolio allows you to diversify by providing access to a wide range of investment funds and fund managers. Investors are able to achieve diversification by one, or a combination, of the following: holding different assets such as shares in different companies investing in different asset classes such as shares, property and fixed interest investing with several fund managers OptiMix, INGIM and other leading fund managers investing in international asset classes such as international shares and fixed interest. Depending on how your investment is diversified, underperformance in one area may be offset by positive performance in another. Flexible fee options OneAnswer Investment Portfolio has simple and easy to understand fee options. You have a choice between Entry Fee and Nil Entry Fee options your financial adviser will explain which is best suited to your needs. Ongoing Fee rebates mean that as your balance grows, your fees are effectively reduced. Margin lending OneAnswer Investment Portfolio offers a margin lending facility. Sometimes called gearing, margin lending is a process where you borrow money to invest. By adding borrowed money to your investment, you can increase the total amount of money working for you. This can increase the value of your investment portfolio over time, potentially increasing your returns. However, gearing can also potentially increase your losses if markets decline. Tax effective investments Some asset classes offer additional benefits to investors in the form of tax effective distributions. Taxation benefits are more significant in Australian shares. If a company pays tax on profits prior to distributing them, the dividend may carry a franking credit representing the tax already paid by the company. Such dividends are known as franked dividends. The distribution of franked dividends by investment funds can reduce the taxation on investment earnings, improving after-tax returns to investors. Your financial adviser can tell you which investment funds are likely to distribute franking credits. Convenience and control Straightforward reporting OneAnswer Investment Portfolio consolidated statements enable you to view your whole investment at a glance. Online services You can conveniently track and manage your investment online. Through the ING website you can access your account balances, transaction histories, statements and update your personal details. Please visit to register. Easy transacting You can make additional investments using BPAY, via internet banking, using direct credit (EFT) or by establishing a Regular Investment Plan. You can also choose to receive regular payments with a Regular Draw-down Plan. Changing your investment strategy is just as simple; switching is generally free of charge and you can submit a request to switch online. Security and stability OneAnswer is managed by ING Australia, one of Australia s leading wealth managers. ING Australia is 51% owned by the global ING Group, which is one of the world s largest wealth managers, and 49% owned by ANZ, one of Australia s largest banks. Two 5

52 Risks Investing presents both opportunities and risks. It is important to be aware of and assess the risks associated with investing. The following are significant risks that may impact your investment. Investment risk There are many different types of risks associated with investing but for most investors, it is the risk of capital loss that is the most important. Generally, the higher the level of risk you are prepared to accept, the higher the potential return from your investment. At the same time, this higher level of risk may also increase your chances of incurring a loss, including the potential loss of your initial investment amount. It is important to understand that all investments have risks associated with them. An example of a lower risk, lower return investment is an investment fund which invests only in cash. An example of a higher risk, higher potential return investment is an investment fund which invests primarily in shares. You should determine the level of risk that you are prepared to accept to help you in setting your investment strategy. A decline in the value of your investment primarily occurs when the fund in which you are invested experiences a fall in the value of its underlying assets. Factors that can impact your investment include: changes in the economic and political climate changes in government policies and laws movements in currency markets changes in interest rates credit risk investment decisions made by fund managers the selection of fund managers. We manage investment risks by selecting and continuing to review our investment funds in a way that maximises investment returns, but stays within defined risk levels. Information about the investment funds available through OneAnswer Investment Portfolio can be found in the Investment Book, which forms a part of this PDS. When you make your investment fund selection, it is important that you consider how these investment risks can affect your investment. We recommend that you discuss investment risks with your financial adviser. Investing internationally Investing internationally may expose you to risks not associated with Australian investments. For example, depending on how you invest, an international investment may be affected by movements in local financial markets, currency and interest rates. When managing an investment fund, each fund manager may use various techniques to counter, or take advantage of, movements in currency. For example, investment funds can be unhedged, hedged, or a fund manager may elect to actively manage currency. If fund managers use hedging as a substantial part of their investment process, it is noted in the Investment Book, which forms a part of this PDS. Please speak to your financial adviser if you require further information on these strategies. Gearing risk Gearing means money is borrowed in order to increase the exposure to an asset. Gearing can be achieved by investing in a geared investment fund or if you choose to include a margin loan as a part of your investment. In the case of geared investment funds, the fund borrows the money rather than the investor. Gearing increases the volatility of an investment by magnifying its gains and losses. A geared investment carries more risk than a comparable investment without gearing. We recommend that you speak to your financial adviser if you are considering a geared investment. Changes to investment funds We regularly monitor the investment funds offered through OneAnswer. To maintain the quality and diversity of the investment funds, we may make changes at any time, including: adding, closing or terminating an investment fund removing or adding an investment manager changing an investment fund s objective, investment strategy (including the benchmark), asset allocation, neutral position and range, currency strategy and the number of asset classes changing the rules that govern an investment fund (e.g. changing fees, notice periods or withdrawal features). In some cases we make these changes without prior notice to investors. Any changes will be considered in light of the potential negative or positive impact on investors. We will notify existing investors in affected funds as soon as practicable after any significant changes via regular investor communications and the ING website. For changes that are not significant, such as changes to a fund's range or asset allocation, we will notify existing investors via investor communications and the ING website. 6

53 What are the fees and charges? When you invest in OneAnswer Investment Portfolio you must select either the Entry Fee option or the Nil Entry Fee option. The option you select will determine the fees you are charged. Entry Fee option Generally, if you choose this option, a fee is deducted from each investment you make into your OneAnswer Investment Portfolio. However, there is usually no Withdrawal Fee when you withdraw your money, and this option has lower Ongoing Fees than the Nil Entry Fee option. Nil Entry Fee option If you choose this option, you can invest without an Entry Fee charged on your investments. However, generally, this option has higher Ongoing Fees than the Entry Fee option and Withdrawal Fees may apply when you withdraw your money. Fees and other costs Government regulations require all managed investment product issuers to include the following standard consumer advisory warning as set out below. The information in the consumer advisory warning is standardised across all managed investment product issuers and does not provide any specific information on the fees and charges for this product. This section shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the investment fund assets as a whole. Information relating to taxes is detailed on page 23 of this book. You have two different fee payment options: (a) to pay Contribution Fees upfront, at the time when you make each investment. No Withdrawal Fees apply under this option (Entry Fee option). (b) to pay no Contribution Fees upfront, at the time when you make each investment, but pay a Withdrawal Fee when you withdraw the investment under this option in the first three years (subject to the commission arrangement your financial adviser selects). In addition, you will pay a higher Ongoing Fee under this option for the full term of the investment (Nil Entry Fee option). Note: You may pay more in total fees if you choose the Nil Entry Fee option. Also, the fee payment options for ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages differ from the options above. You should read all the information about fees and costs because it is important to understand their impact on your investment. Fees and costs for particular investment funds are set out on pages 10 to 11 of this book. Three 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 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 the product issuer or your financial adviser. To find out more If you would like to find out more, or see the impact of the 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. 7

54 TYPE OF FEE OR COST AMOUNT HOW AND WHEN PAID Option to pay Contribution Fees upfront (Entry Fee option) Option to pay no Contribution Fees upfront (Nil Entry Fee option) Fees when your money moves in or out of the fund* Establishment Fee Nil Nil Not applicable The fee to open your investment. Contribution Fee (Entry Fee) ING Cash, ING Mortgage Trust Nil This fee is deducted from any initial, The fee on each amount contributed to your investment by you. No.2 and Challenger Howard Mortgages nil All other investment funds 4% additional or regular investment at the time of investment. This fee is payable to your financial adviser and can be negotiated with your financial adviser. Please refer to Financial adviser commissions on page 14 of this book. Withdrawal Fee ING Mortgage Trust No.2 and ING Cash nil This fee is deducted from each The fee on each amount you take out Challenger Howard Mortgages: ING Mortgage Trust No.2 and withdrawal you make. of your investment. 1.5% within 6 months Challenger Howard Mortgages: The Withdrawal Fee period applies from 1% within 6 12 months 1.5% within 6 months the date of each investment. Nil after 1 year. All other investment funds nil 1% within 6 12 months Nil after 1 year. All other investment funds up to 3% of any amount withdrawn within three years. The Withdrawal Fee under this option will be waived in certain circumstances. Please refer to Nil Withdrawal Fees relating to the Regular Draw-down Plan are explained on page 18 of this book. Withdrawal Fees do not apply to reinvested distributions and/or reinvested Ongoing Fee rebates. Please refer to Withdrawal Fees on page 13 of this book. Entry Fee option on page 13 of this book. Termination Fee Nil Nil Not applicable The fee to close your investment. 8

55 TYPE OF FEE OR COST AMOUNT HOW AND WHEN PAID Option to pay Contribution Fees upfront (Entry Fee option) Option to pay no Contribution Fees upfront (Nil Entry Fee option) Management costs The fees and costs for managing Ongoing Fees Ongoing Fees Ongoing Fees your investment. ING Cash 0.95% p.a. ING Cash 0.95% p.a. This fee is deducted from the assets of The amount you pay for specific investment funds is shown on pages 10 to 11 of this book. ING Mortgage Trust No % p.a. Challenger Howard Mortgages 1.65% p.a. Fee range for other investment funds 1.33% p.a. to 2.90% p.a. ING Mortgage Trust No % p.a. Challenger Howard Mortgages 1.65% p.a. Fee range for other investment funds 1.88% p.a. to 3.45% p.a. each investment fund and included in the unit price. Generally, these fees are deducted monthly. Performance Fees may also be applicable to specific investment funds. Please refer to 'Performance Fees' on page 12 of this book. This fee includes an amount payable to your financial adviser and can be negotiated with your financial adviser. Three Please refer to Financial adviser commissions on page 14 of this book. Ongoing Fee rebate Ongoing Fee rebate Ongoing Fee rebates may Ongoing Fee rebates may apply to account balances over apply to account balances over $100,000, thereby reducing the $100,000, thereby reducing the above Ongoing Fees. above Ongoing Fees. Please refer to Ongoing Fee Please refer to Ongoing Fee rebates on page 12 of this book. rebates on page 12 of this book. Investor Fee Investor Fee Investor Fee An Investor Fee of $48 p.a. An Investor Fee of $48 p.a. This fee is deducted from your account applies to account balances applies to account balances balance annually. Please refer to Investor under $10,000. under $10,000. Fee on page 13 of this book. Service fees Investment Switching Fee* Contribution and Withdrawal Withdrawal Fees may apply to Deducted from amounts switched. The fee for changing investment funds. Fees may apply when switching to and from ING Cash, ING Mortgage Trust No.2 and ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages. Please refer to Challenger Howard Mortgages. Switching on page 13 of Please refer to Switching on this book. page 13 of this book. For other investment funds For other investment funds there are currently no fees there are currently no fees when switching and a switch when switching. will not restart the Withdrawal Fee period. * You may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 14 of this book. Ongoing Fees are expressed as a percentage of gross assets unless otherwise indicated. Other service fees may apply. Please refer to Service fees on page 13 of this book. 9

56 Ongoing Fees The following tables list the Ongoing Fees of each investment fund offered through OneAnswer Investment Portfolio. Multi-manager Single manager Ongoing Fee (% p.a.) Ongoing Fee (% p.a.) Investment fund Entry Fee option Nil Entry Fee option Investment fund Entry Fee option Nil Entry Fee option Profile 1 Defensive Profile 1 Defensive OptiMix Australian Fixed Interest OptiMix Enhanced Cash Profile 2 Conservative OptiMix Conservative Profile 3 Moderate OptiMix Moderate Profile 4 Growth OptiMix Balanced OptiMix Growth Profile 5 High growth Property OptiMix Property Securities Australian shares OptiMix Australian Shares OptiMix Geared Australian Shares Global shares OptiMix Global Shares OptiMix Global Smaller Companies Shares Multi sector OptiMix High Growth Challenger Howard Mortgages Colonial First State Global Credit Income ING Cash ING Diversified Fixed Interest* ING Mortgage Trust No Merrill Lynch Monthly Income UBS Diversified Fixed Income* Profile 2 Conservative AMP Capital Enhanced Yield Credit Suisse Syndicated Loan ING Capital Stable* ING Diversified High Yield* ING Income Plus Perpetual Conservative Growth* UBS Defensive* Profile 3 Moderate ING Balanced Schroder Balanced* UBS Balanced* Profile 4 Growth Barclays Global Investors Diversified Growth* Colonial First State Diversified* ING Active Growth ING Managed Growth ING Tax Effective Income Merrill Lynch Balanced* Perpetual Balanced Growth*

57 Single manager continued Ongoing Fee (% p.a.) Ongoing Fee (% p.a.) Investment fund Entry Fee option Nil Entry Fee option Investment fund Entry Fee option Nil Entry Fee option Profile 5 High growth Global Shares Property AXA Australian Property Credit Suisse Property* ING Property Securities Vanguard Property Securities Index Australian shares AMP Capital Equity* Ausbil Australian Emerging Leaders Barclays Global Investors Australian Shares BT Smaller Companies Colonial First State Imputation* ING Australian Shares ING Blue Chip Imputation ING Emerging Companies ING Select Leaders AXA Global Equity Value* Barclays Global Investors International Shares Credit Suisse International Shares* ING Global Emerging Markets Shares ING Global High Dividend ING Global Shares MFS Global Equity Perpetual International Shares* Platinum International Vanguard International Shares Index Vanguard International Shares Index (Hedged) Zurich International Shares Multi-sector ING High Growth Three ING Sustainable Investments Australian Shares Investors Mutual Australian Shares* IOOF/Perennial Value Shares Perpetual Australian Shares* Schroder Australian Equity* Vanguard Australian Shares Index * In some circumstances, the fee charged to these investment funds is higher than the fee stated above. However, you will be paid an Ongoing Fee rebate to ensure the net fee you pay is in line with the fees stated above. This is the Ongoing Fee charged on the net assets of the investment fund. Assuming a gearing ratio of 50%, this would represent a gross Ongoing Fee in the Entry Fee option of 1.45% p.a., and 1.73% p.a. in the Nil Entry Fee option. 0.25% p.a. of the Ongoing Fee (0.35% p.a. in the case of ING Global Shares) is charged under the expense clause of the relevant fund s constitution. The remainder is charged under the management fee clause. This fund will be available from 20 July

58 Additional explanation of fees and costs Goods and Services Tax (GST) and fees The GST inclusive fees detailed on pages 10 to 11 of this book are shown after taking into consideration the reduced input tax credits that may be claimed by the investment funds, unless otherwise stated. Performance fees Performance fees are currently applicable only for the investment funds mentioned in this section. Ausbil Australian Emerging Leaders We do not charge performance fees directly, however performance fees may be payable from the underlying fund to the investment manager. The investment manager may charge a performance fee if the underlying fund outperforms the relevant investment benchmark (70% S&P/ASX Midcap 50 Index and 30% S&P/ASX Small Ordinaries Index). The performance fee is currently 15% of the gross (exclusive of fees) amount of outperformance. Any such performance fees are reflected as a reduction in the returns generated by the underlying fund and, therefore, in the value of your investment. The performance fee is accrued daily and drawn monthly in arrears. (Each unit price of the underlying fund reflects accrued performance fees.) The below table illustrates how fees might impact on the investment of a hypothetical investor based on the following assumptions: The investor invests $100,000 in Ausbil Australian Emerging Leaders. The investor remains in the fund for a full year. The fund achieves a return of 14% compared with the benchmark of 12% for the year (i.e. 2% outperformance). Market value at commencement of year 1 $100,000 Gross value-added fund performance in year 1 (14%) $14,000 Gross value-added benchmark performance in year 1 (12%) $12,000 Outperformance over benchmark in year 1 (2%) $2,000 Performance fee (15% of outperformance) $300 Gross value added less performance fee $13,700 This example is provided for illustrative purposes only and should not be taken as an indication of future performance. The performance fee (and therefore, the management costs) will change over time depending on the fund s returns. If a period of underperformance to the benchmark occurs, the performance fee accrued is frozen at its current level and further performance fees do not commence to be accrued again until the full amount of underperformance is recouped. OptiMix investment funds We pay the fees of the investment managers from the Ongoing Fees of each OptiMix investment fund. The Ongoing Fee of OptiMix Australian Shares, OptiMix Geared Australian Shares, OptiMix Conservative, OptiMix Moderate, OptiMix Balanced, OptiMix Growth and OptiMix High Growth may include a performance fee payable to the investment manager. To align the investment managers interests with investors interests, the performance fee is only paid if the investment managers meet specified performance targets. Any such performance fees do not represent an additional charge to investors. Ongoing Fee rebates Ongoing Fee rebates apply to account balances over $100,000, thereby reducing the Ongoing Fees. The rebate is based on your total account balance within a fee option, excluding investments in ING Cash, ING Mortgage Trust No.2, Challenger Howard Mortgages or OptiMix Enhanced Cash. The rebates paid are set out in the following table: Account balance First $100,000 Next $100,000 Next $100,000 Amounts over $300,000 Ongoing Fee rebates Nil 0.20% p.a. 0.40% p.a. 0.60% p.a. The maximum Ongoing Fee is charged and a fee rebate is applied. Rebates are calculated and credited as additional units to your OneAnswer Investment Portfolio on or about the monthly anniversary of your account. You can choose to have these rebates paid into your bank account by writing to us. These rebates may be taxable. If you choose the Entry Fee option, you will be charged the full Ongoing Fee of the Nil Entry Fee option and then a rebate of the difference between the fees charged for the Nil Entry Fee option and the Entry Fee option will be provided. Example: Lachlan is using the Nil Entry Fee option and has the following investments: ING Cash $30,000 ING Balanced $140,000 ING Australian Shares $60,000 OptiMix Moderate $60,000 Credit Suisse Property $60,000 Total account balance $350,000 12

59 The Ongoing Fee rebate is calculated as follows: Account balance Rebate calculation Ongoing Fee rebates First $100,000 $100,000 x 0.00% p.a. $0 Next $100,000 $100,000 x 0.20% p.a. $200 Next $100,000 $100,000 x 0.40% p.a. $400 Amounts over $300,000 Total rebate $20,000 x 0.60% p.a. $120 $720 p.a. ($60 per month) Note: The Ongoing Fee rebate does not apply to ING Cash. Investor Fee This is an account keeping fee of $48 p.a. where your total account balance (excluding investments in ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages) is under $10,000. In addition, for investments solely in Challenger Howard Mortgages, ING Cash and ING Mortgage Trust No.2 this fee will not apply. The fee will be deducted on an annual basis, proportionately across your investment funds, on or about the date corresponding to the commencement date of your account or pro rated upon full withdrawal from OneAnswer Investment Portfolio. If you invested prior to 20 September 2004, this fee will not apply to your current investment, including additions. Withdrawal Fees Entry Fee option No Withdrawal Fees apply under this option except for amounts withdrawn or switched from ING Mortgage Trust No.2 or Challenger Howard Mortgages. The Withdrawal Fees for amounts withdrawn or switched from ING Mortgage Trust No.2 or Challenger Howard Mortgages are: 1.5% within 6 months 1% within 6 12 months nil after 1 year. For example, for every $1,000 you withdraw or switch from the ING Mortgage Trust No.2 within 6 months from the date of each investment, you will be charged a $15 Withdrawal Fee. Nil Entry Fee option You will be charged a Withdrawal Fee of up to 3% on withdrawals from all investment funds, except ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages, within the first three years of the date of each investment. For example, for every $1,000 you withdraw from ING Managed Growth within three years from the date of each investment you will be charged a $30 Withdrawal Fee. There are no Withdrawal Fees for amounts withdrawn from ING Cash where the amount was originally invested in ING Cash. The Withdrawal Fees for amounts withdrawn or switched from ING Mortgage Trust No.2 and Challenger Howard Mortgages are: 1.5% within 6 months 1% within 6 12 months nil after 1 year. For example, for every $1,000 you withdraw or switch from the ING Mortgage Trust No.2 within 6 months from the date of each investment, you will be charged a $15 Withdrawal Fee. Note: For all investment funds except ING Mortgage Trust No.2 and Challenger Howard Mortgages, we will waive your Withdrawal Fee where your financial adviser elects to receive commission in accordance with Nil Entry Fee option 2 (refer to Financial adviser commissions on page 14 of this book). Service fees Switching There are currently no investment Switching Fees charged for switching between any of the investment funds. However, Entry and Withdrawal Fees will apply to switches to or from ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages in the following circumstances: ING Mortgage Trust No. 2 and Challenger Howard Mortgages switching to, or from any other investment fund or between these two funds is treated as a new investment and the standard Entry and/or Withdrawal Fees will apply. ING Cash (Entry Fee option) if you switch from ING Cash to any other investment fund you will pay an Entry Fee on the new fund. If you switch from any other investment fund (except ING Mortgage Trust No. 2 and Challenger Howard Mortgages) into ING Cash you will not incur any fees. ING Cash (Nil Entry Fee option) if you switch from ING Cash to any other investment fund you will commence the Withdrawal Fee period at the time of the switch. If you switch from any other investment fund (except ING Mortgage Trust No.2 and Challenger Howard Mortgages) into ING Cash, the Withdrawal Fee period of the original investment will continue to apply. Three 13

60 Transaction cost factors (buy/sell spreads) Transaction costs are incurred when buying and selling investment fund assets. These transaction costs include brokerage, stamp duty and costs incurred when buying and selling units in underlying investment funds. A transaction cost factor ( buy spread) may be included in the unit price used to buy units in an investment fund to allow for some or all of the costs of buying assets. Similarly, a transaction cost factor ( sell spread) may be included in the unit price used to sell units in an investment fund to allow for some or all of the cost of selling assets. Transaction cost factors of up to 0.60% (except for AXA Australian Property which is currently 1.40%) may apply when calculating buy (issue) and sell (redemption) unit prices. The transaction cost factors that apply are based on an estimate of the transaction costs incurred by the investment fund. These costs are deducted by us and paid to the underlying fund, they are an additional cost paid by you at the time of the transaction. The transaction cost factors for each investment fund are available by contacting or on the ING website. For example, for every $1,000 that you invest in ING Managed Growth, the estimated transaction cost that is incurred is 0.18% or $1.80. This amount is reflected in the buy unit price at the time of your transaction. Financial adviser commissions We may pay your financial adviser commissions for selling you this product. These commissions are already incorporated into the Contribution and Ongoing Fees outlined in this book. Financial adviser commissions are not charged directly to your OneAnswer Investment Portfolio. The commission amounts shown below are the amounts paid to your adviser and include GST. The initial and ongoing commissions are calculated based on the value of amounts you invest (initial) and your account balance (ongoing). The financial adviser commissions for ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages are as follows (regardless of whether you choose the Entry Fee or Nil Entry Fee option). ING Cash initial commission is nil and ongoing commission is 0.33% p.a. ING Mortgage Trust No.2 and Challenger Howard Mortgages either initial commission of 1.10% or ongoing commission of 0.33% p.a.* * Additional investments must follow the same commission option as the original investment. Additional investments into accounts opened prior to 19 August 2002 must be processed with the initial commission option selected, i.e. 1.10% initial commission. Other funds the financial adviser initial and ongoing commissions are as follows: Note: If a transaction cost factor applies to an investment fund, then it will apply when switching. OptiMix Enhanced Cash Other investment funds Adviser Service Fee This is the fee charged by your financial adviser for advice about your investment. This fee is optional and is agreed between you and your financial adviser. You can nominate this fee to be paid as a fixed dollar amount or a percentage of your account balance. The maximum Adviser Service Fee payable is as follows: where a fixed dollar amount ($) is selected, the maximum amount payable is $10,000 p.a. where a percentage (%) is selected, the maximum amount payable is 2.00% p.a. of your total account balance. The amount your adviser receives is inclusive of GST. If you have elected to pay your financial adviser this fee, it can be deducted proportionately across all your investment funds or from one investment fund. This fee is currently calculated and deducted from your account balance on or about the monthly anniversary of your account or pro rated on full withdrawal. For example, if you have a $10,000 total account balance and negotiated a 2.00% p.a. Adviser Service Fee to be paid to your financial adviser, the amount deducted from your account would be $200 p.a. ($10,000 x 2.00%) or $16.67 per month. Entry Fee option Initial 4.40% 4.40% Ongoing (p.a.) 0.33% 0.60% Nil Entry Fee option* Option 1 Initial 3.30% 3.30% Ongoing (p.a.) 0.33% 0.60% OR Option 2 Initial Nil Nil Ongoing (p.a.) 0.825% 1.10% * If you select the Nil Entry Fee option, your financial adviser can select whether to receive commission in accordance with option 1 or option 2. For example, for every $1,000 that you invest in OptiMix Enhanced Cash in the Entry Fee option, your financial adviser will receive $3.30 p.a. ongoing commission. Initial and ongoing commissions can be partially or fully rebated and can be negotiated with your financial adviser. You can terminate this fee at any time by notifying us in writing. 14

61 If you negotiate a rebate of initial commission in the Entry Fee option, you will be charged a reduced Entry Fee. If you negotiate a rebate of initial commission in the Nil Entry Fee option 1, the rebate will result in additional units being added to your account at the time of investment. If your financial adviser selects the Nil Entry Fee option 2, we will waive the Withdrawal Fee. If you negotiate a rebate of ongoing commission in the Entry Fee or Nil Entry Fee option, the rebate is paid in the same manner as Ongoing Fee rebates noted on page 12 of this book. If you would like to confirm contact details of your financial adviser or would like to contact a financial adviser if you do not already have one, please contact Customer Services on In addition to any initial and ongoing commissions, we may make payments to dealer groups based on commercial arrangements. We may also make payments to dealer groups or to financial advisers to enable them to provide educational or marketing support. Payments made by us are not charged to you or your OneAnswer Investment Portfolio. These other payments are up to a maximum of 0.25% p.a. (including GST) of funds under management. Other fees and additional information Dishonour Fee Currently a $10 fee is charged to your OneAnswer Investment Portfolio where any payment made by Direct Debit is dishonoured (for example, insufficient funds are available in the account debited). This fee does not apply to ING Tax Effective Income or ING Income Plus. Processing fee Your financial institution may charge a processing fee each time you make a contribution using the Regular Investment Plan. This amount will vary depending on your financial institution. Differential fees We may negotiate differential fees in relation to different classes of units with wholesale clients as defined in the Corporations Act, which may result in rebates being paid to these investors. These rebates will be paid from our own monies and will not affect other investors. Tax may be payable on these rebates. Payments from underlying fund managers We may receive a fund manager payment from underlying fund managers based on funds under management. These amounts are already considered when we determine the fees and charges for each investment fund. These payments come from each fund managers resources and are not an additional fee to you. These fund manager payments are up to a maximum of 0.60% p.a. of funds under management. Expenses The Ongoing Fees of the investment funds managed by fund managers other than INGIM or OptiMix include the Ongoing Fees and charges of the underlying fund managers advised to us at the time of writing this PDS. These underlying fees are an expense to the investment fund and may be subject to change without notice. Maximum fees and charges Each investment fund s constitution allows us to charge higher fees as outlined in the table below. It is not our intention to raise our fees and charges for any investment fund in the foreseeable future. Maximum fees all investment funds Entry Fee 8% Withdrawal Fee 5% Management Fee (p.a.) 4% Switching Fee Investor Fee (p.a.) $100* Dishonour Fee 5% or up to a $50* maximum per switch Actual cost incurred by us for the dishonour * This amount is adjusted by changes to the Consumer Price Index (CPI) each quarter. Alterations to fees We reserve the right to change any of our fees and charges from their present levels without your consent. We will provide you with 30 days notice before increasing any fees and charges. The fees contained in this book are up to date at the time of its preparation. Three 15

62 Example of annual fees and costs for a balanced investment option The tables below provide an example of how the fees and costs in a balanced investment option for this product can affect your investment over a one year period. You should use these tables to compare this product with other managed investment products. Entry Fee option Example ING Managed Growth Balance of $50,000 with total contributions of $5,000 during year Contribution Fees 4% For every $5,000 you put in, you will be charged $200. PLUS Management costs 1.80% p.a. And, for every $50,000 you have in this investment fund you will be charged $900.* EQUALS Cost of fund If you put in $5,000 during a year and your balance was $50,000, then for that year, you would be charged fees of $1,100. What it costs you will depend on the investment option you choose and the fees you negotiate with your financial adviser. * Ongoing Fee rebates apply when your account balance exceeds $100,000. Please refer to Ongoing Fee rebates on page 12 of this book. Additional fees may apply: you may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 14 of this book. Nil Entry Fee option Example ING Managed Growth Balance of $50,000 with total contributions of $5,000 during year Contribution Fees Nil Not applicable. PLUS Management costs 2.35% p.a. And, for every $50,000 you have in this investment fund you will be charged $1,175.* EQUALS Cost of fund If you put in $5,000 during a year and your balance was $50,000, then for that year, you would be charged fees of $1,175. What it costs you will depend on the investment option you choose and the fees you negotiate with your financial adviser. * Ongoing Fee rebates apply when your account balance exceeds $100,000. Please refer to Ongoing Fee rebates on page 12 of this book. Additional fees may apply: you may also incur a buy/sell spread when your money moves in or out of an investment fund. Please refer to Transaction cost factors (buy/sell spreads) on page 14 of this book. a Withdrawal Fee of up to 3% of any amount withdrawn within three years of investing will apply to ING Managed Growth. Please refer to Withdrawal Fees' on page 13 of this book. 16

63 Transacting and managing your investment OneAnswer Investment Portfolio provides you with a number of options to make managing your investment easy: Phone Mail ING Funds Management Limited GPO Box 5306, Sydney NSW 2001 Fax Website customer@ing.com.au The following tables provide you with information on how to transact and manage your OneAnswer Investment Portfolio. Transacting How do I? Information I need to know My options What do I need to do? Make an initial A minimum initial investment of $5,000 ($1,000 per investment fund) is Initial investments can be made by cheque investment required to establish your OneAnswer Investment Portfolio. or Direct Debit. Please nominate your A $1,000 minimum initial investment is required if you establish a payment method on the Application Form. Regular Investment Plan upon commencement of your OneAnswer Investment Portfolio. Make an OneAnswer Investment Portfolio offers you the option to make Please ensure you have read the current PDS additional investment additional investments. The minimum additional investment is $1,000 ($100 per investment fund). Additional investments will attract the same fees as your previous investment unless we receive a valid instruction to apply before making an additional investment. If you wish to make additional investments using BPAY or through your internet banking service using direct credit (EFT), you Four alternative fees. will need to quote reference and account Investments will be allocated to investment funds according to your most recent instruction. Please contact Customer Services if you wish numbers specific to your investment. These details will be provided to you to vary your nomination. with the confirmation of investment we Please refer to page 31 for the terms and conditions associated with making additional investments. will send you when you open your OneAnswer Investment Portfolio. For additional investments made by a one-off direct debit, please complete an Additional Investment Form available on the ING website or by contacting Customer Services. Additional investments made by cheque should be made payable to ING Funds Management Limited and be accompanied by an Additional Investment Form. Establish The Regular Investment Plan allows you to make regular direct debit Establish a Regular Investment Plan by a Regular payments into your OneAnswer Investment Portfolio. The minimum completing the direct debit section in the Investment Plan amount per month or quarter to contribute is $100 per investment Application Form, or completing a Regular fund. Investment Plan Form, available on the ING Your regular payments will be made on or around the 15th of website or by contacting Customer Services. the month. Generally your first payment will occur in the month following the receipt of your investment. You can defer, stop or alter your Regular Investment Plan at any time by writing to us at least two weeks before the next debit is due. Please refer to page 32 for the terms and conditions associated with the Regular Investment Plan. Registered to BPAY Pty Ltd

64 How do I? Information I need to know My options What do I need to do? Switch between investment funds Make a withdrawal Establish a Regular Drawdown Plan OneAnswer Investment Portfolio allows you to switch all or part of your investment between any of the investment funds offered in this PDS. The minimum switch per investment fund is $250. Switching is treated as a withdrawal from one fund and a new investment into another. Therefore you may realise a capital gain or loss. Each step of the transaction is completed using the standard withdrawal and application procedures, which means that there may be a delay between the date the withdrawal is processed and when units in the new investment fund are issued. There are currently no fees when switching between investment funds except ING Cash, ING Mortgage Trust No.2 and Challenger Howard Mortgages. For more information on switching between these funds see page 13 of this book. Please refer to page 31 for the terms and conditions associated with making a switch. You can withdraw all or part of your investment at any time, subject to minimum balance requirements. The minimum withdrawal amount is $1,000. The amount you withdraw can be paid to you by cheque or deposited into your Australian nominated financial institution account. You will need to consider any applicable exit fees or tax implications; speak to your financial adviser for further information. Please refer to page 31 for the terms and conditions associated with withdrawing money. The Regular Draw-down Plan allows you to receive a regular payment from your investment by withdrawing units from your OneAnswer Investment Portfolio. You can choose to receive a fixed amount each month or quarter of $100 or more per investment fund, provided the total value of your investments in OneAnswer Investment Portfolio remains above $20,000. You can defer, stop or alter your Regular Draw-down Plan at any time by writing to us. Allow at least one week for changes to be processed. If your total OneAnswer Investment Portfolio balance falls below $20,000 we may cancel your Regular Draw-down Plan. Amounts will be credited to the nominated Australian financial institution account on or around the 15th of each month. However, for the regular draw-down occurring immediately after the end of the financial year, i.e. 15th July, there may be a delay due to the additional processing required for the end of financial year. Your first payment will occur in the month following the date your request is received. If you have chosen the Nil Entry Fee option, the maximum you can receive, without Withdrawal Fees is 6% p.a. of the total value of your OneAnswer Investment Portfolio balance. Any payment in excess of 6% p.a. will be subject to a Withdrawal Fee where applicable. Withdrawal Fees will be deducted from your payment amount. Please refer to page 31 for the terms and conditions associated with withdrawing money. You can request a switch between investment funds online through account access, by calling Customer Services and requesting a switch over the phone, or by completing a Switch Request Form, available on the ING website. Please ensure you have read the current PDS before requesting a switch. Your adviser may also submit a request to switch online on your behalf. You can request a withdrawal by calling Customer Services or writing to us. A Withdrawal Form is available on the ING website. Establish a Regular Draw-down Plan by completing the Regular Draw-down Plan section in the Application Form or completing a Regular Draw-down Plan Form, available on the ING website or by calling Customer Services. 18

65 Managing your investment How do I? Information I need to know What do I need to do? Manage my Through the ING website you can access the Customer Centre (including account Visit the ING website and submit an investment online access) a simple and secure online service that gives you access to a range of online registration form. You will need information and services relating to your investment. your ING investor number in order to Using the Customer Centre you can: read market commentaries and Investor Updates access calculators and L-earn, a financial education tool download fund summaries, forms and annual financial reports. register. This number will be provided with confirmation of your initial investment. If you would like further information, please contact Customer Services on Using account access you can: weekdays between view your account balance 8.30am and 5.30pm (Sydney time). look up current unit prices, performance and asset allocation view your transaction history view snapshots of your account submit a request to switch between investment funds monitor the progress of your transactions update your personal details. Change the method of how I receive distribution payments You may choose to receive your distributions in one of two ways: receive your distributions as income, paid into your nominated financial institution account You can complete a Change of Details Form, available on the ING website or by contacting Customer Services. Four reinvest your distributions by converting them into more units, thereby growing your capital. Know when Generally, the effective date of all transactions will be the date the correctly transactions will be completed documentation and application monies (where applicable) are received processed at 347 Kent Street, Sydney NSW If received by 12 noon (Sydney time), transactions will generally take effect on the same business day. If received after 12 noon (Sydney time), transactions will generally have an effective date of the following business day. Where application money is paid by direct debit, processing will occur when funds are received by us from your financial institution. If we are unable to issue your investment units upon receiving your application, we are required to hold your monies in a trust account on your behalf. However, this is generally for short periods of time as most applications are processed overnight. Redemption requests and any deductions required by law are also similarly processed using a holding account. We will retain any interest payable by our bank on these accounts to meet, among other things, bank fees and other bank administrative costs we incur in operating them. Confirm transactions Additional investments, switches and withdrawals from your OneAnswer Request copies of confirmations either Investment Portfolio are confirmed in writing by us at the time of the transaction. by contacting Customer Services or You can request copies of confirmation of your transactions and any other additional information about your OneAnswer Investment Portfolio at any time. view your transactions through account access on the ING website. 19

66 What is margin lending? Margin lending is sometimes called gearing, which in simple terms means borrowing to invest. The idea is that investments will grow over a period of time at more than the cost of borrowing (your loan) and thus providing an appreciation in the value of your investments. Margin lending can be a powerful tool in helping you to achieve your financial goals. However, as with any geared investment, there are some risks associated with it. Please speak to your financial adviser for advice on whether gearing is a suitable strategy for your circumstances. A margin loan will use the value of managed funds in your investment portfolio as security over the loan. For your convenience, we have included a margin lending facility in OneAnswer Investment Portfolio. This facility is called ANZ Margin Lending and is a product of ANZ Group, a market leader in the provision of margin lending services. ANZ Group is responsible for all statements and information about margin lending in this book. Margin lending is not regulated by the Corporations Act. Consequently, the information about margin lending in this document does not form a part of this PDS and is not regulated by the Corporations Act. The information provided here is intended as a guide only. It is not intended to be a substitute for professional advice and should not be relied upon as such. ANZ Group recommends that you consult a financial adviser before making any investment decisions. Features of ANZ Margin Lending Margin loan product features Minimum initial investment $10,000 Minimum loan balance $10,000* Regular Geared Savings Plan product features Minimum initial investment $2,500 Minimum loan balance $5,000* Minimum monthly investment $250 Minimum monthly loan advance $500 How much you can borrow The maximum amount you can borrow depends on three factors: how much you have invested in OneAnswer Investment Portfolio which investment fund you are investing in other securities offered. Each investment fund has a maximum Loan to Value Ratio (LVR), which determines the maximum amount of money you can borrow when investing in that fund. For example, ING Blue Chip Imputation currently has a maximum LVR of 70%, meaning if you had $30,000 to invest, you could borrow a further $70,000, bringing your total portfolio to $100,000. The borrowed amount is 70% of the total portfolio. How a margin loan works A margin loan is built around the LVR of each investment fund. This ratio is the amount of money you contribute compared to the amount you borrow. For example, if you have an investment portfolio of $100,000, of which $50,000 is your own money and you borrowed the remaining $50,000, the LVR would be 50% (the gearing ratio will be 50:50). The lender will set a maximum LVR depending on the managed funds you are investing in. If the percentage of borrowed money rises above the maximum LVR and a buffer (5%), you may receive a margin call. Margin call A margin call is a request for you to rebalance your portfolio when the borrowed amount in your portfolio rises above the maximum LVR and a 5% buffer. The buffer amount is determined as a percentage of the portfolio s approved managed funds market value. It is a requirement of the margin loan that the margin call is cleared within 24 hours of when it first occurs. Using the above example, let s say you have a total portfolio of $100,000 with a loan amount of $70,000 and a maximum LVR of 70%. If the market drops by 5%, then the current value of your portfolio drops to $95,000. The $70,000 you borrowed now represents 73.68% of the current value of the portfolio, which is greater than the allowed LVR of 70%. Total minimum monthly investment $750 Note: The Regular Draw-down Plan is not available for use with margin lending. You are free to apply for a margin loan at any time. You are also free to use external margin lending facilities with OneAnswer Investment Portfolio. * Monthly Account Keeping Fee: A fee of $20 will be charged to your account where the average monthly loan balance owing is less than the minimum required. Zero and/or credit balances also attract this fee. Where applicable, this fee is charged at the end of each month and is debited to your loan account. 20

67 To allow for market fluctuations ANZ Margin Lending uses a buffer, which is equal to 5% of the portfolio s approved managed funds market value. The following scenario shows an account still within the buffer and not in margin call. Using the above example: Example Original portfolio value $100,000 Maximum LVR 70% Market fluctuation 5% Current investment portfolio value $95,000 Maximum LVR amount $66,500 (70% of the current investment portfolio value) Actual loan amount $70,000 Actual LVR 73.68% Shortfall $3,500 (amount the actual loan exceeds the maximum LVR amount) Buffer $4,750 (5% of the current investment portfolio value) Remaining buffer $1,250 Margin call In this example, a margin call would not be triggered because the shortfall did not exceed the 5% buffer. However, it is suggested you rebalance your portfolio above the 5% buffer to reduce the chance of a margin call. It is important to understand that when the value of your managed funds is falling, the buffer limit also reduces. No When the shortfall exceeds the buffer Using the same example, this time the market drops by 10%. The following scenario this time shows an account in margin call: Example Original portfolio value $100,000 Maximum LVR 70% Market fluctuation 10% Current investment portfolio value $90,000 Maximum LVR amount Actual loan amount $70,000 Actual LVR 77.78% $63,000 (70% of the current investment portfolio value) Shortfall $7,000 (amount the actual loan exceeds the maximum LVR amount) Buffer $4,500 (5% of the current investment portfolio value) Remaining buffer Margin call If the shortfall exceeds your buffer, the result is a margin call. When a margin call is triggered you have 24 hours to rebalance your portfolio (to ensure your portfolio is within the maximum LVR). In this case, you could do one of the following: Nil Yes add to your existing investment in OneAnswer Investment Portfolio reduce the amount you owe by depositing funds into your loan account held with ANZ Margin Lending sell sufficient holdings in your OneAnswer Investment Portfolio, and use the proceeds to repay part of the loan provide other security. When a margin call is triggered, ANZ Margin Lending will attempt to contact you. However, it remains your responsibility to monitor your loan and ensure it remains under the maximum LVR. If you are unable to rebalance your investment portfolio within 24 hours, ANZ Margin Lending may sell part or all of your OneAnswer Investment Portfolio to cover the margin call, and you will not be able to determine which part of your OneAnswer Investment Portfolio is sold. ANZ Margin Lending will usually sell those managed funds with lower LVRs in order to clear a margin call. Five 21

68 Reducing the risk of a margin call There are several things you can do to reduce the chance of a margin call: borrow less than the maximum LVR the lower the LVR, the less likely you are to receive a margin call make regular loan and interest repayments to reduce the borrowed amount in your loan diversify your investment credit/reinvest your distributions into your margin loan account add more securities e.g. shares, managed funds and cash develop a strategy to pre-empt potential margin calls by transferring approved managed funds or cash into your loan account when your portfolio exceeds the maximum LVR, but is still within the buffer monitor your loan closely by: reviewing your monthly statements registering for ANZ My Portfolio at contacting ANZ Margin Lending Client Services on , weekdays between 8.00am and 6.00pm (AEST). Your financial adviser can provide further information about how to reduce the risk of a margin call. Loan types ANZ Margin Lending offers two types of margin loans variable interest or fixed interest. Current interest rates can be viewed online at Variable The interest rate can vary and is calculated daily and charged to your account at the end of every month. You are not required to make regular repayments on either the borrowed amount or the interest which is capitalised to your loan. However, if you wish to do so you can make regular repayments to your loan or set up a Direct Debit for monthly interest repayments. You must ensure that your loan remains under the maximum LVR as outlined above. If you would like to make regular loan repayments you can elect to set up a Direct Debit plan from a bank account to your loan account. Please contact ANZ Margin Lending for further details on this facility. Fixed The loan amount, interest rate and loan terms are all fixed. The interest is charged and prepaid for the whole term at the commencement of the loan. Prepaid interest is non-refundable. You are not required to make regular repayments on the borrowed amount as long as you ensure that the loan remains under the maximum LVR as outlined above. Depending on your individual circumstances, you may be able to deduct interest expenses and borrowing fees for tax purposes. Regular Geared Savings Plan The Regular Geared Savings Plan allows you to borrow further amounts on a monthly basis. To use the Regular Geared Savings Plan you will need to contribute a minimum of $250 per month, and ANZ Margin Lending will lend a minimum of $500 per month, bringing the total minimum monthly investment to $750. There is also a minimum investment of $100 per investment fund. Please note: you cannot use the Regular Geared Savings Plan and the Regular Investment Plan at the same time. For more information on the Regular Investment Plan see page 17 of this book. Withdrawing money Withdrawal requests need to be authorised by ANZ Margin Lending. Withdrawal requests can be faxed to ANZ Margin Lending on Maximum LVRs for each investment fund The maximum LVR generally available on any of the investment funds is 70%, however some of the funds have lower LVRs depending on their risk profile. Please refer to for the latest LVRs for each investment fund. Financial adviser commission ANZ Margin Lending may pay your financial adviser an upfront and/ or a trailing commission, payable on the loan amount, for providing advice in relation to this margin lending facility. Financial adviser commissions are not charged directly to your OneAnswer Investment Portfolio. ANZ Margin Lending Terms and Conditions Your financial adviser is required to provide you with a copy of the ANZ Margin Lending Terms and Conditions. It is important that you have read and understood these prior to taking out a margin loan with ANZ Margin Lending. Further information For further information on ANZ Margin Lending including fees and charges visit or please call ANZ Margin Lending Client Services on , weekdays between 8.00am and 6.00pm (AEST). 22

69 What do I need to know about taxation? The following information is a brief explanation of some of the taxation issues for individual Australian resident investors based on current tax legislation. We recommend that you seek tax advice specific to your circumstances. The investment funds do not pay tax because their net income (including net capital gains) is distributed to investors annually. Your entitlement to the net income (including net capital gains) of each investment fund will be distributed to you at least annually. Your distributions may include components such as Australian income, foreign income, tax-free amounts, tax-deferred amounts and net capital gains, each of which has different tax implications for you. You will be assessed on your distribution in the year of income in which you were presently entitled to it. This means that even if you receive your June 2006 distribution in July 2006, you will still have to include this distribution in your tax return. You are required to pay tax on your distribution, even if you reinvest it. The components of your distribution will be indicated on your end of year Consolidated Tax Statement. Australian income Depending on the investment fund, your distribution may include franked and unfranked dividends, interest, rental income and other profits of a revenue nature earned in Australia. There may be franking credits attached to your distributions, and these franking credits may be used to reduce your tax liability. However, if you sell your units within 45 days of receiving a distribution, you may lose the benefit of the franking credits due to the operation of the 45-Day Holding Period Rule. If your franking credits exceed your tax liability, you may be entitled to a refund of the excess franking credits. Foreign income Depending on the investment fund, your distribution may include income from investments held outside Australia. Australian residents are generally subject to tax in Australia on all foreign income. Where tax has been paid in a foreign country on foreign income, a foreign tax credit will arise and will be attached to the foreign income distributed to you. You may use this foreign tax credit to reduce the Australian tax payable on your foreign income. The Foreign Investment Fund (FIF) rules tax unrealised gains arising from certain foreign investments. We do not expect the investment funds to be subject to these rules. Tax-free and tax-deferred amounts Depending on the investment fund, your distribution may include tax-free and tax-deferred amounts. These amounts are not included in your assessable income. These amounts may affect your taxable capital gain or loss when you sell your units. Capital Gains Tax Capital Gains Tax is payable on the growth in the value of assets when they are sold (realised). Due to legislation changes over the years, capital gains and capital losses can be calculated in a number of different ways. The tax treatment of capital gains and capital losses is outlined in your end of year Consolidated Tax Statement. Capital gains are realised at two levels: Fund level If an investment fund was to purchase assets, such as shares, at a particular price and then sell the same parcel of shares at a later date for a higher price, the investment fund will realise a capital gain. The net capital gains realised by an investment fund will be distributed to investors. If the investment fund holds the assets for 12 months or more before the disposal, the capital gain may be subject to a discount of 50%. Individual level If you withdraw units, switch or transfer any part of your investment, participate in a regular withdrawal facility or authorise the payment of an Adviser Service Fee it is treated as a disposal of units for tax purposes. Any gain or loss arising from the disposal will be disclosed in your end of year Consolidated Tax Statement. If you held the units for 12 months or more before the disposal, you may be entitled to a 50% discount if you are an individual investor. Goods and Services Tax The investment funds are input taxed for GST purposes. This means GST is not payable on your investment in the investment funds. However, the funds may be required to pay GST on fees and other expenses. In some cases the investment funds will be able to claim a reduced input tax credit of 75% of the GST paid on certain fees and expenses. This means that the effective cost of the GST to the investment funds is reduced by the amount of the reduced input tax credit received. Six 23

70 Social security Investments in the investment funds may affect your current or future social security entitlements. We recommend you seek professional advice. Tax File Number (TFN) or Australian Business Number (ABN) You do not need to supply your TFN or ABN. However, if you do not supply your TFN or ABN and you do not have an exemption, we will deduct tax from your income distributions at the highest marginal tax rate plus the Medicare levy. Taxation of non-resident investors On 21 March 2005, the Australian tax law was amended to remove the disadvantage for non-residents investing through Australian unit trusts which invest in foreign assets and certain Australian assets. The changes have removed the tax on capital gains, distributed by a trust, that relate to assets Not Connected With Australia (NCWA). The changes also allow non-residents to disregard capital gains and losses made upon redemption of units in an Australian unit trust where 90% or more of the underlying assets of the trust are NCWA. These changes are a significant breakthrough for non-residents investing in Australia. Non-residents are now generally liable to pay Australian tax on income which is sourced in Australia and capital gains on assets that are Connected With Australia (CWA). If you are not a resident of Australia for taxation purposes, you should seek tax advice about your obligation to lodge an Australian income tax return. When you receive a distribution We are required by Australian tax law to withhold tax from some components of your distribution. The rate of tax that we are required to withhold will depend upon the type of income and/or capital gain that is being distributed, whether you are an individual or a company and which country you reside in. When you sell your units If you own less than 10% of the units in an investment fund and make a capital gain or loss on the redemption of units in that investment fund, you are not liable to pay Australian income tax, and we do not withhold tax from your redemption. If you own more than 10% of the units in an investment fund and make a capital gain or loss on the sale of these units your liability to Australian tax will depend upon whether 90% or more of the underlying assets of the investment fund are CWA or NCWA. At the end of the financial year, we will advise you if you have owned more than 10% of the units in an investment fund at any time throughout the year. Upon request, we can provide you with further information regarding the investment funds' underlying assets. That is, whether more or less than 90% of the investment funds' assets are CWA or NCWA. This will assist you in determining your potential Australian tax liability. 24

71 What else do I need to know? This section details further information you need to know about how OneAnswer Investment Portfolio works. Distributions Distributions are earnings from your investment and may include income and net capital gains. Your distribution amount will normally vary depending on factors like market conditions, asset class and investment performance. As a result of these factors, there may be times when you do not receive any distributions. The distribution amount you receive is based upon the number of units you hold (in your class) at the end of the distribution period and the amount per unit to be distributed from the investment funds (this also applies to Challenger Howard Mortgages). However, for ING Income Plus, ING Mortgage Trust No.2 and ING Cash, the distributions you receive are based on the number of units you hold during a distribution period and the number of days those units have been held. It is proposed to change the distribution method for ING Income Plus and ING Cash before the end of December After this change, investors will receive distributions based on the number of units held at the end of the distribution period (and not the number of days those units have been held). For further information on when this change is to take effect, please refer to the ING website or contact Customer Services. If you have chosen to receive distributions as cash to be paid into your financial institution account and our deposit is rejected (e.g. because your account has been closed), we will try to contact you to obtain new financial institution account details. If we cannot obtain new details, we will either: reinvest your distribution in the relevant investment fund if you have not withdrawn all your money from the fund send you a cheque for your distribution. If the distribution cheque we send you is returned unclaimed and after making reasonable enquiries we cannot obtain a new address for you, we will reinvest your distribution in the relevant investment fund if you have not withdrawn all your money from that fund. Otherwise, we will treat your distribution as unclaimed money. Distributions will also be reinvested if we have received notice of the death of an investor and the units have not been transferred to an executor or beneficiary. We may continue to reinvest any subsequent distributions until you notify us otherwise or in the case of a deceased investor, until the units are transmitted. Distributions are normally paid within 30 days of the end of each distribution period, although a greater period is allowed under the constitution of each investment fund. Investment fund distribution frequencies Distribution frequency Monthly Quarterly Half yearly Yearly Processed for period ending Every month September, December, March, June December, June June Investment funds in OneAnswer Investment Portfolio pay distributions at different times (either monthly, quarterly, half yearly or annually). Please refer to the table below for distribution frequencies. Multi-manager Investment fund Profile 1 Defensive OptiMix Australian Fixed Interest OptiMix Enhanced Cash Profile 2 Conservative OptiMix Conservative Profile 3 Moderate OptiMix Moderate Profile 4 Growth OptiMix Balanced OptiMix Growth Profile 5 High growth Property OptiMix Property Securities Australian shares OptiMix Australian Shares OptiMix Geared Australian Shares Global shares OptiMix Global Shares OptiMix Global Smaller Companies Shares Multi-sector OptiMix High Growth Distribution frequency Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Half yearly Yearly Half yearly Half yearly Half yearly Seven 25

72 Single manager Investment fund Distribution frequency Investment fund Distribution frequency Profile 1 Defensive Vanguard Property Securities Index Quarterly Challenger Howard Mortgages Monthly Australian shares Colonial First State Global Credit Income Monthly AMP Capital Equity Half yearly ING Cash Monthly Ausbil Australian Emerging Leaders Half yearly ING Diversified Fixed Interest Quarterly Barclays Global Investors Australian Shares Quarterly ING Mortgage Trust No.2 Monthly BT Smaller Companies Half yearly Merrill Lynch Monthly Income Monthly Colonial First State Imputation Quarterly UBS Diversified Fixed Income Quarterly ING Australian Shares Half yearly Profile 2 Conservative ING Blue Chip Imputation Half yearly AMP Capital Enhanced Yield Quarterly ING Emerging Companies Half yearly Credit Suisse Syndicated Loan Quarterly ING Select Leaders Half yearly ING Capital Stable Quarterly ING Sustainable Investments Australian Shares Half yearly ING Diversified High Yield Quarterly Investors Mutual Australian Shares Half yearly ING Income Plus Monthly IOOF/Perennial Value Shares Half yearly Perpetual Conservative Growth Quarterly Perpetual Australian Shares Half yearly UBS Defensive Quarterly Schroder Australian Equity Half yearly Profile 3 Moderate Vanguard Australian Shares Index Quarterly ING Balanced Quarterly Global shares Schroder Balanced Half yearly AXA Global Equity Value Yearly UBS Balanced Quarterly Barclays Global Investors International Shares Half yearly Profile 4 Growth Credit Suisse International Shares Yearly Barclays Global Investors Diversified Growth Quarterly ING Global Emerging Markets Shares Half yearly Colonial First State Diversified Quarterly ING Global High Dividend Quarterly ING Active Growth Quarterly ING Global Shares Half yearly ING Managed Growth Quarterly MFS Global Equity Yearly ING Tax Effective Income Quarterly Perpetual International Shares Yearly Merrill Lynch Balanced Half yearly Platinum International Yearly Perpetual Balanced Growth Half yearly Vanguard International Shares Index Quarterly Profile 5 High growth Vanguard International Shares Index (Hedged) Quarterly Property Zurich International Shares Half yearly AXA Australian Property Quarterly Multi-sector Credit Suisse Property Quarterly ING High Growth Half-yearly ING Property Securities Quarterly 26

73 Unit prices As the value of the assets in an investment fund rise and fall, so does the value of the unit price, and therefore the value of your investment. The value of units (i.e. the unit price) is determined in the following way: For all investment funds (except as noted below) The unit price is equal to the value of all the assets in each investment fund (in your class), including income and realised capital gains, less liabilities and provisions (including any provision for distribution), divided by the number of units investors hold in your class. Please note that this method applies to Challenger Howard Mortgages. A different method applies for ING Mortgage Trust No.2, this is detailed below. For ING Mortgage Trust No.2 The unit price is $1 and this figure is not expected to change, although if there is a significant change to the value of the fund s assets, the unit price may change accordingly. The unit price is equal to the value of all the assets in the investment fund (in your class) less liabilities and income that has accrued in the current distribution period, divided by the number of units investors hold in your class. Staying informed Every quarter you will receive a consolidated statement outlining: your current account balance your transaction history investment performance. After the end of each financial year you will also receive a statement containing the information you need to complete your annual tax return. As each of the investment funds is a disclosing entity, the funds are subject to regular reporting and disclosure obligations. You can therefore obtain a copy of the following documents from us free of charge for any of the funds: the most recent annual financial report lodged with the Australian Securities and Investments Commission (ASIC) any half year financial report lodged with ASIC after the lodgement of the annual financial report but before the date of this PDS any notices about price sensitive information we are required to lodge with ASIC after the lodgement of the annual financial report but before the date of this PDS. In addition, copies of documents lodged with ASIC in relation to any of the funds may be obtained from or inspected at any ASIC office. InvestmentLink We are a member of the InvestmentLink information system which enables financial advisers to electronically access up to date client information. If your financial adviser is a member of InvestmentLink, your relevant investment details will be supplied by us to InvestmentLink. Responsible Entity and constitutions As Responsible Entity of the investment funds, we are responsible for the operation of the funds and complying with their respective constitutions and the Corporations Act. The constitution of each investment fund limits your liability in relation to the fund to the value of the units you hold. The courts however, are yet to conclusively determine the effectiveness of these provisions. Customer concerns If you have a complaint about the operation or management of OneAnswer Investment Portfolio, please phone us on , or write to us at: Complaints Resolution Officer ING Funds Management Limited GPO Box 5306 Sydney NSW 2001 If you are not satisfied with our response, you may refer the issue to: Financial Industry Complaints Service (FICS) PO Box 579 Collins Street West Melbourne VIC 8007 Phone Fax FICS is an independent body whose decisions are binding on us. You must first attempt to resolve any problems with us before contacting FICS. Seven 27

74 Privacy We are committed to ensuring the confidentiality and security of your personal information. The Privacy Policy details how we manage your personal information and is available on request or may be downloaded from the ING website You may request access to the information held by us about you, your investment(s) and any other ING products or services which you may hold by contacting the Privacy Officer. Please assist us by contacting Customer Services if any of your personal information is incorrect, has changed or requires updating. In order to undertake the management and administration of our products and services, it may be necessary for us to disclose your personal information to certain third parties. Unless you consent to such disclosure we will not be able to process your application or provide you with ING products or services. The parties to whom we may routinely disclose your personal information include: organisations undertaking compliance reviews of our financial advisers or reviews of the accuracy and completeness of our information organisations maintaining our information technology systems and providing information technology services authorised financial institutions organisations providing mailing services and undertaking the printing of our standard documents and correspondence lenders who provide lending facilities to you for your investment in OneAnswer Investment Portfolio your financial adviser. We will only disclose your personal information to these organisations to enable them to undertake specified management and administration services. We will also disclose your personal information in circumstances where we are required by law to do so. Where you wish to authorise any other parties to act on your behalf, to receive information and/or undertake transactions, please notify us in writing. We and other ING companies may send you information about financial products and services from time to time. You may elect not to receive such information at any time by contacting Customer Services. If you have any further questions about privacy, please write to us or contact us at: Privacy Officer GPO Box 75 Sydney NSW 2001 Phone Fax Registered managed investment schemes The investment funds offered through OneAnswer Investment Portfolio are managed investment schemes. The following tables identifies investment funds used for the purposes of this PDS and the formal names of the schemes as registered with ASIC. 28

75 Multi-manager Investment fund ARSN Constitutional name Profile 1 Defensive OptiMix Australian Fixed Interest OptiMix Australian Fixed Interest Trust OptiMix Enhanced Cash OptiMix Enhanced Cash Trust Profile 2- Conservative OptiMix Conservative OptiMix Conservative Trust Profile 3 Moderate OptiMix Moderate OptiMix Moderate Trust Profile 4 Growth OptiMix Balanced OptiMix Balanced Trust OptiMix Growth OptiMix Growth Trust Profile 5 High growth Property OptiMix Property Securities OptiMix Property Securities Trust Australian shares OptiMix Australian Shares OptiMix Australian Share Trust OptiMix Geared Australian Shares OptiMix Geared Australian Share Trust Global shares OptiMix Global Shares OptiMix Global Share Trust OptiMix Global Smaller Companies Shares OptiMix Global Smaller Companies Share Trust Multi-sector OptiMix High Growth OptiMix High Growth Trust Single manager Investment fund ARSN Constitutional name Profile 1 Defensive Challenger Howard Mortgages OneAnswer Challenger Howard Mortgage Trust Colonial First State Global Credit Income OneAnswer Colonial First State Global Credit Income Trust ING Cash ING Cash Trust ING Diversified Fixed Interest ING Diversified Fixed Interest Trust ING Mortgage Trust No ING Mortgage Trust No. 2 Merrill Lynch Monthly Income OneAnswer Merrill Lynch Monthly Income Trust UBS Diversified Fixed Income ING UBS Diversified Fixed Income Trust Profile 2 Conservative AMP Capital Enhanced Yield OneAnswer AMP Capital Enhanced Yield Trust Credit Suisse Syndicated Loan OneAnswer Credit Suisse Syndicated Loan Trust ING Capital Stable ING Capital Stable Trust ING Diversified High Yield ING Diversified High Yield Trust ING Income Plus ING Income Plus Trust Perpetual Conservative Growth ING Perpetual Conservative Growth Trust UBS Defensive ING UBS Defensive Trust Profile 3 -Moderate ING Balanced ING Balanced Trust Schroder Balanced ING Schroder Balanced Trust UBS Balanced ING UBS Balanced Trust Seven 29

76 Single manager continued Investment fund ARSN Constitutional name Profile 4 Growth Barclays Global Investors Diversified Growth ING Barclays Global Investors Diversified Growth Trust Colonial First State Diversified ING Colonial First State Diversified Trust ING Active Growth ING Active Growth Trust ING Managed Growth ING Managed Growth Trust ING Tax Effective Income ING Tax Effective Income Trust Merrill Lynch Balanced ING Merrill Lynch Balanced Trust Perpetual Balanced Growth ING Perpetual Balanced Growth Trust Profile 5 High growth Property AXA Australian Property OneAnswer AXA Australian Property Trust Credit Suisse Property ING Credit Suisse Property Trust ING Property Securities ING Property Securities Trust Vanguard Property Securities Index OneAnswer Vanguard Property Securities Index Trust Australian shares AMP Capital Equity ING AMP Capital Equity Trust Ausbil Australian Emerging Leaders OneAnswer Ausbil Australian Emerging Leaders Trust Barclays Global Investors Australian Shares ING OneAnswer BGI Australian Shares Trust BT Smaller Companies ING OneAnswer BT Smaller Companies Trust Colonial First State Imputation ING Colonial First State Imputation Trust ING Australian Shares ING Australian Share Trust ING Blue Chip Imputation ING Blue Chip Imputation Trust ING Emerging Companies ING Emerging Companies Trust ING Select Leaders ING Select Leaders Trust ING Sustainable Investments Australian Shares ING Sustainable Investments Australian Share Trust Investors Mutual Australian Shares ING Investors Mutual Australian Share Trust IOOF/Perennial Value Shares ING OneAnswer IOOF/Perennial Value Shares Trust Perpetual Australian Shares ING Perpetual Australian Share Trust Schroder Australian Equity ING Schroder Australian Equity Trust Vanguard Australian Shares Index OneAnswer Vanguard Australian Shares Index Trust Global shares AXA Global Equity Value ING AXA Global Equity Value Trust Barclays Global Investors International Shares OneAnswer BGI International Shares Trust Credit Suisse International Shares ING Credit Suisse International Share Trust ING Global Emerging Markets Shares ING Global Emerging Markets Share Trust ING Global High Dividend OneAnswer ING Global High Dividend Trust ING Global Shares ING Global Share Trust MFS Global Equity OneAnswer MFS Global Equity Trust Perpetual International Shares OneAnswer Perpetual International Shares Trust Platinum International OneAnswer Platinum International Trust Vanguard International Shares Index OneAnswer Vanguard International Shares Index Trust Vanguard International Shares Index (Hedged) OneAnswer Vanguard International Shares Index (Hedged) Trust Zurich International Shares OneAnswer Zurich International Shares Trust Multi-sector ING High Growth ING High Growth Trust 30

77 Cooling-off period You are entitled to a cooling-off period upon application into any of the investment funds. This means that you may cancel your initial application within 14 days of the earlier of: the date you receive a confirmation from us the end of the fifth day after we first issue you with units in your investment fund. This is known as the cooling-off period. If you cancel your investment within the cooling-off period, the amount you receive will be adjusted for any changes in the unit price of the investment fund, less any withdrawals and transaction costs. If you want to cancel your initial application, you can notify us in writing. Cooling-off does not apply to any investments made using either the Regular Investment or Regular Geared Savings Plans, to certain additional investments and switches, or to wholesale clients within the terms of the Corporations Act. How to obtain up to date information Information in this PDS is subject to change from time to time and may be updated by us if it is not materially adverse to investors. We will notify you of such changes via regular investor communications and the ING website. We will issue a supplementary or replacement PDS if there is a materially adverse change or omission. You can obtain updated information by contacting your financial adviser, visiting the ING website, or contacting Customer Services. We encourage you to refer the ING website for updated information. You can request a paper copy of any updated information at any time which will be provided free of charge. Terms and conditions Withdrawing money Payments will not be made to third party financial institution accounts. Any Withdrawal Fees that apply will be deducted before the payment is made to you. Withdrawal requests are usually paid within seven working days, although the constitution allows for a longer period of time. We can also redeem some or all of your units in an investment fund at any time. However, we will only do this in exceptional circumstances. Instead of paying cash we may choose to transfer assets of an investment fund to you when you make a withdrawal from the fund. In these circumstances, stamp duty may be payable by the transferee. In the unlikely event that an investment fund ceases to be liquid (when assets cannot be sold at market value within a set period), different withdrawal procedures, as specified in the Corporations Act, will apply. If the balance in an investment fund falls below $250 we may, after giving you 30 days notice, redeem your units in that investment fund and return your money. We may vary the minimum balance of an investment fund. Withdrawal requests on the death of an investor will be paid once all necessary information is provided. For information on our requirements, please contact your financial adviser or Customer Services on Additional investments, switches and phone withdrawals You must quote your investor number and comply with any other security measures we may introduce from time to time. Units applied for in writing and units switched or withdrawn over the phone, will be issued or withdrawn on the terms of the current PDS and the investment fund s constitution. Your current investment portfolio details will be used to establish your investment in a new investment fund, unless we receive a request in writing to vary these details. For security purposes, phone withdrawals will only be paid to a previously nominated financial institution account or by cheque made payable to you and sent to the address recorded on our registry system. Any changes to your financial institution account details must be advised in writing. To enable us to enhance our service standards and verify your instructions, phone conversations may be monitored or recorded without your knowledge. Any action taken or request given to us cannot normally be varied or countermanded. If we comply with a transaction request made, or claimed to be made, in accordance with these terms and conditions, this will satisfy all our obligations. No claim can be made against us, even if the request was made without your knowledge and authority. You agree to release and indemnify us against any claims, demands, costs, losses or liabilities arising out of us doing, or not doing, anything in reliance upon an instruction given to us by phone. We reserve the right to cancel or vary these arrangements at any time without notice. Seven 31

78 Regular Investment Plan Units will be issued on the basis of the terms of the current PDS at the time each regular investment is made. A current PDS can be obtained from the ING website or by contacting Customer Services. If a payment is not received by us because of insufficient money in your nominated financial institution account, we will contact you and ask if you wish to make the payment directly. Your financial institution may charge a fee for the attempted transaction. For all investment funds, except ING Tax Effective Income and ING Income Plus, we have the right to recover any costs incurred in respect of any failed transaction. This amount does not currently exceed $10 per investment, but may be varied in the future. If payments are not received for three consecutive months, your Regular Investment Plan will automatically be cancelled. We reserve the right to cancel your Regular Investment Plan at any time or discontinue processing future investments from all or particular investors for any reason. If this occurs, units already issued will not be affected. You cannot use the Regular Investment Plan and the Regular Geared Savings Plan at the same time. 32

79 Application Forms How to invest To make your investment in OneAnswer Investment Portfolio: complete all relevant sections in blue or black pen and sign the Application Form forward your completed Application Form and cheque (if applicable) to your financial adviser, or to ING Funds Management Limited, GPO Box 5306, Sydney NSW Important information about completing the Application Form Children under 18 years We will not accept investments made directly by persons under 18 years. Investments made by adults as trustees for them may be accepted. Tax File Number (TFN), Australian Business Number (ABN) or exemption If you have an ABN and are making this investment in the course of a business or enterprise carried out by you, you may wish to quote the ABN of that enterprise (rather than your TFN). Providing your TFN or ABN is not compulsory. However, if you do not enter your TFN, ABN or TFN exemption, we are obliged to withhold tax from your distributions at the highest marginal tax rate plus Medicare levy. By quoting your TFN or ABN, you authorise us to apply it to all of your investments in the investment funds. If you are eligible to claim an exemption you must specify the exemption being claimed, for example: Type 1: age, disability support or service pension Type 2: wife, widow and special needs pensions, carer and parenting (singles) payments, or rehabilitation allowance Type 3: company which is not required to lodge a tax return or non-resident investor. Signing the Application Form All investors must sign the Application Form. We cannot process your application without the appropriate signature(s). Joint applicants will be registered as joint tenants and the survivor(s) only will be recognised as holding title to the interest of the deceased unitholder(s). Applications made by a company may include a company seal and be signed by one of the following: two directors of the company a director and company secretary of the company the director whose company is a proprietary company that has a sole director who is also the company secretary. Please note In order to process your application, it is important that all relevant sections of the Application Form are completed. Incomplete applications will mean we have to contact you or your financial adviser for further information and this will delay your application. We reserve the right to accept or refuse any application for investment in OneAnswer Investment Portfolio. The only means of applying for OneAnswer Investment Portfolio is by completion of the Application Form accompanied by the current PDS. The PDS may be withdrawn and/or replaced at any time. Applications made on a withdrawn PDS will be declined. One Two Three Four Five Six Seven Eight 33

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81 OneAnswer Investment Portfolio Application Form 12 June 2006 The invitation to invest in OneAnswer Investment Portfolio is only available to persons receiving the PDS in Australia. It is not made directly or indirectly to persons in any other country. Application faxed D D M M Y Y Y Y Special instructions Have you attached any special instructions to this Application Form? Yes No Financial adviser s stamp 1. Do you have an existing investment in OneAnswer Investment Portfolio? Yes No If yes, and this is an additional investment to an existing OneAnswer Investment Portfolio account please quote your investor number (if an investor number is not nominated, a new account will be opened). 2. Payment method Please select one of the following payment methods for your investment: Cheque (please make payable to ING Funds Management Limited) Direct debit please complete details below. Direct debit request I/We request and advise ING Funds Management Limited (user ID number:102) to debit my/our nominated account in terms of the payment arrangement made between us: Name of financial institution Branch where account is held Account name BSB number Account number Amount to be debited $,. I/We acknowledge that this direct debit arrangement is governed by the Direct Debit Request Service Agreement on page 47. All financial institution account signatories must sign below. Signature of account holder A (sign clearly within box) Date D D M M Y Y Y Y Office Use Only This Application Form has been updated. Please ensure you complete the Application Form included in the Supplementary PDS. All other forms included in this booklet are current and available for use. L2924/1206 Signature of account holder B (sign clearly within box) Date D D M M Y Y Y Y 35

82 3. Investor details please print Type of investor Individual Joint Trust (Please complete details below) Company Partnership Other (Please complete details on page 37) Personal investor 1/Trustee 1 Title Mr Mrs Ms Miss Dr Other Surname Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Fax Home Business Mobile Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 for further information. Type: Individual TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, my country of residence for tax purposes is Personal investor 2/Trustee 2 Title Mr Mrs Ms Miss Dr Other Surname Given name(s) Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Fax Home Business Mobile Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 for further information. Type: Individual TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, my country of residence for tax purposes is 36

83 Company/Beneficiary/Partnership/Incorporated Association Name Contact name Address State Postcode Country Date of birth D D M M Y Y Y Y Phone Fax Home Business Mobile Tax File Number (TFN)/Australian Business Number (ABN) Please refer to page 33 for further information. Please cross the entity to which the supplied TFN or exemption relates. Type: Company Super Fund Trust Partnership TFN or exemption: Type 1 Type 2 Type 3 ABN If other than Australia, the country of residence for tax purposes is 4. Nominated financial institution account The following nominated financial institution account will be a) debited for the Regular Investment Plan and b) credited with payment of distributions, withdrawals and Regular Draw-down Plan payments, if applicable. Name of financial institution Branch Account name BSB number Account number Direct debit request (must be signed by investors choosing the Regular Investment Plan only) I/We request and advise ING Funds Management Limited (user ID number:102) to debit my/our nominated account in terms of the payment arrangement made between us. I/We acknowledge that this direct debit arrangement is governed by the terms of the Direct Debit Request Service Agreement on page 47. I/We understand that where a Regular Investment Plan payment is dishonoured, a fee of $10 is charged and that a processing fee may also be charged by my/our financial institution each time a regular investment is made. All account signatories must sign below. Signature of account holder A (sign clearly within box) Date D D M M Y Y Y Y Signature of account holder B (sign clearly within box) Date D D M M Y Y Y Y Note: If the nominated account above is transferred, closed or the account details have changed, please advise us two weeks before the debit date. 5. Fee structures Please select one of the following fee structures: Entry Fee option OR Nil Entry Fee option Note: This Application Form cannot be processed unless an option is nominated. If this is an additional investment, your existing fee structure will apply. 37

84 6. Investment, distribution payment method and future investment authority details Please provide the investment amount(s) and distribution payment method for each selected investment fund. Where distributions are elected to be paid to a nominated financial institution account, these will be paid to the account nominated in section 4. Note: If no selection is made, distributions will be reinvested as additional units. In the future investment authority column, please also nominate how you would like future investments to be allocated. If no nomination is made, additional investments will be allocated using your initial investment nomination. Investment fund name Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Multi-manager Reinvest Account Profile 1 Defensive Future investment authority OptiMix Australian Fixed Interest (J002) OptiMix Enhanced Cash (J001) Profile 2 Conservative OptiMix Conservative (J013) Profile 3 Moderate OptiMix Moderate (J016) Profile 4 Growth OptiMix Balanced (J018) OptiMix Growth (J019) Profile 5 High growth Property OptiMix Property Securities (J005) Australian shares OptiMix Australian Shares (J007) OptiMix Geared Australian Shares* (J047) Global shares OptiMix Global Shares (J010) OptiMix Global Smaller Companies Shares (J028) Multi-sector OptiMix High Growth (J023) Single manager Profile 1 Defensive Challenger Howard Mortgages (J042) Colonial First State Global Credit Income (J040) ING Cash (TRCT) ING Diversified Fixed Interest (J003) ING Mortgage Trust No.2 (MOR2) Merrill Lynch Monthly Income (J043) UBS Diversified Fixed Income (J004) * Available from 20 July

85 Investment fund name Profile 2 Conservative AMP Capital Enhanced Yield (J037) Credit Suisse Syndicated Loan (J041) ING Capital Stable (J024) ING Diversified High Yield (J026) ING Income Plus (TIP2) Perpetual Conservative Growth (J015) UBS Defensive (J014) Profile 3 Moderate ING Balanced (BEN) Schroder Balanced (J017) UBS Balanced (TCSG) Profile 4 Growth Barclays Global Investors Diversified Growth (J022) Colonial First State Diversified (TCFD) ING Active Growth (MAN) ING Managed Growth (J020) ING Tax Effective Income (TTEI) Merrill Lynch Balanced (TMLB) Perpetual Balanced Growth (J021) Profile 5 High growth Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Reinvest Account Future investment authority Property AXA Australian Property (J039) Credit Suisse Property (J006) ING Property Securities (TPST) Vanguard Property Securities Index (J046) Australian shares AMP Capital Equity (TAHE) Ausbil Australian Emerging Leaders (J038) Barclays Global Investors Australian Shares (J035) BT Smaller Companies (J034) Colonial First State Imputation (TCFI) ING Australian Shares (AST) ING Blue Chip Imputation (BLUE) ING Emerging Companies (GREE) ING Select Leaders (J025) ING Sustainable Investments Australian Shares (J012) Investors Mutual Australian Shares (J009) 39

86 Investment fund name IOOF/Perennial Value Shares (J036) Perpetual Australian Shares (TAPT) Schroder Australian Equity (J008) Vanguard Australian Shares Index (J044) Global shares Initial/additional investments Minimum initial investment: $5,000 across your investment portfolio, $1,000 per investment fund Additional investments: $1,000 across your investment portfolio, $100 per investment fund Distribution payment method Reinvest Account Future investment authority AXA Global Equity Value (TLIT) Barclays Global Investors International Shares (J011) Credit Suisse International Shares (TCSI) ING Global Emerging Markets Shares (TASI) ING Global High Dividend (TTEC) ING Global Shares (TIST) MFS Global Equity (TEUR) Perpetual International Shares (TFPI) Platinum International (J027) Vanguard International Shares Index (TTNG) Vanguard International Shares Index (Hedged) $,. (J045) or % % Zurich International Shares (TJAP) Multi-sector ING High Growth (TTRC) Total $,,. or % % 7. Financial report Do you wish to receive a copy of OneAnswer Investment Portfolio s annual financial report? Yes No 8. Account signing authorities for future transactions (for joint investors only) 1 and 2 either 1 or 2 1 only 2 only Note: If no option is nominated, future transactions will require both parties to sign. 40

87 9. Regular Investment/Draw-down Plan details Regular Investment Plan: Allows you to add to your investment on a monthly or quarterly basis. If you are planning to use ANZ Margin Lending to invest regularly, please complete the Margin Lending Application Form on pages 49 to 54. Regular Draw-down Plan: Allows you to receive a set amount from your investment each month or quarter. Note: You cannot use the Regular Investment Plan and the Regular Draw-down Plan for any investment fund at the same time. Investment fund name Multi-manager Profile 1 Defensive Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or OptiMix Australian Fixed Interest (J002) OptiMix Enhanced Cash (J001) Profile 2 Conservative OptiMix Conservative (J013) Profile 3 Moderate OptiMix Moderate (J016) Profile 4 Growth OptiMix Balanced (J018) OptiMix Growth (J019) Profile 5 High growth Property OptiMix Property Securities (J005) Australian shares OptiMix Australian Shares (J007) OptiMix Geared Australian Shares (J047) Global shares OptiMix Global Shares (J010) OptiMix Global Smaller Companies Shares (J028) Multi-sector OptiMix High Growth (J023) Quarterly Single manager Profile 1 Defensive Challenger Howard Mortgages (J042) Colonial First State Global Credit Income (J040) ING Cash (TRCT) ING Diversified Fixed Interest (J003) ING Mortgage Trust No.2 (MOR2) Merrill Lynch Monthly Income (J043) UBS Diversified Fixed Income (J004) Profile 2 Conservative AMP Capital Enhanced Yield (J037) Credit Suisse Syndicated Loan (J041) Available from 20 July

88 Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or ING Capital Stable (J024) ING Diversified High Yield (J026) ING Income Plus (TIP2) Perpetual Conservative Growth (J015) UBS Defensive (J014) Profile 3 Moderate ING Balanced (BEN) Schroder Balanced (J017) UBS Balanced (TCSG) Profile 4 Growth Barclays Global Investors Diversified Growth (J022) Colonial First State Diversified (TCFD) ING Active Growth (MAN) ING Managed Growth (J020) ING Tax Effective Income (TTEI) Merrill Lynch Balanced (TMLB) Perpetual Balanced Growth (J021) Profile 5 High growth Property AXA Australian Property (J039) Credit Suisse Property (J006) ING Property Securities (TPST) Vanguard Property Securities Index (J046) Australian shares AMP Capital Equity (TAHE) Ausbil Australian Emerging Leaders (J038) Barclays Global Investors Australian Shares (J035) BT Smaller Companies (J034) Colonial First State Imputation (TCFI) ING Australian Shares (AST) ING Blue Chip Imputation (BLUE) ING Emerging Companies (GREE) ING Select Leaders (J025) ING Sustainable Investments Australian Shares (J012) Investors Mutual Australian Shares (J009) IOOF/Perennial Value Shares (J036) Perpetual Australian Shares (TAPT) Schroder Australian Equity (J008) Vanguard Australian Shares Index (J044) Quarterly 42

89 Investment fund name Regular Investment Plan or Regular Drawdown Plan Regular amount Minimum: $100 per investment plan Frequency Monthly or Quarterly Global shares AXA Global Equity Value (TLIT) Barclays Global Investors International Shares (J011) Credit Suisse International Shares (TCSI) ING Global Emerging Markets Shares (TASI) ING Global High Dividend (TTEC) ING Global Shares (TIST) MFS Global Equity (TEUR) Perpetual International Shares (TFPI) Platinum International (J027) Vanguard International Shares Index (TTNG) Vanguard International Shares Index (Hedged) (J045) Zurich International Shares (TJAP) Multi-sector ING High Growth (TTRC) Total $,,. 10. Adviser Service Fee I/We confirm that I/we agree to an Adviser Service Fee of. % p.a. (maximum of 2.00% p.a.) or $,. p.a. (maximum of $10,000 p.a.) being deducted from my/our investment based on my/our total investment balance and paid to the financial adviser nominated in section 13. This amount will be withdrawn each month by redeeming units from my/our investment. Please select one of the following Adviser Service Fee payment options: Deducted from all my/our investment funds. Deducted from one investment fund. Note: If no investment fund is nominated, the Adviser Service Fee will be deducted across all your investment funds. Signature of Investor 1 (sign clearly within box) Date D D M M Y Y Y Y (insert investment fund name) Signature of Investor 2 (sign clearly within box) Date D D M M Y Y Y Y 43

90 11. Declaration and signature By completing this Application Form, I/we: acknowledge that I/we have received and read the entire PDS (consisting of Part One and Part Two) and agree to be bound by the conditions of the offer set out in the PDS and the terms of the relevant investment fund constitutions, as amended from time to time acknowledge that any Tax File Number or Australian Business Number supplied at any time may be applied to this investment and previous or future investments in my/our name(s), or in the name of the business/enterprise in which I/we represent acknowledge that the repayment of capital, the payment of income and the performance of the investment funds is not in any way guaranteed by INGFM, ING Australia or any other company associated with the ING Group. The value of investments can go up and down. Past performance is not necessarily indicative of future performance acknowledge that any investment in OneAnswer Investment Portfolio does not represent a deposit with or liability of INGFM, ING Australia or any other company associated with the ING Group and that investment in any of the investment funds is subject to investment risk including possible delays in repayment and loss of income and capital invested consent to telephone conversations being recorded and listened to for training purposes or to provide security for transactions authorise the collection, use and disclosure of my/our personal information for the purpose of the assessment of my/our application, and if accepted, the management and administration of those financial products and services in which I/we have invested or for which I/we wish to apply as outlined in the current PDS. I/We understand that unless I/we consent to the collection, use and disclosure identified in the privacy section, INGFM will not be able to process my/our application or deliver any further financial products or services to me/us accept that ING may send me/us information about its financial products or services from time to time. I/We understand that I/we may notify ING of my/our decision not to receive any further information by contacting ING directly authorise my/our financial adviser named in section 13 to receive and access my/our personal information for the purpose of managing my/our investments to use the InvestmentLink service and/or online service and to switch investments on my/our behalf. Where there is any change to this authority or relating to my/our financial adviser, I/we will notify ING of the change. I/We, whose signature/s appear below, state that the statements made in this Application Form are true and correct. Name of Investor 1/Director/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Name of Investor 2/Director/ Company Secretary/Trustee Signature (sign clearly within box) Date D D M M Y Y Y Y Note: If this Application Form is signed by an attorney, the attorney acknowledges that there has been no notice of revocation of the Power of Attorney at the time of signing. For partnerships, please ensure all partners sign. Company Seal The following questions are to be completed by the financial adviser only 12. InvestmentLink details Financial adviser to complete or stike out If an InvestmentLink Client Number appears below I/we have consented to my/our investment details being linked to the financial adviser whose number appears below, and the relevant information being transferred to InvestmentLink. ILCN 13. Financial adviser details Master sales account number Sales account number Seller code 2 (if applicable) Seller code 3 (if applicable) Company name Name of adviser Phone Home Business Mobile Fax 44

91 14. Commission If no nomination is made standard commission will be paid. A. Entry Fee option* Initial commission Please specify the commission amount to be paid. Maximum 4% (rebate 0%) 3% (rebate 25%) 2% (rebate 50%) 1% (rebate 75%) 0% (rebate 100%) or specify amount to be rebated. % The nominated amount above excludes, 10% GST (e.g. 4% means commission paid is 4.40%, including GST). * This does not apply for ING Cash, ING Mortgage Trust No.2 or Challenger Howard Mortgages. B. Nil Entry Fee option 1 Initial commission Please specify the commission amount to be paid. Maximum 3% (rebate 0%) 2% (rebate 33.3%) 1% (rebate 66.6%) 0% (rebate 100%) or specify amount to be rebated. % OR Nil Entry Fee option 2 Higher ongoing commission (e.g. nil initial commission and 1.10% p.a.) or specify amount to be rebated % This does not apply for ING Cash, ING Mortgage Trust No.2 or Challenger Howard Mortgages. The nominated amount above excludes 10% GST (e.g. 3% means commission paid is 3.30%, including GST). C. Ongoing commission (trail) Please specify the commission amount to be rebated:. % (e.g. 100% means all ongoing commission, excluding the 10% GST component will be rebated to your client). D. ING Mortgage Trust No.2 and Challenger Howard Mortgages Initial commission (e.g. 1.10%) OR Ongoing commission (e.g. 0.33% p.a.) or specify amount to be rebated % Note: If neither commission option is selected, monies will be invested in the initial commission option. Signature of financial adviser (sign clearly within box) Date D D M M Y Y Y Y 15. Special instructions 45

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93 OneAnswer Investment Portfolio Direct Debit Request Service Agreement 12 June 2006 Please keep this document in a safe place Our commitment to you ING will: advise you, in writing, the details of ING Funds Management Limited drawing arrangements (amount and frequency) for Regular Investment Plans only arrange for funds to be debited from your account as authorised in the Direct Debit Request give you at least 14 days notice in writing before changing the terms of the debiting arrangements, unless the changes are made at your request keep information relating to your direct debit request private and confidential reserve the right to cancel the ING Funds Management Limited drawing arrangements if three or more drawings are returned unpaid by your nominated financial institution and to arrange with you an alternate payment method. If the date of the debit falls on a weekend or public holiday, your account will be debited on the next business day. Your commitment to us It is your responsibility to: ensure your nominated account can accept direct debits and that all account holders on the nominated account agree to the debiting arrangement ensure that the account details that you have provided are correct by checking them against a recent account statement advise us if the nominated account is transferred or closed, or the account details have changed ensure there are sufficient funds available in the nominated account to meet each direct debit arrange with us an alternate payment method if you wish to cancel the direct debiting arrangements check with your financial institution before completing the direct debit request, in the event that you have any queries about how to complete the direct debit request. If there are insufficient funds in your account, you may be charged a fee from ING and/or your financial institution. Your rights You may request a change to the drawing amount and/or frequency of your debiting arrangements by contacting us and advising your requirements no less than 14 business days prior to the due date. You may terminate the ING Funds Management Limited drawing arrangements at any time by giving written notice directly to us, or through your financial institution. Notice sent to us should be received by us at least 14 business days prior to the due date. You may stop the payment of a drawing under ING Funds Management Limited by giving written notice directly to us, or through your financial institution. Notice sent to us should be received by us at least 14 business days prior to the due date. Where you consider that a drawing has been initiated incorrectly outside the ING Funds Management Limited arrangements you may take the matter up directly with us, or lodge a Direct Debit Claim through your financial institution. If we find that your account has been incorrectly debited we will arrange for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your account has been adjusted. If we find that your account has not been incorrectly debited, we will provide you with reasons and any evidence for this finding. If we cannot resolve the matter, you can still refer it to your financial institution, which may lodge a claim on your behalf. 47

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95 ANZ Margin Lending Application Form 12 June 2006 Please complete the following details if you would like to borrow to invest into OneAnswer Investment Portfolio through the ANZ Margin Lending facility. This is a product of Australia and New Zealand Banking Group Limited ABN (ANZ Group). ANZ Group is responsible for this facility. Details of this facility are shown in Part One of the PDS and the ANZ Margin Lending Terms and Conditions provided to you by your financial adviser. This ANZ Margin Lending application is not available to superannuation funds. For more information contact ANZ Margin Lending directly on , weekdays between 8am and 6pm (AEST). Please send this Application Form with your OneAnswer Investment Portfolio Application Form. Minimum loan amount: $10,000 across your entire portfolio ($5,000 if you select the Regular Geared Savings Plan). Applicant details (please select the applicant type) Individual/Joint applicant Company (all directors to complete below) Borrower 1 Borrower 2 Name of Investor(s) / Director(s) Length of time at current address years months years months If less than 18 months at current address, please provide previous address Length of time at previous address years months years months Occupation Employer s name Length of time at current employer years months years months If less than 18 months at current employer, please provide length of time at previous employer years months years months Is the borrower a student, unemployed or receiving a government pension/benefit? Yes No Yes No Drivers licence number Is the borrower a current ANZ Customer? Yes No Yes No Trust If so, the name of the trust is A stamped certified copy of the Trust Deed (and any amendments) must accompany this application along with a cheque made payable to ANZ Margin Lending (see checklist at the end of this application). Gross income/net profit Combined gross annual income of borrower or net profit of Company/Trust (Company net profit must not be older than 18 months) $0 $34,999 $35,000 $59,999 $60,000 $99,999 $100,000+ We may require further information. Amount of facility limit sought: $25,000 $100,000 $500,000 $1,000,000 $50,000 $250,000 $ other If the new facility limit sought is above $1,000,000 ANZ will require further financial information. Please contact ANZ Margin Lending on for further details. 49

96 Regular Geared Savings Plan Minimum monthly investment amount: The minimum investment from you is $250 per month across your portfolio (minimum $100 per investment fund). Minimum monthly loan amount: The minimum amount ANZ Group will lend you is $500 per month across your portfolio. The following nominated financial institution account will be debited for the Regular Geared Savings Plan and monthly interest payment, if applicable. Your bank details Bank or financial institution name Bank address Your account details State Postcode Name of account to be debited BSB number Account number Note: Direct debiting is not available on the full range of accounts. If in doubt, please refer to your financial institution. If there is no direct debit confirmation, the interest will be automatically capitalised. Authority You understand and acknowledge that: 1. the bank/financial institution may, in its absolute discretion, determine the order of priority of payment by it of any monies pursuant to this request or any authority mandate. 2. the bank/financial institution may, in its absolute discretion, at any time by notice in writing to you terminate this request as to future debts. You request ANZ Group, until further notice in writing, to debit your accounts described above: Monthly interest charges that ANZ debits to your loan account The amount of $ monthly. This direct debit will commence the first working day of D D M M Y Y Y Y Regular Geared Savings Plan Schedule as described below (if participating in a Regular Geared Savings Plan). You have checked the Fund Manager s minimum monthly investment and the schedule details below complies with their requirements. Investment fund Client contribution ANZ loan contribution Total investment Client monthly contribution (minimum $50) Regular Geared Savings Plan ANZ loan monthly contribution (minimum $50) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total $ $ $ $ (total minimum $250) $ (total minimum $500) Total monthly investment (minimum $100) $ (total minimum $750) You ensure that your monthly contribution is available in your margin lending account on a monthly basis. This shall occur prior to the instalment date detailed on your confirmation advice. ANZ Group will direct debit the account detailed above on your Direct Debit Authority. You request ANZ Group, until further notice in writing, to debit your account described above in accordance with your Regular Geared Savings Plan Agreement. D D M M Y Y Y Y Starting on Title Mr Mrs Ms Miss Dr Other Surname Given name(s) Signature Date D D M M Y Y Y Y 50

97 Authorised representative (refer to the Margin Lending Agreement Terms) Important note: If the borrower is a company, the borrower must appoint at least one authorised representative. If the borrower appoints an authorised representative(s), the borrower and each individual guarantor (if applicable) agrees that ANZ may discuss the margin lending account with that person(s), and may take instructions from that person(s). Full name(s), contact details, and signature of the authorised representative(s). Authorised representative 1 Name Phone Fax Home Business Mobile Signature Date Password* D D M M Y Y Y Y Authorised representative 2 Name Phone Fax Home Business Mobile Signature Date Password* D D M M Y Y Y Y * Mandatory field required for identification purposes when calling ANZ Margin Lending and when requesting withdrawals to nominated account. 51

98 ANZ Margin Lending Power of Attorney This Power of Attorney is given by each borrower to: (a) each employee of either Australia and New Zealand Banking Group Ltd ABN (ANZ Group) or any related body corporate of ANZ Group: (i) whose title is or includes the word manager, accountant or officer or who is acting in a position with such a title, or (ii) who is authorised by ANZ Group to act as its attorney, and (b) any solicitor acting for ANZ Group. 1. Each borrower This applies if you are listed as a borrower in this document. For valuable consideration, you irrevocably appoint each attorney separately to fill in the gaps in the following documents and to sign them on your behalf: (a) a Margin Lending Agreement between you as borrower and ANZ Group, which incorporates the Margin Lending Agreement terms (b) a Sponsorship Deed between you as the sponsored client and ANZ Margin Services Pty Ltd ABN , as your general settlement participant, which incorporates the Sponsorship Deed terms (c) a Regular Geared Savings Plan Agreement between you as borrower and ANZ Group, which incorporates the Regular Geared Savings Plan terms (d) a Share Mortgage between you as the person giving the mortgage and ANZ Group, which incorporates the Share Mortgage Terms (e) a Regular Geared Investment Plan Application Form. You authorise each attorney separately to fill in the gaps in these documents using the information you have provided. You also appoint each attorney to separately do any of these things for you, as the attorney decides: (a) anything that the attorney thinks ought to be done to perfect any document or to make it effective (b) sell any of the property that you mortgage to ANZ Group under the Mortgage, whether or not the Mortgage has become enforceable and, without limitation, deal in any way with any and all securities and new rights registered in your name at any time (c) execute and deliver any document or perform any act, matter or thing at the absolute discretion of the attorney in any way relating to your involvement in any margin lending transaction contemplated by those documents or a sale or dealing contemplated by paragraph (b) having regard to the changes to the Mortgage (d) make any necessary changes to the registration details held by any applicable registrar (excluding changes of beneficial ownership) to perfect any document or to make it effective, including changes to names(s) and address(es). Any issuer of securities or new rights may rely upon a statement issued by ANZ Group or an attorney as conclusive evidence that the attorney s act is authorised by you under this power of attorney. 2. Protections for the attorney This clause applies separately for each person listed as a borrower. You agree to be bound by anything that an attorney does as if you had done it personally, and you agree to ratify and confirm whatever an attorney does under this document. You agree to indemnify each attorney against all losses, liabilities, costs and expenses suffered or incurred as a result of anything done under the authorities that you give the attorneys in this document. An attorney may exercise or concur in exercising the rights and powers conferred by this document or by law even though that attorney may have a conflict of interest in exercising those rights and powers, or may have a direct or personal interest in the means or result of that exercise of those rights and powers. This part of the document is intended to take effect as a deed. Privacy Act 1988 (Commonwealth) acknowledgment and consent ANZ Group is collecting your personal information in accordance with, and for the purposes described in, clause 16 of the Margin Lending Agreement Terms and by signing this application you acknowledge and consent to such collection and use. Information about other ANZ services As a valued customer, we may contact you from time to time about products and services of ANZ Group, its subsidiaries and corporate partners that may interest you. If you do not wish to receive this material, please tick this box. Please note: if you exercise this option, ANZ Group will be unable to provide you with any information about products and services that may benefit you. 52

99 Identification For security reasons each signatory to your ANZ Margin Lending account who has not completed a 100 point identification check with ANZ Group is required to provide ANZ Group with a photocopy of a valid form of photo identification. Please attach a copy of either a current driver s licence or passport to this Application Form for each signatory. If you cannot provide these details for any reason, please contact the ANZ Margin Lending Team on Declaration and signature By signing below, you confirm to ANZ Group that: you have read and understood the Margin Lending Agreement Terms, the Share Mortgage Terms, the Sponsorship Deed Terms and the Regular Geared Savings Plan Terms (the Margin Lending Documents ), as provided by your financial adviser. you acknowledge that ANZ Margin Lending is a facility of the ANZ Group and ANZ Group is responsible for the operation of ANZ Margin Lending you accept that ANZ Group may record any telephone conversation for its record the information given in this application is true and correct you appoint attorneys, and agree to the matters, in the Power of Attorney on page 52 you have read, understood and agree to clause 16 of the Margin Lending Agreement Terms if you are the borrower, you have provided the Margin Lending Documents to each guarantor and given each guarantor the opportunity to read the documents and obtain independent legal and financial advice you agree to ANZ Group lodging a mortgage over your securities confirm that you understand: the risks of borrowing to invest that investments in assets such as managed funds are subject to market fluctuations and external influences that these investments may decrease in value and lead to you incurring a loss you declare that the credit to be provided to you by the credit provider is to be applied wholly or predominantly for business or investment purposes (or for both purposes). Important: you should not sign this declaration unless the loan is wholly or predominantly for business and/or investment purposes. By signing this declaration you may lose your protection under the consumer credit code. Use these signing clauses for each borrower who is an individual/joint applicant. Borrower 1 Borrower 2 Signature of borrower (sign clearly within box) Signature of borrower (sign clearly within box) Print name Print name Use these signing clauses for each borrower that is a Company A cheque must accompany each company application to cover registration of the share mortgage as a charge with ASIC. (Refer to checklist.) Executed by (print name of Company) as trustee for (print name of Trust if applicable) A cheque must accompany each Trust application to cover legal costs. (Refer to checklist.) In accordance with subsection 127(1) of the Corporations Act by authority of its director(s): Director Signature of borrower (sign clearly within box) Director*/Secretary* Signature of borrower (sign clearly within box) Print name Print name * delete inapplicable alternative If the company is a sole director/secretary company, the director must write the words as sole director and sole company secretary of the company in the space provided for the second signatory s signature. Please note: ANZ requires all directors of a company to provide personal guarantees for their company's margin loan. ANZ will contact the directors personally to arrange this. 53

100 Declaration and signature continued In the presence of an independent witness: Signature of witness (sign clearly within box) Signature of witness (sign clearly within box) Print name Print name Address of witness Address of witness Date Date D D M M Y Y Y Y D D M M Y Y Y Y Do you require access to your account details online (My Portfolio) Yes No Do you consent to your financial adviser having access to your account details online (My Portfolio) Yes No Password Mandatory field required for identification purposes when calling ANZ Margin Lending. Checklist What you should include with your application (all applicants, unless otherwise specified). (Company) Cheque for $150 or (Trustee Applicant) a further cheque for $150 (made payable to ANZ Margin Lending). (Combined total $300) Certified copy of the dated and stamped trust deed with any subsequent amendments (if applicant is a Trust). Photocopy of photo identity e.g. drivers licence or passport if you are not an existing ANZ client. 54

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104 Customer Services Phone Postal address OneAnswer GPO Box 5306 Sydney NSW 2001 Website Adviser Services For use by financial advisers only Phone L2149/0606