BT Panorama Investments

Transcription

1 BT Panorama Investments Important Notice Dated 1 July 2017 The information below updates information contained in the BT Panorama Investor Guide (Guide) dated 25 February This notice is issued by BT Portfolio Services Limited (BTPS) ABN AFSL (referred to in this document as BTPS us or we ). This information should be read together with the Guide and the Additional Information and Terms Booklet (AITB), issued 1 July 2017, which is available at panorama.com.au. Changes to the Investor Guide Tailored Portfolios change in terminology Throughout the Investor Guide, any references to your MDA operator are replaced with your MDA provider. These references are found on pages 8 (8 Tailored Portfolios), 11 (Managed discretionary accounts ( MDAs )) and 21 (Additional explanation of fees and costs). This is a change in terminology only. There is no change to the Tailored Portfolio tools available through Panorama Investments. Additional drawdown strategy From 1 July 2017, an additional drawdown strategy is now available to help you meet your payments and maintain the minimum required balance in your BT Cash Hub. In addition to the highest value asset and pro rata drawdown strategies, from 1 July 2017 you will also be able to select the individual asset priority drawdown strategy to apply to your Panorama Investments account. To reflect this, the fourth sentence under Managing your BT Cash Hub balance on page 8 is deleted and replaced with the following: To help you meet your payments and maintain the minimum required balance, your investments will be sold down in accordance with one of three drawdown strategies. Additionally the second sentence under Regular deposits and payment plans on page 9 is deleted and replaced with the following: To help you meet your payments and maintain the minimum required balance, your investments will be sold down in accordance with one of three drawdown strategies. For more information about the drawdown strategies that are available to you, refer to the updated Additional Information and Terms Booklet dated 1 July 2017.

2 For more information Your adviser panorama.com.au Disclaimer This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. BT Portfolio Services Ltd ABN AFSL (BTPS) is the operator of BT Panorama Investments (referred to in this document as Panorama ). BT Funds Management Limited ABN AFSL (BTFM) is the responsible entity and issuer of interests in BT Cash. Westpac Financial Services Ltd ABN AFSL (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. You should obtain and consider the disclosure documents for the Panorama products, available from your financial adviser, before deciding whether to acquire, continue to hold or dispose of interests in the products. BTPS, BTFM and WFSL are subsidiaries of Westpac Banking Corporation ABN (Westpac). Apart from any interest investors may have in Westpac term deposits or Westpac securities acquired through Panorama, an investment in or acquired through Panorama is not an investment in a bank or a bank deposit. Westpac and its related entities do not guarantee an investment in or acquired through Panorama. Information is current as at 1 July BTPS 2017.

3 Investor Guide Dated 25 February 2017 BT Panorama Investments

4 What is this Investor Guide for? This Investor Guide aims to help you to make an investment decision by giving you an overview of how Panorama Investments works. Before making a decision, you should also read and understand the: Additional Information and Terms Booklet account. The BT Cash PDS contains important information about This is available free of charge: BT Cash which you should consider before investing in Panorama Investments. You can obtain a copy of the BT Cash PDS from your > > on our website panorama.com.au or adviser, online at panorama.com.au or by contacting us. > > from your adviser or by contacting us. Please read this for more detailed information on how to use Panorama Investments and the important Terms and Conditions that form part of your contract with us. You also have the right to receive, free of charge, disclosure about BT Cash and the investments available to you before you choose to invest. BT Cash Product Disclosure Statement ( BT Cash PDS ) When you open an account in Panorama Investments, you direct us to open an account in BT Cash and hold it on your behalf. Your account in BT Cash is your BT Cash Hub and facilitates many of the transactions that you or your adviser can perform on your Investment options available to you You can obtain a list of the investment options available to you and copies of the relevant disclosure documents or terms and conditions free of charge on request from your adviser or by contacting us. BT Protection Plans PDS If you choose insurance cover through Panorama Investments, important information about insurance cover available is set out in the BT Protection Plans Product Disclosure Statement and Policy Document ('BT Protection Plans PDS'), available from your adviser or by contacting us. Insurance cover available through Panorama Investments is provided by Westpac Life Insurance Services Limited ABN , AFSL number This document, referred to as the Investor Guide, is the IDPS Guide for Panorama Investments, which is an Investor Directed Portfolio Service ( IDPS ). Updates to this Investor Guide Information in this Investor Guide is subject to change. The latest version of this Investor Guide is available by logging into panorama.com.au. Information that is not materially adverse may be communicated via a notice to you or your adviser or by updating the information available through the online service panorama.com.au. You can obtain the updated information at any time by visiting panorama.com.au or contacting your adviser, who can provide you with a copy of any updated information free of charge. About the Administrator BT Portfolio Services Ltd ABN operates and administers BT Panorama Investments ( Panorama Investments ). In this Investor Guide, BT Portfolio Services Ltd is referred to as the Administrator, us, we or our. We issue this Investor Guide in Australia. We are also the custodian for Panorama Investments and hold the interests in the assets in your Panorama Investments account ( your account ) on trust for you. We may delegate our custody responsibilities to other custodians where we consider it appropriate to do so. Where a sub-custodian is appointed to provide custody services in relation to certain assets ( sub-custodian ), they will hold those assets on trust for us (that is, the sub-custodian will hold the legal title to the asset for us, and we in turn hold the beneficial interest in those assets for you). The sub-custodian s role is limited to holding and maintaining assets which we place with it and dealing with those assets in accordance with directions received from us. The directions we give to the sub-custodian will in turn be based on instructions that we receive from you. Other services undertaken by sub-custodians generally include collecting income in connection with the assets held in custody and arranging settlement of purchases and sales. The Administrator and sub-custodian may use pooling arrangements, under which some assets are held in omnibus accounts. The use of omnibus accounts to hold financial assets is common industry practice. Assets held through an omnibus account are held in the name of the custodian or its nominee, rather than in individual accounts for each underlying investor. Records are maintained by us to allow clear identification of the quantity of assets held for an investor through the omnibus account. By approving and submitting your online application, you will be consenting to the use of omnibus accounts by the Administrator, and any sub-custodian engaged by us. As at the date of this Investor Guide, we have appointed The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch ( HSBC ) ABN AFSL No (Level 36, Tower 1, International Towers Sydney, 100 Barangaroo Ave, Sydney, NSW, 2000) as our sub-custodian to provide custody services to us in relation to listed securities. Any liability or responsibility which HSBC has under the sub-custody arrangements are to us only. HSBC does not provide a supervisory role in relation to the operation and/or management of Panorama Investments nor has it been involved in the preparation, nor has it authorised or caused the issue, of this Investor Guide. In our personal capacity, we may also provide you with other services (for example the Panorama SMSF Establishment Service) and services to issuers of products available through Panorama Investments, and we may receive remuneration for these services. Role of BT Funds Management Limited When you open an account in Panorama Investments, we will open an account in BT Cash on your behalf ( your BT Cash Hub ). Your BT Cash Hub will be the transaction account for your account in Panorama Investments. BT Funds Management Ltd ('BTFM') ABN is the responsible entity of BT Cash ARSN , a managed investment scheme available to you through Panorama Investments. You should read the BT Cash Product Disclosure Statement ( BT Cash PDS ) before investing in Panorama Investments. BTFM may also be the Distributor of Panorama Investments. Where BTFM is the Distributor, BTFM may rely on the resources and capabilities of business units within the BT Financial Group to provide you with assistance in opening and/or operating your account. Role of Westpac Financial Services Ltd Westpac Financial Services Ltd ( WFSL ) ABN is the responsible entity of BT Managed Portfolios ARSN , a managed investment scheme that may be available to you through Panorama Investments. The BT Managed Portfolios Product Disclosure Statement ( BT Managed Portfolios PDS ) contains important information about BT Managed Portfolios which you should consider before investing in that scheme through Panorama Investments. For further information on whether BT Managed Portfolios is available to you, and for a copy of the BT Managed Portfolios PDS, please contact us or your adviser. You should read the BT Managed Portfolios PDS before investing. Role of Westpac The Administrator, BTFM and WFSL are subsidiaries of Westpac Banking Corporation ( Westpac ) ABN Westpac also provides the Westpac payment services connected to BT Cash as set out in the BT Cash PDS. Apart from any interest you may have in Westpac term deposit products or Westpac securities acquired through Panorama Investments, an investment in, or acquired through, Panorama Investments is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. As with all investments, investments in Panorama Investments are subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Neither Westpac, nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of your investment in Panorama Investments. Eligibility Panorama Investments is available only to investors who receive this Investor Guide in Australia, whether in hard copy or electronically. If you are outside Australia, you should obtain advice about any local restrictions that apply before investing in or transacting through Panorama Investments and you must appoint an Australian resident attorney to act on your behalf. You must have a relationship with the Distributor or an authorised adviser in order to start using Panorama Investments. If the relationship ends, the terms and conditions applicable to your account may change, including that you may (but not necessarily will) be charged higher fees and the investment options available to you may change. Your account may, in some circumstances, be closed. Refer to What will happen if you no longer have an authorised adviser? in the Communications section of this Investor Guide for more information. Australian Financial Services Licences The Australian Financial Services Licence ( AFSL ) numbers of the AFSL holders identified in this Investor Guide are as set out in the table below: AFSL Holder AFSL number BT Portfolio Services Ltd Westpac Banking Corporation BT Funds Management Limited Westpac Financial Services Ltd General information only The information in this document is general information only and doesn t take into account your personal objectives, financial situation or needs. Therefore, before acting on the information, you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. You should consult a licensed financial adviser for financial advice that s tailored to suit your personal circumstances. Before making any investment decision, you should obtain and consider the relevant product disclosure statement or other disclosure document for the products you choose to access through Panorama Investments.

5 Contents Overview 3 Benefits & features 5 Risks 15 Fees & costs 16 Communications 23 What are the next steps? 25 Additional information 26

6 Overview Start your wealth journey with Panorama Investments Panorama Investments is an innovative online service that integrates your investments in one place. An intuitive and streamlined interface provides you with easy access to your investment information through comprehensive online reporting. Who is part of your journey? You DM The Administrator Your Adviser C Your Accountant > > You or your adviser can be set up as the primary authorised user of your account. > > You select the investments to include in your account from the list of available investments. > > You can monitor your account online and issue instructions (through your adviser or us) to make changes. > > The Administrator operates and administers Panorama Investments. > > The Administrator is the custodian of Panorama Investments and holds your BT Cash Hub and any interests in term deposits, managed funds and BT Managed Portfolios on your behalf. The Administrator has appointed a sub-custodian to hold any listed securities in your account. > > If you are investing in Panorama Investments through an adviser referred to in this Investor Guide as 'your adviser they can advise you on which investments to include in your account. > > Your adviser can help you develop a personalised investment strategy and may advise you on how to manage your account to implement that strategy. > > Your adviser can direct the Administrator to perform transactions on your account (based on your instructions). > > Your adviser can monitor the performance of your investments and provide you with regular status reports. > > If you are investing in Panorama Investments as trustee of a self managed super fund ('SMSF') referred to in this Investor Guide as an SMSF account you or your adviser on your behalf, can grant your accountant online access to view your Panorama SMSF account, giving you the flexibility to collaborate in the way that you prefer. > > Your accountant will be able to view your account, reports, statements and other information online. They can also view and upload documents into your document library to help you better manage your SMSF. Your accountant, however, can t transact on your account or provide directions to the Administrator to perform transactions on your account. > > Once given access, your accountant may have the ability to share information about your SMSF assets which are external to Panorama Investments with the Administrator, so that you, your adviser and your accountant can view those assets, together with your Panorama Investments assets, at panorama.com.au. 3

7 A service that s easy to use A flexible, easy access account. Panorama Investments empowers you to access, organise and manage your investments. Your account Monitor and manage your investments at panorama.com.au Your BT Cash Hub Facilitates many of the transactions that can be performed with your account and pays a declared distribution rate based on your BT Cash Hub's daily account balance. Investments A single point of access to a range of investments. 1 Term deposits Select from a range of term deposits offering a variety of terms and interest payment frequencies. BT Managed Portfolios Managed funds BT Managed Portfolios Access a broad range gives you access to a range of managed funds, of professionally managed encompassing most of portfolio options that may Australia's leading fund include managed funds, managers. Managed listed securities and cash funds available include investments. diversified, sector and specialist funds. Listed securities Access a wide range of ASX listed securities including: - shares - hybrid securities - interests in exchange traded funds, and - interests in property/ investment trusts. Insurance Access a comprehensive range of insurance options. 2 Through Panorama Investments you may be able to access a wide range of insurance cover, such as terminal illness and death cover, total and permanent disability cover and income protection cover, plus additional options to provide for your specific needs. Insurance premiums for any cover you choose will be deducted from your BT Cash Hub. For more information about insurance and how it may help you, as well as the cost of cover, speak to your adviser and refer to the BT Protection Plans PDS. 1 The full range of investment options may not be available to every investor. You can obtain a list of the investments available to you from your adviser or by contacting us. 2 Insurance through Panorama Investments may not be available to every investor. You can find out if insurance cover is available from your adviser or by contacting us. 4

8 Benefits & features Key benefits & features Access Access to investment options Simplicity Making it easier for you Manage Manage your investments online Vision Know where you re invested Support Information and tools Collaboration Making the most of your SMSF account > > Panorama Investments gives you a single point of access to a range of investments that may include cash, term deposits, managed funds, listed securities and BT Managed Portfolios. You may also be able to access a range of insurance options through Panorama Investments. > > Investments available to investors may vary. You can obtain a list of the investments available to you and copies of the relevant disclosure documents from your adviser or by contacting us. > > Easy account opening ensures your money is working quickly. > > We take care of the day-to-day administration of your account for example, in the case of listed securities, removing the need for you to deal with paperwork from individual registries. > > The convenience of consolidated reporting makes tax time easier removing the hassle and paperwork associated with holding your investments individually. > > The ability to share your documents with your adviser through your secure online document library. > > An automated drawdown strategy helps manage your cash balance. 1 > > Your account can be monitored and managed at one convenient location online at panorama.com.au for example, transactions can be placed online. > > Use BT Managed Portfolios or Tailored Portfolios to help maintain a predetermined investment strategy. > > Set up automated regular investments into your existing managed funds, BT Managed Portfolios or Tailored Portfolios from your BT Cash Hub. > > Use our online asset transfer tool to transfer assets into your Panorama Investments account. > > Based on your account set up, your investment instructions can be submitted online by you or your adviser. > > Select a tax method for your investments. Speak to your adviser or contact us about the tax methods available to you. > > Access a consolidated view and reporting on your account 24 hours a day, 7 days a week online. > > Look through to the value and quantity of your investments including any cash, listed securities and managed funds you hold as part of BT Managed Portfolios. > > Register and view assets which are external to your Panorama Investments account. > > Obtain up to date valuations, income and the estimated tax position of your account. > > A range of reports are available online giving you up-to-date information (such as performance returns) so that you can stay informed. > > Contact your adviser or call the Panorama Support Team on for further information. > > If your accountant has been granted access to your account, you, your adviser and your accountant can collaborate in the way you choose. > > To help manage your SMSF s compliance obligations and keep track of contributions and pensions, cash deposit and payment transactions can be categorised by you or your adviser on your BT Cash Hub. Transactions categorised as contributions or pensions can also be allocated to members. These transactions will be included in dedicated reports allowing you to track these items, making it easy to monitor your SMSF. > > Access a consolidated view of all of your SMSF assets where you have registered assets held external to Panorama Investments. > > Store copies of all of your SMSF documents in a secure online document library for easy access by you, your adviser and your accountant. 1 For further information, refer to 'Drawdown strategies' in the 'Additional information on investments' section of the Additional Information and Terms Booklet. 5

9 Features at a glance Making it easy to monitor and manage your investments. 1. Easy online access Open your account with as little as $2,000. You must register for online access to your account. You will receive an with a registration number and instructions on how to register for online access. Use the registration number to easily register online using the secure website. 2. Convenient online cash transactions You can make deposits and payments online by BPAY, direct debit or direct credit. You have the flexibility to set up these transactions for the current day, or schedule them for a future date. These transactions can also be one-off or recurring. You can use your linked accounts (a maximum of five) for direct debit transactions and to make payments. You need to link at least one bank account and nominate a primary linked bank account. You can perform these tasks online via panorama.com.au, or for deposits and payments, by downloading the Panorama mobile application. Please note that not all features available on panorama.com.au are available on the mobile application. 3. Manage your account the way you want to > > You or your adviser (based on your instructions) may be the primary authorised user of your account to perform investment transactions. > > You can nominate who can make cash transactions on your account. > > You control the accounts and billers linked to your account. Where there are multiple account holders linked to your account, any one of them can make cash transactions. For further information, refer to Customise your account functionality in the Features section of the Additional Information and Terms Booklet. 4. Easy access to information about your account View the latest information about your account online, anytime. You have access to a range of account information and reports online, including information on: > > Account balances, movements and transactions. > > Portfolio valuation and asset allocation. > > Performance on your account or by investment type. > > Details of insurance policies linked to your account. > > Income and estimated realised and unrealised capital gains. You can also upload information about assets that are external to Panorama Investments so that you can view those assets alongside your Panorama Investments account. 5. Document library You, your adviser or your accountant (if applicable) have access to a secure online document library which allows you to easily collaborate and view your important documentation. Any document can be categorised and saved into your document library by you, your adviser or your accountant. Intuitive filters and search functionality make it easy for you to locate documents. Through your document library you can also view the following statements we provide to you in respect of your account: > > Your Annual Investment statement. > > Your quarterly PAYG statement. > > Your Annual tax statement which is made available as soon as possible after the end of the financial year. This report is structured to make completing your tax return as efficient as possible. 6. Peace of mind and security Your online and transaction security is important to us, so we ve taken steps to help keep your account secure. To help us you must: > > Keep your online password secure and not disclose it to another person. > > Keep your mobile phone number up-to-date with us. You may not be able to place some transactions without it. This mobile phone number must be your mobile phone number and not the phone number of your adviser or their support staff. Registered to BPAY Pty Limited ABN

10 Benefits & features > > You may need to enter an SMS security code when performing some online transactions as the transaction will not proceed until this verification has occurred. Your account has daily payment limits which you may be able to adjust at panorama.com.au if you need to make a larger payment. Any changes to your daily Pay Anyone or BPAY limit may apply to all such transactions initiated by you or your adviser (if adviser permission has been granted). For further information, refer to Online and transaction security in the Features section of the Additional Information and Terms Booklet. 7. Regular investment plan You can set up automated regular investments into your existing managed funds, BT Managed Portfolios or Tailored Portfolios from your BT Cash Hub. This is an efficient way to spread your purchase over a number of periods and may help you reduce the impact of market volatility on your account. Our flexible plan allows you to: > > Allocate funds by percentage or dollar amount across multiple investments. > > Set up multiple plans that can run across different frequencies (fortnightly, monthly, quarterly) and dates. > > Select a commencement and end date. > > Make regular deposits from your linked account into your BT Cash Hub to fund your regular investment plan. At the time you invest in a managed fund or BT Managed Portfolios under a regular investment plan, you may not have the current disclosure document for that fund. You can access the current disclosure document online at panorama.com.au or request a copy from your adviser or by contacting us. For further information on the regular investment plan, refer to Regular investment plans in the 'Additional information on investments' section of the Additional Information and Terms Booklet. 8. Tailored Portfolios If you have an adviser, we may make available Tailored Portfolio tools which allow your adviser's dealer group or your Managed Discretionary Account ('MDA') operator (as applicable) to construct, manage and rebalance your investments in accordance with a pre-determined investment strategy. You may be able to request to exclude certain assets held in your Tailored Portfolio to align with ethical considerations or other investment requirements you may have. You can then elect to reallocate the value of the excluded assets to cash, or across the other assets in your Tailored Portfolio. Check with your adviser if you would like to know whether the Tailored Portfolio tools are available in relation to your account. 9. Self managed super funds If you have an SMSF account, there are a number of features that have been specifically designed to help you better manage your SMSF. You and your adviser have access to the following Panorama Investments features: > > Accountant access collaborate with your adviser and accountant in the way you prefer. > > Online document library store and access copies of all of your SMSF documents in your secure document library. If your accountant has access to your document library, they can also upload and view your SMSF documents. > > Audit flag flag documents in your document library to assist with your end of year compliance obligations. > > Deposit categorisation cash deposits can be categorised by you or your adviser using a range of categories including as contributions which can then be allocated to members and contribution limits tracked. > > Payment categorisation cash payments can be categorised by you or your adviser as pension payments or a range of other payment types and allocated to members or subcategories to help monitor payments and better manage your SMSF s pension compliance obligations. > > External assets the external assets feature allows information to be uploaded about your SMSF assets which are external to Panorama Investments so that you, your adviser and your accountant can view those assets alongside your Panorama SMSF account 1. For more information, refer to the Features available to SMSF investors section in the Additional Information and Terms Booklet. Panorama SMSF Establishment Service If you are interested in starting a new SMSF and investing in Panorama Investments through that SMSF, BT Portfolio Services Ltd provides an SMSF Establishment Service. For further information, refer to the Panorama SMSF Establishment Service Guide and Terms and Conditions, available from your adviser or by contacting the Panorama Support Team. Panorama SMSF Administration Service BT Portfolio Services Ltd also provides an SMSF Administration Service to SMSF investors who have a Panorama Investments account and would like help with the administration of their SMSF. For further information refer to the Panorama SMSF Administration Service Guide available from your adviser or by contacting the Panorama Support Team. 10. Insurance A comprehensive range of insurance options which can help to protect you and your family from the financial consequences of illness, injury, medical trauma and death may be available to you through Panorama Investments. Refer to the BT Protection Plans PDS, available from your adviser or by contacting us. 1 Note SMSF liabilities are not included in the external assets feed received and are therefore not displayed on your Panorama Investments account. 7

11 Transacting with your BT Cash Hub When you deposit amounts into your account, the proceeds will be invested into your BT Cash Hub. When you request payments from your account, these will be withdrawn from your BT Cash Hub. Your BT Cash Hub may also be used to settle your investment transactions 1. Your account Deposits Your BT Cash Hub Your BT Cash Hub forms the core of your account by facilitating many of the transactions that you and your adviser can perform with your account Payments > BPAY > Direct debit > Direct credit > Cheque > BPAY > Direct debit > Direct credit Investments Select from a range of investment options 2 Term Deposits Managed Funds Income Income from your investments may be paid into your BT Cash Hub 4 including > Interest earned on your term deposits > Distributions earned on your managed funds >Dividends and distributions earned on your listed securities BT Managed Portfolios Listed Securities Insurance Select from a range of insurance options 3 Managing your BT Cash Hub balance If you invest in BT Managed Portfolios, managed funds or listed securities, your BT Cash Hub has a minimum required balance of $2,000. Generally, one-off investment transactions and withdrawals will not be processed if there are not sufficient funds in your BT Cash Hub. Once the minimum required balance applies in respect of your account, it will continue to apply even if you no longer hold BT Managed Portfolios, managed funds or listed securities. To help you meet your payments and maintain the minimum required balance, your investments will be sold down in accordance with one of two drawdown strategies. For further information, refer to Drawdown strategies in the Additional information on investments section and clause 6 of the Terms and Conditions section of the Additional Information and Terms Booklet. 1 Transactions using the Tailored Portfolio tools will be settled to the cash allocation of your Tailored Portfolio. 2 The full range of investment options may not be available to every investor. You can obtain a list of the investments available to you from your adviser or by contacting us. 3. Insurance through Panorama Investments may not be available to every investor. You can find out if insurance cover is available to you from your adviser or by contacting us. 4 Income from BT Managed Portfolios and Tailored Portfolios will be paid into the cash allocation of your respective portfolio. 8

12 Benefits & features You can make deposits and payments in the following ways: Deposits BPAY Direct debit Direct credit Cheques BPAY into your account using our BPAY Biller Code and your individual Customer Reference Number ( CRN ). Biller Code: CRN: provided online once your account is activated. You can set up a direct debit online from a linked account to deposit funds into your account. Make deposits from your external bank account or building society account using: > > BSB: > > Your account number: provided online once your account is activated. We will also accept deposits via cheque. Cheques should be made out to: BT Cash <Account name and account number> and mailed to: Panorama GPO Box 2861 Adelaide SA 5001 Payments > > You can make BPAY and direct credit payments online. > > You can use the BSB number we give you and your account number to arrange direct debits from your BT Cash Hub to pay third parties such as utilities and other service providers. For further information on the payment services connected to your BT Cash Hub, please refer to the BT Cash PDS. Regular deposits and payment plans Your deposit and payment requests placed online can be processed as a one-off transaction, a one-off transaction scheduled for a future date or as a repeat transaction (or payment/deposit plan). To help you meet your payments and maintain the minimum required balance, your investments will be sold down in accordance with one of two drawdown strategies. For more information, refer to the 'Drawdown strategies' section in the Additional Information and Terms Booklet. More information There may be a clearance period on some deposits (for example direct debit deposits and cheques) before the money is available for you to access. This is generally 2 business days for direct debits and up to 3 business days for cheques and longer for cheques from international banks. Any regular investment plan transactions will occur after your funds have been cleared. Before you make a deposit or for more information on BT Cash, you should read the latest BT Cash PDS available at panorama.com.au. Your Direct Debit Request Service Agreement is set out in the Additional Information and Terms Booklet. For further information, refer to Transacting with your BT Cash Hub in the Features section of the Additional Information and Terms Booklet. 9

13 Investment options Panorama Investments makes a range of investment options available to you so you can select the investments that best suit your needs. Your BT Cash Hub With your BT Cash Hub you enjoy the following benefits: > > The income you earn is accrued daily and paid monthly so your cash investments are always working for you. > > A range of transaction options including BPAY, direct credit and direct debit make it easy to make deposits, pay bills and manage your cash flow. Term deposits A term deposit is an investment where the interest rate does not generally change for the nominated term. You can choose from a range of term deposits offering a variety of terms and interest payment frequencies to meet your needs. This gives you the advantage of: > > Security of a low level of risk and a fixed interest rate that gives you a known rate of return, even in uncertain times. > > Simple options on maturity to allow you to easily invest in a new term deposit. Term deposits can be applied for and managed online. The online application process is fast and efficient. For further information, refer to Term deposits in the Additional information on investments section of the Additional Information and Terms Booklet. BT Managed Portfolios BT Managed Portfolios is a separate managed investment scheme that may be an investment available to you through Panorama Investments. It is designed to provide you with access to a range of managed portfolio options managed by professional investment managers. Managed portfolio options are designed to remove the need for you to individually research assets or fund managers, monitor your holdings and manually trade your assets. Essentially, once you select a particular managed portfolio option, your investment in BT Managed Portfolios (referred to in this Investor Guide as your managed portfolio ) will be managed and rebalanced in accordance with the investment strategy and objectives of the managed portfolio option. Depending on the managed portfolio option you select, your managed portfolio may include listed securities, managed funds and cash investments. By investing in BT Managed Portfolios through Panorama Investments, you will be able to: > > see the quantity and value of all the assets in your managed portfolio by visiting panorama.com.au > > receive income on those assets (which will be paid into the cash allocation of your managed portfolio) and you may benefit from franking credits on dividends, and > > have the convenience of accessing consolidated reporting in relation to the assets held in your managed portfolio by visiting panorama.com.au, which will remove the hassle and paperwork associated with holding the assets individually. The managed portfolio options may vary in their investment objective, strategy, style and risk/return profile. Your managed portfolio will be aligned by the responsible entity of BT Managed Portfolios, as closely as possible with your selected managed portfolio option. Income from the assets in your managed portfolio will be paid into the cash allocation of your managed portfolio and may be reinvested in accordance with the investment strategy of your selected managed portfolio option as part of the rebalance process. Please refer to the Additional information on investments section of the Additional Information and Terms Booklet and the BT Managed Portfolios PDS (including the Investment Options Booklet) for further important information. Managed funds Panorama Investments gives you access to a broad range of managed investment schemes (other than BT Managed Portfolios), encompassing most of Australia's leading fund managers (referred to in this Investor Guide as 'managed funds'). The managed funds available to you include: > > Diversified funds (eg growth, balanced) > > Sector funds (eg Australian and international shares) > > Specialist funds (eg alternative). 10

14 Benefits & features Distributions Any distributions you receive in respect of a managed fund will be paid in cash to your BT Cash Hub when we receive them from the relevant investment manager. Distribution nominations include: > > stay in BT Cash Hub, or > > be reinvested, in which case we will use the distributions to purchase new units in the fund on your behalf 1. If you don t nominate a distribution option, your distributions will be kept as cash in your BT Cash Hub. Please note: > > You may not have the current disclosure document for a managed fund at the time you acquire a further interest through reinvestment of distributions. > > The current disclosure documents for all managed funds will be available at any time online or you can request a copy from the fund manager, your adviser or by contacting us. > > We may apply cut-off times in relation to distribution nominations. This means in some circumstances, you may receive a partial cash distribution regardless of your nominations. However, your next distribution will be processed according to your nominated preference in full. > > The ability to reinvest distributions may not be available in respect of all managed funds you hold. For more information, refer to Distribution reinvestments in the Additional information on investments section of the Additional Information and Terms Booklet. Listed securities Panorama Investments allows you to select from a range of ASX listed securities being: > > shares > > hybrid securities > > interest in listed property/investment trusts > > interest in exchange traded funds. Your dividends or distributions paid in respect of your listed securities can: > > remain in your BT Cash Hub, or > > be reinvested 1 If a reinvestment option is selected, the amount of securities allocated to your account will be rounded down to the nearest whole number. If this occurs, an amount equal in value to the portion of the security rounded down will be paid in cash to your BT Cash Hub. Where a disclosure document is required to be given in relation to a particular listed security, you may not have the current disclosure document at the time you acquire a further interest through reinvestment of dividends or distributions. In this case, the current disclosure document will be available online or you can request a copy from the issuer, your adviser or by contacting us. If you don t nominate a reinvestment option, your dividends or distributions will be kept as cash in your BT Cash Hub. The ability to reinvest dividends or distributions may not be available in respect of all listed securities you hold. Panorama Investments gives you the flexibility to choose to transact: > > through the broker we appoint ('online broker'), or > > through an approved external broker. For more information, refer to the Selecting a broker section of the Additional Information and Terms Booklet. Available investment options The investment options available to you may vary. You can obtain a list of the investment options available to you and copies of their disclosure documents and/or terms and conditions, free of charge from your adviser or by contacting us. Managed discretionary accounts ( MDAs ) We may approve the use of certain MDA services offered by third parties, for use in connection with Panorama Investments. While you have an agreement with the MDA operator, who will be solely responsible for the MDA service, your account can be used as the custody and transaction facility for your MDA account. In this case, we will act on the instructions of the person whom you appoint under a power of attorney to make investment decisions on your behalf. 1 If you nominate a reinvestment option that is made available to you by the Administrator but you don t provide us with your Tax File Number ( TFN ) or you are a non-resident for tax purposes, your distributions or dividends will be paid into your BT Cash Hub and you will not be able to reinvest your distributions or dividends under a reinvestment facility. 11

15 Investment selection policy The Investment selection policy applies to all investments offered through Panorama Investments and does not constrain investments to only those issued by or associated with Westpac or its subsidiaries. The Administrator decides whether to add, remove or restrict investments that are available through Panorama Investments, and takes into account considerations such as whether the investment is manageable through its existing technology and administrative processes. The Administrator reviews and monitors the available investments periodically to make sure they continue to comply with our investment selection policy. Only Investment Grade 1 term deposits issued by an authorised deposit-taking institution (with a banking licence) may be approved for addition to Panorama Investments. BT Cash is an investment that was selected as the hub of your account as it is integrated with our technology platform and facilitates transactions, including deposits and withdrawals on your account. BT Managed Portfolios was selected to provide investors with access to professional investment managers (both Westpac related and external), whilst maintaining visibility over the assets purchased through their selected managed portfolio option(s). In selecting the managed funds available through Panorama Investments, we will generally assess whether there is sufficient demand for the particular managed funds and take into account things such as research house ratings, liquidity and cash flow management, gearing, diversification, costs and tax, asset allocation, track record, governance structure, underlying funds under administration and the ability of the fund to meet administration and service level requirements. We may change the investments available to you. At any time, to view the investments available to you, speak to your adviser or contact us. Generally, ASX listed securities will automatically be made available for investment via Panorama Investments. If a security is de-listed from the ASX, it will automatically be made unavailable via Panorama Investments. Some particular ASX listed securities, for example warrants, are not available for investment through Panorama Investments at this stage. Members of the Westpac Group, including the Administrator, participate as financial institutions or product issuers in both domestic and international markets. As a result, perceived and actual conflicts of interest may arise when we consider and assess the investments made available through Panorama Investments. To manage any perceived or actual conflicts of interest, all investments available through Panorama Investments are subject to the same investment selection criteria applying to investments in the same class regardless of whether they are issued by a member of the Westpac Group or an unrelated party. Furthermore, the Administrator has policies in place that govern how it manages conflicts and these policies apply to the investment selection process. For further information on the investments and transactions you can make through Panorama Investments, refer to the Additional information on investments section of the Additional Information and Terms Booklet. 1 At the date of this Investor Guide an Investment Grade rating is equivalent to an S&P rating of BBB or above, a Moody s rating of Baa3 or above and a Fitch rating of BBB or above. 12

16 Benefits & features Investing through Panorama Investments A key benefit of Panorama Investments is that we provide you with consolidated access and reporting on your investments in one convenient location at panorama.com.au. How investing through Panorama Investments is different from investing directly Investing through Panorama Investments Investing directly 1. Access to your investments Access to term deposits A range of term deposits are available online with a range of rates and terms for you. Access to BT Managed Portfolios A range of managed portfolio options may be available for you to select one appropriate for your objectives. Access to managed funds Panorama Investments gives you access to a range of managed funds, with no minimum investment amount. Access to listed securities A broad range of securities listed on the ASX are available for you to select those securities most appropriate for your objectives. 2. Ownership of your investments The Administrator (or, in the case of listed securities, the sub-custodian) is the legal owner of your investments which are held on trust so your account can be administered for you. However, you retain the beneficial ownership of your investments. 1. Access to your investments Access to term deposits The term deposits offered through Panorama Investments are not available for you to invest in directly. Retail term deposits you access directly will have different terms and conditions and may offer different features. Retail term deposits may require you to complete different applications for each term deposit. Access to BT Managed Portfolios Some managed portfolio options in BT Managed Portfolios may not be available for you to invest in directly. Access to managed funds Some managed funds are not available to invest in directly or may have large minimum application amounts. Access to listed securities All securities listed on the ASX are available to you. 2. Ownership of your investments 1 You are the legal and beneficial owner of your investments, and acquire all rights attaching to ownership. 3. Reporting is consolidated 3. Reporting is not consolidated You receive comprehensive consolidated reporting on all You receive reporting on each of your investments from your Panorama investments. You can also receive each product issuer. You may not receive consolidated reporting on assets that are external to your account that reporting that gives you a complete picture of your you have registered with Panorama Investments. We will investments in one place. provide you with annual reporting within three months of the end of each financial year end. You can also access up-to-date investment information online. You will receive information regarding your annual tax position for your Panorama investments once we have the necessary information from third parties after the end of the financial year. You will receive an when these are available online. 1 Interests in BT Cash and BT Managed Portfolios are only available through an IDPS operated and administered by BTPS. You can t hold these investments directly. 13