Illiquid funds update Navigator s withdrawal offers and scaled back redemptions

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1 Illiquid funds update Navigator s withdrawal offers and scaled back redemptions The following are the withdrawal offer periods that are open as at 15 February. APIR code Paper-based submissions Australian Unity Wholesale High Yield Mortgage Trust AUS0005AU 16 February n-link submissions manager Discovery Wholesale Core Income (Australian Unity) AUS0031AU 16 February APN Property for Income (monthly) APN0001AU APN Property for Income No. 2 (monthly) APN0004AU Australian Unity Wholesale Mortgage Income Trust (monthly) AUS0116AU HFA Diversified Investments HFL0104AU 28 February Access AXA Wholesale Australian Monthly Income NUN0009AU 23 February 28 February AXA Wholesale Australian Monthly Income NML0316AU 23 February 25 February 1 March BlackRock Combined Property Income MAL0008AU 8 March 10 March 15 March Access BlackRock Combined Property Income NUN0020AU 7 March 9 March 15 March Please see the table below for the applicable scale back redemption percentages. Please note: where redemptions are scaled back, a redemption request is required to be submitted for each withdrawal offer period. Maximising redemption amounts for illiquid fund clients To maximise redemption amounts for clients' holdings in an illiquid fund, we would like to inform advisers that they can request to redeem 100% of their clients' units in each fund during a withdrawal offer period. While the requested amount may be scaled back by the respective fund manager, it provides the best opportunity to maximise redemption amounts. To ensure a request is submitted as quickly as possible, please apply via n-link. Small balances When making a withdrawal offer, some fund managers apply a minimum withdrawal amount for direct investors. If the account balance is below that amount, the full amount will be redeemed. As clients' holdings are held via the platform, these minimums do not apply. Every redemption request will be treated consistently and remain subject to the scale back set by fund managers. This now also applies to clients with illiquid fund balances under $500.

2 Account closures: $1,000 automatic payment when paying proceeds from illiquid funds If an account closure has been requested and you are waiting on proceeds from illiquid funds, we will automatically pay out available cash # when the amount reaches $1,000. If a client wants to receive a smaller amount, they can make a request to do this at any time. # Available cash is total cash less fees, future charges and the minimum 1% cash holding. Where a client is rolling over to another superannuation fund or holds a Business Super account, this minimum will not apply. As at 15 February we have been notified of the following: Access AXA Australian. Monthly Income withdrawal offer open until 28 February 10/03/ % 25/05/ % 24/08/ % 23/11/ % 28/02/11 TBC Access BlackRock Combined Property Income withdrawal offer open until 15 March 23 April 2010: approx 7.00% 15 March : TBC Access Challenger Wholesale High Yield Challenger is calling a unitholder meeting on to vote on two resolutions relating to this fund. 19/02/ % 20/08/ % 22/11/ % Access Challenger Howard Wholesale Mortgage 19/02/ % 20/08/ %. AMP Capital Enhanced Yield - fund suspended Capital distribution of 4.00% expected to be paid on 13 April 2010 ANZ Mortgage 02/03/ % 02/06/10 TBC 22/09/10 TBC 19/11/10 TBC APN Property for Income (monthly) closing 24th of each month From January, total funds available to satisfy withdrawal requests will be capped at 5% pa, pro rated on a monthly basis of the net asset value of the fund. If requests exceed the capped amount, withdrawals will be scaled back on a pro rata basis. 19/10/ % 24/11/10 TBC 24/12/ %

3 APN Property for Income No. 2 (monthly) closing 24th of each month From January, total funds available to satisfy withdrawal requests will be capped at 5% pa, pro rated on a monthly basis of the net asset value of the fund. If requests exceed the capped amount, withdrawals will be scaled back on a pro rata basis. Australian Unity Wholesale Mortgage Income Trust (monthly) closing 22nd of each month 19/10/ % 24/11/10 TBC 24/12/ % 22/07/ % 22/08/ % 22/09/ % 22/10/ % 22/11/ % 22/12/ % 22/01/ % 22/02/11 TBC Australian Unity Wholesale High Yield Mortgage Trust withdrawal offer open until 22/03/ % 22/07/ % 22/09/ % 22/11/ % 24/01/ % 24/02/11 TBC AXA Wholesale Australian Monthly Income withdrawal offer open until 1 March 10/03/ % 25/05/ % approx. 24/08/ % 23/11/ % 01/03/11 TBC Balmain (Mariner) Wholesale Mortgage Trust 26/03/ % 25/06/ % Balmain (Mirvac) Aqua High Income 27/01/ % 22/06/ % approx. BlackRock Combined Property Income withdrawal open until 15 March 23 April 2010: approx 7.00% 15 March : TBC

4 BT Wholesale Split Growth (terminating) 23 July 2010: 100% Challenger Howard Wholesale Mortgage Trust 19/02/ % 20/08/ % Challenger Mortgage Plus Trust 19/02/ % 20/08/ % Challenger Wholesale High Yield Challenger is calling a unitholder meeting on to vote on two resolutions relating to this fund 19/02/ % 20/08/ % 30/11/ % Charter Hall Direct Property 20/12/ % Colonial First State - Bricks and Mortar Discovery Wholesale Core Income (Australian Unity) withdrawal offer open until 07/04/ % approx. 18/08/ % 19/01/11 TBC 22/03/ % 22/07/ % 22/09/ % 22/11/ % 24/01/ % 24/02/11 TBC HFA Diversified Investments withdrawal offer open until 28 February 31/03/ % approx. 31/05/ % approx. 30/08/ % 30/11/10 TBC 28/02/11 TBC

5 ING Mortgage Trust No.2 ING Monthly Income Trust ING Income Plus Trust 02/03/ % approx. 02/06/ % approx. 02/09/ % 19/11/ % 02/03/ % 02/06/ % approx. 02/09/ % 19/11/ % 22/12/ % 02/03/ % approx. 02/06/ % approx. 02/09/ % 19/11/ % Perpetual Monthly Income 31/03/ % 30/06/ % approx. 30/09/ % 31/12/ % Perpetual Wholesale Monthly Income 31/03/ % 30/06/ % approx. 30/09/ % 31/12/ % For more information, please or call Client Services on