MyNorth IndexDiversifiedInvestmentOptionsProduct Disclosure Statement

Issue number 4Issued 9 January 2020Issued by ipac asset management limited ABN 22 003 257 225, AFSL 234655

Unit classAPIR codeARSNRegistered name ofthe Trust

Investment options

LIPA0180AU

089 026 871Summit Select Trust

MyNorth Index Defensive

LIPA0181AUMyNorth Index Moderately Defensive

LIPA0182AUMyNorth Index Balanced

LIPA0183AUMyNorth Index Growth

LIPA0184AUMyNorth Index High Growth

Important informationipac asset management limited (ABN 22 003 257 225, AFSL 234655),is the Responsible Entity of the Summit Select Trust (the Trust) andissuer of this Product Disclosure Statement (PDS). TheMyNorth IndexDiversified Investment Options represent classes of units within theTrust and are referred to in this PDS as an 'Investment Option'.

The Trust is a managed investment scheme structured as a unit trustand registered under the Corporations Act 2001 (Cth), referred to inthis PDS as the ‘Corporations Act’.

AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497)referred to in this PDS as 'AMP Capital' or 'the Portfolio Manager'hasbeen appointed by the Responsible Entity as the portfolio manager ofthe Trust. TheResponsible Entity has also appointedAMPCapital underan agreement to provide other fund related services, including thepreparation of this PDS. No company in the AMPGroup other than theResponsible Entity is responsible for the preparation and issue of thisPDS or for any statements or representations made in this PDS.

AMPCapital has provided consent to the statementsmadebyor aboutthem in this PDS and have not withdrawn that consent prior to theissue of this PDS.

An investment in an Investment Option is subject to investment risk,including possible delays in repayment and loss of income and capitalinvested. The Responsible Entity, the Portfolio Manager, AMP Capitalandassociatedcompanies, andany investmentmanagerdonotassumeany liability to investors in connection with investment in theInvestment Options or guarantee the repayment of capital, paymentof income, or theperformanceof the InvestmentOptionsor aparticularrate of return. Investments in the InvestmentOptions are not depositsor liabilities of any company in the AMP Group, the Portfolio Manageror of any investment manager. The obligations of the ResponsibleEntity are not guaranteed by the Portfolio Manager, AMP Capital orany associated companies or any investment manager.

The offer made in this PDS is only available to investors receiving it(electronically or otherwise), signing it and submitting it in Australia.

Unless otherwise specified, all dollar amounts in this PDSareAustraliandollars.

The Responsible Entity andAMPCapital are eachmembers of theAMPGroup.

Throughout this PDS

To be read as:References to:

A client invested in any of the Investment Options, including any person authorised to act on theirbehalf

'investor', 'unitholder' or 'you'

A financial adviser holding an Australian Financial Services Licence or acting as a representative or anauthorised representative of a licensee

'financial adviser'

ipac asset management limited'ipac' or 'Responsible Entity'

AMP Capital Investors Limited'AMPCapital', 'PortfolioManager', 'we', 'our'or 'us'

Australian Securities and Investments Commission'ASIC'

Any day other than Saturday, Sunday or a bank or public holiday in Sydney, NSW'Business Day'

A client investing via a master trust or wrap account'indirect investor'

A trust, wrap account, investor directed portfolio service, nominee or custody service, platform or theoperators of these investment vehicles, as applicable

'platform operator'

2About ipac asset management limited

3About theMyNorth IndexDiversified InvestmentOptions

4Index investment options

8Risks of investing

11Fees and other costs

17Taxation

18Distributions

19Investing in the MyNorth Index Diversified InvestmentOptions

21Accessing your money

22Keeping you informed

23Other important information

28Applying for an investment

About this Product Disclosure Statement(PDS)This PDS contains important information about investing inthe Trust and may be used by platform operators, to apply forunits in the Investment Options. The platform operators cangive this PDS to their customers (indirect investors) to providethemwith informationabout the InvestmentOptions to assistthem in making a decision about instructing their platformoperator to invest in the Investment Options on their behalf.Platform operators are the unit holder in the InvestmentOptions; their rights differ from the rights of indirect investors,whoarenotunit holders (see the ‘Other important information’section of this PDS).

Before making a decision about investing or reinvesting in theInvestment Options, all investors should consider theinformation in the PDS. A copy of the current PDS can beobtained free of charge, on request by contacting AMP Capitalon 1800 658 404.

Information in this PDS can help investors compare theInvestment Options to other funds they may be considering.The information in this PDS is general information only anddoes not take into account any investor’s personal objectives,financial situationorneeds. All investors shouldobtain financialadvice that is tailored to their circumstances.

1

Contents

ipac is one of Australia’s largest operators of multi-managerportfolios and has been helping clients achieve their financialgoals and chosen lifestyle since 1983. ipac is part of the AMPGroup and is the Responsible Entity for the Trust.

As Responsible Entity of the Trust, ipac is responsible for theoperationof theTrustunder the constitution, theCorporationsAct and general laws. The Responsible Entity has appointedAMP Capital as the Portfolio Manager of the Trust.

The PortfolioManager is responsible for themanagement andinvestmentof theTrust's assets. It conducts extensive researchinto, andappoints specialist investmentmanagers toundertakethe ongoing investment of the underlying assets of the Trust.These managers range from large global firms to boutiquemanagers. The Portfolio Manager blends these managers toconstruct a portfolio that aims to achieve the investmentobjectives. The Responsible Entity will pay the PortfolioManager’s fees from the fee it receives - it is not an additionalcost to investors.

More information about ipac is available by contacting ClientServices on 1800 658 404 or by emailclientservices@ampcapital.com.

About AMP CapitalAMP Capital is a global investment manager with a largepresence in Australia. AMP Capital is 85% owned (indirectly)by AMP Limited. As part of theAMPGroup,we share a heritagethat spans almost 170 years.

Our home strength in Australia and New Zealand has enabledus to grow internationally, and today we have operationsestablished in China, Hong Kong, Dubai, India, Ireland, Japan,Luxembourg, the United Kingdom and the United States. Wealso collaboratewith a network of global investment partners,leveraging our shared capabilities to provide greater access tonew investment opportunities.

Our asset class specialists, investment strategists andeconomists work together with the aim of delivering stronginvestment outcomes for clients. That is why our clients trustus to invest over A$200 billion (as at 30 June 2019) on theirbehalf, across a range of single sector and diversified funds.

AMP Capital has been appointed by the Responsible Entity,under an agreement, to provide other Fund related services,including responding to investor enquiries and thepreparationof this PDS on behalf of the Responsible Entity.

More information about AMP Capital is available online atwww.ampcapital.com/aboutus.

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About ipac asset management limited

The Investment Options are index investments that have amanagement style that seeks tomatcha relevantmarket index.

Each investment optionmay invest in a variety of asset classesincluding shares, property, fixed interest and cash – both inAustralia and overseas. Investments will be made inmanagedinvestment schemes whose assets are managed by specialistmanagers selected for their expertise in that asset class.

Each of the Index investment options – Defensive, ModeratelyDefensive, Balanced, Growth and High Growth – invests in adifferent combination of growth and defensive assets and hasa different risk profile.

Growth assets (such as shares and property) are expected togenerate higher long-term returns thandefensive assets (suchas cash and fixed interest), but with greater volatility (or havea higher risk profile). Generally, the higher the amount ofgrowthassets inan investmentoption, thegreater thepotentiallong-term return and the higher the risks associatedwith thatinvestment option.

Further details oneachof the InvestmentOptionsareprovidedon pages 4 to 7.

When you invest you are indirectly allocated an interest in aclass of units from the Summit Select Trust (see inside frontcover). Each investment option represents one of those classesof units (see page 23 for more details).

The money from individual investors is pooled and investedaccording to the investment option’s investment objective.Youdonot have direct ownership of theunderlying assets heldin the investment options.

The offer of securitiesmade under this PDS is only available toclients accessing it through a master trust or wrap account.For more information about investing through a master trustor wrap account please see page 19.

ipac is responsible for the management of the InvestmentOptions.

Further informationFor platform operators, if you have questions about investingin the InvestmentOptionsor require further information, pleasecontact theAMPCapital Client Services teamon1800658404.Indirect investors should contact their financial adviser orplatform operator.

Further information about the Investment Options is alsoavailable online at northonline.com.au. This information mayinclude performance reports.

When reading fundperformance information, pleasenote thatpast performance is not a reliable indicator of futureperformance and should not be relied on whenmaking adecision about investing in the Investment Options.

At a glance

Platform operators - investing directly into an Investment OptionWho can invest?Indirect investors - investing in the Investment Options through a master trust or platform

Indirect investorsPlatform operatorsMinimum investment

amountsMinimum investment amounts, fees and costs are subject to thearrangements between indirect investors and their platform operators.For further information, you will need to contact your financial adviseror platform operator.

Initial – $500,000Additional – $5,000

Platform operators0.55% pa to 0.56% pa

Management costs

See the 'Fees and other costs' section of this PDS for the other fees and costs that may apply and a worked example ofmanagement costs that may be payable in a year. The total amount of fees you will pay will vary depending on the totalvalue of your investment

The Investment Options aim to pay distributions half-yearly (see the 'Distributions' section of this PDS).Distribution frequency

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About theMyNorth IndexDiversified InvestmentOptions

There are five diversified investment options that take an indexapproach to investing. Each of the five options – Defensive,Moderately Defensive, Balanced, Growth and High Growth –invests in a combination of growth and defensive assets, andhas a different risk profile.

A specialist investment manager (or managers) is appointedto manage the assets of the Trust. The Portfolio Manager isresponsible for conducting research to select these investmentmanager(s).

Changes to investment managersArigorousmonitoringand reviewprocess is employed toensureinvestment managers continue to manage according to theagreed strategy, with the aim of achieving the investmentobjectives of each Investment Option. The Portfolio Managermay change the investment managers or their allocations atany time without prior notice.

Changes to asset allocationsThe Portfolio Manager will regularly review the target assetallocations to ensure they remain appropriate in light of anychanges to the medium to long-term risk and returnexpectations for the asset classes. These reviews may lead tochanges in asset allocations, which ipac may implementwithout notice to investors. The Portfolio Manager will notdeviate outside the asset allocation ranges to pursueinvestment opportunities based on short-term expectations.

For up-to-date information on the Index investment options,including the investment managers, please contact yourfinancial adviser or contact the North Service Centre on 1800667 841.

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Index investment options

BalancedModerately DefensiveDefensive

To provide moderate growth in yourinvestment over the medium to long

To provide modest growth in yourinvestment over themedium termwithsome fluctuations in value likely.

To provide some growth in yourinvestment over the short to mediumterm with smaller fluctuations in valuethan theother Index investmentoptions.

Investmentobjective

term with moderate fluctuations invalue likely.

To invest in a diversified mix of growthanddefensiveassets.Growthassets suchas shares and property will have an

To invest in a diversified mix of growthanddefensiveassets.Growthassets suchas shares and property will have an

To invest predominantly in defensiveassets such as cash and fixed interest.Growth assets will have an average

Investmentstrategyi

average allocation over time of around70%, with the balance in defensiveassets such as cash and fixed interest.

average allocation over time of around50%, with the balance in defensiveassets such as cash and fixed interest.

allocation over time of around 30%invested in growthassets suchas sharesand property.

Range%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classAsset allocationii

20-4030Australian shares10-3021Australian shares0-2011Australian shares

25-4533Internationalshares

15-3523Internationalshares

5-2513Internationalshares

0-15

7Listed real

assetsiii0-15

6Listed real

assetsiii0-156Listed real

assetsiii

0Unlisted realassets

0Unlisted realassets

0Unlisted realassets

0-100Alternativegrowth

0-100Alternativegrowth

0-100Alternativegrowth

70Total growth50Total growth30Total growth

10-4020Fixed interest15-4030Fixed interest15-7036Fixed interest

0-100Alternativedefensive

0-100Alternativedefensive

0-100Alternativedefensive

0-3010Australian cash0-4020Australian cash0-6034Australian cash

30Total defensive50Total defensive70Total defensive

5 years4 years3 yearsMinimumsuggestedinvestmenttimeframe

HighMedium to highLow to mediumRisk level

653Risk bandiv

For up-to-date performance data please speak to your financial adviser or visit northonline.com.au

i. The Responsible Entity may change the Investment Option's investment objective or investment strategy, from time to time, if it considers it tobe in the best interests of investors. If it does so, it will advise investors.

ii. The Portfolio Manager aims to manage asset allocations within the asset allocation ranges. However, in certain circumstances, the PortfolioManager may manage actual allocations outside of the asset allocation ranges. Such circumstances may include but are not limited to whereone of the investment options or underlying funds is closed for new applications or withdrawals, during changes to the product structure, assetallocation or manager line-up, or in certain market conditions. The Portfolio Manager will not deviate outside the asset allocation ranges topursue investment opportunities based on short-term expectations.

iii. Includes an allocation to Australian listed property, global listed property and global listed infrastructure asset classes.iv. The risk band and risk level are based on an estimation of the expected number of negative annual returns over any 20-year period (as outlined

in the Risk measure categories table on page 7). Information about the methodology used for calculating the risk level can be obtained bycontacting us. This is not a complete description of the risks of investing in the Investment Option. Consequently, before choosing to invest orreinvest in the Investment Option, you should read this PDS, and consider factors such as the likely investment return, the risk of investing andyour investment timeframe.

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High GrowthGrowth

To provide high growth in your investment over the long termwith large fluctuations in value likely when compared to otherIndex investment options.

To provide moderate to high growth in your investment overthe long term with larger fluctuations in value likely whencompared to other Index investment options (excluding HighGrowth).

Investmentobjective

This investment option invests in a diversified mix of growthassets such as shares and property that will have an averageallocation over time of around 97% with the balance in cash.

To invest in a diversifiedmix of primarily growth assets. Growthassets such as shares and property will have an averageallocationover timeof around85%,with thebalance indefensiveassets such as cash and fixed interest.

Investmentstrategyi

Range%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classAssetallocationii

30-5543Australian shares25-4537Australian shares

40-6050International shares20-5041International shares

0-154Listed real assetsiii

0-157Listed real assetsiii

0Unlisted real assets0Unlisted real assets

0-100Alternative growth0-100Alternative growth

97Total growth85Total growth

0-150Fixed interest0-259Fixed interest

0-100Alternative defensive0-100Alternative defensive

0-203Australian cash0-206Australian cash

3Total defensive15Total defensive

6 years6 yearsMinimumsuggestedinvestmenttimeframe

HighHighRisk level

66Risk band iv

For up-to-date performance data please speak to your financial adviser or visit northonline.com.au

i. The Responsible Entity may change the Investment Option's investment objective or investment strategy, from time to time, if it considers it tobe in the best interests of investors. If it does so, it will advise investors.

ii. The Portfolio Manager aims to manage asset allocations within the asset allocation ranges. However, in certain circumstances, the PortfolioManager may manage actual allocations outside of the asset allocation ranges. Such circumstances may include but are not limited to whereone of the investment options or underlying funds is closed for new applications or withdrawals, during changes to the product structure, assetallocation or manager line-up, or in certain market conditions. The Portfolio Manager will not deviate outside the asset allocation ranges topursue investment opportunities based on short-term expectations.

iii. Includes an allocation to Australian listed property, global listed property and global listed infrastructure asset classes.iv. The risk band and risk level are based on an estimation of the expected number of negative annual returns over any 20-year period (as outlined

in the Risk measure categories table on page 7). Information about the methodology used for calculating the risk level can be obtained bycontacting us. This is not a complete description of the risks of investing in the Investment Option. Consequently, before choosing to invest orreinvest in the Investment Option, you should read this PDS, and consider factors such as the likely investment return, the risk of investing andyour investment timeframe.

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Further information about the Investment OptionsBorrowingIt is not our intention to gear the InvestmentOptions, but theymay borrow to meet their short term liquidity needs.

The Investment Options may incur costs through interestexpenses and the establishment and maintenance of aborrowing facility.

DerivativesThe underlying investment managers and the InvestmentOptionsmayusederivatives suchasoptions, futures, or forwardrate agreements with the aim of:– increasing or reducing exposure tomarkets, relative to the

underlyingphysical holdingsand subject to the InvestmentOptions' investment guidelines

– protecting against risks such as unfavourable changes inan investment’s price brought about by, for example,changes in interest rates, credit risk, equity prices,currencies or other factors, and

– implementing the Investment Options' investmentobjectives.

We impose restrictions on the use of derivatives within theInvestmentOptions andmonitor the implementation of theserestrictions in accordance with the AMP Capital DerivativesRisk Statement, which can be obtained online atwww.ampcapital.com/derivativesriskstatement or free ofcharge by contacting us.

Currency managementThe overall foreign currency exposure of the InvestmentOptions may be partially hedged back to the Australian dollar.

Risk measure categoriesThe table below sets out standard risk measure bands/levelsused for each Investment Option based on the estimatednumber of negative annual returns that a fundmayexperienceover any 20-year period.

Estimated number ofnegative annualreturns over any20-year period

Risk levelRisk band

Less than 0.5Very low1

0.5 to less than 1Low2

1 to less than 2Low to medium3

2 to less than 3Medium4

3 to less than 4Medium to high5

4 to less than 6High6

6 or greaterVery high7

Securities lendingThe Investment Options do not engage in securities lending.However, underlying funds in which the Investment Optionsinvest, do lend securities.

Securities lending is an investment practicewhereby securitiesof a fund are lent to a third party (the borrower) for a periodof time in return for a fee. Title to the securities is transferredto theborrower, but the fund’s exposure to capitalmovementsand investment income remain unchanged. For the durationof the loan, the borrower is required to provide collateral inexcess of the value of the securities loaned. Collateral is heldby the Investment Options' custodian on behalf of theInvestment Options. Subject to any restrictions deemednecessary by the investment manager, up to 95% of eachindividual security held by the InvestmentOptionsmaybe lentunder the securities lending program.

See the ‘Other important information’ section for furtherdetailson securities lending, including associated risks and howwemitigate and manage them.

Environmental, social and governance (ESG)considerationsWewill takeaccountof labour standards, environmental, social,ethical or governance considerations in the selection, retentionor realisationof investments across all asset classes (other thancash, sovereignbonds, derivatives and exchange traded funds),in the manner set out in the ‘Other important information’sectionof this document.However,whereweor an investmentmanager invests in a pooled vehicle or fund managed by anexternal investment manager and we are unable to influenceexclusive control over the investable universe of such a vehicleor fund, thenegative screeningoutlined is not applied and suchan investmentwill be subject towhatever ESGpolicy is adoptedby the investment manager of that vehicle or fund.

The negative screening will also not apply to cash, sovereignbonds, derivatives and exchange traded funds.

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All investing involves riskGenerally, the higher the expected return, the higher the risk.

Assets with the highest long term returns may also carry thehighest level of short term risk, particularly if you do not holdyour investment for the minimum suggested investmenttimeframe. Additionally, different investment strategies maycarry different levels of risk, depending on the assets in whicha fund invests.

Whilst the Investment Options are managed with the aim ofproviding competitive investment returns against theInvestment Options' performance benchmark and protectingagainst risk, you should be aware that the Investment Optionsare subject to investment risks, which could include delays inrepayment, thenon-paymentofdistributionsand lossof capitalinvested.

Whenyou invest in amanaged investment scheme, you shouldbe aware that:– returns are not guaranteed – future returns may differ

from past returns, and the level of returns may vary, and– the value of your investment may vary, and there may be

the risk of loss of invested capital.

Investment risks can affect your financial circumstances in anumber of ways, including:– your investment in the Investment Options may not keep

pace with inflation, which would reduce the futurepurchasing power of your money

– the stated aims and objectives of the Investment Optionsmay not be met

– the amount of any distribution you receive from theInvestment Options may vary or be irregular, which couldhave an adverse impact if you depend on regular andconsistent distributions to meet your financialcommitments, and

– your investment in the Investment Options may decreasein value, which means you may get back less than youinvested.

The value of your investment in the Investment Options maybe affected by the risks listed in this section and by other risksor external factors suchas the state of theAustralian andworldeconomies, consumer confidence and changes in governmentpolicy, taxation and other laws.

Other factors such as your age, the length of time you intendto hold your investment, other investments youmay hold, andyour personal risk tolerancewill affect the levels of risk for youas an investor. As the risks noted in this section do not takeinto account yourpersonal circumstances, you should considerthe information provided in ‘Making an investment decision’at the end of this section, before making a decision aboutinvesting or reinvesting in the Investment Options.

Risks specific to the Investment OptionsThese risks apply to all the Investment Options:

Asset allocationThere is no guarantee that the Investment Options' assetallocation approach will provide positive investmentperformance at all stages of the investment cycle.

International investments

– Currency exchange rates –where the InvestmentOptions'investments are located overseas, the relative strength orweakness of theAustralian dollar against other currenciesmay influence the value of, or income from, an investment.

– Currency hedging – where international investments areprimarily hedgedback toAustraliandollars, the InvestmentOptions could still incur losses related to hedging orcurrency exchange rates. Such losses may affect theInvestment Options' taxable income and its subsequentability to pay distributions. Risks such as illiquidity ordefault by the other party to the hedging transactionmayalso apply.

– Less protection under laws outside of Australia – the lawsunder which assets located outside of Australia operatemaynotprovide equivalent protection to that ofAustralianlaws, which may mean that the Investment Options areunable to recover the full or part value of an offshoreinvestment.

– Emerging markets – securities markets in emergingmarkets are smaller and have beenmore volatile than themajor securitiesmarkets inmoredeveloped countries. Thisis often a reflection of a less developed country’s greaterpolitical instability or uncertainty, exchange rateuncertainty, lower market transparency or uncertaineconomic growth. Clearance and settlement proceduresin an emerging country’s securities market may be lessdeveloped which could lead to delays in settling tradesand registering transfers of securities.

– Operational risk – investing across multiple markets andcurrencies magnifies risks associated with internationalinvestments.

Changes in the state of the world economies may affect thevalue of your investment in the Investment Options.

8

Risks of investing

Share market investmentsShare market investments have historically produced higherreturns than cash or fixed interest investments over the longterm. However, the risk of capital loss exists, especially overthe shorter term. You should be aware that past share marketinvestment performance is not an indication of futureperformance.

Specific risks may include a slowdown in economic growth,individual companies reporting disappointing profits anddividends, andmanagement changes.Where a fund is investedin listed securities, the value of these securities may decreaseas a result of these and other events.

Counterparty or default riskEntry into some financial transactions, such as swaps, createscounterparty risks. Substantial losses can be incurred if acounterparty fails to deliver on its contractual obligations, orexperiences financial difficulties.– The value of assets within the Investment Options can

change due to changes in the credit quality of theindividual issuer, or counterparty, andasa result of changesin the values of other similar securities, which can affectthe volatility of the Investment Options and its returns.

– Where the Investment Options invest in certain strategiessuch as derivatives, fixed income, credit or high yieldinvestments, it may be subject to the risk that the creditissuer may default on interest payments, the repaymentof capital or both, or that a third party ratings agencydowngrades a credit rating, or that a counterparty to atransaction may default on financial or contractualobligations.

– The Investment Options may also invest in government,corporate or other securitieswith a non-investment gradecredit rating (that is, Standard and Poor's BB+ rating orequivalent, or less) and, as such, there is an increased risk,compared to investment grade securities, that the creditissuer may default on interest payments, the repaymentof capital or both.

DerivativesThere are risks of losses to the Investment Options throughthe use of derivatives, and where derivatives are used byunderlying funds in which the Investment Options invest,including:– the value of a derivative may not move in line with the

value of the underlying asset– a derivative position cannot be reversed– losses may be magnified, and– theparty on the other side of a derivative contract defaults

on financial or contractual obligations.

Interest ratesCashand fixed income investmentswill be impactedby interestratemovements.While capital gainsmaybeearned from fixedincome investments in a falling interest rate environment,capital losses can occur in a rising interest rate environment.The risk of capital gain or loss tends to increase as the term tomaturity of the investment increases.

Investment managementThere is a risk that the investment manager will not performto expectation or factors such as changes to the investmentteam or a change of investment manager may affect theInvestment Options' performance.

LiquidityLiquidity refers to the ease with which an asset can be traded(bought and sold). An asset subject to liquidity risk may bemore difficult to buy or sell and it may take longer for the fullvalue to be realised.

Where the Investment Options have exposure to investmentswhich are generally considered to be illiquid, it may be subjectto liquidity risk.

Wemanage the Investment Options' portfolio with the aim ofensuring that exposure to illiquid assets is nogreater than20%.However, in circumstances where the Investment Options'portfolio consists of less than 80% in value of liquid assets, wemay not be able to meet withdrawal requests within theperiods specified under the 'Payment times' section of thisdocument, andmaysuspendprocessingallwithdrawal requestsfor such period as we determine.

In addition, we will not meet withdrawal requests if theInvestment Options cease to be 'liquid' for the purposes of theCorporations Act. However, althoughwe are not obliged to,wemayoffer investors theopportunity tomakewithdrawalswherethe Investment Options are not 'liquid' during this period, asset out under the 'Processing withdrawal requests' section ofthis document.

Securities lendingAlthough engaging in securities lending by underlying fundsin which the Investment Options invest may benefit theInvestment Options by providing increased returns, there is arisk of capital loss.

This may arise if the borrower fails to return the borrowedsecurities, or if some of the collateral provided by the borrowerto cover the value of the lending is affectedby the sharemarketinvestments risk listed below, or the insolvency of a party tothe arrangement, including where collateral is pooled and/orheld under the laws of a foreign country.

The greater volume of securities lent, the greater potential forcapital loss.

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Other risksOther risks of investing may apply and you should seekappropriate advice before investing.

Making an investment decisionAs the risks noted in this PDS do not take into account yourpersonal circumstances, you should consider the followingbefore making a decision about investing or reinvesting in theInvestment Options:– Obtain professional advice to determine if the Investment

Option or Investment Options suit your investmentobjectives, financial situation and particular needs.

– Ensure you have read themost up-to-dateMyNorth IndexDiversified Investment Options PDS

– Consider the suggested minimum investment timeframefor the Investment Option or Investment Options, as setout in this PDS.

– Regularly review your investments in light of yourinvestment objectives, financial situation and particularneeds.

10

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 investment balance rather than 1% could reduce your final return by upto 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 servicesjustify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs whereapplicable. Ask the fund or your financial adviser.

TO FIND OUTMORE

If you would like to find out more, or see the impact of fees based on your own circumstances, the Australian Securities andInvestments Commission (ASIC)website (www.moneysmart.gov.au) has amanaged funds fee calculator to help you check outdifferent fee options.

This PDS shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from thereturns on your investment or from the assets of the managed investment scheme as a whole.

Taxes are set out in the 'Taxation' section of this PDS.

You should read all the information about fees and costs because it is important to understand their impact on your investment.

Unless otherwise specified, all dollar amounts are Australian dollars.

11

Fees and other costs

Table 1MyNorth Index Diversified Investment Options

How and when paidAmountType of fee or cost

Fees when your money moves in or out of the managed investment product

Not applicableNilEstablishment feeThe fee to open your investment.

Not applicableNilContribution feeThe fee on each amountcontributed to your investment.

Not applicableNilWithdrawal feeThe fee on each amount you takeout of your investment.

Not applicableNilExit feeThe fee to close your investment.

Managements costsi

Management costs are comprised of:0.56% pa of theInvestment Option's net assets

MyNorth Index DefensiveThe fees and costs for managingyour investment. – management feesii- calculated daily

and paid monthly out of the0.55% pa of theInvestment Option's net assets

MyNorth Index ModeratelyDefensive Investment Option's assets and

reflected in the unit price.0.55% pa of theInvestment Option's net assets

MyNorth Index Balanced – indirect costsiii - calculated on thebasis of the Responsible Entity'sknowledge or reasonable estimate of0.56% pa of the

Investment Option's net assetsMyNorth Index Growth

such costs and paid out of theInvestment Option's assets or

0.56% pa of theInvestment Option's net assets

MyNorth IndexHighGrowth interposed vehicle'siv assets once thecost is incurred and reflected in theunit price.

Service fees

Not applicableNilSwitching feeThe fee for changing investmentoptions.

Fee amounts in this PDSFee amounts shown in this PDS are the fees the Responsible Entity charges platform operators investing through this PDS. If youare an indirect investor, please contact your financial adviser or platform operator for details of the fee amounts relating to yourinvestment in the MyNorth Index Diversified Investment Options.

Fees may be payable to your financial adviser; these fees are additional to the fees noted in Table 1 (refer to the Statement ofAdvice provided by your adviser).

i. This amount comprises the management fee and estimated indirect costs. The sum of these figures may differ to the total management costs,due to rounding. For more information about management costs, see 'Management costs' under the heading 'Additional explanation of feesand costs'.

ii. The management fee may be negotiated with investors who are wholesale clients for the purposes of the Corporations Act. See 'Differentialfees' under the heading 'Additional explanation of fees and costs'.

iii. For more information on the meaning and calculation of indirect costs, see 'Indirect costs' under the heading 'Additional explanation of feesand costs'.

iv. For more information on the meaning of interposed vehicles, see 'Indirect costs' under the heading 'Additional explanation of fees and costs'.

12

Example of annual fees and costsTable 2 gives an example of how the fees and costs in the MyNorth Index Balanced Investment Option can affect your investmentover a one year period. You should use this table to compare this product with other managed investment products. The fees andcosts shown in this table are an example only and are not additional to the fees and costs described in Table 1.

Table 2

Balance of $500,000 with a contribution of $5,000 during the yearExample – MyNorth Index Balanced Investment Option

For every additional $5,000 you put in, you will be charged $0.NilContribution fees

And, for every $500,000 you have in the Investment Option youwill be charged

$2,750ii each year.

0.55% pa of theInvestment Option's netassets

Plus

Management costsi

If you had an investment of $500,000 at the beginning of the year and you putin an additional $5,000 during that year, you would be charged a fee of:

Equals

Cost of the Investment Optioniii

$2,750ii

What it costs you will depend on the fund you choose and the fees younegotiate.

i. Management costs are expressed as a percentage of theMyNorth Index Balanced Investment Option's net assets.Managementcosts are made up of a management fee of 0.55% pa and estimated indirect costs of 0.00% pa. The sum of these figures maydiffer to the total management costs, due to rounding.

ii. This cost does not include the management costs charged on the additional $5,000 investment. The additional managementcosts would be $27.50 if you had invested the $5,000 for a full 12 months.

iii. This cost does not include any advice fees paid to your financial adviser.Additional explanation of fees and costs

Management costsManagement costs areexpressedasapercentageof the InvestmentOptions' net assets, rounded to twodecimalplaces.Managementcosts are made up of a management fee and estimated indirect costs. Any management fees, performance fees, recoverableexpenses or indirect costs chargedby interposed vehicles are included in themanagement costs in Table 1; they arenot anadditionalcost to you.

Management costs components

The management costs shown in Table 1 comprise the following components. The sum of these figures may differ to the totalmanagement costs due to rounding. All figures in the table beloware expressed as a percentage of the net assets of the InvestmentOptions.

Indirect costsManagementfee

Investment Option

Estimated otherindirect costs

Estimatedperformance-related

fee

Recoverable

expensesiv

0.00% pa0.00% pa0.00% pa0.55% paMyNorth Index Defensive

0.00% pa0.00% pa0.00% pa0.55% paMyNorth IndexModeratelyDefensive

0.00% pa0.00% pa0.00% pa0.55% paMyNorth Index Balanced

0.00% pa0.00% pa0.00% pa0.55% paMyNorth Index Growth

0.00% pa0.00% pa0.00% pa0.55% paMyNorth Index High Growth

iv. The recoverable expenses are the expenses reimbursed from the Investment Options in the previous financial year. Pastrecoverable expenses reimbursed from the Investment Options may not be a reliable indicator of future recoverable expenses.Recoverable expenses are likely to be reimbursed from the Investment Options in future years. See the 'Recoverable expenses'section on page 14.

13

Management feeTheResponsible Entity receivesamanagement fee forprovidingboth responsible entity and portfolio management services.Fees payable to the underlying investment managers are paidfrom the management fee.

Themanagement fee is charged on the value of the net assetsof the Investment Options.

Indirect costsIndirect costs are generally any amount the Responsible Entityknowsor estimateswill reduce an InvestmentOption's returns,that are paid from an Investment Option's assets or the assetsof interposed vehicles.

Generally, an interposed vehicle is a body, trust or partnershipinwhichan InvestmentOption's assets are invested. It includes,for example, an underlying fund.

The amount of indirect costs include, but are not limited to:– recoverable expenses of an Investment Option– management costs of an interposed vehicle (including

recoverable expenses, performance-related fees and anyother indirect costs of underlyingmanagers or interposedvehicles in which an Investment Option invests), and

– a reasonable estimate of the costs of investing inover-the-counter (OTC) derivatives (either at theInvestment Option level or in interposed vehicles), whichmay be used by the Investment Option to gain economicexposure to assets.

The amount of total indirect costs shown in the 'Managementcosts components' table is based on the Responsible Entity'sknowledge of, or where required, reasonable estimate of, suchcosts. Indirect costs are generally calculated on the basis ofindirect costs paid by an Investment Option in the relevantInvestmentOption’s previous financial year. As such, the actualindirect costs may differ from the amount shown in the'Management costs components' table. Indirect costs arededucted from the returns on your investment or from theInvestment Options' assets as a whole. They are reflected inthe unit price and are not an additional cost to you. Estimatedindirect costs are included in the management costs in Table1.

Recoverable expenses

The Trust's constitution entitles the Responsible Entity to bereimbursed fromtheTrust for any expenses incurred in relationto the proper performance of its duties.

TheResponsible Entitymayalso recover other expenses relatingto the operation of the Investment Options. These expensesinclude but are not limited to audit and legal fees, tax andaccounting services, custody, administration and registryservices, regulatory compliance, the cost of preparingdisclosuredocuments and costs associated with a securities lendingprogram (if applicable). Internal expenses incurred inconnectionwith thesemattersmay also be recovered from theInvestment Options. Recoverable expenses are included in themanagement costs in Table 1.

Estimated performance-related fee of underlying fund(s)

The Investment Options do not charge a performance fee.However, a performance-related fee of up to 25.65% (inclusiveof Goods and Services Tax (GST) less reduced input tax credits)of an underlying manager's outperformance of the portion ofan Investment Option's assets they are managing may becharged, based on the underlying manager's outperformanceabove their relevant benchmark.

Underlyingmanager's performance-related fee example If youinvested $500,000 in an Investment Option and 20% of thatInvestment Option's assets are managed by an underlyingmanager that has a performance-related fee and theyoutperform their performance benchmark index by 1% in ayear, the indirect cost to you would be $256.50. This estimateis inclusive ofGST less reduced input tax credits, and is providedas an example only and is not a forecast. The actualperformance-related fee may be higher, lower or not payableat all. This is dependent on factors which include theperformance fee rate, underlying manager's outperformanceand the percentage of assets managed.

Updated fees and costs informationThe management costs components are based on theResponsible Entity's actual knowledge, or reasonable estimate,of the particular fee or cost. Estimates may be based on anumberof factors, including (where relevant), previous financialyear information, information provided by third parties or asa result of making reasonable enquiries, and typical costs ofthe relevant investment. As such, the actual fees and costsmaydiffer and are subject to change from time to time.

Updated information that is notmaterially adverse to investorswill be updated online atwww.ampcapital.com, or you mayobtain a paper copy or an electronic copy of any updatedinformation from us, free of charge, on request. However, if achange is considered materially adverse to investors, theResponsible Entitywill issuea replacementPDSand/orupdatedincorporated information, bothofwhichwill beavailableonline.You can also obtain a copy of these documents, free of charge,by contacting us.

14

Transactional and operational costsThe Investment Options incur transactional and operationalcostswhen dealingwith the assets of the InvestmentOptions.Transactional and operational costsmay include transactionalbrokerage, clearing costs, stamp duty, the buy and sell spreadsof any underlying fund and the costs of (or transactional andoperational costs associatedwith) derivatives. These costs willdiffer according to the typeof assets in the InvestmentOptions,or for the purpose for which any derivatives are acquired andwill be paid out of the Investment Options' assets.

Transactional and operational costs also include propertymanagement costs in relation to themanagementof real estateassets of the InvestmentOptionor underlying funds, includingthe costs of rates and utilities and other property operatingcosts andmaintenance costs relating to those assets, excludingthose costs recovered from tenants for their benefit.

We estimate the Investment Options' transactional andoperational costs to be approximately:

Transactional and operationalcosts (as % of the net assets of

the Investment Option)

Investment Option

0.03%MyNorth Index Defensive

0.04%MyNorth Index ModeratelyDefensive

0.04%MyNorth Index Balanced

0.03%MyNorth Index Growth

0.12%MyNorth Index High Growth

Buy and sell spreadsTransactional and operational costs associated with dealingwith the Investment Options’ assets may be recovered by theInvestment Options from investors, in addition to the feesnoted in Table 1. Investments and withdrawals in theInvestment Optionsmay incur buy and sell spreads, which aredesigned to ensure, as far as practicable, that any transactionaland operational costs incurred as a result of an investorentering or leaving the Investment Options are borne by thatinvestor, and not other investors.

Buy and sell spreads are calculated based on the actual orestimatedcosts the InvestmentOptionsmay incurwhenbuyingor selling assets. They will be influenced by our experience ofthe costs involved in trading these assets or the costs that theInvestment Options have actually paid, and will be reviewedwhenever necessary to ensure they remain appropriate.

When you enter or leave the Investment Options, any buy orsell spread applicable at that time is a cost to you, additionalto the fees noted in Table 1, and is reflected in the unit price.The buy and sell spreads are retained within the InvestmentOptions, as assets of the InvestmentOptions; they are not feespaid to the Responsible Entity, AMP Capital or any investmentmanager. The buy spread is taken out of application amounts.The sell spread is taken out of withdrawal amounts.

As at the date of this PDS, the buy and sell spreads for eachInvestment Option are shown in the table below.

Buy/sell spread %Investment Option

On withdrawalOn application

0.080.08MyNorth IndexDefensive

0.090.10MyNorth IndexModerately Defensive

0.100.12MyNorth Index Balanced

0.110.13MyNorth Index Growth

0.130.15MyNorth Index HighGrowth

Based on the buy and sell spreads for the Index BalancedInvestment Option, an investment of $500,000 would incur abuy spread of $600, and awithdrawal of $500,000would incura sell spread of $500. This is an example only; it is not anestimate or forecast. The actual buy and/or sell spreads maybe higher or lower.

Current buy and sell spreads can be obtained online atwww.ampcapital.com.spreads or by contacting us.

If investments and withdrawals in the Investment Optionsincur buy and sell spreads, we estimate that these buy and sellcosts will recover the Investment Options' transactional andoperational costs incurred due to investor activity. However,the balance of the Investment Options' transactional andoperational costswill be borneby the InvestmentOptions fromthe Investment Options' assets without any recovery fromindividual investors and reflected in the Investment Options'unit prices.

The following table shows a breakdown of the total estimated transactional and operational costs and how these are borne byinvestors.

Estimated transactional andoperational costs borne by the

Investment Option

Estimated transactional andoperational costs offset by

buy/sell spreads

Total estimated transactionaland operational costs

Investment Option

0.02%0.01%0.03%MyNorth Index Defensive

0.02%0.02%0.04%MyNorth Index Moderately Defensive

0.01%0.03%0.04%MyNorth Index Balanced

0.01%0.02%0.03%MyNorth Index Growth

0.01%0.11%0.12%MyNorth Index High Growth

15

Other costsBorrowing costs

Borrowing costs (or gearing costs) are the costs associatedwithborrowingmoneyor securities (such as interest, establishmentfees, government charges and stockborrowing fees). Borrowingcosts are paid out of the Fund's assets or the underlying fund’sassets (as the case may be) and reflected in the unit price.

We estimate these borrowing costs to be:

Borrowing costs(as % of the net assets of the

Investment Option)

Investment Option

0.00%MyNorth Index Defensive

0.00%MyNorth IndexModeratelyDefensive

0.00%MyNorth Index Balanced

0.00%MyNorth Index Growth

0.00%MyNorth Index High Growth

These costs will be paid out of the Fund's assets and areadditional to the fees and costs noted in Table 1 above.

Costs related to certain specific assets or activities to produceincome

The InvestmentOptionsmayalso incur costs (related to certainspecific assets or activities to produce income) that an investorwould incur if they invested directly in a similar portfolio ofassets. These costs will be paid out of the Investment Options'assets and are additional to the fees and costs noted in Table1 above.

Liabilities properly incurredThe Trust's constitution entitles the Responsible Entity to beindemnified from the Trust for any liability properly incurred.

Maximum feesThe Trust's constitution provides that the Responsible Entitymay make arrangements with you from time to timeconcerning the payment of fees. The maximum fees that theResponsible Entity may charge under these arrangements(exclusive of GST) are:– Management fee: 1% pa of the net asset value of the

assets. Current management fees are shown in Table 1.

In addition, as part of these arrangements, the ResponsibleEntity may be paid an additional amount on the above fees,on account of GST.

Changes to feesThe Responsible Entity may change the fees noted in this PDSat its discretion andwithout the consent of platformoperatorsor indirect investors. For example, feesmaybe increasedwhereincreased charges are incurred due to changes to legislation,where increased costs are incurred, if there are significantchanges to economic conditions, or if third parties impose orincrease processing charges. However, we will give platformoperators 30 days' written notice of any intention of theResponsible Entity to increase the existing fees or introduceperformance fees or contribution or withdrawal fees.

Goods and Services Tax (GST)Unless otherwise stated, the fees and other costs shown inTable 1 are inclusive of GST, less reduced input tax credits orother input tax credits claimable, rounded to two decimalplaces. For information about the tax implications of investingin the Investment Options, refer to the 'Taxation' section ofthis PDS.

Differential feesA rebate of part of the management fee or a lowermanagement fee may be negotiated with investors who arewholesale clients for the purposes of the Corporations Act orwith AMPGroup staff. Further information can be obtained bycontacting us.

Alternative forms of remunerationAMPCapital and theResponsible Entitymayprovidealternativeforms of remuneration, such as professional development,sponsorship, and entertainment for financial advisers, dealergroups and master trust or investor directed portfolio service(IDPS) operators, where the law permits. Where such benefitsare provided, they are payable by us or the Responsible Entityand are not an additional cost to you. We and the ResponsibleEntity maintain a register to record any material forms ofalternative remuneration they may pay or receive. We willprovide you with a copy of our register free of charge, onrequest.

Payments to your financial adviserAlthough we do not make any payments to financial adviserswhose clients invest in the Investment Option through thisPDS, your financial advisermay receive payments and/or otherbenefits from the dealer group or organisation under whichthey operate. These payments and benefits are not a cost tothe Investment Options.

Other paymentsPayments may be made to entities such as dealer groups,platform operators, master trusts and investmentadministration services in relation to the Investment Option,where the law permits. These payments are not a cost to you.

The amount of these payments may change during the life ofthis PDS. For further information, please refer to the offerdocument issued by the relevant entity.

16

Taxation treatment of your investmentIt is important that you seekprofessional taxationadvicebeforeyou invest or dealwith your investment, as the taxation systemis complex, and the taxation treatment of your investmentwillbe specific to your circumstances and to the nature of yourinvestment.

These commentsare for informationpurposesandare intendedfor tax paying investors who hold their investment on capitalaccount for income tax purposes and are based on ourinterpretation of Australian taxation laws and AustralianTaxation Office administrative practices at the date ofpublication of this document.

The investment options are Managed Investment Trust (MIT)and will be administered as Attribution Managed InvestmentTrusts (AMIT).

The AMIT tax regime seeks to improve the operation of thetaxation law for MITs by increasing certainty for responsibleentities andunit holders andallowinggreater flexibility aroundhowMITs are administered.

Under the AMIT tax regime, you are taxed on the taxableincome that is attributed to you by the Responsible Entity ona fair and reasonable basis and in accordancewith each Fund’sconstitution. You may be entitled to tax offsets, which reducethe tax payable by you, and concessional rates of taxmay applyto certain forms of taxable income such as capital gains.

Australian resident individuals are liable to pay tax at theirmarginal rates on the taxable income attributed to them fromeach Fund. Generally, tax is not paid on behalf of investors. Ifyou are not an Australian resident for income tax purposes,withholding tax may be deducted from the taxable income ofeach Fund attributed to you at prescribed rates, dependent onthe components of the Fund's taxable income.

Please note that at the time of your initial or additionalinvestment there may be unrealised capital gains or accruedincome in the investment options. If later realised, these capitalgains and incomemay form part of the taxable incomeattributed to you. In addition, there may be realised butundistributedcapital gainsor income in the investmentoptions,which may form part of the taxable income attributed to you.

Any losses generated by the investment options cannot bepassed onto investors. However, where specific requirementsare satisfied, that Fund should be eligible to offset losses toreduce later year income or capital gains.

You may also be liable to pay capital gains tax on any capitalgains in respect of your investment, such as from disposing ofyour investment. You may instead realise a capital loss inrespectof your investment,whichmaybeused to reduce capitalgains in the same or later years. The cost base of yourinvestment,which is relevantwhencalculatingany such capitalgains or losses, may change over the duration of holding yourinvestment. The cost base of your interest in the investment

options may increase or decrease if the taxable incomeattributed to youdiffers to theamounts that youhave receivedas a cash distribution.

Each yearwewill send youanAMITMemberAnnual Statement(AMMA Statement), which will contain details of the taxableincome attributed to you for the year, together with any netcost base adjustment amount by which the cost base of yourinterest in the investment options should be increased ordecreased.

Taxation laws and administrative practices change from timeto time. Such changes may impact the taxation of theinvestment options and you as an investor. It is yourresponsibility to consider and monitor the impact of anytaxation reforms impacting your investment.

Providing a Tax File Number (TFN)Youdonothave toprovideaTFN, exemption codeorAustralianBusiness Number (ABN) when you complete an application toinvest or reinvest in the Investment Options. However, if youdo not provide any of these, the Responsible Entity is requiredto deduct tax frommost distributions, including where thosedistributions are reinvested, at the highest marginal tax rate,plus any applicable levies.

17

Taxation

The Investment Options will normally distribute incomehalf-yearly, after the periods ending 30 June and 31December.

You should be aware that although it is the intention that theInvestment Options pay distributions half-yearly, the amountof eachdistributionmay vary or nodistributionmaybepayablein a six-month period.

Unit prices will normally fall after the end of each distributionperiod. Consequently, if you invest just before the end of adistribution period, some of your capital may be returned toyou as income in the form of a distribution.

Any distributions you receive may affect the social securitybenefits to which you are or may be entitled, and you shouldconsider discussing this with your financial adviser, Centrelinkor the Department of Veterans' Affairs before investing.

The distribution amount per unit holder will be calculatedbased on the number of units held at the end of the relevantdistribution period.

Income distributions will normally be paid within 30 days ofthe end of the period and must be paid within twomonths ofthe end of the period.

Calculation of distributionsThe five investment options (see inside front cover) are part ofa single registeredmanaged investment scheme, operating asa single trust for tax purposes.

The taxable income of the Index investment options investedin theSummit Select Trust (see inside front cover) is determinedafter taking into account the cumulative income gains andlosses for all investment options in the Trust. Therefore,although the income entitlement of investors is determinedby reference to the assets of the particular investment optioninwhich units are held, the ability of any investment option todistribute its net income and the components of any taxableincomedistributedmaybe affected by thenature of any lossesthat accrue to other investment options.

The Responsible Entity will endeavour to quarantine the gainsand losses of an investment option to that particularinvestment option. However, this may not always be possibleso that the gains of one investment optionmay be reduced bythe losses of another investment option. Conversely,investment options that have accrued lossesmay not have theability to carry these losses forwardandmay lose theassociatedtax benefit.

Where the Trust's expenses exceed its income in a distributionperiod, there would be no net income for that period. In thiscase, no investment option will distribute income for thatperiod.

Thedistribution amount for each InvestmentOption is dividedby the number of units on issue on the last day of thedistribution period to provide a cents per unit distributionamount.

The amount each unit holder receives is calculated bymultiplying the cents per unit distribution amount by thenumber of units they hold at the end of the last day of thedistribution period.

Each unit for a particular InvestmentOption receives the samedistribution amount, regardless of how long it has been held.Distributions are not guaranteed. Unit prices normally fallimmediately after a distribution has been declared, becausethe net assets of the portfolios have been reduced by theamount of the distribution.

Payment of distributionsPlatform operatorsYou can choose to have distributions:– paid directly into your current nominated account, or– reinvested in the relevant Investment Option

by indicating your selection on your application form. If noselection is made, distributions will be reinvested.

Indirect investorsDistributions are paid directly to platform operators. Paymentof distributions to you is subject to the arrangement betweenyou and the platform operator. Your financial adviser orplatform operator can provide you with information about:– how often distributions are paid, and– the distribution payment method (eg paid directly into a

nominated bank account or reinvested in the relevantInvestment Option).

ReinvestmentThe issue price for reinvested distributions is determined bythe net asset value (adjusted by any distribution payable) andany transaction costs, and the number of units on issue in theunit class as at the last day of the distribution period. No buyspread is applied to reinvested distributions (see ‘Buy and sellspreads’ in the ‘Fees and other costs’ section of this PDS).

18

Distributions

Who can invest?Applications to invest in the Investment Options through thisPDS can only bemadeby platformoperators, investing directlyin the Investment Options.

If you are an indirect investor, the platform operators isinvesting on your behalf (see ‘The Constitution’ on page 23).

Please note that we can only accept applications signed andsubmitted fromwithin Australia. Further information isprovided in the ‘Applying for an investment’ section of thisPDS.

How to investThe offer to invest in the Investment Options is subject to theterms and conditions described in the PDS current at the timeof contributing any investment amount. A current PDS can beobtained by contacting the AMP Capital Client Services teamon 1800 658 404.

Platform operatorsYou will need to complete an application form when applyingfor an initial or additional investment in an InvestmentOption.An application form can be obtained by contacting the AMPCapital Client Services team on 1800 658 404.

Indirect investorsYour financial adviser or platform operator can provide youwith a current PDS and information about how to apply,including the form youwill need to complete,minimum initialandadditional investment amounts, and themethodof payingyour investment amount.

Terms and conditions of investingThe offer to invest in the Investment Options is subject to theterms and conditions described in the Investment Options’current PDS and as set out in the Trust's constitution (see the‘Other important information’ section of this PDS). TheResponsible Entity reserves the right to change the terms andconditions (see below) and to refuse or reject an application.

We can only accept applications signed and submitted fromwithin Australia. We cannot accept cash.

Changes to the information in a PDSBefore making an investment decision, it is important to reada current PDS, as information provided in a PDS may changefrom time to time. If changes are not materially adverse toinvestors, the relevant informationwill be advised to investorsin writing via an investor update notification. However, if achange is considered materially adverse to investors, theResponsible Entity will issue a replacement PDS which will beavailable online. You can also obtain a copy of the replacementPDS free of charge, by contacting us.

Processing applicationsWe generally process applications each Business Day, usingthe close of business issue price for that day.

Currently, the cut-off time is 1.00pm, therefore if we receiveanapplicationproperly completed togetherwith cleared fundsbefore 1.00pm on a Business Day, we will process theapplication using the close of business issue price for that day.Ifwe receive the application properly completed togetherwithcleared funds after 1.00pm or on a non-Business Day for us,we treat it as having been received before 1.00pm the nextBusiness Day. The application we receive must include theproperly completed form including any required identificationdocumentation as well as cleared funds.

Issue priceThe issue price is determined under the Trust's constitution byreference to the net asset value and transaction costspertaining to the relevant class of units, and the number ofunits on issue in that unit class.

Themarket valueandnetasset valueof the InvestmentOptionsare normally determined at least each Business Day, using themarket prices andunit prices of the assets inwhich the relevantInvestment Option is invested.

The Responsible Entity may exercise certain discretions indetermining the unit price (see ‘Unit PricingDiscretions Policy’in the ‘Other important information’ section of this PDS).

19

Investing in the MyNorth Index DiversifiedInvestment Options

Cooling off rightsPlatform operatorsCooling off rights do not apply in relation to an investment inthe Investment Options.

Indirect investorsCooling off rights do not apply under this PDS. Your financialadviser or platform operator can provide you with theconditions, if any, that apply to returning your investmentwithin the cooling off period set by the platform operator.

The value of your investmentInvestors in amanaged scheme are issuedwith ‘units’, each ofwhich represents a share of the value of the scheme’s assets.Unit prices can rise and fall on a daily basis depending on anumber of factors, including the market value of the relevantInvestment Option’s assets. Consequently, the value of yourinvestment will vary from time to time.

Platform operatorsThe value of your investment at any point in time is calculatedby multiplying the number of units you hold, by the unit pricerelevant to the unit class current at that time.

Unit prices are updated regularly online atwww.northonline.com.au and can also be obtained bycontacting the AMP Capital Client Services team on 1800 658404.

Indirect investorsWhenyou invest through this PDS, theplatformoperator holdsunits on your behalf. The value of your invest at any point intime is calculated by multiplying the number of units held byyou, by the unit price set by the platform operator. Yourfinancial adviser or platformoperator canprovide youwith thecurrentunit price relevant to your investment in the InvestmentOption.

RiskThe Investment Options are not capital guaranteed and thevalue of an investment in the Investment Options can rise andfall. You should consider the risks of investing before makinga decision about investing in the Investment Options (see the‘Risks of investing’ section of this PDS).

Retaining this PDSYou should keep this PDS and any replacement orsupplementary PDS, as you may need to refer to informationabout the Investment Options for ongoing investing. We willsendyouacurrentPDSandany replacementor supplementaryPDS free of charge, on request.

Questions about your investmentPlatform operatorsPlease contact the AMP Capital Client Services team on 1800658 404 if you have any questions relating to your investment.

Indirect investorsYou will need to contact your financial adviser or platformprovider for information about your investment.

20

Requesting a withdrawalPlatform operatorsContact us in writing, telling us howmuch you wish towithdrawandgiving your accountdetails.Withdrawal requestscan be submitted by faxi to 1800 630 066 or by mail to AMPCapital - Unit Registry, GPO Box 804, MELBOURNE VIC 3001.Withdrawal amounts will be paid to your nominated account.

A balance of $500,000 is generally required to keep yourinvestment open. If your investment falls below this level, theResponsible Entity may redeem your investment and pay theproceeds to you. The Responsible Entity reserves the right,however, to accept lower account balances.

Indirect investorsYou will need to contact your financial adviser or platformoperator for details about:– how to withdrawmoney– how your withdrawal will be paid, and– the minimumwithdrawal amount and account balance

set by the platform operator.

Processing withdrawal requestsIf our Sydney office receives a withdrawal request before1.00pm on a Business Day, your withdrawal will be processedusing thewithdrawal price for that day. If receivedandacceptedafter 1.00pm, it will be processed using the withdrawal pricefor the next day. If it is a non-Business Day, your withdrawalwill be processed using the next available withdrawal price.

The proceeds of your withdrawal request will usually beavailable within five (5) Business Days (see ‘Payment times’ inthis section).

In circumstances where the Investment Option's portfolioconsists of less than 80% in value of liquid assets, for examplebecauseof anunexpected fall in the valueof those liquid assetsagainst the value of the illiquid assets in the InvestmentOption's portfolio, we may not be able to meet withdrawalrequests until the Investment Option's exposure to illiquidassets falls to 20% or less of its portfolio. Wemay, at ourdiscretion, offer investors theopportunity tomakewithdrawalsduring this period. At such times, we will notify investors ofthe offer, providing details about:– the period during which the offer will remain open, and– which assets will be used to satisfy withdrawal requests.

Total withdrawalsWhere the total withdrawals exceed 5% of the net assets ofthe Investment Option on any one day, the Responsible Entitymay determine that part of the withdrawal amount payableconsists of income.

Withdrawal priceThe withdrawal price is determined under the Trust'sconstitutionby reference to thenet asset value and transactioncosts pertaining to the relevant class of units, and the numberof units on issue in that unit class.

Themarket valueandnetasset valueof the InvestmentOptionsare normally determined at least each Business Day, using themarket prices and unit prices of the assets in which eachInvestment Option is invested.

The Responsible Entity may exercise certain discretions indetermining the unit price (see ‘Unit PricingDiscretions Policy’in the ‘Other important information’ section of this PDS).

Payment timesAlthough we aim to process withdrawal requests within five(5) Business Days of receipt, you should be aware that:– payment and processing of withdrawal requests is

dependent on the relevant Investment Option’s cashposition, and

– each Investment Options' constitution allows up to 30days, or longer in some circumstances, to processwithdrawal requests.

These circumstances when a longer period is allowed andwithdrawal requests may be suspended include, but are notlimited to where the Responsible Entity is unable to realisesufficient assets due to circumstances beyond its control, suchas restricted or suspended trading in the market for an asset.

Transfer of unitsPlatform operatorsPlease contact us for all transfer requests.

Indirect investorsYou will need to contact your financial adviser or platformoperator for information about the transfer of units.

i Please refer to ‘Communication by fax’ in the ‘Other important information’ section of this document

21

Accessing your money

Wewill provide platform operators with the information setout below. Platform operators are responsible for forwardingthe relevant investment information to indirect investors.

Investment informationWewill send platform operators confirmation of eachtransaction.

Online accessOnline access allows platform operators to view investmentinformation and statements at any time. To register for onlineaccess, please contact us.

Investment Option informationWewill provide platform operators with the followinginformation free of charge, on request:– the relevant Investment Option's annual financial reports– a paper copy of any updated information, and– any replacement or supplementary PDS.

Continuous disclosure obligationsWhere an Investment Option has more than 100 unit holdersit is subject to regular reporting and disclosure obligationsunder the Corporations Act. Copies of documents lodged withthe Australian Securities and Investments Commission (ASIC)in relation to the Investment Optionmay be obtained from, orinspected at, an ASIC office or can be obtained by contactingthe AMP Capital Client Services team on 1800 658 404. Thesedocuments may include:– the Investment Option’s annual financial report most

recently lodged with ASIC, and– the Investment Option's half year financial report lodged

withASIC (after the lodgmentof theannual financial reportand before the date of the current PDS).

Where the Investment Option has continuous disclosureobligations, the Responsible Entitywillmeet those obligationsby publishing material information online atwww.northonline.com.au.

22

Keeping you informed

Structure of the Investment Options withinthe TrustThe Index investment options operate as part of a single trustcalled the Summit Select Trust, which includes a number ofseparate and identifiable portfolios of assets (investmentoptions). Of these investment options, only the five Indexinvestment options are offered in this PDS. Each Indexinvestment option is represented by a different class of units,with each class of units being priced separately based on thevalue of the assets relating to that investment option. Incomeis distributed to holders of the class of units invested in thatinvestment option.

However, if the liabilities of oneof the Index investmentoptionsexceed the assets of that investment option, this may impacton the members of the other investment options.

Losses in oneormore investment options in the Summit SelectTrust may affect the distributable amounts in respect ofanother investment option.

The Responsible Entityipac is the Responsible Entity for the Trust. Its duties andobligations to unit holders are imposed, and its functions andpowers are conferred on it by the constitution (see below), theCorporations Act and general law. For example, in exercisingits powers and carrying out its duties, the Responsible Entitymust:– act in the best interests of unit holders and treat unit

holders of the same class equally and unit holders ofdifferent classes in the Trust fairly

– act honestly– exercise the degree of care anddiligence that a reasonable

person would exercise if they were in the ResponsibleEntity’s position, and

– if there is a conflict between unit holders’ interests and itsown interest, give priority to the unit holders’ interests.

The Responsible Entity is authorised under the constitution toappoint agents (such as the custodian) or engage the servicesof other persons (such as the operator of a securities clearingsystem) to undertake matters on its behalf. The ResponsibleEntity remains liable for the acts and omissions of any agentor person so appointed pursuant to the Corporations Act asthough it had itself done (or failed to do) anything the agentor person has done (or failed to do).

The ConstitutionThe Trust is a managed investment scheme registered undertheCorporationsAct. ipac is the Responsible Entity of the Trust.The constitution of the Trust establishes a framework for itsoperation and with this PDS, the Corporations Act and otherrelevant laws, and defines the relationship between ipac andunit holders.

The following description of the Trust's constitution is relevantprimarily to master trusts or wrap accounts who are unitholders in the Trust. Indirect investors are not unit holders.

In summary, the constitution includes provisions dealingwith:– the Responsible Entity's investment and contracting

powers on behalf of the Trust and valuation principles forassets

– the distribution of income and capital of the Trust– the obligations, duties and powers of the Responsible

Entity and delegation of its functions– the voluntary and compulsory retirement, removal or

replacement of the Responsible Entity– the duration of the Trust, including termination by

members or the Responsible Entity, or under operation oflaw

– recoverable expenses, permitted borrowing and thelimiting of liability and remuneration and indemnificationof the Responsible Entity

– the manner in which notices will be given, and paymentsmade, to members

– procedures by which members may make complaints– procedures for the convening and holding of meetings of

members– themaximumfees theResponsible Entitymay charge, and– amendment of the constitution.

The Responsible Entity will provide, on request and free ofcharge, a copy of the constitution (and any amendments thatmay be made from time to time). Please contact the AMPCapital Client Services team on 1800 658 404 should yourequire a copy.

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Other important information

Compliance planThe Responsible Entity has a compliance plan for the Trust,which sets out the measures that will apply in operating theTrust to ensure compliance with the Corporations Act and theTrust's constitution. The compliance plan is lodged with theAustralian Securities and Investments Commission (ASIC) andis audited by independent auditors annually to determinecompliance with it.

A compliance committee monitors the operation of theInvestment Options and overall compliance with thecompliance plan. The majority of the members of thecompliance committeemust be, and are, independent of bothAMP Capital and the Responsible Entity. The compliancecommittee has the obligation tomonitor compliancewith thecompliance plan and to report certain breaches of theCorporations Act and the compliance plan to ASIC.

Related party transactionsAny transactionbetweenAMPCapital or theResponsible Entityand any of their respective related parties must comply withrelated party protocols and AMP Capital policies andprocedures. For these purposes, a relatedparty includes certainentities and individuals thathavea close relationshipwithAMPCapital or the Responsible Entity. Related parties of theResponsible Entity include theResponsible Entity itself, entitiesthat the Responsible Entity controls, funds operated ormanaged by the Responsible Entity and agents of theResponsible Entity.

As at the date of this document, the relevant policies andprocedures that apply to related party transactions of AMPCapital or the Responsible Entity are contained in the AMPConflicts of Interest Policy. Under this Policy, the parties musttransact on terms thatwouldbe reasonable if theyweredealingat arm’s length, relevant legislative requirements must besatisfied and the interests of investors must be protected. ThePolicywill be reviewedona regular basis andmay change fromtime to time.

Under the Trust's constitution, the Responsible Entity may:– deal with itself, an associate, investor or any other person– be interested in and receive a benefit under any contract

or transaction with itself, an associate, investor or anyother person, or

– act in the same or similar capacity in relation to any otherfund.

The Trust's constitution also provide that amountsmaybepaidto related parties for services provided to AMP Capital inconnectionwith the InvestmentOptionand for expenses. Thesepayments are on arm's length terms.

Complaints procedurePlatform operatorsAMP Capital and the Responsible Entity follow an establishedprocedure to deal with complaints. We are committed toproviding youwithahigh level of service, but sometimes thingsgo wrong. If this happens, we will help you resolve the issue.If you have concerns relating to your investment in theInvestment Option, please contact us by telephone on 1800658 404 or in writing to AMP Capital Investors Limited, GPOBox 5445, Sydney NSW 2001.

If the complaint is privacy related, please refer to the AMPPrivacy Policy for more details, which can be obtained onlineatwww.ampcapital.com/common/privacy.

Indirect investorsYou should contact your financial adviser or platform operatorif you have a complaint related to your investment in theInvestment Option. If your issue remains unresolved, you cancontact the external dispute resolution scheme of which theplatform operator is a member.

Your privacyPlatform operatorsThemain purpose in collecting personal information is so thatwe can set up and administer your investment account. If youdo not provide the required information, we may not be ableto process your application. If youwould like us to not use yourpersonal information for direct marketing purposes, pleasecontact us.

Our Privacy Policy, which can be obtained online atwww.ampcapital.com/common/privacy or by contacting us,sets out theAMPCapital's policies onmanagement of personalinformation. This information may be disclosed to othermembers of the AMP Group, financial advisers whereapplicable, to external service suppliers (including suppliersthat may be located outside of Australia) who supplyadministrative, financial or other services that assist us inproviding services to you, and to anyone you have authorisedor if required by law.

Youmayaccesspersonal informationheldabout you, althoughthere are some exemptions to this. If you believe informationheld about you is inaccurate, incomplete or out of date, pleasecontact us.

Indirect investorsYour financial adviser or platformoperatorwill collect personalinformation from you so that they can set up and administeryour investment account. Your financial adviser or platformoperator can provide you with information about how theyuse and disclose this information.

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Communication by faxWhen you communicatewith us by fax, it is your responsibilityto obtain confirmation fromus thatwe have received your fax.Neither we nor the Responsible Entity are responsible for anyloss or processing delay that occurs as a result of us notreceiving a faxed communication. Please note that we do notaccept a sender's fax transmission record as evidence that acommunication has been received by us. You also indemnifyus and theResponsible Entity against any loss or liability arisingfrom us or the Responsible Entity acting on any fraudulentcommunication received by fax.

Unit Pricing Discretions PolicyThe Responsible Entity may exercise certain discretions indetermining the unit price of units on application andwithdrawal in the Investment Options. The Unit PricingDiscretions Policy, which can be obtained online atwww.ampcapital.comor a copy canbeobtained, freeof charge,by contacting us, sets out the types of discretions that theResponsible Entity may exercise and in what circumstancestheResponsible Entity exercises thediscretions and the reasonswhy it considers the policies are reasonable. The ResponsibleEntity is required to keep a record of any instance where adiscretion is exercised in away that departs fromthesepolicies.

Asset Valuation PolicyAssets inwhich the InvestmentOptions invest arehelddirectlyby the Investment Options or through underlying funds inwhich the Investment Options invest. Generally, these assetsare valued at least each Business Day using market prices inaccordance with the AMP Capital Asset Valuation Policy, withthe exception of the following:– direct assets are valued by us at least twice a year– units in unlisted infrastructure funds are valued at the

most recent unit price supplied by the manager of therelevant fund, and

– investments in underlying funds are valued by anindependent administrator

– direct property valuationsaredeterminedby independentproperty valuers annually, or more frequently to complywith certain schememandates as required.

For further informationonAMPCapital’s AssetValuationPolicy,please go towww.ampcapital.com or a copy can be obtained,free of charge, by contacting us.

Securities lendingSecurities lending exposes a fund to additional riskswhichmaycause a loss of capital, in particular the risk that the borrowerdefaults by failing to return the securities. However, processesare in place to manage and substantially mitigate these risks,including:– loans may only be made to approved borrowers, who are

carefully selected taking into account credit risk– aggregate borrowing limits are set and monitored– acceptable collateralmustbehighquality andhighly liquid,

including cash, shares in larger companies andgovernmentbonds; in the event of default, collateralmay be liquidatedto fund the purchase of replacement securities

– borrowers are required tomaintain collateral equal to thevalue of the securities on loan plus a margin of 5-10%depending on type of collateral

– marketmovementsofboth securitieson loanandcollateralare monitored on a daily basis and adjustments madewhere necessary to ensure that loans remain fullycollateralised

– restrictionsmaybeplacedonwhich securities are availabletobe loanedand limits on theproportionof securities thatmay be loaned, and

– loans may be recalled at any time at the discretion of theResponsible Entity and the securities lending agreementmay be terminated at short notice should marketconditions warrant such action.

In addition, these funds have further risk mitigation in placeagainst possible capital loss resulting from insolvency of aborrowerby a legally enforceable indemnity fromthe securitieslending agent (a related party of these fund's custodian), whowould make up any shortfall between the collateral and thecost to repurchase a loaned security.

Income earned from securities lending is returned to the fundafter the deduction of operational costs and fees payable tothe securities lending agent (for operation of the program andthe provision of the indemnity) and to AMP Capital formonitoring, governance andoversight. These fees are 30%and10%of securities lending revenue respectivelywhich are in linewith normal commercial rates.

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Environmental, social and governance(ESG) considerationsAMPCapital acknowledges thereare linksbetweenacompany'senvironmental and social impacts, the quality of its corporategovernance, and its long-term financial success. AMP Capitalhas an ESG and Responsible Investment (RI) Philosophydescribing our approach to considering these issues in ourinvestment decision making which is available atwww.ampcapital.com/about-us/esg-and-responsible-investment.

Selecting investment managers

Decisions made by us about whether to select, appoint orremove investmentmanagers are based primarily on financialandeconomic factors, including investment style andapproach.AMP Capital conducts due diligence in the selection,appointment and removal of investmentmanagers. As part ofthe due diligence process, we may ask these managers howthey incorporate ESG considerations in their investmentanalysis to develop amore comprehensive view of an investeecompany's key business risks, how they approach corporategovernance issuesandhowthey consider bothof thesemattersare related to overall management quality.

Selecting, retaining and realising investments

Decisions made by us and the Trust’s underlying investmentmanagers about whether to buy, hold or sell investments willstill be based primarily on financial and economic factors. ESGissues may be taken into account by us and the underlyinginvestment managers where we/they believe these factorsmay have a financially material impact on the value andperformance (risk and/or return) of the investment.

Any additional or replacement investmentmanager appointedto the Trust may also take these matters into account in linewith their own ESG policy.

AMP Capital may also consult with our underlying investmentmanagers from time to time to ascertain the extent to whichthey incorporate ESG considerations in their decision-makingand stock selectionprocesses. Thismaybeundertaken throughone-on-onemeetingswith thesemanagers, issuingESGsurveys,obtaining and reviewing ESG policies from them and AMPCapital’s monitoring of their proxy voting activities.

However, in addition to considerationof financial andeconomicfactors as noted above, AMP Capital may, in exceptionalcircumstances, also exclude or divest (negatively screen), andinstruct its underlying investment managers to exclude ordivest, companies, asset types or industry sectors from theTrust where they have been determined as contravening thefollowing ethical principles as defined in AMP Capital’s ESGand RI Philosophy. In making such a decision, AMP Capital willtake into account the extent (if any) to which a company’sactivities (conduct), products or services:– violate the principle of respect for persons which affirms

the intrinsic dignity of all people irrespective of age, gender,race, religion and prohibits the treatment of any humanbeing merely as a means to an end, and/or

– can be used without causing harm to others includingthose whomay choose to make use of the relevant goodsor services.

In undertaking its assessment AMP Capital will consider(without limitation):– whether activities (conduct), products or services

contraveneprinciples acceptedunder international humanrights laws including but not limited to United Nations(UN) conventions

– the principle of ‘double effect’ – whichmay allow conductthat is not intrinsically wrong and is undertaken for anethically justified ‘principal effect’ even if it has anunintended harmful ‘secondary’ (double) effect. Where aform of conduct may have a harmful ‘double effect’, AMPCapital will assess the extent to which the company isactively engaged in minimising and mitigating theunintended harm

– the extent towhich the relevant activity, product or serviceis material to the conduct of the company in which theinvestment is to be made, and

– any reasonable argument or rebuttal submitted in goodfaith, as to why an adverse assessment may be based onan error of fact or assumption.

In summary, at present the application of the ethical principlesoutlined above will result in the negative screening ofcompanies that AMP Capital believes have:– known involvement in the production and manufacture

of, or essential or significant involvement in thedistribution and sale of, tobacco, or

– material involvement in the manufacture, maintenanceor delivery of cluster munitions, anti-personnel mines,chemical or biological weapons.

Wemay update or vary these exclusions from time to time,following reviewandapproval by theAMPCapital’s InvestmentCommittee. Further information and detail on the applicationand scopeofAMPCapital’s ESGandRI Philosophyanda currentlist of sectors and individual companies subject to exclusionare available atwww.ampcapital.com/about-us/esg-and-responsible-investment.

WhereAMPCapitalhasan investmentmanagementagreementwith an investment manager regarding investments held inthe Trust and AMP Capital has determined that certaininvestments or sectors contravene these ethical criteria, thatmanager will be directed by us to exclude or divest thosesecurities using a process of negative screening and will notinclude those securities in the Investment Option. Where anexisting investment is identified as contravening the ethicalcriteria, it will be sold down by the underlying investmentmanager generally within a period of up to twelve months.

Where AMP Capital or an investment manager invests in apooled vehicle or fund managed by an external investmentmanager and AMP Capital is unable to influence exclusivecontrol over the investable universe of such a vehicle or fund,the negative screening outlined above is not applied and suchan investmentwill be subject towhatever ESGpolicy is adoptedby the investmentmanagerof that vehicleor fund. Thenegativescreening will also not apply to the cash, sovereign bonds,derivatives and exchange traded funds.

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AMP Capital's Investment Committee is responsible forensuring that any decision to negatively screen a company,asset type or industry sector from the investable universe ofthe Investment Option takes into account fund investmentobjectives and strategy and recommendations from AMPCapital’s research and investment teams.

Adherence to and monitoring of any excluded investments isoverseen by AMP Capital’s Investment Committee inconsultation with AMP Capital’s ESG and compliancemonitoring functions and is generally reviewed annually. Theunderlying investment manager is responsible for ensuringthe Investment Option is invested in line with the investmentrestrictions advised to it by AMP Capital in accordancewith itsinvestment management agreement.

More generally, except to the extent disclosed above in relationto consideration of ESG issueswhere it is believed these factorsmay have a financially material impact on the value andperformance of the investment, and negative screening inexceptional circumstances onanethical basis, AMPCapital hasno predetermined view about what we regard to be a labourstandard, environmental, social or governance considerationor how far they will be taken into account in the selection,retention or realisation of investments relating to theInvestment Option.

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Platform operatorsHow to applyPlease contact the AMP Capital Client Services team on1800 658 404 to obtain an application form.

The application form should only be completed and signed by:– the person who is, or will become, the unitholder– an authorised signatory if the application is on behalf of

a company, trust or superannuation fund, or– an agent for the investor, acting under the power of

attorney or as a legal or nominated representative.

All investments are made on the basis of the PDS current atthe time of contributing your investment amount. You canobtain a current PDS by contacting the AMP Capital ClientServices team on 1800 658 404.

Minimum investment amounts

– Initial investment – $500,000– Additional investment – $5,000

We reserve the right to accept lower investment amounts.

Submitting your applicationApplication forms should be mailed to:

AMP Capital - Unit RegistryGPO Box 804MELBOURNE VIC 3001

Please includeall required identificationdocumentationwhensubmitting your application.

Indirect investorsYour financial adviser or platform operator will provide youwith information about how to apply, including:– the form you will need to complete– minimum initial and additional investment amounts, and– the method of paying your investment amount.

All investments are made on the basis of the PDS current atthe time of contributing your investment amount. You canobtain a current PDS from your financial adviser or platformoperator.

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Applying for an investment

Contact us Registered office ipac asset management limited 33 Alfred StreetSYDNEY NSW 2000

Mailing address AMP Capital - Unit RegistryGPO Box 804MELBOURNE VIC 3001

Client Services phone 1800 658 404 fax 1800 630 066

8.30am – 5.30pm Sydney time, Monday to Friday

email clientservices@ampcapital.com