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Product Disclosure Statement Macquarie Personal Portfolio

Contents1. About Macquarie Private Portfolio Management Limited 2

2. How the Macquarie Personal Portfolio works 2

3. Benefits of investing in the Macquarie Personal Portfolio 3

4. Risks of managed investment schemes 4

5. How we invest your money 6

6. Fees and costs 7

7. How managed investment schemes are taxed 8

8. How to apply 8

This document is a summary of significant information and contains a number of references to other important information contained in a separate information booklet titled Macquarie Personal Portfolio additional information to the Product Disclosure Statement (Information Booklet). This document and the Information Booklet form the product disclosure statement (PDS) for the Macquarie Personal Portfolio (Personal Portfolio). An investment in the Personal Portfolio is for a particular class of investment in the SMA.

This document and the Information Booklet should be read together and considered before making a decision to invest in the Personal Portfolio. You can access the PDS on the Personal Portfolio website, download a copy or request a copy free of charge by calling MPPM.

The information provided in the PDS is general information only and does not take account of your personal objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances. This offer is only open to persons receiving the PDS within Australia and to whom it would not be unlawful to make such an offer or such other jurisdiction approved by MPPM.

The information in the PDS is current as at the issue date but may change from time to time. Where information that changes is not materially adverse to investors, MPPM will update this information by publishing changes on the Personal Portfolio website at macquarie.com.au/personalportfoliodocs. A paper copy of any updated information is available free of charge on request. MPPM will notify you if there is a materially adverse change to information contained in the PDS.

Investments in the MPS, other than cash on deposit with Macquarie Bank Limited ABN 46 008 583 542, are not deposits or liabilities of Macquarie Bank Limited ABN 46 008 583 542 or any member of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited, nor any other member company of the Macquarie Group guarantees the performance of the MPS or the repayment of capital from the MPS or any particular rate of return.

Macquarie Separately Managed Account ARSN 121968143 (SMA) Issued by Macquarie Private Portfolio Management Limited ABN 26 089 987 388, AFSL 237506 (MPPM) Investor Class D, Issue No. 2 DATED: 12 MARCH 2014

To contact the MPPM Client Service team, call 1800 501 180 or fax 02 9252 7130. You can also email MPPM at personalportfolio@macquarie.com or visit the website at macquarie.com.au/personalportfolio

Macquarie Private Portfolio Management Limited 1 Shelley Street Sydney NSW 2000

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Macquarie Personal Portfolio

1 About Macquarie Private Portfolio Management LimitedMPPM is the responsible entity for the SMA. An investment in the Personal Portfolio is for a particular class of investment in the SMA.

MPPM is responsible for operating the Personal Portfolio including managing and investing scheme property and ensuring scheme property is managed and dealt with in accordance with the SMA constitution (Constitution) and the Corporations Act 2001 (Cth). MPPM may delegate these roles but remains responsible to investors when it does so.

MPPM manages your Portfolio(s) in accordance with

your chosen Model Portfolio(s)

You are the beneficial owner of

the investments within each Portfolio

Portfolio 1

Securities

Managed Funds

Diversified

Cash

Securities

Cash

Portfolio 2

Australian Equity

Your Account

Investment management Investment management

MPPM is a member of the Macquarie Group, and provides discretionary investment management services, custodial administration and comprehensive reporting. It was established in 1999 as a specialist provider of managed accounts. MPPM administers and manages more than $1 billion for over 800 clients as at the date of this document.

2 How the Macquarie Personal Portfolio works

The SMA is a non-unitised registered managed investment scheme under the Corporations Act 2001 (Cth) (ie the SMA is not a unit trust) that allows you to have an account (Account) that contains one or more portfolios of investments (Portfolios), for which you are the beneficial owner, managed by MPPM according to the model investment portfolios (Model Portfolios) it is aligned to.

Key components of the Personal Portfolio• You choose from a list of Model Portfolios provided by MPPM.

• A Portfolio is established for you for each of the Model Portfolios chosen by you.

• These Portfolios are collected together to form your Account.

• Investments are bought and sold as required to reflect updates made to the Model Portfolios by MPPM.

• Portfolio activity will be affected by any customisations you apply.

• You may elect to have a separate ‘administration only’ Do Not Sell Holdings Portfolio.

The diagram below illustrates how you could have an Account consisting of two Portfolios.

Many managed investment schemes issue interests to investors as units in a unit trust. The Personal Portfolio is not a unit trust. Instead interests take the form of a beneficial interest in the specific investments included in the Portfolio(s) in your Account. Investments held within the Personal Portfolio include listed securities, units in managed funds and cash. The value of your Account will vary as the market value of the underlying investments held in your Portfolio(s) rises or falls.

MPPM categorises interests within the SMA into different classes of investors, the offer made under this PDS is for investor class D. Typically each class of investor is differentiated by fees, investment options or distribution channels. MPPM reserves the right to create new classes of investors within the SMA and has the ability to transfer investors between investor classes.

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Making an investmentTo invest, please complete the application form included in the Macquarie Personal Portfolio Important additional information and application forms booklet (Application Booklet). Initial investments must be for a minimum of $50,000 per Australian Equity Model Portfolio and/or $100,000 per Diversified Model Portfolio. MPPM, at its discretion, may waive the minimum investment amount. It may also establish higher minimum investment amounts or reject applications for investment in the Personal Portfolio at its discretion.

You can fund your Account by contributing cash or an existing portfolio of ASX listed securities, or a combination of these.

Making an additional contribution or withdrawalThe table below summarises the various ways that you can contribute to, or withdraw from, your Account:

Type Minimum Form

One off contribution – cash or security transfer

$1,000 per contribution Cash contribution form or Security transfer form

Regular Investment Plan $500 per contribution Direct debit request form

Withdrawal – cash or security transfer

$1,000 per withdrawal subject to maintaining minimum Portfolio balances

Withdrawal form

Regular Withdrawal Plan $500 per month/per Portfolio Regular withdrawal plan form

3 Benefits of investing in the Macquarie Personal Portfolio

Significant features• You are the beneficial owner of the investments within

each Portfolio.

• You have the choice of Australian Equity and Diversified Model Portfolios covering a range of investment styles and asset class mixes.

• Your Accounts can be funded by cash, transfer of an existing portfolio of ASX listed securities, or a combination of these.

• Online reporting allows you to view your Account holdings and transactions separately by Portfolio, or in aggregate.

• Each quarter, comprehensive reports on the status of your investments will be available for you to view and download, allowing you to track the performance and activity of your Portfolio(s).

• An annual report to assist with your tax return will be available for you to view and download.

• You can choose your tax accounting method: –– Minimise gain–– Maximise gain–– First in First Out (FIFO).

• There is an option to include an ‘administration only’ Do Not Sell Holdings Portfolio to hold ASX listed securities that you transfer in but do not want to be sold or form part of a Portfolio aligned to a Model Portfolio.

• You can tailor your Account by placing a ‘do not hold’ restriction within a Model Portfolio.

Restrictions on withdrawalsWhen an event outside MPPM’s control impacts its ability to transfer assets or realise sufficient assets to satisfy withdrawal requests (for example, restricted or suspended trading in the market for an asset or a freeze on withdrawals) then this can delay transfer or payment for as long as this event continues. This means that proceeds from your withdrawal may not be available within the usual processing time.

Dividends and distributions The frequency and calculation of income will depend on the underlying investments you hold. As you are the beneficial owner of all investments in your Account, all income and franking credits relating to the investments you hold, flow directly to you. MPPM will generally elect to receive dividends and distributions in cash, which will be credited to your cash holdings within the relevant Portfolio.

You should read the important information about contributions and withdrawals before making a decision. Go to section 2 of the Information Booklet, also available at macquarie.com.au/personalportfoliodocs. The material may change between the time when you read this document and the day when you acquire the product.

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Macquarie Personal Portfolio

Significant benefits

Transparency View all investments, transactions and fees securely online, allowing you to see exactly what you own and track changes in your Portfolio(s).

Portability Transfer securities (held in the same name) into and out of your Account without it resulting in a capital gains tax event.

Tax efficiency To the extent that your Portfolio holds direct equities, your tax position is not affected by the decisions of other investors within the SMA.

Simplified fees You pay a single management fee that includes the main operating expenses for the Personal Portfolio, such as investment management fees, transaction costs, custody fees and administration costs.

Professional, active investment management

You are relieved of the day to day decision making responsibilities associated with managing an investment portfolio.

Customisation Ability to restrict certain securities or sectors, enabling you to tailor your Account to suit your individual investment and ethical preferences.

Diversification The more diversified the Model Portfolio, the less risk of you being over-exposed to the performance of any single investment holding.

Hassle free ownership MPPM look after all of the administration of your Portfolio(s), including tax record keeping, receipt of dividends, mail, corporate actions, and reporting.

SMSFs Suitable investment solution for self managed super funds (SMSFs).

Disclosing entity The SMA is a disclosing entity and is subject to regular reporting and disclosure obligations under the Corporations Act 2001 (Cth). Copies of documents lodged with the Australian Securities and Investments Commission (ASIC) to meet these obligations may be obtained from, or inspected at, an ASIC office. You also have the right to request a copy of these documents from MPPM when they become available, and MPPM must send you a copy (free of charge) as soon as is practicable. The documents are:• the annual financial report most recently lodged with ASIC• any half yearly report for the SMA lodged with ASIC after the lodgement of the last annual report

and before the date of the request, or• any continuous disclosure notices given by MPPM as responsible entity for the SMA after

lodgement of the last annual report and before the date of the request.

You should read the important information about other features and benefits of the Personal Portfolio before making a decision. Go to section 3 of the Information Booklet, also available at macquarie.com.au/personalportfoliodocs. The material may change between the time when you read this document and the day when you acquire the product.

4 Risks of managed investment schemesrisks before deciding to invest. The significant risks for the Personal Portfolio are described below, but these risks are not exhaustive and there could be other risks that may adversely affect the Personal Portfolio. You should seek your own professional advice on the appropriateness of this investment for your particular circumstances and financial objectives.

Market risk: Market risk refers to changes in the prices of investments in your Account that may result in loss of principal or large fluctuations in the valuation of your Account within short periods of time. Factors that drive changes in asset prices include:

• the changing profitability of companies and industries

• the liquidity of securities, particularly for small capitalisation equities or small companies with limited volume of security issuances

• the changes in economic cycles and business confidence

• the country in which the market is located and its government and central bank policies, its economic or social developments, and instances of instability such as recession or armed conflict

All investments carry risk. Different Model Portfolios carry different levels of risk depending on the underlying mix of assets that make up each Model Portfolio. Assets with the highest long term returns may also carry the highest level of short term risk.

The appropriate level of risk for you will depend on your age, investment time frame, where other parts of your wealth are invested and your individual risk tolerance.

It is important to understand that:

• the value of your investment will go up and down

• investment returns will vary and future returns may be different from past returns

• returns are not guaranteed and there is always the chance that you may lose some or all of the money you invest in the Personal Portfolio, and

• laws affecting registered managed investment schemes may change over time.

When you make an investment, you are accepting the risks of that investment. It is important to understand these

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• where there is an emerging market exposure, which is generally riskier than developed markets due to factors such as lower liquidity, the potential for political unrest, the increased likelihood of sovereign intervention (including default and currency intervention), currency volatility, and legal system instability.

Volatility risk: Volatility risk refers to the potential for the price of investments in your Account to vary, sometimes markedly and over a short period of time. Generally the higher the potential return, the higher the risk and the greater the chance of substantial fluctuations in returns over a short period of time. In particular, investments in equity securities are traditionally towards the higher end of the risk-return spectrum. This may lead to fluctuations in the value of your Account, including fluctuation over the period between a withdrawal request being made and the time of payment. Markets are volatile and indeed volatility in some markets can often be very high.

Security specific and concentration risk: Each investment in a company’s securities is subject to the risk of that particular company’s performance due to factors that are pertinent to that company, the sector of the market to which the company belongs, or the equity market generally. This risk also includes changes in credit ratings from rating agencies.

The fewer the number of securities in your Account, the higher the concentration risk. The more concentrated your Account is, the greater the risk that poor performance in a group of investments may significantly affect the performance of your Account.

Currency risk: Currency risk is the risk that fluctuations in exchange rates between the Australian dollar and foreign currencies may cause the value of international investments to decline significantly. If your Account includes exposure to international investments or companies with foreign investments or exposure, they may not be hedged back to Australian dollars and therefore your Account may be exposed to currency risk.

Investment manager risk: Investment manager risk refers to the risk that MPPM will not achieve the performance objectives or not produce returns that compare favourably against its peers. Additionally, there is the risk that a manager’s investment strategy may not prove to be effective. Many factors can negatively impact the manager’s ability to generate acceptable returns from their investment management process, including loss of key staff.

Furthermore, Model Portfolios may be discontinued, altered or terminated by MPPM or by the Investment Manager.

Responsible entity and managed investment scheme risk: There are risks associated with the operational and financial performance of MPPM as the responsible entity. MPPM manages and holds your Portfolio and is responsible for making Portfolio investment decisions based on the Model Portfolio(s). In addition, MPPM’s key professionals could change or MPPM could be replaced and this might affect how the Portfolio is managed.

There are also risks associated with the structure of the Personal Portfolio, including that it could terminate or the fees and expenses could change.

Implementation risk: There is a risk that the performance of your Portfolio(s) will differ from that of the corresponding Model Portfolio(s). This occurs due to factors such as differences in the buy and sell prices of investments compared to the Model Portfolio(s), fees, movements of cash and securities into and out of Portfolio(s), slight differences in weights of holdings due to the requirement for a minimum cash holding of 2.5 per cent and use of a minimum transaction size, and external factors, for example if trading in a particular security is subject to liquidity constraints or has been restricted or suspended in the market.

Customisation risk: There is a risk that portfolio customisation will impact the performance of your investments and may result in negative returns and/or underperformance of your Portfolio(s) relative to your selected Model Portfolio(s).

Counterparty and credit risk: Counterparty risk is the risk of loss due to a counterparty not honouring a commitment, which may cause the value of your Account to fall. Counterparties include custodians, brokers and settlement houses. Credit risk is the risk that for cash and interest rate investments, income and/or your capital investment will not be repaid due to the financial position of the financial institution or issuer of that investment.

Liquidity risk: Particular securities or investments may be difficult to purchase or sell, preventing the Personal Portfolio from closing out a position or rebalancing within a timely period and at a fair price. As a result withdrawal requests may not be able to be fully met when they are received. Liquidity risk may potentially be amplified where a Portfolio invests in listed interest rate securities and unlisted managed funds due to the illiquid nature of these assets.

Interest rate risk: Movements in domestic and international interest rates may cause the value of your investments to decline.

Derivative risk: Derivatives are financial instruments that are used to obtain or reduce market exposures. They can potentially create leveraged positions, where exposures are obtained that are greater than the value of assets required to support them. As the market value of derivatives positions are variable, gains or losses can be incurred, and can be greater than unleveraged positions. The use of derivatives may also expose the Model Portfolio(s) that use them to risks including counterparty default, legal and documentation risk.

Change of law and other statutory and trading restrictions: Changes in laws or their interpretations including, but not limited to, taxation and corporate regulatory laws, practice and policy, could have a negative impact on the returns of investors.

In certain circumstances, statutory or internal Macquarie Group imposed restrictions may preclude the acquisition or disposal of securities in your Account. Without limitation, this includes where the acquisition would cause the Macquarie Group’s aggregated holdings in a company (including holdings that the Macquarie Group is required to aggregate) to exceed applicable takeover thresholds. In addition, where, due to such restrictions, there is limited capacity to acquire particular securities, your Account will not have priority over any member of, or any other fund associated with, the Macquarie Group to acquire those securities. Such restrictions may have an adverse effect on the value of the investments in your Account due to your Account being unable to enter into positions or exit positions as and when desired.

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Macquarie Personal Portfolio

5 How we invest your money

Name Balanced

Investment return objective

To provide a mix of long-term capital growth and income via exposure to a diversified investment portfolio.

Who should invest Investors seeking a balanced portfolio to achieve medium to long-term financial goals and who are prepared to accept fluctuations in short-term performance for potentially higher returns over the long term.

Suggested minimum investment timeframe

4+ years

Description The Balanced Model Portfolio seeks to achieve its investment objectives through a diversified portfolio of growth assets (such as equities and property), defensive assets (such as fixed income and cash) and alternative assets (such as hedge funds, infrastructure and commodities). Asset class allocations are driven by long-term expected returns, expected volatility and correlations amongst the asset classes.

The allocation to Australian equities is held in direct securities. Allocations to other asset classes are held in managed funds. A number of specialist fund managers are selected on the basis of their expertise and track record in managing within each asset class, and are combined with the aim of achieving the optimal expected outcome to suit the risk/return objectives of the Balanced Model Portfolio.

Indicative asset allocation

Australian equities: 27%

International equities: 18%

Property: 10%

Alternative assets: 10%

Fixed income: 20%

Cash: 15%

Risk level Medium to high

You should read the important information about the Model Portfolios, changes to Model Portfolios, how you can switch your investments and the extent to which labour standards or environmental, social or ethical considerations are taken into account in the selection, retention or realisations of investments before making a decision. Go to section 5 of the Information Booklet, also available at macquarie.com.au/personalportfoliodocs. The material may change between the time when you read this document and the day when you acquire the product.

You should consider the likely investment return, risk and your investment time frame when choosing one or more Model Portfolios in the Personal Portfolio.

The Personal Portfolio offers you a selection of Australian Equity and Diversified Model Portfolios. You may select one Model Portfolio or a combination of Model Portfolios in order to meet your investment needs. You may also select the administration only Do Not Sell Holdings Portfolio.

MPPM provides four Australian Equity Model Portfolios for you to select from including:

• Core Australian Equity

• Income Australian Equity

• Core Plus Australian Equity and

• Growth Australian Equity.

The Australian Equity Model Portfolios cover a range of investment strategies, investment styles and objectives including income, capital growth or combinations of both.

The Diversified Model Portfolios provide access to a combination of domestic and international asset classes including Australian equities, international equities, property, alternative assets, fixed income and cash. The Diversified Model Portfolios available include:

• Conservative

• Balanced

• Growth, and

• High Growth.

Please refer to the below table for information on the Balanced Model Portfolio. Information about all other Model Portfolios is contained in section 5 of the Information Booklet.

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6 Fees and costs

Did you know?Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of two per cent of your account rather than one per cent could reduce your final return by up to 20 per cent over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask MPPM or your financial adviser.

To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a managed investment fee calculator to help you check out different fee options.

Example of annual fees and costs for the Personal PortfolioThe table below gives an example of how the fees and costs for the Personal Portfolio, where the Model Portfolio is the MPPM Balanced Model Portfolio, can affect your investment over a one year period. You should use the table to compare this product with other managed investment products.

Example – MPPM Balanced Model Portfolio

Fees and costs Balance of $50,000 with a contribution of $5,000 during the year^

Contribution Fees Nil For every additional $5,000 you put in, you will not be charged any contribution fee.

PLUS Management Costs 0.90% pa AND, for every $50,000 you have in the MPPM Balanced Model Portfolio you will be charged $450 each year.

EQUALS Cost of MPPM Balanced Model Portfolio If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be charged fees of:

$450*

What it costs you will depend on the investment option you choose and the fees you negotiate.

* Additional fees may apply: Establishment fee – $Nil, AND, if you leave the SMA early, you may also be charged withdrawal fees of $Nil.

^ This example assumes the $5,000 contribution occurs at the end of the first year, therefore management costs are calculated using the $50,000 balance only.

ASIC provides a calculator on its MoneySmart website which can be used to calculate the effect of fees and costs on investment returns or account balances.

MPPM Balanced Model PortfolioThe costs of investing in Personal Portfolio, and fees and costs that are charged in relation to an Account, where the Model Portfolio is the Balanced Model Portfolio, are set out in the table on the right.

Please note: the management costs applicable are dependent on the Model Portfolio(s) you select. Management costs range from 0.40 per cent to 1.50 per cent per annum.

The information in the table above can be used to compare costs between different simple managed investment schemes. The fees and costs can be paid directly from your Account or deducted from investment returns.

Type of fee or cost Amount

Fees when your money moves in or out of the scheme

Establishment fee Nil

Contribution fee Nil

Withdrawal fee Nil

Exit fee Nil

Management costs*

The fees and costs for managing your investment 0.90% pa

* The amount of this fee can be negotiated with wholesale clients (within the meaning of the Corporations Act 2001 (Cth)).

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Macquarie Personal Portfolio

Fees and costs (continued)

7 How managed investment schemes are taxed

Changes to feesThe fees are current as at the date of the PDS and include the net effect of GST (unless otherwise indicated). This means that fees stated in the PDS represent the fee charged plus applicable GST, less any reduced input tax credits (RITCs) that may be claimed by the SMA.

MPPM reserves the right to vary fees, and to introduce additional fees. Factors which may lead fees to vary include legal, economic, policy and procedural changes. The right to vary fees is at MPPM’s discretion, subject to any restrictions under the Constitution and the law. This is not an exhaustive

list of circumstances that would lead MPPM to vary the fees of the Personal Portfolio. You will be given 30 days prior notice of any change to the current fee and/or the introduction of any additional fee.

You should read the important information about fees and costs in relation to other Model Portfolios and the Personal Portfolio generally before making a decision. Go to section 6 of the Information Booklet, also available at macquarie.com.au/personalportfoliodocs. The material may change between the time when you read this document and the day when you acquire the product.

WARNING – Investing in a registered managed investment scheme is likely to have tax consequences. You are strongly advised to seek your own professional tax advice before making an investment decision. Registered managed investment schemes do not pay tax on behalf of investors. Investors are assessed for tax on any income and capital gains generated by the investments in their Account.

The SMA will claim RITCs to which it is entitled to under GST law in relation to eligible expenses of the SMA.

You should read the important information about taxation matters before making a decision. Go to section 7 of the Information Booklet, also available at macquarie.com.au/personalportfoliodocs. The material may change between the time when you read this document and the day when you acquire the product.

MGI

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8 How to apply Read this document together with the Information Booklet and Application Booklet, available at macquarie.com.au/personalportfoliodocs, before making a decision whether to invest.

To invest in the Personal Portfolio complete the application form included in the Application Booklet and send it along with any supporting documentation to:

Macquarie Private Portfolio Management 1 Shelley St, Sydney NSW 2000

Cooling-offIf you invest an initial amount of $500,000 or more in the Personal Portfolio, or otherwise meet the criteria for a wholesale client under the Corporations Act 2001 (Cth), cooling-off rights are not available to you.

If you invest less than $500,000 and do not otherwise meet the criteria for a wholesale client under the Corporations Act 2001 (Cth) and decide that your investment in the Personal Portfolio does not meet your needs, you can request in writing to have it cancelled within the 14-day ‘cooling-off period’. The cooling-off period begins when you receive your account opening confirmation or five days after your Account is activated, whichever is earlier. You will be paid by either a transfer of securities to your name, or in cash. If a cash payment is elected, the sale of securities to fund this payment will occur on the next Trading Day. In the PDS, references to Trading Days are references to days on which transactions are made.

The amount returned to you may be different from the amount you initially invested, due to market movements and transaction costs. Furthermore, if you contribute securities and trading has occurred on your Account, capital gains tax events may have taken place, and you may be repaid in securities different from those you contributed.

Enquiries and complaintsIf you have any concerns or complaints, they should be made in writing to:

The Complaints OfficerMacquarie Private Portfolio Management Limited1 Shelley St, Sydney NSW 2000

Any complaint will be acknowledged in writing and responded to within 45 days. If you believe that your matter has not been dealt with satisfactorily, you can contact the Financial Ombudsman Service (FOS) by calling 1300 780 808, or write to FOS at:

Financial Ombudsman Service GPO Box 3Melbourne VIC 3001

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Additional information to the Product Disclosure Statement

Macquarie Personal Portfolio

Macquarie Separately Managed Account (SMA) ARSN 121968143 (SMA). Issued by Macquarie Private Portfolio Management Limited (MPPM) ABN 26 089 981 388, AFSL 237506 (MPPM)

Investor Class D

DATED: 1 OCTOBER 2014

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Contents

1. About Macquarie Private Portfolio Management Limited 01

2. How the Macquarie Personal Portfolio works 02

3. Benefits of investing in the Macquarie Personal Portfolio 05

4. Risks of managed investment schemes 105. How we invest your money 116. Fees and costs 257. How managed investment schemes

are taxed 288. How to apply 29

This Macquarie Personal Portfolio Additional Information to the Product Disclosure Statement (Information Booklet) is issued by MPPM, the responsible entity of the SMA.

This Information Booklet contains information that forms part of the product disclosure statement for Macquarie Personal Portfolio (PDS). You should read this document in conjunction with the document headed Macquarie Personal Portfolio Product Disclosure Statement (Short Form PDS).

Terms defined in the Short Form PDS have the same meaning when used in this Information Booklet.

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1 About Macquarie Private Portfolio Management Limited

For information regarding MPPM please refer to section 1 of the Short Form PDS. There is no additional information relating to section 1 of the Short Form PDS.

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2 How the Macquarie Personal Portfolio works

2.1 Opening your AccountCash contributions

Cash contributions can be made by cheque, bank transfer, direct debit, or by real time gross settlement (RTGS). Cheque contributions submitted along with your application must be made out to:

MPPM SMA (full Account name)

If depositing via electronic transfer or RTGS you will be contacted on acceptance of your application form to confirm transfer instructions.

Security contributions

You can fund all or part of your Account by transferring an existing portfolio of ASX listed securities by completing the Security transfer form included in the accompanying Macquarie Personal Portfolio Important additional information and application forms booklet (Application Booklet). Please indicate clearly on this form whether the security is to be held in the Do Not Sell Holdings Portfolio (Code – DNS) or to be transferred to a particular Model Portfolio. Please note that securities which are transferred into the Do Not Sell Holdings Portfolio will be subject to a ‘do not sell’ restriction.

If the securities you contribute are not in the Model Portfolio(s) selected by you (or are in excess of the model’s weighting), those securities will generally be sold on the next Trading Day, and the proceeds used to purchase securities in the selected Model Portfolio(s) at the correct weightings.

Please note that security sales generally give rise to tax consequences, therefore you should consider whether to contribute securities that are unlikely to be included in your chosen Model Portfolio. Please refer to section 7 of this Information Booklet for more information on how managed investment schemes are taxed.

Security transfers will only be accepted if the Security transfer form is complete, and the securities are owned in the same name as your Account. The cost base information provided by you will be accepted as being correct. Please be careful to ensure this data is recorded accurately, as a fee will be incurred by you to correct it later if it is wrong.

In the event that MPPM is prevented by law from receiving transfers of a particular security, it will not process the transfer of that particular security, and inform you of the situation. MPPM has the right to refuse transfers of securities.

Processing your application

If your application is incomplete or you have not provided all necessary information in order for us to fulfill our due diligence obligations under applicable anti-money laundering laws, rules and subordinate instruments, we will be unable to complete the application and will open your account only when we receive all required information. In all cases, the application form must be signed. If for any reason we are unable to open your account within 30 days of receiving your application and deposit, we may choose to return your deposit to you, along with all interest earned on it while it was held by us. You will be required to submit a new application form.

You will become a ‘client’ of the Personal Portfolio after your application is accepted and cleared funds have been received from you. At this point your Account will become ‘active’ unless you are transferring securities into your Account and that transfer process has not been completed. In this case, your Account will be deemed active when your application is accepted, cash is cleared, and all securities have been effectively transferred to the appointed custodian. Until your Account becomes active, you will receive interest on your cash balance, and transferred securities will be held separate from the rebalance process. Fees will commence on receipt of your initial contribution.

A separate Portfolio will be established for each Model Portfolio chosen by you. Each Portfolio will have a unique reference number (Portfolio ID).

Once your Account is deemed active, your cash balance and/or securities will generally be realigned with your chosen Model Portfolio(s) on the next Trading Day.

Applications can be refused and existing Accounts terminated without a reason being given.

Potential delay when an initial application form is incomplete

As part of MPPM’s obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF), MPPM cannot accept an application to invest in the Personal Portfolio until MPPM is satisfied that the identity of the investor has been verified in accordance with the requirements of the AML/CTF.

The processing of applications will not proceed until the requested information is received in a satisfactory form and the identity of the investor is verified.

Where an application is not finalised for AML/CTF purposes or is otherwise incomplete, MPPM will seek to contact you to obtain the missing or additional information. Your application will not be accepted by MPPM unless the AML/ CTF verification can be completed or other issues addressed.

On the day that your application is completed to MPPM’s satisfaction, it will be accepted and your application monies invested as per your instructions. If the AML/CTF verification or other issues are not finalised to MPPM’s satisfaction within one month of the original application date, your application (and application money you have already paid) will be returned to you.

MPPM will not be liable for any losses, including for market movements, that may be incurred by a prospective investor if an application is delayed or rejected due to the AML/CTF obligations or other delays caused by the application being incomplete.

2.2 Additional contributionsYou can make additional contributions in two ways:

One off contribution

You can contribute additional cash or securities to your Account at any time, subject to a minimum of $1,000 per contribution. To do this, please complete the Cash Contribution form or Security transfer form available from the Resources section of the Personal Portfolio secure website.

When you make an additional contribution of cash or securities, you must elect which existing Portfolio(s) the

3

How the Macquarie Personal Portfolio works

contribution is to be applied to, or if it is to be applied to a new Model Portfolio. Where the Portfolio ID is known, cheque contributions should be made payable to:

MPPM SMA (Portfolio ID)

For security transfers, the Security transfer form must be completed, and the securities must be owned in the same name as your Account. The cost base information provided by you will be accepted as being correct.

Your Account will be re-weighted on the next Trading Day to bring it back into line with the relevant Model Portfolio weightings.

In the event that law prevents MPPM from receiving transfers of a particular security, the transfer of that particular security will not be processed and you will be informed of the situation. MPPM has an absolute discretion to refuse transfers of securities.

Establish a Regular Investment Plan

You can make contributions via direct debit from your nominated bank account on a regular basis to your Account, subject to a minimum of $500 per contribution. To do this, please complete the relevant section of the application form. Existing investors may complete the Direct debit request form, available from the Resources section of the Personal Portfolio secure website. You can set up a plan with a weekly, fortnightly, monthly, quarterly or half yearly direct debit. You can amend, cancel or suspend your regular investment plan at any time by providing revised signed instructions in writing. Please provide your revised instructions at least seven business days (ie a day on which banks are open for business in Sydney other than a Saturday, Sunday or public holiday in Sydney) (Business Days) before your next scheduled direct debit for your instructions to take effect.

Your regular investment plan may be cancelled if three consecutive direct debits are dishonoured due to insufficient funds.

Please note: A regular investment plan is not available on the Do Not Sell Holdings Portfolio.

2.3 Application money held in trustIf we are not able to issue your MPS/increased interest in your MPS immediately after receipt of your application money, that money will be held in a non-interest bearing trust account with an authorised deposit taking institution. The trust account is currently a deposit account held with Macquarie Bank Limited.

If we are not able to issue your MPS/increased interest in your MPS within 30 days starting from the day on which we receive your application money, we will return the application money to you.

2.4 WithdrawalsYou may request a withdrawal from the Personal Portfolio at any time, subject to a minimum withdrawal amount of $1,000 and maintaining minimum balances of $50,000 per Australian Equity Model Portfolio and/or $100,000 per Diversified Model Portfolio. You may at times be contacted regarding your withdrawal request.

Funds will be paid by electronic transfer to your pre-nominated Australian bank account. To make a withdrawal please complete the Withdrawal form available from the Resources section of the Personal Portfolio secure website.

If sufficient cash is available in your relevant Portfolio(s) (bearing in mind the requirement to hold a minimum 2.5 per cent of cash) your withdrawal request will generally be processed within two Business Days.

Where sufficient cash is not available in your relevant Portfolio(s) to process your withdrawal request, some investments will need to be sold in order to free up the required cash. In this event, time is needed for the sell transactions to be executed and settled. Proceeds from withdrawals will usually be available within 5–10 Business Days of the withdrawal request date. Please note that security sales generally give rise to tax consequences. Please refer to section 7 for further details.

When an event outside MPPM’s control impacts its ability to transfer assets or realise sufficient assets to satisfy withdrawal requests (for example, restricted or suspended trading in the market for an asset or a freeze on withdrawals) then this can delay transfer or payment for as long as this goes on.

When you make a withdrawal, your relevant Portfolio(s) will be re-weighted on the next Trading Day to bring them back into line with the corresponding Model Portfolio weightings.

Regular Withdrawal Plan

You can set up a regular withdrawal plan to have a specified amount paid from your Account to your nominated bank account on a monthly basis. Payments will be made to your nominated bank account on or around the 15th of each month. The minimum allowable payment is $500 per month per Portfolio.

Payments under a regular withdrawal plan will be made from the cash balance of the relevant Portfolio, causing it to fall relative to its corresponding Model Portfolio cash weighting. This will be corrected on the next Trading Day, where investments in your Portfolio may be sold to bring the weightings back in line with the Model Portfolio. This may result in the realisation of capital gains, with subsequent tax impacts.

Please note that payments under a regular withdrawal plan may lead to erosion of the value of a Portfolio over time if outgoing payments and fees are greater than the income and capital growth of the Portfolio.

To establish a regular withdrawal plan for a new Account, complete the appropriate section of the application form that is included in the Application Booklet.

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How the Macquarie Personal Portfolio works

To add a regular withdrawal plan to an existing Account, or vary an existing regular withdrawal plan, please complete a Regular withdrawal plan form. These are available from the Resources section of the Personal Portfolio secure website.

Please note: A regular withdrawal plan is not available on the Do Not Sell Holdings Portfolio.

2.5 Closing your AccountWhen closing your Account, you can elect to have:

• assets sold and the proceeds paid by electronic transfer to your pre-nominated Australian bank account

• assets transferred to you (as allowable under law or under the terms of an investment itself), or

• a combination of the above.

To close your Account, please complete the Account closure form available from the Resources section of the Personal Portfolio secure website.

If you choose a cash payment, the payment will be processed as a withdrawal (for details refer to section 2.4.

If you choose a securities transfer, the securities may be transferred to either an issuer or broker sponsored holding (in the same name as your Account), in accordance with your instructions. Within two Business Days of receipt of a security transfer request, the custodian will be instructed to process the request. The custodian will generally take three to seven Business Days to transfer the securities.

Where managed funds are held, they will generally be redeemed and the proceeds paid out in cash. Typically managed fund redemptions are processed within five Business Days, but this period may be longer. You may elect to have managed fund holdings transferred to you, but this will only be actioned if the holding size meets the fund manager’s minimum requirement and, if applicable, you are a wholesale client (within the meaning of the Corporations Act 2001 (Cth)). Transfers of managed funds can take a minimum of four weeks to complete.

Prior to closing your Account, the balance will be applied to pay all outstanding fees and charges prior to sending the final proceeds to you.

It may be necessary to keep your Account open for a period of time pending receipt of any outstanding dividends, distributions and corporate actions. During this time, a notional amount will be retained within your Account on which you will continue to earn interest. Upon closure of your Account any accrued interest will be paid to you by the end of the month. This payment will be made by a funds transfer. If a funds transfer is unsuccessful any amount under $10.00 will be donated to a charitable organisation of MPPM’s choosing.

You will receive your final annual tax report after the end of the Australian financial year in which your Account is closed.

Facsimile and electronic instruction service

Under the facsimile and electronic instruction service, MPPM will accept instructions relating to the operation of your Account, including some withdrawal requests, sent in the form of a facsimile or such other electronic forms that it deems acceptable. For example an email with a scanned image of a completed Personal portfolio form may be acceptable for some instructions. The form will instruct you whether a facsimile or email or other electronic form will be accepted instead of the original.

You must not provide anyone else (other than anyone you have registered as an authorised contact with MPPM) with access to or allow anyone else to operate your Account in your name.

You acknowledge MPPM is entitled to rely on, and you will be liable for any instructions received in relation to your Portfolio(s) which appear to have been duly sent and authorised by you. However, MPPM will not be entitled to rely on instructions in relation to your Portfolio(s) if:

a) you have previously advised MPPM that there has been or you suspect unauthorised activity on any of your Portfolio(s), and

b) the order was fraudulently given by an employee of MPPM.

By providing instructions in this way you acknowledge there is an increased risk of fraud and that you release MPPM from, and agree to reimburse MPPM for any losses and liabilities arising from any payment or action MPPM (acting reasonably) make in this respect, provided MPPM has acted without fraud and negligence.

There is a risk that fraudulent facsimile or electronically received withdrawal requests can be made by someone who has access to your Account details and a copy of your signature. Further requirements may be added at any time where it is considered these to be reasonably necessary to protect your Account.

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This section provides further information on the features and benefits of the Personal Portfolio.

3 Benefits of investing in the Macquarie Personal Portfolio

3.1 FeaturesBeneficial ownership

The most significant feature of the Personal Portfolio is the beneficial ownership of the investments held in your Account. This feature facilitates the transfer in and out of securities, the tax transparency of all the securities held in each Model Portfolio, your own tax cost position and direct flow through of all income.

It is important to recognise that beneficial ownership is not identical to holding these investments in your own right. Please note the following differences:

• the custodian will be the legal owner of the investments rather than you. MPPM maintains a register of holdings for each investor

• for managed investments, you do not become the direct unit holder. The registered unit holder will be the custodian

• for ASX listed securities:

– you do not receive communications directly from companies or share registries including such things as corporate action notifications, dividend payments, and notices of meetings. These are processed on your behalf. By doing so, the administrative burden of direct ownership is removed, providing you with consolidated reports detailing activity on your Account

– as your name is not on the share register (securities are registered in the name of the custodian), your privacy is protected

– you are not entitled to shareholder benefits such as discount cards, nor will you be able to vote at shareholder meetings

– some corporate actions may have an entitlement limit determined on a per-holding basis (rather than the size of the holding), which may result in you receiving a lesser entitlement than you otherwise would if you held the securities directly.

The SMA’s cash holding is invested as a single deposit. Investors do not hold a deposit directly with the appointed financial institution. The investor’s SMA cash holding is not covered by the Financial Claims Scheme (FCS) (commonly referred to as the Australian Government deposit guarantee). Further information about the FCS can be obtained from the APRA website at apra.gov.au and the APRA hotline on 1300 558 849 (or +61 2 9210 3480 if calling from overseas).

Custody

MPPM has appointed multiple custodians to hold in custody all the assets within the SMA. As at the date of this Information Booklet the custodians are Bond Street Custodians Limited (BSCL) and HSBC Bank Australia Limited (HSBC).

Additional custodians may be added in the future to broaden the services offered to you. MPPM will notify you in writing once a new custodian has been appointed.

Cash holdings within the SMA are deposited with Macquarie Bank Limited ABN 46 008 583 542, AFSL No. 237502 (MBL), a member of the Macquarie Group. Deposits will be used by MBL in the conduct of its normal banking business. MBL sets the rate of return on the deposit, having regard to competing rates of return in the market, and changes in interest rates, which respond to factors such as inflation, economic conditions and actions by the Reserve Bank of Australia. Current rates are available by contacting the Client Service team on 1800 501 180.

BSCL and MBL are related bodies corporate of MPPM. All related party transactions are conducted on arm’s length terms. Any conflict of interest or potential conflict of interest is managed in accordance with Macquarie Group’s Conflict of Interest Policy.

Consent

HSBC has given its written consent to its name, the statements attributable to it, and the wording in respect of the consent given by it being included in this Information Booklet (and therefore the PDS) in the form and context in which they are included, and has not withdrawn its consent before the date of the PDS. HSBC has not authorised or caused the issue of the PDS or made any statement that is included in the PDS or any statement on which a statement in the PDS is based, except as stated above. Other than stated above, HSBC expressly disclaims and takes no responsibility for any statements in, or any omissions from, the PDS. This applies to the maximum extent permitted by law but does not apply to any material to which the consent given above relates.

BSCL has given its written consent to its name, the statements attributable to it, and the wording in respect of the consent given by it being included in this Information Booklet (and therefore the PDS) in the form and context in which they are included, and has not withdrawn its consent before the date of the PDS. BSCL has not authorised or caused the issue of the PDS or made any statement that is included in the PDS or any statement on which a statement in the PDS is based, except as stated above. Other than stated above, BSCL expressly disclaims and takes no responsibility for any statements in, or any omissions from, the PDS. This applies to the maximum extent permitted by law but does not apply to any material to which the consent given above relates.

Choice of Model Portfolio

You can choose one Model Portfolio or a combination of Model Portfolios. The Personal Portfolio offers a selection of Australian Equity and Diversified Model Portfolios, allowing you to tailor your choice of Model Portfolio(s) to suit your investment needs.

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Benefits of investing in the Macquarie Personal Portfolio

Online reporting

When you open an Account you will be sent a Macquarie Access Code (MAC) and password that you can use to access information about your Account via the Personal Portfolio secure website. The following reports are available online:

• Portfolio Valuation

• Investment Transactions

• Cash Transactions

• Account Details

• Asset Allocation

• Income Summary

• Income Details

• Realised Gains and Losses

• Unrealised Gains and Losses

You can view Account holdings and transactions online, either:

• separately by Portfolio, or

• in aggregate (all Portfolios combined).

Reports are generally for holdings and transactions up until the previous Business Day, using market close prices for that day. Reports can be generated for any time period or date back as far as your initial contribution date. You can also download transaction and portfolio valuation reports in electronic data format, enabling you to open them in a spreadsheet or upload them into some accounting packages.

Quarterly reports and annual tax reports (see below for details) are also posted online where you can view and download them.

If you would like additional parties to have access to these online reports please complete the relevant section of the application form. Existing investors may complete the Third party authority form available from the Resources section of the Personal Portfolio secure website.

Terms and conditions of the Personal Portfolio online service and third party access are set out in the Application Booklet.

Please note that by completing and signing the application form, you agree that transaction confirmations will be provided to you by online access only.

Quarterly reports

Each quarter you will be provided with a report for each Portfolio containing:

• investment management commentary

• a summary of the major activity on your Portfolio(s)

• Portfolio performance

• Portfolio valuation

• investment transactions

• cash transactions

• Portfolio income

• asset allocation

• GST tax invoice (where applicable).

A report summarising the Portfolio(s) you hold will also be provided where you have more than one Portfolio.

These reports will generally be available for you to view and download from the Personal Portfolio secure website within 30 days of the end of the quarter.

Tax reports

After the end of a tax year you will be provided details of any assessable income, capital gains, tax credits and any other relevant items to include in your tax return. This will generally be available for you to view and download from the Personal Portfolio secure website by the end of October each year.

If you close your Account, you will be provided your annual tax report after the end of the tax year in which your Account is closed. This will generally be available by the end of October each year.

Other reporting

A copy of the annual audited financial reports of the SMA will be available to view and download within 3 months of the end of the financial year. You may elect to receive a copy of the report free of charge in the relevant section on the application form. This report shows the financial position and performance of the SMA over the last financial year.

Tax accounting method

You can select from the following tax accounting methods:

• Minimise Gain – tax parcels are selected to minimise the capital gain (or maximise the capital loss) on disposal of an asset

• Maximise Gain – tax parcels are selected to maximise the capital gain (or minimise the capital loss) on disposal of an asset, or

• First In First Out (FIFO) – the earliest tax parcel is selected on disposal of an asset.

The default method is Minimise Gain.

You can change your tax accounting method at any time by written notification. The new method will apply from the date the change is processed, and all transactions from that date will use the new method.

It is recommended that you seek advice from an independent tax adviser before selecting or changing your tax accounting method.

If you wish to change your tax accounting method retrospectively, this will need to be processed manually as a cost base reconstruction. A fee will be charged for this service (for details see section 6.2).

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Benefits of investing in the Macquarie Personal Portfolio

Do Not Sell Holdings Portfolio

You can also access a separate ‘administration only’ portfolio to hold ASX listed securities that you transfer in but do not want sold or to form part of a Portfolio aligned to a Model Portfolio. In this administration only portfolio, you also access the custody, tax statements and consolidated reporting services of the Personal Portfolio, taking care of all the paperwork for you.

The Do Not Sell Holdings Portfolio does not follow an investment strategy, but provides administration only services for holdings that you transfer into it. ASX listed securities that you transfer into the Do Not Sell Holdings Portfolio will be automatically subject to a ‘do not sell’ restriction. Active trading is not permitted in this Portfolio, which means you may not buy securities through the Do Not Sell Holdings Portfolio. At any point you can transfer in additional securities or provide an instruction to sell securities on your behalf.

Securities held within the Do Not Sell Holdings Portfolio will not count towards the size or weightings of those same securities if they are held in the other Portfolio(s) in your Account. When rebalancing your Portfolio(s), trades on securities will be made ignoring any holdings in the Do Not Sell Holdings Portfolio. For example, you may transfer in BHP Billiton Limited (BHP) securities to the Do Not Sell Holdings Portfolio. This parcel of BHP will not count toward holdings in BHP that may be required in one of the Model Portfolios. BHP may be bought and sold as the Portfolio aligned to the Model Portfolio is rebalanced.

When you transfer in securities to your Account you must designate if the securities are to be allocated to the Do Not Sell Holdings Portfolio or to a Model Portfolio you select and be subject to rebalancing.

Securities can be transferred out of the Do Not Sell Holdings Portfolio into the other Portfolio(s) in your Account or to either an issuer or broker sponsored holding (in the same name as your Account), at any time in accordance with your instructions.

You are required to hold a minimum cash balance of two per cent of the value of the Do Not Sell Holdings Portfolio to cover the costs of fees and other expenses. If the cash balance in the Do Not Sell Holdings Portfolio falls below the required cash level, you will be contacted to arrange a top up. If the cash balance is not topped up and instructions from you are not received within five Business Days after you are contacted, securities held in the Do Not Sell Holdings Portfolio may be sold to cover any shortfall.

You can at any time transfer cash from the Do Not Sell Holdings Portfolio to an external bank account or to another Portfolio in your Account as well as transfer cash into the Do Not Sell Holdings Portfolio.

Please note: A regular withdrawal plan is not available on the Do Not Sell Holdings Portfolio.

Constitution

As the SMA is a registered managed investment scheme, your relationship with MPPM governed by the PDS, the SMA constitution (Constitution), the Corporations Act 2001 (Cth) and other laws.

When you want to know your rights, the first place to look is the Constitution. You can inspect a copy of the Constitution at ASIC, MPPM’s head office or request a copy by contacting the Client Service team on 1800 501 180.

Generally the Constitution:

• sets out your rights to absolute and beneficial entitlement to the assets (including income) in your Account

• defines your rights to withdraw from the SMA, and what you are entitled to receive when you withdraw from the SMA

• defines when the SMA may be wound up and what you are entitled to receive on winding up

• states that your liability is generally limited to your Account

• states the quorum required for meetings of the SMA. Your rights to requisition, attend and vote at meetings are mainly contained in the Corporations Act 2001 (Cth)

• contains procedures for how complaints are dealt with.

MPPM’s rights and obligations

In relation to MPPM’s powers, duties and liabilities as responsible entity of the SMA, the Constitution:

• allows MPPM to refuse applications for investment, in whole or in part, at its discretion and without giving reasons

• allows MPPM to terminate Accounts, at its discretion and without giving reasons

• allows MPPM to set a minimum investment to be made in the SMA

• allows MPPM to extend the period for withdrawal in certain circumstances

• provides that, subject to the Corporations Act 2001 (Cth), MPPM is not liable to you beyond the value of your Account. The Constitution contains other indemnities and protections in favour of MPPM

• allows MPPM to change the Constitution, but only with investors’ approval if the change would adversely affect the rights of investors

• allows MPPM to charge fees (described on pages 25 to 27) and recover all expenses it incurs in the proper performance of its duties in respect of the SMA

• gives MPPM the right to terminate the SMA by notice to investors and then transfer cash and/or securities to investors.

Please note: This is not an exhaustive list of MPPM’s rights under the Constitution.

Compliance Plan

The SMA’s compliance plan describes the procedures that apply in operating the SMA to ensure compliance with the Corporations Act 2001 (Cth) and the Constitution. A compliance committee oversees MPPM’s adherence with the compliance plan.

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Benefits of investing in the Macquarie Personal Portfolio

3.2 BenefitsTransparency

You can view all investments, transactions and fees securely online, allowing you to see exactly what you own and track changes in your Account. This compares favourably to conventional managed funds, where you do not have full visibility of the underlying investments.

Portability

You can fund all or part of your Account by transferring in an existing portfolio of ASX listed securities. If there is no change in beneficial ownership and the transferred securities are retained as part of your selected Model Portfolio or held in the Do Not Sell Holdings Portfolio, no CGT event occurs in relation to those securities. Furthermore, if you want to close your Account, you can elect to have your investments transferred back to your name, again without resulting in a CGT event.

You can also switch between Model Portfolios. Where common holdings exist, these holdings can be transferred, rather than selling and re-purchasing them, avoiding unnecessary realisation of capital gains or losses. This compares favourably with conventional managed funds which you can only fund with cash, and must sell when closing your account or switching between funds, with potentially unfavourable tax consequences.

Tax efficiency

When you hold direct equities in the Personal Portfolio your tax position is your own, and it is not affected by the actions of other investors or transactions made prior to your investment. A new Portfolio of equities is established for you for each of the Model Portfolios you select, and you have beneficial ownership of those equities, so all income, credits, and any realised gains and losses flow directly to you. This may have significant tax implications, particularly when compared to conventional managed funds. In particular:

• in a managed fund, your tax position can be affected by the actions of other investors. For example, if a managed fund receives a large number of redemptions, the manager may be forced to sell some of the fund’s assets and realise capital gains. These capital gains are passed on to all investors in the fund. In other words, you may have to pay more tax or pay tax at a time that may not suit you because other investors have chosen to withdraw their money from the fund

• investing in managed funds can lead to the problem of embedded capital gains, whereby you inherit the tax position of the fund at the time of investment. This can lead to situations where you inherit a tax liability for actions the manager took before you invested in the fund

• with the Personal Portfolio you can also choose the tax accounting method that best suits your circumstances, rather than having to accept the method used by an administrator or fund manager.

Simplified fees

The management costs have been consolidated so you pay a single management fee that includes the main operating expenses for the Personal Portfolio, such as investment management fees, transaction costs, custody fees and administration costs. You do not pay additional fees to cover these costs. In particular there is:

• no separate brokerage

• no product entry or exit fees

• no switching fees

• no performance fees.

The management fee may be tax deductible against assessable income.

In certain circumstances, fees may also be charged for incidental services. Please refer to section 6 for further information.

Professional, active investment management

Your Account is managed by MPPM according to Model Portfolio(s) selected. This relieves you of the burden of investment decision making, ensuring that a disciplined and consistent investment process is applied and that each Model Portfolio is actively monitored and managed.

Customisation

The Personal Portfolio allows you to tailor your Account in accordance with your requirements by placing a ‘do not hold’ restriction within a particular Model Portfolio on:

• ASX listed securities, for example you can place a ‘do not hold’ restriction on a security you do not wish to be purchased as part of the implementation or rebalance of your selected Model Portfolio

• industry sectors, for example you may want to place a ‘do not hold’ restriction against any securities within the casino and gaming sector to meet your ethical preferences.

It is recommended you seek advice from a Financial Services Professional to identify the correct security, sector and/or index restrictions that best meet your individual investment and ethical preferences.

It is important to understand that in creating investment restrictions there may be an impact on the actual performance of your Portfolio as compared with the Model Portfolio. This is due to the fact that your Portfolio will not be aligned as closely to the Model Portfolio because of the restrictions. By placing restrictions on your Portfolio you are limiting the number of holdings in your Portfolio compared to the Model Portfolio. The more concentrated your Portfolio is, the greater the risk that poor performance in a group of investments may significantly affect the performance of your Portfolio.

When you place restrictions on specific ASX listed securities you are responsible for maintaining this list. For example if a security you have a restriction on demerges or is taken over you will need to update your restriction list with any additional restrictions on the new securities that may result. If you do not update your restriction list to include these new securities it is possible that they may be purchased or sold as part of regular portfolio management activity.

Please note that security code (ticker code) changes will be managed on your behalf.

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Benefits of investing in the Macquarie Personal Portfolio

If you place restrictions on an industry sector, the securities within these will be maintained on your behalf. As companies move in or out of a sector or index it may result in a change to your Portfolio(s), for example a holding may need to be sold if the company is now a member of one of your restricted sectors; likewise a holding may be created in a security if the company is no longer a member of one of your restricted sectors.

The Global Industry Classification Standard® (GICS) codes, explained below, are used for the purpose of defining industry sectors.

When you place a ‘do not hold’ restriction on a new Portfolio, this security will be excluded when the securities included in the Model Portfolio are purchased, potentially leaving excess cash that the rebalance process will address.

When you place a ‘do not hold’ restriction on an existing Portfolio, this will be deemed as an instruction to sell all holdings in the restricted securities (and this may create a CGT liability), leaving you with excess cash that the rebalancing process will address. If you do not wish the restricted securities to be sold, you will need to provide instructions to transfer those securities out of the Portfolio. If this is the case, please ensure you complete a Security transfer form and submit this together with the Customisations form.

Through the rebalancing process, new weights will be calculated for the remaining unrestricted securities by creating an alternative portfolio that closely replicates the risk profile of the Model Portfolio. Closely replicating the risk profile of the Model Portfolio aims to bring the performance of your restricted Portfolio closer to the performance of the unrestricted Model Portfolio. This process will generate trades on one or more non-restricted securities in your selected Model Portfolio thereby investing all excess cash.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P). Neither MSCI, S&P nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the forgoing, in no event shall MSCI S&P, any of their affiliates or any third party involved in making or compiling any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Diversification

With the Personal Portfolio, you have a choice of a range of Model Portfolios, some of which are well diversified, some of which are more concentrated. The more diversified the Model Portfolio, the less risk of the investor being over-exposed to the performance of any single investment holding.

Hassle free ownership

Your Account is administered on your behalf, including tax record keeping, receipt of dividends, mail, corporate actions, and reporting. That way, you receive the benefits of owning a portfolio of direct investments, without the administrative burden.

Suitability for self managed super funds

The Personal Portfolio may be a suitable investment vehicle for self managed super funds (SMSFs), relieving the administrator of much of the record keeping burden that results from holding investments directly.

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4 Risks of managed investment schemes

For information regarding the significant risks of the Personal Portfolio please refer to section 4 of the Short Form PDS.

There is no additional information relating to section 4 of the Short Form PDS.

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5 How we invest your money

The Personal Portfolio offers a selection of Australian Equity and Diversified Model Portfolios, allowing you to tailor your choice of Model Portfolio(s) to suit your investment needs. You may choose one or a combination of Model Portfolios. You may also select the administration only Do Not Sell Holdings Portfolio.

The Australian Equity Model Portfolios cover a range of investment strategies, investment styles and objectives including income, capital growth or combinations of both.

The Diversified Model Portfolios provide access to a combination of domestic and international asset classes including Australian equities, international equities, property, alternative assets, fixed income and cash.

This section provides information on the processes (as illustrated in the below diagram) which are consistent across all Model Portfolios, with the exception of the Do Not Sell Holdings Portfolio. A summary of each Model Portfolio is included in section 5.12.

Over time, the investment menu may be developed to include additional Model Portfolios provided by one or more investment managers covering a range of asset classes. The most up to date version of the investment menu is available from the Personal Portfolio website.

YOU

Account funding Model Portfolio selections

Cash Model Portfolio A Model Portfolio customisationsModel Portfolio B

Securities Do Not Sell Holdings Portfolio*

MACQUARIE PRIVATE PORTFOLIO MANAGEMENT

Portfolio inception Ongoing rebalancing

Transfer to custody Strategy and weighting changes

Initial rebalance to Model Portfolio weightings Manage cash flow

Portfolio customisations Portfolio customisations

Model Portfolio A

Model Portfolio B

Investment Management

* Do Not Sell Holdings Portfolio – administration only, no rebalancing.

5.1 Investment managementBy opening an Account, you authorise MPPM to make all investment decisions on your behalf relating to your Account, with the exception of the Do Not Sell Holdings Portfolio. This includes the buying and selling of securities and other investments, responding to corporate action elections and dividend elections.

In the event of your death, your investments will continue to be invested in accordance with your selected Model Portfolio(s), until otherwise instructed by your legal personal representative. Please see section 1.3 of the Application Booklet for further information.

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How we invest your money

5.2 Corporate actions MPPM will receive communications relating to corporate actions affecting the securities held in your Account. For example the issuers of securities held in your Account will send any corporate action notifications, dividend payments, and notices of meetings to MPPM.

The best interests of investors as a whole will be considered when dealing with corporate actions. The policy regarding corporate actions affecting securities held in the Personal Portfolio is that generally MPPM will:

• elect to receive dividends and distributions in cash, which will be credited to your cash holdings within your relevant Portfolio

• adopt a neutral position and not vote at meetings of holders of securities, although it may exercise discretion and vote depending on the particular circumstances

• use its discretion for corporate actions with an election component.

5.3 Rebalancing of PortfoliosOn a regular basis, a ‘rebalance’ process is run to compare holdings of the Model Portfolios with the holdings in each of your corresponding Portfolios. Where there is a material difference, transactions will be generated to bring your Portfolio(s) in line with the Model Portfolio(s).

Generally, your Portfolio(s) will only be transacted:

• when MPPM makes a material change to the holdings in the corresponding Model Portfolio (for example, replaces one security with another)

• on a periodic basis, where market movement has caused the weighting of securities in your Portfolio to differ from the Model Portfolio by more than a minimum threshold (the Minimum Transaction Size)

• when you contribute cash or securities to your Portfolio, or

• when you withdraw cash or securities from your Portfolio.

You should expect regular transactions for Portfolios, sometimes as often as several times per week.

Whilst the aim is to closely replicate the Model Portfolios, there will be times when this will not be possible. For example if MPPM is restricted from buying a particular security due to the requirements of the Corporations Act 2001 (Cth), or if the security is suspended from trading on the relevant securities exchange. A Minimum Transaction Size may also be applied to reduce unnecessary turnover.

Each Portfolio will maintain a cash balance in line with the Model Portfolio weightings, with the exception of the Do Not Sell Holdings Portfolio. Generally this cash balance is maintained at or above 2.5 per cent of the Portfolio’s value to ensure that there is sufficient cash to operate the Portfolio. Where the cash balance falls below 2.5 per cent, your Portfolio will be rebalanced to bring it back up to 2.5 per cent on the next Trading Day.

5.4 Rebalancing and settlementEach Portfolio within your Account must contain sufficient funds to settle any transactions. However, from time to time the rebalancing of your Portfolio(s) may mean that your Portfolio does not have sufficient funds. This may happen, for example, if a sell transaction is not completed because the security is temporarily suspended from trading on the market, but the proceeds from that sell transaction are required to fund a completed buy transaction.

Where this occurs:

• your Portfolio will go into a temporary ‘short cash’ balance until the sell transaction completes

• interest will accrue on the ‘short cash’ balance at the prevailing cash interest rate (that is, the same rate at which interest is paid on positive cash balances in the Portfolio), and

• at the end of the month, the interest accrued is netted off against interest earned on the cash balance of the Portfolio. If the interest accrued for the month is greater than the interest earned, then MPPM will pay the difference out of the management fee earned, on your behalf.

5.5 TradingAll Personal Portfolio orders are aggregated for trading purposes, and executed through a broker (this may be a Macquarie Group entity related to MPPM). When orders are completed, they are then disaggregated and applied to individual Portfolios. The average price for each order is calculated and applied to each Portfolio, so that each client Portfolio is treated equally.

Trades are booked on a daily basis. In some circumstances, it may not be possible to complete an order for a particular security on the same day, in which case a number of smaller trades will be executed on a daily basis until the transaction is complete. For example, as the result of a Model Portfolio change 1,000 Company XYZ (XYZ) securities are required to be bought on your behalf. The order is unable to be completed on the same day, and therefore your XYZ trades may be executed over a number of days where appropriate. An example of this is as follows:

Day 1 Purchase 300 XYZ securities

Day 2 Purchase 200 XYZ securities

Day 3 Purchase 200 XYZ securities

Day 4 Purchase 300 XYZ securities

TOTAL 1,000 XYZ securities

5.6 PerformanceThe Model Portfolios are based on the recommended portfolios provided by MPPM. However, please note that there will be differences between the performance of the strategies and your Portfolios, because of factors such as:

• differences in fees charged

• differences in timing of, and prices received for, buy and sell transactions

• differences in holdings (for example, if MPPM is restricted from buying a particular security due to Corporations Act 2001 (Cth) requirements)

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How we invest your money

• any slight differences in weights of holdings due to the use of a Minimum Transaction Size, and

• any customisation you place on investments in specific securities, sectors or special indices.

Past performance is not necessarily indicative of future performance. You should read the Short Form PDS, this Information Booklet and the Application Booklet in its entirety, before choosing to invest in the Personal Portfolio.

5.7 Switching between Model Portfolios You can switch funds between Portfolios at any time, subject to a minimum of $25,000 per switch and maintaining minimum balances for each Portfolio.

To do this, please complete the Switch form available from the Resources section of the Personal Portfolio secure website.

For a full switch (that is, when all funds in a Portfolio are switched from one Model Portfolio to another), this change will be effected on the next Trading Day. Investments that are common between the old and new Model Portfolios will be retained, so as not to trigger CGT liabilities in respect of those investments. All other investments will be sold in the rebalance process, to fund the purchase of investments in the new Model Portfolio.

For a partial switch (that is, when only a portion of the balance in one Portfolio is switched from one Model Portfolio to another), common holdings will generally be transferred between the client Portfolios, to minimise incidences of capital gains tax realisations. The remaining value will be switched by means of a cash transfer between the two Portfolios. This will require some investments in the current Portfolio to be sold, to realise the necessary cash for transfer to the new Portfolio.

Please note that sales of investments may give rise to tax consequences. See section 7 of this Information Booklet for more information.

5.8 Changes to Model PortfoliosThe list of available Model Portfolios and their characteristics may change from time to time. You should check the Information Booklet and the Personal Portfolio website for the most up to date information. Where this happens to your selected Model Portfolio(s), you will be notified of the change. Please note however, that MPPM retains the right to vary Model Portfolio(s) at any time without reference to you.

5.9 Termination of Model PortfoliosIf a Model Portfolio that one of your Portfolios is aligned to is discontinued, you will be contacted and asked for instructions. New investment managers and Model Portfolios may be added to replace terminated Model Portfolios.

When seeking your instructions you will be notified of any new investment options and informed if an alternative Model Portfolio has been nominated for the terminated Model Portfolio. If you have not responded back with instructions after 30 days, this will be deemed as providing an instruction to switch to the alternative Model Portfolio. If there is no suitable alternative Model Portfolio then this will be deemed as providing an instruction to sell your investments to cash.

5.10 Labour standards or environmental, social or ethical considerations

Unless indicated in the Model Portfolio profiles, MPPM does not take labour standards or environmental, social or ethical considerations into account in selecting, retaining or realising the investments within the Model Portfolios.

5.11 Potential conflicts of interestMPPM is a wholly owned subsidiary of Macquarie Group Limited, a diversified financial institution. MPPM, as responsible entity and investment manager, makes its investment decisions independently from the activities of other members of the Macquarie Group.

The Model Portfolios and indices to which the Model Portfolios relate may include securities or other financial products issued by members of the Macquarie Group. As a result, the Macquarie Group’s activities may have an effect on the Model Portfolios. MPPM makes no representation as to the future performance of any securities held in the Model Portfolios, including those issued by members of the Macquarie Group.

MPPM, other members of the Macquarie Group and their directors and employees may hold, buy or sell securities or other financial products in the funds or listed entities forming part of the Model Portfolios.

Members of the Macquarie Group may have business relationships (including joint ventures) with any of the funds or listed entities included in the Model Portfolios. In addition, members of the Macquarie Group may from time to time advise any of the funds or listed entities included in the Model Portfolios in relation to activities unconnected with the Personal Portfolio. Such relationships and advisory roles may include:

• acting as manager or joint lead manager in relation to the offering or placement of rights, options or other securities including shares

• underwriting the offering or placement of rights, options or other securities including shares

• advising in relation to mergers, acquisitions or takeover offers, and

• acting as general financial adviser in respect of, without limitation, corporate advice, financing, funds management, property and other services.

The directors and employees of MPPM and other members of the Macquarie Group may hold directorships in the listed entities or funds included in the Model Portfolios.

Any confidential information received by Macquarie Group and its directors and employees as a result of the business relationships, advisory roles and directorships discussed above will not be made available to MPPM.

These activities may have an effect on the performance of the Personal Portfolio.

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5.12 Model Portfolio profilesAustralian Equity Model Portfolios

Core Australian Equity

Code DEQ01

Style Style neutral (ie no specific style bias)

Indicative number of holdings 20 to 30

Suggested minimum investment timeframe

5+ years

Investment return objective To outperform the S&P/ASX 200 Accumulation Index by 2–3% pa before fees and costs over a rolling 3 year period.

Who should invest Clients seeking a broad, style neutral share market exposure, and looking to outperform during all market cycles in a consistent, risk adjusted fashion.

Description The Core Australian Equity strategy utilises an approach summarised as ‘quality at a reasonable price’ and invests with a top-down and a bottom-up perspective. MPPM believes that investment markets are inefficient because they underestimate risk in the short-term and extrapolate recent earnings’ growth into the future. Equity prices will mean revert to their fundamental value over the medium to longer-term, hence a deep understanding of the risk factors affecting businesses in the longer-term is critical (as opposed to a focus on shorter-term earnings). Longer-term earnings will be more sustainable when a company has superior management and strategy, and operates in a supportive industry structure. A company’s long-term fundamental value is defined by the discounted value of its future earnings, adjusted for the risk of those earnings. Accordingly MPPM seeks to identify from the top-down which macroeconomic sectors have favourable drivers and weight the portfolio towards them. When investing in those sectors, MPPM seek to invest in companies with better than average quality factors at discounts to its valuations (based upon risk adjusted future earnings).

The investment approach revolves around the views that:

• active management of a portfolio of Australian equities can outperform the index, by investing in those businesses that are assessed to have the greatest risk-adjusted returns, and

• utilising a concentrated portfolio of 20–30 securities is sufficient to manage security specific risk in a portfolio, whilst allowing the portfolio to include higher conviction investment positions.

The Core Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark S&P/ASX 200 Accumulation Index

Risk level High

Minimum investment amount $50,000

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Income Australian Equity

Code DEQ02

Style Equity income (ie focus on current dividend income in addition to moderate capital appreciation)

Indicative number of holdings 20 to 25

Suggested minimum investment timeframe

5+ years

Investment return objective To outperform the S&P/ASX200 Industrials Accumulation Index (after fees) and to provide above market levels of tax-efficient income (via franked dividends), with lower volatility than the broader Australian share market.

Who should invest The Income strategy is designed for investors seeking tax-efficient income from a lower risk exposure to the Australian share market. The Income strategy is most suited to low marginal tax rate investors who can benefit from franking credit rebates.

Description The Income Australian Equity strategy favours cash generative companies, or those with access to capital at reasonable rates, that are able to pay above average dividends to shareholders as well as reinvesting for future growth. The strategy is based on the following views:

• as an asset class broadly equities are a two dimensional source of wealth. Over the long-term, they generally deliver a growing income stream as well as capital appreciation ahead of inflation, and

• dividends are generally more predictable than capital gains and generally provide tax advantages to Australian investors through the dividend imputation system.

The Income Australian Equity strategy is benchmarked to the S&P/ASX200 Industrials Accumulation Index because energy and resources companies are not included in the Model Portfolio as volatile commodity prices do not lend themselves to strong, sustainable dividends.

The Income Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark S&P/ASX200 Industrials Accumulation Index

Risk level High

Minimum investment amount $50,000

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How we invest your money

20 Leaders Australian Equity

Code DEQ08

Style Passive

Indicative number of holdings About 20

Suggested minimum investment timeframe

5+ years

Investment return objective To deliver similar returns to the S&P/ASX 20 Index before fees and expenses.

Who should invest The 20 Leaders strategy is most suited to investors that seek passive exposure to Australian equities through a portfolio of large market capitalisation stocks and are focused on long-term capital appreciation.

Description MPPM’s 20 Leaders strategy is designed to approximately replicate the S&P/ASX 20 Accumulation Index.

The Manager may invest in stocks that are not in the S&P/ASX 20 Index, on the expectation that those stocks may soon be in the index.

The 20 Leaders Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark S&P/ASX 20 Accumulation Index

Risk level High

Minimum investment amount $50,000

Customisation available Yes

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How we invest your money

Core Plus Australian Equity

Code DEQ06

Style Style neutral (ie no specific style bias)

Indicative number of holdings 20 to 25

Suggested minimum investment timeframe

5+ years

Investment return objective To provide a broad exposure to the Australian share market and an enhanced yield when compared to the S&P/ASX 200 Index whilst maintaining a risk profile similar to the market.

Who should invest Clients seeking a higher yield than the overall Australian share market and, whilst being largely ‘benchmark unaware’ investors, still value the opportunity to be exposed to segments of the market that do not offer high yield (eg resources). The Core Plus strategy is most suited to individual investors looking for a relatively broad exposure to the Australian share market.

Description The Core Plus Australian Equity strategy blends the styles utilised by the Core and Income strategies and, hence, the approach for the Model Portfolio is a combination of those underlying strategies:

• for the Core strategy, MPPM utilises an approach summarised as ‘quality at a reasonable price’. MPPM believes that investment markets are inefficient because they underestimate risk in the short-term and extrapolate recent earnings’ growth into the future. Equity prices will mean revert to their fundamental value over the medium to longer-term, hence a deep understanding of the risk factors affecting businesses in the longer-term is critical (as opposed to a focus on shorter-term earnings). Longer-term earnings will be more sustainable when a company has superior management and strategy, and operates in a supportive industry structure. A company’s long-term fundamental value is defined by the discounted value of its future earnings, adjusted for the risk of those earnings. Accordingly, MPPM seeks to invest in companies with better than average quality factors at discounts to its valuations (based upon risk adjusted future earnings)

• the Income strategy favours cash generative companies or those with access to capital at reasonable rates that are able to both pay above average dividends to shareholders and reinvest for future growth. The strategy is based on the belief that over the long term, equities will deliver a growing income stream as well as capital appreciation ahead of inflation. Furthermore, dividends are generally more predictable than capital gains and generally provide tax advantages to Australian investors through the dividend imputation system.

The Core Plus Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark None

Risk level High

Minimum investment amount $50,000

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Growth Australian Equity

Code DEQ05

Style Growth-at-a-reasonable-price (GARP)

Indicative number of holdings 20 to 30

Suggested minimum investment timeframe

5+ years

Investment return objective To outperform the S&P/ASX200 Accumulation Index by three per cent per annum (pre-fees) over a rolling 5 year period, with a focus on capital appreciation, delivered in a tax-effective manner.

Who should invest The Growth strategy is most suited to investors seeking a quality Australian equities portfolio, who are focused on long-term capital appreciation.

Description The Growth Australian Equity strategy favours high quality companies, which have a sustainable competitive advantage within an attractive industry.

A high quality company should have a strong management team, solid balance sheet and a clear strategy based around a superior product/service offering. An attractive industry is defined as one with high barriers to entry and pricing power over its customers.

Ideally, these companies reinvest profits back into their business to reinforce their competitive advantage over the long term.

The strategy seeks companies with a strong earnings growth outlook and solid cash flows. It aims to generate strong capital appreciation over the longer term and seeks to generate tax-efficient returns through low portfolio turnover and reduced taxable income.

The Growth Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark S&P/ASX 200 Accumulation Index

Risk level High

Minimum investment amount $50,000

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Growth ex-20 Australian Equity

Code DEQ08

Style Growth-at-a-reasonable-price (GARP)

Indicative number of holdings 20 to 40

Suggested minimum investment timeframe

5+ years

Investment return objective To outperform the S&P/ASX300 Accumulation Index, excluding the return contribution made by constituents of the S&P/ASX20 Leaders Accumulation Index, by 3% pa (pre-fees) over a rolling 5 year period, with a focus on capital appreciation, delivered in a tax-effective manner.

Who should invest The Growth ex-20 strategy is most suited to investors seeking a quality mid capitalisation Australian equities portfolio, who are focused on long-term capital appreciation.

Description The Growth ex-20 Australian Equity strategy favours high quality mid capitalisation companies, which have a sustainable competitive advantage within an attractive industry.

A high quality company should have a strong management team, solid balance sheet and a clear strategy based around a superior product/service offering. An attractive industry is defined as one with high barriers to entry and pricing power over its customers.

Ideally, these companies reinvest profits back into their business to reinforce their competitive advantage over the long-term.

The strategy seeks companies with a strong earnings growth outlook and solid cash flows. It aims to generate strong capital appreciation over the longer-term and seeks to generate tax-efficient returns through moderate portfolio turnover and reduced taxable income.

The Growth ex-20 Australian Equity strategy aims to be fully invested at all times (subject to a minimum cash holding of 2.5%).

Indicative asset allocation Australian equities: 97.5%

Cash: 2.5%

Benchmark S&P/ASX 300 Accumulation Index excluding the S&P/ASX20 Leaders Accumulation Index.

Risk level High

Minimum investment amount $50,000

Customisation available Yes

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Diversified Model Portfolios

Conservative

Code DIR01

Indicative number of holdings 20 to 30 direct securities

10 to 15 managed funds

Suggested minimum investment timeframe

3+ years

Investment return objective To provide a mix of long-term capital growth and income via exposure to a diversified investment portfolio while maintaining moderate capital stability.

Who should invest Investors seeking a conservative portfolio to achieve medium-term financial goals with lower levels of capital volatility by investing primarily in defensive assets.

Description The Conservative Model Portfolio seeks to achieve its investment objective through a diversified portfolio of growth assets (such as equities and property), defensive assets (such as fixed income and cash) and alternative assets (such as hedge funds, infrastructure and commodities). Asset class allocations are driven by long-term expected returns, expected volatility and correlations amongst the asset classes.

The allocation to Australian equities is held in direct securities. Allocations to the other asset classes are held in managed funds. A number of specialist fund managers are selected on the basis of their expertise and track record in managing within each asset class, and are combined with the aim of achieving the optimal expected outcome to suit the risk/return objectives of the Conservative Model Portfolio.

Indicative asset allocation Australian equities: 10%

International equities: 6%

Property: 15%

Alternative assets: 4%

Fixed income: 35%

Cash: 30%

Benchmark None

Risk level Medium

Minimum investment amount $100,000

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How we invest your money

Balanced

Code DIR02

Indicative number of holdings

20 to 30 direct securities

10 to 15 managed funds

Suggested minimum investment timeframe

4+ years

Investment return objective To provide a mix of long-term capital growth and income via exposure to a diversified investment portfolio.

Who should invest Investors seeking a balanced portfolio to achieve medium to long-term financial goals, and who are prepared to accept fluctuations in short term performance for potentially higher returns over the long term.

Description The Balanced Model Portfolio seeks to achieve its investment objective through a diversified portfolio of growth assets (such as equities and property), defensive assets (such as fixed income and cash) and alternative assets (such as hedge funds, infrastructure, and commodities). Asset class allocations are driven by long-term expected returns, expected volatility and correlations amongst the asset classes.

The allocation to Australian equities is held in direct securities. Allocations to the other asset classes are held in managed funds. A number of specialist fund managers are selected on the basis of their expertise and track record in managing within each asset class, and are combined with the aim of achieving the optimal expected outcome to suit the risk/return objectives of the Balanced Model Portfolio.

Indicative asset allocation Australian equities: 27%

International equities: 18%

Property: 10%

Alternative assets: 10%

Fixed income: 20%

Cash: 15%

Benchmark None

Risk level Medium to high

Minimum investment amount $100,000

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How we invest your money

Growth

Code DIR03

Indicative number of holdings 20 to 30 direct securities

10 to 15 managed funds

Suggested minimum investment timeframe

5+ years

Investment return objective To provide long-term capital growth with some income via exposure to a diversified investment portfolio with a bias to growth assets.

Who should invest Investors seeking portfolio growth significantly ahead of inflation, and who are prepared to accept fluctuations in performance for potentially higher returns over the long term.

Description The Growth Model Portfolio seeks to achieve its investment objective through a diversified portfolio of growth assets (such as equities and property), defensive assets (such as fixed income and cash) and alternative assets (such as hedge funds, infrastructure and commodities). Asset class allocations are driven by long-term expected returns, expected volatility and correlations amongst the asset classes.

The allocation to Australian equities is held in direct securities. Allocations to the other asset classes are held in managed funds. A number of specialist fund managers are selected on the basis of their expertise and track record in managing within each asset class, and are combined with the aim of achieving the optimal expected outcome to suit the risk/return objectives of the Growth Model Portfolio.

Indicative asset allocation Australian equities: 36%

International equities: 24%

Property: 10%

Alternative assets: 15%

Fixed income: 10%

Cash: 5%

Benchmark None

Risk level High

Minimum investment amount $100,000

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How we invest your money

High Growth

Code DIR04

Indicative number of holdings 20 to 30 direct securities

10 to 15 managed funds

Suggested minimum investment timeframe

5+ years

Investment return objective To provide long-term capital growth with some income via exposure to a diversified investment portfolio with a strong bias to growth assets.

Who should invest Investors seeking to maximise returns over the long-term, and who are prepared to accept high levels of risk, including falls in the value of the portfolio from year to year.

Description The High Growth Model Portfolio seeks to achieve its investment objective through a diversified portfolio of predominantly growth assets (such as equities and property), with some exposure to alternative assets (such as hedge funds, infrastructure and commodities). Asset class allocations are driven by long-term expected returns, expected volatility and correlations amongst the asset classes.

The allocation to Australian equities is held in direct securities. Allocations to the other asset classes are held in managed funds. A number of specialist fund managers are selected on the basis of their expertise and track record in managing within each asset class, and are combined with the aim of achieving the optimal expected outcome to suit the risk/return objectives of the High Growth Model Portfolio.

Indicative asset allocation Australian equities: 45%

International equities: 30%

Property: 10%

Alternative assets: 12.5%

Cash: 2.5%

Benchmark None

Risk level High

Minimum investment amount $100,000

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How we invest your money

Administration

Do Not Sell Holdings Portfolio

Code DNS

Investment Manager N/A

Indicative number of holdings N/A

Suggested minimum investment timeframe

N/A

Investment return objective N/A

Who should invest Investors wanting to utilise the administration and reporting services of the Personal Portfolio for securities they own and do not want to be sold or form part of a Portfolio aligned to a Model Portfolio.

Description The Do Not Sell Holdings Portfolio does not follow an investment strategy, but provides administration only services for holdings that you transfer into it. Active trading is not permitted in this Portfolio, which means you may not buy securities through the Do Not Sell Holdings Portfolio. At any point you can transfer in additional securities or provide an instruction to sell securities on your behalf.

Securities held within the Do Not Sell Holdings Portfolio will automatically be subject to a ‘do not sell’ restriction and will not count towards the size or weightings of those same securities if they are held in the other Portfolio(s) in your Account.

Indication asset allocation Australian equities: 98%

Cash: 2%

Benchmark None

Risk level N/A

Minimum investment amount N/A

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This section shows the fees and other costs you may be charged in relation to the Personal Portfolio. These fees and costs may be deducted from your money, or from the returns on your investment or from the assets of MPS as a whole. You should read all of the information about fees and costs because it is important to understand their impact on your investment.

For information on taxation, see section 7 of this document and the Short Form PDS.

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the Personal Portfolio

Establishment fee: The fee to open your investment

Nil Not applicable

Contribution fee: The fee on each amount contributed to your investment.

Nil Not applicable

Withdrawal fee: The fee on each amount you take out of your investment.

Nil Not applicable

Exit fee: The fee to close your investment.

Nil Not applicable

Management costs

Management fee: The fees and costs for managing and administering your investment. The amount you pay for specific investment options is shown in section 6.1

Each Model Portfolio has its own management fee ranging from 0.40% to 1.50% pa. Please refer to section 6.1 for a summary of the management fees charged per Model Portfolio.

This fee may be negotiated with wholesale clients (within the meaning of the Corporations Act 2001 (Cth)).

Calculated daily based on the closing price of investments in your Account.

Deducted monthly in arrears from the cash balance of your Account.

Performance fee: The fee payable for investment performance of a Model Portfolio.

Nil Not applicable

Service fees

Switching fee: The fee for changing between Model Portfolios.

Nil Not applicable

All amounts in the above table are in Australian dollars and inclusive of the net effect of GST, including Reduced Input Tax Credits (RITC).

6 Fees and costs

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Fees and costs

6.1 Management fee summaryAustralian Equity Model Portfolios

Code Model Portfolio Style Management Fee

Australian Equity Model Portfolios

DEQ01 Core Australian Equity Neutral 1.25% pa

DEQ02 Income Australian Equity Equity Income 1.25% pa

DEQ05 Growth Australian Equity GARP 1.25% pa

DEQ06 Core Plus Australian Equity Neutral 1.25% pa

DEQ08 Growth ex-20 Australian Equity GARP 1.50% pa

DEQ09 20 Leaders Strategy Passive 0.40% pa

Diversified Model Portfolios

DIR01 Conservative – 0.80% pa

DIR02 Balanced – 0.90% pa

DIR03 Growth – 0.95% pa

DIR04 High Growth – 1.00% pa

Administration

DNS Do Not Sell Holdings Portfolio – 0.60% pa

6.2 Additional explanation of fees and costs

Management fee

The management fee is paid to MPPM. From this management fee, the main costs of operating the Personal Portfolio are paid, such as:

• investment management fees

• brokerage

• custody

• administration.

You do not pay additional fees to cover these costs.

The management fee is applied to the total value of your Portfolio(s). It is calculated daily using market close prices and managed fund withdrawal prices (as applicable), and deducted monthly in arrears from your cash balance. Calculation of management fees will commence from the date your initial contribution is received.

Where managed funds are included in a Model Portfolio, the funds themselves also charge fees, expressed as an Indirect Cost Ratio (ICR). The funds used typically have ICRs between 0.22 per cent and 1.88 per cent per annum, but could potentially be higher. These fees are paid out of the funds and therefore are indirectly borne by you. You can refer to the relevant fund’s product disclosure statement for full details of their fees and charges.

Fees on incidental services

In certain circumstances, fees for incidental services are also charged. Generally, these fees are charged on the basis of recovering the costs incurred in providing these services.

These fees include:

• security transfers: $27.50 (including GST) per holding, for transfers to or from the Personal Portfolio

• dishonour fee: $55.00 (including GST) for dishonoured payments

• time based service fee: $132.00 (including GST) per hour for services such as cost base adjustments.

These amounts may increase if the cost of providing the services increases. You will be given 30 days advance notice of any fee increases.

Government charges

Government taxes such as stamp duties and GST will be applied to your account as appropriate. See section 7 of this document and the Short Form PDS for more information concerning the application of tax to your investment. The fees are current as at the preparation date of this Information Booklet and include the net effect of GST. This means that fees stated in this Information Booklet represent the fee charged plus applicable GST, less any RITCs that may be claimed by the SMA, unless stated otherwise.

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Fees and costs

Maximum fees

Under the Constitution, MPPM is entitled to a management fee of up to 2.5 per cent per annum (plus GST) of the value of the SMA’s assets. The current management fees are included in the table on page 24.

The Constitution also allows MPPM to charge for transfers, cash deposits and withdrawals, and dishonour, stop or similar payments at a rate of up to 50 per cent in excess of the actual GST inclusive cost incurred. It also allows MPPM to charge a time in attendance fee of up to $150 per hour (adjusted for CPI) for work performed on behalf of a client in respect of ancillary services provided in connection with the SMA.

MPPM also has the right, subject to the Corporations Act 2001 (Cth), to be reimbursed from the SMA’s assets for all expenses that it incurs in the proper performance of its duties as responsible entity. MPPM does not currently charge these expense recoveries.

The Constitution also allows the fees listed below to be charged in the SMA. None of these fees are currently charged. You will be given 30 days advance notice in writing if any of these fees will be charged. These fees are quoted exclusive of GST that will be added where applicable.

• Brokerage of up to 2.5 per cent of the principal value of the transaction.

• Brokerage of up to $100 or $US100 per lot, whichever is greater, for futures transactions.

• Fee of up to one per cent of the principal value for foreign exchange transactions.

• Fee of up to 2.5 per cent of the yield to maturity in respect of fixed interest transactions.

• Entry and exit fees of up to five per cent of the amount contributed or withdrawn from the SMA.

Changes to fees

The fees are current as at the preparation date of this

Information Booklet and include the net effect of GST (unless otherwise indicated). This means that fees stated in this Information Booklet represent the fee charged plus applicable GST, less any RITCs that may be claimed by the SMA.

MPPM reserves the right to vary fees, and to introduce additional fees. Factors which may lead fees to vary include legal, economic, policy and procedural changes. The right to vary fees is at MPPM’s discretion, subject to any restrictions under the Constitution and the law and this is not an exhaustive list of circumstances that would lead them to vary the fees of the Personal Portfolio. You will be given 30 days prior notice of any change to the current fee and/or the introduction of any additional fee.

Differential fees

Fees may be negotiated on an individual basis with wholesale clients (within the meaning of the Corporations Act 2001 (Cth)), such as institutional investors and the operators of master trusts and wrap accounts, generally because of the large amounts they invest. Individual fee arrangements cannot be negotiated with investors who are not wholesale clients.

Other disclosures

To the extent permitted by law, MPPM may receive a distribution fee for new issues, placements etc. These are paid, where permitted by law, to MPPM by the distributor.

MPPM may receive rebates from fund managers on management fees paid on managed fund investments. MPPM will endeavour to pass these payments on to you.

28

The following is a general summary of taxation implications for resident Australian individuals who hold their investments on capital account.

7 How managed investment schemes are taxed

MPPM does not provide taxation advice. Given the complex and changeable nature of the Australian taxation system, and the fact that different investors have different taxation circumstances, investors should seek the advice of an independent tax adviser.

Nature of investmentBuying and selling investments and receiving income are likely to have taxation consequences. Because you are the beneficial owner of the assets held in your Account, all income, dividends, capital gains and capital losses, and their taxation consequences, pass directly to you. The SMA itself is not taxed. After the end of a tax year you will be sent details of any assessable income, capital gains, tax credits and any other relevant items to include in your tax return.

Capital Gains TaxYou may incur a CGT liability when investments within your Account are sold. Where the investment was held for longer than 12 months, you may be able to apply a CGT discount to the net capital gain. If managed funds are held in your Account you may also receive a distribution that includes capital gains.

Where capital losses are realised, these may be used to offset capital gains realised on assets beneficially owned by you within and outside of your Account. Capital losses not utilised in a financial year may be carried forward and utilised to offset your capital gains in future years.

Tax on incomeYour Account may derive income such as dividends, distributions from managed funds, and interest. Generally, investment income is included in your assessable income.

Tax credits (such as franking credits) may be available to offset some of your tax liability. Generally speaking, you must hold equities ‘at risk’ for at least 45 days (90 days for preference shares) to be entitled to franking credits.

Tax on foreign investmentsIncome sourced from overseas may be subject to foreign taxes. You may be entitled to a foreign income tax offset in respect of foreign taxes paid.

Non-resident taxationDeductions of Australian withholding tax will be made from any unfranked component of a dividend, interest, relevant Australian capital gains and other Australian sourced income for investors that are non-residents of Australia for taxation purposes.

Please note that MPPM does not take into account your individual tax situation when making changes to the Model Portfolios. Buying and selling investments may result in you incurring a tax liability.

Foreign Account Tax Compliance Act (FATCA)FATCA is United States (US) tax legislation that assists the US Internal Revenue Service (IRS) to identify and collect tax from US residents for tax purposes that invest in certain financial accounts through non-US entities. If you are a US resident for tax purposes, you should note that MPPM is a ‘Foreign Financial Institution’ under FATCA. MPPM intends to comply with its FATCA obligations, as determined by either the FATCA regulations or any other inter-governmental agreement (IGA) entered into by Australia and the US for the purposes of implementing FATCA and any Australian laws and regulations relating to the IGA. As at the date of this PDS it is expected that Australia will enter into an IGA with the US. It is expected that under these obligations, MPPM will have to obtain and disclose information about certain investors to the ATO or IRS. In order for MPPM to comply with its obligations, we will also request that you provide certain information about yourself, including your US Taxpayer Identification Number (if applicable).

Tax File Number (TFN) and Australian Business Number (ABN)The collection of your TFN is authorised, and its use and disclosure strictly regulated, by tax laws and the Privacy Act. You do not have to provide your TFN, and declining to do so is not an offence. If you do not quote your TFN (including both TFNs for joint accounts), ABN, or claim an exemption, tax may be withheld from any applicable income paid to you at the highest marginal tax rate (plus Medicare Levy). You may quote your entity’s ABN as an alternative to its TFN if you are making this investment for purposes related to that entity’s business. For more information about the use of TFNs, please contact the Australian Tax Office.

Goods and Services Tax (GST)The SMA is registered for GST. This means, for both resident and non-resident investors, GST will be payable on most expenses incurred by MPPM in respect of the SMA (such as management fees), but the SMA will be entitled to claim back RITCs for some of these expenses.

Deductibility of fees The management fees you pay in respect of the Personal Portfolio may be deductible in the financial year in which they are incurred. For specific information on what is, and is not, tax deductible, please contact an independent tax adviser.

29

There is no additional information relating to section 8 of the Short Form PDS.

8 How to apply

30

How to apply

MGI153 09/14

To contact the MPPM Client Service team, call 1800 501 180 or fax 02 9252 7130. You can also email MPPM at personalportfolio@macquarie.com or visit the website at macquarie.com.au/personalportfolio

Macquarie Private Portfolio Management Limited 1 Shelley Street Sydney NSW 2000

A

Important additional information and forms

Macquarie Personal Portfolio

Macquarie Separately Managed Account ARSN 121968143 (SMA)Issued by Macquarie Private Portfolio Management Limited ABN 26 089 987 388, AFSL 237506 (MPPM)

Investor Class D

DATED: 1 OCTOBER 2014

B

Contents

1. Important additional information 012. Important terms and conditions 023. How to complete an application 064. Investor types and

application requirements 085. Forms 11

This document (the Application Booklet) relates to the product disclosure statement for the Personal Portfolio (PDS) and should be read together with the document headed Macquarie Personal Portfolio Product Disclosure Statement (Short Form PDS) and the document called Macquarie Personal Portfolio Additional Information to the Product Disclosure Statement (Information Booklet).

Terms defined in the PDS have the same meaning when used in this document.

1

1 Important additional information

1.1 Privacy statementYour privacy is important to MPPM. This statement explains how your personal information will be used and disclosed and provides information about your privacy rights.

We may collect, hold, use and disclose personal information about you to process your application, administer and manage the products and services sought by and provided to you, monitor, audit and evaluate those products and services, model and test data, communicate with you and deal with any complaints or enquiries.

We collect and record personal information through our interactions with you and your nominated adviser(s), including by telephone, email or online. We may also collect personal information from public sources and third parties including information brokers and our service providers. Without this information, we may not be able to process your application or provide you with an appropriate level of service. We are required or authorised to collect your personal information under various laws including Anti-Money Laundering and Counter-Terrorism Financing Act, Superannuation Industry (Supervision) Act, Taxation Administration Act, Income Tax Assessment Act, Corporations Act, Life Insurance Act, Insurance Contracts Act and the Foreign Account Tax Compliance Act (US), and any similar law of any country, and any related laws designed to implement those laws in Australia.

Where you provide us with personal information about someone else you must first ensure that you have obtained their consent to provide their personal information to us based on this Privacy Statement.

We may exchange your personal information with other companies in the Macquarie Group as well as our service providers which are described further in our Privacy Policy. We will supply the adviser(s) nominated on your application form or in a subsequent written communication to us, and their Australian financial services licensee if applicable, with information about your account. We may also disclose personal information to regulatory authorities (eg tax authorities in Australia and overseas) in connection with their lawful information requests or to meet our legal obligations in any relevant jurisdiction. The third parties with whom we exchange personal information may operate outside of Australia (this includes locations in India and the Philippines and the countries specified in our Privacy Policy). Where this occurs, we take steps to protect your information against misuse or loss.

We and other companies in the Macquarie Group may use your personal information to contact you on an ongoing basis by telephone, electronic messages (like email), online and other means to offer you products or services that may be of interest to you, including offers of banking, financial, advisory, investment, insurance and funds management services, unless you change your marketing preferences by telephoning us as set out below or visiting macquarie.com.au/optout-bfs. Under the Privacy Act, you may request access to your personal information that we hold. You can contact us to make such a request or for any other reason relating to the privacy of your personal information by telephoning us on 1800 501

180 or emailing privacy@macquarie.com. Please mark communications to the attention of our Privacy Officer.

The Privacy Officer Macquarie Private Portfolio Management 1 Shelley Street, Sydney NSW 2000

You may also request a copy of our Privacy Policy which contains further details about our handling of personal information, including how you may access or update your personal information and how we deal with your concerns. The Privacy Policy can also be found via macquarie.com.au

1.2 Dealing with other Macquarie entitiesWhen MPPM trades for the Personal Portfolio it deals with professional organisations in the execution of transactions which may include Macquarie Bank Limited or members of the Macquarie Group. MPPM can trade the Personal Portfolio investments with Macquarie Bank Limited or members of the Macquarie Group unless it believes the transactions are not in the best interest of the investors. These professional organisations may receive payments at prevailing market rates for the execution of transactions. All transactions are conducted at arm’s length terms.

MPPM can deposit cash holdings with Macquarie Bank Limited or members of the Macquarie Group unless they believe the deposit is not in the best interest of investors. All transactions and deposits are conducted at arm’s length.

1.3 Deceased estatesIn the event of your death:

• applicable management fees will continue to be deducted until your Account is closed by your legal personal representative or any other person who MPPM recognise as having a claim to your Account, eg an executor or administrator appointed to manage your estate,

• regular investment and regular withdrawal plans may be placed on hold, and

• your investments will continue to be invested in accordance with your selected Model Portfolio(s), until otherwise instructed by a properly authorised person.

When an Account is held in joint names and one account holder dies the credit balance in the Account will be treated as owing to the surviving account holders.

2

2 Important terms and conditions

2.1 Macquarie Online Service terms and conditions Macquarie provides a secure internet service which enables you and nominated third parties to access information about your Account. Throughout this Application Booklet, this service is referred to as Macquarie Online. Macquarie refers to Macquarie Group Limited, Macquarie Private Portfolio Management Limited, Macquarie Bank Limited and every other member of the Macquarie Group, their employees and agents.

Code means the Macquarie Access Code (MAC), user identifications, passwords, Personal Identification Numbers (PINs) and any other security codes or devices necessary to access your Account or information about your Account.

The terms and conditions in relation to Macquarie Online in this Application Booklet may be updated and amended from time to time, and you will be bound by these updates and amendments. Please see the website for the most up to date terms and conditions, at macquarie.com.au/personal.

1. Each time Macquarie Online is used by you or your appointees in conjunction with your Codes, you accept and agree to be bound by these terms and conditions. You also agree to be bound by the separate terms and conditions for each Macquarie Online site which are available on each site.

2. You agree:

a) to use Macquarie Online for legitimate purposes

b) not to interfere with or damage (or attempt to interfere with or damage) any Code, data or software associated with Macquarie Online

c) that anything associated with or available through Macquarie Online belongs to Macquarie or other third persons and is protected by intellectual property rights and agree not to access, download or otherwise use such things other than as expressly permitted by these conditions of use. You accept full responsibility and you indemnify Macquarie for any expense, loss or liability reasonably incurred as a result of any unauthorised use by you of such things, and

d) to keep confidential and secure any information or data obtained at any time by using Macquarie Online.

e) to keep each Code secure.

3. You will promptly notify Macquarie if:

a) you suspect that any person has gained access to your Codes or is using your Codes without your authorisation, or

b) you are aware that you have breached any of these conditions of use.

4. Macquarie will be entitled to assume that any user has your authority each time Macquarie Online is used in conjunction with your Codes, except for any use occurring after you have given Macquarie notice to the contrary.

5. You accept responsibility for and you indemnify Macquarie for any expense, loss or liability (howsoever characterised) it incurs as a result of the misuse of Macquarie Online in conjunction with your Codes, other than any expenses, losses and liabilities incurred after you have given Macquarie notice under clause 3(a) or where the expense, loss or liability is caused by the fraud or negligence of Macquarie or its employees.

6. Macquarie will use reasonable efforts to provide (but does not warrant that it will provide):

a) access to Macquarie Online at all reasonable times, and

b) reliable data and information, to the extent that it is within its control. Macquarie takes no responsibility for the reliability of data and information outside its control.

7. Subject to conditions and warranties implied by legislation, Macquarie excludes:

a) liability for any delay, interruption or unavailability of Macquarie Online and for any inaccuracy or incompleteness of data provided by any person and available via Macquarie Online, and

b) all terms implied by statute, general law or custom except ones that may not be excluded. If Macquarie breaches any condition or warranty implied by legislation in a contract with a consumer, liability for that breach is limited to a resupply of the goods or services in respect of which the breach occurred.

8. Macquarie reserves the right to:

a) change any of these conditions of use at any time by giving you 30 days notice of material changes and reasonable notice of any other changes, and

b) suspend or terminate use of Macquarie Online at any time for misuse of the services or where it is otherwise reasonable for Macquarie to do so.

9. You may:

a) end use of this service at any time by giving Macquarie written notice, or

b) request Macquarie cancel the authority of a third party to access your Account using the service at any time. Macquarie will require written confirmation of this request.

10. Your right to use Macquarie Online is personal to you and cannot be assigned or transferred.

3

Important terms and conditions

2.2 Third party access authorityMPPM offers a facility where you may authorise a company, firm or another person to have access to or operate your Account. This can be achieved by nominating a third party to have enquiry access or become an authorised signatory on your Account. The rights and obligations attached to each level of authority are described in these terms and conditions.

General terms and conditions

1. Only you may appoint a third party to access or operate your Account.

2. If you appoint a third party to operate your Account they will automatically be able to enquire on your Account also.

3. Macquarie can impose conditions at any time (acting reasonably).

4. You acknowledge and agree that these terms and conditions apply to the third party appointed by you in the same way that they apply to you. You must ensure that every third party appointed by you has read these terms and conditions and complies with them. If any third party appointed by you does not comply with these terms and conditions, you will be in breach of these terms and conditions.

5. This authority takes effect on the date when Macquarie amends its records to note the appointment of the third party and continues until Macquarie cancel it or you cancel it by telling Macquarie in writing. Cancellation takes effect on the date when Macquarie amends its records to note the change.

6. Macquarie may cancel the appointment of a third party as an authority on your Account by telling you in writing.

7. Macquarie may cancel the authority given to a third party if Macquarie receives written notice of the death, bankruptcy or mental illness of either you or the third party.

8. You can arrange to have the authority of any third party appointed by you revoked at any time by notifying Macquarie in writing. The notice of revocation must be signed in accordance with the operating instructions for the Account.

9. Third parties may not set up direct debits on your Account or give other third parties access or authority on your Account.

10. Where you give authority to a company or firm such as your stockbroking or financial advisory firm:

a) the company or firm will give Macquarie details of people who can act on its behalf

b) you acknowledge and agree that the company or firm may do this and that the people nominated by the company or firm can operate your Account in accordance with the authority you have given it

c) Macquarie will only act on requests from the company or firm, if the person has been nominated by it in accordance with its procedures, and

d) the company or firm must tell Macquarie in writing if any nominated person no longer has authority. Until Macquarie have been advised in writing that a person no longer has authority that person may still operate your Account and you cannot claim that he or she is not acting for you or is not authorised.

11. You acknowledge and agree that if the third party appointed by you does not comply with these terms and conditions, Macquarie may unilaterally cancel the person’s authorisation, close or block your Account.

12. You:

a) indemnify Macquarie against all loss, liabilities and costs incurred directly or indirectly as a result of the appointment by you of your Financial Services Professional or any person nominated by them in accordance with clause 10

b) indemnify Macquarie against all loss, liabilities and costs incurred directly or indirectly in connection with any action by your Financial Services Professional or any person nominated by them in accordance with clause 10, under their appointment or any payment made from your Account on their instruction

c) release Macquarie from all claims and liabilities in connection with any act or omission relating to the appointment of your Financial Services Professional or any person nominated by them in accordance with clause 10, to your Account

d) release Macquarie from all claims and liabilities in connection with any action by your Financial Services Professional or any person nominated by them in accordance with clause 1.10, under their appointment or any payment made from your Account on their instruction.

However Macquarie remains liable for any loss or liability which:

a) arises as a result of its negligence, or

b) by operation of law Macquarie cannot exclude.

Terms relating to each of the levels of authority

Enquiry authority

1. You authorise the third party to have access to information about your Account.

2. You do not authorise the third party to make withdrawals from your Account, make any changes to your Account details or close your Account.

Authorised Signatory Authority

1. You authorise the third party to make payments and withdrawals for any purpose including but not limited to the deduction of fees and payments to government departments or agencies, by instructing Macquarie in writing.

2. This authority allows the third party to change details on your Account (subject to clause 7) and close your Account.

4

Important terms and conditions

2.3 Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act)1. You must not knowingly do anything to put Macquarie

in breach of the Anti-Money Laundering and Counter Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws) and/or its internal policies and procedures. You undertake to notify Macquarie if you are aware of anything that would put Macquarie in breach of AML/CTF Laws.

2. If requested, you agree to provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with AML/CTF Laws and/or its internal policies and procedures in Australia or an equivalent overseas jurisdiction.

3. You undertake that you are not aware and have no reason to suspect that:

• any deposit to the Account is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities), and

• proceeds of withdrawals from the Account will fund Illegal Activities.

4. You acknowledge that Macquarie is subject to AML/CTF Laws and/or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with AML/CTF Laws and/or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) Macquarie has.

5. In certain circumstances Macquarie may be obliged to freeze or block an account where it is used in connection with Illegal Activities or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/CTF Laws and/or its internal policies and procedures. If Macquarie freezes or blocks your Account because it believes on a reasonable basis that it is required to do so in order to comply with AML/CTF Laws and/or its internal policies and procedures, Macquarie are not liable to you for any consequences or losses whatsoever and you agree to indemnify Macquarie if they are found liable to a third party in connection with the freezing or blocking of your Account.

6. You acknowledge that Macquarie retains the right not to provide services/issue products to any applicant that Macquarie decides, in its sole discretion, that it does not wish to supply.

2.4 FATCA1. You must not knowingly do anything to put Macquarie

in breach of sections 1471 to 1474 of the US Internal Revenue Code of 1986 (commonly known as FATCA), any associated regulations or official guidance, any agreement with the US Internal Revenue Service relating to FATCA or any Australian laws, regulations or official guidance relating to an intergovernmental agreement between the United States and Australia in connection with FATCA (FATCA Laws) and or its internal policies and procedures.

2. You agree to provide to Macquarie all the information requested at any time (whether as part of the application process or otherwise) to ensure that Macquarie is able to company with its obligations under the FATCA Laws and or its internal policies and procedures.

3. If requested, you must provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with its obligations under the FATCA Laws and or its internal policies and procedures.

4. You acknowledge that Macquarie is subject to the FATCA Laws and or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with the FATCA Laws and or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)).

2.5 Direct debit service agreementThe direct debit service is an optional service which allows you to set up regular investments into your Account. Funds invested into your Account are deposited with MBL, in the name of BSCL, the custodian of the SMA. The regular investments are invested into your Account from accounts operated by certain other approved financial institutions which permit the processing of direct debits.

By completing a direct debit request in your application form, you acknowledge and agree that you are authorising and requesting any one of the following Macquarie Group (Macquarie) companies to provide you with the direct debit service from time to time:

i. Macquarie Bank Limited ABN 46 008 583 542, or

ii. Macquarie Private Portfolio Management ABN 26 089 981 388

in accordance with the following terms and conditions:

1. details of your direct debit arrangements are set out in the direct debit request or application form

2. by signing the direct debit request or by providing Macquarie with a valid instruction, you have authorised Macquarie to arrange for funds to be debited from your account. You should refer to the direct debit request and this agreement for the terms of the agreement between Macquarie and you

3. Macquarie will only arrange for fund to be debited from your account as authorised in the direct debit request

5

Important terms and conditions

4. the account held by your nominated financial institution must be in the same name or names as your Account

5. where the due date for a debit does not fall on a Business Day, Macquarie may direct your nominated financial institution to debit your account on the following Business Day. If you are uncertain as to when a debit will be processed, you should ask your nominated financial institution

6. you must allow two Business Days from the date of receipt by Macquarie for funds deposited through the direct debit service to be cleared

7. third parties authorised to operate your Account may not set up a direct debit on your behalf

8. you must notify Macquarie immediately if you know or suspect any unauthorised transactions have occurred in relation to your direct debits. You should also notify your financial institution as soon as possible

9. you must notify Macquarie immediately if you believe that there has been an error in debiting your account and confirm that notice in writing with Macquarie as soon as possible so that Macquarie can resolve your query more quickly. Alternatively you can take it up with your financial institution

10. if Macquarie concludes as a result of our investigations that your account has been incorrectly debited, Macquarie will respond to your query by arranging for your financial institution to adjust your account (including interest and charges) accordingly. Macquarie will also notify you in writing of the amount by which your account has been adjusted

11. if Macquarie concludes as a result of our investigations that your account has not been incorrectly debited, we will respond to your query by providing you with reasons and any evidence for this finding in writing

12. you must ensure that there are sufficient cleared funds in your nominated account(s) to honour your direct debit request

13. if there are insufficient clear funds in your account to meet a debit payment:

a) you may be charged a fee and/or interest by your financial institution

b) you may also incur fees or charges imposed, or incurred by Macquarie

14. you should check your account statement to verify that the amounts debited from your account are correct

15. your nominated financial institution(s) may, in its absolute discretion, decide the order of priority of payment by it of any monies pursuant to this request or any equivalent authority or mandate

16. your nominated financial institution(s) may in its absolute discretion, at any time by notice in writing to you or Macquarie, terminate this request as to future debits

17. Macquarie may, by 14 days’ prior notice in writing to you, vary the timing of future debits, or any of the terms of this clause 10

18. you can modify or defer your use of the direct debit service at any time by giving Macquarie notice in writing. Your request will normally be processed within seven days of receiving your properly completed request

19. you can stop a particular debit or cancel your direct debit at any time by giving Macquarie seven days notice in writing or by contacting your nominated financial institution. Your request will normally be processed within seven days of receiving your properly completed request

20. when your Account is closed, all regular deposits under the direct debit service will cease

21. your use of the direct debit service may be automatically cancelled if three consecutive direct debit payments are dishonoured due to insufficient funds in your nominated account. If this occurs, Macquarie will notify you that your use of the service has been cancelled. Macquarie will also charge to your Account the cost of any dishonour costs

22. you acknowledge that Macquarie may be required to reveal details of your direct debit request to the extent specifically required by law, for the purpose of this agreement or to its sponsor bank to assist with the checking of any incorrect or wrongful debits to your nominated account. In all other circumstances, Macquarie will keep all information relating to your direct debit arrangements private and confidential. Macquarie will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make an unauthorised use, modification, reproduction or disclosure of that information

23. you authorise the external financial institution(s) nominated on the Direct debit request form to confirm the BSB, account number and account name to Macquarie if required, and

24. direct debiting through the Bulk Electronic Clearing System (BECS) is not available on all accounts. You should check with your financial institution whether direct debiting is available from your account. You should check your account details which you have provided to Macquarie are correct by checking them against a recent statement. If you are uncertain about these matters, you should contact your nominated financial institution

25. if you wish to notify Macquarie in writing about anything relating to this agreement, you should write to:

MPPM 1 Shelley Street Sydney, NSW, 2000

Macquarie will notify you by sending you a notice in the ordinary post to the address you have given us in the application form. Any notice will be deemed to have been received on the third Business Day after posting.

6

3 How to complete an application

Each investor should ensure that participating in the Personal Portfolio is suitable for them, is permitted under applicable law and does not contravene any documents binding on them.

If you received the PDS or this document electronically a paper copy will be provided free of charge if you request one. The PDS and this document can only be used by investors receiving it (electronically or otherwise) in Australia.

The application form will guide you through the questions that are applicable to you. Please note that for some investor types MPPM requires additional documentation. The Investor types and application requirements table that follows will advise you of any additional requirements.

When you complete the application form, please

• Use a black pen

• Write in capital letters

• Answer all mandatory sections

• Provide additional documentation where required

• Sign the declaration and signature section, and

• Send the original completed form to MPPM.

If you make an error, please do not use correction fluid. Instead, please cross out your error and sign next to your amendments in full.

3.1 General guidelinesCompleted application forms

Completed application forms and supporting documentation should be sent to:

Macquarie Private Portfolio Management 1 Shelley St, Sydney, NSW 2000

Residential and mailing addresses

Please note that MPPM is required to collect a residential address (or office address, where applicable) for the Account holder(s). If your mailing address is care of a third party such as your Financial Services Professional, please be aware that all correspondence will be sent to this address, including passwords and access codes.

Five or more applicants

For applications with five or more applicants, please attach a separate completed application form(s) with additional applicant’s details.

Signing under power of attorney

If you are signing under power of attorney, please provide identification (eg driver’s licence) with an attached original certified copy of the power of attorney and specimen signature(s) of the attorney(s) if not displayed in the document.

Who should sign the application form?

Please refer to the Investor types and application requirements table.

What if not all sections are completed?

MPPM will endeavour to open your Account as soon as possible. In some circumstances, where mandatory questions are not completed or additional documents required are not supplied, MPPM will not be able to open your Account until such time this information is provided or completed.

Operating your Account

By investing in the Personal Portfolio you acknowledge that you are responsible for:

• identifying and monitoring which Model Portfolio(s) best suit your risk profile and needs

• identifying and monitoring any portfolio customisations that best suit your risk profile, tax situation and ethical preferences

• ensuring that you have all the necessary information and documentation to make your investment decisions

• understanding the potential risks involved with your investment decisions

• authorising all instructions in writing.

All instructions with regards to the operation of your Account must be authorised by you. Instructions may be given in writing by mail, facsimile or electronic services; in some cases the original form will be required, this will be noted on the form.

It is recommended you seek financial advice in relation to your investment in the Personal Portfolio, to discuss please contact the Client Service team on 1800 501 180.

Foreign Account Tax Compliance Act (FATCA)

As a result of FATCA it is expected that we will have to obtain and disclose information about certain investors to the ATO or US Internal Revenue Service. Please refer to the section headed Foreign Account Tax Compliance Act (FATCA) in the Further Information Booklet for more information. Accordingly all applicants will be required to answer certain FATCA questions as part of their application.

Changing details

If any of your details change, you must make a written notification to MPPM as soon as possible. This includes personal details such as changes to your name and contact details (change of residential address), and also Account details such as changes to your signatories and nominated bank account. Please use the Change of account details form available from Resources section of the Personal Portfolio secure website.

7

How to complete an application

3.2 Identification formsThe Investor types and application requirements table provides an overview of the identification forms required for the different entity types available to be opened via the Personal Portfolio.

When do I need to provide an identification form?

You must supply identification and/or supporting documentation unless you are an active Macquarie account holder who has already supplied an identification form.

This also applies to individuals who are authorised third party signatories on your Account.

Why do I need to provide identification?

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Macquarie internal policies requires the collection and verification of specific information from clients.

What identification do I need to provide?

This will depend on the type of Account you are opening.

Identification requirements

For individual and joint accounts, applicants must complete the application form and attach an original certified copy of one primary document or two secondary documents (see page 8 for a list of accepted identification documents).

If the account is for another type of entity, such as a company or trust, use the relevant Macquarie identification form for the type of account you are opening (see pages 8 to 10 for details of the form you will need to complete).

Please note: all individuals, including directors, trustees, signatories, etc. are required to provide original certified copies of individual identification, eg either passport or driver’s licence (see page 8 for further details).

Further details on the required forms, supporting identification documentation and process can be obtained by using the website macquarie.com.au/idforms and following the links.

What is a certified copy?

A copy of the original documentation which has been signed as a true and correct copy by one of the authorised persons listed below. This cannot be faxed. The authorised person should also print their name and position and if possible affix an official stamp, and date.

Authorised persons may include:

• an officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees

• finance company officer with 2 or more continuous years of service with one or more finance companies

• an officer with 2 or more continuous years of service with one or more financial institutions

• a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership

• an Australian police officer

• a chiropractor

• a dentist

• a Justice of the Peace

• a legal practitioner

• a medical practitioner

• a nurse

• an optometrist

• a patent attorney

• a pharmacist

• a physiotherapist

• a psychologist

• a trademarks attorney

• a veterinary surgeon

• a registered marriage celebrant, or

• a teacher.

Please note you can either visit a Macquarie office with original identification documents or mail original certified copies of the identification documents.

Offshore certification

In the case of individuals and companies based offshore, it is acceptable to have the certification completed by the international equivalent of the above listed roles. However, where the applicant is based in a jurisdiction of high or extreme risk, additional information may be requested and verified to ensure it can be reasonably satisfied that an applicant is who they claim to be. This may include obtaining original certified copies of supporting identification documents from the certifier.

8

The table below lists the various types of applicants and any documentation required to support the application. Each signatory on the Account must provide original certified copies of individual identification, eg either passport or driver’s licence.

Foreign documentation

Where any document relied on as part of the procedure is in a language that is not English, it must be accompanied by an English translation prepared by an accredited translator.

Account typeWhose name must the account be in? Who signs?

Identification and additional documentation requirements ✓

Individual The individual The individual Please provide a certified copy of one primary document OR two secondary documents.

Primary documents

• Australian issued passport (current or expired less than two years)

• International passport (current)

• Government issued driver’s licence (current)

• Card issued under a State or Territory for the purpose of proving your age and containing your photograph (current).

Secondary documents

Please provide one document from Group A AND one document from Group B.

• Group A– Australian birth certificate– Australian citizenship certificate– Pension card issued by Centrelink– Health card issued by Centrelink.

• Group B– A document issued by the Australian Taxation

Office within the preceding 12 months that contains your name and residential address (eg Notice of Assessment)

– A document issued by a local government body or utilities provider within the preceding three months that records the provision of services to your address or to you (eg water or electricity bill). The document must contain your name and residential address

– A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual. The document must contain your name and residential address.

If you are unable to provide the above, please contact Macquarie to discuss other identification options.

Joint Each individual investor

All investors Each signatory must provide the identification requirements outlined in the Individual section on page 8

Sole trader The individual and the business name

The sole trader Copy of Registration of Business Name

Sole traders must provide the identification requirements outlined in the Individual section on page 8

4 Investor types and application requirements

9

Investor types and application requirements

Account typeWhose name must the account be in? Who signs?

Identification and additional documentation requirements ✓

Deceased estate (Executor)

The executors of the estate (as trustees for the trust)

The executor Certified copy of the Grant of Probate or Letters of Administration

Each executor must provide the identification requirements outlined in the Individual section on page 8

Investing for a child under 18 (minor)

The parent or guardian (in benefit for the minor)

The parent or guardian Certified copy of the minor’s birth certificate

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Incorporated entity

The company • One director (for a sole director company)OR

• Two officers (eg directors or a director and secretary)OR

• As required by the constitution/rules of the company

Macquarie Australian Company Identification form or Macquarie Foreign Company Identification form

Copy of the Certificate of Incorporation or Registration

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Non-corporate trust or superannuation fund

The trustees of the trust

All trustees Macquarie Regulated Trust Identification form or Macquarie Unregulated Trust Identification form

Certified copy of an up-to-date extract of the trust deed. The extract should include the page which shows:

• the trust name

• name(s) of trustee(s)

• signature(s) of trustee(s) with witnesses’ signatures

• date of execution

• name(s) of beneficiary

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Corporate trust or superannuation fund

The corporate trustee

• Two officers (eg directors or a director and secretary)OR

• As required by the constitution/rules of the companyOR

• One director (for a sole director company)

Macquarie Regulated Trust Identification form or Macquarie Unregulated Trust Identification form

Macquarie Australian Companies Identification form

Certified copy of an up-to-date extract of the trust deed. The extract should include the page which shows:• the trust name• name(s) of trustee(s)• signature(s) of trustee(s) with witnesses’ signatures• date of execution• name(s) of beneficiary

Each signatory must provide the identification requirements outlined in the Individual section on page 8

10

Investor types and application requirements

Account typeWhose name must the account be in? Who signs?

Identification and additional documentation requirements ✓

Partnerships The principals of the partnership

The partners Macquarie Partnerships Identification form

Certified copy/extract of the partnership agreement showing the names of the partners, signatories and dates of execution

Certified copy of any updates to the Partnership (if applicable)

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Association (incorporated or unincorporated)

Incorporated Associations:• the name of the

incorporated body

Unincorporated Associations:• officers on

behalf of the unincorporated body

Incorporated Associations:• applications must

be completed under common seal and witnessed by two officers. All officers must specify their title.

Unincorporated Associations:• appointed officers

Macquarie Associations Identification form

Copy of the Certificate of Incorporation or Registration

Copy of signed meeting minutes showing which officers can open and operate the account

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Registered Co-operatives

The name of the registered co-operative

• Appointed officers• All applications

must be completed under common seal and witnessed by two officers. All officers must specify their title.

Macquarie Registered Cooperative Identification form

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Government Body

The name of the government body

Appointed officers Macquarie Government Body Identification form

For foreign government bodies, information about beneficial ownership/control must also be provided

Each signatory must provide the identification requirements outlined in the Individual section on page 8

Forms contents

11

Forms contents

Checklist 12

Application form 13

Security transfer form 25

12

Macquarie Personal Portfolio checklist

Please ensure ALL relevant sections of the Application form are completed.

Please take a moment to review the list to assist in the timely processing of your application. It is suggested that you check each section in the list below to assist you in successfully completing this Application form.

The following sections are MANDATORY

✓ Mandatory sections

Section 1: Investor details

Section 2: Company, incorporated association or body or sole trader (if applicable)

Section 3: Trust, SMSF or other entity (if applicable)

Section 4: Investment details

Section 7: Funding your Account

Section 9: Model Portfolio selection

Section 11: Tax

Section 12: Withdrawals

Section 14: Signatures

The following sections are OPTIONAL

✓ Optional sections

Section 5: Contact details

Section 6: Third party authorisation

Section 8: Direct debit request

Section 10: ‘Do not hold’ restrictions

Section 13: Macquarie staff and associates

Where applicable please ensure that you have:

Completed the Security transfer form and supporting documentation – if funding your Account through a transfer of securities

Once completed please send to Macquarie Private Portfolio Management, 1 Shelley Street, Sydney NSW 2000. For any enquiries contact the Client Service team on 1800 501 180.

13Important additional information and forms

Macquarie Personal Portfolio Application 1 of 12

Macquarie Personal PortfolioApplicationMacquarie Separately Managed Account ARSN 121968143 – Class D Macquarie Private Portfolio Management Limited ABN 089 987 388 AFSL 237506

Do not use this form unless it accompanies the Application Booklet dated 1 October 2014.

• Refer to the Investor types and application requirements table in section 4 of the Application Booklet for assistance on how to complete the application form.

• Complete this form using BLACK INK and print in CAPITAL LETTERS.

• Complete ALL questions and provide the required identification documentation as incomplete applications may cause delays in your application being processed.

Investor details (mandatory)1

Entity type

Individual u complete 1A then go to 4

Joint u complete 1A, 1B then go to 4

Company, incorporated association or body, sole trader u complete 1A and 1B, 1C, 1D (where applicable), 2, then go to 4

Trustee, SMSF or other entity u complete 1A and 1B, 1C, 1D, 2 (where applicable), 3, then go to 4

1A. Investor 1

Title: Full given name(s):

Surname:

Any other names known by (if applicable):

Date of birth: Gender: Male Female

Residential address (cannot be a post office box)

Street name and number:

Suburb:

State: Postcode:

Country:

Occupation:

Home phone number: Work phone number:

Mobile number:

Fax number:

Email address (required for online reporting):

Are you an Australian resident for tax purposes?

Yes No, please specify your country of tax residence, and note that you cannot provide an Australian TFN on this form

Tax File Number (TFN) or reason for exemption:

Please refer to section 7 of the Information Booklet for details on TFN collection.

For joint accounts, withholding tax will be deducted unless all account holders are Australian residents for tax purposes and have provided their TFNs.

Electronic access: Do you have an existing MAC? No Yes, please specify your MAC:

If you do not have a Macquarie Access Code (MAC) then you will be issued one as part of this application.

14 Important additional information and forms

Macquarie Personal Portfolio Application 2 of 12

Investor details (continued)

1B. Investor 2

Title: Full given name(s):

Surname:

Any other names known by (if applicable):

Date of birth: Gender: Male Female

Residential address (cannot be a post office box)

Street name and number:

Suburb:

State: Postcode:

Country:

Occupation:

Home phone number: Work phone number:

Mobile number:

Fax number:

Email address (required for online reporting):

Are you an Australian resident for tax purposes?

Yes No, please specify your country of tax residence, and note that you cannot provide an Australian TFN on this form

Tax File Number (TFN) or reason for exemption:

Please refer to section 7 of the Information Booklet for details on TFN collection.

For joint accounts, withholding tax will be deducted unless all account holders are Australian residents for tax purposes and have provided their TFNs.

Electronic access: Do you have an existing MAC? No Yes, please specify your MAC:

If you do not have a Macquarie Access Code (MAC) then you will be issued one as part of this application.

15Important additional information and forms

Macquarie Personal Portfolio Application 3 of 12

Investor details (continued)

1C. Investor 3

Title: Full given name(s):

Surname:

Any other names known by (if applicable):

Date of birth: Gender: Male Female

Residential address (cannot be a post office box)

Street name and number:

Suburb:

State: Postcode:

Country:

Occupation:

Home phone number: Work phone number:

Mobile number:

Fax number:

Email address (required for online reporting):

Are you an Australian resident for tax purposes?

Yes No, please specify your country of tax residence, and note that you cannot provide an Australian TFN on this form

Tax File Number (TFN) or reason for exemption:

Please refer to section 7 of the Information Booklet for details on TFN collection.

For joint accounts, withholding tax will be deducted unless all account holders are Australian residents for tax purposes and have provided their TFNs.

Electronic access: Do you have an existing MAC? No Yes, please specify your MAC:

If you do not have a Macquarie Access Code (MAC) then you will be issued one as part of this application.

1D. Investor 4

Title: Full given name(s):

Surname:

Any other names known by (if applicable):

Date of birth: Gender: Male Female

Residential address (cannot be a post office box)

Street name and number:

Suburb:

State: Postcode:

Country:

Occupation:

Home phone number: Work phone number:

Mobile number:

Fax number:

Email address (required for online reporting):

16 Important additional information and forms

Macquarie Personal Portfolio Application 4 of 12

Company, incorporated association, incorporated body or sole trader2

If the entity is a trustee, please also complete section 3.

Name of entity:

What is the nature of the activities undertaken by the entity?

ACN (where applicable):

You must provide an ACN if an ABN or Tax File Number is not provided below. If only an ACN is provided, you will be charged withholding tax at the highest marginal rate plus Medicare levy.

ABN or Tax File Number or reason for exemption:

An ACN cannot be quoted in lieu of a TFN/ABN. If you do not provide us with an ABN or a TFN, you will be charged withholding tax at the highest marginal rate plus Medicare levy.

Principle place of office (cannot be a PO Box)

Street name and number:

Suburb:

State: Postcode:

Country:

Are you an Australian resident for tax purposes?

Yes No, please specify your country of tax residence, and note that you cannot provide an Australian TFN on this form

Tax File Number (TFN) or reason for exemption:

Please refer to section 7 of the Information Booklet for details on TFN collection.

For joint accounts, withholding tax will be deducted unless all account holders are Australian residents for tax purposes and have provided their TFNs.

Electronic access: Do you have an existing MAC? No Yes, please specify your MAC:

If you do not have a Macquarie Access Code (MAC) then you will be issued one as part of this application.

Investor details (continued)

17Important additional information and forms

Macquarie Personal Portfolio Application 5 of 12

3

4

Trust, SMSF or other entity

Investment details (mandatory)

Name of trust or entity:

If you are unsure of the correct name, please refer to the Investor types and application requirements table in section 4 of the Application Booklet. Trustees must complete section 1 and 2 (where applicable) and provide appropriate documentation.

What is the nature of the activities undertaken by the trust or entity? (N/A for Accounts opened for a minor):

ABN/ACN (N/A for Accounts opened for a minor):

Tax File Number or reason for exemption:

Please select one of these account types

Trust Partnership Self managed super fund Other:

Account designation – for minors and deceased estates only

Full name of minor:

Date of birth:

A. What is the purpose of this investment?

Savings Growth Income Retirement Business Account

Other, please specify:

B. What is the source of funds for this Account?

Superannuation contributions Commission Inheritance Savings Investment Normal course of business

Asset sale Other, please specify:

Contact details

Account mailing address (if different from your residential or principal place of office address)

This address will receive all correspondence in relation to your Account. If this section is not completed, all mail will be sent to the residential address of Investor 1 or the principle place of office address as applicable.

Attention or C/o:

Street name and number:

Suburb:

State: Postcode:

Country:

Is this address care of a third party? Yes No

Third party examples include your financial adviser, stockbroker, accountant or self managed super fund administrator.

Preferred contact (where there is more than one applicant to this Account)

Contact number:

Email address (required for online reporting):

5

18 Important additional information and forms

Macquarie Personal Portfolio Application 6 of 12

6 Third party authorisation

Complete this section to appoint a third party to access and use Macquarie Online on your behalf, see section 2.2 of the Application Booklet.

Note the third party must already be registered with Macquarie by completing the relevant registration form.

Title: Name of individual/authorised representative of the company/firm:

Name of company/firm:

Address

Street number and name or PO Box:

Suburb:

State: Postcode:

Country:

MAC for the individual or authorised representative of the company/firm:

Please specify the total amount you wish to invest: $

Where the amount received varies by more than +/-10%, Macquarie will contact you to obtain a funding amendment prior to investment.

Your account will be invested once your funding amount is received, please indicate how the funding amount will be provided:

Cheque (attached to this application form). Make cheque payable to: MPPM SMA [full Account name] u go to section 9

One-off direct debit u go to section 8

Funds transfer, you will be contacted to confirm transfer instructions u go to section 9

Security transfers, please complete the Security Transfer form included in the Application Booklet u go to section 9

Funding your Account (mandatory)7

Do you want to receive the annual audited financial report of the SMA?

No

Yes, I would like to receive an electronic copy of the annual audited financial report * Tick this box if you would like to receive a hard copy If you do not elect to receive a copy of the annual audited financial report either as an electronic copy or as a hard copy, the report is available by logging into your account on macquarie.com.au/mppm

Contact details (continued)

19Important additional information and forms

Macquarie Personal Portfolio Application 7 of 12

8 Direct debit requestComplete this section if you wish to set up a one-off and/or regular deposit into your Account.

One-off direct debit: $ This will be processed immediately upon setup of your Account.

One-off direct debit application proceeds:

Model Portfolio name Portfolio ID Amount

$

$

$

Regular direct debit: $ (minimum $500 per transaction)

The first debit to be made on:

To be processed: Weekly Fortnightly Monthly Quarterly Bi-annually End date:

Please note, subsequent debits will be processed in accordance with the first debit date. If you do not specify an end date, the direct debit will continue until further notice from you or terminated for reasons set out in the Information Booklet.

Regular direct debit application proceeds:

Model Portfolio name Portfolio ID Amount

$

$

$

Details of account to be debited

Name of financial institution:

Branch:

BSB:

Account/Membership number:

Account name:

You authorise Macquarie Private Portfolio Management Limited ABN 089 987 388 AFSL No. 237506 (MPPM) and Macquarie Bank Limited ABN 46 008 583 542 AFSL No. 237502 (MBL) under the terms and conditions specified in the Application Booklet, until further notice in writing, to debit the nominated account with any amount which MPPM or MBL may debit or charge you through the BECS (Bulk Electronic Clearing System).

If more than one direct debit is required, please attach the additional Direct debit request form to the end of the application form.

20 Important additional information and forms

Macquarie Personal Portfolio Application 8 of 12

Cash contributions

Please confirm how you would like your opening cash contributions allocated

Model Portfolio code Model Portfolio name % Allocation

%

%

%

Total:

%

Security transfersSecurity transfers will be applied as per the Security Transfer form, this includes securities you are transferring into the Do Not Sell Holdings Portfolio.

Please note if you are using the Do Not Sell Holdings Portfolio you are required to maintain a minimum cash balance of 2%. If you are using the Do Not Sell Holdings Portfolio, MPPM will transfer a portion of your funding amount to cover the minimum 2% cash balance.

Model Portfolio selection (mandatory)9

10 ‘Do not hold’ restriction

Please specify any ‘do not hold’ restriction you would like to place on your selected Model Portfolios. Refer to section 3.2 of the Information Booklet for further information.

It is recommended you consult a Financial Services Professional before completing this section.

Please note when you place a ‘do not hold’ restriction on a new Portfolio, the security/securities will be excluded when the securities included in the Model Portfolio are purchased, potentially leaving excess cash that the rebalance process will address.

ASX code: Industry sector code:

Security/Industry name:

Model Portfolio: Reason:

ASX code: Industry sector code:

Security/Industry name:

Model Portfolio: Reason:

ASX code: Industry sector code:

Security/Industry name:

Model Portfolio: Reason:

ASX code: Industry sector code:

Security/Industry name:

Model Portfolio: Reason:

21Important additional information and forms

Macquarie Personal Portfolio Application 9 of 12

Tax accounting methodPlease select the tax accounting method to be applied: Minimise Gain (Default) Maximise Gain First in First Out (FIFO)

Refer to section 3.1 of the Information Booklet for more information on tax accounting methods.

If you do not select a tax accounting method, Minimise Gain will be applied.

Tax status (mandatory)A. Marginal income tax rate and CGT discount rate

Individual Trust CompanySuperannuation Fund (Accumulation)

Superannuation Fund (Pension)

Not-for-Profit Organisation Other

Marginal/Effective income tax rate 45% 45% 30% 15% 0% 0%

%

CGT discount rate 50% 50% 0% 33.3% 0% 0% %

Please note only one marginal tax rate and CGT discount rate may be applied to your Account. Rates are current as at the date of the Application Booklet. Information provided will be used to prepare your annual tax report.

B. Is the entity an Australian resident for income tax purposes?

Yes

No, please state country of residence for tax purposes:

C. Is the entity exempt from income tax?

Yes, please provide a copy of your exemption certificate from the ATO

No

D. Is the entity eligible to receive a rebate of franking credits?

Eligible

Not eligible

GST tax invoicesWill you require tax invoices in order to claim a tax credit (this will apply only if you are investing via an entity that is registered for GST)?

Yes No

Note if you are a superannuation fund or income tax exempt entity MPPM will automatically supply you with a GST tax invoice on a quarterly basis.

Tax11

22 Important additional information and forms

Macquarie Personal Portfolio Application 10 of 12

Nominated bank account details (mandatory)This account will be used to credit any withdrawal requests from your Account. It must be an Australian account.

Name of financial institution:

Branch:

BSB:

Account/Membership number:

Account name:

Regular withdrawal plan

Where you require a regular payment to be made to your nominated bank account – refer to section 2.4 of the Information Booklet for more information. Minimum of $500 per Model Portfolio. Please note that this payment will be made on or about the 15th of every month.

Model Portfolio name Model Portfolio code Monthly payment amount

$

$

$

$

$

13 Macquarie staff and associates

Are you an employee, or an associate of an employee, of Macquarie Group or a related entity?

Yes – state relevant employee number:

No

An associate is any person over whom an employee has, or is deemed to have, investment control or influence.

Withdrawals12

23Important additional information and forms

Macquarie Personal Portfolio Application 11 of 12

Account signing instructionsAccount signing instructions apply to all requests except Model Portfolio changes and Account closures. If you do not tick a box, signing instructions will be “All/both to sign”.

Any one to sign

All/both to sign

Other – please provide details:

Where signed under corporate power of attorney, a certified copy of this document must also be provided with the application form. For companies please ensure your director details have been completed in section 1.

Declarations and signatures (mandatory)This application form that accompanies the document titled Macquarie Personal Portfolio Additional Important Information and Forms (Application Booklet) relates to the product disclosure statement (PDS) for the Personal Portfolio. Before applying for the Personal Portfolio you should read the Application Booklet and the current versions of the Macquarie Personal Portfolio Service Product Disclosure Statement (Short Form PDS) and the Macquarie Personal Portfolio Additional Information to the Product Disclosure Statement (Information Booklet) which together form the PDS. The PDS contains information about investing in the Personal Portfolio and should be read before applying for the Personal Portfolio.

Each signatory on the Account must provide original certified copies of individual identification, eg either passport or driver’s licence.

General declaration

I/We acknowledge and declare that:1. I/we agree to be bound by the terms of the PDS, Application Booklet and the Constitution2. I/we have read the PDS and Application Booklet3. all the information in this application form is true and correct4. if I/we are an individual investor I/we declare that I/we are 18 years of age or over5. I/we will notify MPPM in writing of any change of my/our details before or as soon as possible after the change6. I/we agree to receive transaction confirmations by way of online access7. I/we confirm that investing in the Personal Portfolio is permitted under applicable law and does not contravene any document binding

on me/us8. I/we have read and understood the Macquarie Online Services Terms and Conditions and agree to be bound by them9. I/we agree to the Privacy Statement which describes the handling of my/our personal information, including direct marketing. You can

change your marketing preferences by telephoning us on 1800 806 310 or visiting Macquarie.com.au/optout-bfs10. MPPM can provide information on the status of my/our investment to my/our nominated Financial Services Professional11. I/we agree to MPPM, Macquarie Group Limited (MGL) and any other member of the Macquarie Group collecting, using and disclosing

my/our personal information to process my application12. should I/we fail to provide MPPM with any information or documentation requested of me/us, my/our application may be refused, and any

investments I/we hold may be sold or transferred to me/us, and disposal request by me/us may be delayed or refused and MPPM will not be liable for any loss arising thereof

13. MGL and any other member of the Macquarie Group (other than MPPM) has not authorised or caused the issue of the PDS14. MGL and any other member of the Macquarie Group (other than MPPM) take no responsibility for any part of the PDS other than the

reference to its name in the application form15. MGL and any other member of the Macquarie Group do not endorse or recommend investments under the PDS16. MPPM reserves the right to reject any application or security transfer17. I/we understand the risks associated with an investment in the Personal Portfolio as they are outlined in the PDS18. if I/we understand that the value of investments in the Personal Portfolio may rise and fall, from time to time19. if I/we place a “do not hold” restriction on a new Account, I/we acknowledge that the security/securities will be excluded when the

securities included in the Model Portfolio are purchased20. I/we accept full responsibility for the investment decisions that I/we make in relation to my/our Account and acknowledge that the

information provided in the PDS is general information only and does not take account of my/our personal objectives, financial situation or needs. I /we confirm that we have read and understood the statement in the PDS that I/ we should obtain financial advice tailored to my/our personal circumstances

21. I/we authorise and request any of the Macquarie Group companies listed in the direct debit agreement to direct debit the amount specified in section 8 from my nominated bank account specified in section 8 through the Bulk Electronic Clearing System

22. I/we accept and agree to be bound by the terms and conditions contained in the direct debit agreement relating to the provision of the direct debit service contained in section 2.5 of the Information Booklet

23. the information provided by me/us in this application form, or to my/our financial adviser, to enable MPPM to comply with the US Foreign Account Tax Compliance Act, its supporting regulations and any related laws designed to implement those laws in Australia (FATCA) is correct and where relevant reflects my/our tax status for the purposes of FATCA. I / we will promptly notify MPPM and provide MPPM with any changes to the information provided by me/us in connection with FATCA and on request with any further information which is necessary or desirable for MPPM to comply with any obligations it may have in connection with FATCA.

Signatures14

24 Important additional information and forms

Macquarie Personal Portfolio Application 12 of 12

If you have not done so already, review the checklist on page 12 of the Application Booklet to ensure there are no delays in opening your Account.

Please send your completed application and all accompanying documents to:

Macquarie Private Portfolio Management 1 Shelley Street, Sydney, NSW 2000

Have you completed your application?15

For more information call MPPM on 1800 501 180. You can also email MPPM at personalportfolio@macquarie.com or visit the website at macquarie.com.au/personalportfolio

Signatures (continued)

If I/we or another person associated with the Account do not provide MPPM with information as requested, or there is a delay in providing MPPM with this information, MPPM may not be able to open my/our Account. MPPM is not liable for any loss incurred by me/us as a result of any action of MPPM which either delays an Account being opened or results in an application being declined, when these actions are necessary for MPPM to comply with its obligations under AML/CTF Laws and/or its internal policies and procedures (as defined in section 2.2 of the Application Booklet). MPPM may require further information from me/us from time to time in order to meet its obligations under AML/CTF Laws and/or its internal policies and procedures and I/we agree to provide MPPM with whatever additional information is reasonably required in order for MPPM to meet its obligations under AML/CTF Laws and/or its internal policies and procedures.

I/We acknowledge that cash on deposit with Macquarie Bank Limited is a deposit and a liability of Macquarie Bank Limited.

I/We acknowledge that investments in the MPS, other than cash on deposit with Macquarie Bank Limited ABN 46 008 583 542, are not deposits or liabilities of Macquarie Bank Limited ABN 46 008 583 542 or any member of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and principal invested.

Neither Macquarie Bank Limited, nor any other member company of the Macquarie Group guarantees the performance of the Personal Portfolio or the repayment of capital from the Personal Portfolio or any particular rate of return.

Please refer to the Investor types and application requirements table in section 4 of the Application Booklet for instructions on how to complete this section.

Please ensure that sections 1 to 13 (where applicable) have all been completed before signing the declaration. Your Account cannot be opened unless all mandatory sections have been completed.

Authorisation of Investor 1 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 2 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 3 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 4 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

25Important additional information and forms

Macquarie Personal Portfolio Security transfer 1 of 12

Macquarie Personal PortfolioSecurity transferMacquarie Separately Managed Account ARSN 121968143 Macquarie Private Portfolio Management Limited ABN 26 089 388 AFSL 237 506

Use this form to transfer an existing portfolio of ASX listed securities into your Personal Portfolio account.

Please mail the original signed version of this form to Macquarie Private Portfolio Management (MPPM).

Please send this form to Macquarie Private Portfolio Management 1 Shelley Street Sydney NSW 2000.

Account details1

Account ID: Account name:

Securities can be either:

1. Issuer sponsored – securities are sponsored/controlled by the particular share registry used by the company

2. Broker (CHESS) sponsored – securities are sponsored/controlled by a broking firm, or

3. Other Custodian – securities are held by another custodian, such as a Wrap provider.

Please note the following important points in relation to security transfers:

1. Security transfers will only be accepted if the securities are registered in the same name as your account.

2. A full Capital Gains Tax (CGT) cost base history is required to be completed as part of this form. If this is not completed, the transfer request will be rejected. Cost base information provided by you is accepted as being correct. Please be careful to ensure this data is recorded accurately, as a fee will be incurred to correct it later if it is wrong.

3. Supporting documentation is required:

a. Issuer Sponsored holdings – a copy of the latest holding statement and an Issuer sponsored transfer form for each security.

b. Broker (CHESS) Sponsored holdings – a copy of a current holding statement for each CHESS Holder ldentification Number (HIN) containing securities you wish to transfer.

c. Other Custodian – a copy of a current holding statement or portfolio valuation report, plus an unrealised gains report.

4. In the event that MPPM are prevented by law from receiving transfers of a particular security, MPPM will not process the transfer of that particular security, and inform you of the situation. MPPM have the right to refuse transfers of securities.

5. If contributed securities are not in the Model Portfolio(s) selected by you (or are in excess of the correct weighting), MPPM will sell those securities on the next Trading Day, and use proceeds to purchase securities in the selected Model Portfolio(s) at the correct weightings. MPPM can tell you in advance which of your securities are in the Model Portfolios chosen by you, based on Model Portfolio composition at that time, so that you can decide which securities to transfer in (noting that if the Model Portfolio composition changes in the meantime, MPPM may end up selling transferred securities on the first Trading Day). Please note that security sales generally give rise to tax consequences, therefore you should consider whether to contribute securities that are unlikely to be included in your chosen Model Portfolio. See the Taxation section of the PDS for more information on how your managed investment schemes are taxed.

6. A charge of $27.50 (including GST) per holding is charged for transfers to the Personal Portfolio.

7. If you are an employee, or an associate of an employee, of Macquarie Group or a related entity, you must receive pre-clearance prior to transferring securities into the Personal Portfolio. It is your responsibility to obtain this clearance.

8. The securities transfer process is complex, so to make life easier for you MPPM transfer securities under a Limited Power of Attorney (LPOA) granted by you to MPPM. The LPOA gives MPPM the authority to transfer broker sponsored securities on your behalf, and means that you only have to fill out one form, not many.

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26 Important additional information and forms

Macquarie Personal Portfolio Security transfer 2 of 12

Issuer sponsored holdings are securities sponsored/controlled by the particular share registry used by the company. A holding statement is issued directly to you from the share registry.

Part 1 – List of holdings to be transferredPlease complete the following table for holdings you wish to transfer to your account. If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Security transfers will only be accepted if the securities are registered in the same name as your account.

You are required to attach a copy of the latest holding statement and an Issuer sponsored transfer form for each security you wish to transfer to your account.

ASX Code Quantity Shareholder Reference Number (SRN) Model Portfolio/Portfolio ID to be applied to

Issuer sponsored holdings2

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27Important additional information and forms

Macquarie Personal Portfolio Security transfer 3 of 12

Issuer sponsored holdings (continued)

Part 2 – Capital Gains Tax (CGT) historyA full CGT history for each tax parcel is required to be completed as part of this form. If this is not completed, the transfer request will be rejected. If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Cost base information provided by you is accepted as being correct. Please be careful to ensure this data is recorded accurately, as a fee will be incurred to correct it later if it is wrong.

ASX code Quantity Date of acquisition Acquisition priceCGT date of acquisition1

CGT cost base1 (includes cost of brokerage and GST, adjusted for past corporate actions, tax deferred distributions, etc)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

1 CGT date of acquisition and CGT cost base may not be the same as the actual date and cost of acquisition. For example, you may have received tax deferred distributions that have reduced your cost base.

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28 Important additional information and forms

Macquarie Personal Portfolio Security transfer 4 of 12

Broker (CHESS) sponsored holdings are securities sponsored/controlled by a broking firm.

Part 1 – List of holdings to be transferredPlease complete the following table for holdings you wish to transfer to your account. If you wish to Transfer All Holdings, tick the box Transfer All Holdings and attach the relevant CHESS statement(s). If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Security transfers will only be accepted if the securities are registered in the same name as your account.

You are required to attach a copy of a current holding statement for each CHESS Holder Identification Number (HIN) containing securities you wish to transfer to your account.

Transfer All Holdings (CHESS statements attached)

OR

complete the following table for each tax holding:

ASX code QuantityCHESS Holder Identification Number (HIN) Name of broking firm

Model Portfolio/Portfolio ID to be applied to

Broker (CHESS) sponsored holdings3

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29Important additional information and forms

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Broker (CHESS) sponsored holdings (continued)

Part 2 – Capital Gains Tax (CGT) historyA full CGT history for each tax parcel is required to be completed as part of this form. If this is not completed, the transfer request will be rejected. If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Cost base information provided by you is accepted as being correct. Please be careful to ensure this data is recorded accurately, as a fee will be incurred to correct it later if it is wrong.

ASX code Quantity Date of acquisition Acquisition priceCGT date of acquisition1

CGT cost base1 (includes cost of brokerage and GST, adjusted for past corporate actions, tax deferred distributions, etc)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

1 CGT date of acquisition and CGT cost base may not be the same as the actual date and cost of acquisition. For example, you may have received tax deferred distributions that have reduced your cost base.

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30 Important additional information and forms

Macquarie Personal Portfolio Security transfer 6 of 12

Complete this section for securities that are held by another custodian, such as a Wrap provider.

Part 1 – List of holdings to be transferredPlease complete the following table for holdings you wish to transfer to your account. If you wish to Transfer All Holdings, tick the box Transfer All Holdings and attach the relevant statement(s). If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Security transfers will only be accepted if the securities are registered in the same name as your account.

You are required to attach a copy of the latest holding statement or portfolio valuation report for each Custodian/Provider you hold securities with that you wish to transfer to your account.

Transfer All Holdings (statements attached)

OR

complete the following table for each tax holding:

ASX code QuantityAccount number at other Custodian/Provider Name of Custodian/Provider

Model Portfolio/Portfolio ID to be applied to

Other custodian4

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Other custodian (continued)

Part 2 – Capital Gains Tax (CGT) historyIf you provide an Unrealised Gains Report from the Other Custodian/Provider, there is no need to complete this section.

A full CGT history for each tax parcel is required to be completed as part of this form. If this is not completed, the transfer request will be rejected. If there is not enough room, please attach a separate sheet or contact us for an electronic version of this form.

Cost base information provided by you is accepted as being correct. Please be careful to ensure this data is recorded accurately, as a fee will be incurred to correct it later if it is wrong.

I have provided an Unrealised Gains Report

OR

complete the following table for each tax holding:

ASX code Quantity Date of acquisition Acquisition priceCGT date of acquisition1

CGT cost base1 (includes cost of brokerage and GST, adjusted for past corporate actions, tax deferred distributions, etc)

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

1 CGT date of acquisition and CGT cost base may not be the same as the actual date and cost of acquisition. For example, you may have received tax deferred distributions that have reduced your cost base.

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32 Important additional information and forms

Macquarie Personal Portfolio Security transfer 8 of 12

This Power of Attorney is given by the person(s)/legal entity named within the Signatories to the Security Transfer Form (including Limited Power of Attorney) section of the Security Transfer Form (the Grantor).

Appointing: The person(s)/legal entity described in Part 1 of the Schedule to this Power of Attorney (each referred to as the Attorney).

Operative provisions1. Definitions

Account means the portfolio of assets maintained on behalf of the Grantor by Macquarie Private Portfolio Management Limited (Macquarie) under the Macquarie Separately Managed Account (referred to here as the Macquarie Personal Portfolio).

Investment means each asset of the Grantor specified in the Security Transfer Form.

2. Appointment of Attorney: The Grantor appoints jointly as its Attorney (and subject to the conditions and limitations specified in Part 2 of the Schedule), any two signatories from Part 1 of the Schedule, to:

a. Transfer and/or deliver any and all Investments that relate to the Account to the Custodian for the Personal Portfolio, and if there is no Custodian, to Macquarie, and

b. Execute documents, complete blanks in documents, amend, add to or vary any documents under hand or under seal and deliver the documents (conditionally or unconditionally), each at the option of the Attorney, in any place or places.

3. Ratification and Indemnity

3.1 Ratification: The Grantor agrees to ratify and confirm whatever the Attorney lawfully does, or causes to be done, under this Power of Attorney.

3.2 Indemnity: The Grantor indemnifies the Attorney against:

a. all actions, suits, claims, demands, damages, obligations, liabilities and losses arising directly or indirectly from, and

b. any costs, charges and expenses incurred by or threatened against any of them as a consequence of, or in connection with, the lawful exercise of any of the powers and authorities conferred by this Power of Attorney in accordance with its terms.

4. Registration: The Grantor authorises any person who is a party to any document executed under this Power of Attorney to register this Power of Attorney on behalf of the Grantor. The Grantor agrees to pay all reasonable costs incurred or payable for the registration within a reasonable time after demand for payment is made.

5. Operation: Nothing in this Power of Attorney affects or prejudices the obligations of Macquarie in respect of the Personal Portfolio.

6. Revocation: The powers and authorities conferred on an Attorney by this Power of Attorney remain in full force and effect until revocation by the Grantor by written notice to that Attorney.

7. Governing law and jurisdiction: This Power of Attorney is governed by the laws of New South Wales. The Grantor irrevocably and unconditionally submits to the non exclusive jurisdiction of the courts of New South Wales.

Schedule to power of attorneyPart 1 – Attorney

Any person who:

Is a representative of Macquarie Private Portfolio Management Limited, holder of Australian Financial Services Licence No. 237506,or Is either an Associate Director, Division Director or Executive Director of Macquarie Group Limited.

Part 2 – Conditions and limitations

Any power granted to the Attorney pursuant to this Limited Power of Attorney can only be exercisable in relation to any or all of the Investments for the purposes of transferring Investments to the Grantor’s Account.

Limited power of attorney5

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33Important additional information and forms

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6 Declarations and Authorisation (including limited power of attorney)

I/We acknowledge and declare that:

1. All the information in this Security Transfer Form (including the Limited Power of Attorney) is true and correct.

2. Macquarie reserves the right to reject any security transfer.

3. A full Capital Gains Tax (CGT) history has been provided and is correct.

4. If contributed securities are not in the Model Portfolio(s) selected by you, MPPM will sell those securities. Selling securities represents capital gains tax events, which may result in an obligation for you to pay tax.

Authorisation of Investor 1 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 2 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 3 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Authorisation of Investor 4 or Company Officer/Trustee

Date: Title:

Name:

If a company officer, your corporate title:

Before sending in this form, please ensure that all sections are complete and supporting documentation is attached.

Please ensure this form is signed as instructed above. Macquarie may only accept an original copy of the completed form. Retain a copy for your records. If you have any queries about completing this form, please contact us on 1800 501 180.

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Macquarie Personal Portfolio checklist

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Macquarie Personal Portfolio checklist

BFS0061 09/14

To contact the MPPM Client Service team, call 1800 501 180 or fax 02 9252 7130. You can also email MPPM at personalportfolio@macquarie.com or visit the website at macquarie.com.au/personalportfolio

Macquarie Private Portfolio Management Limited 1 Shelley Street Sydney NSW 2000