AGEST -

Custodian

BNP Paribas Securities Services is the fund's custodian.  It is part of the BNP Paribas group, a major diversified financial services organisation headquartered in Paris.  BNP Paribas has over 77,000 employees worldwide.

BNP Paribas Securities Services acts as the custodian of assets for many institutions around the world.  Each year, it handles 22 million transactions on behalf of its clients.  It manages portfolios under custody valued at A$3.6 trillion.

It entered the Australian custody business in September 2002 by acquiring Cogent, formerly AMP's investment administration (custody) business.

Today, BNP Paribas Securities Services is one of the major custodians of assets for Australian superannuation funds.

For more information, visit www.bnpparibas.com.au.

We have employed BNP Paribas Securities Services ("BNP") as the custodian of its assets, to improve the management of the fund's assets and lessens areas of risk and error.

This means that BNP safeguards our assets and settles all transactions on behalf of the fund, such as the sale and purchase of investments, and the receipt of distributions and dividends.

BNP Paribas provides the following services:

• Safe keeping and settlement of all investments and investment transactions
  

• APRA, tax and other legislative requirements - the custodian provides reports to the trustee that satisfy these requirements and improve our risk controls.  This includes year-to-date tax reporting that enables us to manage our tax position.
  
  
• Consolidation of accounts - the custodian provides consolidated accounting and tax reporting - this simplifies the audit process.
  
  
• Management of tax records and accounting.
  

• Board reporting - this covers financial accounts, tax positions and investment performance reporting.
  
  
• Portfolio monitoring - this includes compliance, corporate governance, proxy voting, derivative exposure.
  
  
• Audit comfort - the custodian's auditor provides audit confirmation letters.
  
  
• Cash management - cash flow is efficiently managed and invested by the custodian in accordance with the Trustee's standing instructions.
  
  
• Daily unit pricing - the custodian provides us with daily unit prices, which are then loaded by our administrator into their administration system for the purposes of processing member transactions such as contributions, investment switches and benefit payments.