Super eUpdateFOR ANZ SUPER ADVANTAGE EMPLOYERS | JULY 2010

A new direction for ING AustraliaOn 30 November 2009 ANZ Banking Group Ltd purchased a 100% shareholding in ING Australia. ING Australia is now ANZ’s Australian specialist wealth management and protection business.

Following the acquisition, it was decided that ING Australia will operate under a distinct new name and brand, which is currently being developed. In the meantime, ING Australia will continue to use the ING brand under licence while they transition to the new brand.

This change signals an exciting new era for ING Australia and ANZ. As the new brand develops over the coming months we will keep you updated via our website anz.com

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What do the recent proposals mean for employer super?With the recent regulatory reviews of Australia’s superannuation system and Federal Budget announcements, it’s highly likely there will be changes ahead for employer super. Here we’ll step you through some of the key super proposals from the Cooper Review, Henry Tax Review and the 2010 Federal Budget.

Please note, at the time of printing these are proposals only and need to successfully pass through Parliament before becoming law. They may be subject to further changes during this process.

The Cooper Review – Phase Two recommendations (SuperStream)The Cooper Review is a Federal Government directed review of the governance, operation, efficiency and structure of Australia’s super system. The Review seeks to improve our superannuation system to meet the retirement income needs of Australians well into the future and is made up of three phases.

Preliminary Report to the second phase, also called ‘SuperStream’, looks at operations and efficiency of super funds and recommended improvements to the back office administration of super funds for the benefit of members. They include, among other things:

• a cheque-free, ecommerce superannuation transaction environment

• automatic consolidation of multiple member accounts held within super funds

• enabling members to consolidate accounts without unreasonably burdensome red tape

• better use of tax file numbers and better interaction with the Australian Taxation Office.

SuperStream measures would help make it easier for members to avoid having multiple super accounts and paying multiple fees. The measures could also reduce administrative errors, prevent lost super, reduce the time and energy required to consolidate accounts, and possibly lead to benefits for members in the form of reduced fees or improved services.

Cooper released the final Report in June. The next step is for the Government to respond to the Cooper recommendations by either accepting or rejecting some or all of them, or by requiring others to

be subjected to further consultation. Even if all the recommendations are accepted, they will still need to be adopted by Parliament.

However, despite uncertainties surrounding ongoing Government processes, most super industry associations have been generally supportive of a significant portion of the SuperStream recommendations. For this reason, they stand a better chance of becoming reality.

For further information about the Cooper Review, visit www.supersystemreview.gov.au

The Henry Tax ReviewThe review into Australia’s Future Tax System (the Henry Tax Review) was released on 2 May 2010, after a year of research and consultation. The aim was to identify how our tax system can be structured to better suit the changing needs of Australia and the ageing population. Retirement income was a key focus of the review and a number of changes to the superannuation system were recommended.

The Federal Government has responded to the Henry Tax Review with a number of proposals for super. They will need to be legislated to take effect. Several of the proposals are outlined below.

Superannuation Guarantee (SG) to increase to 12%The Government has proposed to gradually increase the compulsory employer SG rate from 9% to 12% to take effect from 1 July 2013.

Year SG rate (%)

2013/14 9.25

2014/15 9.50

2015/16 10.00

2016/17 10.50

2017/18 11.00

2018/19 11.50

2019/20 12.00

Renovating Australia’s superannuation system

Reminder about Award ModernisationIn the last issue of Super eUpdate (November 2009) we outlined the implications of the Federal Government’s new Modern Awards on employer super. These rules have now been in effect since 1 January 2010. The following is a refresher on the implications of Award Modernisation.

• If your employer super plan was established after 12 September 2008, the extent to which you and your employees’ super arrangements may be affected will depend upon whether your employees are covered by a Modern Award or whether you or they are exempt. For a comprehensive explanation of who is affected by Modern Awards please contact your financial or legal adviser or refer to the ‘Guide to Award Modernisation and Super’ available at www.anz.com/wealth/super . However, your employees can nominate your ANZ Super Advantage employer super plan as their chosen fund under ‘Choice of Fund’ law.

• If your employer super plan was established prior to 12 September 2008, it is not impacted by the Modern Award super requirements and the plan can continue to receive Superannuation Guarantee contributions for your current and future employees.

• If your employer super plan was established with another provider prior to 12 September 2008 but moved to ANZ through a successor fund transfer, your employer super plan is not impacted.

For more information, please visit anz.com/wealth/super

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SG age limit increaseThe age limit for SG contributions is proposed to increase from 70 to 75 from 1 July 2013. With more people living and working longer, this helps older workers save more for retirement if they choose to continue working. The new age limit also brings employer SG contributions in line with the age limit for voluntary and self-employed contributions.

Concessional contributions cap retained for pre-retireesGiven many members make catch-up contributions as they approach retirement, the Government has proposed a permanent cap of $50,000 p.a. (indexed) for those aged 50 and over with super balances less than $500,000, from 1 July 2012. The concessional contributions cap had been halved in the 2009/10 Federal Budget to $25,000 p.a. (indexed) with a transitional cap of $50,000 for members aged 50 or over until 30 June 2012.

A Government superannuation contribution for low income earners A Government-funded contribution of up to $500 p.a. for low income earners (less than $37,000 p.a.) has been proposed. The Government would contribute 15% of concessional contributions (for example, SG contributions) made by or for members up to the maximum of $500 (not indexed) into the individual’s super account. Concessional contributions made in 2012/13 would be eligible for the Government contribution to be paid in 2013/14. Low income earners currently pay the same amount of, or even more, tax within super (15%) compared to their income tax rate outside of super (0-15%). Effectively, this means low income earners would not pay tax on concessional contributions.

Other recommendations include:• a mining tax

• a company tax rate cut to 29% from 2013/14 and 28% from 2014/15

• a company tax rate cut to 28% for small businesses from 2012/13

• an instant asset write-off for assets under $5,000 and simplified write-off rules for small businesses from 1 July 2012.

More information about the changes to super is provided below. For details of super related changes from the Henry Tax Review, please speak to your financial adviser or visit www.futuretax.gov.au or www.taxreview.treasury.gov.au

The 2010/11 Federal BudgetThe Federal Budget for 2010/11, handed down on 11 May, held no big surprises for employer super considering the government’s Henry Tax Review announcements earlier that month. Below are the highlights for employer super which had not already been included in the Government’s Henry Tax Review proposals.

Government co-contribution rate – From 1 July 2010, the Government has passed legislation to permanently retain the current co-contribution rate for eligible personal non-concessional contributions up to $1,000. The rate will remain at 100% and no longer increase to 125% in 2012/13 and 150% in 2014/15, as announced in the 2009/10 Federal Budget.

Government co-contribution income thresholds – The Government has passed legislation for the co-contribution income thresholds not to be indexed for 2010/11 and 2011/12. The current lower threshold of $31,920 and upper threshold of $61,920 will be retained during these periods.

Unclaimed super benefits – The Government has proposed to extend the reach of unclaimed superannuation administration by including benefits from State and Territory public sector funds. At present, only private sector superannuation funds transfer unclaimed super to the Australian Taxation Office. The start date for this measure is still to be advised.

Discretion on excess contributions – The Government has proposed that the Commissioner of Taxation will have the power to exercise discretion for the purposes of excess contributions tax before an assessment is issued. The start date for this measure is from the 2010/11 income year.

For more information, please refer to the full Federal Budget Report available at www.budget.australia.gov.au or speak to your financial adviser.

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Contribute to multiple super funds with one easy transactionYou may have heard recently that the Federal Government is introducing a super clearing house for small business to be operated via Medicare. But did you know you already have access to a free clearing house service through SuperChoice, our online Super Clearing Service?*

The SuperChoice Super Clearing Service is free where:

• an ANZ Super Advantage employer plan is your default fund

• 50% of your employees have their contributions paid to that fund.

You can also benefit through:

• completing many different transactions online, including making choice of fund contributions to other super funds

• shorter turnaround times

• control over accuracy – check your contribution yourself before you submit it

• a secure system with high levels of encryption and coding

• convenient payment methods – employer initiated direct debit and direct credit

• access to a range of support tools and a dedicated support team.

Get started with SuperChoice by visiting anz.com/wealth/super or contacting the SuperChoice Help Desk on 13 38 63 (Option 2).

Matching up banked contributionsIf you make contributions to the ANZ Super Advantage bank account and do not use the SuperChoice Super Clearing Service, then please ensure you email your contributions remittance schedules to corpsuper@anz.com. This will help us to match the funds banked to the ANZ Super Advantage bank account with the contributions made and ensure contributions are allocated correctly and in a timely manner.

* Refer to the ANZ Super Advantage Product Disclosure Statement available at anz.com/wealth/super

An update on half yearly statementsIn line with our ongoing commitment to reducing our impact on the environment, we will no longer be issuing members half yearly statements. These were mailed to members in February each year. However, we will continue to send members their annual statement at the end of each financial year.

Members can access the most up to date information on their accounts when needed, 24 hours a day, 7 days a week via anz.com. ANZ Investor Access is a much faster and more convenient way of accessing information and is environmentally friendly too! Alternatively members can also receive the latest information on their account by calling Customer Services on 13 38 63, weekdays between 8am and 8pm (Sydney time).

What online features are available?ANZ Investor Access is a secure and easy to use online service. Using this service, members can switch between investment funds and view and print the following information about their account:

• account balances and policy details

• transaction history

• their last statement

• progress of transactions.

How do members access ANZ Investor Access?• To log in, members simply visit anz.com/wealth/super, select

the ‘Investor Access’ option on the top right hand side and click ‘log on’.

• If members are not registered for ANZ Investor Access, they can register online at anz.com/wealth/super.

• If members have forgotten their password or are unsure whether they are registered for ANZ Investor Access, members can contact Customer Services on 13 38 63.

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ING Australian Shares ING Balanced ING Blue Chip Imputation ING Capital Guaranteed

ING Capital Stable ING Cash ING Diversified Fixed Interest

■ Australian shares 15.90■ International shares 2.00■ Australian fixed interest 28.00■ International fixed interest 19.50■ Property 1.50■ Cash 33.10■ Other 0.00

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 16.20■ International fixed interest 0.00■ Property 0.00■ Cash 83.80■ Other 0.00

3 months 0.696 months 1.681 year (%) p.a 10.252 years (%) p.a 2.763 years (%) p.a 1.955 years (%) p.a 4.38

3 months 0.806 months 1.611 year (%) p.a 2.932 years (%) p.a 3.573 years (%) p.a 4.025 years (%) p.a 4.44

ING Global Property Securites ING Global Shares ING High Growth ING Managed Growth

■ Australian shares 50.60■ International shares 48.50■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.90■ Other 0.00

ANZ Super Advantage asset allocation and fund performanceOpen funds – as at 31 May 2010

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 35.30■ International fixed interest 64.20■ Property 0.00■ Cash 0.50■ Other 0.00

3 months 1.186 months 2.681 year (%) p.a 8.452 years (%) p.a 4.513 years (%) p.a 2.715 years (%) p.a 3.77

■ Australian shares 0.00■ International shares 99.40■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

3 months 5.846 months 5.471 year (%) p.a 14.772 years (%) p.a -9.213 years (%) p.a -5.305 years (%) p.a 7.80

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 106.50■ Cash -6.50■ Other 0.00

■ Australian shares 0.00■ International shares 99.40■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

■ Australian shares 39.00■ International shares 24.90■ Australian fixed interest 10.10■ International fixed interest 7.50■ Property 9.90■ Cash 6.80■ Other 1.80

■ Australian shares 45.30■ International shares 24.30■ Australian fixed interest 21.10■ International fixed interest 0.50■ Property 6.00■ Cash 0.80■ Other 2.00

3 months 0.286 months 0.591 year (%) p.a 13.562 years (%) p.a -3.133 years (%) p.a -3.555 years (%) p.a 3.60

■ Australian shares 98.90■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.10■ Other 0.00

3 months -2.756 months -3.861 year (%) p.a 20.812 years (%) p.a -7.293 years (%) p.a -5.525 years (%) p.a 6.42

■ Australian shares 98.10■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.90■ Other 0.00

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 42.50■ International fixed interest 0.00■ Property 0.00■ Cash 57.50■ Other 0.00

3 months -3.626 months -4.571 year (%) p.a 18.322 years (%) p.a -6.843 years (%) p.a -6.145 years (%) p.a 5.56

3 months 0.726 months 1.411 year (%) p.a 2.662 years (%) p.a 3.763 years (%) p.a 4.265 years (%) p.a 4.80

3 months 0.446 months 0.441 year (%) p.a 14.932 years (%) p.a -7.663 years (%) p.a -8.395 years (%) p.a 1.75

3 months 4.306 months 8.761 year (%) p.a 41.692 years (%) p.a -3 years (%) p.a -5 years (%) p.a -

3 months 3.626 months 4.771 year (%) p.a 12.752 years (%) p.a -6.793 years (%) p.a -10.655 years (%) p.a -1.90

3 months 0.476 months 0.831 year (%) p.a 15.802 years (%) p.a -4.243 years (%) p.a -5.115 years (%) p.a 3.18

ING Global Emerging Markets Shares

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ING Mortgages ING Property Securities ING Select Leaders ING Sustainable Investments

– Australian Shares

OptiMix Australian Fixed Interest OptiMix Australian Shares OptiMix Balanced OptiMix Conservative

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 78.29■ International fixed interest 0.00■ Property 0.00■ Cash 21.71■ Other 0.00

■ Australian shares 99.29■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.71■ Other 0.00

3 months 1.626 months 3.191 year (%) p.a 7.382 years (%) p.a 8.463 years (%) p.a 5.995 years (%) p.a 4.79

3 months -3.036 months -3.311 year (%) p.a 21.042 years (%) p.a -6.323 years (%) p.a -5.865 years (%) p.a 5.93

OptiMix Geared Australian Shares

OptiMix Global Emerging OptiMix Global Shares

OptiMix Global Smaller Markets Shares Companies Shares

■ Australian shares 0.00■ International shares 97.99■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 2.01■ Other 0.00

3 months 3.276 months 4.511 year (%) p.a 13.712 years (%) p.a -9.373 years (%) p.a -10.415 years (%) p.a -0.96

■ Australian shares 35.67■ International shares 28.99■ Australian fixed interest 7.75■ International fixed interest 8.59■ Property 8.19■ Cash 8.77■ Other 2.04

3 months 0.196 months 0.881 year (%) p.a 15.862 years (%) p.a -2.923 years (%) p.a -4.005 years (%) p.a 4.00

■ Australian shares 15.92■ International shares 15.37■ Australian fixed interest 26.17■ International fixed interest 12.69■ Property 5.96■ Cash 23.89■ Other 0.00

3 months 0.836 months 1.831 year (%) p.a 11.122 years (%) p.a 2.743 years (%) p.a 0.725 years (%) p.a 4.08

■ Australian shares 99.29■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.71■ Other 0.00

3 months -8.356 months -10.131 year (%) p.a 33.752 years (%) p.a -20.803 years (%) p.a -20.095 years (%) p.a -

■ Australian shares 0.00■ International shares 97.31■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 2.69■ Other 0.00

3 months 4.566 months 4.331 year (%) p.a 13.882 years (%) p.a -3 years (%) p.a -5 years (%) p.a -

■ Australian shares 0.00■ International shares 96.19■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 3.81■ Other 0.00

3 months 5.186 months 9.251 year (%) p.a 19.402 years (%) p.a - -7.163 years (%) p.a -10.255 years (%) p.a 0.44

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 99.50■ Cash 0.50■ Other 0.00

3 months -1.926 months -1.441 year (%) p.a 23.422 years (%) p.a -12.803 years (%) p.a -18.665 years (%) p.a -3.26

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 73.70■ International fixed interest 0.00■ Property 0.00■ Cash 26.30■ Other 0.00

3 months 0.876 months 1.661 year (%) p.a 3.202 years (%) p.a 3.943 years (%) p.a 4.445 years (%) p.a -

■ Australian shares 98.90■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.10■ Other 0.00

■ Australian shares 98.70■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.30■ Other 0.00

3 months -2.316 months -3.621 year (%) p.a 20.272 years (%) p.a -1.323 years (%) p.a 0.055 years (%) p.a 12.35

3 months -3.816 months -4.601 year (%) p.a 20.312 years (%) p.a -5.213 years (%) p.a -2.895 years (%) p.a 8.46

ANZ Super Advantage asset allocation and fund performanceOpen funds – as at 31 May 2010

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OptiMix Growth OptiMix High Growth OptiMix Moderate OptiMix Property Securities

AXA Global Equity Value Barclays Global Investors Barclays Global Investors Barclays Global Investors

Australian Shares Diversified Growth International Shares

■ Australian shares 0.00■ International shares 99.10■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.90■ Other 0.00

■ Australian shares 100.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months 0.036 months -0.731 year (%) p.a 6.622 years (%) p.a -17.453 years (%) p.a -18.435 years (%) p.a -

3 months -3.526 months -4.761 year (%) p.a 20.942 years (%) p.a -7.423 years (%) p.a -6.975 years (%) p.a -

BlackRock Asset Allocation Alpha Capital International Global

Colonial First State Diversified Colonial First State Imputation

Equities (Hedged)■ Australian shares 32.90■ International shares 27.50■ Australian fixed interest 6.30■ International fixed interest 7.70■ Property 18.20■ Cash 7.40■ Other 0.00

3 months 0.156 months 1.221 year (%) p.a 17.872 years (%) p.a -0.693 years (%) p.a -3.815 years (%) p.a 3.83

■ Australian shares 41.10■ International shares 29.60■ Australian fixed interest 11.40■ International fixed interest 5.00■ Property 0.00■ Cash 7.90■ Other 5.00

3 months -1.246 months -1.001 year (%) p.a 12.352 years (%) p.a -5.793 years (%) p.a -6.265 years (%) p.a -

■ Australian shares 0.00■ International shares 100.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months 1.726 months 2.491 year (%) p.a 8.302 years (%) p.a -9.273 years (%) p.a -12.475 years (%) p.a -

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 100.00

3 months 3.006 months -1.501 year (%) p.a 1.442 years (%) p.a -3 years (%) p.a -5 years (%) p.a -

■ Australian shares 0.00■ International shares 96.50■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 3.50■ Other 0.00

3 months -1.246 months 0.391 year (%) p.a 15.452 years (%) p.a -4.243 years (%) p.a -7.295 years (%) p.a 0.53

■ Australian shares 99.40■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

3 months -2.696 months -2.641 year (%) p.a 23.492 years (%) p.a -1.743 years (%) p.a -3.865 years (%) p.a 7.21

■ Australian shares 50.34■ International shares 49.06■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

3 months 0.166 months 0.511 year (%) p.a 18.142 years (%) p.a -6.673 years (%) p.a -6.655 years (%) p.a 3.28

■ Australian shares 43.50■ International shares 31.43■ Australian fixed interest 4.84■ International fixed interest 6.16■ Property 8.21■ Cash 3.77■ Other 2.09

3 months -0.136 months 0.351 year (%) p.a 17.192 years (%) p.a -4.243 years (%) p.a -5.225 years (%) p.a 3.78

■ Australian shares 25.62■ International shares 19.69■ Australian fixed interest 19.12■ International fixed interest 13.90■ Property 6.83■ Cash 12.52■ Other 2.32

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 98.03■ Cash 1.97■ Other 0.00

3 months 0.616 months 1.631 year (%) p.a 13.982 years (%) p.a 0.273 years (%) p.a -1.555 years (%) p.a 4.07

3 months -1.466 months -0.461 year (%) p.a 22.722 years (%) p.a -17.103 years (%) p.a -22.775 years (%) p.a -6.47

ANZ Super Advantage asset allocation and fund performanceOpen funds – as at 31 May 2010

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Credit Suisse Property Investors Mutual Australian

MFS Global Equity Perennial Value Shares Shares

Perpetual Australian Shares Perpetual Balanced Growth Perpetual Conservative Growth Perpetual International Shares

■ Australian shares 95.90■ International shares 1.50■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 2.60■ Other 0.00

■ Australian shares 27.80■ International shares 31.60■ Australian fixed interest 14.80■ International fixed interest 0.00■ Property 3.10■ Cash 13.90■ Other 8.80

3 months -1.556 months -1.181 year (%) p.a 24.032 years (%) p.a -2.973 years (%) p.a -3.185 years (%) p.a 7.74

3 months -0.206 months 0.981 year (%) p.a 13.632 years (%) p.a -1.853 years (%) p.a -3.305 years (%) p.a 3.76

Platinum International Russell Balanced Russell Capital Stable Russell Diversified 50

■ Australian shares 13.80■ International shares 8.20■ Australian fixed interest 19.80■ International fixed interest 25.20■ Property 5.90■ Cash 25.40■ Other 1.70

■ Australian shares 13.20■ International shares 13.30■ Australian fixed interest 39.10■ International fixed interest 0.00■ Property 0.00■ Cash 29.90■ Other 4.50

3 months 0.756 months 1.921 year (%) p.a 9.992 years (%) p.a 3.053 years (%) p.a 1.805 years (%) p.a 4.90

■ Australian shares 0.00■ International shares 98.90■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.10■ Other 0.00

3 months 0.166 months 1.581 year (%) p.a 5.942 years (%) p.a -5.543 years (%) p.a -9.105 years (%) p.a -1.04

■ Australian shares 0.00■ International shares 87.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 13.00■ Other 0.00

■ Australian shares 31.60■ International shares 26.70■ Australian fixed interest 12.30■ International fixed interest 13.40■ Property 1.20■ Cash 4.80■ Other 10.00

■ Australian shares 22.00■ International shares 19.90■ Australian fixed interest 16.80■ International fixed interest 17.90■ Property 1.80■ Cash 15.70■ Other 5.90

■ Australian shares 93.90■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 6.10■ Other 0.00

3 months -2.946 months -2.441 year (%) p.a 21.042 years (%) p.a -2.413 years (%) p.a -3.955 years (%) p.a -

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 99.30■ Cash 0.70■ Other 0.00

3 months -0.806 months 1.021 year (%) p.a 22.382 years (%) p.a -19.003 years (%) p.a -22.615 years (%) p.a -

■ Australian shares 0.00■ International shares 95.60■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 4.40■ Other 0.00

■ Australian shares 98.20■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.80■ Other 0.00

3 months 1.526 months 3.071 year (%) p.a 11.452 years (%) p.a -3.463 years (%) p.a -6.265 years (%) p.a -

3 months -3.226 months -3.871 year (%) p.a 21.272 years (%) p.a -2.453 years (%) p.a -2.885 years (%) p.a -

ANZ Super Advantage asset allocation and fund performanceOpen funds – as at 31 May 2010

3 months 1.176 months 3.331 year (%) p.a 13.382 years (%) p.a 3.253 years (%) p.a 1.545 years (%) p.a 4.56

3 months 2.326 months 4.141 year (%) p.a 9.652 years (%) p.a 8.723 years (%) p.a 2.635 years (%) p.a -

3 months 0.226 months 2.141 year (%) p.a 18.072 years (%) p.a -2.733 years (%) p.a -4.155 years (%) p.a 3.56

3 months 0.866 months 2.841 year (%) p.a 14.152 years (%) p.a -3.463 years (%) p.a -3.915 years (%) p.a 2.49

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Russell Growth Schroder Australian Equity Schroder Balanced UBS Balanced

UBS Defensive Investment UBS Diversified Fixed Interest Vanguard Australian Shares Vanguard International Shares

Index Index

■ Australian shares 16.50■ International shares 15.10■ Australian fixed interest 23.20■ International fixed interest 24.40■ Property 5.90■ Cash 2.30■ Other 12.60

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 61.00■ International fixed interest 39.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months 1.306 months 2.581 year (%) p.a 11.012 years (%) p.a 3.063 years (%) p.a 0.795 years (%) p.a 3.95

3 months 1.396 months 2.901 year (%) p.a 9.982 years (%) p.a 9.513 years (%) p.a 5.735 years (%) p.a 4.90

Vanguard International Shares Vanguard Property Securities Zurich Investments Global Zurich Investments Index (Hedged) Index Thematic Shares Managed Growth

■ Australian shares 0.00■ International shares 96.70■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 3.30■ Other 0.00

3 months 2.176 months 1.641 year (%) p.a 2.462 years (%) p.a -4.753 years (%) p.a -4.895 years (%) p.a -

■ Australian shares 100.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months -3.256 months -3.811 year (%) p.a 20.842 years (%) p.a -6.613 years (%) p.a -6.125 years (%) p.a 6.17

■ Australian shares 0.00■ International shares 100.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months 1.366 months 2.271 year (%) p.a 7.672 years (%) p.a -7.563 years (%) p.a -10.485 years (%) p.a -0.83

■ Australian shares 0.00■ International shares 100.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 0.00

3 months -1.056 months 1.301 year (%) p.a 19.222 years (%) p.a -3 years (%) p.a -5 years (%) p.a -

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 100.00■ Cash 0.00■ Other 0.00

3 months -0.756 months 0.541 year (%) p.a 27.772 years (%) p.a -18.533 years (%) p.a -22.445 years (%) p.a -

■ Australian shares 36.60■ International shares 29.60■ Australian fixed interest 11.60■ International fixed interest 4.20■ Property 7.70■ Cash 10.30■ Other 0.00

3 months -0.156 months 1.401 year (%) p.a 13.882 years (%) p.a -1.643 years (%) p.a -2.735 years (%) p.a -

■ Australian shares 98.10■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.90■ Other 0.00

3 months -1.616 months -0.771 year (%) p.a 25.722 years (%) p.a -0.323 years (%) p.a -2.795 years (%) p.a -

■ Australian shares 39.10■ International shares 37.30■ Australian fixed interest 3.90■ International fixed interest 4.50■ Property 1.60■ Cash 2.20■ Other 11.40

3 months -0.446 months 1.321 year (%) p.a 19.662 years (%) p.a -5.663 years (%) p.a -6.775 years (%) p.a 3.46

■ Australian shares 36.80■ International shares 20.30■ Australian fixed interest 12.30■ International fixed interest 2.10■ Property 0.00■ Cash 8.50■ Other 20.00

■ Australian shares 31.10■ International shares 35.40■ Australian fixed interest 8.10■ International fixed interest 5.30■ Property 5.90■ Cash 1.70■ Other 12.50

3 months 0.946 months 2.331 year (%) p.a 17.302 years (%) p.a 1.603 years (%) p.a -0.145 years (%) p.a -

3 months 0.506 months 1.331 year (%) p.a 14.742 years (%) p.a -0.073 years (%) p.a -2.695 years (%) p.a 3.70

ANZ Super Advantage asset allocation and fund performanceOpen funds – as at 31 May 2010

10

ING European Shares ING Global Sector ING Protected Growth ING Wholesale Australian Shares

Advance Imputation AMP Capital Equity ANZ Diversified

ANZ Superannuation Pool –

Stable Australian Fixed Interest

■ Australian shares 97.80■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 2.20■ Other 0.00

■ Australian shares 99.10■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.90■ Other 0.00

3 months -3.176 months -3.251 year (%) p.a 20.272 years (%) p.a -3.253 years (%) p.a -3.055 years (%) p.a 6.47

3 months -4.376 months -2.991 year (%) p.a 22.462 years (%) p.a -5.543 years (%) p.a -3.815 years (%) p.a -

ANZ Superannuation Pool - BT Wholesale Asian Share

Rothschild Smaller Companies Russell International Bond Diversified Stable Wholesale Trust - $A Hedged Fund

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.00■ Other 100.00

3 months -1.126 months -2.211 year (%) p.a 30.562 years (%) p.a -5.413 years (%) p.a -5.685 years (%) p.a 9.67

■ Australian shares 22.50■ International shares 13.00■ Australian fixed interest 44.90■ International fixed interest 11.50■ Property 6.20■ Cash 0.80■ Other 1.10

3 months 0.486 months 1.641 year (%) p.a 11.102 years (%) p.a 1.533 years (%) p.a 0.165 years (%) p.a 3.83

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 99.40■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

3 months 0.996 months 2.571 year (%) p.a 5.382 years (%) p.a 7.163 years (%) p.a 5.315 years (%) p.a 4.65

■ Australian shares 22.50■ International shares 13.00■ Australian fixed interest 45.00■ International fixed interest 11.60■ Property 6.20■ Cash 0.60■ Other 1.10

3 months 0.416 months 1.531 year (%) p.a 10.952 years (%) p.a 1.183 years (%) p.a -0.165 years (%) p.a 3.58

■ Australian shares 0.00■ International shares 99.92■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.08■ Other 0.00

3 months 4.836 months 2 6.551 year (%) p.a 13.612 years (%) p.a -1.793 years (%) p.a -2.325 years (%) p.a 7.48

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 16.03■ International fixed interest 83.97■ Property 0.00■ Cash 0.00■ Other 0.00

3 months 2.856 months 5.761 year (%) p.a 16.472 years (%) p.a 8.523 years (%) p.a 6.685 years (%) p.a 5.10

■ Australian shares 0.00■ International shares 99.50■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.50■ Other 0.00

3 months 0.826 months 1.331 year (%) p.a 7.952 years (%) p.a -8.383 years (%) p.a -10.305 years (%) p.a -1.63

■ Australian shares 0.00■ International shares 99.40■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 0.60■ Other 0.00

3 months -3.736 months -7.901 year (%) p.a 0.022 years (%) p.a -9.963 years (%) p.a -11.175 years (%) p.a -0.47

■ Australian shares 0.00■ International shares 0.00■ Australian fixed interest 1.10■ International fixed interest 0.00■ Property 0.00■ Cash 69.90■ Other 29.00

■ Australian shares 98.90■ International shares 0.00■ Australian fixed interest 0.00■ International fixed interest 0.00■ Property 0.00■ Cash 1.10■ Other 0.00

3 months 0.086 months 0.221 year (%) p.a 4.892 years (%) p.a -1.323 years (%) p.a -2.835 years (%) p.a -

3 months -2.826 months -4.021 year (%) p.a 20.832 years (%) p.a -7.573 years (%) p.a -5.815 years (%) p.a 6.44

ANZ Super Advantage asset allocation and fund performanceClosed funds - as at 31 May 2010*

*Funds closed to new members. These funds remain open for members who invested in them prior to 1 October 2003, or where these investment funds formed part of an employer default investment strategy established prior to 1 October 2003.

anz.com

Australia and N

ew Zealand B

anking Group Lim

ited (AN

Z) ABN

11 005 357 522. AN

Z’s colour blue is a trade mark of A

NZ.

M1708/0610

The Heron Partnership, ‘Heron 5 Quality Star Rating’ 2010. Chant West 5 apples for ING Australia’s OptiMix Manage the Manager process in the multi manager category 2010 rating. The Rainmaker AAA Selecting Super Fund Quality Assessment 2010. For more information refer to www.heronpartners.com.au, www.chantwest.com.au and www.selectingsuper.com.au

This information is current as at July 2010 but may be subject to change. This information is intended only to provide you with general information and, while the sources for the material are considered reliable, no responsibility is accepted for any inaccuracies, errors or omissions. This information must not be reproduced without the issuer’s prior written permission. Before making a decision based on this information, you must consider its appropriateness having regard to your objectives, financial situation and needs and consider the relevant ANZ Super Advantage Product Disclosure Statement which is available at www.anz.com or by calling Customer Services. You should consider consulting a financial adviser before making any investment decision. ANZ Super Advantage is a product within the ING MasterFund (ABN 53 789 980 697, RSE R1001525, SFN 292 916 944) (the Fund). ING Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) is the trustee of the Fund and also the issuer of this Super eUpdate. ING Custodians Pty Limited is a subsidiary of ING Australia Limited (ABN 60 000 000 779) which is a subsidiary of Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234527). Capital is not guaranteed and returns can go up and down. Past performance is not indicative of future performance.

ANZ is an authorised deposit taking institution (ADI) under the Banking Act 1959. The issuer is not an ADI and an investment in ING Custodians Pty Limited is neither a deposit nor liability of ANZ or any member of the ANZ Group, other than ING Life Limited ABN 33 009 657 176 for any insurance policy it issues or ANZ in relation to any ANZ bank account. Neither ANZ nor any member of the ANZ Group stands behind or guarantees the issuer or the capital or performance of any securities issued to, or assets held by, you.

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ING Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 RSE L0000673 347 Kent Street Sydney NSW 2000