Optimiser I (Series 2005-04)

Product Performance Update

Equity First

Protection First

Optimiser I is no longer available for description. For more information about Optimiser I please refer to the Product Disclosure Statement (pdf 654kb)

Investment Analysis (as at 6 October 2008):

Reference Asset	Asset Class	Starting Level	Closing Level	% Return
DJ EURO STOXX 50	Equities	3384.15	2868.97	-15.22%
Hang Seng	Equities	14839.3	16803.76	13.24%
Nikkei 225	Equities	13359.51	10473.09	-21.61%
S&P 500	Equities	1191.49	1056.89	-11.30%
Citigroup World Government Bond Index	Bonds/Currencies	523.92	635.8178	21.36%
Australian Dollar Exchange Rate	Bonds/Currencies	0.7572	0.7139	-5.72%
Aluminum	Commodities	1880.5	2207	17.36%
Copper	Commodities	4043	5649	39.72%
Crude oil	Commodities	61.36	87.81	43.11%
Natural Gas	Commodities	13.375	6.835	-48.90%

Asset Class Return:

Asset Class	Average Return
Equities	-8.72%
Bonds/Currencies	7.82%
Commodities	12.82%

Investment Profile Return:

Investment Profile	Profile Return
Equities-biased²	-0.60%
Balanced³	3.97%
Commodities-biased¹	8.84%

¹Weighted 60% Equities, 10% Bonds, 30% Commodities
²Weighted 1/3 Equities, 1/3 Bonds, 1/3 Commodities
³Weighted 15% Equities, 15% Bonds, 70% Commodities

The Best Performing Investment Profile as at 6 October 2008 was the Commodities-biased Profile.
On Maturity, 6 October 2008, the Final Value per Unit was 107.957%.

Participation Rate:
The Participation Rate for Optimiser I is 90%. The Final Value per Unit on the Maturity Date will be the greater of the Minimum Return OR the product of the Participation Rate and the Best Performing Investment Profile. The Minimum Return is 4.5% based on the Issue Price of $1.00.* *
* Prior to the Maturity Date, the Asset Class Return and the Investment Profile Return are not an accurate indication of the likely future performance of the Optimiser I. Following the Maturity date, the Final Value will be determined with reference to the Best Performing Investment Profile as at the Maturity Date.

* * The Minimum Return figure of 4.5% is a total return figure over the 3-year term, this is equivalent to a simple annualised return of 1.5% per annum.

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