Summit® SelectMulti-ManagerInvestmentOptionsProduct Disclosure Statement

Issue number 6Issued 18 December 2020Issued by ipac asset management limited ABN 22 003 257 225, AFSL 234655® Registered trademark of NMMT Limited ABN 42 058 835 573, AFSL 234653

Unit classAPIR codeARSNRegistered name ofthe InvestmentOption

Investment Option

K Active DefensiveNMM0106AU

089 026 871Summit Select Trust

Defensive

K Active Moderately DefensiveNMM0107AUModerately Defensive

K Active BalancedNMM0108AUBalanced

K Active GrowthNMM0109AUGrowth

K Active High GrowthNMM0110AUHigh Growth

Important informationipac asset management limited (ABN 22 003 257 225, AFSL 234655),is the Responsible Entity of the Summit Select Trust ('the Trust' or 'theFund') and issuer of this Product Disclosure Statement (PDS). No othercompany in the AMP Group is responsible for any statements orrepresentations made in this PDS.

The Trust is a managed investment scheme registered under theCorporationsAct 2001 (Cth), referred to in this PDSas the ‘CorporationsAct’. The Trust operates as a single unit Trust with 10 seperate andidentifiable portfolios of assets, of which 5 are offered under this PDSrepresented by different classes of units. Each class of units has adifferent investment objective and is referred to in this PDS as an‘Investment Option’.

The Responsible Entity has appointed AMP Capital Investors Limited(ABN 59 001 777 591, AFSL 232497) ('AMP Capital' or 'the PortfolioManager') as the portfolio manager of the Investment Options. TheResponsible Entity has also appointed AMP Capital to provide otherfund related services, including thepreparationof this PDS.Nocompanyin the AMP Group other than the Responsible Entity is responsible forthe preparation and issue of this PDS or for any statements orrepresentations made in this PDS.

AMP Capital has provided consent to the statements about them inthis PDS and have not withdrawn that consent prior to the issue ofthis PDS.

An investment in the InvestmentOptions is subject to investment risk,including possible delays in repayment and loss of income and capitalinvested. The Responsible Entity, AMP Capital and associatedcompanies, and any investment manager do not assume any liabilityto investors in connection with investment in the Investment Optionor guarantee the repayment of capital, payment of income, or theperformance of the Investment Options or a particular rate of return.Investments in the Investment Options are not deposits or liabilitiesof any company in the AMP Group or of any investmentmanager. Theobligationsof theResponsible Entity arenotguaranteedbyAMPCapitalor any associated companies or any investment manager.

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

Unless otherwise specified, all dollar amounts in this PDSareAustraliandollars.

The Responsible Entity, Portfolio Manager and AMP Capital are partof the AMP Group.

About this Product Disclosure Statement(PDS)This PDS contains important information about investing in theInvestment Options and may be used by platform operators, to applyfor units in the Investment Options. The platform operators can givethis PDS to their customers (indirect investors) to provide themwithinformation to assist them inmaking adecision about instructing theirplatform operator to invest in the Investment Options on their behalf.Platformoperators are theunit holder in the InvestmentOptions; theirrights differ from the rights of indirect investors, who are not unitholders (see the ‘Other important information’ section of this PDS).

Before making a decision about investing or reinvesting in theInvestment Options, all investors should consider the information inthe PDS. A copy of the current PDS can be obtained free of charge, onrequest by contacting AMP Capital on 1800 658 404.

Information in this PDS can help investors compare the InvestmentOptions to other funds they may be considering. The information inthis PDS is general information only and does not take into accountany investor’s personal objectives, financial situation or needs. Allinvestors should obtain financial advice that is tailored to theircircumstances.

Throughout this PDSTo be read as:References to:

Australian Securities and Investments Commission'ASIC'

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

'investor', 'unit holder' or 'you'

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

'financial adviser'

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

AMP Capital Investors Limited'AMP Capital', the Portfolio Manager, 'we','our' or 'us'

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

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

'platform operator'

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

4About ipac asset management limited

5About the Summit Select Multi-Manager InvestmentOptions

10Risks of investing

13Fees and other costs

19Taxation

20Distributions

21Investing in the Summit Select Multi-ManagerInvestment Options

23Accessing your money

24Keeping you informed

25Other important information

30Applying for an investment

3

Contents

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

As Responsible Entity of the Trust, ipac is responsible for theoperationof theTrustunder the constitution, theCorporationsAct and general laws. The Responsible Entity has appointedAMP Capital Investors Limited (also part of the AMPGroup) asthe Portfolio Manager of the Trust.

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

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

About AMP CapitalAMP Capital is a global investment manager with a largepresence in Australia. As part of the AMP Group, we share aheritage that spans more than 170 years.

Our home strength in Australia and New Zealand has enabledus to grow internationally, and today we have operationsestablished in Dubai, China, Hong Kong, Singapore, India,Ireland, Japan, Luxembourg, the United Kingdom and theUnited States. We also collaborate with a network of globalinvestment partners, leveraging our shared capabilities toprovide greater access to new investment opportunities.

Our asset class specialists, investment strategists andeconomists work together with the aim of delivering stronginvestment outcomes for clients. That is why our clients trustus to invest over A$190 billion (as at 30 June 2020) on theirbehalf, across a range of single sector and diversified funds.

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

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

4

About ipac asset management limited

The Trust offers active Investment Options. The activeInvestment Options combine specialist investment managersto select investments with the aim to achieve a return abovea pre-defined benchmark over a specified period.

Each InvestmentOptionmay invest in a variety of asset classesincluding shares, property, fixed interest, cash andalternatives– both in Australia and overseas. Investments will be made inmanaged investment schemes whose assets are managed byspecialist managers selected for their expertise in each assetclass.

Eachof theactive InvestmentOptions–Defensive,ModeratelyDefensive, Balanced, Growth and High Growth – invest in adifferent combination of growth and defensive assets and hasa different risk profile.

Growth assets (such as shares and property) are generallyexpected to generate higher long-term returns than defensiveassets (such as cash and fixed interest), but with greatervolatility. Generally, the higher the amount of growth assetsin a portfolio, the greater the potential long-term return andthe higher the risks associated with that portfolio.

Further details oneachof the InvestmentOptionsareprovidedon pages 6 to 9.

When you invest in the Trust you are allocated units of aparticular class. This type of trust is called a ‘managedinvestment scheme’. The Trust is divided into a number ofclasses of units. Each Investment Option represents one ofthose classes of units (see page 25 for more details).

In all Investment Options the money of individual investors ispooled and invested according to the Investment Option’sinvestment objective. You do not have any direct ownership ofthe underlying assets held in the Trust. It is the PortfolioManager and specialist investment managers who will havethe day to day control of the Trust.

The offer of securitiesmade under this PDS is only available toclients accessing it through a platform operator.

For more information about investing through a platformoperator please see page 22.

ipac is responsible for the management of the Trust, inconsultation with NMMT Limited (NMMT) ABN 42 058 835573, AFSL 234653, a member of the AMP group.

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

Further information about the Investment Options is alsoavailable online at northonline.com.au/summit. Thisinformation may include performance reports.

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

At a glance

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

Indirect investors

Platform operatorsMinimum investment

amounts(i)

Minimum investment amounts, fees and costs are subject to thearrangements between indirect investors and their platform operators.

Initial – $500,000Additional – $5,000

Platform operatorsManagement costs0.85% pa to 1.11% pa

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

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

(i) The Responsible Entity reserves the right to vary these minimums.

5

About the Summit Select Multi-ManagerInvestment Options

Active Investment OptionsThere are five diversified active InvestmentOptions that utilisea primarily active approach to investing.

Specialist investment managers have been appointed to carryout the day-to-day investment of each active InvestmentOption. The PortfolioManager conducts extensive research toselect specialist investmentmanagers for theactive InvestmentOptions. These managers range from large global firms toboutiquemanagers. The Portfolio Manager then blends thesemanagers to construct multi-manager portfolios that aim toachieve the investment objectives of the relevant InvestmentOption as outlined on pages 7 to 8 of this PDS.

Changes to investment managersArigorousmonitoringand reviewprocess is employed toensureinvestment managers continue to manage according to theagreed strategy, with the aim of achieving the investmentobjectives of each active Investment Option. ipac may changethe investment managers or their allocations at any timewithoutpriornotice.Up-to-date informationon the investmentmanagers is available from your financial adviser or bycontacting North Service Centre on 1800 667 841.

Your investment in the Investment OptionsThe money from individual investors is pooled and investedaccording to the investment objective and asset allocationstrategy for each Investment Option. You do not have directownership of the underlying assets held by the InvestmentOptions. The offer of units made under this PDS is onlyavailable to indirect investors accessing it through a platformoperator. For more information about investing through aplatform operator please see page 22.

6

BalancedModerately DefensiveDefensiveSummit SelectInvestmentOptions

To provide moderate growth in yourinvestment over the medium to longterm with moderate fluctuations invalue likely.

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

To provide some growth in yourinvestment over the short to mediumterm with smaller fluctuations in valuethan the other Active InvestmentOptions.

Investmentobjective

To invest in a diversified mix of growthand defensive assets. Growth assetssuch as equities and property will have

To invest in a diversified mix of growthand defensive assets. Growth assetssuch as equities and property will have

To invest in a diversified mix ofpredominantly defensive assets such ascash and fixed interest with an average

Investmentstrategyi

an average allocation over time of 70%,an average allocation over time of 50%,allocation over time of 30% invested inwith the balance in defensive assetswith the balance in defensive assetsgrowth assets such as equities andsuchas cashand fixed interest. To investusing a range of complementaryspecialist investment managers.

such as cash and fixed interest. To investusing a range of complementaryspecialist investment managers.

property. To invest using a range ofcomplementary specialist investmentmanagers.

Range%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classAsset allocationii

0-3520Fixed interest15-5032Fixed interest15-7043Fixed interest

0-103Alternativedefensive0-103Alternative

defensive0-103Alternativedefensive

0-307Cash0-5015Cash0-5024Cash

30Total defensive50Total defensive70Total defensive

20-4029Australianshares10-3020Australian

shares0-2011Australianshares

20-4030Internationalshares10-3021International

shares0-2011Internationalshares

0-20

7Listed real

assetsiii0-20

7Listed real

assetsiii0-20

5Listed real

assetsiii

0Unlisted realassets

0Unlisted realassets0Unlisted real

assets

0-104Alternativegrowth0-102Alternative

growth0-103Alternativegrowth

70Total growth50Total growth30Total growth

5 years4 years3 yearsMinimumsuggestedinvestmenttimeframe

Medium to highMedium to highLow to mediumRisk level

553Risk band iv

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

i. The Responsible Entity may change the Trust's investment objective or investment strategy, from time to time, if it considers it to be in the bestinterests of investors. If it does so, it will advise investors.

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

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

in the Risk measure categories table on page 9). Information about the methodology used for calculating the risk level can be obtained bycontacting us. This is not a complete description of the risks of investing in the Investment Option. Consequently, before choosing to invest orreinvest in the Investment Option, you should read this PDS, and consider factors such as the likely investment return, the risk of investing andyour investment timeframe.

7

High GrowthGrowthSummit SelectInvestmentOptions

To provide high growth in your investment over the longtermwith larger fluctuations in value likely when comparedto other Active Investment Options.

To providemoderate to high growth in your investment overthe long term with larger fluctuations in value likely whencompared to other Active Investment Options (excludingHigh Growth).

Investmentobjective

To invest in a diversified mix of growth assets such asequities and property that will have an average allocationover time of 97% with the balance in cash. To invest using arange of complementary specialist investment managers.

To invest in adiversifiedmixof predominantly growthassets.Growth assets such as equities and property will have anaverage allocation over time of 85%, with the balance indefensive assets such as cash and fixed interest. To investusing a range of complementary specialist investmentmanagers.

Investmentstrategyi

Range%

Long-termtarget%

Asset classRange%

Long-termtarget%

Asset classAsset allocationsii

0-150Fixed interest0-257Fixed interest

0-100Alternative defensive0-103Alternative defensive

0-203Cash0-205Cash

3Total defensive15Total defensive

30-5539Australian shares25-4535Australian shares

30-6047International shares20-6040International shares

0-206Listed real assetsiii

0-207Listed real assetsiii

0Unlisted real assets0Unlisted real assets

0-105Alternative growth0-103Alternative growth

97Total growth85Total growth

6 years6 yearsMinimumsuggestedinvestmenttimeframe

HighHighRisk level

66Risk band iv

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

i. The Responsible Entity may change the Trust's investment objective or investment strategy, from time to time, if it considers it to be in the bestinterests of investors. If it does so, it will advise investors.

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

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

in the Risk measure categories table on page 9). Information about the methodology used for calculating the risk level can be obtained bycontacting us. This is not a complete description of the risks of investing in the Investment Option. Consequently, before choosing to invest orreinvest in the Investment Option, you should read this PDS, and consider factors such as the likely investment return, the risk of investing andyour investment timeframe.

8

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

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

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

underlyingphysical holdingsand subject to the InvestmentOptions' investment guidelines

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

– enhancing returns by taking advantage of favourablemispricingswithin amarket, as a cost-effective alternativeto purchasing physical assets, and

– implementing the investmentobjectivesof the InvestmentOptions.

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

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

Risk measure categoriesThe tablebelowsetsout the standard riskmeasurebands/levelsused for each Investment Option based on the estimatednumber of negative annual returns that a fundmayexperienceover any 20-year period.

Estimated number ofnegative annualreturns over any20-year period

Risk levelRisk band

Less than 0.5Very low1

0.5 to less than 1Low2

1 to less than 2Low to medium3

2 to less than 3Medium4

3 to less than 4Medium to high5

4 to less than 6High6

6 or greaterVery high7

Securities lendingThe Investment Options do not engage in securities lending.However, underlying funds in which the Investment Optionsinvest, may lend securities from time to time, depending onmarket conditions.

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

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

Environmental, social and governance (ESG)considerationsAMP Capital will take account of labour standards,environmental, social, ethical and governance considerationsin the selection, retention or realisation of investments acrossall asset classes (other than as noted below), in themanner setout in the ‘Other important information’ section of thisdocument. However, where AMP Capital or an investmentmanager invests in a pooled vehicle or fund managed by anexternal investment manager and AMP Capital is unable toinfluence exclusive control over the investable universe of sucha vehicle or fund, thenegative screening outlined is not appliedand such an investmentwill be subject towhatever ESG policyis adopted by the investmentmanager of that vehicle or fund.

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

9

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

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

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

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

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

the risk of loss of invested capital.

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

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

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

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

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

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

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

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

Asset allocationThere is noguarantee that the Fund’s asset allocationapproachwill provide positive investment performance at all stages ofthe investment cycle.

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

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

International investments

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

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

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

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

10

Risks of investing

developed which could lead to delays in settling tradesand registering transfers of securities.

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

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

Alternative assets

– The degree of transparency for investment in alternativeassets is often lower than for investments in traditionalasset classes.

– Investment risks such as credit risk (the risk of default bya counterparty) and liquidity risk (risk that a fund cannoteasily unwind or offset a particular position, especially ina market downturn), and market impact risk (difficultyentering or exiting positionswithout unduly affecting themarket) may be magnified.

– Positionsmay be leveraged through the use of derivatives,gearing and short selling.

– Investment returns are often generated by the strategiesused by the alternative asset fund manager rather thanthrough exposure to specific markets or assets, whichmeans that these investments may underperform otherindex-based investments, such as share marketinvestments, particularly in times of strong economicgrowth.

– The carrying value of the Fund's investments used togenerate the Fund's unit price may not reflect theircurrently realisable value. This may be due to a range offactors, including buy/sell spreads, liquidity pressures,market sentiment at the time of sale, the volumeof assetsbeing sold, availability of willing purchasers for an assetand delays between valuation and realisation of an asset.

You should be aware that there are other risks associatedwithinvestment in alternative assets which relate directly to thespecific type of asset, and you should seek appropriate advicebefore investing.

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

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

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

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

DerivativesThere are risks of losses to the Fund through the use ofderivatives, andwherederivatives areusedbyunderlying fundsin which the Investment Options invest, including:– the value of a derivative may not move in line with the

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

on financial or contractual obligations.

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

11

Investment managementThere is a risk that the investment managers will not performto expectation or factors such as changes to the investmentteamor a changeof investmentmanagermayaffect the Fund’sperformance.

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

Where the Fund has exposure to investments which aregenerally considered to be illiquid, itmay be subject to liquidityrisk.

Wemanage the Investment Option's portfolio with the aim ofensuring that exposure to illiquid assets is nogreater than20%.However, in circumstanceswhere the Fund's portfolio consistsof less than 80% in value of liquid assets, we may not be abletomeetwithdrawal requestswithin theperiods specifiedunderthe 'Payment times' section of this document.

Wewill notmeetwithdrawal requests if the Fund ceases to be'liquid' for the purposes of the Corporations Act. Wemay atour discretion offer investors the opportunity to makewithdrawals where the Fund is not 'liquid' during this period,as set out under the 'Processing withdrawal requests' sectionof this PDS.

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

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

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

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

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

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

– Ensure you have read the most up-to-date Summit SelectMulti-Manager Investment Options PDS.

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

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

12

DID YOU KNOW?

Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns.For example, total annual fees and costs of 2% of your investment balance rather than 1% could reduce your final return by upto 20% over a 30 year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member servicesjustify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs whereapplicable. Ask the fund or your financial adviser.

TO FIND OUTMORE

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

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

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

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

Unless otherwise specified, all dollar amounts are Australian dollars.

13

Fees and other costs

Table 1Summit Select Multi-Manager Investment Options

How and when paidAmountType of fee or cost

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

Not applicableNilEstablishment feeThe fee to open yourinvestment.

Not applicableNilContribution feeThe fee on each amountcontributed to your investment.

Not applicableNilWithdrawal feeThe fee on each amount youtake out of your investment.

Not applicableNilExit feeThe fee to close yourinvestment.

Management costsi

Management costs are comprised of:0.85% pa of theInvestmentOption's netassets

DefensiveThe fees and costsfor managingyour investment.

– management feesii - calculated daily and paid monthlyout of the Investment Options' assets and reflected inthe unit price.0.90% pa of the

InvestmentOption's netassets

ModeratelyDefensive – indirect costsiii - calculated on the basis of the

Responsible Entity's reasonable estimate or knowledgeof such costs and paid out of the Investment Options'

1.00% pa of theInvestmentOption's netassets

Balanced assets or interposed vehicle'siv assets once the cost isincurred and reflected in the unit price.

1.09% pa of theInvestmentOption's netassets

Growth

1.11% pa of theInvestmentOption's netassets

High Growth

Service fees

Not applicableNilSwitching feeThe fee for changinginvestment options.

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

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

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

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

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

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

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

Table 2

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

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

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

$5,000ii each year.

1.00% pa of theInvestmentOption's netassets

Plus

Management costsi

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

Equals

Cost of the Investment Optioniii

$5,000i

What it costs youwill dependon the fund you choose and the fees younegotiate.

i. Management costs are expressed as a percentage of the Balanced Investment Option's net assets. Management costs aremadeup of a management fee of 0.85% pa and estimated indirect costs of 0.15% pa. The sum of these figures may differ to the totalmanagement costs, due to rounding.

ii. This cost does not include the management costs charged on the additional $5,000 investment. The additional managementcosts would be $50if you had invested the $5,000 for a full 12 months.

iii. This cost does not include any advice fees paid to your financial adviser.

Additional explanation of fees and costs

Management costsManagement costs are expressed as a percentage of the Investment Options' net assets, unless otherwise stated rounded to twodecimal places. Management costs are made up of a management fee and estimated indirect costs. Any management fees,performance fees, recoverable expenses or indirect costs charged by interposed vehicles are included in the management costs inTable 1; they are not an additional cost to you.

Management costs componentsThe management costs shown in Table 1 comprise the following components. The sum of these figures may differ to the totalmanagement costs, due to rounding. All figures in the table beloware expressed as apercentageof thenet assets of the InvestmentOptions.

Indirect costsManagementfee

Investment Option

Estimated otherindirect costs

Estimatedperformance-related

fee

Recoverableexpensesiv

0.09% pa0.05% pa0.07% pa0.65% paDefensive

0.08% pa0.04% pa0.02% pa0.75% paModerately Defensive

0.08% pa0.05% pa0.01% pa0.85% paBalanced

0.08% pa0.05% pa0.02% pa0.95% paGrowth

0.04% pa0.01% pa0.04% pa1.025% paHigh Growth

iv. The recoverable expenses are the expenses reimbursed from the Investment Options in the previous financial year. Pastrecoverable expenses reimbursed from the Investment Options may not be a reliable indicator of future recoverable expenses.See the 'Recoverable expenses' section on page 16.

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

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

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

Generally, an interposed vehicle is a body, trust or partnershipin which the Investment Option's assets are invested. Itincludes, for example, an underlying Investment Option.

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

recoverable expenses, performance-related fees and anyother indirect costs of underlyingmanagers or interposedvehicles in which the Investment Options invest), and

– a reasonable estimate of the costs of investing inover-the-counter (OTC) derivatives (either at an InvestmentOption level or in interposed vehicles), whichmay be usedby the Investment Options to gain economic exposure toassets.

The amount of indirect costs shown in the 'Management costscomponents' table is based on the Responsible Entity'sknowledge of, or where required, reasonable estimate of, suchcosts. Indirect costs are generally calculated on the basis ofindirect costs paidby the InvestmentOptions in the InvestmentOptions' previous financial year. As such, the actual indirectcosts may differ from the amount shown in the 'Managementcosts components' table. Indirect costs are deducted from thereturns on your investment or from the Investment Options'assets as a whole. They are reflected in the unit price and arenot an additional cost to you. Estimated indirect costs areincluded in the management costs in Table 1.

Recoverable expenses

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

TheResponsible Entitymayalso recover other expenses relatingto the operation of the Trust. These expenses include but arenot limited to audit and legal fees, tax andaccounting services,custody, administration and registry services, regulatorycompliance, the cost of preparing disclosure documents andcosts associated with a securities lending program (ifapplicable). Internal expenses incurred in connectionwith thesematters may also be recovered from the Trust. Recoverableexpenses are included in the management costs in Table 1.

Estimatedperformance-related feesofunderlying InvestmentOption(s)

The Investment Options do not charge a performance fee.However, a performance-related fee of up to 30.78% (inclusiveof Goods and Services Tax (GST) less reduced input tax credits)of an underlying manager's outperformance of the portion ofan Investment Option's assets they are managing may becharged, based on the underlying manager's outperformanceabove their relevant benchmark.

Underlyingmanager's performance-related fee example If youinvested $500,000 in an Investment Option and 20% of theInvestment Option's assets are managed by an underlyingmanager that has a performance-related fee and theyoutperform their performance benchmark index by 1% in ayear, the indirect cost to you would be $307.80. This estimateis inclusive ofGST less reduced input tax credits, and is providedas an example only and is not a forecast. The actualperformance-related fee may be higher, lower or not payableat all.

Updated fees and costs informationThe management costs components are based on theResponsible Entity's actual knowledge, or reasonable estimate,of the particular fee or cost. Estimates may be based on anumberof factors, including (where relevant), previous financialyear information, information provided by third parties or asa result of making reasonable enquiries, and typical costs ofthe relevant investment. As such, the actual fees and costsmaydiffer and are subject to change from time to time. Updatedinformation that is not materially adverse to investors will beupdated online atwww.ampcapital.com/pds-updates, or youmay obtain a paper copy or an electronic copy of any updatedinformation from us, free of charge, on request. However, if achange is considered materially adverse to investors, theResponsible Entitywill issuea replacementPDSand/orupdatedincorporated information, bothofwhichwill beavailableonline.You can also obtain a copy of these documents free of charge,by contacting us.

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Transactional and operational costsThe Investment Options incur transactional and operationalcostswhen dealingwith the assets of the InvestmentOptions.Transactional and operational costsmay include transactionalbrokerage, clearing costs, stamp duty, the buy and sell spreadsof any underlying Investment Option and the costs of (ortransactional andoperational costs associatedwith)derivatives.These costs will differ according to the type of assets in anInvestment Option, or the purpose for which any derivativesare acquired, and will be paid out of the relevant InvestmentOption's assets.

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

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

Transactional andoperationalcosts (as%of thenet assets of

the Investment Option)

Investment Option

0.30%Defensive

0.27%Moderately Defensive

0.25%Balanced

0.24%Growth

0.21%High Growth

Buy and sell spreads

Transactional and operational costs associated with dealingwith an Investment Option’s assets may be recovered by thatInvestmentOption from investors, in addition to the feesnotedin Table 1.

Investments and withdrawals may incur buy and sell spreads,which are designed to ensure, as far as practicable, that anytransactional and operational costs incurred as a result of aninvestor entering or leaving an Investment Option are borneby that investor, and not other investors.

Buy and sell spreads are calculated based on the actual orestimated costs an InvestmentOptionmay incurwhen buyingor selling assets. They will be influenced by our experience ofthe costs involved in trading these assets in different marketconditions or the costs that an InvestmentOption has actuallypaid, and will be reviewed whenever necessary to ensure theyremain appropriate.

When you enter or leave an Investment Option, any buy or sellspread applicable at that time is a cost to you, additional tothe fees noted in Table 1, and is reflected in the unit price. Thebuyand sell spreadsare retainedwithin the InvestmentOption,as assets of the relevant Investment Option; they are not feespaid to the Responsible Entity, AMP Capital or any investmentmanager.

The buy spread is taken out of application amounts. The sellspread is taken out of withdrawal amounts. As at the date ofthis document, the buy and sell spreads for each InvestmentOption are shown in the table below.

Buy/sell spreads %Investment Option

On withdrawalOn application

0.110.12Defensive

0.130.14Moderately Defensive

0.150.15Balanced

0.150.17Growth

0.160.17High Growth

Based on the buy and sell spreads for the Balanced InvestmentOption, an investment of $500,000 would incur a buy spreadof$750, andawithdrawal of $500,000would incur a sell spreadof $750. This is an example only; it is not an estimate orforecast. The actual buy and/or sell spreads may be higher orlower.

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

If investments andwithdrawals in an InvestmentOption incurbuy and sell spreads, we estimate that these buy and sell costswill recover the Investment Option's transactional andoperational costs incurred due to investor activity. However,the balance of the Investment Option's transactional andoperational costswill be borne by the Investment Option fromthe Investment Option's assets without any recovery fromindividual investors and reflected in the Investment Options'unit prices.

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

Estimated transactional andoperational costs borne by the

Investment Option

Estimated transactional andoperational costs offset by buy/sell

spreads

Total estimated transactional andoperational costs

Investment Option

0.25%0.05%0.30%Defensive

0.22%0.05%0.27%Moderately Defensive

0.19%0.06%0.25%Balanced

0.18%0.05%0.24%Growth

0.17%0.05%0.21%High Growth

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Other costsBorrowing costs

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

We estimate these borrowing costs to be:

Borrowing costs (as % of the netassets of the Investment Option)

Investment Option

0.02%Defensive

0.02%Moderately Defensive

0.02%Balanced

0.02%Growth

0.00%High Growth

These costs will be paid out of the Investment Options' assetsand are additional to the fees and costs noted in Table 1 above.

Costs related to certain specific assets or activities to produceincome

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

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

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

the Investment Option. The current management costsare shown in the 'Management costs components' tableon page 15.

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

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

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

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

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

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

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

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

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Taxation treatment of your investment

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

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

The Trust is a Managed Investment Trust (MIT) and will beadministered as an Attribution Managed Investment Trust(AMIT). Further, the Responsible Entity intends to make anAMIT multi-class election so that each class of units (for taxpurposes) in the Trust is treated as a separate AMIT, startingfrom the 2020/2021 tax year. Each Investment Option will betreated as a seperate class of units for thepurposes of theAMITelection. By making the AMIT multi-class election:– the tax attributes of assets supporting a particular

Investment Option will be 'ring fenced' to those interests,rather than being 'spread' over the Trust as a whole

– any net losses incurred by a particular InvestmentOptionwill be quarantined in that InvestmentOption andnot utilised by any other Investment Option.

Under the AMIT tax regime, you are taxed on the taxableincome that is attributed to you by the Responsible Entity ona fair and reasonable basis and in accordance with the Trust'sconstitution. You may be entitled to tax offsets, which reducethe taxpayableby you, and concessional rates of taxmayapplyto certain forms of taxable income such as capital gains.

Australian resident individuals are liable to pay tax at theirmarginal rates on the taxable income attributed to them fromthe Trust. Generally, tax is not paid on behalf of investors. Ifyou are not an Australian resident for income tax purposes,withholding tax may be payable on the taxable income of theTrust attributed to you at prescribed rates (even if notdistributed in cash). Any withholding tax payable may bededucted fromcashdistributionsor redemptionproceeds,withany unrecoveredwithholding tax being a debt owing from youto the Trust.

Please note that at the time of your initial or additionalinvestment there may be unrealised capital gains or accruedincome in an Investment Option. If later realised, these capitalgains and incomemay form part of the taxable incomeattributed to you. In addition, there may be realised butundistributed capital gains or income in an InvestmentOption, whichmay formpart of the taxable income attributed to you.

Any losses generated by an Investment Option cannot bepassed onto investors. However, where specific requirementsare satisfied, each Investment Option should be eligible tooffset losses to reduce later year incomeor capital gains of thatInvestment Option.

You may also be liable to pay capital gains tax on any capitalgains in respect of your investment, such as from disposing ofyour investment. You may instead realise a capital loss inrespectof your investment,whichmaybeused to reduce capitalgains in the same or later years. The cost base of yourinvestment,which is relevantwhencalculatingany such capitalgains or losses, may change over the duration of holding yourinvestment. The cost base of your interest in the Trust mayincrease or decrease if the taxable income attributed to youdiffers to the amounts that you have received as a cashdistribution.

Each yearwewill sendyouanAMITMemberAnnual Statement(AMMA Statement), which will contain details of the taxableincome attributed to you for the year, together with any netcost base adjustment amount by which the cost base of yourinterest in the Trust should be increased or decreased.

Taxation laws and administrative practices change from timeto time. Such changes may impact the taxation treatment ofthe Trust and you as an investor. It is your responsibility toconsider and monitor the impact of any taxation reformsimpacting your investment.

Providing a Tax File Number (TFN)Youdonothave toprovideaTFN, exemption codeorAustralianBusiness Number (ABN) when you complete an application toinvest or reinvest in the Trust. However, if you do not provideany of these, the Responsible Entity is required to withhold anamountequal thehighestmarginal tax rate (plusanyapplicablelevies) multiplied by the amount of taxable income attributedto you (even if not distributed in cash). Any such amount maybe deducted from cash distributions or redemption proceeds,with any unrecovered amount being a debt owing from you tothe Trust.

19

Taxation

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

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

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

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

Income distributions will normally be paid within 30 days ofthe end of the period and must be paid within twomonths ofthe end of the period. Investors should seek financial advicebefore investing.

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

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

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

nominated bank account or reinvested in the relevantInvestment Option).

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

20

Distributions

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

If youare an indirect investor, theplatformoperator is investingon your behalf (see ‘The constitution’ on page 25).

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

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

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

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

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

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

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

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

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

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

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

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

21

Investing in the Summit Select Multi-ManagerInvestment Options

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

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

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

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

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

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

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

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

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

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

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

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

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

set by the platform operator.

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

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

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

Wemay also delay the payment and processing of yourwithdrawals in other circumstances (see 'Payment times').

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

Withdrawal priceThe withdrawal price is determined under the Trust’sconstitution by reference to the net asset value of the relevantInvestment Option and transaction costs pertaining to therelevant Investment Option, and the number of units on issuein that Investment Option.

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

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

The unit price used to calculated your withdrawal value willgenerally be the price calculated at the next valuation dateafter we receive your withdrawal request.

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

dependent on the relevant Investment Option’s cashposition, and

– the Trust's constitution allows up to 30 days, or longer insome circumstances, to process withdrawal requests.

These circumstances include, but are not limited to where theResponsible Entity is unable to realise sufficient assets due tocircumstances beyond its control, such as restricted orsuspended trading in the market for an asset.

Transfer of unitsPlatform operatorsPlease contact us for all transfer requests.

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

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

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Accessing your money

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

Investment informationWewill send platform operators confirmation of eachtransaction.

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

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

Continuous disclosure obligationsWhere the Trust has more than 100 unit holders it is subjectto regular reporting and disclosure obligations under theCorporations Act. Copies of documents lodged with theAustralian Securities and Investments Commission (ASIC) inrelation to the Trustmay be obtained from, or inspected at, anASIC office or can be obtained by contacting the AMP CapitalClient Services team on 1800 658 404. These documents mayinclude:– the Trust’s annual financial report most recently lodged

with ASIC, and– the Trust's half year financial report lodgedwithASIC (after

the lodgment of the annual financial report and beforethe date of the current PDS).

Where the Trust has continuous disclosure obligations, theResponsible Entity will meet those obligations by publishingmaterial information online atwww.northonline.com.au.

24

Keeping you informed

Structure of the Investment Options withinthe Summit Select TrustThe Trust operates as a single trust with 10 separate andidentifiable portfolios of assets, of which 5 are offered underthis PDS. Each Investment Option is represented by a differentclass of units, with each class of units being priced separatelybased on the value of the assets relating to that InvestmentOption. Income is distributed to holders of the class of unitsinvested in that Investment Option.

However, if the liabilities of one Investment Option exceed theassets of that Investment Option, this may impact on theinvestors in the other Investment Options.

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

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

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

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

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

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

The ConstitutionThe Trust is a managed investment scheme registered underthe Corporations Act. The constitution of the Trust establishesa framework for its operation and with this PDS, theCorporations Act and other relevant laws, and defines therelationship between ipac and unit holders.

The following description of the Trust's constitution is relevantprimarily to platform operators who are unit holders in theInvestmentOptions of the Trust. Indirect investors are not unitholders.

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

powersonbehalf of the InvestmentOptionsandvaluationprinciples for assets

– the distribution of income and capital of the InvestmentOptions

– the obligations, duties and powers of the ResponsibleEntity and delegation of its functions

– the voluntary and compulsory retirement, removal orreplacement of the Responsible Entity

– the duration of the Trust, including termination bymembers or the Responsible Entity, or under operation oflaw

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

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

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

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

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

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Other important information

Compliance planThe Responsible Entity has a compliance plan for the Trust,which sets out the measures that will apply in operating theTrust to ensure compliance with the Corporations Act and theTrust's constitution. The compliance plan is lodged with theASIC and is audited by independent auditors annually todetermine compliance with it.

A compliance committee monitors the operation of the Trustandoverall compliancewith the complianceplan. Themajorityof the members of the compliance committee must be, andare, independent of both AMP Capital and the ResponsibleEntity. The compliance committeehas theobligation tomonitorcompliance with the compliance plan and to report certainbreaches of the Corporations Act and the compliance plan toASIC.

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

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

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

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

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

The Trust's constitution also provides that amounts may bepaid to related parties for services provided to the ResponsibleEntity in connection with an Investment Option and forexpenses. These payments are on arm's length terms.

Complaints procedurePlatform operatorsAMP Capital and the Responsible Entity follow an establishedprocedure to deal with complaints. We are committed toproviding youwithahigh level of service, but sometimes thingsgo wrong. If this happens, we will help you resolve the issue.If you have concerns relating to your investment in the Fund,please contact us by telephone on 1800 658 404 or in writingto AMP Capital Investors Limited, GPO Box 5445, Sydney NSW2001.

If the complaint is privacy related, please refer to the AMPCapital Privacy Policy Statement for more details, which canbe obtained online atwww.ampcapital.com/privacy.

Indirect investorsYou should contact your financial adviser or platform operatorif you have a complaint related to your investment in the Fund.If your issue remains unresolved, you can contact the externaldispute resolution scheme of which the platform operator isa member.

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

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

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

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

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

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

Asset Valuation PolicyAssets inwhich the InvestmentOptions invests arehelddirectlyby the Investment Options or through underlying funds inwhich the Investment Options invest. Generally, these assetsare valued at least each business day using market prices orotherwise in accordancewith the AMPCapital Asset ValuationPolicy. The AMP Capital Asset Valuation Policy sets out theprocesses for valuing assets that are not exchange-tradedincluding as follows:– direct assets are valued by us at least twice a year– units in unlisted infrastructure funds are generally valued

at the most recent unit price supplied by the manager ofthe relevant fund, and

– investments in underlying funds are generally valued byan independent administrator

– direct property valuations are generally determined byindependent property valuers annually, ormore frequentlyif deemed appropriate to comply with certain schememandates as required.

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

Securities lendingIf a fund engages in securities lending, it exposes the fund toadditional risks whichmay cause a loss of capital, in particularthe risk that the borrower defaults by failing to return thesecurities. However, processes are in place to manage andsubstantially mitigate these risks, including:– loans may only be made to approved borrowers, who are

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

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

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

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

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

– loans may be recalled at any time at the discretion of theResponsible Entity at shortnotice shouldmarket conditionswarrant such action.

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

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

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Environmental, social and governance(ESG) considerationsAMP Capital believes there are links between a company'senvironmental and social impacts, the quality of its corporategovernance, and its long-term financial success. AMP Capitalhas an ESG and Responsible Investment (RI) Philosophydescribing our approach to considering these issues in ourinvestment decision making which is available atwww.ampcapital.com.au/esg-and-responsible-investment.

Selecting investment managersDecisions made by AMP Capital about whether to select,appoint or remove investment managers are based primarilyon financial and economic factors, including investment styleand approach. AMP Capital conducts due diligence in theselection, appointment and removal of investmentmanagers.As part of the due diligence process, we may ask thesemanagers how they incorporate ESG considerations in theirinvestment analysis to develop amore comprehensive view ofan investee company's key business risks, how they approachcorporate governance issues and how they consider both ofthese matters are related to overall management quality.

Selecting, retaining and realising investmentsDecisions made by AMP Capital and the Investment Options’underlying investment managers about whether to buy, holdor sell investments will be based primarily on financial andeconomic factors. ESG issues may be taken into account byAMP Capital and the underlying investment managers wherewe/they believe these factors may have a financially materialimpact on the value and performance (risk and/or return) ofthe investment.

Any additional or replacement investmentmanager appointedto the Investment Options may also take these matters intoaccount in line with their own ESG policy.

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

However, in addition to the consideration of financial andeconomic factors as noted above, AMP Capital may, inexceptional circumstances, also exclude or divest and instructits underlying investment managers to exclude or divest,particular companies, asset types or industry sectors from theInvestment Options where they have been determined ascontravening the ethical principles as defined in AMPCapital’sESG and RI Philosophy. Inmaking such a decision, AMP Capitalwill take into account the extent (if any) to which a company’sactivities (conduct), products or services:– violate the principle of respect for persons which affirms

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

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

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

contraveneprinciples acceptedunder international humanrights laws including but not limited to UN conventions

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

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

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

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

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At present the application of the ethical principles outlinedabove will result in the negative screening of companies thatAMP Capital believes have:– known involvement in the production and manufacture

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

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

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

AMP Capital's Investment Committee is responsible forensuring that any decision to negatively screen a company,asset type or industry sector from the investable universe ofthe Fund takes into account fund investment objectives andstrategy and recommendations from AMP Capital’s researchand investment teams. The negative screening will also notapply to cash, sovereignbonds, derivatives andexchange tradedfunds.

We aim to review the list of excluded investments annually.Adherence to and monitoring of any excluded investments isoverseen by AMP Capital’s Investment Committee inconsultationwithAMPCapital’s ESG&InvestmentStewardshipTeam(formerly, Sustainable InvestmentTeam), and thebroaderESG and Compliance Monitoring functions. . The underlyinginvestment manager is responsible for ensuring the Fund isinvested in line with the investment restrictions advised to itbyAMPCapital in accordancewith its investmentmanagementagreement.

More generally, except to the extent disclosed above in relationto considerationof financiallymaterial ESG issues andnegativescreening in exceptional circumstances on an ethical basis,AMPCapital hasnopredeterminedviewaboutwhatwe regardto be a labour standard, environmental, social or governanceconsideration or how far they will be taken into account in theselection, retention or realisation of investments relating tothe Investment Options.

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

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

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

attorney or as a legal or nominated representative.

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

Minimum investment amounts

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

We reserve the right to accept lower investment amounts.

Submitting your applicationApplication forms should be mailed to:

AMP Capital - Unit RegistryGPO Box 804MELBOURNE VIC 3001

Please includeall required identificationdocumentationwhensubmitting your application.

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

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

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Applying for an investment

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

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

Client Services phone 1800 658 404 fax 1800 630 066

8.30am – 5.30pm Sydney time, Monday to Friday

email clientservices@ampcapital.com