Benefits of investing in the BT Wholesale Property Securities Fund

Investing in the Fund offers investors a range of benefits:

• access to a professionally managed portfolio of property securities and the potential for long term capital growth and income;

• access to BTIM's investment expertise and valuation-driven investment style;

• broad based coverage of Australian property securities;

• regular investment statements and an annual tax statement to keep you up-to-date on your investment;

• visit the login section on www.btim.com.au to keep track  of your investments in the secure client area.

Risk

Medium to high

Medium to high risk of losing money in any year. Likely to produce higher returns over the long term.

Investor Suitability

This Fund is designed for investors who want the potential for long term capital growth and income, diversification across a broad range of Australian property securities and are prepared to accept higher variability of returns.

This Fund is designed for investors who want the potential for long term capital growth and income, diversification across a broad range of Australian property securities and are prepared to accept higher variability of returns.

The Fund invests in property securities including listed property trusts, developers and infrastructure investments.

The Fund invests primarily in Australia but at times it may have some overseas exposure. Up to 15% of the Fund can be invested in international listed property securities.

Up to 5% may also be invested in unlisted property investments.

The Fund may also hold cash and may use derivatives.

How we invest your money

BTIM's investment process for property securities is based on our valuation-driven investment style and aims to add value through active security selection and fundamental investment research. BTIM's valuation-driven investment style is to identify securities that are mispriced relative to their fundamental value. Our fundamental investment research focuses on financial modelling, valuation and identifying quality securities through management quality, franchise and financial risk.

Asset Classes and Asset Allocation Ranges*

• Property  80 - 100%

• Cash  0 - 20%

*The reference to the Fund investing in an asset class includes all types of investments which give exposure to that asset, directly or indirectly, including through derivatives and investment in other funds which invest primarily in that asset class, and through any type of investment which would ordinarily be understood in financial markets to be included in that asset class. It does not preclude investment in other types of assets where we consider it appropriate to do so in the interests of investors.

The Fund may have assets that are denominated in foreign currencies. This means that changes to the Australian dollar relative to foreign currencies may affect the value of the assets of the Fund. The Fund's foreign currency exposure will generally be fully hedged back to the Australian dollar to the extent considered reasonably practicable.

Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets.