FirstChoice Wholesale Multi-Index Conservative - Colonial First State

May 09Jul 09Sep 09Nov 09Jan 10Mar 10May 10Jul 10Sep 10Nov 10Jan 11Mar 11May 11Jul 11Sep 11Nov 11Jan 12Mar 12May 12Jul 12Sep 12Nov 12Jan 13Mar 13May 13Jul 13Sep 13Nov 13Jan 14Mar 14FirstChoiceWholesale Multi-Index ConservativeAustralian SharesGlobal SharesGlobal Shares -HedgedEmerging MarketSharesGlobal PropertySecuritiesGlobalInfrastructureSecuritiesFixed InterestCashFirstChoice Wholesale Multi-Index ConservativeInvestmentsPersonal superPensionFirstChoice Wholesale Option Profile & Commentary - March 20143 month 6 month 1 year 3 years 5 years 10 years Since Inception Fund size Management(%) (%) (%) pa (%) pa (%) pa (%) pa inception datecosts*Investments 1.27 3.25 6.91 6.99- - - 7.72 May 2009 $93.99m 0.61%Distribution Return 0.54 1.32 3.40 3.72- - - 5.35Growth Return 0.74 1.93 3.51 3.27- - - 2.37Personal super 1.22 3.01 6.34 6.35- - - 7.03 May 2009 $251.58m 0.64%Pension 1.32 3.35 7.06 7.17- - - 7.99 May 2009 $639.66m 0.64%Benchmark^ 1.38 3.46 6.95 7.12- - -^Custom benchmark. For further information please contact usPast performance is not an indicator of future performance for this option or any other option available from Colonial First State.All returns are calculated on an annualised basis using exit price to exit price with distributions reinvested, net of management costs, transaction costs and for FirstChoice Personal Super and FirstChoice Employer Super net oftax payable by the trustee. All return calculations exclude contribution surcharge, excess contribution tax or individual taxes payable by the investor and all other fees and rebates disclosed in the relevant product disclosurestatements available on our website or by calling us. For FirstChoice Investments, the ‘distribution’ component is the amount paid by the way of distribution, which may include net realised capital gains.* Management costs include management fees, estimated performance fees (if applicable), investment expenses and custody fees but do not include contribution fees, transaction costs or adviser or plan service fees which mayalso apply. Please refer to the PDS for full details of the applicable fees and costs.Investment objectiveTo provide relatively stable returns over the medium term with the potential for some long-term capital growth. To outperform the option's composite benchmark overrolling three-year periods before fees and taxes.Investment strategyThe option allocates 70% of investments to defensive assets such as fixed interest and cash to provide the portfolio with relatively stable returns. This defensivecomponent is managed on a traditional index basis. 30% of the portfolio is allocated to growth assets such as shares, property and infrastructure to provide potentialfor capital growth. The portfolio aims to hedge currency risk except for part of the allocation to emerging market shares and part of the allocation to global shares.Investment categoryInvestment rangesConservativeBenchmarkAustralian shares 12%Minimum suggested timeframe Global shares 5%At least 3 yearsGlobal shares - hedged 6%Emerging market shares 1%Income distribution Global property securities 3%Cents per Franking Realised Global infrastructure securities 3%unit level capital Australian fixed interest 20%Total 12/13 fin yr 2.98 12% 2% Global fixed interest 10%Total 11/12 fin yr 2.93 14% 3% Cash 40%Performance chart ($100,000 invested since inception)$150,000$140,000$130,000$120,000$110,000$100,000$90,000Quarterly contribution per asset class2.0%1.0%0.0%-1.0%FirstChoice Wholesale Multi-Index Conservative returns are calculated using exit price to exit price withdistributions reinvested, net of management and transaction costs.Manager allocationBenchmark %Colonial First State 8.00%CBA Investment Deposits 14.00%CBA Deposits 18.00%Colonial First State - Indexed 20.00%State Street Global Advisors 16.00%Realindex 24.00%We may change managers or allocations to individual managers without prior notice to investors.Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension,FirstChoice Wholesale Pension and FirstChoice Employer Super from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. The investment information in this option profile is historical, produced as atthe date specified above. The information below (except performance and key data information) relates to the FirstChoice Wholesale Investments option only. Information for other options in the FirstChoice product range will bedifferent and is available at colonialfirststate.com.au or by calling us on 13 13 36. We may change asset allocation and securities within the option at any time. Past performance is not an indicator of future performance for thisoption or any other option available from Colonial First State.FS1528

FirstChoice Wholesale Option ProfileInvestmentsPersonalSuperPensionFirstChoice Wholesale Multi-Index Conservative – 31 March 2014Market reviewThe Reserve Bank of Australia (RBA) maintained the cash rate at 2.5%throughout the quarter, reiterating its commitment to a period of stableinterest rates for the foreseeable future. Australian economic dataimproved during the quarter, with stronger than expected employment,retail sales and building approvals statistics.10-year Australian Government bond yields finished the quarter at 3.98%after trending lower on concerns about the geopolitical risks in Ukraineand Russia. Corporate bond spreads continued to tighten in the Marchquarter. There was limited reaction to the US Federal Reserve’s decisionto start tapering its Quantitative Easing program or the turmoil inemerging markets.Following a strong run in 2013, Australian shares made further progressin the March quarter of 2014. The S&P/ASX 100 Accumulation Indexadded 2.1%. Most ASX-listed companies reported their earnings for thesix or 12 months ending 31 December 2013 during the quarter, whichprovided a steady stream of company news. Most companies generatedearnings improvements through cost cutting initiatives which highlightedthat companies can improve their profitability, even in lacklustreeconomic conditions. Dividend payout ratios were also reasonably good,which adds to the potential return from Australian equities. The Australianshare market as a whole currently offers a dividend yield of nearly 5%.Global share prices were little changed in the first quarter of 2014, withthe MSCI World ex-Australia Index adding 0.4% in local currency terms.The Australian dollar strengthened during the period however, whicheroded returns for Australian investors. The Index declined by 3.4% inAustralian dollar terms.Among developed markets, Europe and the USA both rose in value byaround 2%. Asian markets were weaker; the Japanese Nikkei 225 Indexand Chinese CSI 300 Index declined more than 6% and 4% respectively.Emerging regions tended to struggle too. Geopolitical tensions in Russiaand Ukraine, in particular, appeared to dampen risk appetite towardsemerging equity markets.Fund performance and activityThe portfolio produced a positive return for the March quarter andoutperformed its composite benchmark. This was the seventh quarter in arow that the portfolio has delivered positive returns and is a result ofcontinued strength in investment markets.The portfolio invests in a diversified range of sectors and for the quarter,most sectors had positive returns. The portfolio’s 40% allocation to cashwas the strongest contributor to overall return.Despite ongoing concerns about bond yields, the portfolio’s 30%allocation to Australian and global fixed interest had a positive return overthe quarter and was a strong contributor to overall performance.Other positive contributions to the performance of the portfolio duringthis quarter came from the 12% allocation to Australian shares, closelyfollowed by the allocations to global property and infrastructure.The portfolio has allocations to both hedged (to movements in theAustralian dollar) and unhedged global equities. The Australian dollarincreased in value over the quarter, and consequently, the unhedgedglobal equity allocation underperformed the hedged allocation. Theunhedged allocation (5.0% of the portfolio) detracted performance due tothe rising Australian dollar offsetting the positive returns from equitymarkets, while the hedged allocation (6.1% of the portfolio) contributed toreturn.The only other detractor to the overall portfolio was the 1% allocation toemerging markets.Outlook and strategyThe Fund allocates 70% of investments to defensive assets such as fixedinterest and cash to provide the portfolio with relatively stable returns.This defensive component is managed on a traditional index basis. 30% ofthe portfolio is allocated to growth assets such as shares and property toprovide potential for capital growth. The shares component is managed byRealindex Investments using the enhanced Research AffiliatesFundamental Index (RAFI®) methodology to select securities. Theportfolio aims to hedge currency risk except for part of the allocation toglobal shares.This document provides general advice only and is not personal advice. It does not take into account your individual objectives, financial situation or needs. ProductDisclosure Statements (PDSs) for all Colonial First State products are available at colonialfirststate.com.au or by contacting Investor Services on 13 13 36 or from yourfinancial adviser. You should read the relevant PDS and assess whether the information in it is appropriate for you, and consider talking to a financial adviser before makingan investment decision. Commonwealth Bank of Australia and its subsidiaries do not guarantee the performance of Colonial First State’s products or the repayment ofcapital by the products. Investments in these products are not deposits or other liabilities of the Commonwealth Bank of Australia or its subsidiaries and investment typeproducts are subject to investment risk including loss of income and capital invested. Information used in this publication, which is taken from sources other than ColonialFirst State is believed to be accurate. Information provided by the Investment Manager are views of the Investment Manager only and can be subject to change. Subject toany contrary provision in any applicable law, neither Colonial First State nor any of its related parties, their employees or directors, provides any warranty of accuracy orreliability in relation to such information or accept any liability to any person who relies on it.