Page 27 - 2020 PSK Portfolio - Client Name

IF 60% :::
Our discussions of your risk tolerance indicate that you are prudent in your investment
approach and want to see a good income and moderate capital growth to offset inflation. We
have agreed to increase/decrease your investment strategy to aim at 60% growth assets.

We are pleased to advise that your overall allocation to Growth and Defensive assets
is within the standard ranges for your identified risk profile.

OR

Your overall allocation to Growth and Defensive assets is not within the standard range for the
following asset classes:

 overweight international equities
 overweight Australian equities
 underweight Australian equities

 overweight international equities
 underweight international equities

 overweight property and infrastructure
 underweight property and infrastructure
 overweight Australian fixed interest

 underweight Australian fixed interest
 overweight international fixed interest
 underweight international fixed interest

 overweight cash
 underweight cash
 overweight alternatives

 underweight alternatives

This variance is as a result of the recommended investment options having their own strategic
asset allocation for individual asset classes, which does not necessarily sit within our target
asset allocations. Fund managers often take strategic positions in the market to take
advantage of asset classes they consider having favourable performance prospects.

OR

Add reason (i.e. client preference)

For further details, please refer to the accompanying reports.