MACQUARIE GEARED EQUITIES INVESTMENT PLUS (GEI PLUS) ADVISER PRESENTATION

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MACQUARIE GEARED EQUITIES INVESTMENT PLUS (GEI
PLUS) ADVISER PRESENTATION
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Important information

• Preparer This presentation has been prepared by
  Macquarie Bank Limited ABN 46 008 583 542, AFSL
  237502 (Macquarie), the loan provider for
  Macquarie Geared Equities Investment plus (GEI
  plus). The information is current as at 6 April
  2011.
• Confidential The information in this
  presentation is confidential and is provided to
  holders of an Australian financial services
  licence or their representatives who are
  financial advisers only. It must not be
  reproduced, distributed or disclosed to any other
  person. The information may be based on
  assumptions or market conditions and may change
  without notice.
• General advice warning The information contained
  in this presentation is general information only.
  It has been prepared without taking into account
  any potential investors financial situation,
  objectives or needs and the appropriateness of
  this information needs to be considered in that
  context. GEI plus is offered by Macquarie under a
  brochure dated 2 March 2011. The brochure is
  available on the GEI plus website at
  macquarie.com.au/protectedlending or by phoning
  1800 080 033. A person should consider the
  brochure in deciding whether to invest through
  GEI plus.
• Past performance Past performance is not a
  reliable indicator of future performance.
• Not an offer This presentation is not an offer
  to issue any financial product no part of the
  presentation is to be construed as solicitation
  or recommendation to make a financial investment.
  In no circumstances is the information in this
  presentation to used by, or presented to, a
  person for the purposes of making a decision
  about a financial product or class of products.
• Examples Any examples including any assumptions
  or figures, contained in this presentation are
  purely hypothetical and are not actual or
  potential returns, estimates, projections or
  forecasts for GEI plus. Any examples have only
  been included for illustrative purposes. They
  have been prepared without taking into account
  any potential investors personal objectives,
  financial situation or needs. Examples are based
  on assumptions which may have a material affect
  on returns. The actual performance of investments
  will depend on future economic conditions,
  investment management and any future changes to
  taxation or other laws.
• No advice or verification This presentation does
  not constitute personal financial or taxation
  advice. Any taxation discussion in this
  presentation is based on current laws,
  anticipated legislation and Commonwealth
  announcements at the time of writing. The
  application of taxation laws to each investor
  depends on that investors individual
  circumstances. An investor should seek
  professional financial and taxation advice before
  deciding to invest. The material in this
  presentation has been prepared in good faith with
  all reasonable care. However, certain parts of
  this material is obtained or is based upon
  information obtained from third parties which may
  not have been checked or verified. Subsequent
  changes in circumstances may also occur at any
  time and may impact on the accuracy of the
  information.
• No responsibility Neither Macquarie nor any
  other Macquarie group company, or any officers,
  employees or agents takes any responsibility for
  the information contained in this presentation
  nor gives any representation or warranty as to
  the accuracy or completeness of the information
  nor does any of them accept any liability for
  loss or damage arising in anyway from the use of
  information in this presentation.

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Agenda

• What is Macquarie Geared Equities Investment plus
  (GEI plus)?
• How does it work?
• Key benefits
• Tax treatment
• Interest rates
• Examples
• Tailoring an investment portfolio
• What happens at maturity?
• Fees, costs and key risks
• Identifying your clients
• Case studies

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What is GEI plus?

• GEI plus allows investors to borrow to invest in
  their own tailored investment portfolio with 100
  per cent capital protection of the loan
  principal
• Choose from an Approved List of Securities
  including more than 50 ASX listed securities and
  certain unlisted managed funds or pre-selected
  portfolios
• Investors borrow 100 per cent of their investment
  amount, with each security individually protected
  at the initial purchase price
• Full protection of loan principal
• protect loan principal against possible market
  volatility
• no netting of gains and losses
• no repayment of loan principal shortfalls
  referable to those GEI Securities that have
  fallen in value
• Choice of a loan term between one and five years
  to suit your clients preferred investment
  timeframe
• Choice of interest rate fixed or variable
• Minimum investment amount of 50,000.

Due to the limited recourse nature of the loan,
the loan principal is capital protected. This
means that at the time the loan principal becomes
repayable, if the value of the GEI Securities is
insufficient to repay the loan principal in full,
investors will not need to provide any additional
capital to repay the loan principal.
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How does it work?
Limited Recourse Loan interest only
Macquarie 50,000 loan
Client 0 capital (Interest is payable)
50,000 to invest
Client keeps any available profit after the
repayment of their loan principal and costs
Sell securities that have fallen in value no
loss of loan principal at maturity
Macquarie buys selected portfolio on investor's
behalf
Distributions and franking credits
GEI investment portfolio
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Key benefits

• Flexibility
• investors can select from the Approved List of
  Securities or choose a pre-selected portfolio
• tailor the Facility further by selecting the term
  (one to five years), day of investment and
  preferred interest payment option (variable in
  arrears or fixed in advance)
• Exposure to potential capital growth,
  distributions and franking credits
• investors are entitled to receive the benefits of
  direct investment ownership
• 100 per cent finance provided by Macquarie Bank
  Limited
• investors are not required to contribute any of
  their own capital upfront
• The certainty of an ATO Product Ruling PR
  2011/5
• loan interest may be deductible up to the
  applicable benchmark rate for capital protected
  borrowings
• Protection of the loan principal throughout the
  loan term and at maturity
• No margin calls
• No offsetting of gains and losses
• gains from the profitable GEI Securities will
  not be offset against losses from underperforming
  GEI Securities in the portfolio
• Daily liquidity.

Subject to the investor being eligible to claim
franking credits (see the GEI plus Brochure dated
2 March 2011 for more information). The
Product Ruling is only binding on the
Commissioner of Taxation if the investment
through GEI plus is implemented in the specific
manner provided in the Product Ruling and the
assumptions set out in that Product Ruling are
satisfied. The Product Ruling is only a ruling on
the application of taxation law and is in no way
expressly or impliedly a guarantee or endorsement
of the commercial viability of GEI plus, of the
soundness or otherwise of GEI plus as an
investment, or of the reasonableness or
commerciality of any fees charged in connection
with GEI plus. The applicable benchmark rate
is currently the Reserve Bank of Australias
Indicator Rate for Variable Personal Unsecured
Loans. However, if proposed legislative
amendments are enacted, the benchmark rate
applicable to loans entered into on or after
7.30pm on 13 May 2008 will change to the Reserve
Bank of Australias Indicator Lending Rate for
Standard Variable Housing Loans plus 100 basis
points. Daily Liquidity, subject to early
termination costs for redemptions prior to
maturity.
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Tax treatment
Interest deductibility

• ATO Product Ruling PR 2011/5
• Interest is deductible up to the applicable
  benchmark rate for capital protected
  borrowings, expected to be the Reserve Bank of
  Australias Indicator Lending Rate for Standard
  Variable Housing Loans plus 100 basis points
• Where the GEI plus interest rate exceeds the
  applicable benchmark rate, any amount in excess
  of this rate is attributable to the cost of
  capital protection and not deductible
• This non-deductible component will either
• be added to the cost base of the GEI Securities
  where the loan principal protection is used, or
• result in a separate capital loss where the loan
  principal protection is not used.

The Product Ruling is only binding on the
Commissioner of Taxation if the investment
through GEI plus is implemented in the specific
manner provided in the Product Ruling and the
assumptions set out in that Product Ruling are
satisfied. The Product Ruling is only a ruling on
the application of taxation law and is in no way
expressly or impliedly a guarantee or endorsement
of the commercial viability of GEI plus, of the
soundness or otherwise of GEI plus as an
investment, or of the reasonableness or
commerciality of any fees charged in connection
with GEI plus.
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Interest rates

• Interest rates are higher than an ordinary margin
  loan because of the limited recourse nature of
  the loan
• Your clients interest rate will depend upon
• the GEI Securities that they choose to include in
  their portfolio
• the loan term that they choose
• the interest payment option that they choose
• Post-tax servicing costs will depend on
• your clients interest rate
• potential tax deductions on the interest expense
• distributions
• potential franking credits
• clients marginal tax rate.

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Example Five year term, interest paid in arrears
  Portfolio 1High volatility Portfolio 2Medium volatility Portfolio 3Low volatility
GEI plus loan size 100,000 100,000 100,000
Investment in ASX listed shares 98,912 79,130 64,293
Investment in unlisted managed funds 0 20,000 35,000
Facility Interest Rate 13.57pa 11.82pa 10.52pa
Ave Pre-tax servicing cost 7,739 pa 6,230 pa 5,100 pa
Ave Post-tax servicing cost 5,193 pa 3,807 pa 2,769 pa
Ave Post-tax servicing cost () 5.19pa 3.81pa 2.77pa
Brokerage of 1.1 per cent is payable on any ASX
listed shares purchased.

Brokerage is not currently payable on any units
purchased in an unlisted managed fund.

• Assumptions for all scenarios
• Based on the Balanced Growth portfolio as at 7
  March 2011
• Investors marginal tax rate is 46.5 per cent and
  the interest deductibility rate is 8.80pa
• The distribution yield on the unlisted managed
  fund is 4.65pa
• The distribution yield on the ASX listed
  securities is 5.90pa.

This information is purely hypothetical and
contains many assumptions. The information does
not represent actual performance and should not
be interpreted as an indication of future
performance. It is provided for illustrative
purposes only. Actual results may be materially
different and investors may lose money on their
GEI plus Facility.
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Tailoring an investment portfolio
Two easy choices

• 1. Select own portfolio
• flexibility to create own portfolio from more
  than 50 ASX listed securities and certain
  unlisted managed funds
• 2. Choose from our five pre-selected portfolios
• Balanced Growth portfolio
• Growth Plus portfolio
• Income Plus portfolio
• Bank portfolio
• Resources portfolio.

Macquarie does not make any representations
regarding the GEI Securities or the pre-selected
portfolios, their suitability or their
performance and the inclusion of any GEI
Securities or pre-selected portfolios shall not
be construed as the provision of financial advice
in relation to those GEI Securities or
pre-selected portfolios. Investors should obtain
their own financial advice as to the suitability
of investing in any GEI Securities or
pre-selected portfolios as to their suitability
in light of their financial objectives,
situations and needs.
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Pre-selected portfolios
Balanced Growth portfolio
Growth Plus portfolio
Income Plus portfolio
Resources portfolio
Bank portfolio
Based on a 100,000 loan as at 21 March 2011.
Pre-selected portfolios are made up of predefined
allocations across a selection of GEI Securities,
and may be compiled by a member of the Macquarie
Group or a third party.
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What happens at maturity?

• For each of your clients profitable GEI
  Securities, they can
• Repay that part of the loan and keep all of those
  GEI Securities
• Take the net proceeds in cash or GEI Securities
• Roll the GEI Securities into another GEI plus
  Facility
• For each of your clients unprofitable GEI
  Securities, they can
• Take no action and these GEI Securities will be
  disposed of, and your clients will not have any
  further obligations nor will they receive any
  payment in relation to these GEI Securities.

Please note, under any of these options your
client will be required to have paid all
interest, fees and other costs owing on their GEI
plus Facility (including any amounts owing on an
Interest Prepayment Loan, if applicable).
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Early termination of a GEI plus Facility
What happens if your clients end their loan term
early?

• The loan principal is protected throughout the
  life of the loan, however costs apply if your
  client terminates their GEI plus Facility prior
  to maturity
• Costs
• Break costs apply if the loan is terminated prior
  to maturity and will vary depending on
• remaining term
• loan amount
• cost of unwinding the protection
• differences between fixed rate of interest at
  implementation and break date
• Early Repayment Fee
• Brokerage.

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Fees and costs

• Interest
• 1.1 per cent brokerage (only on ASX listed
  securities)
• No establishment fees
• 175 Security Registration Fee applicable to
  corporate borrowers or corporate third party
  security providers
• Adviser commissions
• Termination costs (including break costs) if
  facility unwound early
• Please see the Macquarie GEI plus Brochure for
  full list of applicable fees and charges.

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Key risks

• Performance risk The value of the GEI Securities
  your clients choose may go down by a material
  amount, even over a short period of time
• Borrowing to invest By using a GEI plus Facility
  to invest in chosen GEI Securities, the
  investment is leveraged. Leverage can magnify
  gains and losses on an investment
• Breakeven risk There is a material risk that
  your clients will lose money on a GEI plus
  Facility. That is, the total value of the returns
  at maturity (if any) and Distributions from the
  GEI Securities throughout the term of your
  clients loan (if any) could be less than the
  total interest payments and other costs
  (including break costs), and could be zero. In
  this case, your clients will have lost the amount
  of interest and costs they have paid
• Early termination risk A GEI plus Facility may
  be terminated by Macquarie early in certain
  circumstances or your clients may choose to
  terminate their GEI plus Facility early. In
  either case, they will still receive the benefit
  of the limited recourse nature of the loan.
  However they will need to pay any break costs,
  interest charges, fees and other costs that may
  apply
• Interest rate risk There is a risk that the
  interest rate applicable to your clients
  Facility may rise
• Liquidity risk There is a risk that your
  clients ability to close out their GEI plus
  Facility early or to sell their GEI Securities
  may be limited due to a lack of liquidity for
  their GEI Securities.

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May be suitable for

• Individuals who are looking to build wealth in a
  tax efficient way with potential tax deductions
  for interest expense
• Limited upfront capital available to build an
  investment portfolio
• Investors who would like protection across every
  security in their portfolio
• Investors who have minimal time available to
  monitor and manage their investments
• Investors who understand and are comfortable with
  the risks of gearing
• Investors looking to protect an existing
  portfolio while releasing cash for other
  investment purposes.

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How we can help you

• Local and dedicated Business Development Managers
  and Account Managers to support your business
• Secure online portal that allows you and your
  clients to monitor their loans at anytime
• Client seminars
• Visit macquarie.com.au/geiplusadviser, where you
  will find
• Regularly updated GEI interest rates
• An adviser calculator
• Marketing collateral
• ATO Product Ruling

• The Product Ruling is only binding on the
  Commissioner of Taxation if the investment
  through GEI plus is implemented in the specific
  manner provided in the Product Ruling and the
  assumptions set out in that Product Ruling are
  satisfied. The Product Ruling is only a ruling on
  the application of taxation law and is in no way
  expressly or impliedly a guarantee or endorsement
  of the commercial viability of GEI plus, of the
  soundness or otherwise of GEI plus as an
  investment, or of the reasonableness or
  commerciality of any fees charged in connection
  with GEI plus.

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Case Study 1 Diversify with a Reverse GEI
plusFor adviser use only

• This information is purely hypothetical and
  contains many assumptions. It has been prepared
  to assist advisers in understanding how GEI
  operates. The information does not represent
  actual performance and should not be interpreted
  as an indication of future performance. Actual
  results may be materially different. It is
  provided for illustrative purposes only.
• The franking and dividend data used in this
  information is indicative only. Although
  Macquarie believes the assumed dividends and
  franking credits are from a reliable source
  (Macquarie Research Equities) and made on
  reasonable grounds, we have not verified them and
  there is no guarantee they will actually occur.
  Actual dividends and franking credits may differ
  materially and may be materially lower.
• Client situation
• Matilda has an existing BHP shareholding worth
  100,000.
• She wants to diversify her exposure and increase
  the yield of her investments without
  crystallising a capital gain by selling her BHP
  shares.
• She would also like some protection from a
  potential decline in value due to the current
  uncertainty in the global economy.
• Possible investment strategy
• Matildas adviser recommends she enters into a
  Reverse GEI with Macquarie
• She transfers her 100,000 BHP shares into a GEI
  plus Facility
• Once her BHP shares are transferred to Macquarie,
  100,000 is released in cash, which her adviser
  recommends she use to diversify into high
  yielding bank stocks held in her share trading
  account
• She draws down an additional 100,000 under the
  GEI plus Facility to invest in the MSI Cash
  Trust, further diversifying her exposure

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Case Study 1 Diversify with a Reverse GEI
plusFor adviser use only
By the numbers
  Current BHP share holding New Portfolio after Reverse GEI plus
Investment Portfolio 100,000 298,912
Portfolio Distributions Received (pa) 2,000 14,019
Franking Credits (pa) 857 4,015
GEI Loan Amount 0 200,000
GEI Annual Interest N/A 19,140
Pre-tax servicing cash flow (pa) 2,000 -5,121
Post-tax servicing cash flow (pa) 1,528 -1,308

• Assumptions
• The investor holds the GEI plus Facility for the
  full 5 year term
• Based on a GEI plus variable interest rate of
  9.57 pa for an equally weighted portfolio of BHP
  and MSI Cash Trust on 8 August 2011
• BHP has a fully franked dividend yield of 2 pa,
  the chosen bank stocks have a fully franked
  dividend yield of 7.45 and the MSI Cash Trust
  has an unfranked distribution yield of 4.65 pa.
  Assumes franking credits are fully available to
  the investor (this will be subject to the
  investors individual circumstances).
• The loan is used to acquire securities that
  produce assessable income
• Investors marginal tax rate is 46.5 per cent and
  the interest deductibility rate is 8.80pa
• Brokerage of 1.1 charged on the purchase of bank
  stocks by the investors adviser (paid as upfront
  commission to the adviser)

This information is purely hypothetical and
contains many assumptions. The information does
not represent actual performance and should not
be interpreted as an indication of future
performance. It is provided for illustrative
purposes only.
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Case Study 1 Diversify with a Reverse GEI
plusFor adviser use only

• Potential benefits
• Matilda may benefit from
• A larger diversified investment portfolio (as
  opposed to single-stock BHP holding)
• Potentially higher distributions paid by the bank
  stocks and MSI Cash Trust within the GEI plus
  portfolio
• She retains her BHP shares and can benefit from
  any future price gains, but now also has capital
  protection over her 100,000 BHP holding
• Potential tax deductibility of a portion of her
  GEI loan interest payments
• The Adviser receives
• Trailing commission from Matildas GEI plus
  Facility
• Brokerage on the bank stocks purchased control
  over an additional 100,000 within her share
  trading account
• Potential risks
• Matilda should be aware that this strategy has
  the following risks
• That the bank stocks she acquires using the GEI
  loan proceeds may underperform, and that payment
  of interest costs may exceed any potential gains
  received from positive performance
• That her investment portfolios distribution
  yield does not meet her expectations
• That she faces break costs if she wishes to
  unwind her GEI plus Facility early
• Before Matilda invests she should carefully
  consider the risks outlined in the GEI plus
  Brochure and consult her financial adviser.

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Case Study 2 Shifting out of Term DepositsFor
adviser use only

• This information is purely hypothetical and
  contains many assumptions. It has been prepared
  to assist advisers in understanding how GEI
  operates. The information does not represent
  actual performance and should not be interpreted
  as an indication of future performance. Actual
  results may be materially different. It is
  provided for illustrative purposes only.
• The franking and dividend data used in this
  information is indicative only. Although
  Macquarie believes the assumed dividends and
  franking credits are from a reliable source
  (Macquarie Research Equities) and made on
  reasonable grounds, we have not verified them and
  there is no guarantee they will actually occur.
  Actual dividends and franking credits may differ
  materially and may be materially lower.
• Client situation
• Charlotte is nervous about re-investing back into
  shares after experiencing some capital losses
  during the GFC and the recent global market
  volatility.
• She has become risk averse, and now only holds a
  200,000 Term Deposit yielding 6 pa.
• Possible investment strategy
• Her adviser informs her that she can create a
  200,000 portfolio exposure of ASX listed shares
  and managed funds using a Macquarie GEI plus
  Investment Loan which will enable her to borrow
  100 of the initial investment amount.
• Charlotte transfers 19,900 out of her Term
  Deposit to prepay the first years interest on a 5
  year GEI plus, leaving 180,100 in the Term
  Deposit earning 6 pa.
• Assuming that interest and distribution yields
  remain constant, the expected distributions on
  her 200,000 GEI plus portfolio combined with the
  6 interest earned on her remaining Term Deposit
  balance in this example would cover the annual
  interest costs for the four remaining years of
  her GEI term.
• At the end of the 5 year GEI plus term Charlotte
  will retain ownership of any profitable
  securities in her GEI plus portfolio by repaying
  the GEI loan.

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Case Study 2 Shifting out of Term DepositsFor
adviser use only
  Term Deposit only strategy Combined Term Deposit and GEI plus strategy
Term Deposit allocation 200,000 180,100
Term Deposit Interest Received (pa) 12,000 10,806
GEI Loan Amount 0 200,000
GEI Annual Interest N/A 19,900
GEI Portfolio Investment 0 198,912
GEI Portfolio Distributions Received (pa) N/A 12,019
Pre-tax servicing cash flow (pa) 12,000 2,925
Post-tax servicing cash flow (pa) 6,420 2,185
By the numbers

• Assumptions
• The Term Deposit pays interest at 6.00 pa, and
  there are no fees associated with a 19,900
  withdrawal to fund GEI Interest
• Based on a GEI interest rate of 9.95 pa (fixed
  for one year) for an equally weighted portfolio
  of the pre-selected Bank Portfolio and the MSI
  Cash Trust on 8 August 2011
• The investor holds the Term Deposit and GEI for
  the full 5 year term of the GEI plus Facility
• The GEI plus and Term Deposit interest rates
  remain constant throughout the term
• The Bank Portfolio has a fully franked divident
  yield of 7.45 pa and the MSI Cash Trust has an
  unfranked distribution yield of 4.65 pa. Assumes
  franking credits are fully available to the
  investor (this will be subject to the investors
  individual circumstances).
• Investors marginal tax rate is 46.5 and the
  interest deductibility rate is 8.80 pa
• Brokerage of 1.1 has been charged on the
  purchase of ASX listed securities, but not on the
  unlisted MSI Cash Trust

• This information is purely hypothetical and
  contains many assumptions. The information does
  not represent actual performance and should not
  be interpreted as an indication of future
  performance. It is provided for illustrative
  purposes only.

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Case Study 2 Shifting out of Term DepositsFor
adviser use only
  Under TD Strategy only Combined TD GEI Strategy Combined TD GEI Strategy
Bank Portfolio return 0 pa or negative TD TD Bank Portfolio
Component Investment Value 232,100 210,925 0
End Investment Value (Protection Utilised) 232,100 210,925 210,925
Bank Portfolio return 4.15 pa Bank Portfolio return 4.15 pa Bank Portfolio return 4.15 pa Bank Portfolio return 4.15 pa
Component Investment Value 232,100 110,925 121,212
End Investment Value (Shares Retained) 232,100 232,137 232,137
Bank Portfolio return 8.00 pa Bank Portfolio return 8.00 pa Bank Portfolio return 8.00 pa Bank Portfolio return 8.00 pa
Component Investment Value 232,100 110,925 145,334
End Investment Value (Shares Retained) 232,100 256,259 256,259
By the numbers (after 5 years)

• Further assumptions
• If shares are in profit at Maturity, Charlotte
  will pay out her GEI Loan with 100,000 from her
  Term Deposit and retain the shares
• This analysis takes into account tax paid to
  maturity of the GEI plus assuming the investor
  has a marginal tax rate of 46.5, interest
  deductibility rate of 8.80 pa, and is fully
  entitled to any franking credits
• This analysis does not take into account the
  timing of cash flows under either investment
  strategy, and assumes that the interest earned on
  the Term Deposit is paid out to the investor,
  rather than capitalised
• Dividend yields under each scenario remain a
  constant percentage of the initial Bank Portfolio
  value

The analysis does not take into account any
non-deductible interest, capital gains tax
payable on eventual disposal of any profitable
shares that are retained at Maturity of the GEI
or any possible brokerage costs This information
is purely hypothetical and contains many
assumptions. The information does not represent
actual performance and should not be interpreted
as an indication of future performance. It is
provided for illustrative purposes only.
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Case Study 2 Shifting out of Term DepositsFor
adviser use only

• Potential benefits
• Charlotte may benefit from
• Potential uncapped capital gains from Bank
  Portfolio Securities that have increased in value
  over the term (no offsetting of gains and
  losses).
• Increasing the size of her investment portfolio
  from 200,000 (cash only) to 379,012, by
  utilising a GEI loan
• Receiving 60,095 in distributions from the GEI
  Securities over the 5 years in addition to her
  Term Deposit interest
• Potential tax deductibility of a portion of her
  GEI interest and franking credit entitlements
  (subject to eligibility)
• At Maturity, Charlotte may choose to pay out her
  GEI Loan with her Term Deposit and receive the
  Bank Portfolio Securities in her name, thereby
  delaying any CGT event until she disposes of
  these Securities
• Charlottes adviser will receive upfront
  commission on acquisition of her GEI Securities
  and annual trailing commission on her loan.
• Potential risks
• Charlotte should be aware that this strategy has
  the following risks
• That her investment portfolios distribution
  yield does not meet her expectations, and
  interest rates may change, potentially adversely
  impacting her worse case scenario
• That the investment portfolio she acquires using
  the GEI loan may underperform, and that payment
  of interest costs may exceed any potential gains
  received from positive performance
• That she faces break costs if she wishes to
  unwind her GEI plus Facility early
• Before Charlotte invests she should carefully
  consider the risks outlined in the GEI plus
  Brochure and consult her financial adviser.

Term Deposit Value 180,100, GEI Value
198,912
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