This Financial Services Guide (FSG) has been prepared by IWL Limited ABN 53 078 119 212 AFSL 241398 (IWL, we, us, our) to assist you in deciding whether to use any of our services. The key information is set out in answer to the questions below. If you need more information or clarification, please contact us. You have the right to ask us the type of advice we will give, you, about our charges, remuneration, any conflicts of interest we may have, and what you can do if you have a complaint about our services.

What documents should I receive when I seek financial product advice?
You will receive three separate disclosure documents about a financial product or advice, depending on the nature and stage of the transaction.

A Financial Services Guide (‘FSG’) describes the financial service(s) being offered. A FSG must be given where either personal or general advice is being provided. This financial services guide is provided to you by IWL.

A Statement of Advice (‘SOA’) is a document that describes the type of advice being given, and the SOA must be provided where the adviser is giving personal advice. Personal advice is advice that takes into account any one or more of your objectives, financial situation and needs. A SOA is a record of the personal financial advice provided to you and includes information on the basis on which the advice is given, fees and commissions and any interests or association that might influence the advice. IWL does not provide personal advice on its website, www.iwl.com.au and therefore will not provide a SOA.

A Product Disclosure Statement (‘PDS’) is a document that contains information about a particular financial product which will assist you to make an informed decision about that product.

What financial services does IWL offer?
IWL is authorised, pursuant to its Australian Financial Services Licence, to provide financial product advice and deal in the following classes of products:

• Deposit and payment products (basic and non-basic)
• Debentures, stocks or bonds issued or proposed to be issued by a government
• Interests in managed investments schemes excluding investor directed portfolio services
• All securities
• Superannuation.

IWL’s main business is research and software development. IWL is not in the business of financial planning. While IWL does not provide personal advice, we do provide information to investors about our general views on products and markets

IWL is able to provide you with the following information:

• Research reports on managed funds and ASX listed stocks
• A portfolio manager service which enables you to keep track of your investments
• A member’s discussion forum
• Market Reports.

As this information is considered to be general securities advice, we are required to provide you with this FSG.

Why was this guide provided to me?
Information which you have downloaded from the website, www.investorweb.com.au, requested from IWL or discussed with an IWL employee (‘representative’), or having attended a seminar given by an IWL representative, may be broadly defined as general advice.

General advice in this context may differ from what you might commonly understand or expect. General advice under the new regulations includes information about the products and the markets in which they are invested and our opinions about our outlook for those products and markets. While a representative would not have given you advice about products suitable for your particular needs, objectives or financial circumstances, he or she may have commented on a view of the current or future market conditions or prospects for the products.

This information does not constitute personal investment advice and it has been prepared without taking into account your objectives, financial situation or needs.

You should therefore consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before acting on the advice. You should consider and discuss with your Financial Adviser before making your own investment choice. Your financial adviser will provide you with a Statement of Advice.

If you are seeking to acquire a specific financial product, you should obtain a copy of and consider, the Product Disclosure Statement for that product before making any decision.

What should I know about the risks of the investments you recommend to me?
Investing in any of the products recommended by IWL is subject to investment and other risks. The underlying assets will rise and fall as will any income derived from the funds. These risks are described in more detail in the prospectus and Product Disclosure Statement for each investment product.

What you should know about the commission and other benefits received by IWL
IWL, receives either an up-front or on-going, (trail) commission from the financial product providers whose products are hosted on the website. The amount of trail commission IWL receives depends upon individual agreements with providers, and is in the range of 0% - 1%. IWL’s research team do not receive any commissions from the product providers.

IWL provides you with a rebate of the up-front commission paid by the fund manager if you apply on an electronically downloaded prospectus from our website, www.iwl.com.au. The rebate will be in the form of extra units to you. If an investment is made with a paper prospectus, IWL charges up to 1% of the amount invested to cover administration costs, and any remaining up front commission paid by the fund manager is rebated to you in the form of extra units.

IWL also receives income from the ratings reports prepared by InvestorWeb Research, a division of IWL. The research team conducts Qualitative Ratings on Fund Managers and the rated products appear on the website, www.investorweb.com.au. Each of the participating Fund Managers pay a fee to IWL to review their products and the amount of the fee is dependent on the nature and scope of the rating.

Remuneration of IWL’s employees
IWL’s representatives are salaried employees. They do not receive remuneration, commission or any other benefits from the product issuers.

Managing conflicts of interest
IWL has a strict policy to ensure that its representatives disclose any holdings that may influence their decisions about an investment. While they are not prohibited from commenting on financial products in which they have an interest, such interests are recorded and are appropriately disclosed.

Who can I complain to if I have a complaint about the advisory service?
If you have a complaint about the service provided to you, please take one of the following steps:

• Contact one of our representatives, or our Complaints Resolution Officer, Alex Lauber, on (03) 9691 1600 from 8.00 am to 5.30 pm (Melbourne time), Monday to Friday.
• A copy of the IWL Complaints Handling Policy is available on the IWL websites, www.iwl.com.au and www.investorweb.com.au, and a hard copy is available on request by contacting IWL on (03) 9691 1600.
• IWL Limited is a member of Financial Industry Complaints Service Ltd (Membership Number F-740). The Financial Industry Complaints Service (FICS) is the dispute resolution scheme authorised to deal with complaints in relation to life insurance, superannuation, funds management, financial advice, investment advice and sales of financial or investment products. The FICS is contactable on 1300 780 808.
• In the event you are still not satisfied the Australian Securities and Investment Commission (ASIC) has a toll free infoline on 1300 300 630 which you may use to lodge a complaint and obtain information about your rights.

How long is this Financial Services Guide kept?
In accordance with the record keeping requirements of the Corporations Act, this Financial Services Guide must be kept for the period commencing on the date of the Financial Services Guide and finishing no earlier than 7 years after the date a copy of the Financial Services Guide is last provided to you.

Privacy
IWL is bound by the National Privacy Principles, which form part of the Privacy Act 1988. We are committed to adhering to the National Privacy Principles and to protecting your privacy. Our privacy policy sets out how we keep your information secure and the purposes for which we use your information. A copy of the privacy policy is available on the www.iwl.com.au website.