AESuper - Investment Changes at PASL

25 June 2008

Investment changes at Professional Associations Superannuation Limited (PASL)

Professional Associations Superannuation Limited (the Trustee for Professional Associations Superannuation Fund) is pleased to announce the appointment of Paul Kessell to the newly created role of investment manager.

In this role, Kessell will oversee all aspects of the PASL group's investment activities. Kessell commenced in the role in June, after returning to Australia from the UK, where he was Pensions Investment Controller for the £4.5 billion J Sainsbury Pension Scheme.

In addition, PASL has made two key external service provider appointments. The first with Watson Wyatt, taking on the role of asset consultant from July (replacing JANA and van Eyk) with a mandate to provide full investment consulting advice to the Board. The second with JP Morgan, in the role of global custodian (replacing National Custodian Services), providing a broad range of custody and related services.

In announcing these appointments, the Chairman of PASL, Ross Fisher, commented that "these appointments were made as a result of the continued growth in the Fund, to leverage the scale which PASF has now created and to create the ideal platform for the Fund to continue to grow and deliver reliable super solutions to its members and employers".

Professional Associations Superannuation Fund is an industry superannuation fund that was established in 1992 and has grown to managing over $1.3 billion of assets on behalf of its 450,000 members.

PASL is the Trustee for Professional Associations Superannuation Fund (PASF), which comprises RecruitmentSuper, Accountants Super (including SMARTpension) and Australian Enterprise Super.

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Professional Associations Superannuation Limited (PASL) (ABN 14 056 917 303 RSE L0000352 AFSL 222590) as Trustee of Professional Associations Superannuation Fund (PASF) (ABN 78 984 178 687 RSE R1000429). Australian Enterprise Super is a Division of PASF.