How performance is calculated

Investment performance (post–fee) for the BT Investment Funds and BT Classic Investment Funds are calculated in accordance with Australian industry guidelines (Financial Services Council standards) as these are Australian dollar unit trust.

Funds in the BT Investment Funds and BT Classic Investment Funds are denominated in Australian dollars and prices and returns are generally quoted in this currency. Therefore investors should be aware that exchange rate fluctuations between the Australian dollar and the New Zealand dollar will have an effect on the value of the New Zealand dollar returns for New Zealand investors.

Total returns for the BT Cash Management Trust are calculated:

• to the first day of each month using average daily distribution yields
• taking into account management costs of the investment option

Total returns for other investment options are calculated:

• to the last day of each month using exit prices
• taking into account management costs of the relevant investment option
• assuming reinvestment of distributions (which may include net realised capital gains from the sale of assets of the relevant investment option)

No reduction is made to the unit price (or performance) to allow for tax you may pay as an investor, other than withholding tax on foreign income (if any). Certain other fees such as contribution fees or withdrawal fees (if any) are not taken into account.

The most recent past performance information is available on by clicking here. Performance figures (pre-fee) are calculated by adding back management costs to the post-fee performance

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