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Simple, certain and diversified

Simplicity
Each Keystone Funds investments offer fixed exposure to the underlying basket from the issue date to the guarantee effective date. This means that there is no need for ongoing dynamic management, so you can be assured at issue date each Fund will participate in any growth of the underlying basket.

Certainty
Through fixed exposure to the Keystone Funds for the life of the product.
Through the provision of the 100% NAB Capital Guarantee, you can take advantage of potential market highs while remaining protected during market lows.
The 100% NAB Capital Guarantee does not apply to early withdrawals.

Diversification
The Keystone Funds offer diversification potential through investing in one or both of the Keystone Funds. Investing in the Keystone Funds can help broaden your portfolio through economic exposure to emerging and/or developed global equity markets.
The National Australia Bank (NAB) will provide a 100% capital guarantee to unitholders who are invested in a Keystone Fund on the guarantee effective date, subject to the terms and conditions referred to in About the NAB Capital Guarantee on page 18 of the PDS. The 100% NAB Capital Guarantee does not apply to early withdrawals. The units are not deposits or other liabilities of NAB or of the Goldman Sachs JBWere Group. Neither NAB nor Goldman Sachs JBWere guarantees the performance of the Keystone Funds.


Investment options
The Keystone Funds comprise a selection of two investment opportunities. You have the choice of investing in one or both of the following Funds:

1. Goldman Sachs JBWere BRIC II Keystone Fund (BRIC II Fund)
2. Goldman Sachs JBWere Food, Feed, Fuel Keystone Fund (Food, Feed, Fuel Fund)

The Keystone Funds aim to provide you with economic exposure to the growth potential of a selection of international equity investments with the safety of a capital guarantee at the guarantee effective dates outlined above.

Investing in the BRIC II Fund
The BRIC II Fund is linked to the growth of the BRIC II Basket. At maturity of the swap, the swap counterparty is required to deliver to the BRIC II Fund the swap maturity value, which reflects the underlying basket growth (if any) of the BRIC II Basket.

The underlying index for the BRIC II Basket is the S&P BRIC 40 Index. The S&P BRIC 40 Index provides exposure to the four emerging markets commonly referred to as the BRICs: Brazil, Russia, India and China. These countries can be considered attractive investment opportunities in recognition of their potential to move from emerging market status to developed markets, and indeed global economic leaders.

The S&P BRIC 40 Index includes 40 leading companies from these four countries. All constituents trade on developed market exchanges (Hong Kong Stock Exchange, London Stock Exchange, NASDAQ and NYSE). The index used is priced in US dollars.

S&P BRIC 40 Index description

Country	Index weight	Sample of constituents*
Brazil	26.69%	Petroleo Brasileiro S.A, Bco Itau Hldg Finaceira (ADR)
China	39.07%	China Mobile (Hong Kong) Limited PetroChina Company Limited China Life Insurance Company Limited China Construction Bank
India	7.18%	Infosys Technologies Ltd.
Russia	27.06%	OAO GASPROM-SPON ADR REG S LUKOIL-SPON ADR SURGUTNEFTEGAZ-SP ADR
*At June 2007

Investing in the Food, Feed, Fuel Fund



Global warming, melting glaciers, rising sea levels, desertification and other such global phenomena are making climate change an ever impending reality. Along with the drive to secure energy supply, governments around the world are increasingly pushing to create more environmental-friendly technologies and energy sources. Thus we enter into a new era of clean energy.

Biofuel is created from alternative sources: agriculture commodities such as corn, wheat, sugar and soybean oil. The Food, Feed, Fuel Fund has been structured to capture the growth potential from these agriculture commodities. The Food, Feed, Fuel Fund provides exposure to the growth of the S&P GSCI Biofuel E40 Excess Return Strategy.

The underlying investment for the Food, Feed, Fuel Basket is the S&P GSCI Biofuel E40 Excess Return Strategy, which is based on the S&P GSCI Biofuel Excess Return Index. The S&P GSCI Biofuel Excess Return Index was established in June 2007 with the composition fixed as set out in the chart (left).

Biofuel Strategy Paper
Learn more about the S&P GSCI Biofuel E40 Excess Return Strategy (pdf).

NAB 100% Investment Loan
Gain exposure to some of the most popular current international themes through investment in the Keystone Funds with no up front capital required

A NAB 100% Investment Loan is designed specifically for selected investments such as Keystone Funds. NAB provides 100% of the funds so you can invest in the Keystone Funds without any initial capital outlay. Invest in the Keystone Funds using a NAB 100% Investment Loan and benefit from:

• No margin calls except where you fail to meet your interest payment obligations or the investment is sold or redeemed early.
• A range of interest rate options to meet your needs
• Potential tax efficiency as the loan interest may be tax deducible^*
• No application or ongoing service fees for individual and joint applications

Find out more

^*Your tax position will depend on your personal circumstances. We recommend you seek advice from your financial or tax advisor in relation to your own taxation position.

Fixed participation rates

Unlike some other investments where variable capital protection methods can lead to changing degrees of exposure to an investment, the Keystone Funds offer participation rates that are fixed on day one and do not vary.

What is the participation rate?
The participation rate represents the degree to which a Keystone Fund participates in the performance of the underlying basket. For example, for a participation rate of 100%, a Keystone Fund would receive one-for-one exposure to the performance of the underlying basket.

	Underlying basket	*Indicative participation rate %	Participation floor %	Term
BRIC II Fund	The BRIC II Basket: linked to an index representing equities in Brazil, Russia, India and China.	100	100	6 years
Food, Feed, Fuel Fund	The Food, Feed, Fuel Basket: linked to a strategy tracking four agriculture commodities used in biofuel production.	105	95	5 years
* The indicative participation rate is the rate that would have applied if the date of the Product Disclosure Statement (PDS) were the issue date. The actual participation rate will be set on the issue date of the units. It may be more or less than the indicative participation rate shown but it will not be less than the participation floor. If an actual participation rate of the participation floor or above, cannot be achieved for a particular Fund, the issue of units may not proceed and your investment amount will be refunded without interest.

Suitable investors
Gaining exposure to some of the worlds fastest growing economies with the security of a 100% capital guarantee may suit investors seeking:

• a way to access international markets and investment themes without the need to choose fund managers or individual securities
• a five-year or six-year investment horizon
• the benefits of a 100% capital guarantee at maturity
• portfolio diversification.

You can choose to invest in one, or both of the Keystone Funds with a minimum investment amount of A$10,000 per initial Fund and A$5,000 per subsequent Fund. All investments must be made in increments of A$1.00.


Key dates

Event	Date
Offer opens	29 January 2008
Offer closes	1 April 2008
Issue date	15 April 2008
Guarantee effective dates	15 April 2013 for the Food, Feed, Fuel Fund 14 April 2014 for the BRIC II Fund

How to Apply
Investors should obtain and consider the Keystone Funds Series II Product Disclosure Statement dated 16 January 2008 (PDS) for the offer in deciding whether the investment is appropriate for them and whether to acquire or hold units in Goldman Sachs JBWere Keystone Funds - Series II.

• To download a copy of the PDS, click here
• To request a hard copy of the PDS to be mailed to you, click here
• Call NAB on 1800 652 669;

Applications for units may only be made by completing and returning the Application Form attached to, or accompanying, the PDS. Detailed instructions on how to complete the Application Form are set out in the PDS. The Application Form must be accompanied with payment (minimum application is $10,000). Payment must be in Australian currency and made by cheque.

Further Information
You must read the PDS in connection with the National Privacy Notification and Financial Services Guide.
To download a copy of the PDS, click here
To download the National Privacy Notification, click here
To download a copy of the Financial Services Guide, click here

You should read the PDS before deciding whether to acquire units in Goldman sachs JBWere Keystone Funds -Series II and take such independent advice as you think necessary to ensure that you understand the terms and conditions and risks of your investment in Goldman Sachs JBWere Keystone Funds - Series II issued by Goldman Sachs JBWere Managed Funds Limited (ABN 63 005 885 567, AFSL 230251) an Australian Financial Services Licence holder.