News

UPDATE TO PRODUCT DISCLOSURE STATEMENT DATED 29 JANUARY 2008

Effective 1 December 2008.

On 30 November 2007, Bendigo and Adelaide Bank Limited (BEN) (previously known as Bendigo Bank Limited) and Adelaide Bank Limited (ABL) merged. From 1 December 2008 the two banks will operate through a single legal entity.

This will mean that from this date all custodial and administration services and the liquidity facility currently provided by ABL in respect of the AMF Yield Fund ARSN 113 735 407 (Fund) will be provided by BEN. Similarly, on this date ABL's interests, rights and obligations in respect of the Torrens Trust Program will transfer to BEN and as such, mortgage origination and provision of various facilities (including swap and liquidity facilities) in respect of this program will be undertaken by BEN. For more information on the Torrens Trust Program please refer to page 8 of the Fund's Product Disclosure Statement dated 29 January 2008 (PDS).

This change will not affect fees, costs, the way in which you can make investments in or withdrawals from the Fund, or the way that we manage your investment in the Fund.

In addition to the change outlined above, on 1 July 2008 the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) merged to form the national Financial Ombudsman Service (FOS).

Consequential changes to the Fund's PDS are outlined below. These changes are not materially adverse, and accordingly, the amendments are made in accordance with ASIC Class Order 03/237. This update should be read in conjunction with the PDS.

Changes to the PDS (effective 1 December 2008)

All sections (including the Application Form)

• Except as detailed below, all references to Adelaide Bank Limited and that entity's ABN 54 061 461 550 and AFSL 240516 should be read as references to Bendigo and Adelaide Bank Limited and that latter entity's ABN 11 068 049 178 and AFSL 237879.
• As a result of the above change, all references to 'Adelaide Bank' and 'the Bank' will mean Bendigo and Adelaide Bank Limited.

Important Notice

• Under the heading "Product Disclosure Statement (PDS)" on page 2 of the PDS the following is deleted:
  
  "Investments in the Fund are not deposits with or other liabilities of Adelaide Bank Limited (ABN 54 061 461 550) (referred to as Adelaide Bank, the Bank), or of any other entity in the Bendigo and Adelaide Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Adelaide Bank Limited, Adelaide Managed Funds Limited, any member of the Bendigo and Adelaide Bank Group guarantees any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of capital from the Fund."
  
  And replaced with:
  
  "Investments in the Fund are not deposits with or other liabilities of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178) (referred to as Adelaide Bank, the Bank), or of any other entity in the Bendigo and Adelaide Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Bendigo and Adelaide Bank Limited, Adelaide Managed Funds Limited or any member of the Bendigo and Adelaide Bank Group guarantees any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of capital from the Fund."

Section 2: Investment Details

• Part 2.4 "Torrens Trust Program" on page 8 of the PDS, the words "the same" are deleted from the second paragraph and replaced with the word "a".

Section 7: Additional Information

• Part 7.15 "Complaints" on page 23 of the PDS the following is deleted:
  
  "If the complaint is not resolved to your satisfaction (or resolved within 45 days of receipt), you may contact the Financial Industry Complaints Service Limited (FICS), an independent industry complaints body approved by ASIC and of which we are a member. The contact details are:
  
  

  Financial Industry Complaints Service Limited
  PO Box 579
  Collins Street West
  Melbourne VIC 3007
  Telephone: 1300 780 808
  

  FICS's role is to formally investigate cases only after you have exhausted our complaint procedures."
  
  And replaced with:
  
  "If the complaint is not resolved to your satisfaction (or resolved within 45 days of receipt), you may contact the Financial Ombudsman Services Limited (FOS), an independent industry complaints body approved by ASIC and of which we are a member. The contact details are:
  
  

  Financial Ombudsman Services Limited
  GPO Box 3
  Melbourne, VIC 3001
  Telephone: 1300 780 808
  Facsimile: (03) 9613 6399
  Email: info@fos.org.au
  

  FOS's role is to formally investigate cases only after you have exhausted our complaint procedures."
  
  

Inside back cover

• The registered office of the Manager has changed from 169 Pirie Street, Adelaide SA 5000 to The Bendigo Centre, Bendigo Vic 3550.

Update to Product Disclosure Statement - Notice dated 23 December 2008
The AMF Yield Fund (ARSN 113 735 407) Product Disclosure Statement dated 29 January 2008 states that Adelaide Managed Funds Limited (AMF) has entered into a short term $100 million liquidity facility agreement with Adelaide Bank Limited (ABL) ('First Facility'). The limit of the First Facility was subsequently increased to $200 million.

In addition to the First Facility, AMF entered into another facility agreement for $300 million with Bendigo and Adelaide Bank Limited (BEN) ("Second Facility"). Following termination of the First Facility the limit of the Second Facility was increased to $729 million. The Second Facility is unsecured and provides additional comfort to unitholders that AMF will be able to meet redemption requests. BEN may be paid an arm's length fee for its commitment under the Second Facility.