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Initial Registration and/or Subscription

Upper Quartile absolutely reserves unto itself the right to

• Decline to accept the registration and/or subscription of individuals as users or groups of users,
• Ban individuals or groups of users from applying for registration and/or subscription

where, in the opinion, experience and/or reasonable expectation or understanding of Upper Quartile, that user or group of users has or will or intends to abuse the Upper Quartile registration and/or subscription system or application of the Upper Quartile product.

Ongoing Registration and/or Subscription

Notwithstanding that any registered user or subscriber (whether as an individual or as a sponsored subscriber or as a sponsoring subscriber) has a valid access to the Website and/or has paid the agreed subscription fees or has had the agreed subscription fee paid on their behalf, Upper Quartile absolutely reserves unto itself the right to

• Remove users or groups of users from current registration and/or subscription
• Ban users or groups of users from future registration and/or subscription
• Decline to continue to accept users or groups of users for current and/or future registration and/or subscription,

where, in the opinion, experience and/or reasonable expectation or understanding of Upper Quartile, that user or group of users has or will or intends to abuse the Upper Quartile registration and/or subscription system or application of the Upper Quartile product.

In addition, Upper Quartile reserves unto itself the absolute right to determine who may be accepted as a valid user or group of users and Upper Quartile states that it is not required to enter into any discussion or disclosure with any person or group of persons regarding that decision.

Upper Quartile also reserves unto itself the absolute right to determine to accept an individual subscriber in their own right, when that individual subscriber may have previously been removed, banned or declined as part of a group of users. Upper Quartile states that it is not required to enter into any discussion or disclosure with any other person or group of persons, regarding its decision to accept any individual as a valid user.

Services

Upper Quartile provides these services ("Services") to you subject to these terms and conditions.

In these terms and conditions, "you" and "your" means the person contracting with Upper Quartile. To access this Service, you must read, understand and consent to these terms and conditions.

Having done so, you may complete the on-line registration form presented during the online application process and state your desired style of registration or subscription, by selecting one of the options available. Registration for any level of access to Upper Quartile services requires an acknowledgment of our Password Security conditions.

Validating your Email address, Subscribing and Sponsorship.

Once you have completed and submitted the Subscription Form including nominating your selected access option, our system will take steps to validate your email address and your level of access. This will include confirming your right to register as a sponsored subscriber of an AFSL Holder (or a Negotiated User Group) with whom Upper Quartile has made such a sponsorship arrangement, if that is the option chosen.

Upper Quartile will send an email to your nominated email address, including a form you will have to print, sign and fax back to Upper Quartile, confirming your agreement to comply with the Terms and Conditions of our service. When this form has been received and accepted by Upper Quartile, you will receive confirmation of your access to the services agreed, along with your password.

Your access will commence immediately and, as a subscriber, will continue only upon payment of your invoice, when the invoice is delivered to your valid email address. We do not need your credit card details. We validate your subscription through the Website Business-2-Business (B2B) design. If your subscription is not valid, an email will be sent to your nominated email address requesting any corrections required to create a valid subscription, which will subsequently be confirmed.

Sending such an email, confirming your access as a subscriber, will be deemed to be the basis of the agreement for Upper Quartile to commence supplying you with monthly reports via email, which will only continue upon payment of your Upper Quartile invoices in the timeframe designated on the Subscribe page.

This agreement will allow Upper Quartile to issue you with an invoice for the current billing period, which must be paid by Electronic Funds Transfer and which may include a charge for access provided upon approval and prior to the current billing period, which is monthly for AFSL Holders with a NUG and quarterly in arrears for individual subscribers. You should print and retain a copy of the validation email as your proof of purchase and as a record of your password.

Sponsored Access through a Holder of an Australian Financial Services License or Negotiated User Groups

Your access as a Sponsored Subscriber will commence immediately you have been advised that your Nominated Sponsor Group (NUG) has accepted you and that they assume responsibility for your Subscription charges for Upper Quartile.

Upper Quartile will deliver to the Sponsoring Group an Invoice for their agreed sponsored subscribers in accordance with the schedule set out on the Subscriptions page.

Upper Quartile not responsible for rejected delivery

As a guide to subscribers, please note the following requirements:

• a valid email account must be able to receive a single message of up to 1MB, including the response message and attachments.
• your E-mail MUST BE configured to receive in HTML.
• Attachments will be delivered in Adobe Acrobat format.

In the event that the nominated email address:

• is not advised correctly;
• invalid;
• fails to accept our confirmation;
• ceases to be active;
• is temporarily unavailable due to incorrect usage (eg mailbox is full; usage limits exceeded, etc)
• rejects messages of the size required to deliver the report;
• has unresolved problems with your Internet Service Provider (ISP) over attachments and/or any type or style of email document; or
• " fails to be available for any reason whatsoever at the time that Upper Quartile delivers its report, (including the failure of the subscribers own Internet Service Provider (ISP) to be available at that time)

Upper Quartile will not and cannot be held liable, responsible or in any way accountable for the failure to activate a valid registration and/or subscription, or the non-delivery of the confirming email or the subsequent non-delivery of any Upper Quartile report, at any time or under any circumstances.

Upper Quartile will not and cannot be held liable, responsible or in any way accountable for the failure of the Subscriber's Internet Service Provider (ISP) to accept the delivery of the monthly report, emailed documents or other emails because of their own internal procedures in dealing with what they consider to be spam. Upper Quartile uses a delivery service which is 'whitelisted' and cannot be held responsible for the rejection processes of third parties.

In addition, Upper Quartile will only deliver your subsequent reports when payments in accordance with the schedule for individuals or NUG as set out and agreed have been confirmed and Upper Quartile will not accept any requests for refunds, when:

• non delivery of the report is a consequence of the failure (temporary or permanent) of third parties (over which we have no control);
• or failure to correctly advise your email details
• or correctly manage your email account
• or failure to establish an email account which will accept the Upper Quartile report in its standard format,
• or to nominate an email account which will accept the Upper Quartile report in its standard format

Cancellation of the service will only be accepted upon receipt of an email through the website from your nominated email address (oran email that includes confidential information that can be validated by Upper Quartile. Upper Quartile may request this information in a second, confirmation email). When that confirmation has been received, the agreement to provide the services is deemed to be cancelled and no further invoices will be issued or reports delivered, provided the cancellation takes place before 11th day of any month. Cancellation by any individual subscriber prior to the end of the quarterly billing period will attract an invoice for the pro-rata period for which payment is outstanding - up to a maximum of three months, as at the date of cancellation. Cancellation by an AFSL Holder or NUG will attract a single invoice for any outstanding period of delivery for which payment has not been made. In the event that payment is not made within the terms and conditions of the service as agreed at the time of subscription, Upper Quartile reserves the right to employ the services of collection agencies or services in any form that it deems to be appropriate.In the event that the service was provided under Sponsorship, any advice of cancellation of the service by that Sponsor will be confirmed by Upper Quartile and confirmed to you. An individual sponsored subscriber will be entitled to receive at least one free report for the month following confirmation of that cancellation, to allow time for personal registration as a subscriber or the substitution of a new Sponsor.

In the event of non-delivery of any email message or report due to the failure of the nominated email address to receive the delivery, the responsibility of Upper Quartile will be limited to

• responding to an individual enquiry received from a valid email address, (by way of receipt by Upper Quartile of that enquiry through its Website) and
• the single, once only redelivery of the non-delivered report to a valid email address which forms part of a valid registration, within three working days of receipt of the individual enquiry.

The responsibility of providing a valid email address, which will receive Upper Quartile reports on each and every automated delivery, is the sole responsibility of the subscriber. Upper Quartile does not contract, promise, infer or in any other way agree, to investigate, correct or rectify delivery errors from its automated Website delivery process.

PART 2 Additional Terms and Conditions

All quantitative data for ranking, rolling rates of return and performance data is drawn directly from Morningstar (both directly and from their public Website) as well as from third parties and carries a substantial disclaimer for its accuracy, since it is sourced from third parties.

Additional and corroboration information, research and market views may be drawn from personal investigations; meetings; written reports; emailed updates and generally published information available in the public sector.

Upper Quartile figures were initially taken from all funds included in the FPI Ltd data base, in various asset classes and used to establish a reasonable indicator of the performance of various managed funds, operating in the same markets and the same time frames. These performance figures were independently checked with the fund managers, on a random basis, to verify the results. FPI Ltd had no involvement in preparing the report and FPI Ltd accepts no liability for errors contained in the previous publication or omissions from the publication. FPI Ltd gave neither guarantee nor warranty nor made any representation as to the correctness or completeness of the information presented in the publication. FPI Ltd acknowledges that all or some of its data was sourced from Morningstar.

Since July 2005, all reports are based on data drawn directly from Morningstar or original sources. Not all managed investment funds open to new investment are included in this analysis. Public Superannuation Trusts (PST's) are specifically excluded from this analysis. Therefore, there may well be better performing funds available in other Master Trusts or in Retail funds than those currently included in this research list. Every adviser and investor is urged to make their own enquiries as to the availability of various funds, before making a personal investment decision or giving advice to a third party.

Performance figures published assume the reinvestment of income and are calculated on published withdrawal values, net of fees and expenses. No allowance has been made for entry fees or personal tax liability (including any capital gains tax liability, which might arise from both distributions and redemptions). If an investor does not automatically reinvest the income derived from the fund, the investment results achieved can be expected to differ from those published in the report.

Past performance is not indicative of nor a guarantee of future performance. All investments must be made on an application form attached to a current, approved Product Disclosure Statement, issued by the appropriate Fund Manager or Administration Service.

No responsibility will be accepted for any investment decisions or recommendations made by third parties based on or deemed to be influenced by this information. No responsibility will be accepted for any investment losses or damages, (real, implied or assumed) which may be claimed to have arisen as a result of relying upon or being influenced by this information.

All data has been sourced from external sources and no guarantee can be given for its accuracy.

Every subscriber to the service provided by Vivian Lesley Dewar trading as Upper Quartile and upperquartile.com.au agrees that she cannot be held liable at law for any act of non-performance, financial loss (actual, perceived or potential) or failure to provide the expected services. All the information included in this report is available in the open marketplace and can be obtained by personal analysis and due diligence by any subscriber to the report.

This data is provided solely for the purpose of general information and all persons are warned to make their own enquiries to satisfy themselves of its accuracy before making any investment decisions or recommendations.

To the extent permitted by law, Vivian Lesley Dewar trading as Upper Quartile and upperquartile.com.au excludes all liability to you, or any other person claiming through you, however arising (including negligence) for any cost, loss, liability or damage arising out of Upper Quartile's performance or failure to perform or delay in performing its obligations under these terms and conditions and the Service description including, but not limited to, liability for any economic, indirect or consequential loss, including, but not limited to, any loss of profits or loss of business.

Morningstar Statement of Disclaimer and Disclosure

Disclaimer

The initial information comes from Morningstar. All quantitative data for ranking, rolling rates of return and performance data (Morningstar Information) is drawn from Morningstar Research Pty Limited (ACN 062 096 342) (Morningstar) but the Service provided to you under the terms of this agreement is provided by Vivian Lesley Dewar trading as "Upper Quartile" (Upper Quartile), not Morningstar. All reports, analysis and comparisons etc provided to you under the Service are those of Upper Quartile alone. Morningstar does not provide the Service and will not be liable to any person for any loss, damage, cost, expense or other claim (including consequential damages and loss of profits) in relation to the Service or any Morningstar Information which may be contained in the Service including, without limitation:

1. any use or reliance on any Morningstar Information contained in the Service by the person (including the form and content of errors in and/or omissions from any information contained in );
2. any delay, interruption or other failure in the provision of the Morningstar Information contained in the Service; or
3. any change in the form or content of the Morningstar Information that may be contained in the Service.

The Morningstar Information has been obtained from, and based upon, a variety of sources - in particular, investment product providers, investment information providers and the past performance of products. Past performance is no guarantee of future performance. Morningstar makes no warranty or representation and assumes no responsibility or liability for the accuracy or completeness of, or any delays, errors or omissions in, any Morningstar Information that may be contained in the Service. Any Morningstar Information that may be contained in the Service is subject to change without notice. Although the Morningstar Information contains information and research about specific securities, any Morningstar Information that may be contained in the Service does not constitute the provision of financial product advice. It has been prepared without taking into account the objectives, financial situation or needs of any person and because of that, before acting on any Morningstar Information which may be included in the Service each person must consider the appropriateness of the Morningstar Information having regard to their respective objectives, financial situation and needs. If the Morningstar Information is deemed in any way to relate to the acquisition, or possible acquisition, of a particular financial product, you must obtain a product disclosure statement from the provider of the product and consider the statement before making any decision about whether to acquire the product.

Where any law implies in this agreement any term, condition or warranty and that law avoids or prohibits a provision of this agreement excluding or modifying the application of or liability under any term, condition or warranty then the liability of Morningstar is limited to:

1. the re-supply of the Service; or
2. the payment of the cost of having the Service supplied again for one year.

Copyright

The Morningstar Information is protected by copyright. All rights reserved. No part of the Morningstar Information may be reproduced or distributed in any form without prior consent in writing from Morningstar.

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Upper Quartile acknowledges that some or all of the data used to generate its reports may have been sourced from FPI Ltd and/or Morningstar.
Please refer to the Conditions of Use statements in this website regarding the use of this data.