Legal Notice

You must read this important notice before you attempt to access the electronic version of the Product Disclosure Statement (PDS) on this website. The information on this page is not part of the Product Disclosure Statement. In addition, if you access the Product Disclosure Statement on this website, then you must also consider the Important Notice on the second page of the Product Disclosure Statement

Adelaide Managed Funds Limited (ABN 81 062 274 533, AFSL 240517) ("Adelaide Managed Funds"), as responsible entity of the Adelaide Managed Funds Asset Backed Yield Trust ("the Fund") has lodged a Product Disclosure Statement dated 27 July 2006 with the Australian Securities & Investments Commission ("ASIC"), a copy of which is available on this website. The Product Disclosure Statement replaces the product disclosure statement lodged with ASIC on 21 July 2006. Neither ASIC nor Australian Stock Exchange Limited take any responsibility for the contents of the Product Disclosure Statement or the investment to which it relates.

Paper copies of the Product Disclosure Statement are available free of charge by calling 1800 224 124.

Units of the Fund ("the Units") are not being offered on the basis of the Product Disclosure Statement provided on this website. The Units will only be issued on the basis of an application form issued together with the Product Disclosure Statement. Applicants applying under the General Offer will also be able to submit their Application Form online through this website. Application forms will not be made available until the exposure period designated by ASIC has been satisfied. It is expected that the Application Forms will be made available on this website on 31 July 2006

Please check this website from 31 July 2006 for a copy of the PDS incorporating an Application Form.

The offer of the Units ("the Offer") is expected to open on 31 July 2006 and is scheduled to close on 30 August 2006 but Adelaide Managed Funds reserves the right to extend the Offer or close the Offer early without notice.

Restricted access, distribution and invitation

Due to legal restrictions, access to an electronic copy of the Product Disclosure Statement in relation to the Offer of Units in the Fund is restricted to residents of the Commonwealth of Australia and to access from within Australia.

The distribution of this Product Disclosure Statement (including an electronic copy) in jurisdictions outside Australia may be restricted by law and anyone who comes into possession of the Product Disclosure Statement in those jurisdictions should seek professional advice and observe any restrictions that apply. Any failure to comply with those restrictions may constitute a violation of applicable security laws.

The Product Disclosure Statement does not constitute an offer or invitation in any jurisdiction in which, or to any person to whom, it would not be lawful to make the offer or invitation. No action has been taken to register or qualify the Units or the Offer or to otherwise permit a public offering of Units in any jurisdiction outside Australia.

The invitation to residents of Australia to apply for Units is made in, or is accompanied by, a copy of the Product Disclosure Statement.

Investments in the Fund are not deposits with or other liabilities of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178) or of any of its related bodies corporate ("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, any member of the Bendigo and Adelaide Bank Group, any person named in the Product Disclosure Statement, nor any other person guarantees the performance of the Fund or any particular future yield, nor do they guarantee the return of capital from the Fund.

By proceeding I agree to the above statements and confirm that I am a resident of the Commonwealth of Australia and am accessing this website from Australia. In addition, I represent, warrant and agree that I am not acting for the account or benefit of any person who is not a resident of Australia, and that I will not make a copy of the Product Disclosure Statement available to, or distribute a copy of the Product Disclosure Statement to, any non-Australian resident person.