Balanced quarterly update

As at 30 September 2008

Account	Last 3 months^	Last 12 months^	Last 3 years (per annum)^	Last 5 years (per annum)^	Last 7 years (per annum)^	Last 10 years (per annum)^
Accumulation	-1.36%	-6.56%	5.08%	9.55%	7.51%	7.10%
Allocated Pension	-1.48%	-6.85%	5.91%	10.78%	8.42%	7.76%

Target asset allocation

The pie chart above shows the target asset allocations, however QIC, our investment manager, has the flexibility to invest within a predetermined range.

Australian shareholdings

Top ten Australian shares by value*.

#	Stock
1	BHP Billiton Limited
2	Commonwealth Bank of Australia
3	Telstra Corporation Limited
4	National Australia Bank Limited
5	Westpac Banking Corporation
6	Woolworths Limited
7	ANZ Banking Group Limited
8	QBE Insurance Group Limited
9	Rio Tinto Limited
10	Woodside Petroleum Limited

The Australian share portfolio is managed by the following specialist fund managers:

Property

Top five global properties by value.

#	Stock
1	Castle Towers Shopping Centre, Castle Hill, Sydney, NSW
2	Merry Hill Shopping Centre, Brierly Hill, United Kingdom^†
3	Canberra Centre, Civic, Canberra, ACT
4	Robina Town Centre, Robina, Gold Coast, QLD
5	Westpoint Shopping Centre, Blacktown, Sydney, NSW

^†Merry Hill Shopping Centre is 50% owned by QIC.

More information

September 2008 market update - read QIC's commentary on market performance during the last quarter.
Option composition, fee & risk profile - find out more about the Balanced option

Performance since inception^

Growth of $10,000 (Accumulation account)

View current chart - Accumulation | Allocated Pension

International shareholdings

Top ten international shares by value*.

#	Stock
1	Nestle S.A.
2	Microsoft Corporation
3	Total S.A
4	JPMorgan Chase and Company
5	Johnson & Johnson DC
6	E.ON AG
7	Exxon Mobil Corporation
8	Cisco Systems Incorporated
9	Occidental Petroleum
10	AT&T Incorporated

The International share portfolio is managed by the following specialist fund managers:

Alternative assets

Alternative assets are split between:

Asset Type	%
Private equity	14.51
Commodities	23.87
Managed funds	35.76
Incubator	0.76
Infrastructure	25.10

NOTE:

^Past performance is not a reliable indicator of future performance. Returns may vary considerably over time.

*The QSuper MIC options are managed collectively within a pooled trust and as such these shareholdings are notional only.

Crediting rates are only applicable for members who have not made any transactions (withdrawals, deposits, or change of investment options) in the reporting period specified.