Who manages each asset

Investment manager	Investment product	% at 30 June
		2008	2007
Intenational Shares
AMP Capital Investors	Future Directions Core International Share Fund No. 2	17.34	21.20
	Future Directions Extended Markets International Share Fund	2.30	2.30
	AMP Emerging Markets Fund	1.97	0.00
Australian Shares
Queensland Investment Corporation	QIC Australian Equities Trust	0.00	6.10
	QIC Active Large Companies	0.00	5.00
	QIC Active Small Companies	0.67	0.50
	QIC Implemented Australian Equities Trust	20.02	20.80
	Contango Wholesale Microcap Fund	1.31	0.00
	BT Focus Australian Share Fund	3.18	0.00
Socially Responsible Investments
BT Australia	BT Institutional Ethical Balanced Fund	0.06	0.00
Alternatives
Macquarie Investment Management Limited	Macquarie Alternative Investment Trust No. 3	0.62	0.61
	Macquarie Alternative Investment Trust No. 4	0.44	0.31
Macquarie Specialised Asset Management Limited	Macquarie Global Infrastructure Fund  III	0.83	0.10
Hastings Funds Management Limited	The Infrastructure Fund	2.93	2.50
	Private Capital Units III	0.09	0.10
Quay Partners	Quay Australia No. 2 Fund	0.26	0.22
	Quay Australia No. 4 Fund	0.19	0.00
Pantheon Ventures Limited	Pantheon Global Secondary Fund II	0.30	0.30
Lexington Capital Partners Limited	Lexington Capital Partners VI-B-LP	0.42	0.20
Trinity Fund Management Limited	Trinity Opportunistic Property Fund No. 1	0.27	0.15
Barclays Global Investors	BGI Global Ascent Fund	0.83	0.67
Mellon	Mellon Global Alpha Trust	0.60	0.00
AMP	AMP Australian Pacific Airports Fund 3	0.37	0.00
	AMP Infrastructure Equity	0.30	0.00
Russell	Russell Global Property 1	0.18	0.00
Suncorp Investment Management Limited	Suncorp Ethical Balanced Trust	0.00	0.03
Shares in Unlisted Entitites
	ESI Financial Services Pty Ltd	0.02	0.00
Property
Queensland Investment Corporation	QIC Property Fund	10.06	9.61
Trinity Funds Management Limited	Trinity Property Trust	1.49	1.40
Global Fixed Interest
Queensland Investment Corporation	QIC Diversified Fixed Interest Fund 1	23.01	18.65
Industry Funds	Management Super Business Loans Trust	0.21	0.20
Cash
Queensland Investment Corporation	QIC Enhanced Cash Fund	6.87	7.35
Derivatives*
Queensland Investment Corporation	QIC Derivative Overlay - Rebalance	2.66	1.70
	QIC Derivative Overlay - Currency	0.20	0.00
TOTAL		100.00	100.00

* ESI Super's Trustee does not undertake the day-to-day management of derivative instruments.

External investment managers may utilise derivatives in managing investment portfolios for the Trustee and in managing pooled investment vehicles in which the Trustee invests. Where applicable, limits on the extent of derivative use are specified in any investment management agreements between the Trustee and the investment managers.

In addition, the Trustee considers the risks and the controls in place by analysing the managers' Derivatives Risk Statements.

The Trustee has also adopted its own Derivatives Risk Statement in which the relationship between ESI Super's overall investment strategy and the use of derivatives is outlined. This Derivatives Risk Statement states that the Fund is not to be geared.