Investment report - Large Companies

Report for July 2008

The Australian Ethical Large Companies Trust (AELT) outperformed its benchmark over the month
and the quarter.

The AELT rose by 1.6% in the month of July, against the melded benchmark (S&P/ASX 200
Industrials Index (65%) and MSCI World Index (35%)) which declined by 4.6%. For the quarter, the
AELT declined by 5.9%, against the benchmarks decline of 10.3%.

Best (significant) performers
Australian Pipeline Trust	+ 14.6%
ResMed Inc	+ 9.4%
ASX Ltd	+ 10.2%
Worst (significant) performers
Sims Group Ltd	- 20.4%
Sonic Healthcare Ltd	- 4.6%
Deutsche Postbank Group	- 18.0%

The above performances are ranked based on the effect within the Trust, rather than on the
percentage movement within the price. The percentages shown are the individual shares change in
price over the course of the month.

Cash available at the end of July 2008 was 5.67%, from 8.60% at the end of July 2008.

Past performance

Past performance is not a reliable indicator of future performance.

Performance notice

Total returns are calculated using exit prices.
Total returns take into account ongoing management fees and trust or super fund expenses.
For the super fund, total returns are based on an investment of $10,000 (pensions based on $30,000) at the inception of each strategy. Performance figures for each strategy assume an investment in that strategy only.
For the trusts, total returns are calculated as if distributions of income have been reinvested. They do not take into account tax that may be payable on the distribution of income.
For the super fund, total returns are calculated taking into account taxation on super fund earnings and capital gains.
Neither the return of capital nor the performance of a trust or the super fund is guaranteed.
Figures showing a period of less than one year have not been adjusted to show an annual total return. Figures for periods of greater than one year are on a per annum compound basis.
The latest available performance figures can be obtained from this website or by calling 1800 021 227.
Units in the trusts are offered and issued by Australian Ethical Investment Ltd (‘AEI’) ABN 47 003 188 930, AFSL 229949. Interests in the super fund are offered by AEI and issued by the trustee of the fund, Australian Ethical Superannuation Pty Ltd ABN 43 079 259 733, RSEL L0001441. Product disclosure statements are available from this website or by calling 1800 021 227 and should be considered before deciding whether to acquire, or continue to hold, units in the trusts or interests in the super fund.