Welcome to the 11th edition
of CEO Online

This edition, I would like to bring you up to date with:

Your scheme's investment performance

I am pleased to report investment earnings remain positive and we continue to declare positive exit rates. As at 29 February 2004, the financial year-to-date fund return was 10.0% (after adjustments for tax & fees), compared to our benchmark of 9.6%. The Fund's performance has placed us 3rd in the Intech Major Funds Survey of 18 major Australian super funds for the 12 months ending 31 December 2003. At 31 January 2004, the CSS had over $5.4 billion in net assets and approximately 49,000 members .

Please remember, if you are planning to retire or claim your deferred benefit in the next 12 months , call an Information Officer on 1300 000 277 for a detailed estimate of your benefit.

FOR MORE INFORMATION ABOUT RETIRING FROM THE CSS: See the CSS Product Disclosure Statement

FOR MORE INFORMATION ON INVESTMENTS: Take a look at our Investment Performance and Investment Strategy

The good, the bad and the ugly - an insight into the investment roller coaster ride

The volatile investment market performance over the past few years has underlined the essential truths of many investment axioms often quoted to investors, such as: "diversify your investments" and "investment is a long run game". Read examples of how these axioms have applied to CSS investments

Attorney General approves specific factors for valuing super in the CSS to apply as of 8 March 2004

New factors and methods to value CSS super for Family Law purposes were approved by the Attorney General and gazetted in March. The new factors and methods recognise the unique benefit design of the CSS and apply from 8 March 2004

On 20 January 2003, the CSS Board's Australian Financial Services (AFS) licence came into effect

The AFS licence is issued by the Australian Securities and Investments Commission (ASIC), and is an important reform for the financial services industry. We advised members about these financial services reforms in last year's annual report.

How does this affect you as a CSS member?

1. We can provide you with general financial product advice

Our licence means we can provide you with factual information and general financial product advice about the CSS. General advice does not take into account your personal objectives, financial situation and needs.

This means we can tell you all about the CSS, and provide you with information about your account with the CSS, but we cannot advise you or make recommendations on decisions about your super and other financial matters.

If you wish to have financial product advice that takes into account your personal objectives, financial situation or needs, you must consult a licensed financial planner.

2. We will provide you with a Financial Services Guide

Before you access our general advice services we will provide you with a Financial Services Guide which outlines:

3. You will receive information from authorised representatives

The only people able to provide you with general advice are those who are specifically authorised to do so by the CSS Board. They are referred to as 'authorised representatives' and are qualified to provide general advice about the CSS.

I look forward to reporting to you again soon.