How we invest your money. AADr Ann McNeill, the University of Adelaide. also known as Investing for the future

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1 How we invest your money also known as Investing for the future The information in this document forms part of the following UniSuper Product Disclosure Statements (as supplemented from time to time): A Accumulation 1 Product Disclosure Statement issued on 3 January 2015 A DBD and Accumulation 2 Product Disclosure Statement issued on 3 January 2015 A Your guide to pensions Flexi Pension Product Disclosure Statement issued on 1 January 2015 A Spouse Account Product Disclosure Statement issued on 3 January 2015 Issued 3 January 2015 by UniSuper Limited ABN AADr Ann McNeill, the University of Adelaide

2 IMPORTANT INFORMATION This booklet has been prepared and issued by UniSuper Limited as Trustee of UniSuper. It should be read in conjunction with the product disclosure statement (PDS) that applies to your UniSuper membership category. The information in this booklet is of a general nature only and does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of the information having regard to your personal circumstances and consider consulting a licensed financial adviser before making an investment decision based on information contained in this booklet. The value of your investments can go up or down and investment returns can be positive or negative. The Trustee does not guarantee the performance of the Fund s investment options. To the extent that this booklet contains any information which is inconsistent with the UniSuper Trust Deed and Regulations (together, the Trust Deed) the Trust Deed will prevail. The information in this booklet is current as at the date of publication. Information contained in this booklet which is not materially adverse may change from time to time. Updated information can be found on UniSuper s website at unisuper.com.au or by calling the UniSuper Helpline on A paper copy of any updated information is available without charge on request. You will be given notice of any increase in fees (except for indexation) or charges, material changes or significant events within timeframes prescribed in the relevant legislation. SuperRatings, a superannuation research company, awarded UniSuper a Platinum rating for its Accumulation products and Flexi Pension product. SuperRatings Infinity Recognised is awarded to super funds that clearly demonstrate excellent sustainable business practices and responsible investment principles. Go to superratings.com.au for details of its rating criteria. SuperRatings does not issue, sell, guarantee or underwrite this product. Chant West has awarded UniSuper a 5 Apples rating for its Accumulation products. For further information about the ratings methodology used by Chant West, see chantwest.com.au Chant West has given its consent to the inclusion in this document of the references to Chant West and the inclusion of the logos and ratings or awards provided by Chant West in the form and context in which they are included. UniSuper Management Pty Ltd, S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (S&P), RobecoSAM (RSAM) and the Responsible Investment Association Australasia (RIAA) have consented to their logo and/or statements being included in this booklet, in the form and context in which they have been included, and consent has not been withdrawn as at the date of this booklet. UniSuper (referred to throughout this booklet as the Fund), ABN UniSuper Limited (referred to throughout this booklet as either UniSuper or the Trustee), ABN UniSuper Management Pty Ltd (referred to throughout this booklet as UniSuper Management) is the administrator of the Fund, ABN , AFSL No and is licensed to provide financial advice. UniSuper s MySuper authorisation number is UniSuper Limited 2015

3 How we invest your money contents 1 Contents Introduction 2 What are you aiming for and what are your needs? 3 How would you like to invest your super? 6 Your investment options 8 Making your investment choice 21 How we manage your investments 24 Investment choice forms AA Investment choice form Accumulation 1, Accumulation 2, DBD Accumulation component and Spouse Account members AA Investment choice form Pension members About this booklet If you are a UniSuper member with an Accumulation component, or are a Flexi Pension or Term Allocated Pension member, this booklet outlines the investment choices that are available to you. It also provides some basic information about investing. You should read this booklet in conjunction with the PDS that applies to your UniSuper membership category which can be downloaded or ordered from our website, or you can request a paper copy free of charge by calling us on

4 2 Introduction Your super is likely to be one of the biggest investments you ll have during your lifetime. So it s important to consider your options carefully in order to select the investments that will best suit your needs. Most 1 UniSuper members get to choose from a range of investment options. So whatever your stage in life, how long your money will be invested or your tolerance for risk, you can build an investment strategy to meet your needs. It s important to think about your circumstances and needs before choosing an investment option or mix of options. 1. What are you aiming for and what are your needs? Whether retirement is 40 years or 40 weeks away, start by thinking about some of your broader retirement goals, including the lifestyle you want. 2. How would you like to invest your super? Decide how involved you want to be in managing your super. Are you happy to choose one option and leave it to us, or would you prefer to build your own diversified portfolio? 3. Compare investment options Look at the objectives, investment strategy, risks and potential ranges of returns of each investment option. You can choose one or a combination of options. 4. Make your choice You can choose or switch your investment options by: logging onto MemberOnline AA completing an Investment choice form Need advice? No matter where you are in your investing journey, if you need some help when it comes to making your choice, we recommend speaking to a licensed financial adviser. UniSuper Advice can help you with your financial goals no matter your financial situation or stage of life. For more information on your advice options with UniSuper, call or visit unisuper.com.au/advice. ADVICE What happens if i don t make an investment choice? For all UniSuper members (except pension members), if you don t make an investment choice, your super will automatically be invested in our default Balanced (MySuper) option. See page 20 for more information. Pension members default option is Balanced which you can read about on page If you re in UniSuper s Defined Benefit Division (DBD), investment choice applies only to the accumulation component of your super. Visit unisuper.com.au for more information.

5 3 What are you aiming for and what are your needs? As a UniSuper member you get to decide how your money is invested but how do you know which investment is right for you? Here we look at some of the issues you ll need to consider to get the most out of your investment. What are you aiming for? In order to choose the investment that best suits your needs, you need to identify exactly what those needs are: When do you plan to retire? AA How far away is that day, and how long does it give you to save? AA Do you plan to permanently retire from the workforce, or remain employed on a part-time or casual basis? AA How long could your retirement last? These are all important questions to ask when it comes to determining what you need your super to achieve, and therefore which investments are most likely to help you reach that goal. How much super will be enough? Once you ve determined the broader goals for your retirement, you ll also need to consider the specifics. One of the most important factors to consider is how much super you ll need to have and that depends largely on the type of lifestyle you want in retirement. Would you be happy enough with a modest lifestyle that provides you with the basics, or would you prefer a more comfortable lifestyle that includes some of life s extras, such as eating out, going to the theatre, taking regular holidays, and enjoying your favourite hobbies? UniSuper s online calculators can help you find out if your savings are on track for the retirement you deserve. Visit unisuper.com.au/members/ calculators and start planning today. How long do you have to save? The main risk when investing your superannuation is that your savings will fall short of your income needs in retirement. This is why your investment time frame is a very important factor to consider when choosing the investment option/s that will best suit your super. Time can play a crucial role in mitigating the risks associated with certain asset classes. As a general rule, investors with longer investment time frames (e.g. 15 to 20 years or more) may be more able to tolerate the short-term ups and downs associated with growth assets such as shares and infrastructure and private equity, in order to enjoy the potential for these assets to provide higher long-term returns. On the other hand, investors who are closer to retirement and therefore have shorter investment time frames (e.g. 10 years or less), or who are now dependent on their superannuation savings to provide them with retirement income, may have less capacity for their investments to recover from significant fluctuations in value. They may therefore prefer to opt for the lower return but also lower risk characteristics of defensive asset classes, such as cash and fixed interest. However, in order to maintain the real value of your investment, the returns achieved by your chosen investment option must at least equal or exceed the rate of inflation over time.

6 4 How we invest your money What are you aiming for and what are your needs? did you know? You can earn investment returns on top of your investment returns. This is called compounding and you can learn more about how it works by visiting unisuper.com.au/investmentbasics Why is inflation important? Inflation can potentially eat into your super savings. That s why it s important to consider investment strategies that have the potential to grow above inflation over time, particularly if your super is going to stay invested for many years. 2014: $ : Prices based on an annual inflation rate of 2.75%. $8.78 How much investment risk are you willing to take? Investment risk is the likelihood that money will be lost on an investment. Risk can come from a range of sources depending on the investments held. For example, changes in market, economic, social and political conditions can all affect different investments in different ways, causing them to go up or down in value. Investment returns are the money that an investment earns or loses. It s important to be aware that returns may not always be positive just as an investment s value can go up, it can also go down. When it comes to investing, risk and return are fundamentally linked. Generally, the greater the potential returns that an investment may achieve, the greater the risk associated with it. While it s usually impossible to predict exactly how risky an investment might be, or precisely what returns it will achieve, particular asset classes tend to have certain risk and return characteristics. For example, shares and infrastructure and private equity tend to carry higher levels of investment risk, but they also have the potential for higher returns over longer time frames. Cash and fixed interest investments on the other hand generally have lower levels of risk, but also tend to produce lower overall returns. The following chart illustrates the relative position of the asset classes on the risk and return spectrum. For more about the asset classes we invest in, see the next section.

7 How we invest your money What are you aiming for and what are your needs? 5 Asset class risk and return characteristics Low Potential return High Cash fixed interest Property infrastructure and private equity shares Defensive assets Growth assets Low Expected risk High A diversified approach Diversification simply means investing across a mix of assets, rather than investing all of your money in just one type. It draws on the fact that different types of investments tend to perform differently from one another at different times. If one of the investments in your overall portfolio is performing poorly, this poor performance may be offset by the betterperforming investments in your portfolio. You can diversify by choosing investments across a broad range of asset classes, for example shares, property, fixed interest and cash. You can also diversify within a single asset class, for example by choosing a share portfolio comprising the shares of many different companies rather than investing in just one or two companies. Let s compare The Australian Equity Income option might have an exposure to as few as 20 entities and the Global Companies in Asia option as few as 40 entities, compared to the Balanced (MySuper) option which has an exposure to over 1,500 entities. They re also less diversified across sectors. Global Environmental Opportunities and Diversified Credit Income are also less diversified in the number of entities and sectors that they are exposed to compared to the Balanced (MySuper) option. All of our Pre-Mixed investment options are already diversified across a range of asset classes. Sector investment options are less diversified and are not intended to be used in isolation, but are intended to be combined with other investment options to build a diversified portfolio. If you choose to only invest in a Sector option, you may be exposed to more risk and may miss out on the benefits of the balance between risk and return offered by a Pre-Mixed option. You ll find more information on the Pre-Mixed and Sector investment menus and how they are designed to be used on pages 11 to 20 of this booklet.

8 6 How would you like to invest your super? As a UniSuper member, you can select the Pre-Mixed option that you feel best matches your needs and leave the rest to us. If you prefer a more hands-on approach, you can build your own strategy using our Sector options, or a combination of both. What we offer Pre-mixed options Select the mix that best suits you. These options combine different mixes of asset classes that we manage for you. Professional fund managers manage the investments within each asset class. These options suit members who want to choose an option and leave the rest to us. Sector options Build your own portfolio with these single asset class portfolios. You choose how much you want to invest in each. Professional fund managers select and manage the investments in each portfolio. Setting up your investment strategy Asset classes are the building blocks of your investments. They generally group together similar types of investments. Some options will invest in only one asset class, while others will include a mix. WHAT UNISUPER INVESTS IN Asset classes are the building blocks of our investment options. Each tends to carry a different level of risk as well as a different level of expected returns. These options suit members who want to choose their own asset allocation.

9 How we invest your money How would you like to invest your super? 7 You have a wide range of asset classes from which you can build your investment strategy... Shares Part of a company that you can buy and sell on a securities exchange. You can access large and small companies across a range of industries in Australia and overseas. Historically, shares have provided long-term returns above inflation. Property Direct investment in industrial, retail or commercial real estate. A part of UniSuper s property allocation is also invested in unlisted property funds and listed property vehicles, commonly referred to as listed property trusts. Property has historically produced long-term returns above inflation. Infrastructure and private equity Includes investments in infrastructure projects such as roads and airports, and private equity investments in funds that invest in companies not listed on public sharemarkets. Private equity can provide long-term returns above inflation. Fixed interest (also called bonds) Includes loans to governments, private companies, banks and other corporations that are issued as securities, which pay regular interest over a set term. Returns come from the interest paid on this loan, as well as any increase (or decrease in the case of negative returns) in the value of the underlying securities. Fixed interest returns are typically higher than cash and lower than shares over the long term. Returns can fluctuate over the short term but are usually more stable than shares. Cash Investments include money in bank deposits or in short-term money market securities. Cash provides largely stable short-term returns and has the lowest volatility of all asset classes. Therefore, cash is generally considered a stable investment. Cash returns come largely from interest paid on the amount invested, as well as any increase (or decrease in the case of negative returns) in the value of the underlying securities.

10 8 Your investment options With a range of investment options in both our Pre-Mixed and Sector menus, you can tailor your strategy. UniSuper s investment options are split into the Pre-Mixed (multiple asset classes) and Sector (single asset class) options. You can choose any investment options from either or both of the investment menus (each nomination must be in whole numbers). A snapshot of UniSuper s investment options Pre-mixed A Capital Stable A Balanced Growth AA High Growth A Conservative Balanced A Sustainable Balanced Sector A Cash A Australian Bond Diversified Credit Income Listed Property Australian Shares International Shares Sustainable High Growth Global Environmental Opportunities Australian Equity Income A Global Companies in Asia find out more For more about our sustainable investment options and our Global Environmental Opportunities option, see pages 13 and 18. Each of our investment options has a specific strategic asset allocation, which outlines the option s unique mix of defensive and/or growth assets. From time to time, you may need to increase or reduce the amount you invest in each investment option to bring your option back in line with your chosen allocation. This is called rebalancing. See page 23 for more information on portfolio rebalancing. TOLERANCE RANGES As a general guide, UniSuper currently aims to ensure that actual allocations do not deviate from the strategic allocations by more than +/- 12.5% (for specific ranges for all our options, see pages 12-20). This applies to the amount that each option invests in growth and defensive assets, and to the amount that each option invests in each specific asset class. It allows for some variation in the strategic allocations and accounts for both natural market movements and to accommodate its investment strategy. UniSuper s Investment Committee may restrict the strategic allocations to tighter bands within this range if necessary. These ranges may change. Visit unisuper.com.au/investments for a current listing of the tolerance ranges that apply to UniSuper s strategic asset allocations. We don t use derivatives or other leveraged instruments in a way that may result in a particular asset allocation exceeding 100% or being below 0%. An investment option will not invest in an asset class if the strategic asset allocation for the asset class is 0% (except in the case of cash, which is permitted). The Sector investment options may, from time to time, include a small allocation to cash for portfolio management purposes. The Australian Equity Income option has no strategic asset allocation and will have an asset allocation to Australian shares of between 70% and 100%, with the remainder (up to 30%) allocated to income securities (i.e. not ordinary shares, such as debt securities).

11 How we invest your money Your investment options 9 UniSuper s investment options risk/return profiles Low Potential return High Cash 100% Conservative Balanced 50% 50% 30% 70% 100% 100% Australian Bond Capital Stable Balanced Sustainable Balanced Balanced (MySuper) 30% 70% 100% Diversified Credit Income 15% 85% Listed Property Growth 100% Australian Shares International Shares High Growth Sustainable High Growth Global Environmental Opportunities Australian Equity Income Global Companies in Asia Sector options* Defensive assets Growth assets Low Expected risk High The strategic asset allocations are correct as at 3 January 2015 but may change during your UniSuper membership. In particular, the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time-to-time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Actual allocations will deviate from their targets, but are monitored so they are kept within the Trustee-approved tolerance range. Risk versus return The graph above shows an approximation of UniSuper s investment options when comparing each option s potential return and its expected volatility risk over the long term in other words, the potential for returns to fluctuate. On pages 12 to 20, we have classified each investment option using a different measure of risk the number of years in a 20-year period that returns are expected to be negative (ignoring how large or small any investment gains or losses might be). find out more For more information about how investment returns are applied, visit unisuper.com.au/investments Growth versus defensive Investments are also referred to as being either defensive or growth investments. Asset classes at the higher end of the risk and return spectrum are known as growth assets, while those at the lower end are known as defensive assets.

12 10 How we invest your money Your investment options How investment returns are applied Investment returns can be positive or negative and are applied by calculating a specific crediting rate for each investment option, net of investment management fees and costs. During a quarter, UniSuper calculates interim crediting rates on a daily basis, based on the information available at the time. Then, at the end of a quarter, we calculate a final crediting rate which takes into account additional information (for example, recent valuations of the assets of the investment option). You can view an estimate of your balance in each investment option based on available crediting rates at any time on MemberOnline. Following 30 June and 31 December each year or when you transact, your account will be updated to reflect the difference between interim and final crediting rates. These transactions can also be viewed on MemberOnline. If you are invested in an option at the end of the quarter and you make a full or partial switch, or a partial withdrawal from the investment option before the final crediting rate is issued, the final crediting rate will still be applied to the balance you held to the end of the quarter. However, if you remain invested in an investment option at the end of a quarter, and make a full withdrawal from the Fund before final crediting rates are declared, interim crediting rates will apply to the entire balance you held in that investment option at the end of the quarter. If you transfer funds between a UniSuper super account and a UniSuper pension account (or vice versa), the transfer will be treated as a withdrawal (even though you may choose the same investment options in the account you re transferring to). If you have any questions about how crediting rates are applied to your account, call us on Unallocated contributions If, for any reason, UniSuper is unable to immediately allocate a contribution made on your behalf, investment returns (positive or negative) for the investment option(s) you have chosen on the date we allocate the contribution to your account will be applied from the date the contribution is banked. Any interest earned on the bank account in which unallocated contributions are held is retained by the Trustee for the benefit of members of the Fund.

13 How we invest your money Your investment options 11 Pre-Mixed or Sector, what s right for you? What does it include? Who is it designed for? What would I have to do? Pre-Mixed investment menu (Taking out the paperwork) A range of diversified investment options, each with its own return objectives and its own blend of assets, ranging from low-risk options with lower return objectives, to higher-risk options with higher return objectives. If you prefer to have investments chosen and managed on your behalf, then a Pre- Mixed option may be best for you. By choosing a Pre-Mixed portfolio, we do the work for you in allocating funds. When choosing a Pre-Mixed option, simply select the investment option that best matches your current financial circumstances, your level of comfort with investment risk, and the goals you set for your super and retirement savings. Sector investment menu (Designed for the hands-on investor) A range of mainly single asset class options designed to be blended with other single asset class options or combined with Pre-Mixed options to create your own unique asset mix. If you re a more hands-on investor who has experience in selecting and monitoring your investments, you may be interested in our Sector investment menu. Note that no individual single asset class investment option is designed to make up 100% of your account. Instead, they are intended to be used in combination with other single asset class or Pre-Mixed options, or to complement a broader existing investment portfolio. You define how you want your money invested by selecting your own mix from our range of Sector and Pre-Mixed options. Apart from determining your own unique asset mix, you will also need to monitor and rebalance your portfolio as necessary to ensure that it remains in line with the investment strategy you have set for yourself (see What is portfolio rebalancing? on page 23 for more information).

14 12 How we invest your money Your investment options pre-mixed investment options Capital Stable Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 2.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a medium risk tolerance and who are seeking a medium level of expected returns. suggested investment time frame Minimum of five years Investment strategy To invest in a diversified portfolio of largely defensive assets like bonds and cash, and some growth assets like shares and property. Strategic asset allocation Conservative Balanced Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 2.5% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a medium to high risk tolerance and who are seeking a medium to high level of expected returns. suggested investment time frame Minimum of four years Investment strategy To invest in a diversified portfolio of defensive assets like bonds and cash and growth assets like shares and property. Strategic asset allocation Growth 30% (17.5% 42.5%) Australian Shares 15% (2.5% 27.5%) International Shares 8.5% (0% 21%) Property 6.5% (0% 19%) Defensive Cash & Fixed Interest 70% (57.5% 82.5%) Expected frequency of negative annual return Two in 20 years Summary risk level Medium Growth 50% (37.5% 62.5%) Australian Shares 23.5% (11% 36%) International Shares 16% (3.5% 28.5%) Property 10.5% (0% 23%) Defensive Cash & Fixed Interest 50% (37.5% 62.5%) Expected frequency of negative annual return Three in 20 years Summary risk level Medium to high 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

15 How we invest your money Your investment options 13 pre-mixed investment options Balanced Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 3.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who are seeking a high level of expected returns. suggested investment time frame Minimum of ten years Investment strategy To invest in a diversified portfolio of mainly growth assets, such as Australian and international shares, property, infrastructure and private equity with some bonds investments. Strategic asset allocation Sustainable Balanced Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 3.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who are seeking a high level of expected returns. suggested investment time frame Minimum of six years Investment strategy To invest in a diversified portfolio of Australian and international shares that are selected on the basis of sustainable investment criteria (and the application of some negative screens) with Australian Listed Property, fixed interest and cash assets. Strategic asset allocation Growth 70% (57.5% 82.5%) Australian Shares 36% (23.5% 48.5%) International Shares 20% (7.5% 32.5%) Property 9% (0% 21.5%) Infrastructure & Private Equity 5% (0% 17.5%) Defensive Cash & Fixed Interest 30% (17.5% 42.5%) Expected frequency of negative annual return Four in 20 years Summary risk level High Growth 70% (57.5% 82.5%) Australian Shares 30.5% (18% - 43%) Australian Listed Property 15% (2.5% %) International Shares 24.5% (12% - 37%) Defensive Cash & Fixed Interest 30% (17.5% %) Expected frequency of negative annual return Four in 20 years Summary risk level High 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

16 14 How we invest your money Your investment options pre-mixed investment options Growth Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 4.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who are seeking a high level of expected returns Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio of mainly growth assets, such as Australian and international shares, property, infrastructure and private equity with some bonds investments. Strategic asset allocation High Growth Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who are seeking a high level of expected returns Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio of growth assets such as Australian and international shares, property, and infrastructure and private equity. Strategic asset allocation Growth 85% (72.5% 97.5%) Australian Shares 44% (31.5% 56.5%) International Shares 26% (13.5% 38.5%) Property 10% (0% 22.5%) Infrastructure & Private Equity 5% (0% 17.5%) Defensive Cash & Fixed Interest 15% (2.5% 27.5%) Expected frequency of negative annual return Four in 20 years Growth Australian Shares 57.5% (45% 70%) International Shares 27% (14.5% 39.5%) Property 10.5% (0% 23%) Infrastructure & Private Equity 5% (0% 17.5%) Expected frequency of negative annual return Five in 20 years Summary risk level High Summary risk level High 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

17 How we invest your money Your investment options 15 Sector investment options Cash Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 0.5% p.a. more than CPI over the suggested time frame. Member suitability Suits members with a very low risk tolerance and who are comfortable with a very low level of expected returns. Suggested investment time frame Minimum of three years Investment strategy To invest in a diversified portfolio of cash and moneymarket securities, including at-call and term bank deposits, bank bills, negotiable certificates of deposit and other short-term fixed income securities out to a maximum maturity of around one year. Australian Bond Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 1.0% p.a. more than CPI over the suggested time frame. Member suitability Suits members with a medium to high risk tolerance and who seek a medium level of expected returns. Suggested investment time frame Minimum of four years Investment strategy To predominantly invest in securities issued or guaranteed by the Australian (Federal and State) governments and cash. Strategic asset allocation Strategic asset allocation Defensive Australian Bond 100% Defensive Cash 100% Expected frequency of negative annual return Negligible Expected frequency of negative annual return Three in 20 years Summary risk level Medium to high Summary risk level Very low 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

18 16 How we invest your money Your investment options Sector investment options Diversified Credit Income Performance objective 2 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 1.5% p.a. more than CPI over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a medium to high level of expected returns. Suggested investment time frame Minimum of four years Investment strategy To invest in a range of global, Australian and New Zealand corporate bonds with some flexibility to consider allocations to other securities including emerging market debt, residential mortgage-backed securities, commercial mortgage-backed securities, cash (including short dated government securities) and municipal bonds when appropriate. Listed Property 1 Performance objective 2 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 3.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns. Suggested investment time frame Minimum of six years Investment strategy To invest in a diversified portfolio of listed property securities. Strategic asset allocation Strategic asset allocation Growth Australian Listed Property 50% (37.5% 62.5%) International Listed Property 50% (37.5% 62.5%) Defensive Global Credit 65% (45% 85%) Australian & New Zealand Credit 35% (15% 55%) Expected frequency of negative annual return Four in 20 years Expected frequency of negative annual return Four in 20 years Summary risk level High Summary risk level High 1 Returns from listed property investments are typically more volatile than returns experienced from unlisted property investments. 2 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

19 How we invest your money Your investment options 17 Sector investment options Australian Shares Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns. Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio of Australian shares. Strategic asset allocation International Shares Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns. Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio of international shares. Strategic asset allocation Growth Australian Shares 100% Expected frequency of negative annual return Five in 20 years Summary risk level High Growth International Shares 100% Expected frequency of negative annual return Five in 20 years Summary risk level High 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

20 18 How we invest your money Your investment options Sector investment options Sustainable High Growth Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns. Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio comprising Australian and international shares selected on the basis of sustainable investment criteria (and the application of some negative screens), together with Australian listed property. Strategic asset allocation Global Environmental Opportunities Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns. Suggested investment time frame Minimum of seven years Investment strategy To invest in a diversified portfolio of international companies whose business activities seek to address current and emerging environmental issues and opportunities and make a profit from these activities. Strategic asset allocation Growth Australian Shares 43.5% (31% 56%) Australian Listed Property 21.5% (9% 34%) International Shares 35% (22.5% 47.5%) Expected frequency of negative annual return Five in 20 years Growth International Shares 100% Expected frequency of negative annual return Five in 20 years Summary risk level High Summary risk level High 1 Performance objectives are not promises or predictions of any particular rate of return. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long term-targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

21 How we invest your money Your investment options 19 Sector investment options Australian Equity Income Performance objective 1 To achieve a gross yield which exceeds the dividend yield of the Australian equity market, and provide potential for capital growth over the suggested time frame. Member suitability Suits members with a very high risk tolerance and who seek a very high level of expected returns. Suggested investment time frame Minimum of seven years Investment strategy To invest in a portfolio of Australian shares and up to 30% in income securities (i.e. not ordinary shares, such as debt securities), that are expected to be high yielding. Strategic asset allocation Global Companies in Asia Performance objective 1 To achieve returns (after Fund taxes and investment expenses, before deducting account-based fees) that are at least 5.0% p.a. more than inflation (CPI) over the suggested time frame. Member suitability Suits members with a high risk tolerance and who seek a high level of expected returns Suggested investment time frame Minimum of seven years Investment strategy To invest in a portfolio of international shares that seeks to take advantage of the expected growth in consumption of emerging Asian economies by investing in well-established global brands. Strategic asset allocation Growth Australian Shares up to 100% 2 Defensive Income Securities up to 30% Expected frequency of negative annual return Six in 20 years Growth International Shares 100% Expected frequency of negative annual return Five in 20 years Summary risk level High Summary risk level Very high 1 Performance objectives are not promises or predictions of any particular rate of return. 2 This option predominantly invests in Australian shares. Up to 30% of the assets in this option can be invested in Australian income securities, such as credit and debt securities, hybrid and Australian high yield credit instruments. Each of the asset classes may include small or residual cash balances for portfolio management purposes. Strategic asset allocations are long-term targets. Actual allocations will vary from their strategic allocations, but are monitored so that they are kept within a tolerance range approved by the Trustee (refer to page 8 for details). The strategic asset allocation is correct as at 3 January 2015 but may change throughout your UniSuper membership. In particular the Trustee may alter the strategic asset allocation or the composition of individual asset classes from time to time to suit prevailing market circumstances. Some portion of the allocation to international investments may be hedged against currency movements. Different currencies may be hedged to different extents or possibly not at all. Negative returns may occur more or less regularly than expected. Updated strategic asset allocations and significant changes will be published on our website at unisuper.com.au/investments and in updated and later versions of How we invest your money, Super Informed or the Annual Report to members.

22 20 How we invest your money Your investment options MySuper Accumulation members only UniSuper is authorised to offer MySuper. MySuper is the Government-driven initiative for members default superannuation contributions. It is designed to protect members through ensuring certain rules are met in relation to investment strategy, fees and insurance cover. Since 1 January 2014 only funds authorised to offer MySuper can accept compulsory default super contributions (Superannuation Guarantee) from employers. UniSuper has selected its Balanced option to be its MySuper investment strategy. Accumulation members with any part of their account invested in our Balanced option will automatically become part of MySuper. DBD and Pension members are not able to become part of MySuper. You can view our MySuper dashboard including MySuper investment returns at unisuper. com.au/mysuper/mysuper-dashboard. Bbalanced (MySuper) return target CPI + 4.8% per annum over 10 years (after fees, costs and fund taxes) for a member who has a constant $50,000 balance and who does not incur any activity-based fees. Suggested investment time frame Minimum of ten years Investment strategy To invest in a diversified portfolio comprising mainly growth assets, such as Australian and international shares, property, infrastructure and private equity, and with some bonds investments. Strategic asset allocation pension and DBD members MySuper doesn t apply to you. For information on the Balanced option applicable to you, see page 13. Growth 70% (57.5% 82.5%) Australian Shares 36% (23.5% 48.5%) International Shares 20% (7.5% 32.5%) Property 9% (0% 21.5%) Infrastructure & Private Equity 5% (0% 17.5%) Defensive Cash & Fixed Interest 30% (17.5% 42.5%) Expected frequency of negative annual return Four in 20 years Summary risk level High How the return target is calculated The return target for the Balanced (MySuper) option has been calculated in accordance with requirements that apply to MySuper. The investment strategies for the Balanced (MySuper) option and the Balanced option on page 13 are effectively the same. However, the return target for the Balanced (MySuper) option appears higher than the investment objective for the Balanced option (on page 13) because it has been calculated differently. Our investment objectives for all other investment options (including the Balanced option on page 13) are more conservative and we have a higher degree of confidence in achieving them.

23 21 Making your investment choice It s important to keep track of and manage your investments. There are a number of ways to monitor the progress of your investments, and adjust your portfolio if you need to. Investment switching You can change investment options for your existing account balance on a weekly basis which is known as a switch.* A switch doesn t change the way your future contributions are invested so you need to also consider updating your future contributions strategy when you make a switch unless you are in a pension product. Switching allows you to respond to significant changes in your personal financial circumstances by altering your investment choice to suit your needs. You can switch your investment options free of charge once each financial year. Any subsequent switches within that financial year will incur a $16.50 switching fee. Rollover strategy You can choose the way rollovers to your account are invested this is known as your rollover strategy.* Your rollover strategy will apply to all future rollovers to your account from when we process it, until you change it. Future contributions strategy You can choose the way contributions to your account are invested from a range of investment options.* This is known as your future contributions strategy. You can change this strategy at any time but it won t affect the way your existing account balance is invested. No fee applies if you change your future contributions strategy. If we haven t received a future contribution strategy when a contribution is received, then your contribution will be invested in our default Balanced (MySuper) option. You can choose or change your future contributions strategy at any time through MemberOnline or by completing an Investment choice form. thinking about making a switch? A UniSuper adviser may help you figure out what investment mix is right for you. See page 23 for more information on UniSuper Advice, our in-house financial advice service for members. You can update your rollover strategy at any time. The investment options for your existing account balance and your future contributions strategy will remain the same. No fee applies if you change your rollover strategy. If you do not select a rollover strategy, all rollovers to your account will be invested as per your future contributions strategy. You can choose or change your rollover strategy at any time by logging into MemberOnline, or completing an Investment choice form. We ve included a copy of the form at the back of this booklet. * Investment choice does not apply to the defined benefit component of the Defined Benefit Division.

24 22 How we invest your money Making your investment choice Before you switch Occasionally, members may consider it appropriate to switch their investment choice in response to changing circumstances or investment time frames. Before you decide to switch, make sure that you re doing it for the right reasons. Simply switching your investment options in an effort to chase higher short-term returns could mean that you lose out over time. This is because investment markets are continually changing by the time you react to one set of market conditions, the market may have already changed again. Super is a long-term investment that s well served by taking a long-term view. It s important to understand the risks and other implications associated with switching your investment options. Read and understand the UniSuper investment information contained in your UniSuper membership PDS together with this booklet. Transferring members If you have transferred into Accumulation 1 from another UniSuper membership category and you have not provided a new future contributions strategy, any contributions received on or after the transfer date will be invested as per your previous membership category future contributions strategy. How to make a switch or change your future contributions strategy or rollover strategy When your switch becomes effective Online UniSuper must receive your online application by midnight (Melbourne time) on a Tuesday to ensure that your investment instruction takes effect from the Friday of the same week. An online application received after midnight (Melbourne time) on Tuesday will take effect on the Friday of the following week. Investment choice form UniSuper must receive your completed form by 5.00pm (Melbourne time) on a Tuesday to ensure that your investment instruction takes effect from the Friday of the same week. (If the Tuesday is a public holiday, the form must be received by 5.00pm (Melbourne time) the previous business day). A completed form received after 5.00pm (Melbourne time) on Tuesday will take effect on the Friday of the following week. Withdrawing a switch instruction Once UniSuper receives a switching instruction, the instruction can only be withdrawn at your request by providing a notice in writing to UniSuper (using the contact details shown on this page), before the applicable cut-off date and time. Your written cancellation request will not be processed if it is received after our weekly cut-off time of 5.00pm (Melbourne time) on Tuesday. Online Simply log on to MemberOnline the secure, member section of our website to use our online switching facility. Investment choice form Alternatively, you can complete the Investment choice form, which is included in this booklet. It is also available at unisuper.com.au or by calling on Return your completed form to UniSuper by mail or fax as we can t accept or telephone instructions. Mail: Fax: UniSuper, Level 35, 385 Bourke Street, Melbourne VIC 3000 (03) Please ensure that you fax the entire form.

25 How we invest your money Making your investment choice 23 For information about your super and investment choices please call us on What is portfolio rebalancing? Depending on how you choose to invest your accumulation-based product, and if you are invested in more than one option, from time to time you may need to check and possibly make adjustments to how it is invested. This process is called rebalancing. By checking your portfolio for such changes, and rebalancing your portfolio (through switching your investment options), you can ensure that your accumulation super remains invested according to your personal financial objectives. For pension members it is important to review your drawdown order instructions from time-totime because, as pensions are drawn down, this will change how your remaining account balance is spread across your chosen investment options and reduce the degree of diversification. Over time, the allocation of your remaining account balance between options may reflect a strategy which is very different from your original intentions and you should reconsider whether this is appropriate, having regard to your financial needs and circumstances. You can switch your investment options free of charge once each financial year. All subsequent switches will incur a $16.50 switching fee. There is no cost to change your future contributions strategy. UniSuper Advice Comprehensive financial advice for members UniSuper offers the opportunity to access comprehensive financial advice as part of its services to members. UniSuper Advice is operated by UniSuper Management Pty Ltd, which is licensed to provide financial product advice to members. This means you can get financial advice from someone who genuinely understands the Fund and the higher education and research sector. The service operates exclusively for UniSuper members and their spouses. It aims to provide comprehensive financial advice, including non-super areas such as investment or insurance. UniSuper Advice operates on a fee-for-service basis, with no commissions paid to its financial advisers. If you request personal advice services, UniSuper Advice will provide you with a quote before you proceed or incur any personal advice service fees. So, if you ve got a question (or a lot of questions) about investing your accumulation super or Flexi Pension, or would like to receive advice on how to start planning for the retirement you want, contact UniSuper Advice on ADVICE

26 24 How we manage your investments At UniSuper, we re committed to investing responsibly across all our options and we consider environmental, social and governance issues across all of our investments. As well as this general approach, we offer investment options that are specifically dedicated to sustainable investments (Sustainable Balanced and Sustainable High Growth). Our approach UniSuper invests its assets through a combination of both internal and external investment managers. The managers have been selected for their specialist knowledge of particular sectors or markets. Once appointed, investment managers: AA have discretion within the bounds of their specified investment guidelines to invest within their allocated sector or market AA must aim to achieve an agreed performance objective, and AA are monitored regularly for results and performance. Investment managers are generally interviewed at least once a year. For more information about UniSuper s investment managers and how our investments are managed, please visit unisuper.com.au/investments. About our sustainable options UniSuper s sustainable investment options give you the opportunity to direct your accumulation super investment toward companies with more sustainable investment practices (including consideration of environmental and social issues) as compared to their peers. Currently, UniSuper offers a Sustainable Balanced option and a Sustainable High Growth option. SUSTAINABLE BALANCED OPTION The Sustainable Balanced option invests in a mix of growth and defensive assets and is set at around a 70/30 growth/defensive strategic asset allocation (consistent with our mainstream Balanced option). Sustainable investment criteria are taken into account in selecting growth and defensive investments in the manner outlined in this section. SUSTAINABLE HIGH GROWTH OPTION The Sustainable High Growth option is a higher risk sustainable investment option than the Sustainable Balanced option because it invests only in growth assets, and as such, is less diversified. It also uses fewer external investment managers than the conventional High Growth investment option. Sustainable investment criteria are taken into account in selecting growth investments in the manner outlined below. SELECTING GROWTH ASSETS For equity investments within our sustainable investment options, we first seek to identify investable stocks using the following indices: AA Dow Jones Sustainability World Index (DJSI World), and AA Dow Jones Sustainability Australia Index (DJSI Australia) The DJSI is the world s longest-running global sustainability benchmark and is a key reference point in sustainable investing for investors and companies. RobecoSAM is a Swiss company recognised as a leader in corporate sustainability research and is responsible for the research and selection of companies for the DJSI World and DJSI Australia indices.

27 How we invest your money How we manage your investments 25 The above indices are then customised for UniSuper to ensure that companies with material exposure to tobacco, alcohol, gambling, weapons and fossil fuel exploration and production (as assessed by a third party) are excluded from the investment universe. Each company within each industry is assessed, rated and scored on various environmental, social and economic criteria by RobecoSAM. A range of matters are considered by this assessment, including environmental management, biodiversity impacts, product stewardship, labour practices, codes of conduct, transparency and so on. We seek to include companies in each industry (e.g. finance, food and beverage etc.) that are considered to have sustainable practices. Enhancing diversification As a result of customising the DJSI Australia for UniSuper (to exclude companies with material exposure to tobacco, alcohol, gambling, weapons and fossil fuel exploration and production as assessed by a third party), the number of Australian companies in which the sustainable options may invest is reduced. To enhance diversification within the Australian Shares allocation, UniSuper may choose to include additional companies from the S&P/ASX 200 Index in the sustainable options, provided such companies rank highly according to a sustainability assessment. At all times, the majority of the Australian portfolio in which the sustainable options invest will be comprised of companies included in the DJSI Australia. An allocation has also been made to Australian Listed Property stocks within our sustainable options in order to enhance diversification. Companies will be selected from the S&P/ASX 200 Australian Real Estate Investment Trust (A-REIT) Index. Some of these companies may not be part of the DJSI Australia but will be assessed against sustainability criteria determined by UniSuper. SELECTING DEFENSIVE ASSETS Only the Sustainable Balanced option invests in defensive assets (i.e. cash and fixed interest). Cash and fixed interest investments cannot as easily have sustainable investment criteria applied to them as listed equity investments, although a general exclusion on tobacco-related debt securities exists. Where possible, the Sustainable Balanced option does give consideration to fixed interest investments that can contribute to positive environmental and social outcomes. An example is the Sustainable Balanced option s investment in World Bank Green Bonds. The remainder of the defensive component of the Sustainable Balanced option is predominantly invested in cash and government bonds.

28 26 How we invest your money How we manage your investments THE CORPORATE SUSTAINABILITY ASSESSMENT PROCESS RobecoSAM is responsible for the research and selection of companies for the DJSI World and DJSI Australia indices. It applies a proprietary methodology using an annual Corporate Sustainability Assessment to rate and score companies in terms of corporate sustainability criteria with a focus on their ranking within industries. It defines corporate sustainability in terms of the management of economic, environmental and social opportunities and risks, and the focus on quality, innovation and productivity to maintain a competitive advantage. RobecoSAM conducts continuing research of economic, environmental and social trends and developments to define criteria and weightings to assess and rate companies. The criteria include both general and industry specific sustainability criteria, across what are referred to as the economic, environmental and social dimensions. RobecoSAM carries out the Corporate Sustainability Assessment by asking 2,500 of the largest global listed companies by free-float market capitalisation as well as the top 200 ASX listed companies (excluding investment companies) by market capitalisation, to complete an annual online questionnaire and provide supporting documentation. About 30% of companies invited complete the questionnaire, and the response rate has been increasing since 1999, when the index was first launched. RobecoSAM assesses approximately an additional 30% of companies that do not complete the questionnaire using publicly available information and data in order to ensure that at least 50% of the eligible market cap per industry and region are assessed. A defined set of criteria and weightings is used to assess the opportunities and risks deriving from economic, environmental and social trends and developments. Based on these assessments, companies are ranked within their industry and selected for the DJSI World and DJSI Australia indices, if they are among the sustainability leaders in their industry. The final step of the assessment involves a media and stakeholder analysis, where RobecoSAM analysts review critical issues (i.e. human rights abuses, catastrophic events or accidents, workforce conflicts) to determine if assigned scores are fair and accurate given a company s management of these critical events. ENVIRONMENTAL CRITERIA Environmental criteria cover the environmental management and performance of a company. These criteria measure a company s efforts to reduce and avoid environmental pollution, as well as anticipate and adapt to future climate risk related scenarios. SOCIAL AND LABOUR CRITERIA Social criteria cover both internal (employee relations and labour practices) and external (stakeholder and community relations) aspects. Social criteria are based on worldwide minimum standards and best practices, and also take into account the manner in which companies deal with human rights issues, internally, in their supply chain and in the communities in which they operate. ECONOMIC CRITERIA Economic criteria not only reflect financial robustness, strategic planning processes and governance but also how a company adapts to changing market demands, sustainability trends and macro-economic driving forces. These criteria measure a company s ability to make use of the economic benefits from sustainability opportunities and risks. Please note that the Trustee has no specific requirements as to the extent or weighting with which particular environmental, social and economic factors are to be taken into account. This is because the importance of various environmental, social and economic factors may differ between industry groups depending on a sector s specific exposure to sustainability issues and trends. CORPORATE SUSTAINABILITY ASSESSMENT WEIGHTINGS APPLIED BY RobecoSAM In constructing the DJSI World and DJSI Australia indices, regard is given to economic, environmental and social (including labour) factors that are specific to the relevant industry, as well as more general factors which apply to all industries. The industry-specific factors are given greater weight than the general factors generally the industry-specific factors correspond to more than 50% of the total score. Each of the economic, environmental and social (including labour) dimensions is a specific weight, depending on its importance for a specific industry.

29 How we invest your money How we manage your investments 27 PORTFOLIO CONSTRUCTION International Shares Only International Shares which are included in the DJSI World will be selected for inclusion in either of the two sustainable options. Companies with a material exposure to tobacco, alcohol, gambling, weapons and fossil fuel exploration and production (as assessed by a third party) will be excluded from the portfolio. Our fund manager adopts a passive portfolio management approach when constructing the international shares portfolio. Australian Shares and Listed Property The investment approach for our sustainable options (described under Selecting Growth Assets on page 24) provides an outline of the methodology applied to determine the Australian Shares which may be selected for inclusion in either of the two sustainable options. The amount invested in each of these stocks (their weighting ) will be determined by UniSuper rather than simply adopting the weighting given to those stocks in the DJSI Australia. Companies with a material exposure to tobacco, alcohol, gambling, weapons and fossil fuel exploration and production (as assessed by a third party) will be excluded from the portfolio. An allocation will be made to Australian Listed Property stocks within the two sustainable options in order to enhance diversification. This allocation may be managed by UniSuper on an active basis with securities to be selected from the S&P/ASX200 A-REIT Index (a specialty index for Australian Listed Property). These securities may not be part of the DJSI Australia but will be assessed against sustainability criteria determined by UniSuper. The DJSI World and DJSI Australia indices are reviewed annually by RobecoSAM and the DJSI Index Committee which may result in some companies being included or excluded from these indices. If a company is removed, consideration will be given on a case-by-case basis whether to dispose of that security and the time frame within which it will do so, but there is no particular requirement to do so. The two sustainable investment options will hold most, but not necessarily all, of the shares in the DJSI World and DJSI Australia indices, having regard also to the specific exclusions that are applied to the sustainable share portfolios. RISK AND OTHER FACTORS A number of factors should be kept in mind when considering investing in sustainable investment options. These options are less diversified than traditional products and they also use fewer investment managers than other mainstream options. Further, as mentioned previously, cash and fixed interest cannot as easily have sustainable investment criteria applied to them. Currently, levels of investment in sustainable investment products are low, and companies that are included in sustainable investment products require an additional layer of monitoring to ensure that they continue to comply with sustainability guidelines. As a result of these factors, higher investment management fees may be charged on these products, which would ultimately be deducted from the investment returns for these investment options. Sustainable investment products have a relatively short and untested record, particularly in Australia. As a result, the relationship between the risk and return profile of a sustainable investment product and that of a traditional counterpart product is not yet clearly established. Additional information about the Dow Jones Sustainability Indices The Dow Jones Sustainability Indices are a joint product of S&P Dow Jones Indices LLC and/or its affiliates and RobecoSAM AG ( RobecoSAM ). S&P is a registered trademark of Standard & Poor s Financial Services LLC ( S&P ), Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ) and RobecoSAM is a registered trademark of Robeco Groep N.V. The trademarks have been licensed to S&P Dow Jones Indices LLC and its affiliates. Inclusion of a company within a Dow Jones Sustainability Index is not a recommendation to buy, sell or hold such company, nor is it investment advice. S&P Dow Jones Indices, Dow Jones, S&P, RobecoSAM and their respective affiliates (collectively SPDJI parties ) do not sponsor, endorse, sell or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index.

30 28 How we invest your money How we manage your investments UNITED NATIONS PRINCIPLES OF RESPONSIBLE INVESTMENT As well as offering investment options that support sustainable investing, UniSuper demonstrates its broader commitment to environmental, social and corporate governance issues across its mainstream investment portfolio by being a signatory to the United Nations Principles of Responsible Investment. Launched by the United Nations in 2006, the Principles provide a global framework for responsible investment. They help large institutional investors (like UniSuper) integrate environmental, social and corporate governance issues into their investment practices and decision-making, and are aligned with the goals of the United Nations. The Principles reflect the increasing relevance of these issues to investment practices, and their ability to affect (to varying degrees) the performance of investment portfolios. RIAA CERTIFICATION The Certification Symbol signifies that a product or service offers an investment style that takes into account environmental, social, governance or ethical considerations. The Symbol also signifies that UniSuper has adopted strict disclosure and education practices required under the Responsible Investment Certification Program for the category of Superannuation Fund. Our Sustainable Balanced option and Sustainable High Growth option have RIAA certification. The Certification Symbol is a Registered Trade Mark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and UniSuper s methodology and performance can be found at responsibleinvestment.org, together with details about other responsible investment products certified by RIAA 1. In becoming a signatory to the Principles, UniSuper has demonstrated its commitment to these issues. The Principles help us adopt a more systematic approach to managing environmental, social and corporate governance risks in our investment portfolios. In doing so, we ensure that we remain aligned with the broader views and priorities of society, which is ultimately in the best interests of you, our members, and your investments with the Fund. If you would like to know more about the Principles and how we implement them, please refer to our website at unisuper.com.au/investments and our sixmonthly Responsible Investment Reports. 1 The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.

31 How we invest your money How we manage your investments 29 About the Global Environmental Opportunities option This option gives you the opportunity to direct your super investment toward international companies that provide products and/or services that seek to deliver solutions to environmental challenges and contribute to a more environmentally sustainable economy. For example: AA Alternative energy products and services that focus on renewable energy and alternative fuels; AA Clean technology products and services that seek to reduce energy consumption through effective power management, energy conservation and energy efficiency; AA Water infrastructure and technologies products and services that focus on water scarcity, water quality and water infrastructure; AA Green building focuses on companies that build and operate environmentally sustainable buildings and/or that offer environmentally sound products and services that are used in the design and construction of buildings; and AA Waste management and pollution control products or services that focus on pollution prevention, recycling, waste minimisation and waste treatment. THE ELIGIBILITY ASSESSMENT PROCESS To be eligible, a company must derive at least 20% of its business revenues from one or more of the environmental market sectors mentioned above. Specific social and ethical and labour standards are not explicitly considered in the assessment process. However, it is relevant to note that it is considered very unlikely that companies involved in controversial activities such as tobacco, alcohol and gambling would be included given that they would be unlikely to meet the environmental market eligibility requirements outlined above. PASSIVE APPROACH This option is passively managed using an indexed approach, whereby an external index provider constructs an index comprising a selection of approximately 150 (or more) international companies with business activities that meet the above criteria. Any changes to this approach will be notified on UniSuper s website. Companies in the index are weighted based on their size (i.e. their free float adjusted market capitalisation). All stocks are liquidity screened to ensure that the companies in the index are tradable.

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