ENEVITA PLATINUM. Financial Services Guide. Preparation date 13 March Issued by Navigator Australia Limited (NAL) ABN AFSL

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1 ENEVITA PLATINUM PORTFOLIO Investment SOLUTION Series 2 Financial Services Guide Preparation date 13 March 2014 Issued by Navigator Australia Limited (NAL) ABN AFSL

2 Enevita Platinum Portfolio Investment Solution Series 2 Preparation date 1 September 2015 This update to the Enevita Platinum Portfolio Investment Solution Series 2 Financial Services Guide is provided as a result of a decrease to the minimum Administration fee to $375 pa. The following are updates to the Management costs part of the tables, and fees and costs example, on pages 15 and 16 of this Enevita Platinum Portfolio Investment Solution Series 2 Financial Services Guide. The rest of the Fees and costs part of this Guide is unchanged. Type of fee or cost Amount How and when paid Management costs Administration fee The fees and costs for managing your investment. The fee is based on your account balance in the Service and has two parts: A tiered percentage fee: Account balance First $200, Next $300, Fee (% pa) Remaining balance 0.05 over $500,000 Plus A flat percentage fee: 0.10% pa on the portion of your account balance in managed investments or SMA options or term deposits not managed by the NAB Group, and 0.15% pa on the portion of your account balance invested in listed investments. The minimum Administration fee you may pay is $375 pa. The maximum Administration fee you may pay is $3,700 pa for account balances up to $10 million. An Administration fee for combined account balances over $10 million is negotiable. The tiered percentage fee and the flat percentage fee are calculated using your average account balance for the previous month. The Administration fee (the sum of the tiered percentage fee and the flat percentage fee) is deducted monthly from your Cash Account. Family account linking may apply to your tiered percentage fee (see page 18). Issued by Navigator Australia Limited (NAL) ABN AFSL Page 1

3 Example of annual fees and costs for the MLC Wholesale Horizon 4 Balanced Portfolio This table gives an example of how fees and costs for the Service and an investment in the MLC Wholesale Horizon 4 Balanced Portfolio can affect your investment over a one-year period. You should use this table to compare this product with other investment products. Example MLC Wholesale Horizon 4 Balanced Portfolio Balance of $50,000 with a contribution of $5,000 during the year Contribution fees 0% For every additional $5,000 you put in, you will be charged $0. Plus Management costs Administration fee 0.40% x $50,000 $200 subject to a minimum Administration fee of $375 And, or the $50,000 you have in the MLC Wholesale Horizon 4 Balanced Portfolio you will be charged $725 each year. Investment fee 0.70% 1 x $50,000 $350 Equals Combined cost of the Portfolio and Enevita Platinum Portfolio Investment Solution Series 2 If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be charged fees of: $725* (this is 1.45% pa on a balance of $50,000). What it costs you will depend on the investment option you choose and the fees you negotiate. * Additional fees may apply: Establishment fee $0 And, if you leave the Service early, you may also be charged exit fees of 0% of your account balance ($0 for every $50,000 you withdraw). This example assumes no investment gains or losses during the year and the contribution was made on the last day of the year. 1 For the MLC Wholesale Horizon 4 Balanced Portfolio the indicative investment fee is 0.70% pa plus any performance fee. Any questions? For more information call Enevita Client Services from anywhere in Australia on or contact your financial adviser. Postal address: GPO Box 4639, Melbourne VIC M0815 Page 2

4 Why Enevita? Enevita Pty Ltd ABN AFSL (Enevita) is the sponsor of a comprehensive portfolio service created to enable you, together with your financial adviser, to diversify your investment portfolio across a wide range of investment products. The Service enables you to enjoy the convenience, flexibility and control of dealing with one quality provider, keeping you fully informed of your financial position. You will also be reassured to know that the Sponsor has an agreement with NAL, the administrator and provider of the service, recognising its pre-eminent position in the provision of administration services investinfo.com.au/enevita Enevita Client Services GPO Box 4639 Melbourne Victoria 3001 Facsimile:

5 Contents About Enevita Platinum Portfolio Investment Solution Series 2 4 Things to consider before you invest 6 How your account works 10 Fees and costs 14 Other information 21 This information is general and doesn t take into account your personal financial situation or individual needs. A financial adviser can help you decide if this is the right product for you. This Financial Services Guide (FSG) together with the Application Form gives you all the information you need to join the Service. There is also an Investment Menu containing a listing of the available investment options. You should consider all information before making a decision to invest in this product. Please note the content in these documents may change from time to time. For the latest copy please go to investinfo.com.au/enevita or contact us for a free copy. Changes to Enevita Platinum Portfolio Investment Solution Series 2 or the investment options will be made from time to time. We'll notify you of changes that are materially adverse. Changes that aren't materially adverse will be made available on investinfo.com.au/enevita or you can obtain a paper copy of the changes on request free of charge. You can get a copy of the latest Product Disclosure Statement for each investment option on investinfo.com.au/enevita or by contacting us. For more information please contact us, speak with your financial adviser or go to the online copy of this document at investinfo.com.au/enevita 3

6 About Enevita Platinum Portfolio Investment Solution Series 2 Your financial adviser Enevita Platinum Portfolio Investment Solution Series 2 is only available to you through a licensed financial adviser or through their authorised representative. At Enevita we believe in the value of financial advice and strongly recommend you regularly keep in touch with your financial adviser. If you choose to no longer receive financial advice, you can still use Enevita Platinum Portfolio Investment Solution Series 2 and we ll continue to provide product updates and statements to you at your last known or postal address. You can update your personal details or manage your account on investinfo.com.au/enevita Manage your investment portfolio on your own terms. Packed full of features, Enevita Platinum Portfolio Investment Solution Series 2 (the Service) gives you the control and flexibility to build a portfolio completely tailored to your individual objectives. It s a gateway to an extensive range of investments and insurance, which you can view and manage with ease using our online functionality. You can bring all your investments together, making it easy for you and your financial adviser to review and manage your portfolio in one place. All your transactions are made through your Cash Account, so you can conveniently manage and monitor your cash flow. If you are looking for a solution to help you manage your super money, you can invest in Enevita Platinum Portfolio Retirement Management Solution Series 2. Please go to investinfo.com.au/enevita for more information. A comprehensive view of your portfolio Because your portfolio is all in one place online, you can: keep track of your investments transact on your account, and view your insurance. Extensive investment choice You have access to: over 300 managed investments over 500 ASX listed investments, such as direct shares, and exchange traded funds a variety of term deposits a Separately Managed Account (SMA) providing access to a range of direct share portfolios, and margin lending. 4

7 About Enevita Platinum Portfolio Investment Solution Series 2 Selecting investment options Our Investment Menu is regularly reviewed by a committee of experienced investment professionals. A number of factors are taken into consideration when we choose the investment options for the Investment Menu. These include the performance of the investment option, the investment objective, fees, external research ratings and how easy the investment option is to administer. The selection of investment options issued by the NAB Group is done on an arm s-length basis in line with the NAB s Conflict Of Interest Policy. Our extensive range of investments is updated regularly. You can view these in the Investment Menu or online at investinfo.com.au/enevita Optimise your tax situation The Service helps your financial adviser manage your tax situation throughout the year, with sophisticated tax management tools and the convenience of consolidated reporting. Insurance you can depend on With over 125 years of insurance experience in Australia, MLC provides long-term, sustainable insurance to their customers. If you re under 65, you can apply for life, critical illness and disability insurance from MLC and pay the premiums from your Cash Account. For more information on insurance options that meet your needs, please speak with your financial adviser or go to mlc.com.au Build wealth with margin loans Take advantage of access to margin loans from a number of providers through your Enevita Platinum Portfolio Investment Solution Series 2 account including the integrated Select Margin Loan offering. Investing through the Service isn t the same as investing directly Because investing through the Service is different to investing directly, there are some things you should be aware of, for example: the Custodian holds assets in trust on your behalf. This means: we may sell investments on your behalf, such as when we need to recoup fees and costs owing on your account you don t have the right to attend investor meetings, vote or participate in discount card offers. We may attend meetings or vote on your behalf if your financial adviser asks us to (please contact us if you would like a free copy of our voting policy), and you may not have the same statutory rights as a direct investor to cancel your investment and receive a full refund if the Product Disclosure Statement for an investment option was misleading at the time you invested. However, in such a case you may still have other compensation rights against the investment manager. you don t have access to the 14 day cooling-off period available for managed investments you generally can t participate in dividend reinvestment schemes, and there may be occasions where we or your financial adviser receive an allocation of units via a placement or priority offer from an institution or stockbroker. The allocation may not relate to any particular investor. We may extend such offers to particular investors in the Service but are not required to do so. 5

8 Things to consider before you invest Before you do any investing, there are some things you need to consider including the level of risk you are prepared to accept. Factors that will affect your decision include: your investment goals the savings you ll need to reach your goals how many years you have to invest the return you may expect from your investments, and how comfortable you are with investment risk. Investment risk Even the simplest of investments come with a level of risk and different investments have different levels of risk. While the idea of investment risk can be confronting, it s a normal part of investing. Without it you may not get the returns you need to reach your financial goals. This is known as the risk/return trade-off. When considering your investment, it s important to understand that: A financial adviser can create a financial plan to help you manage risk and consider the points listed above. its value will vary over time investments with higher return potential, usually have higher levels of risk returns aren t guaranteed, and you may lose some of your money, and previous returns shouldn t be used to predict future returns. Many factors influence an investment s value. These include, but aren t limited to: market sentiment growth and contraction in Australian and overseas economies legislative changes changes in interest rates defaults on loans company specific issues liquidity (the ability to buy or sell investments when you want to) changes in the value of the Australian dollar, and changes in the laws of overseas jurisdictions that can impact returns on international investments. Volatility The value of an investment with a higher level of risk will tend to rise and fall more often and by greater amounts. In other words, it is likely to be more volatile than those with less risk. By understanding volatility will occur, you ll be able to manage your expectations and resist reacting to these short term movements. This will help you stay true to your investment strategy, and keep on track to achieve your long-term goals. 6

9 Things to consider before you invest As demonstrated in the graphs below, investments that have often produced higher returns over long periods can be volatile in the short term. Investments that have often produced higher returns over long periods Returns above inflation over 20 year periods ( ) % pa % pa 20% 15% 20% 10% 15% 5% 10% 0% 5% -5% 0% -10% -5% -10% Australian Cash Australian Cash Returns above inflation over 1 year periods ( ) 1956 Australian fixed income Period ended 31 December 1956 Australian fixed income... can be volatile in the short term Australian shares Period ended 31 December Australian shares Diversify to reduce volatility and other risks Diversification is a sound way to reduce short-term volatility. The more you diversify the less impact any one investment can have on your portfolio. One of the most effective ways of reducing volatility is to diversify across a range of asset classes. Asset classes are groups of similar types of investments. Each class has its risks and benefits, and goes through its own market cycle. A market cycle can take a couple of years or many years; it s different each time. You need to be prepared for all sorts of return outcomes when investing. 80% 60% 40% 80% 20% 60% % pa 40% -20% % pa -40% -60% -20% -40% Period ended 31 December % 1900 Australian Cash Australian fixed income Australian shares Period ended 31 December Australian Cash Australian fixed income Australian shares Source: Calculated by MLC using data provided by Global Financial Data, Inc. and Thomson Reuters Datastream. 7

10 Things to consider before you invest The main asset class risks and benefits are: Cash Cash tends to be included in a portfolio to meet liquidity needs. Things to consider: Cash is usually the least volatile type of investment. It also tends to have the lowest return over a market cycle. The return is typically all income and is referred to as interest or yield. The market value tends not to change. However, when you invest in cash, you re effectively lending money to businesses or governments that could default on the loans. A default could result in a loss on your investment. Many cash funds invest in fixed income securities that have a very short term until maturity. Cash is generally a low risk investment. Fixed income When investing in fixed income securities, you re effectively lending money to businesses or governments. Returns typically comprise interest and changes in the market value of the security. Things to consider: There are different types of fixed income securities and these will have different returns and volatility. Fixed income securities denominated in foreign currencies will be exposed to exchange rate variations. The market value of a fixed income security may fall due to factors such as an increase to interest rates or concern about defaults on loans. This may result in a loss on your investment. The interest rate on a term deposit is fixed for its specified term. That means the return won t be affected by a change in interest rates for the term of the deposit. Fixed income securities are usually included in a portfolio for their defensive characteristics. Property securities Investing in property securities will give your portfolio exposure to listed property securities in Australia and around the world. These are referred to as Real Estate Investment Trusts (REITs). Things to consider: Returns are driven by many factors including the economic environment in various countries. Australian property securities are dominated by only a few REITs and provide limited diversification. Investing outside Australia means you re exposed to exchange rate variations. Property securities may be volatile and are usually included in a portfolio for their income and growth characteristics. Australian shares This asset class consists of investments in companies listed on the Australian Securities Exchange (and other regulated exchanges). Shares are also known as equities. Things to consider: The Australian share market has recently been dominated by a few industries such as Financials and Resources. Australian shares can be volatile and are usually included in a portfolio for their growth characteristics. Australian shares may provide dividend income and tax advantages through imputation (franking) credits. Global shares Global shares consist of investments in companies listed on securities exchanges around the world. Things to consider: The number of potential investments is far greater than in Australian shares. Returns are driven by many factors including the economic environment in various countries. When you invest globally, you re less exposed to the risks associated with investing in just one economy. Investing outside Australia means you re exposed to exchange rate variations. Global shares can be volatile and are usually included in a portfolio for their growth characteristics. Private assets These are investments in assets that aren t traded on listed exchanges. An example of this is an investment in a privately owned business. Things to consider: Private assets are illiquid which makes them difficult to buy or sell. To access private assets you generally need to do so via a managed fund. Because private assets aren t listed on an exchange, determining their value is difficult and may involve a considerable time lag. This means you need to be careful in interpreting the unit price of any fund with a substantial holding of private assets. Returns are driven by many factors including the economic environment in various countries. You may be exposed to exchange rate variations. Private assets can be volatile and are usually included in a portfolio for their growth characteristics. 8

11 Things to consider before you invest Investment techniques Investment managers use different investment techniques that can change the value of an investment. These include: Derivatives Derivatives may be used in all the investment options. Derivatives are a common tool used to enhance returns or manage risk. They are contracts that have a value derived from an external reference (eg the level of a share price index). There are many types of derivatives and they can be an invaluable tool for an investment manager. However, they can incur significant losses. How investment managers invest in derivatives is included in their Product Disclosure Statement on investinfo.com.au/enevita Currency management Currency management is a form of hedging. If an investment manager invests in assets in other countries, the value will be affected by the exchange rate. Returns from global investments reflect movements in currency exchange rates (gains and losses), as well as movements in the value of the underlying securities. Where desired, this can largely be managed through hedging the currency exposure back to Australian dollars. Gearing within investment options Gearing an investment through borrowing, or leverage by using derivatives, magnifies your exposure to the potential gains and losses and risks of an investment. As a result, you can expect larger fluctuations (both up and down) in the value of your investment (ie increased volatility), compared to the same investment which is not geared. And the less diversified the investment is across asset classes, investment managers and securities, the greater this potential volatility. When asset values are rising by more than the costs of gearing, a geared investment will generally have a higher return than if it wasn t geared. In rising markets it can be easy to lose sight of the risk of a fall. Falling values are inevitable from time to time and in a geared investment they are accentuated because exposure to the assets is higher. If the fall is dramatic there can be even more implications for geared investments. For example, the lender may require the gearing level be maintained below a predetermined limit. If asset values fall dramatically, the gearing level may rise above the limit forcing assets to be sold when values may be continuing to fall. In turn this could lead to more assets having to be sold and more losses realised. Withdrawals (and applications) may be suspended in such circumstances, preventing you from accessing your investments at a time when values continue to fall. Although this is an extreme example, significant market falls have occurred in the past. Recovering from such falls can take many years and the geared investment s unit price may not return to its previous high. Other circumstances (such as the lender requiring the loan to be repaid for other reasons) may also prevent a geared investment from being managed as planned, leading to losses. You need to be prepared for all types of environments and understand their impact on your geared investment. Short selling Short selling is used by an investment manager when it has a view that an asset s price will fall. The manager borrows the asset and sells it with the intention of buying it back at a lower price. If all goes to plan, a profit is made. However, if the price of the asset increases, then the loss could be significant. Buying long Buying long, or taking a long position, is when an investment manager invests in assets that it expects will grow in value. Sometimes the value decreases and/or does not increase for a long time. Ethical investing Investment managers may take into account labour standards, environmental, social or ethical considerations when making decisions to buy or sell investments. How much consideration the investment managers give to these factors is included in their Product Disclosure Statement available on investinfo.com.au/enevita Want to know more? We ve developed a lot of information on how we can help you grow and protect your wealth. You can also get copies of the disclosure documents for managed investments and the SMA provided in the Investment Menu. These are free of charge. Speak with your financial adviser or visit investinfo.com.au/enevita 9

12 How your account works Find out how the Service works for you. Opening a super account To open your account with the Service, apply through your financial adviser. You must be: an individual over 18 years of age, or a company, partnership, executor, trustee or incorporated body. All signatories on the account will need to provide proof of their identity. If you identify yourself as a United States citizen or resident for tax purposes we ll have to report you to the Australian Tax Office (ATO) which may, in turn, report you to the United States tax authority. Account minimums The table below shows the minimum amounts you ll need to open your account or make additional investments. Minimums Lump sum Regular Investment Facility Initial investment $20,000 $3000 Additional investments $5,000 $200 Minimum account balance You ll need to keep at least $3,000 in your account. When we can t process your application If we don t have all the information we need to open your account, we ll contact you or your financial adviser. Any investments we can t process will be held in an interest bearing trust account for up to 30 days. If after 30 days we can t get the information we need, we ll return your money. Any interest earned will be retained by us. Adding to your account You can make deposits by direct debit, BPAY or EFT. You can also set up a Regular Investment Facility to make regular deposits from your bank account. When you set up a regular investment, it s a good idea to keep up to date with any changes to your chosen investment. Speak with your financial adviser or refer to the relevant Product Disclosure Statement available on investinfo.com.au/enevita Consolidating your account Putting all your investments in one service makes sense as you may save on fees and also have a consolidated view of your investments. If you have managed or listed investments through another service provider, you may be able to transfer them into your account without incurring any Capital Gains Tax (CGT). Margin loan facility You can use the investments you have in the Service to set up a margin loan facility with one of our selected lenders. Minimum loan amounts and fees apply. More information is available from your financial adviser. 10

13 How your account works Accessing your money You can request a partial or full withdrawal from your account at any time. If you d like to make regular withdrawals, you can set up a Regular Withdrawal Facility. The table below shows the minimum withdrawal amounts. Minimum Withdrawal One-off $500 Regular Withdrawal Facility $100 You ll generally receive your money within 30 days. However, it may take longer if any of your investments are, or become, illiquid. Under these circumstances the length of time it takes to process your withdrawal will depend on the relevant investment and/or investment manager. For information and updates about your chosen investment options, please speak with your financial adviser or visit investinfo.com.au/enevita Your Cash Account Your Cash Account is used for all transactions on your account. Minimum cash requirement You need to invest a minimum amount in your Cash Account as shown in the table below. Without regular withdrawals With regular withdrawals 1% of your account balance to a maximum of $5,000. 1% of your account balance to a maximum of $5,000 plus an amount to cover the next two regular withdrawal payments (for monthly payments) or the next regular withdrawal payment (for other payment frequencies). Your Cash Account investment You can earn interest on your Cash Account. Interest will be charged if your Cash Account is negative. This may happen if you buy investments using proceeds from sales that aren t final, or if you haven t allowed for fees or other payments. Your Cash Account is currently allocated across a range of cash-like investments, largely managed by the NAB Group. Please refer to investinfo.com.au/enevita or speak with your financial adviser for information on your Cash Account including: the relevant Product Disclosure Statement or Terms and Conditions for the investments the approximate allocation to each investment, and the indicative earning rates and performance information. Topping up your Cash Account You and your financial adviser are responsible for maintaining the balance in your Cash Account above the minimum cash requirement. There are a number of ways to do this which are outlined in the How to Guide available on investinfo.com.au/enevita We review your Cash Account balance quarterly. If it falls below the minimum cash requirement, we may sell some of your investments to pay for any outstanding fees, charges and expenses and to provide at least the minimum cash requirement. Receiving distribution income and dividends Most managed investments will generally distribute income during the year. All income distributions are initially paid into your Cash Account. You can manage this income by: reinvesting it in the same or another investment option, or keeping it in your Cash Account. If you re reinvesting income, it s a good idea to keep up to date with any changes to your chosen investment option. Speak with your financial adviser or refer to the relevant Product Disclosure Statement available on investinfo.com.au/enevita Dividends from your listed investments are deposited in your Cash Account. You generally can t participate in dividend reinvestment schemes. 11

14 How your account works How your account is valued The value of your account is based on: prices provided by investment managers multiplied by the number of units held prices provided by the Australian Securities Exchange multiplied by the number of shares held any term deposits, and your Cash Account. Prices are generally provided daily however there may be times when we don t receive updated prices. This might happen when shares are delisted or assets can t be valued. In these circumstances we may have to use different valuation methods. Buying and selling investments Managed investments You or your financial adviser can provide instructions for: one-off investments, and/or ongoing investments. We ll usually instruct investment managers within five business days of receiving your instructions. It generally takes investment managers a number of days to complete an instruction. Listed investments Usually, if we receive your instructions within a reasonable time before the markets close, we ll action them the same day. Your instruction may not be executed straight away, particularly if you ask us to buy or sell a parcel of shares at a specified price. Trades can be made through our preferred broker, or our panel of approved brokers. Term deposits We currently process purchase instructions weekly. Early redemption of these investments is usually not available. Separately Managed Account (SMA) We ll usually act on your investment instructions within five business days of receiving them. Your financial adviser can also transfer listed investments between portfolios in the SMA. Minimum investment amounts All investment instructions are subject to minimum amounts as shown in the table below. These minimums are also subject to the overall account minimums on page 10. Investment minimums Investment type Managed investments Listed investments Term deposits Initial No minimum $2,000 $500 Varies by issuer Additional No minimum Varies by issuer SMA $10,000 No minimum When we can t process instructions There are times we might not be able to process your investment instructions, for example when: there are liquidity issues in the investment option the investment manager suspends transactions a listed investment is under administration, is suspended or delisted, or the instruction is incomplete. We ll notify you if these situations occur. For more information please see the How to Guide on investinfo.com.au/enevita 12

15 How your account works Keeping you informed We provide the following information so you and your financial adviser can stay informed about your investments and any opportunities that may arise. What is available Welcome letter How to Guide Investment Menu investinfo.com.au/enevita Quarterly Statements Annual Statement Annual Tax Report Independent Audit Report Investment option changes and disclosure documents Service Contract Other communications What it means Confirms your account has been opened. Provides instructions about how to transact on your account and other important information about how the Service operates. The How to Guide is available on investinfo.com.au/enevita Provides the most up to date list of investment options and is available on investinfo.com.au/enevita, or call us and we ll send you a copy. Provides you access to information about your account and investments. Also gives you resources to help build your knowledge on super, retirement and investing. Provides details of investments held and transactions made, over the quarters ending September, December and March and will be available on investinfo.com.au/enevita Provides a summary of investments held, transactions made and other investment information for the year ending 30 June and will be available on investinfo.com.au/enevita Gives you the break-up of your taxable income received from the Service during the financial year to assist you in completing your tax return and will be available on investinfo.com.au/enevita Provided by the auditor of the Service, regarding the preparation of the Annual Investor Statements. The report is available on investinfo.com.au/enevita, or call us and we ll send you a copy. Investment managers may make changes from time to time. For information and updates about your chosen investment options, please speak with your financial adviser or visit investinfo.com.au/enevita You can get a copy of the latest Product Disclosure Statement for each managed investment and the SMA on investinfo.com.au/enevita or by contacting us. Please read the latest Product Disclosure Statement before making an additional investment. Governs the relationship between you and us in relation to the buying, selling and custody of the assets in your account and governs the way the Service can deal with your investment. A copy of this document is available upon request and a summary is provided on page 22. You can request information you would receive if you were a direct investor in an investment option. Communications include such things as the audited financial statements of the investment. A fee may apply for these communications (see page 19). 13

16 Fees and costs Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. To find out more If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has an investment fee calculator to help you check out different fee options. This will give you an understanding of what fees and costs you may pay. This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or the Service as a whole. You should read all the information about fees and costs because it is important to understand their impact on your investment. The total fees and costs will be the cost of this Service as well as the fees and costs of the particular investment option you chose. Fees and costs for particular investment options are set out in the investment manager s Product Disclosure Statement which is available on investinfo.com.au/enevita or from your financial adviser. All fees on pages 15 to 20 are shown inclusive of GST and net of Reduced Input Tax Credits (where applicable). You could receive a tax deduction for fees charged to your account. 14

17 Fees and costs Type of fee or cost Amount How and when paid Fees when your money moves in or out of the Service Establishment fee The fee to open your investment Contribution fee The fee on each amount contributed to your investment Withdrawal fee The fee on each amount you take out of your investment Exit fee The fee to close your investment Management costs Administration fee The fees and costs for managing your investment. Investment fee The amount you pay for specific investment options. Service fees 1 Switching fee The fee for changing investment options. Nil Nil Nil Nil The fee is based on your account balance in the Service and has two parts: A tiered percentage fee: Account balance First $200, Next $300, Fee (% pa) Remaining balance 0.05 over $500,000 Plus A flat percentage fee: 0.10% pa on the portion of your account balance in managed investments or SMA options or term deposits not managed by the NAB Group, and 0.15% pa on the portion of your account balance invested in listed investments. The minimum Administration fee you may pay is $750 pa. The maximum Administration fee you may pay is $3,700 pa for account balances up to $10 million. An Administration fee for combined account balances over $10 million is negotiable. Only applies to managed investments and the SMA options, and differs according to the investments you hold (refer to the investment option s Product Disclosure Statement available on investinfo.com.au/enevita). Investment managers may vary their fees. Nil There is no Establishment fee. There is no Contribution fee. There is no Withdrawal fee. Asset transfer fees may apply (see page 19). There is no Exit fee. Asset transfer fees may apply (see page 19). The tiered percentage fee and the flat percentage fee are calculated using your average account balance for the previous month. The Administration fee (the sum of the tiered percentage fee and the flat percentage fee) is deducted monthly from your Cash Account. Family account linking may apply to your tiered percentage fee (see page 18). For managed investments, reflected in the unit price. For the SMA options, calculated on your average balance and deducted from your Cash Account monthly. There is no switching fee, but interest may be charged if your Cash Account has a negative balance (see page 11). 1 Other Service fees may apply. See the Additional explanation of fees and costs section on page

18 Fees and costs Example of annual fees and costs for the MLC Wholesale Horizon 4 Balanced Portfolio This table gives an example of how fees and costs for the Service and an investment in the MLC Wholesale Horizon 4 Balanced Portfolio can affect your investment over a one-year period. You should use this table to compare this product with other investment products. Example MLC Wholesale Horizon 4 Balanced Portfolio Balance of $50,000 with a contribution of $5,000 during the year Contribution fees 0% For every additional $5,000 you put in, you will be charged $0. Plus Management costs Administration fee 0.40% x $50,000 $200 subject to a minimum Administration fee of $750 And, or the $50,000 you have in the MLC Wholesale Horizon 4 Balanced Portfolio you will be charged $1,100 each year. Investment fee 0.70% 1 x $50,000 $350 Equals Combined cost of the Portfolio and Enevita Platinum Portfolio Investment Solution Series 2 If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be charged fees of: $1,100* (this is 2.2% pa on a balance of $50,000). What it costs you will depend on the investment option you choose and the fees you negotiate. * Additional fees may apply: Establishment fee $0 And, if you leave the Service early, you may also be charged exit fees of 0% of your account balance ($0 for every $50,000 you withdraw). This example assumes no investment gains or losses during the year and the contribution was made on the last day of the year. 1 For the MLC Wholesale Horizon 4 Balanced Portfolio the indicative investment fee is 0.70% pa plus any performance fee. 16

19 Fees and costs Example of annual fees and costs for a range of investment options This table gives an example of how fees and costs for the Service and a $300,000 investment in a range of investment options can affect your investment over a one-year period. Investment held Account balance Portion not managed by the NAB Group Portion in listed investments Investment fee Cash Account 1 $10,000 $10,000 x 0.12% $12 MLC Wholesale Horizon 4 $50,000 $50,000 x 0.70% $350 Balanced Portfolio 2 SMA Antares $50,000 $50,000 x 0.46% $230 Dividend Builder 2 NAB 12 month Term Deposit $20,000 N/A $0 Colonial First State Wholesale $50,000 $50,000 $50,000 x 1.27% $635 Equity Income Fund 2 SMA Perennial Value Shares $50,000 $50,000 $50,000 x 0.77% $385 for Income 2 St George 12 month Term Deposit $20,000 $20,000 N/A $0 NAB shares $50,000 $50,000 N/A $0 Total $300,000 $120,000 $50,000 Total Investment fees $1,612 Total Administration and Investment fees Administration fees On total account balance ($300,000) = ($200,000 x 0.40%) + ($100,000 x 0.30%) $1,100 Plus 0.10% on non-nab Group options = $120,000 x 0.10% $120 Plus 0.15% on listed investments = $50,000 x 0.15% $75 Total Administration fees $1,295 Total Investment fees $1,612 Total Enevita Platinum Portfolio Investment Solution Series 2 plus Investment fees $2,907 (this is 0.97% of $300,000) 1 Components of the underlying investments for the Cash Account may have an investment fee. For more information see page See the investment option s Product Disclosure Statement available on investinfo.com.au/enevita for more information. 17

20 Additional explanation of fees and costs Brokerage fees Listed investment fees The fees for buying and selling listed investments are shown in the table below. The fees are deducted from your Cash Account at the time of the trade. Brokerage Preferred broker Panel broker Online instructions 0.132% of trade value (minimum of $33.00) Panel broker fee only Paper instructions 0.205% of trade value (minimum of $51.25) 0.123% of trade value (minimum of $30.75) Plus Panel broker fee Plus Settlement N/A $15.38 SMA brokerage fees Lower brokerage rates apply to shares purchased and sold within the SMA. You can get more information on these fees by going to the SMA Product Disclosure Statement available on investinfo.com.au/enevita Family account linking You can link up to four Enevita Series 2 accounts held by you or your eligible family members, which may reduce the Administration fee you pay on each account. Enevita Series 2 accounts include: Enevita Platinum Portfolio Retirement Management Solution Series 2, and Enevita Platinum Portfolio Investment Solution Series 2. Each account can only be linked once and the financial adviser on each linked account must be the same. For each account within your family group, the tiered percentage Administration fee is calculated on the combined balance of all linked accounts. The calculated amount is then proportioned to individual accounts based on the share of the combined balance. The flat percentage Administration fee will apply at an individual account level (see page 15). Minimum and maximum Administration fees still apply to each individual account. More details on eligibility of linking accounts are provided in the How to Guide available on investinfo.com.au/enevita Investment manager fee rebates The NAB group of companies provide a rebate on the investment management fee for some of their investment options, which we pass entirely back to your Cash Account. Some external investment managers also provide a rebate for specific investment options. Some of these rebates are retained by us. The Investment Menu notes the investment options where the rebates are passed on to you. Performance fee An investment manager may charge a performance fee when it s investment returns exceed a specified level. You can get more information on how performance fees are calculated by going to the investment option s Product Disclosure Statements available on investinfo.com.au/enevita 18

21 Additional explanation of fees and costs Buy-sell spreads These are an allowance investment managers may make for the costs of buying and selling assets when calculating unit prices for managed investments. These costs include brokerage and stamp duty. When you transact on your account you may pay a small proportion of your transaction towards meeting these costs. For more information go to the investment option s Product Disclosure Statements available on investinfo.com.au/enevita Interest charge If your Cash Account is negative, you will be charged interest on your negative balance on a quarterly basis. The interest is charged at the daily rate applicable for the Cash Account, for the time that your Cash Account has a negative balance. The charge will be offset against any positive interest accumulated during the quarter. Asset transfer fee A $75 fee per investment option is charged if you transfer your assets out of the Service into another investment provider. This will be deducted from your Cash Account before the transfer occurs. Insurance costs If you have insurance you may be able to have your premiums deducted from your Cash Account. For more information on insurance options that meet your needs, please speak with your financial adviser or go to investinfo.com.au/enevita Investment communication fee You can ask us to source investment communications prepared by a company or investment manager. We may charge a fee for this service. Dishonours We may recover the costs of any charges incurred if a direct debit or cheque is dishonoured. Trust Deed facility fee A fee applies for the establishment of a self managed super fund Trust Deed. Adviser Service Fees If you wish, you can authorise us to deduct amounts from your Cash Account to pay fees you have agreed with your financial adviser and their Dealer Group. These fees will be in addition to the other fees described in the Fees and costs section. Adviser Service Support Fee The Adviser Service Support Fee has two parts: an Adviser Ongoing Service Fee: paid to your financial adviser for the advice and recommendations they give you about this product, and a Dealer Facilitation Fee: paid to your financial adviser s Dealer Group and covers various advice related activities such as researching and assessing the suitability of this product and other support activities required to provide the adviser s services to you. The Dealer Facilitation Fee must be less than or equal to both the agreed Adviser Ongoing Service Fee and 0.5% of your account balance per annum. Any arrangement you agree to should be detailed in the Statement of Advice provided by your financial adviser. Other Adviser remuneration Your financial adviser does not receive commission for the Service. Your financial adviser may receive alternative forms of remuneration, such as conferences and professional development seminars that have a genuine education or training purpose. These are paid from the Administration fee and are not an additional cost to you. For Select Margin Loans started before 1 July 2014 we may pay your adviser a portion of the remuneration we receive from your margin loan provider. This is negotiable between yourself and your financial adviser. The rate you negotiate may be reflected in the interest rate you re charged on your loan. 19

22 Additional explanation of fees and costs Fees paid to related companies The Service may use the services of related companies where it makes good business sense to do so and will benefit our customers. Amounts paid for these services are always negotiated on an arm s-length basis and are included in all the fees detailed in this document. We believe that the combination of the interest rate payable by NAB on the Cash Account, the retained investment manager rebates and the Administration fees charged represent an arm s-length arrangement. Payments made to us by margin lenders The lenders may pay us a fee for providing administrative and other services. This fee is a percentage of your loan during the term of the loan. This isn t an additional charge to you. Other fees we may charge Fees may be charged if you request a service not currently offered. We ll agree any additional fee with you before providing the service. We may pass on any costs we incur in implementing Government legislation or fees charged by third parties. Varying fees We may vary our fees or costs but we ll give you 30 days notice of any increase. The only exception is for investment fees, which vary daily with investment costs, and Government taxes and charges. Investment managers may vary their investment fees as set out in their Product Disclosure Statement available on investinfo.com.au/enevita 20

23 Other information Information to assist you on how the Service works. Tax on your account This section isn t a comprehensive and complete tax guide. Tax laws change. To keep up to date please visit ato.gov.au As tax is complex, we recommend you seek advice from a registered tax agent to determine your personal tax obligations. While you may have to pay tax on your investments, you could be eligible to claim some of the fees as a tax deduction. To help you with this, we will send you a detailed Annual Tax Statement so you can prepare your tax return. You can also manage and keep up to date with your tax situation through the online reporting at investinfo.com.au/enevita For more information, please refer to the How to Guide available at investinfo.com.au/enevita Resolving complaints We work to resolve complaints as soon as possible. Complaints relating to the Service or a particular investment option can usually be resolved over the phone. Where this is not possible or you re not satisfied with the outcome of your call, please write to us. If you re not satisfied with the outcome of your complaint, you can get further advice from the Financial Ombudsman Service by calling or ing More information is available at fos.org.au If you have a complaint in relation to financial advice you received, you should follow the complaint resolution process explained in the Financial Services Guide provided by your financial adviser. Privacy We collect your personal information from you directly wherever we can but in some cases as relevant to you and your product holding we may collect it from third parties such as your agent, adviser, employer, or for example a doctor in the case of a claim. We do this for the purposes of determining your eligibility for and managing and administering the product or service (for example to pay a benefit to a beneficiary). If personal information is not provided to us we may not be able to provide to you the product or service or manage and administer it. We may collect information about you because we are required or authorised by laws, including those affecting financial institutions such as company and tax laws, such as to verify your identity under Commonwealth Anti-Money Laundering law. We may share your information with other organisations for any purposes for which we use your information. We may disclose your personal information with other National Australia Bank Group members of which we are part, and to parties outside our Group (for example and as relevant to your product and service, to your agent, adviser or employer; to our agents and service providers) including for training staff; development and testing of products, services and systems; risk management, planning, research and analysis. We run our business overseas and we may need to share your information to organisations outside Australia (for example a call centre) a list of those countries is at nab.com.au/privacy/ overseas-countries-list To let you know about other products, Enevita together with the NAB Group may use your personal information for marketing activities. You can let us know at any time if you no longer wish to receive direct marketing offers from the NAB Group by contacting us. More information about how we collect, use, share and handle your personal information is in our Privacy Policy, including how you may access or correct information we collect about you and how you may make a complaint about a privacy issue, at investinfo.com.au/enevita. Contact us for a paper copy or if you have any questions or comments about our privacy policy or procedures. 21

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