ENERGY SUPER INVESTMENT GUIDE. Prepared and issued 1 April 2014

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1 ENERGY SUPER INVESTMENT GUIDE Prepared and issued 1 April 2014

2 CONTENTS Your investment choice 1 R i s k s o f s u p e r 2 How we invest your money 3 Investment options at a glance 4 Checklist for managing your super 5 Investment options 6 Other investment information 11 Definitions 14 ABOUT THIS ENERGY SUPER INVESTMENT GUIDE The information in this document forms part of the following Energy Super Product Disclosure Statements (PDSs), each issued by Electricity Supply Industry Superannuation (Qld) Ltd (ABN AFSL ) (the Trustee) as the Trustee for Energy Super (ABN ) (the Fund): Energy Super Member Guide PDS issued 1 April 2014 Energy Super Corporate Member Guide CS Energy (CS Callide Valley) PDS issued 1 April 2014 Energy Super Corporate Member Guide CS Energy (excluding Callide Valley) PDS issued 1 April 2014 Energy Super Corporate Member Guide Energex PDS issued 1 April 2014 Energy Super Corporate Member Guide Ergon Energy PDS issued 1 April 2014 Energy Super Corporate Member Guide ERM Power PDS issued 1 April 2014 Energy Super Corporate Member Guide ESI Financial Services PDS issued 1 April 2014 Energy Super Corporate Member Guide J & P Richardson PDS issued 1 April 2014 Energy Super Corporate Member Guide Millmerran Power PDS issued 1 April 2014 Energy Super Corporate Member Guide Newcrest Services PDS issued 1 April 2014 Energy Super Corporate Member Guide NRG Gladstone Operating Services PDS issued 1 April 2014 Energy Super Corporate Member Guide Powerlink PDS issued 1 April 2014 Energy Super Corporate Member Guide SPARQ PDS issued 1 April 2014 Energy Super Corporate Member Guide Stanwell PDS issued 1 April 2014 If you would like a copy of the PDS relevant to you, or this document, please contact Energy Super on ENERGY ( ). This information will be provided at no cost. This Energy Super Investment Guide describes the investment information in relation to Energy Super membership. It will help you decide whether this product will meet your needs and might also help you compare our product with other products you are considering. This Energy Super Investment Guide has been prepared for general information only. It does not take into account your financial objectives, financial situation or needs. Any statements of law or proposals are based on our interpretation of the law or proposals as at the date this Energy Super Investment Guide was issued. If you require specific advice, we recommend that you seek qualified professional advice. Energy Super members have access to professional financial advice through ESI Financial Services Pty Ltd (ESI FS) (ABN , AFSL ). If there are any inconsistencies between the terms of the Energy Super Trust Deed and this Energy Super Investment Guide, the terms of the Trust Deed prevail. The information in this Energy Super Investment Guide is up-to-date at the date it is issued. Some of the information in this document can change from time-to-time and may not be up-to-date at the time you receive it. If a change is not materially adverse, we may not update this Energy Super Investment Guide. Updated and new information will be published on our website. If you would like more information about Energy Super please contact us. We will provide you the information you reasonably require to make an informed assessment of the management, financial condition and investment performance of Energy Super. If you have any questions about being a member of Energy Super (the Fund), you can contact us from 8.30am to 5pm Monday to Friday (excluding National holidays). Ratings provided by SuperRatings Pty Ltd (ABN , AFSL ) and Rainmaker Information Pty Ltd (ABN ). Ratings are only one factor to be considered when making investment decisions. Refer to the How Do We Compare page at energysuper.com.au for information about the rating and the rating scale. The information in this document also applies to accumulation accounts of Energy Super Defined Benefit members.

3 YOUR INVESTMENT CHOICE HOW TO MAKE AN INVESTMENT CHOICE Making an investment choice is an important part of planning for your retirement. However, it can sometimes be difficult to know which investment option, or combination of options, is right for you. So before you make your choice, follow our step-by-step guide to choosing your investment option(s). 1. Think about how much control you want over your super. Are you happy to have your money invested in our default option (MySuper), or would you rather make your own decision? We ve chosen the MySuper option as the default because we think it meets the long-term investment needs of most of our members. But it might not suit you and you may wish to make your own choice. 2. Consider your age, how long your money will be invested and how you feel about Risk. Are you just starting out in the workforce, closer to retirement or somewhere in the middle? How long before you need to access your super? How do you feel about the possibility of receiving negative s in some years in order to reach your financial goals? Are you more concerned about protecting your money or increasing its value? 3. Check out what options are out there. Look at the investment objectives, minimum suggested investment timeframes, risk profiles and annual performance of each investment option. Which one best suits you? Read through the information on pages Let us know your decision. If you are a new Energy Super member, you can make your investment choice when filling in your Member Application Form. If you are already an Energy Super member, complete a Change of Investment Choice Form or log onto Member Online if you wish to change your investment option(s). Still need help making a decision? If you feel like you need more guidance in terms of which investment option is right for you, our single issue advice service can give personal advice to members over the phone at no additional cost. Simply call us on ENERGY ( ) to schedule an appointment with an adviser. IBR Energy Super Investment Guide energysuper.com.au I 1

4 RISKS OF SUPER BEFORE YOU START TO INVEST It is important that you take the time to learn the basics, as it will help you to understand your Risk and expectations and will put you in a better position to select the investment option or mix of options that are best suited to you. Each Energy Super investment option consists of a mixture of growth and/or defensive assets. How you invest your super savings in Energy Super will affect the value of your account balance. GROWTH ASSETS Growth assets have the potential to grow over the long term, but are also likely to go up and down in value from day-to-day. Examples of growth assets include: Shares: an investment in a portion of a company. Investment s will depend on the company s performance over time as well as economic factors. Shares have a higher Risk of negative s, but generally produce higher s over the long term (i.e. 10 years or more). Different types of shares include: Australian Shares which are investments in Australian listed shares; and International Shares which are investments in internationally listed shares. Property: investments in Retail, Commercial, Industrial, or domestic property. Typically the investments are via Unlisted Property Trusts, although the Fund may invest in listed property trusts. Growth Alternatives: investments in domestic and International Private Equity global infrastructure, Global Opportunistic Property and other selected opportunities with expected s at or above listed growth assets, but with lower correlations. DEFENSIVE ASSETS Defensive assets tend to produce a lower long-term but are less likely to go up and down in value from day-to-day compared to growth assets. Examples of defensive assets include: Defensive Alternatives: investments in high yielding Fixed Interest Strategies, Infrastructure Income and specialist managers with expected s at or above traditional fixed interest investments, but with lower correlations. DEFENSIVE ASSETS (CONT) Global Fixed Interest: investments in high quality Global Fixed Interest Securities including corporate securities/bonds, Mortgage Securities, Macro Strategies, and Micro Credit Security Strategies. Cash Enhanced: investments in high quality domestic cash and cash like securities including Floating Rate Notes, Mortgage Securities, Promissory Notes, cash at call and cash deposits. Cash: investments in domestic retail or wholesale cash at call or Fixed Term Deposit Facilities, which may be covered by the Federal Government Bank Guarantee Scheme. UNDERSTANDING INVESTMENT RISK Each asset class performs differently and carries different Risks. Asset classes that have a lower Risk of negative s generally produce lower s over the long term. Pages 6-10 include information about the Risk of negative s for each investment option. Other forms of investment risk include: Inflation risk: The Risk that investments will not keep up with Inflation. That s because the cost of the things we purchase, such as housing, clothing and medical care usually increase. Guaranteed investments like bank accounts may not keep pace with Inflation. Interest rate risk: The Risk borne by an interest-bearing investment, such as a loan or a bond due to the variability of interest rates. In general, as rates rise, the price of a fixed rate bond will fall, conversely, if rates fall the price of that bond will rise. Credit risk: The Risk of experiencing a loss because borrowers fail to meet their repayment obligations. Company risk: The Risk that comes from a company s operations and business environment. This is company-specific Risk and is different to Risk coming from the markets or the economy. Market risk: The Risk associated with the volatility of an investment market. The value of an investment may decrease due to movement in the market. Liquidity risk: The Risk that a specific security or asset cannot be traded quickly enough in the market to provide needed cash or to prevent a loss on an investment. Currency risk: The Risk that the value of an investment held in a foreign currency may be affected by changes in price of the foreign currency. Counterparty risk: The Risk that a party or parties to a contract do not fulfil their contractual obligations. Legislative risk: The Risk that new or altered legislation can have positive or negative impacts on investments. These Risks are continually monitored and evaluated by the Trustee and the Fund s investment managers, whose goal is to maximise investment s within acceptable risk profiles for each investment option. 2 I energysuper.com.au Energy Super Investment Guide IBR

5 The following table shows which of these Risks apply to each investment option: Risk Cash Deposit Cash Enhanced Stable Capital Managed MySuper Balanced SRI Balanced Growth Australian Shares Inflation risk Interest rate risk Credit risk Company risk Market risk Liquidity risk Currency risk* Counterparty risk Legislative risk *See the Foreign currency exposure section on page 12 for more information. International Shares STANDARD RISK MEASURE Each investment option described on pages 6-10 will have a risk band and risk level assigned to it. This is known as the Standard Risk Measure. The seven risk bands and risk levels are shown in the following table: Risk band Risk level 1 Very low Less than Low 0.5 to less than 1 3 Low to medium 1 to less than 2 4 Medium 2 to less than 3 5 Medium to high 3 to less than 4 6 High 4 to less than 6 7 Very high 6 or greater Estimated number of negative annual s over any 20 year period HOW WE INVEST YOUR MONEY IT S YOUR CHOICE Energy Super understands that not all members have the same views about how their super should be invested. That is why we give you the opportunity to choose the investment strategy that will best suit your investment style and tolerance for Risk. With Energy Super you can choose investment options that deliver the potential for higher s, greater relative security or a mix of both. Importantly, you are not tied down to an investment strategy, you can change it from time-to-time. You can choose to invest in only one of the following ten investment options or you can mix and match them to suit your needs. Just keep in mind that your investment allocation must be in whole numbers and add up to 100%. The Standard Risk Measure is based on industry guidance to allow members to compare investment options that are expected to deliver a similar number of negative annual s over any 20 year The Standard Risk Measure is not a complete assessment of all forms of investment Risk, for instance it does not detail what the size of a negative could be or the potential for a positive to be less than a member may require to meet their objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative. Members should still ensure they are comfortable with the Risks, and potential losses associated with their chosen investment option/s. For more information on how the Standard Risk Measure is calculated, visit the investment and performance page at energysuper.com.au Cash Deposit Cash Enhanced Stable Capital Managed MySuper Balanced SRI Balanced (Socially Responsible Investment) Growth Australian Shares International Shares Each investment option differs in its objective and strategy and its subsequent level of Risk and expected. Information about each of the investment options is shown on the following pages. WHY MAKE A CHOICE? The decision to choose an investment option or mix of options means that your super can be invested in a way that best suits your financial circumstances. Aspects such as your age, your tolerance to Risk and your future expectations all impact your investment decision. IBR Energy Super Investment Guide energysuper.com.au I 3

6 The investment section in this document provides general information about the investments available in Energy Super. When making your choice, you may wish to seek financial advice from a qualified and experienced financial adviser. Need help with your investment options? Our single issue advice service can give members personal advice over the phone at no additional cost to you. Simply call us on ENERGY ) or visit our website at energysuper.com.au and click on I want over the phone advice to schedule an appointment with an adviser. IF YOU DON T MAKE A CHOICE Until you make an investment choice your super will be invested in the MySuper investment option except in respect of the following amounts when the relevant amount will be invested in the Cash Enhanced investment option: A new account is created as a result of a family law split if your Spouse is an Energy Super Defined Benefit, Income Stream or Market Linked Pension member A defined benefit portion is transferred to a new Defined Contribution account by an Energy Super Defined Benefit member A Capital Guarantee portion is transferred to a new Defined Contribution account by an Energy Super member When an existing member ceases employment and has funds invested in, or has future contributions allocated to, the Capital Guarantee investment option, this will change to the Cash Enhanced investment option. INVESTMENT OPTIONS AT A GLANCE CPI-RELATED INVESTMENT OBJECTIVES It is anticipated that the CPI objectives described in the investment options on pages 6-10 should be achieved over the long term. However, due to the volatile nature of investment markets and the lack of direct linkage between market s and Inflation, there may be a period when investment s are not above the objective. Investment option Risk level* Risk of negative * Minimum suggested investment timeframe Cash Deposit Very low Nil over any 20 years One year Cash Enhanced Low 0.5 over any 20 years One year Stable Low to medium 1.4 over any 20 years Three years Capital Managed Medium 2.9 over any 20 years Three years MySuper Medium to high 3.9 over any 20 years Five years Balanced Medium to high 3.9 over any 20 years Five years SRI Balanced High 4.2 over any 20 years Five years Growth High 4.6 over any 20 years Seven years Australian Shares Very high 6.1 over any 20 years Ten years International Shares High 5.7 over any 20 years Ten years *See Standard Risk Measure on page 3. 4 I energysuper.com.au Energy Super Investment Guide IBR

7 CHECKLIST FOR MANAGING YOUR SUPER Once you ve made your investment choice, here s some tips for managing your super as it grows. DON T TRY TO TIME THE MARKETS Checking out your account balance on Member Online and the latest investment performance information on our website are great ways to help manage your super. But constantly monitoring how your super is doing can sometimes do more harm than good. While you might think it s a good idea to move your money out of a particular investment option when it isn t doing so well, often it is better to leave your money where it is. Moving your money around can sometimes mean locking in a loss. You don t want to miss out on potential positive s when the markets bounce back! GET HELP IF YOU NEED IT Choosing an investment option can be daunting. If you are having trouble making a decision about where to invest your money, Energy Super is here to help. Getting financial advice can make a huge difference to your retirement savings. Our over the phone advice service can give members personal advice on a single issue at no additional cost. Simply call us on ENERGY ( ) to schedule an appointment straight away. IF YOUR CIRCUMSTANCES CHANGE, YOUR INVESTMENT OPTION(S) SHOULD BE REVIEWED You should review your investment choice regularly. When you first enter the workforce, you usually have many years to grow your super and can tolerate short-term ups and downs in the financial markets. However, as you near retirement, you have less time to ride out fluctuations in investment s so you may be willing to accept lower s in exchange for preserving the money you already have. REDUCE RISK BY DIVERSIFYING Spreading your money between different asset classes and/or investment options is known as Diversification Diversification is one way to reduce the total Risk of your investment portfolio. A loss made on one type of investment may be balanced by a gain on another. It is important to note that there is a level of Risk with all investments which you can never totally negate. REMEMBER THE RISK /RETURN TRADE OFF It is important that you understand the relationship between Risk and. As a general principle, the lower the Risk, the lower the likely rate of. You ll need to take some investment risk to end up with a healthy over time. Your aim should be to meet your goals, protect your money and maximise s, without exposing yourself to too much danger. To keep up-to-date with how your investment option(s) are performing, check out our performance page at energysuper.com.au You can also subscribe to our monthly investment commentaries simply by registering online. If you still need help, our advice team can help you out. Just call us on ENERGY ( ) to book an appointment. Not taking enough Risk can be a risk in itself. For example, choosing an investment option with a lower level of Risk may mean that your retirement savings don t keep up with inflation, and won t last throughout your retirement. IBR Energy Super Investment Guide energysuper.com.au I 5

8 CASH DEPOSIT Description This option caters for risk-averse investors who would like to invest in term deposits with Authorised Deposit-taking Institutions (ADIs). Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares - - International Shares - - Property - - Investment objectives 1 This option aims to: provide a positive each year; and achieve s (before tax and other costs) over rolling three years of at least the from retail cash management trusts. Growth Alternatives - - Growth Assets Total 0 0 Defensive Alternatives - - Global Fixed Interest - - Cash Enhanced - - Cash Defensive Assets Total Minimum suggested investment timeframe One year Annual Performance to 30 June 25% 15% 5% 1% ^ 2.89% 4.75% 4.70% 3.73% Risk level 2 Risk band 2 Very low 1-5% -15% -25% Risk of negative Estimated number of negative annual s over any 20 year Crediting rate % p.a. ^This option commenced on 17 December As such no further performance data is available. The Crediting Rate for 2009 is for the period 17 December 2008 to 30 June 2009 (6 months and 14 days). CASH ENHANCED Description Investment objectives 1 This option caters for risk-averse investors who would like to be assured of a consistent on their money in the short term, even if that is low. This option invests in cash type securities (e.g. Promissory Notes, mortgages, cash, and Floating Rate Notes ). This option aims to: provide a positive modestly higher than the Cash Deposit option; and achieve s (after tax and other costs) over rolling ten years of 1% above CPI. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares - - International Shares - - Property - - Growth Alternatives - - Growth Assets Total 0 0 Defensive Alternatives - - Global Fixed Interest - - Cash Enhanced Cash - - Defensive Assets Total Minimum suggested investment timeframe One year Annual Performance to 30 June 25% 15% 5% 3.60% 4.85% 5.29% 4.25% 3.49% Risk level 2 Low -5% Risk band 2 Risk of negative 2 Estimated number of negative annual s over any 20 year % -25% Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 4.29% p.a. 1 This is an estimate only. It is not guaranteed. 2 See Standard Risk Measure on page 3. Past performance is not a reliable indicator of future performance. Performance figures are one year to 30 June unless otherwise indicated. 6 I energysuper.com.au Energy Super Investment Guide IBR

9 STABLE Description Investment objectives 1 This option caters for risk-averse investors who would like some diversification. They do not want to take Risks with their money, but would like the opportunity to achieve a better than that of Cash Deposit or the Cash Enhanced investment options. This option aims to: provide s modestly higher than generally associated with cash and fixed interest assets; and achieve s (after tax and other costs) over rolling ten years of 1.5% above CPI. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Property Growth Alternatives Growth Assets Total Defensive Alternatives Global Fixed Interest Cash Enhanced Cash - - Defensive Assets Total Minimum suggested investment timeframe Risk level 2 Three years Low to medium Annual Performance to 30 June 25% 15% 5% -5% -15% -25% -4.45% 10.30% 7.44% 4.57% 8.65% Risk band 2 Risk of negative 3 Estimated number of negative annual s over any 20 year Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 5.17% p.a. CAPITAL MANAGED Description This option caters for cautious risk-takers who are willing to take some Risk with their money, but would like some investment in Cash Enhanced and Fixed Interest to stabilise their Share investment. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Property Investment objectives 1 This option aims to: provide s with some Capital Growth balanced by other relatively stable s from Cash and Fixed Interest assets; and achieve s (after tax and other costs) over rolling ten years of 2% above CPI. Growth Alternatives Growth Assets Total Defensive Alternatives Global Fixed Interest Cash Enhanced Cash - - Defensive Assets Total Minimum suggested investment timeframe Risk level 2 Three years Medium Annual Performance to 30 June 25% 15% 5% -5% 11.93% 8.55% 2.91% 11.35% Risk band 2 Risk of negative 4 Estimated number of negative annual s over any 20 year % -25% -7.19% Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 5.26% p.a. 1 This is an estimate only. It is not guaranteed. 2 See Standard Risk Measure on page 3. Past performance is not a reliable indicator of future performance. Performance figures are one year to 30 June unless otherwise indicated. IBR Energy Super Investment Guide energysuper.com.au I 7

10 Description Investment objectives 1 MYSUPER (DEFAULT OPTION) This option caters for -seeking investors who are willing to take moderate Risks with their money, but would still like the safety of a proportion of Cash Enhanced and Fixed Interest in their investment. This option aims to: provide higher s, mainly from Capital Growth, than the Stable and Capital Managed options; and achieve s (after tax and other costs) over rolling ten year periods of 3% above CPI. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Property Growth Alternatives Growth Assets Total Defensive Alternatives Global Fixed Interest Cash Enhanced Cash - - Defensive Assets Total Minimum suggested investment timeframe Risk level 2 Risk band 2 Five years Medium to high 5 Annual Performance to 30 June Not applicable as option commenced 1 September 2013 Risk of negative Estimated number of negative annual s over any 20 year 3.9 BALANCED Description This option caters for -seeking investors who are willing to take moderate Risks with their money, but would still like the safety of a proportion of Cash Enhanced and Fixed Interest in their investment. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Property Investment objectives 1 This option aims to: provide higher s, mainly from Capital Growth, than the Stable and Capital Managed options; and achieve s (after tax and other costs) over rolling ten year periods of 3% above CPI. Growth Alternatives Growth Assets Total Defensive Alternatives Global Fixed Interest Cash Enhanced Cash - - Defensive Assets Total Minimum suggested investment timeframe Risk level 2 Risk band 2 Risk of negative Five years Medium to high 5 Estimated number of negative annual s over any 20 year 3.9 Annual Performance to 30 June 25% 15% 5% -5% -15% -25% % 9.05% 9.17% Crediting rate % p.a. 0.54% 15.04% The compound average net effective earning rate over the five years to 30 June 2013 was 3.78% p.a. 1 This is an estimate only. It is not guaranteed. 2 See Standard Risk Measure on page 3. Past performance is not a reliable indicator of future performance. Performance figures are one year to 30 June unless otherwise indicated. 8 I energysuper.com.au Energy Super Investment Guide IBR

11 SRI BALANCED (SOCIALLY RESPONSIBLE INVESTMENT) Description This option caters for investors who are willing to take moderate Risks with their money and are seeking an investment from socially responsible sources. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Property Investment objectives 1 This option aims to: provide s higher than the Stable and Capital Managed options mainly from Capital Growth ; and achieve s (after tax and other costs) over rolling ten years of 3% above CPI. Growth Alternatives Growth Assets Total 69 n/a Defensive Alternatives - - Global Fixed Interest Cash Enhanced - - Cash Defensive Assets Total 31 n/a Minimum suggested investment timeframe Five years Annual Performance to 30 June 25% 15% 5% 9.16% 4.66% 0.47% 17.54% Risk level 2 Risk band 2 High 6-5% -15% -25% % Risk of negative Estimated number of negative annual s over any 20 year Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 3.32% p.a. GROWTH Description This option caters for seeking investors who are looking to increase the underlying value of their assets. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares Investment objectives 1 This option aims to: provide considerable s from Capital Growth ; and Property Growth Alternatives Growth Assets Total achieve s (after tax and other costs) over rolling ten years of 3.5% above CPI. Defensive Alternatives Global Fixed Interest Cash Enhanced Cash - - Minimum suggested investment timeframe Risk level 2 Seven years High Annual Performance to 30 June Defensive Assets Total % 15% 5% 12.16% 10.43% 18.18% -5% -0.89% Risk band 2 Risk of negative 6 Estimated number of negative annual s over any 20 year % -25% % Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 4.92% p.a. 1 This is an estimate only. It is not guaranteed. 2 See Standard Risk Measure on page 3. Past performance is not a reliable indicator of future performance. Performance figures are one year to 30 June unless otherwise indicated. IBR Energy Super Investment Guide energysuper.com.au I 9

12 AUSTRALIAN SHARES Description This option caters for -seeking share market investors who want to capitalise on the long term growth of the Australian Share market. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares International Shares - - Investment objectives 1 This option aims to: provide high s over the suggested time frame; and Property - - Growth Alternatives - - Growth Assets Total achieve s (after tax and other costs) over rolling ten years of 3.5% above CPI. Defensive Alternatives - - Global Fixed Interest - - Cash Enhanced - - Cash Minimum suggested investment timeframe Risk level 2 Ten years Very high Annual Performance to 30 June Defensive Assets Total % 15% 5% 17.58% 12.32% 23.41% Risk band 2 7-5% -15% -8.02% Risk of negative Estimated number of negative annual s over any 20 year % % Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 3.78% p.a. INTERNATIONAL SHARES Description This option caters for -seeking share market investors who want to capitalise on the long term growth of the international share markets. Long-term asset allocation Asset class Long term Strategic Asset Allocation % Range % Australian Shares - - International Shares Property - - Investment objectives 1 This option aims to: provide high s over the suggested time frame; and achieve s (after tax and other costs) over rolling ten years of 3.5% above CPI. Growth Alternatives - - Growth Assets Total Defensive Alternatives - - Global Fixed Interest - - Cash Enhanced - - Cash Minimum suggested investment timeframe Ten years Annual Performance to 30 June Defensive Assets Total % 15% 8.71% 10.73% 24.32% Risk level 2 High 5% Risk band 2 6-5% -15% -2.93% Risk of negative Estimated number of negative annual s over any 20 year % % Crediting rate % p.a. The compound average net effective earning rate over the five years to 30 June 2013 was 2.12% p.a. 1 This is an estimate only. It is not guaranteed. 2 See Standard Risk Measure on page 3. Past performance is not a reliable indicator of future performance. Performance figures are one year to 30 June unless otherwise indicated. 10 I energysuper.com.au Energy Super Investment Guide IBR

13 OTHER INVESTMENT INFORMATION ASSET ALLOCATIONS For each investment option that has a mix of asset classes, the current exposure to each asset class (including exposures to Derivatives ) may vary over time, normally within the long-term asset allocation ranges, for the following reasons: movement in investment values which results from volatility in the markets; or tactical decisions by the Trustee to seek short to medium term advantages from movement in investment values; or changes in the Fund s investment managers; or timing required to find suitable assets for the Fund s needs (e.g. private equity investments). CHANGING YOUR INVESTMENT CHOICE You can change (or switch) your investment options at any time. Simply complete a Change of Investment Choice Form - available at energysuper.com.au - and it to Energy Super. You can also change your investment option(s) by logging onto Member Online. You can switch: your account balance; your future contribution and Rollovers investment allocation; or a combination of both. For example, you may elect as follows: Existing account balance: 50% Balanced / 50% Growth Future contributions and Rollovers : 100% Cash Deposit Your first investment switch each financial year is free. Additional investment switches will cost $28, and this will be deducted from your Energy Super account. TRANSACTION PROCESSING All transactions to and from your account (contributions, benefit payments and investment switches) are processed using the last available crediting rate on the date that the transaction is processed. The Trustee has performance standards in place for the processing of transactions and generally transaction requests will be processed within a few days of receipt. In relation to requests to change your investment option(s), once you submit your investment switch request, it cannot be revoked. The Trustee reserves the right to limit the number of switches a member can make if they are deemed to be switching excessively. Incomplete paperwork will be ed and will not be processed until all the required transaction information is received. If all the required transaction information is not received after being requested, the transaction request or contribution amount may be ed. INVESTMENT EARNINGS Earnings are reflected in the Crediting Rate determined for the option or mix of options in which your money is invested. The investment management fees, percentage-based administration fees and tax are deducted from investment earnings before the Crediting Rate is calculated, declared and applied to your account. The Crediting Rate is presented as a percentage of assets invested. It is calculated daily and credited to your account annually or when a benefit payment or switch occurs. The Trustee may vary the method of determining Crediting Rates and may defer the processing of transactions to maintain the equity of the Fund. Please contact us on ENERGY ( ) if you would like a copy of the Trustee s Crediting Rate and Unit Pricing Policy which is available free of charge. For more information about investment management fees and percentage-based administration fees see the Fees and Other Costs Guide available at energysuper.com.au OPERATIONAL RESERVE ACCOUNT The Trustee maintains an operational reserve account for the purpose of managing Fund expenses. The Trustee allocates to the operational reserve account: earnings on Contributions received until they are credited to member accounts (or ed); and amounts deducted from member accounts (e.g. administration fees, contributions tax and insurance costs) and from investment earnings (e.g. anticipated tax). The Trustee uses this operational reserve account to pay tax, insurance premiums, the administrator s fees and other Trustee and Fund expenses. The Trustee s investment objective in relation to the operational reserve account is to invest the operational reserve account in a manner which provides a low Risk solution and allows sufficient liquidity to meet the Fund s liabilities. The Trustee aims to maximise s within these parameters. The Trustee s strategy to achieve these objectives is to invest in a range of term deposits with different institutions and for varying terms, to enable Risk to be spread across numerous institutions and to provide for sufficient liquidity through the use of varied terms. To implement the strategy Energy Super uses the services of an external fixed income specialist to facilitate the process and most of the administration. IBR Energy Super Investment Guide energysuper.com.au I 11

14 OPERATIONAL RISK RESERVE The Trustee also maintains an operational risk reserve to comply with prudential requirements to have adequate financial resources to address losses arising from operational risks within its business operations. Potential losses arising from operational risks include incorrect benefit payments due to human or system error, unit pricing error, and loss of data. The operational risk reserve is separate from the member s investment portfolio and separate from other reserves. TAX ON INVESTMENT EARNINGS In order to encourage Australians to invest more for retirement through super, the Government provides tax concessions on the investment s earned by super funds. This means that super funds may pay less tax than non-super investors on the same investment. Investment earnings (for example dividends, interest, or rent) outside of superannuation will generally attract tax at your marginal tax rate, which can be up to 46.5% (in 2013/14) or 47% (from 1 July 2014) (including Medicare levy) depending on your taxable income. The taxation rate for super fund investment earnings is capped at 15%, and the effective rate applied may sometimes be lower due to franking credits etc. This tax concession is included in the investment s calculated and applied to your account as Crediting Rates or unit prices. Super members do not pay tax directly on the investment s they receive in the Fund, and these do not need to be declared on your tax. Superannuation income stream investment earnings are currently tax free. The former Labor Government previously announced that from 1 July 2014 future earnings supporting income streams would be tax free only up to $100,000 per annum for each individual. However, the new Coalition Government has since announced that they will not proceed with this measure and income stream investment earnings will remain tax free. DERIVATIVES The Trustee does not undertake day-to-day management of derivative instruments. External investment managers may utilise Derivatives in managing investment portfolios for the Trustee and in managing pooled investment vehicles in which the Trustee invests. Where applicable, the limits on the extent of derivative use are specified in any Investment Management Agreements between the Trustee and the investment managers. In addition, the Trustee considers the Risks and the controls in place for Derivatives (including counterparties) by analysing the managers Derivatives Risk Statements on appointment and review of managers. The Trustee has also adopted its own Derivatives Risk Statement in which the relationship between the Trustee s overall investment strategy and the usage of Derivatives is outlined. The exposures to the various asset classes will be monitored, taking into account the underlying net Derivatives exposures in any investment vehicles, and the impact of futures and options is measured on an effective exposure basis. Effective exposure of an option contract will be measured by reference to the relationship between the changes in the price of the option relative to a change in the price of the underlying asset to determine an equivalent market value exposure to the underlying asset. Effective exposure to any asset or asset class is the sum of the market value of physical assets, the underlying market value represented by futures contracts and the effective exposure derived from options contracts. FOREIGN CURRENCY EXPOSURE For Investments in assets that are not located in Australia, s can be impacted by movements in the Australian dollar. To mitigate fluctuations on s arising from foreign exchange movements the Trustee will at times seek to hedge these exposures back to Australian dollars. This process is referred to as currency hedging. The Trustee s approach to currency management is to reduce risk rather than actively seeking to increase s. The Trustee has appointed a currency manager to maintain pre-defined levels of Hedging over foreign currency exposures. This currency manager may as directed by the Trustee and depending on the value of the Australian dollar, hedge an option s exposure to the International Shares and international holdings in the Growth Alternatives asset classes. In most cases International fixed interest exposure is fully hedged back to Australian dollars. The SRI Balanced option may also contain some hedging that is performed by the externally appointed fund manager AMP Capital. The appropriate amount of currency hedging is reviewed by the Trustee from time-to-time but not less than annually. The level of currency exposure for any asset class will be determined by the Trustee based on fair value analysis of the Australian dollar. The following options have exposure to asset classes that have international investments: Stable Capital Managed MySuper Balanced Growth International Shares The following options have no international exposure: Cash Deposit Australian Shares The Cash Enhanced option may have some minor foreign currency exposures from time to time, these exposures are fully hedged back to Australian dollars. For the SRI Balanced option, managed by AMP Capital, the Global Fixed Interest and Global Property asset classes are in normal circumstances hedged to Australian dollars, while International Shares and other international assets may be hedged to Australian dollars. 12 I energysuper.com.au Energy Super Investment Guide IBR

15 CHANGES TO INVESTMENT OPTIONS The Trustee may change the types of assets included in an investment option, close investment options or add investment options. Members will be notified if significant changes are made. INVESTMENT MANAGERS Energy Super uses a number of investment managers to invest the assets held in the Fund. Detailed information on who Energy Super s assets are invested with can be found in our Annual Report or on our website. The Trustee regularly reviews Energy Super s investments together with the Fund s investment managers. SOCIALLY RESPONSIBLE INVESTING The Trustee does not take into account labour standards or environmental, social or ethical considerations when making its investment decisions to acquire, retain or sell investments. The Trustee does, however, offer a socially responsible investment option called SRI Balanced. The underlying investment managers for this option do take into account ethical and social considerations when selecting their underlying investments for this option. Managers are also required to avoid companies operating within sectors with recognised high negative social impact. This means the investment manager will avoid exposure, either directly or indirectly through underlying managers and funds, to companies with material exposure to the following: production or manufacture of alcohol, armaments, gambling, pornography, tobacco and nuclear power (including uranium). Material exposure is considered to be where a company derives more than 10% of its total revenue from these industries. If a company falls below the stated sustainable and responsible investment standards, it is the investment manager s policy that the relevant manager sells its investment in the company within six months. Presently, social and environmental considerations as described above are applied to Australian and International share investments, and for Corporate Bonds and government bonds within fixed interest. In addition there are specific environmental considerations that apply to direct property investments, and for alternative assets broad environment, social and governance considerations are taken into account. SRI Balanced option The SRI Balanced option is an actively managed diversified portfolio that invests in Australian and International Shares, Australian and International Fixed interest, Australian and International Property and Cash investments. The investment manager employs a multi-manager approach in implementing its sustainable and responsible investment strategy. In selecting managers, consideration and assessment is made from a financial, social and environmental perspective. From a social and environmental perspective, the investment manager seeks out managers that are identifying leaders across industries, in their responsible approach to the following issues: environmental considerations including energy and resource use and product stewardship (for example, where a company takes into account the life cycle of the product, from manufacture to the extent to which the product can be recycled); social considerations including indigenous relations and community involvement; ethical considerations including meeting fundamental human rights, and articulating and implementing a Code of Conduct; labour standards including Occupational Health and Safety, International Labour Organisation standards, working conditions and the exclusion of child labour; governance considerations including meeting corporate governance guidelines on board structures and remuneration. IBR Energy Super Investment Guide energysuper.com.au I 13

16 DEFINITIONS Capital Growth: Refers to the growth of the underlying value of a particular asset. Commercial Property: An investment in commercial property for example office buildings. Consumer Price Index (CPI): A measure of inflation that compares the relative cost of living over time. CPI is calculated and reported by the Australian Bureau of Statistics. It measures, at various times, the price of a group of selected goods and services typically bought by ordinary Australian households. For Energy Super investment objectives, the increase in the rate of inflation is measured by the All Groups Consumer Price Index for Australia. Contribution: A contribution is a payment made to your superannuation fund. Your employer is generally required to make contributions to your super fund. You can also make contributions to your super fund, usually from both before-tax and/or after-tax pay. Corporate Securities/Bonds: A bond issued by a corporation. Crediting Rate: The rate of earnings of an investment option declared for allocation to member accounts. The rate is determined taking into account the net earnings of the investment option (after income tax and fees), and further deductions for administration fees and other expenses of the Fund. Because of these further deductions, the crediting rate for an investment option may be different from the actual net earning rate of that option. A crediting rate for an investment option may be positive or negative. Currency Overlay Account: A strategy employed to manage the Fund s exposure to foreign currency. This is achieved by using a specialist in order to protect against exchange rate movements. Defined Benefit: A superannuation benefit calculated by using a formula, generally related to the member s salary and period of membership or service with an employer. New members of Energy Super cannot join the Defined Benefit section. Derivatives: Investment products whose value is derived from other securities. For example, an option on a share is a derivative product and its value is linked to the value of the underlying security. Examples of derivatives are options and futures. Fixed Interest Strategies: An investment in bonds that pays a defined distribution for a given period of time. Fixed Term Deposit Facilities: Cash deposit with an approved deposit taking institution for a fixed term. Floating Rate Notes: A bond which pays a coupon which is linked to a benchmark. Global Fixed Interest Securities: Investment in overseas bonds that pay a defined distribution for a given period of time. Global Opportunistic Property: An investment in global property which can include all types of property. Hedging: Hedging means reducing or taking steps to avoid potential loss and usually involves buying or selling one type of investment to protect against potential loss in another investment. Index: A benchmark which measures performance, such as the ASX300 Index. Industrial Property: An investment in industrial property for example warehouses. Inflation: A rise in the price of a selection of household goods and services. Infrastructure Income: The income derived from investment in Infrastructure. International Private Equity: An investment into a company that is not quoted on a public exchange. Long Term Strategic Asset Allocation: Typically, it is the asset allocation which the Trustee has decided is most appropriate for the Fund to meet the investment objectives over the long term for each investment option offered. Macro Strategies: Investment based on the overall economic and political views of countries. Micro Credit Security Strategies: Investment in a security which is not based on the overall economic and political views of countries. Mortgage Securities: A security that is secured by a collection of mortgages and pays out the cash flows from the collection of mortgages. Promissory Notes: A bond which has an unconditional promise to pay at a fixed or determinable future time a certain sum of money. Retail Property: An investment in retail property, for example shopping centres. Risk: Generally, risk refers to the variability of s. Investments with greater inherent risk generally offer the potential for higher expected yields. Risk can take many forms. Rollover: The transfer of a superannuation benefit into an approved deposit fund, deferred annuity or superannuation fund prior to retirement. Spouse: A person who is married to a member, or has a registered relationship with a member, or is in a de facto relationship with the member (whether opposite sex or same sex). Unlisted Property Trusts: A pool of property assets held in a trust which is not quoted on a public exchange. 14 I energysuper.com.au Energy Super Investment Guide IBR

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