Your investment options explained

Your investment options explained for the Plum Superannuation Fund Issued by the Trustee: PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243357 Fund: Plum Superannuation Fund ABN 20 339 905 340 Administrator: Plum Financial Services Limited (Plum) ABN 35 081 812 731 AFSL 243356 Level 4, 500 Bourke Street Melbourne Vic 3000 GPO Box 63 Melbourne Vic 3001 Telephone 1300 55 7586 Fax 1300 99 7586 Web plum.com.au MySuper compliant Preparation date: 1 January 2016

Contents What this guide covers Things to consider 1 before you invest Before you do any investing, we want you to know about both the benefits and potential risks involved. (page 1) Our investments 2 We provide a broad range of investment options and you can choose any one or more of these options across each of our investment paths. (page 11) Choosing your 3 investment strategy and switching your investments Find out how to change your investment strategy or make an investment switch. (page 34) Investment option 4 costs There are costs associated with your investments. (page 35) The information in this guide forms part of the Plan s Product disclosure statement (PDS) for the Plum Superannuation Fund. Together with the Plan s Your superannuation explained guide, these documents should be considered before making a final decision to invest. Important information This guide provides information about the available investment options under the Plan and is not personal investment advice nor should it be used or relied upon as a substitute for professional investment advice. We do not recommend that any member make decisions based solely on the information contained in this guide and each member is ultimately responsible for making his or her own investment decisions and obtaining whatever assistance he or she deems necessary. Any advice in this guide has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on any information in this guide, consider whether it is appropriate to your objectives, financial situation and needs and seek professional financial advice before you decide to invest in the Fund. The information contained within this guide is current at the time it was prepared. However, changes to the information may subsequently occur. If there is a materially adverse change to information contained in this guide, we will issue a replacement guide and advise members of the Fund in writing.

Things to consider before you invest Before you do any investing, we want you to know about both the benefits and potential risks involved. Even the simplest of investments come with a level 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. 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. Many factors influence an investment s value. These include, but aren t limited to: market sentiment; growth and contraction in the 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); and changes in the value of the Australian dollar. Consider your investor profile Understanding your investor profile may help you choose an investment mix that suits your needs. For more information about investor profiles, refer to the Five steps to making your investment choice booklet available from the Forms and publications section of the member website at plum.com.au. Investor profile tools Updated information about our investment options, such as asset allocations, performance and investment commentary, is available at plum.com.au or call 1300 55 7586. The Fund is administered by Plum, which is responsible for more than $20 billion of funds under management (as at 31 December 2013) invested on behalf of over 220,000 individuals and employees of many of Australia s largest organisations. Plum and the Trustee are part of the MLC group of companies, the wealth management division of the National Australia Bank. 1

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. 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% Investments that have often produced higher returns over long periods... Returns above inflation over 20 year periods (1920-2012) 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. Source: Graphs have been calculated by MLC using data presented in DMS Data Module offered through the Morningstar software program EnCorr. Based on copyrighted books by Dimson, Marsh, and Staunton, Triumph of the Optimists, Princeton University Press, 2002, and Global Investment Returns Yearbook 2003, ABN AMRO/London Business School 2003. All rights reserved. Used with permission. -10.0% 1920 1924 1928 1932 1936 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 % p.a. 31 December Source: Calculated by MLC using data provided by Global Financial Data, Inc. and Thomson Reuters Datastream. can be volatile in the short term Returns above inflation over 1 year periods (1900-2012) 80.0% 60.0% 40.0% % p.a. 20.0% 0.0% -20.0% -40.0% 1900 1904 1908 1912 1926 1920 1924 1928 1932 1936 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 31 December Source: Calculated by MLC using data provided by Global Financial Data, Inc. and Thomson Reuters Datastream. Australian Shares Australian Fixed Interest Australian Cash 2

Diversify to reduce volatility and other risks Portfolios can be diversified across types of investments, industries and countries as well as across investment managers with different approaches. Diversification is a sound way to reduce short-term volatility and smooth a portfolio s returns. That s because different types of investments perform well in different times and circumstances. When some are providing good returns, others may not be. So, 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 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. In the description of the investment options (from page 13), we include a minimum. Investing for the minimum time or longer improves your chances of achieving the return you expect. However, returns can t be guaranteed. You need to be prepared for all sorts of return outcomes when investing. Cash Cash is generally a low risk investment. Things to consider: The return is typically all income and is referred to as interest or yield. Cash is usually the least volatile type of investment. It also tends to have the lowest return over a market cycle. Many cash funds invest in fixed income securities that have a very short term until maturity. Cash tends to be included in a portfolio to meet liquidity needs and for its defensive characteristics. Fixed interest When investing in fixed interest, you re effectively lending money to businesses or governments. Things to consider: There are different types of fixed interest securities and these will have different returns and volatility. The market value of a fixed interest security may fall due to factors such as an increase in interest rates, defaults on loans or concern about defaults. 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 be a change in interest rates for the term of the deposit. Fixed interest securities denominated in foreign currencies will be exposed to exchange rate variations. Fixed interest securities are usually included in a portfolio for their defensive characteristics. 3

Things to consider before you invest Property Investing in property securities will give your portfolio exposure to listed and unlisted property securities in Australia and around the world. Listed property securities are referred to as Real Estate Investment Trusts (REITs). Things to consider: Australian property securities are dominated by only a few REITs and provide limited diversification. Returns are driven by many factors including the economic environment in various countries. 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. International shares International 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. International shares can be volatile and are usually included in a portfolio for their growth characteristics. Private markets 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 usually included in a portfolio to provide higher returns than share markets in the long term, and to increase diversification. However, it can take years to earn a positive return from private assets. Returns are driven by many factors including the economic environment in various countries. 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 for a fund s unit price can be difficult and may involve a considerable time lag. You may be exposed to exchange rate variations. Private assets can be volatile and are usually included in a portfolio for their growth characteristics. 4

Alternatives These are a very diverse group of assets that aren t like traditional assets of cash, fixed interest or shares. Some examples include hedge funds, infrastructure, and gold. Things to consider: Alternative investments are usually included in portfolios to increase diversification and provide returns that aren t strongly linked with the performance of traditional assets. For some alternatives, such as hedge funds, it can be less obvious what assets you re investing in than with traditional assets. Some alternative assets are illiquid, which makes them difficult to buy or sell. To access some alternative investments you generally need to invest in a managed fund that, in turn, invests in alternatives. Because most alternative investments aren t listed on an exchange, determining their value for a fund s unit price can be difficult and may involve a considerable time lag. You may be exposed to exchange rate variations. Because alternatives are diverse they may be included in a portfolio for their defensive or growth characteristics. Growth and Defensive Assets Asset classes are generally grouped as either defensive or growth because of their different characteristics. Both defensive and growth assets are typically included in a diversified portfolio because they tend to respond differently to market conditions. For example, fixed interest is often included to provide returns at times when share markets are weak. The main differences between defensive and growth assets are: Assets classes include How they are generally used Risk and return characteristics Defensive Cash and fixed interest securities To generate an income, and stabilise returns Expected to produce lower returns and be less volatile over the long term Growth Shares and property securities To provide long term capital growth Expected to produce higher returns and be more volatile over the long term In some market conditions, it is possible for both defensive and growth assets to deliver low or negative returns. 5

Things to consider before you invest Investment techniques Investment managers use different investment techniques that can change the value of an investment. Derivatives Derivatives are an investment technique used in some investment options and are commonly 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. We invest most of the assets of the Fund in the Plum Pooled Superannuation Trust (Plum PST), which in turn invests in the investment options of your choice. We do not invest directly in derivatives. Investments in derivatives may be made by the investment managers appointed by the Trustee of the Plum PST, for the purposes of managing their portfolio (investment options). The investment managers are not permitted to use financial derivatives to leverage the performance of the portfolio beyond that which could be obtained if derivatives were not used. The investment managers for our investment options may use derivatives to: reduce risk; reduce transaction costs; increase market exposure, as long as the total exposure is not greater than that possible if derivatives were not used; and reduce market exposure (i.e. short selling), as long as appropriate assets are held to offset the short exposure. Currency management Currency management is a technique to manage the impact of exchange rate movements. It s also known as hedging. For example, if an investment manager in Australia invests in assets in other countries, their returns in Australian dollars will be affected by movements in the exchange rates, as well as changes in the value of the assets. By hedging the currency exposure in Australian dollars, the investment manager can largely reduce the impact of the exchange rate movements. Gearing Gearing is another term for borrowing to invest. The borrowing can be achieved by using loans or derivatives. Gearing an investment magnifies exposure to potential gains and losses. As a result, you can expect larger fluctuations (both up and down) in the value of your investment compared to the same investment which is not geared. 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 from a lender, usually a broker custodian, 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. Investment management philosophies Indexing Index investment managers do not use traditional active management to outperform an index. They aim to match the index return of a particular asset class and incorporate broad diversification at low cost. Index managers do not generally employ high-cost processes (because they follow the index) and have very low transaction costs. Active Active investment managers change their mix of assets depending on current or expected market conditions. They review investments regularly to try to benefit from movements in the market or from growth in individual assets. In the description of the investment options in Path two and Path three we include the investment management philosophy for each option. 6

Investment styles Below are details about the investment styles that active investment managers adopt when making investment decisions. Bottom-up (security selection) This is a form of stock or security analysis which focuses more on forecasting returns for individual companies rather than the economy as a whole (opposite of top-down). Top-down (macro view) This is a form of stock or security analysis which focuses more on forecasting broad (macro) economic trends and the effect on the market rather than forecasting returns for individual companies (opposite of bottom-up). Growth Growth investment managers are primarily interested in a company s earnings. They focus on investing in companies that they expect will earn higher profits and shareholder earnings than similar companies. Growth investment managers tend to be concerned with future performance and will most likely invest in companies with a good earnings outlook. They generally price stocks based on forward looking estimates. Value Value investment managers are most interested in buying companies stocks for a good price. They may purchase stocks of companies that they consider to be currently undervalued on the share market. Value investment managers tend to be concerned with historical performance and will most likely invest in companies that have good track records. They generally price stocks based on historical data. Neutral/core These investment managers have no specific investment style bias. They aim to produce competitive returns throughout periods of value and growth. In the description of the investment options in Path two and Path three we include the investment style for each option. Ethical investing The Trustee has an Environment, Social and Governance Risk Management Policy (ESG Policy), which applies to Plum MySuper. The ESG Policy, available on plum.com.au, outlines the expectations of the Trustee that its Investment Consultant, JANA, will have processes in places to assess ESG factors for Plum MySuper. The ESG Policy also requires JANA to consider ESG factors in its investment decision; monitor investment managers to assess how they identify, evaluate and manage ESG factors within their portfolios on an ongoing basis; and maintain a research program in relation to ESG themes and trends. The ESG Policy does not require any specific methodology to be applied by JANA in assessing ESG factors, nor does it require any specific factor to be taken into account. For other investment options, JANA expects the active investment managers to consider any material effect ESG factors may have on the returns from their investments, however JANA doesn t require them to. For more information visit plum.com.au or call us from anywhere in Australia on 1300 55 7586 or contact your financial adviser. Postal address GPO Box 63 Melbourne VIC 3001 Registered address Level 4, 500 Bourke Street Melbourne VIC 3000 Want to know more? For more information on how you can grow and protect your wealth call us on 1300 55 7586 and we ll put you in touch with a licensed financial adviser. 7

Things to consider before you invest Investment management approaches Each of the Plan s investment options has a single-manager or multimanager management approach. Single-manager Single-managers manage all or most investments themselves. They manage the underlying investments of options that have a particular investment philosophy and style. Multi-manager Multi-managers do not invest directly themselves but use a combination of external investment managers to manage investments on their behalf. They use investment managers with different styles to take advantage of diversification benefits. In the description of the investment options in Path two and Path three we include the investment management approach for each option. Standard risk measure Investment risk is one of the many issues that should be considered when making an investment decision. The Standard Risk Measure is a simple measure designed to help you compare investment risk across the investment options we offer in our menu. The Standard Risk Measure is the estimated number of negative annual returns in any 20 year period. However, the number of that occur within a 20 years may be different to our estimate. The Standard Risk Measure is not a complete assessment of investment risk. The Standard Risk Measure categories are based on industry guidelines. The risk categories are: For example: it doesn t capture the size of a possible negative return or the potential for sufficient positive returns to meet your objectives; and it doesn t take into account the impact of fees and taxes. These would increase the chance of a negative return. There are many ways you can assess the impact of risk on your investment strategy. You should make sure you re comfortable with the risks and potential losses associated with the investment options you choose. Risk band Risk label Estimate number of negative annual returns over any 20-year period 1 Very Low Less than 0.5 2 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 Want to know more? For more information on how we calculate the Standard Risk Measure please go to plum.com.au 8

How you can assess performance Consumer Price Index (CPI) The CPI (All Groups) is a measure of the price of goods and services and allows comparison of the relative cost of living over time. It is used as a measure of inflation. CPI returns (% p.a.) to 31 December 2013 The CPI returns below enable a comparison with Plum MySuper and Path one simple choice investment returns as these options have objectives to outperform the CPI by specified amount. 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 2.4 2.3 2.6 2.6 2.5 2.7 2.7 2.8 2.8 2.8 Benchmark One way you can assess the performance of the investment options in Path two flexible choice and Path three specialist choice is against its market benchmark over the long term. Benchmarks are usually market indices that are publicly available. In the description of the investment options from page 15 we include the market benchmark for each option, other than those options which are multi-asset portfolios. Benchmarks for multi-asset portfolios may be made up of many indices to reflect the different asset classes they can invest in. When making this assessment, be aware that the market benchmark doesn t take into account investment fees and taxes that may apply. 9

Things to consider before you invest Past performance The past performance of the investment options described in this guide from page 15 is not a reliable indicator of future performance and should not be taken to be investment advice nor relied upon when investing in an investment option. The future value of an investment in an investment option may rise or fall on a daily basis with fluctuations in the investment market. Each investment option carries its own level of risk and volatility. The information in this guide does not guarantee performance or payment of income or return of capital. You should consider obtaining professional financial advice before making an investment decision. Ongoing review To make sure our investment options are working hard for our members, we use a detailed range of criteria for choosing and monitoring investments on an ongoing basis. This criteria includes regular internal and external reviews of investment manager costs, services, asset allocations, reporting and performance. Calculation of investment performance Investment returns quoted in this guide: reflect movements in the investment option; are net of tax, ongoing investment management fees and indirect costs; and do not take into account administration fees. Investment returns provided in this guide are the returns of the option expressed as an annual return. For example, if an investment earned 2% in one complete year and 12% in the following complete year, this would be expressed as an annualised return of 6.9% p.a. In the Investment objective section of the investment option tables throughout this guide from page 13 the figures quoted against the Consumer Price Index (CPI) for Plum MySuper and Path one investment options are net of investment fees and taxes. Allocation of earnings Investment earnings (which may be positive or negative) are reflected in the unit price of your investment option(s) (so the price goes up with positive investment earnings and goes down if there are investment losses). The unit price for an investment option reflects the total dollars held in that investment option divided by the number of units issued. Suspension of transactions Investment switches or withdrawals and allocation of contributions may be delayed or suspended in certain circumstances if we consider such action would be in the interests of members as a whole, for example, if unit prices are unavailable for any reason (including restricted or suspended trading in the relevant market), or if the law requires. 10

Our investments We provide a broad range of investment options and you can choose any combination of these options across any of our investment paths. Our investment menu has been developed to suit all levels of investment knowledge and experience. You can customise your investment mix by choosing from a range of diversified or single-sector investment options with different management styles. Investment option advisor We have appointed JANA Investment Advisers Pty Ltd (JANA) to be our Investment Consultant. JANA is responsible for advising the Trustee on our entire investment menu, providing regular insight and updates on the performance of our investment options. JANA JANA is an Australian Financial Services Licence Holder and is a wholly owned subsidiary of National Australia Bank Limited (NAB). JANA Investment Advisers was established in 1987 with the objective of providing high quality independent advice to institutional clients on all aspects of investments and asset management. The firm has since grown to become one of the leading investment consultants in Australia, with over A$268 billion funds under advice and A$30 billion funds under management (at 31 December 2013). JANA s core business continues to be the provision of investment and asset consulting advice to institutional clients from its offices in Melbourne and Sydney. In December 2000, JANA became a fully-owned subsidiary of the NAB. JANA s investment philosophy can be summarised as follows: JANA believes it is possible to reduce risk and outperform over the long term by taking advantage of occasional large divergences from fair value in investment markets. Through diligent hands-on research it is possible to select managers capable of outperforming over the long term. While above-average ability in security selection is a prerequisite in most asset classes, managers must also exhibit a disciplined process and style and this should be reflected in the qualities and mindset of its personnel. To be of real value, research needs to be implemented with full commitment and not sit on the fence. 11

Plum MySuper Plum MySuper is our default diversified investment option designed by the Trustee to meet the needs of most members of the Plan. Plum MySuper is broadly diversified within asset classes, across asset classes and across underlying investment managers. Path one simple choice There are five diversified investment options in Path one so you can select an expected risk and return profile to meet your needs. At the lower end of the risk and return potential is Pre-mixed Conservative. This invests mainly in defensive assets such as fixed income and cash. At the higher end of the risk and return potential is Pre-mixed Aggressive, which mainly gears its investment into growth assets such as shares. This comprehensive series of investment options means, wherever you are in life you can choose an investment solution to suit you. These options are actively managed and broadly diversified within asset classes, across asset classes and across underlying investment managers. Investing in Path one is an easy way to gain access to sophisticated investments. This way you can implement your financial plan with confidence. Path two flexible choice s in Path two mainly consist of single-sector investment options plus some diversified options. Single-sector investment options cater for people looking for a complete asset class solution. Some options in this path are managed on an active basis while others follow a specific market index and aim to provide similar returns to the market. We also offer the MLC Cash Fund which invests in deposits with banks and other comparable securities. You should have some understanding of investments, including the difference between the main asset classes and whether you prefer an active or indexed management philosophy before selecting an investment option in this path. The main asset classes are described on pages 3, 4 and 5. Path three specialist choice We recognise some members may want extra investment options. To help give you this choice, you can select from investment options in Path three which target specific asset class sectors or invest using a particular investment style. The Trustee has selected the underlying manager for each of these options using guidance provided by JANA. You should have a strong understanding of investment risks before selecting an investment option in this path. We recommend you seek financial advice as greater investment experience is generally required for investing in this path. You should carefully consider the risks of investing your entire account balance in a single-sector investment option and whether this represents adequate diversification. For more information refer to the Diversify to reduce volatility and other risks section of this guide. 12

MySuper default Plum MySuper Plum MySuper Investment option objective To outperform inflation, measured by the CPI, by 3% p.a. after investment fees and taxes, over any 10 year period. Aims to invest proportionately more in growth assets than defensive assets to achieve medium-to-high long-term returns, with moderate to high volatility. you want long-term capital growth; and you understand and accept there can be moderate to high fluctuations in the value of your investment. Cash 5% Australian fixed interest 11% International fixed interest 7% Defensive alternatives 7% Defensive 30% Property 5% Australian shares 28% International shares 17% International shares (hedged) 8% Private markets 5% Growth alternatives 7% Growth 70% We may adjust the allocation within these ranges Market benchmark Defensive 15-45% Growth 55-85% 1yr 2 yr 3yr 4yr 5yr 5.7 n.a. n.a. n.a. n.a. A combination of market indices, weighted according to the benchmark asset allocation. Medium to high, Between 3 and 4 years in 20 years 6 years Management fee (%p.a.) 0.60 Estimated performance fee (%p.a.) 0.01 Indicative investment fee (%p.a.) 0.61 0.08% p.a. 0.05 / 0.00 13

Path one simple choice Pre-mixed investment options Pre-mixed Conservative Pre-mixed Cautious Pre-mixed Moderate Investment objective To outperform the CPI plus 2% p.a. after investment fees and taxes over rolling 5 year periods. To outperform the CPI plus 2.5% p.a. after investment fees and taxes over rolling 5 year periods. To outperform the CPI plus 3% p.a. after investment fees and taxes over rolling 10 year periods. Aims provide limited ups and downs in investment value by investing primarily in defensive assets. Aims to provide a balanced mix of assets, steady long-term returns and moderate investment volatility. Aims to invest proportionately more in growth assets than defensive assets to achieve medium-to-high long-term returns, with moderate to high volatility. You want to invest with a bias to defensive assets, with some exposure to growth assets. Preserving your capital is an important but not overriding concern. You want to invest in an approximately equal mix of defensive and growth assets. You want a portfolio with some long-term capital growth potential and can tolerate some changes in value. You want to invest with a bias to growth assets. You want a portfolio with a bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Cash 14% Fixed interest 50% Defensive alternatives 6% Defensive 70% Property 3% Australian shares 10% International shares 7% International shares (hedged) 2% Private markets 1% Growth alternatives 7% Growth 30% Cash 8% Fixed interest 36% Defensive alternatives 6% Defensive 50% Property 4% Australian shares 18% International shares 12% International shares (hedged) 5% Private markets 4% Growth alternatives 7% Growth 50% Cash 5% Fixed interest 18% Defensive alternatives 7% Defensive 30% Property 5% Australian shares 28% International shares 17% International shares (hedged) 8% Private markets 5% Growth alternatives 7% Growth 70% We may adjust the allocation within these ranges Defensive 55-85% Growth 15-45% Defensive 35-65% Growth 35-65% Defensive 15-45% Growth 55-85% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 4.6 5.3 6.3 6.7 5.9 5.6 6.6 8.3 8.7 7.2 6.2 7.6 10.3 10.6 8.3 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. Low to medium, Between 1 and 2 years in 20 years Medium, between 2 and 3 years in 20 years Medium to high, between 3 and 4 years in 20 years 3 years 5 years 6 years Management fee (%p.a.) 0.51 Estimated performance fee (%p.a.) 0.00 Indicative investment fee (%p.a.) 0.51 Management fee (%p.a.) 0.56 Estimated performance fee (%p.a.) 0.01 Indicative investment fee (%p.a.) 0.57 Management fee (%p.a.) 0.60 Estimated performance fee (%p.a.) 0.01 Indicative investment fee (%p.a.) 0.61 0.14% p.a. 0.22% p.a. 0.25% p.a. 0.00 / 0.00 0.00 / 0.00 0.00 / 0.00 14 Sell cost asset transfer % 0.00 0.05 0.05

Path one simple choice Pre-mixed investment options Investment objective Pre-mixed Assertive To outperform the CPI plus 3.5% p.a. after investment fees and taxes over rolling 10 year periods. Aims to invest primarily in growth assets with limited exposure to fixed interest investments, accepting higher volatility to seek higher returns over the long term. You want to invest with a strong bias to growth assets. You want a portfolio with a strong bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Fixed interest 8% Defensive alternatives 7% Defensive 15% Property 5% Australian shares 34% International shares 22% International shares (hedged) 11.5% Private markets 5.5% Growth alternatives 7% Growth 85% Pre-mixed Aggressive To outperform the CPI plus 4% p.a. after investment fees and taxes over rolling 10 year periods. Aims to invest wholly in growth assets, accepting high volatility to seek higher long-term returns. You want to invest in growth assets. You want a portfolio focussed on long-term capital growth potential and can tolerate large changes in value. Property 5% Australian shares 42% International shares 27% International shares (hedged) 18% Private markets 6% Growth alternatives 2% Growth 100% We may adjust the allocation within these ranges Defensive 5-35% Growth 65-95% Defensive 0-10% Growth 90-100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 6.8 8.6 12.2 12.1 9.2 6.0 8.7 13.3 13.2 9.6 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years A combination of market indices, weighted according to the benchmark asset allocation. High, between 4 and 6 years in 20 years 7 years 7 years Management fee (%p.a.) 0.63 Estimated performance fee (%p.a.) 0.02 Indicative investment fee (%p.a.) 0.65 Management fee (%p.a.) 0.66 Estimated performance fee (%p.a.) 0.02 Indicative investment fee (%p.a.) 0.68 0.25% p.a. 0.28% p.a. 0.00 / 0.00 0.00 / 0.00 Sell cost asset transfer % 0.10 0.10 15

Path one simple choice Pre-mixed investment options MLC Conservative MLC Cautious MLC Moderate Investment objective To outperform the CPI plus 2% pa after investment fees and taxes over rolling 5 year periods. To outperform the CPI plus 2.5% pa after investment fees and taxes over rolling 5 year periods. To outperform the CPI plus 3% pa after investment fees and taxes over rolling 10 year periods. Aims to provide limited ups and downs in investment value by investing primarily in defensive assets. Aims to provide a balanced mix of assets, steady long-term returns and moderate investment volatility. Aims to invest proportionately more in growth assets than defensive assets to achieve medium-to-high long-term returns, with moderate to high volatility. You want to invest with a bias to defensive assets, with some exposure to growth assets. Preserving your capital is an important but not overriding concern. You want to invest in an approximately equal mix of defensive and growth assets. You want a portfolio with some long-term capital growth potential and can tolerate some changes in value. You want to invest with a bias to growth assets. You want a portfolio with a bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Cash 12% Fixed interest 49% Defensive alternatives 6% Defensive 67% Property 7% Australian shares 10% International shares 7% International shares (hedged) 2% Private markets 1% Growth alternatives 6% Growth 33% Cash 7% Fixed interest 34% Defensive alternatives 6% Defensive 47% Property 9% Australian shares 17% International shares 12% International shares (hedged) 4% Private markets 5% Growth alternatives 6% Growth 53% Cash 5% Fixed interest 15% Defensive alternatives 7% Defensive 27% Property 9% Australian shares 28% International shares 17% International shares (hedged) 8% Private markets 5% Growth alternatives 6% Growth 73% We may adjust the allocation within these ranges Defensive 55-85% Growth 15-45% Defensive 35-65% Growth 35-65% Defensive 15-45% Growth 55-85% 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 4.6 5.3 6.2 6.7 5.9 5.8 6.8 8.2 8.5 7.2 6.0 7.4 10.2 10.4 8.2 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. Low to medium, Between 1 and 2 years in 20 years Medium, Between 2 and 3 years in 20 years Medium to high, between 3 and 4 years in 20 years 3 years 5 years 6 years Management fee (%p.a.) 0.59 Estimated performance fee (%p.a.) 0.01 Indicative investment fee (%p.a.) 0.60 Management fee (%p.a.) 0.68 Estimated performance fee (%p.a.) 0.02 Indicative investment fee (%p.a.) 0.70 Management fee (%p.a.) 0.74 Estimated performance fee (%p.a.) 0.03 Indicative investment fee (%p.a.) 0.77 0.18% p.a. 0.29% p.a. 0.30% p.a. 0.00 / 0.00 0.00 / 0.00 0.00 / 0.00 16 Sell cost asset transfer % 0.05 0.05 0.10

Path one simple choice Pre-mixed investment options Investment objective MLC Assertive To outperform the CPI plus 3.5% pa after investment fees and taxes over rolling 10 year periods. Aims to invest primarily in growth assets with limited exposure to fixed interest investments, accepting higher volatility to seek higher returns over the long term. You want to invest with a strong bias to growth assets. You want a portfolio with a strong bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Fixed interest 7% Defensive alternatives 7% Defensive 14% Property 9% Australian shares 33% International shares 21% International shares (hedged) 11% Private markets 6% Growth alternatives 6% Growth 86% MLC Aggressive To outperform the CPI plus 4% pa after investment fees and taxes over rolling 10 year periods. Aims to invest wholly in growth assets, accepting high volatility to seek higher long-term returns. You want to invest in growth assets. You want a portfolio focussed on long-term capital growth potential and can tolerate large changes in value. Property 9% Australian shares 40% International shares 26% International shares (hedged) 16% Private markets 6% Growth alternatives 3% Growth 100% We may adjust the allocation within these ranges Defensive 5-35% Growth 65-95% Defensive 0-10% Growth 90-100% 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 6.4 8.3 11.9 11.9 9.0 5.6 8.4 12.9 12.8 9.3 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years 7 years 7 years Management fee (%p.a.) 0.79 Estimated performance fee (%p.a.) 0.04 Indicative investment fee (%p.a.) 0.83 Management fee (%p.a.) 0.82 Estimated performance fee (%p.a.) 0.04 Indicative investment fee (%p.a.) 0.86 0.29% p.a. 0.31% p.a. 0.00 / 0.00 0.00 / 0.00 Sell cost asset transfer % 0.10 0.10 17

Path one simple choice Pre-mixed investment options Investment objective JANA Conservative JANA Cautious JANA Moderate To outperform the CPI plus 2% pa after investment fees and taxes over rolling 5 year periods. This portfolio is designed to provide investors with a diversified portfolio that is weighted towards the traditionally more stable asset classes of cash and fixed interest. You want to invest with a bias to defensive assets, with some exposure to growth assets..preserving your capital is an important but not overriding concern. Cash 12% Fixed interest 49% Defensive alternatives 6% Defensive 67% Property 7% Australian shares 10% International shares 7% International shares (hedged) 2% Private markets 1% Growth alternatives 6% Growth 33% To outperform the CPI plus 2.5% pa after investment fees and taxes over rolling 5 year periods. This portfolio is designed to provide investors with a diversified portfolio that is equally mixed between the traditionally more stable asset classes of cash and fixed interest and those assets which have traditionally provided higher levels of overall return, namely property and shares. You want to invest in an approximately equal mix of defensive and growth assets. You want a portfolio with some long-term capital growth potential and can tolerate moderate changes in value. Cash 7% Fixed interest 34% Defensive alternatives 6% Defensive 47% Property 9% Australian shares 17% International shares 12% International shares (hedged) 4% Private markets 5% Growth alternatives 6% Growth 53% To outperform the CPI plus 3% pa after investment fees and taxes over rolling 10 year periods. This portfolio is designed to provide investors with a diversified portfolio that is weighted towards the asset classes which have traditionally provided a higher level of overall return, namely property and shares, but also maintains a significant weighting to the traditionally more stable asset classes, namely cash and fixed interest. You want to invest with a bias to growth assets. You want a portfolio with a bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Cash 5% Fixed interest 15% Defensive alternatives 7% Defensive 27% Property 9% Australian shares 28% International shares 17% International shares (hedged) 8% Private markets 5% Growth alternatives 6% Growth 73% We may adjust the allocation within these ranges Defensive 55-85% Growth 15-45% Defensive 35-65% Growth 35-65% Defensive 15-45% Growth 55-85% 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 4.0 5.2 6.1 6.7 5.9 4.5 6.2 8.2 8.6 6.9 4.9 7.3 10.5 10.6 8.0 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. A combination of market indices, weighted according to the benchmark asset allocation. Low to medium, Between 1 and 2 years in 20 years Medium, Between 2 and 3 years in 20 years Medium to high, Between 3 and 4 years in 20 years 18 3 years 5 years 6 years Management fee (%p.a.) 0.65 Estimated performance fee (%p.a.) 0.03 Indicative investment fee (%p.a.) 0.68 Management fee (%p.a.) 0.70 Estimated performance fee (%p.a.) 0.04 Indicative investment fee (%p.a.) 0.74 0.25% p.a. 0.27% p.a. 0.24% p.a. 0.00 / 0.00 0.00 / 0.00 0.00 / 0.00 Management fee (%p.a.) 0.76 Estimated performance fee (%p.a.) 0.04 Indicative investment fee (%p.a.) 0.80

Path one simple choice Pre-mixed investment options Investment objective JANA Assertive To outperform the CPI plus 3.5% pa after investment fees and taxes over rolling 10 year periods. This portfolio is designed to provide investors with a diversified portfolio that is weighted towards the asset classes which have traditionally provided a higher level of overall return, namely property and shares. You want to invest with a strong bias to growth assets. You want a portfolio with a strong bias towards long-term capital growth potential and can tolerate moderate to large changes in value. Fixed interest 7% Defensive alternatives 7% Defensive 14% Property 9% Australian shares 33% International shares 21% International shares (hedged) 11% Private markets 6% Growth alternatives 6% Growth 86% JANA Aggressive To outperform the CPI plus 4% pa after investment fees and taxes over rolling 10 year periods. This portfolio is designed to provide investors with long-term growth through a diversified property and shares portfolio. You want to invest in growth assets. You want a portfolio focussed on long-term capital growth potential and can tolerate large changes in value. Property 9% Australian shares 40% International shares 26% International shares (hedged) 16% Private markets 6% Growth alternatives 3% Growth 100% We may adjust the allocation within these ranges Defensive 5-35% Growth 65-95% Defensive 0-10% Growth 90-100% 1yr 2yr 3yr 4yr 5yr 1yr 2yr 3yr 4yr 5yr 5.2 7.8 11.5 11.4 8.4 5.2 8.1 12.6 12.6 8.9 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years 7 years 7 years Management fee (%p.a.) 0.82 Estimated performance fee (%p.a.) 0.05 Indicative investment fee (%p.a.) 0.87 Management fee (%p.a.) 0.86 Estimated performance fee (%p.a.) 0.06 Indicative investment fee (%p.a.) 0.92 0.25% p.a. 0.07% p.a. 0.00 / 0.00 0.00 / 0.00 19

Path two flexible choice Cash MLC Cash Fund Investment objective Market benchmark To outperform the Reserve Bank of Australia s Cash Rate Target over rolling 1 years before fees and taxes. The Fund invests in deposits with banks (100% National Australia Bank as at 31 March 2015) and may also invest in other comparable high quality securities. MLC Limited guarantees the value of your investment in the MLC Cash Fund (before the deduction of tax and fees). You want to invest in a low risk cash portfolio. Cash 100% 1yr 2 yr 3yr 4yr 5yr 1.9 2.0 2.1 2.5 2.8 Reserve Bank of Australia s Cash Rate Target Low, between half and 1 year in 20 years No minimum 0.34 0.00% p.a. 0.00 / 0.00 20

Path two flexible choice Fixed interest MLC Diversified Fixed Interest Fund Investment objective To outperform the composite benchmark of 50% Bloomberg AusBond Composite Bond (All Maturities) Index and 50% Barclays Global Aggregate Index over rolling 3 years before fees and taxes. The fund is diversified across different types of fixed interest securities in Australia and around the world. The securities are predominately investment grade and typically longer dated. The average term to maturity is normally in the range of three to six years. Foreign currency exposures will generally be substantially hedged to the Australian dollar. As a result of capital restructures of bond issuers, the Fund may have an incidental exposure to shares from time to time. You want to invest in a defensive portfolio that s actively managed and diversified across investment managers, countries, bond sectors and securities. Australian fixed interest 50% International fixed interest 50% Defensive 100% Market benchmark 1yr 2 yr 3yr 4yr 5yr 3.2 3.7 3.2 4.5 4.8 Bloomberg Ausbond Composite Bond (All Maturities) Index Barclays Global Aggregate Bond Index (hedged into Australian dollars) Medium, Between 2 and 3 years in 20 years 3-5 years 0.52 0.00% p.a. 0.00 / 0.00 21

Path two flexible choice Property Investment objective MLC Property Securities Fund To outperform the composite benchmark of 75% S&P/ ASX 300 A-REIT Accumulation Index and 25% FTSE EPRA/NAREIT Global Developed Index (hedged into Australian Dollars) over rolling 5 years before fees and taxes. The fund invests primarily in Australian property securities, including listed REITs and companies across most major listed property sectors. It does not normally invest in direct property, but may have some exposure to property securities listed outside of Australia from time to time. You want to invest in an actively managed property securities portfolio that invests in Australia, with some global exposure, and diversifies across property sectors and REITs. Australian listed property 75% International listed property 25% Australian Property Securities Index To track the S&P/ASX 300 A-REIT Accumulation Index over rolling 5 years before investment fees and taxes. The fund invests primarily in Australian listed property securities, including listed Real Estate Investment Trusts and companies across most major listed property sectors. It does not normally invest in direct property, but may have some exposure to property securities listed outside of Australia from time to time. The fund may invest in securities that have been removed, or are expected to be included in the index. You want to invest in a passively managed property securities portfolio that invests in Australia, with some global exposure and diversified across property sectors and REITs. Australian listed property 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 15.7 13.4 13.6 17.2 11.9 14.8 12.8 13.6 16.8 11.7 Market benchmark S&P/ASX 300 A-REIT Accumulation Index FTSE EPRA/NAREIT Global Developed Index (hedged into Australian Dollars) High, Between 4 and 6 years in 20 years S&P/ASX 300 A-REIT Accumulation Index High, Between 4 and 6 years in 20 years 7 years 7 years 0.79 0.36 0.07% p.a. n.a. 0.00 / 0.00 0.10 / 0.10 22

Path two flexible choice Australian shares Investment objective MLC Australian Share Fund To outperform the S&P/ASX 300 Accumulation Index over rolling 5 years before fees and taxes. The fund invests primarily in companies listed (or expected to be listed) on the Australian Securities Exchange, and is typically diversified across major listed groups. The Trust may have small exposure to companies listed outside of Australia from time to time. You want to invest in an actively managed Australian share portfolio that s diversified across investment managers, industries and companies. Australian Shares Index To track the S&P/ASX 300 Accumulation Index over rolling 5 years before investment fees and taxes. The fund invests primarily in companies listed on the Australian Securities Exchange (and other regulated exchanges), and is typically diversified across major listed industry groups. It may have a small exposure to companies listed outside of Australia from time to time. The fund may invest in securities that have been removed, or are expected to be included in the index. You want to invest in an Australian share fund that s diversified across industries and companies. Australian shares 100% Australian shares 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 1.0 3.1 9.7 9.8 6.0-1.4 2.0 8.3 9.7 6.1 Market benchmark S&P/ASX 300 Accumulation Index S&P/ASX 300 Accumulation Index High, Between 4 and 6 years in 20 years Very high, Greater than 6 years in 20 years 7 years 7 years Investment fee (%p.a.) 0.65 Estimated performance fee (%p.a.) 0.06 Indicative investment fee (%p.a.) 0.71 0.30 0.06% p.a. n.a. 0.00 / 0.00 0.05 / 0.05 23

Path two flexible choice Global shares Investment objective MLC International Share Fund To outperform the MSCI All Country World Index (net dividends reinvested) over rolling 5 years before fees and taxes. The fund invests primarily in companies listed (or expected to be listed) on share markets anywhere around the world, and is typically diversified across major listed industry groups. Foreign currency exposures will generally not be hedged to the Australian dollar. You want to invest in an actively managed global share portfolio that s diversified across investment managers, countries (developed and emerging), industries and companies. You re comfortable having foreign currency exposure. International Shares Index To track the MSCI World Index (ex Aust) Net Dividends Reinvested over rolling 5 years before investment fees and taxes. The fund invests primarily in companies listed on share markets anywhere around the world, and is typically diversified across major listed industry groups. The fund may invest in securities that have been removed, or are expected to be included in the index. Foreign currency exposures will generally not be hedged to the Australian dollar. You want to invest in an international share fund that s diversified across industries and companies. You re comfortable having foreign currency exposure. International shares 100% International shares 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 12.7 14.6 19.0 17.4 12.7 15.4 17.0 21.3 19.0 14.1 Market benchmark MSCI All Country World Index (net dividends reinvested) MSCI World Index (ex Aust) net dividends reinvested High, Between 4 and 6 years in 20 years High, Between 4 and 6 years in 20 years 7 years 7 years 0.81 0.30 0.04% p.a. n.a. 0.00 / 0.00 0.05 / 0.05 24

Path two flexible choice Global shares International Shares Index (hedged) Investment objective Market benchmark To track the MSCI World Index (ex Aust) net dividends reinvested hedged into Australian dollars over rolling 5 years before investment fees and taxes. The fund invests primarily in companies listed (or expected to be listed) on share markets anywhere around the world, and is typically diversified across major listed industry groups. The fund may invest in securities that have been removed, or are expected to be included in the index. Foreign currency exposures will generally be substantially hedged to the Australian dollar. You want to invest in an international share fund that s diversified across industries and companies You don t want foreign currency exposure. International shares (hedged) 100% 1yr 2 yr 3yr 4yr 5yr -0.4 7.9 12.5 14.9 11.2 MSCI World Index (ex Aust) net dividends reinvested hedged into Australian dollars. Very high, Approximately 6 years in 20 years 7 years 0.33 n.a. 0.05 / 0.05 25

Path two flexible choice Diversified Investment objective Cautious Index Plus To outperform the CPI plus 2.5% pa after investment fees and taxes over rolling 5 year periods. The fund has an approximately equal exposure to growth and defensive assets. The allocations to these assets are actively managed within defined ranges, in accordance with our MLC s changing view of potential risks and opportunities in investment markets. The fund is broadly diversified across mainstream asset classes. It uses mainly passive investment managers for growth assets and active managers for defensive assets. These managers invest in many companies and securities in Australia and overseas. You want a diversified portfolio that has similar weightings to defensive and growth assets You want to rely largely on the market for returns You want some long-term capital growth, and You understand that there can be moderate to large fluctuations in the value of your investment. Cash 5% Australian fixed interest 29% International fixed interest 16% Defensive 50% International listed property 3% Australian shares 21% International shares 15% International shares (hedged) 11% Growth 50% Moderate Index Plus To outperform the CPI plus 3.0% pa after investment fees and taxes over rolling 10 year periods. The portfolio has a strong bias to growth and some exposure to defensive assets. The allocations to these assets are actively managed within defined ranges, in accordance with our MLC s changing view of potential risks and opportunities in investment markets. The fund is broadly diversified across mainstream asset classes. It uses mainly passive investment managers for growth assets and active managers for defensive assets. These managers invest in many companies and securities in Australia and overseas. You want a diversified fund that invests mainly in growth assets You want to rely largely on the market for returns You want long-term capital growth, and You understand and accept that there can be large fluctuations in the value of your investment. Australian fixed interest 19% International fixed interest 11% Defensive 30% International listed property 4% Australian shares 32% International shares 18% International shares (hedged) 16% Growth 70% We may adjust the allocation within these ranges Defensive 45-55% Growth 45-55% Defensive 25-35% Growth 65-75% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 6.5 7.6 9.3 9.7 7.8 6.7 8.3 11.1 11.6 8.8 Market benchmark A combination of market indices, weighted according to the benchmark asset allocation. Medium to high, Between 3 and 4 years in 20 years A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years 4 years 5 years 0.36 0.38 n.a. n.a. 26 0.05 / 0.05 0.05 / 0.05

Path two flexible choice Diversified Assertive Index Plus Investment objective To outperform the CPI plus 3.5% pa after investment fees and taxes over rolling 10 year periods. The fund invests primarily in growth assets with a small exposure to defensive assets. The allocations to these assets are actively managed within defined ranges, in accordance with our MLC s changing view of potential risks and opportunities in investment markets. The fund is broadly diversified across mainstream asset classes. It uses mainly passive investment managers for growth assets and active managers for defensive assets. These managers invest in many companies and securities in Australia and overseas. You want a diversified portfolio that invests predominately in growth assets You want to rely largely on the market for returns You want long-term capital growth, and You understand that there can be large fluctuations in the value of your investment. Australian fixed interest 10% International fixed interest 5% Defensive 15% International listed property 4% Australian shares 37% International shares 24% International shares (hedged) 20% Growth 85% We may adjust the allocation within these ranges Market benchmark Defensive 10-20% Growth 80-90% 1yr 2 yr 3yr 4yr 5yr 6.9 9.0 13.0 13.4 9.6 A combination of market indices, weighted according to the benchmark asset allocation. High, Between 4 and 6 years in 20 years 6 years 0.39 n.a. 0.10 / 0.10 27

Path three specialist choice Fixed Interest Investment objective Global Fixed Interest To outperform the Barclays Global Aggregate Bond Index (hedged into Australian dollars) over rolling 3 years before fees and taxes. This fund is designed to deliver broad exposure to international fixed interest markets. Fixed interest refers to securities that have a relatively stable flow of income. Fixed interest securities that deliver variable income like inflation-linked bonds. Foreign currency exposures will generally be substantially hedged to the Australian dollar. You want to invest in a portfolio that s actively managed and diversified across Global fixed income securities, bond sectors and countries. You don t want foreign currency exposure. Australian Fixed Interest To outperform the Bloomberg AusBond Composite Bond (All Maturities) index over rolling 3 years before investment fees and taxes. The fund invests predominately in Australian fixed interest and includes investments in credit securities sovereign bonds and cash. The securities are predominately investment grade and typically longer dated. You want to invest in a defensive fund that s actively managed and diversified across investment managers, bond sectors and securities. International fixed interest 100% Australian fixed interest 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 2.9 5.2 4.6 5.8 5.3 6.0 5.4 4.1 5.1 5.6 Market benchmark Barclays Global Aggregate Bond Index (hedged into Australian dollars) Medium, Between 2 and 3 years in 20 years Bloomberg AusBond Composite Bond (All maturities) Index Medium, approximately 3 years in 20 3-5 years 3-5 years 0.72 0.31 n.a. n.a. 0.00 / 0.12 0.00 / 0.00 28

Path three specialist choice Property Australian Property Securities Investment objective Market benchmark To outperform the S&P/ASX 300 A-REIT Accumulation Index over rolling 5 years before fees and taxes. The fund is diversified across a variety of property sectors including commercial, retail and industrial sectors predominantly in the Australian market. Investing in listed property securities provide a higher level of liquidity than investing directly in property. You want to invest in an active Australian property securities fund. Australian listed property 100% 1yr 2 yr 3yr 4yr 5yr 14.4 13.4 15.8 19.0 14.7 S&P/ASX 300 A-REIT Accumulation Index High, Between 4 and 6 years in 20 years 7 years 0.83 n.a. 0.15 / 0.15 29

Path three specialist choice Australian Shares Australian Shares Small companies Investment objective To outperform the S&P/ASX 300 Small Ordinaries Accumulation Index over rolling 5 years before fees and taxes. Market benchmark A small companies fund invests only in companies with a small market capitalisation. In the Australian share market, this represents any stock listed outside the top 100 shares on the Australian Stock Exchange (ASX). You want to invest in a smaller companies Australian shares fund. Australian Shares Ethical To outperform the S&P/ASX 300 Accumulation Index over rolling 5 years before fees and taxes. Ethical investing takes into account attributes other than solely the financial return potential of particular investments in the Australian market. An ethical investment policy may include, for example, a decision to avoid certain industries or to positively favour investing in other industries seen as more ethical or socially responsible. You want to invest in an Australian shares fund that invests in socially responsible companies. Australian shares 100% Australian shares 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr -10.7-6.6 1.3 3.3 3.1 5.1 5.7 14.7 18.0 13.6 S&P/ASX Small Ordinaries Accumulation Index Very high, Greater than 6 years in 20 years 7 years 7 years Investment fee (%p.a.) 1.23 Estimated performance fee (%p.a.) 0.11 Indicative investment fee (%p.a.) 1.34 n.a. S&P/ASX 300 Accumulation Index High, Between 4 and 6 years in 20 years 0.98 n.a. 0.25 / 0.25 0.15 / 0.15 The investment manager currently selected to manage the Australian Shares Ethical option makes decisions about the companies it invests in using two main steps: Ethical Exclusions They don t invest in companies that derive a material proportion of their revenue from the manufacturer or sale of alcohol or tobacco, the operation of gambling facilities or the manufacture of gambling equipment, uranium extraction or the manufacture of weapons or armaments. SRI Screening Companies remaining after the ethical exclusions are then subject to SRI screening to evaluate how their business practices impact society and the environment. The SRI screening involves three steps: 1. Negative screens: Companies are rated on their positive environmental or social impacts and practices in relation to a number of criteria including human rights, labour standards, the environment, corporate governance, animal rights and genetically modified organisms. 2. Positive screens: Companies are rated on their positive environmental or social impacts and practices in relation to a number of criteria including renewable energy, waste (direct and downstream), corporate governance, use of quality and environmental management systems, and employee health and safety. 3. Universe inclusion: Scores from all negative and positive screens are then combined. Companies that score positively become allowable investments while companies with negative scores are excluded. If the manager becomes aware that the fund is invested in a company that no longer meets the screening standards, the investment will be sold as soon as practicable in an orderly manner. 30

Path three specialist choice Australian Shares Australian Shares Neutral Investment objective Market benchmark To outperform the S&P/ASX 300 Accumulation Index over rolling 5 years before fees and taxes. A neutral fund is one which has no specific investmentstyle bias. The investment manager aims to produce competitive returns through periods characterised by value and growth style momentums. A neutral-style fund is also known as a core-style fund. This fund invests in shares listed on the Australian Stock Exchange (ASX). You want to invest in an active Australian shares fund. Australian shares 100% 1yr 2 yr 3yr 4yr 5yr 0.2 2.4 9.9 11.2 6.7 S&P/ASX 300 Accumulation Index High, Between 4 and 6 years in 20 years 7 years Management fee (%p.a.) 0.70 Estimated performance fee (%p.a.) 0.06 Indicative investment fee (%p.a.) 0.76 n.a. 0.20 / 0.20 31

Path three specialist choice Global Shares Investment objective Global Shares Neutral To outperform the MSCI All Country World Index (net dividends reinvested) over rolling 5 years before fees and taxes. A neutral fund is one which has no specific investmentstyle bias. The investment manager aims to produce competitive returns through periods characterised by value and growth style momentums. A neutral-style fund is also known as a core-style fund. This fund invests in stocks listed on global stock exchanges. Foreign currency exposures will generally not be hedged to Australian dollars. You want to invest in an actively managed global share portfolio that s diversified across investment managers, countries (developed and emerging), industries and companies. You re comfortable having foreign currency exposure. Global Shares Emerging Markets To outperform the MSCI Emerging Markets Index (net dividends reinvested) over rolling 5 years before fees and taxes. An emerging markets fund invests in countries that are considered emerging markets, such as Russia, Brazil, China, India, South Korea and Thailand. They generally represent a higher risk to members. This fund invests in stocks listed on the stock exchanges of countries classified as emerging markets. Foreign currency exposures will generally not be hedged to Australian dollars. You want to invest in an actively managed, global share portfolio that s diversified across investment managers, countries, industries and companies with a focus on investing in emerging markets. You re comfortable having foreign currency exposure. International shares 100% International shares 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 14.7 15.2 20.6 18.8 13.6-6.8 1.0 7.0 6.2 0.6 Market benchmark MSCI All Country World Index (net dividends reinvested) MSCI Emerging Markets Index (net dividends reinvested) High, Between 4 and 6 years in 20 years Very high, Greater than 6 years in 20 years 7 years 7 years 0.69 Management fee (%p.a.) 1.44 Estimated performance fee (%p.a.) 0.12 Indicative investment fee (%p.a.) 1.56 n.a. 0.00% p.a. 0.10 / 0.10 0.25 / 0.25 32

Path three specialist choice Alternatives Investment objective Geared Growth To provide growth over the long-term through a portfolio of growth assets, which focuses on Australian and global shares. The portfolio will increase the amount of capital invested through the use of borrowing (with an effective exposure to growth assets of 130 per cent). A geared growth fund increases the exposure to growth assets by borrowing against the equity held in the pool of assets. Gearing increases an investor s overall investment exposure and will lead to increased volatility and the magnification of both positive and negative returns. This fund predominantly invests in Australian and international growth shares. Australian Shares Income Aims to deliver a growing tax advantaged income stream from a portfolio with a focus on Australian Industrial shares that have the potential to provide future growth in dividends. This fund focuses on achieving a growing income stream by investing in Australian shares. Its strategy helps reduce transaction costs and provides taxeffective returns to members. This fund invests in shares listed on the Australian Stock Exchange (ASX). You want a portfolio focussed on long-term capital growth. You want to gear a portfolio of growth assets but don t want the burden of obtaining and managing your own loan. You expect growth in the assets value to exceed the costs of gearing. You re comfortable with the risks of gearing including extra volatility and increased risk of capital loss. You want to invest in shares in Australian companies that are expected to deliver a growing dividend stream over time. Australian shares 52% International shares 31% International shares (hedged) 38% Private markets 6% Growth alternatives 3% Borrowing 30% Australian shares 100% 1yr 2 yr 3yr 4yr 5yr 1yr 2 yr 3yr 4yr 5yr 7.0 10.0 16.7 16.8 11.3 3.7 6.1 13.0 14.4 9.9 Market benchmark S&P/ASX 300 Accumulation Index MSCI All Countries World Index (net dividends) MSCI World Index (net dividends reinvested, hedged into Australian dollars) High, Approximately 5 years in 20 years n.a. High, between 4 and 6 years in 20 years 10 years 7 years Management fee (%p.a.) 1.02 Estimated performance fee (%p.a.) 0.01 Indicative investment fee (%p.a.) 1.03 0.25% p.a. 1.10 0.00% p.a. 0.00 / 0.00 0.00 / 0.00 33

Choosing your investment strategy and switching your investments Investment strategy change If you want to select how your future contributions are invested, you can make an investment strategy change. On receipt and acceptance of an investment strategy change request on any business day, we will process any contributions, transfers or rollovers received to the relevant investment options as follows: requests received prior to 4.00pm, AEST will use the unit price applying at close of business on that day. requests received after 4.00pm, AEST will use the unit price applying at the close of business on the next business day. Investment switch If you want to move some or all of your existing account balance into one or more different investment options, you can make an investment switch. When you request a switch before 4pm, AEST time, on any business day: units in your current investment option(s) will be sold at the sell price for the day on which your request is processed; and the sale proceeds will be used to buy units in your new investment option(s) at the buy price for the same day. If we receive your request after 4.00pm AEST, we will use the unit price applying at the close of business on the next business day. Although you can generally make an investment switch at any time, you will need to wait until your first switch is processed and units have been allocated before you can request a second switch. No administration fee is charged when you make an investment strategy change or switch. You may, however, incur transaction costs (buy/sell costs) on some investment option(s) when a switch is conducted. See the Buy/sell spreads section for more information about these costs. To request investment strategy changes and switches log into your account at plum.com.au or call us on 1300 55 7586. Before you make an investment strategy change or switch, you need to consider the relevant information provided in the current version of this guide, the PDS and applicable investment managers PDSs (if any) for each investment option selected from the Plan s investment menu. We suggest you seek licensed financial advice before changing your investment strategy or switching investments. We will purchase units in your chosen investment option(s) (or in the Plan s default investment strategy if you do not make an investment choice) when contributions or transferred amounts are received. We will sell units proportionately from your asset holdings for the deduction of any outstanding fees, insurance premiums and taxes. Frequent switching You should not invest in the Fund if you intend to switch your investments frequently in the pursuit of short term gains. We monitor all investment options for abnormal transaction activity because this sort of activity can have adverse impacts for other members. To maintain equity the Trustee has the right to deal with members who frequently switch by: delaying, limiting or rejecting their future switch requests; cancelling membership; and transferring their account balance to the Plan s eligible rollover fund (ERF). Want to know more? We can provide you with access to qualified Super Consultants who can help you find an investment strategy that best suits your personal circumstances. Call us on 1800 602 977. 34

Investment option costs Investment fees The investment fee is the cost charged for the investment management of assets within the Plan for each option. Investment fees are deducted from the unit price of each investment option on a daily basis and are not directly deducted from your account unit holding in each investment option. These costs are made up of the following: Indicative investment fees Estimated Indirect Cost Ratio (ICR) These include fees charged by the relevant manager and Plum, and operational expenses incurred by us in relation to the operation of each investment option such as custody charges and audit fees. Fees charged by the investment manager are incurred in the underlying investment and vary between the investment options because of the different costs associated with managing the underlying investments. In some cases a performance fee may also be included. Refer to the Performance fee section for more information. The indicative investment fees disclosed in this guide are expected costs and may differ from the actual investment fee that applies over the course of the year, though we would expect such differences to be relatively small. The ICR is an estimate of additional costs which are not included in the Indicative Investment fee. For example, if an investment manager invests in other investment products, the ICR will include the underlying costs of these products. The ICR reflects the best estimate available of the indirect costs that will be incurred in the current year expressed as a percentage. Due to variability of indirect costs, the ICR can change from year to year. It is important to note that the investment returns shown are the net returns to you after all costs have been deducted. Transactional costs When calculating unit prices, we may make an allowance for the costs of buying and selling assets. These costs include brokerage and stamp duty and are commonly referred to as buy-sell spreads. When you transact on your account you may pay a small proportion of your transaction towards meeting these costs. These may vary in future without prior notice to you. In the description of the investment options we include the s for each option. Sell costs on Plan termination If your employer terminates the Plan and all members are transferred to another superannuation fund, there may be a sell spread applied to each investment option. In the event of your Plan being terminated, the sell cost on asset transfer that may apply is shown in the investment option tables throughout this guide from page 15. Changes to fees Variations of the buy/sell spreads and investment fees can occur at the discretion of the investment manager. Where we deem an increase in investment fees to be material, notification of the change will be provided as soon as possible. While all attempts will be made, we may not be able to provide prior notice of such variations. 35

Investment option costs Performance fees For some of the multi manager options on the investment menu the underlying investment managers may charge performance-based fees. These are fees that apply when that investment manager achieves an investment performance in excess of a specified criteria or benchmark. The estimated performance fee for each option is set out in the table below. These are estimates only and show the approximate level of performance fees that would be payable if the investment managers concerned outperformed their benchmark by 2%. Tax All fees quoted include goods and services tax (GST) (if applicable) and any applicable reduced input tax credit (RITC). The benefits of tax deductions obtained by the Fund as a result of the fees paid, are passed back to members monthly or when you leave the Fund. This is in the form of a tax credit which will generally reduce contributions tax. Investment fee rebate An investment fee rebate may apply to some investment options on the investment menu which we pass entirely back to your account at the end of each month or when you leave the Plan. The Your superannuation explained guide provides details of the investment option(s) whereby a rebate applies; please refer to this guide for more information. Example One of the underlying managers used in a multi manager option can earn a performance fee of 15% of the out-performance that exceeds the agreed benchmark performance. Assume that the agreed benchmark investment return for the underlying manager was 5% over the year. The underlying manager would need to achieve over 5% after fees to be eligible for a performance-based fee. If the underlying manager returned 10% after fees over the same period, (i.e out-performed by 5% on an after-fees basis), and the underlying manager represented 5% of the assets of the multi-manager option the performance fee payable is: $50,000 Amount invested in the multi-manager investment option $2,500 Underlying manager is 5% of the option x 5% The out-performance x 15% Proportion of out-performance the investment manager receives as bonus = $18.75 Performance fee payable 0.04% Performance fee as a percentage of the multi manager option. 36

Investment manager PDSs Some of the investment options available to you in Path two are financial products that you may otherwise be able to invest into directly. The information in this guide together with any applicable PDS issued in respect of the underlying investment products will contain all the relevant information to help you make an investment choice. Before making any investment decisions about these products, you should consider the information provided in this guide and in any applicable investment managers PDSs. We will not be able to give effect to your investment decision(s) to invest in these financial products unless you are able to confirm that you have received the applicable manager s PDS. If available, the investment managers PDS for the Path two investment options offered through the Fund are available at plum.com.au or you can contact us on 1300 55 7586 to obtain a printed version. There are differences in investing into an investment option through the Fund as opposed to directly investing into the financial product. These are reflected in this guide and that of the applicable investment managers and include: The timing of information: the investment managers PDSs may have a different preparation date to this guide and may include investment information effective as at different dates. Differing returns: investment returns based on unit prices as calculated for the Fund are likely to differ from the investment managers returns. This is due to differences in investment fees, costs, taxes, and the timing impact of differences in transactions for the investment options offered within the Fund, relative to those for the investment manager s funds. Differing fees: the fees relating to an investment option in the Fund are likely to differ from the fees charged by the investment managers. This is as a result of the fees we have levied to administer the Fund. Minimum and maximum transaction amounts: there are generally no minimum and maximum transaction amounts when investing in the Fund. The investment managers PDSs may prescribe minimum and maximum amounts. Tax implications: tax is payable on each investment option. The unit price of unit options in the Fund will reflect any tax liability. Receipt of reports: you will not receive reports directly from investment managers when you invest through the Fund. The right to attend and vote at unit holder meetings: when you invest through the Fund, you will not hold any rights to attend and vote at unit holder meetings. Cooling-off period: there is no cooling-off period when making an investment in the Fund. If investing directly with an investment manager you would have a 14-day cooling-off period. In general, if there is a conflict between the information shown in the investment managers PDSs and this guide, you should refer to the information disclosed in this guide to understand the terms applying to your investment. 37

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