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1 Product disclosure statement 1 July 2017 Guide 7 Your death and disablement benefits Equip Rio Tinto Fund Personal members 01 About your insurance benefits 02 Your insurance provider 03 Eligibility for insurance cover 04 A fixed amount of cover 05 Cost of cover 06 When your cover stops 07 Cancelling or re-instating your cover 08 Interim Accident Insurance 09 Death benefit 10 Total and permanent disablement (TPD) benefit 11 Investment earnings applicable to death and TPD benefits 12 Beneficiaries This document was prepared in june 2017, is effective from 1 July 2017 and forms part of the Product Disclosure Statement of the Equip Rio Tinto Fund. If you are an eligible personal member, the Equip Rio Tinto Fund will provide you with automatic insurance coverage that will help provide security for you and your family in the event of your death, terminal illness, or total and permanent disablement (TPD). 01 About your insurance benefits If eligible, you are automatically entitled to insurance cover on becoming a personal member of the Accumulation Division if you die or if the insurer and Equip deem that you are terminally ill or totally and permanently disabled (as that term is defined in the relevant insurance policy). The insurance cover is an amount based on your age at the date of death or TPD. You are covered 24 hours a day, 7 days a week, while you are at work, at home or anywhere else. These insurance benefits are designed to provide you and/or your dependants with financial assistance should you die or become totally and permanently disabled. You are able to cancel this cover at any time (see the section Cancelling or re-instating your cover that appears later in this guide). 02 Your insurance provider Insurance cover for death and total and permanent disablement is provided to members by MLC Limited ( MLC ABN AFSL ). The insurance is provided under a policy of insurance issued to the Trustee. If there is any inconsistency between the information in this Guide and the insurance policy, the terms and conditions of the insurance policy will prevail. Equip has the right to change the insurer from time to time. Important note: The insurance arrangements described in this guide only apply to personal members of the Accumulation Division. Employee members have different insurance arrangements which are detailed in Guide 6: Your death and disability benefits (employee members). The insurance costs or premiums referred to in this Guide are insurance fees as defined in Guide 4: Fees and costs (employee and personal members). These are additional to the fees and costs shown in Guide 4 and are deducted from your account in the Fund. 03 Eligibility for insurance cover You are eligible for automatic death and TPD cover as a personal member unless: you are aged 56 or over; you are a member of the armed forces (excluding Australian Army Reservists not deployed overseas); you are not an Australian resident (where an Australian resident is someone who has always lived in Australia or has come to Australia to live and is eligible to work in Australia); you are a spouse member. Spouse members may apply for cover upon joining the Fund as a personal member using the application form. Alternatively, spouse members can apply for cover at anytime thereafter using the Cancel or apply for insurance Accumulation Division Personal Members form available from the Helpline or the Fund website; or you are not nominated by Equip for insurance under the insurance policy within 180 days of first becoming eligible for cover or as otherwise agreed with the insurer. Equipsuper Pty Ltd ( Equip ) (ABN , AFSL ) is the Trustee of the Equipsuper Superannuation Fund ( the Fund ) (ABN ). The information in this Guide forms part of the Product Disclosure Statement (PDS) for members of the Equip Rio Tinto Fund. The Rio Tinto Staff Superannuation Fund transferred into the Fund on 1 July 2017 and is, from that date, a sub-division of the Equip Fund. It is referred to as the Equip Rio Tinto Fund. This Guide is issued by the Trustee and contains a summary only. It is for general information and has been prepared without taking into account your personal objectives, financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice. Where tax information is included you should consider obtaining personal taxation advice. This Guide was up to date at the time when it was prepared. Some information in this Guide is subject to change from time to time. If a change does not adversely affect you, we may update it by insertion on our website at and/or inclusion in the next available edition of our newsletter. Any updated information may be found by logging into the members area of our website or calling our Helpline A paper copy of updated information will be given to you without charge on request.

2 2 A fixed amount of cover When your cover stops The amount of insurance cover you will receive is fixed and depends on your age. There is no option to increase your amount of cover. The age based amounts of insurance cover are shown in Table 1 below. Table 1: Death and TPD insurance cover Age at date of death/tpd Death and TPD insurance c over (your insured amount ) Under 35 years $50, years $35, years $20, years $14, years $7, years or over Nil 05 Cost of cover Premiums for your cover are deducted monthly from your super account. The annual premium is based on your age. Current annual premiums for each age are shown in Table 2 below. Table 2: Annual premium for death and TPD insurance cover Age Annual premium ($) Age Annual premium ($) Your insurance cover will stop at the earliest of the following occurring: you cancel your cover; there is insufficient money in your account to cover your monthly insurance premiums; your Equip Rio Tinto Fund membership ceases or your account is transferred to an eligible rollover fund; the date you turn age 56; the day before you commence service in the armed forces of any country (excluding the Australian Defence Force Reserve not deployed overseas); you receive a TPD benefit in respect of your insurance cover as a personal member; you receive a terminal illness benefit in respect of your insurance cover as a personal member; you die; or the date the insurance policy with MLC terminates or is cancelled. 07 Cancelling or re-instating your cover You can cancel your death and TPD insurance cover at any time. To cancel your cover, complete and return the Cancel or apply for cover Accumulation Division Personal Members form available from the website or call the Helpline for a copy. If you cancel your cover, you will cancel both your death and TPD cover. You cannot have only death or TPD cover. You are able to request cover at a later time after cancelling your cover, however, you will need to provide the insurer with evidence of good health before cover can be reinstated.insurance cover is an important super benefit that provides financial security and peace of mind for you and your family if you can t work or if you die. Before cancelling any cover, you should seek advice to understand the financial implications. Equip provides a member adviser service that can help you with your insurance. You can contact them on Interim accident insurance If you do not have automatic death and TPD cover as a personal member (i.e. because you are a spouse member or have previously cancelled your cover) and apply for cover, the insurer provides interim accident insurance, at no extra cost, while your application for insurance is being considered. The insurer will pay the interim accident insurance benefit for a death or TPD claim arising from an accident while you re waiting for your insurance application to be accepted. The insurance amount is the lesser of the amount being applied for and $1 million. You can only receive one benefit under this insurance. Accident means an event where bodily injury is caused directly and solely by external and visible means, independent of all other causes. Interim accident insurance starts the date the insurer receives your properly completed insurance application (including your declaration of health).

3 3 Your interim accident insurance will end on the earliest of: 90 days after the start of your interim accident insurance; when the insurer lets us know your insurance application has or hasn t been accepted; when you withdraw your insurance application; or you cease to be eligible for death and TPD cover as a personal member. The insurer won t pay a benefit under this insurance for: an injury occurring before the date you become eligible for cover; or an injury caused by engaging in hazardous pastimes or sports that the insurer wouldn t insure under their normal assessment guidelines. Also, the insurer won t pay under this insurance if: the insurance applied for would have been declined under the insurer s normal assessment guidelines; or you lodge a claim for an event or condition that would have been excluded in the underwriting process. 09 Death benefit A lump sum death benefit is payable to your dependants or your legal personal representative if you die. The Fund benefit payable is: Your account balance plus Your insured amount Who receives your death benefit? You may nominate a beneficiary (or beneficiaries) to receive your death benefit. Your nominated beneficiaries must be your dependant and/or a legal personal representative (generally, the executor of your estate). If you nominate more than one beneficiary, you must specify the proportion of your benefit you wish to be paid to each beneficiary. There are two types of nominations available to you. The first is the standard nomination which is not legally binding on Equip. The second type of nomination is a legally binding nomination, which Equip is required to follow. For further information on both types of nominations refer to the Beneficiaries section of this guide. Terminal illness If you become terminally ill, your insured death benefit may be paid in advance of your death. You are considered to be terminally ill when you suffer an illness that, in the opinion of Equip and the insurer after consideration of the medical evidence, will reduce your life expectancy to less than 12 months. Your insurance cover must be in place at the time your life expectancy is reduced to be eligible for the insured component. However, you can have your account balance paid to you earlier if you have a terminal medical condition as defined in superannuation law. This being: two registered medical practitioners have certified, jointly or separately, that you suffer from an illness, or have incurred an injury, that is likely to result in your death within a period that ends not more than 12 months after the date of the certification; at least one of the registered medical practitioners is a specialist practicing in an area related to the illness or injury suffered; for each of the certificates, the period referred to above has not ended. Important A full release of your account balance in the circumstances described means that you will cease to be member and your insurance cover will stop. If you do this before you are eligible for the insured benefit described, you will be precluded from claiming the insured death benefit under the terminal illness provisions of the policy at a later date. You can remain a member by retaining a minimum account balance of $5, Total and permanent disablement (TPD) benefit A lump sum benefit is payable to you in the event of your TPD. The Fund benefit payable is: Your account balance plus Your insured amount To be eligible to receive a TPD benefit your claim must, in the opinion of Equip and the insurer, satisfy the insurer s definition of TPD as specified under the insurance policy. TPD is defined in the insurance policy to mean: a) where, at the time of suffering TPD, the member is working 15 hours per week or more (averaged across the entire six months prior to the date of total disability): the member has been absent from their occupation solely through injury or illness for six consecutive months and is incapacitated to such an extent that, in the insurer s opinion, after consideration of medical and other relevant evidence, the member was, at the end of six consecutive months absence from employment, unlikely to ever engage in work for reward in any occupation for which the member is reasonably suited by education, training or experience; or b) where, at the time of suffering TPD, the member is working less than 15 hours per week (averaged across the entire six months prior to the date of total disability) or not employed: the member is not employed or has been absent from their occupation solely through injury or illness for six consecutive months and is incapacitated to such an extent that, in the insurer s opinion, after consideration of medical and other relevant evidence, the member was, at the end of the period of six consecutive months absence from employment, or if the member was not employed, at the end of the period of six consecutive months from the date of claim, unlikely to ever be able to perform at least two activities of daily living without the physical help of someone else. Activities of daily living means: bathing and/or showering; or dressing; or moving from place to place including in and out of bed and in and out of a chair; or eating or drinking; or using the toilet. The insurer may impose special conditions and restrictions in respect of your insured cover on admission to the Fund as a personal member and at other times see the earlier section Eligibility for insurance cover.

4 4 Investment earnings applicable to death and TPD benefits 11 Making or changing your non-binding nomination As explained above, your death and TPD benefit is calculated as your account balance plus your insured amount. In the event of your death, your account balance will be calculated based on the latest sell unit price for your chosen investment option(s) as at the date the Fund administrator is advised of your death (less any surcharge account). At this time, your account balance will then be moved into the Fund s Cash option and will be updated with the net investment return achieved by the Fund s Cash investments to the date of payment. Equip adopts this approach in order to ensure as far as possible that the benefit is not subsequently reduced by short-term negative investment returns from the occurrence of death until the date of payment. In the event of your total and permanent disablement, your account balance will remain invested normally until the date of payment (i.e. net investment returns both positive and negative, will continue to be applied to your account via daily unit prices and your surcharge account will continue to accrue interest at the usual rate). In the event of your death (including terminal illness) or total and permanent disablement, your insured amount will generally be updated with investment earnings from the date the Fund receives the insured amount from the insurer to the date of payment at the net investment return achieved by the Fund s Cash investment option. Equip adopts this approach in order to ensure as far as possible that the insured component of the benefit is not subsequently reduced by short-term negative returns from the date of receipt by the Fund until the date of payment. To let Equip know your wishes, you can make a non-binding nomination, or change your nomination at any time either through the Fund website or by completing and returning a Making a non-binding death benefit nomination form, available from the website or by calling the Helpline for a copy. Option 2 Binding nomination You can nominate one or more of your dependants or a legal personal representative that you direct Equip to pay your benefit to, and in what proportions, by making a binding death benefit nomination. You can make a binding death benefit nomination that Equip will be bound to follow in the event of your death, unless it is invalid or is no longer in effect, by completing and returning a Making a binding death benefit nomination form. A binding death benefit nomination will be invalid if: it is not made using the Making a binding death benefit nomination form (the Form); or the Form has not been properly completed in accordance with the relevant legal requirements which are specified on the Form (for example, the nominated proportions are not clear or do not equal 100%, or the Form has not been signed and witnessed correctly); or at the time of your death, one or more of the persons nominated by you in the Form has died or is not your dependant or legal personal representative (such as if you remarry after making the nomination in favour of your former spouse); or you were legally incapable of making the nomination; or Equip is legally restrained or prohibited from paying your super benefit to one or more of the persons nominated by you in the Form. 12 Beneficiaries For the sake of your family, it s important that the Fund has a record of your wishes as to who you d like to receive your super benefit if you die while you re a member. If you die while you re a member of the Fund, your benefit will be paid: 1. If you have made a valid binding nomination that is valid at the time of your death, in accordance with that nomination; or 2. In the absence of a valid binding nomination, to any one or more of your dependants and/or your legal personal representative in any proportion determined by Equip after taking into account the circumstances that exist at the time of your death. In these circumstances a non-binding nomination will assist Equip in exercising its discretion, by indicating your preference as to who should receive the Fund benefit. How you can make a nomination You may nominate who you would like to receive your benefit in one of two ways. Option 1 Non-binding nomination You can nominate who you would prefer to receive your benefit in the event of your death. This is an indication of your preferences only, and pertains to the distribution of your benefit in the event you do not make a binding death benefit nomination. Equip will not be legally bound by your wishes but will take them into account. A binding death benefit nomination will cease to have effect if: three years has passed from the day you signed the Making a binding death benefit nomination form or last re-confirmed that nomination; or you have revoked the nomination; or Equip is prevented from making payment in accordance with your binding death benefit nomination due to the operation of the Family Law Act 1975; or you are subject to a Family Court Order that prevents you from making a binding death benefit nomination or that requires you to revoke an otherwise valid binding death benefit nomination. Making, changing, revoking or re-confirming your binding nomination If you wish to make a binding death benefit nomination, or amend or revoke an existing binding death benefit nomination, please call the Helpline or visit the website for the Making a binding death benefit nomination form, which contains full instructions on how to complete it. If you wish to re-confirm your existing binding death benefit nomination to continue for another three years, you can do this by calling the Helpline for the necessary form to complete and return. Note: If you were an employee member whose membership is being continued as a personal member, this is simply a continuation of your membership and so your nominated beneficiaries (if any) will remain the same unless and until you make a new nomination or your existing nomination ceases to be valid.

5 5 Who you can nominate When making a non-binding nomination or a binding nomination you have the choice of nominating one or more of your dependants and your legal personal representative (your estate). Your dependants can include: your spouse* (this includes de facto and same-sex partners) your children including step-children, adopted children and your spouse s children any other person who Equip considers is wholly or partially dependent on you, and any other person with whom you have an interdependency relationship. This may occur where you have a close personal relationship with another person (whether or not related by family) and: you and that other person live together you, the other person, or both of you provide the other with financial support, and you, the other person, or both of you provide the other with domestic support and personal care. It may also occur where you have a close personal relationship with another person but due to a disability the other criteria of interdependency cannot be met. As mentioned previously, you can also nominate your legal personal representative (your estate). If your legal personal representative receives your benefit, it will be distributed according to your will, or if you don t have a will, according to the laws of the State in which you resided at the date of your death. If you don t have any dependants or a legal personal representative, Equip has the discretion to pay your super benefit to any natural person allowed by the law. Definition of spouse The Fund s Trust Deed defines a person s spouse as: a) another person who is legally married to the person (or in the case of a deceased person was legally married to them at the time of their death), b) another person (whether of the same or a different sex) with whom the person is in a relationship that is registered under a prescribed law* as a prescribed kind of relationship (or in the case of a deceased person was in such a registered relationship at the time of the person s death), and c) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple for the purposes of the SIS Act (or in the case of a deceased person was in such a relationship at the time of the person s death). * For this purpose, prescribed law means a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 (Cth).

6 Equipsuper Superannuation Fund ABN USI SPIN EPL0100AU Head office Level 12, 330 Collins Street Melbourne VIC 3000 Member Services Representatives Helpline: and select contact us Equipsuper Pty Ltd ABN AFSL Mail Equipsuper Pty Ltd GPO Box 4303, Melbourne VIC Publication No: ESP_RT_GD7_0617