Global infrastructure also benefited from a falling Australian dollar but traded sideways in local currency terms.

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1 IPS Dynamic 50 (Super & TTR) Quarterly Report As of 30/06/2018 Second quarter 2018 Australian shares outperformed over the quarter as the falling local currency and strong demand for commodities pushed our miners higher. It is also likely that investors have rotated from emerging markets, which have fallen out of favour following the imposition of U.S. tariffs on China, into Australian shares. Global infrastructure also benefited from a falling Australian dollar but traded sideways in local currency terms. Emerging markets fell out of favour this quarter as President Donald Trump s escalating tariffs against China and China s forceful response raised fears that the world is in the early stages of a trade war. Emerging markets are likely to have the most to lose from a trade war therefore valuations fell across-the-board this quarter. Justin McLaughlin Chief Investment Officer

2 IPS Dynamic 50 (Super & TTR) Portfolio objective As of 30/06/2018 The IPS Dynamic 50 portfolio is a portfolio of actively managed assets designed to achieve moderate returns over the medium term. Performance^ Since inception (p.a.)** 3 years (p.a.) 2 years (p.a.) 1 year () 6 months () 3 months () 1 month () Total Return Volatility **Inception Date: 23/09/2014 Growth of $100 invested at inception ^ Time Period: 24/09/2014 to 30/06/ / / / / / / / /2018 ^ Performance data is after applicable fees and taxes, and assumes the reinvestment of distributions. Past performance is not indicative of future performance. Due to the flexibility of rebalancing and variations between accounts, performance shown is indicative only and, for example, assumes that there are no deposits, withdrawals nor exceptions to regular rebalancing in the model portfolio. Return and risk vs. peer group Time Period: 1/07/2015 to 30/06/2018 Peer Group (5-95): Insurance and Pension Funds - Australia - Superannuation - Multisector Balanced What is a risk and return chart? The chart to the left shows the returns and associated risk of the model portfolio (darker shape) against its peers (light grey circles), over the past year. The past years return (as a percentage) is shown on the vertical axis. The risk (as measured by the standard deviation) of the investment over the past year is shown on the horizontal axis. Return () Risk Underlying funds APIR Code Global Broad Category Group Portfolio Weighting CLAL Fixed Interest Fund CLAL Cash Fund CFS Infrastructure Fund RARE Emerging Markets Fund CLAL Antipodes Global Fund Schroders Australian Equity Opps Fund Hyperion Australian Shares Fund Stewart Investors Worldwide Fund CVW0006AU Fixed Income CVW0005AU Money Market CVW0009AU Equity CVW0018AU Equity 7.50 CVW2683AU Equity 7.00 CVW0012AU Equity 7.00 CVW0013AU Equity 3.00 CVW0015AU Equity 3.00 Page 1 of 4

3 IPS Dynamic 50 (Super & TTR) Performance of current underlying funds 3 Yr (p.a) 2 Yr (p.a) 1 Yr (p.a) 6 Mth () 3 Mth () 1 Mth () CLAL Fixed Interest Fund CLAL Cash Fund CFS Infrastructure Fund RARE Emerging Markets Fund CLAL Antipodes Global Fund Schroders Australian Equity Opps Fund Hyperion Australian Shares Fund Stewart Investors Worldwide Fund Please note: The CLAL Antipodes Global Fund was established 22nd March Asset class breakdown Cash 22.0 Australian Equities 9.9 Australian Fixed Interest 24.2 International Fixed Interest 18.5 International Equities 25.5 Equities: Market capitalisation Giant 24.3 Large 44.8 Mid 25.3 Small 3.4 Micro 2.2 Equities: Geographical exposure North America 28.6 Latin America 5.4 United Kingdom 4.4 Europe developed 10.1 Australasia 26.1 Japan 5.9 Asia developed 3.2 Asia emerging 16.2 Equities: Industry exposure Energy 8.4 Industrials 21.0 Consumer Staples 5.5 Financials 8.8 Telecom Services 4.2 Utilities 24.4 Materials 6.4 Consumer Discretionary 6.2 Healthcare 3.6 Information Technology 8.1 Real Estate 3.4 Fixed Interest: Credit quality AAA 37.4 AA 7.8 A 16.9 BBB 29.7 BB 5.3 B 2.3 Not Rated 0.6 Page 2 of 4

4 Top holdings of the underlying infrastructure, property and equity funds CVW WF-CFS Infrastructure (Super) - Top Holdings Dominion Energy Inc Transurban Group Atlantia SpA Kinder Morgan Inc P American Tower Corp National Grid PLC NextEra Energy Inc Southern Co East Japan Railway Co TransCanada Corp Utilities 7.34 Industrials 7.34 Industrials 5.98 Energy 5.65 Communication Services 5.55 Utilities 5.28 Utilities 5.19 Utilities 5.14 Industrials 5.10 Energy 4.79 CVW WF-Schroder Equity Opps (Super) - Top Holdings Portfolio Date: 31/03/2018 Fletcher Building Ltd Woolworths Group Ltd National Australia Bank Ltd BHP Billiton Ltd Australia and New Zealand Banking Group Ltd Westpac Banking Corp CYBG PLC DR Commonwealth Bank of Australia Alumina Ltd Basic Materials 4.70 Consumer Defensive 4.26 Financial Services 4.04 Basic Materials 3.89 Financial Services 3.77 Financial Services 3.51 Financial Services 3.50 Financial Services 3.47 Basic Materials 3.04 CVW WF-Hyperion Australian Shares(Super) - Top Holdings Seek Ltd REA Group Ltd Domino's Pizza Enterprises Ltd Cochlear Ltd Macquarie Group Ltd IRESS Ltd CSL Ltd Fisher & Paykel Healthcare Corp Ltd Carsales.com Ltd Technology Technology Consumer Cyclical Healthcare 9.27 Financial Services 8.40 Technology 3.65 Healthcare 3.63 Healthcare 3.45 Technology 3.33 Page 3 of 4

5 Top holdings of the underlying infrastructure, property and equity funds CLAL Antipodes Global Fund (Super) - Top Holdings Electricite de France SA Baidu Inc ADR Gilead Sciences Inc KT Corp Utilities 3.45 Technology 3.38 Healthcare 3.31 Communication Services 3.30 CVW WF-Stewart Investors Worldwide S (S) - Top Holdings Portfolio Date: 31/03/2018 Henkel AG & Co KGaA Unilever PLC Beiersdorf AG Tata Consultancy Services Ltd Merck KGaA Novo Nordisk A/S B Waters Corp Ain Holdings Inc Ansys Inc Consumer Defensive 7.86 Consumer Defensive 7.46 Consumer Defensive 5.28 Technology 4.03 Healthcare 3.46 Healthcare 3.46 Healthcare 3.21 Consumer Defensive 3.06 Technology 3.00 CVW WF-RARE Emerging Markets (Super) - Top Holdings Malaysia Airports Holdings Bhd Gujarat State Petronet Ltd Bharti Infratel Ltd Beijing Enterprises Water Group Ltd China Merchants Port Holdings Co Ltd Power Grid Corp Of India Ltd PT Jasa Marga (Persero) Tbk Class B Infraestructura Energetica Nova SAB de CV Mahanagar Gas Ltd Industrials 6.27 Utilities 5.89 Communication Services 5.35 Industrials 4.63 Industrials 4.51 Utilities 4.19 Industrials 4.10 Utilities 3.98 Utilities 3.92 Important Information This document is issued by ClearView Life Nominees Pty Ltd (ClearView) ABN AFS as Trustee for the ClearView Retirement Plan ABN which includes ClearView Super and Pension, USI CVW0001AU. This document is not intended to represent investment or professional advice. This information does not take into account your individual objectives, financial circumstances or needs. You should assess whether the information is appropriate for you, having regard to your objectives, financial circumstances and needs. You should consider the disclosure documents when deciding whether or not to acquire or to continue to hold the investment. No representation or warranty is made as to the accuracy, completeness or reliability of any estimates, opinions, conclusions or other information contained in this document. This document may contain certain forward-looking statements. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of ClearView. You should not place reliance on forward-looking statements. To the maximum extent permitted by law, ClearView and its related entities and each of their respective directors, officers and agents disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered as a result of relying on anything in this document including any forward-looking statements. Past performance is not an indication of future performance. Page 4 of 4