IAG & NRMA SUPERANNUATION PTY LIMITED ABN FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE Page CONTENTS

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1 FINANCIAL REPORT CONTENTS Page Directors' Report 2-4 Statement of Comprehensive Income 5 Statement of Changes in Equity 6 Statement of Financial Position 7 Statement of Cash Flows 8 Notes to the Financial Statements 9-13 Directors' Declaration 14 Auditor's Independence Declaration 15 Independent Audit Report Issued by IAG & NRMA Superannuation Pty Limited, AFS Licence #439233, RSE Licence # L

2 DIRECTORS' REPORT The directors submit their report for IAG & NRMA Superannuation Pty Limited ('the Company") for the year ended 30 June The Company is limited by shares. Directors The names and particulars of the directors of the Company at any time during or since the end of the financial year are: Michelle Tredenick Chair and Independent Director (Resigned 13 March 2018) BSc, FAICD Director since 15 March 2012 David McClatchv Appointed Chair 29 March 2018 BCom Director since 26 February 2013 Member of the Audit, Risk Management and Compliance Committee Member of the Remuneration Committee Dennis Fox BA, FIA, FIAA, GAICD Director since 1 January 2009 Chair of the Investment Committee Ainslev Lee (Resigned 31 December 2017) BSc, Postgrad Fin, PS146 Director since 23 March 2016 (previously an alternate director and a Director from 26 March 2015 to 11 June 2015) Member of the Investment Committee Lisbeth Rankin BCom, Grad Dip Sc, CA, GAICD Director since 12 July 2013 Chair of the Audit, Risk Management and Compliance Committee Chair of the Remuneration Committee Veronica Atlev (Resigned 16 May 2018) BA, GradDip, ANZIIF (Snr Assoc) CIP Director since 1 January 2015 Member of the Audit, Risk Management and Compliance Committee Member of the Remuneration Committee Christopher Hutchinson BCom, MFin, CPA, CFA Director since 27 August 2007 Member of the Investment Committee Nicholas Mowat FCSA, FICSA, MAICD, FINSIA Director since 28 June 2012 (previously a Director from 29 August 2008 to 30 April 2011) Member of the Investment Committee Leslie Lewis Director since 23 March 2016 Fiona Dimos ANZIIF (Snr Assoc) CIP, DipFS, GAICD Director since 1 January 2018 Page 2

3 DIRECTORS' REPORT Steven Fitzpatrick MBA Director since 17 May 2018 Member of the Audit, Risk Management and Compliance Committee Member of the Remuneration Committee Kym Hooper Independent Director BBus, CA, GAICD Director since 3 July 2018 Member of the Investment Committee Principal Activity The principal activity of the Company during the year was to act as trustee of IAG & NRMA Superannuation Plan ("the Plan"). There were no significant changes in the nature of the activities of the Company during the year. State of Affairs There were no significant changes in the state of affairs of the Company that occurred during the financial year under review. Results The profit of the Company after providing for income tax was $Nil (2017 $Nil). Dividends Paid or Recommended Since the End of the Financial Year No dividend has been paid or recommended to be paid during the financial year under review. Review of Operations During the year the Company acted as trustee of IAG & NRMA Superannuation Plan. The Company did not trade or conduct any other activities. Directors' Meetings The number of Directors' meetings held in the period and the number of meetings attended by each Director is: Name of Director No of Meetings No. of Meetings Eligible to Attend Attended Michelle Tredenick 5 5 Dennis Fox 7 7 David McClatchy 7 7 Ainsley Lee 4 4 Lisbeth Rankin 7 7 Veronica Atley 7 7 Christopher Hutchinson 7 7 Nicholas Mowat 7 6 Leslie Lewis 7 7 Fiona Dimos 3 Steven Fitzpatrick 0 0 Page 3

DIRECTORS' REPORT Events subsequent to Balance Date The Directors are not aware of any matter or circumstance not otherwise dealt with in the report or accounts that has significantly or may

Likely Developments At the date of this report, the directors are not aware of any developments likely to have a significant effect upon the Company's operations.

4 DIRECTORS' REPORT Events subsequent to Balance Date The Directors are not aware of any matter or circumstance not otherwise dealt with in the report or accounts that has significantly or may significantly affect the operations of the company, the results of those operations or the state of affairs of the Company in subsequent financial years. Likely Developments At the date of this report, the directors are not aware of any developments likely to have a significant effect upon the Company's operations. Directors' Benefits Since the end of the previous financial year, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with an entity in which the director has a substantial financial interest. Indemnification of Officers During the financial year, IAG & NRMA Superannuation Plan paid premiums in respect of a contract insuring all the directors of the Company against a liability incurred in their role as Directors of the Company to the extent permitted by the Corporations Act There is no disclosure of the total amount of insurance contract premiums paid during the year as this is prohibited by the insurance contract. The Company has not otherwise indemnified or agreed to indemnify an officer or auditor of the Company against a liability incurred as such an officer or auditor. Auditor's Independence Declaration The auditor's independence declaration is included on page 15. Signed in accordance with a resolution of the Directors made pursuant to s.298(2) of the Corporations Act 2001 on behalf of the Directors. Signed at Sydney this 26th day of September Page 4

5 STATEMENT OF COMPREHENSIVE INCOME Notes Profit from ordinary activities before related income tax expense Income tax expense relating to ordinary activities Profit from ordinary activities after related income tax expense Other comprehensive income Total comprehensive income This Statement should be read in conjunction with the accompanying notes. Page 5

6 STATEMENT OF CHANGES IN EQUITY Notes Total equity at the beginning of the financial year 4 4 Total comprehensive income for the year Total equity at the end of the financial year 4 4 This Statement should be read in conjunction with the accompanying notes. Page 6

7 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 Notes Trade and other receivables 4 4 Total Assets 4 4 Liabilities Total Liabilities Net Assets 4 4 Equity Contributed equity 4 4 Total Equity 4 4 This Statement should be read in conjunction with the accompanying notes. Page 7

8 STATEMENT OF CASH FLOWS Notes Net Cash flows provided by/ (used in) Operating Activities Net Cash flows provided by/ (used in) Investing Activities Net increase/(decrease) in cash held Cash at the beginning of period Cash at the end of period This Statement should be read in conjunction with the accompanying notes. Page 8

9 NOTES TO THE FINANCIAL STATEMENTS 1. NATURE OF COMPANY IAG & NRMA Superannuation Pty Limited is a Company limited by shares that was incorporated and is domiciled in Australia. The registered address and principal place of business is Level 13, Tower Two, Darling Park, 201 Sussex Street, Sydney, NSW The Company is the trustee of IAG & NRMA Superannuation Plan. In this capacity, the Company derives no income. All costs of the Company are borne by the Plan. The Company is a for-profit entity for financial reporting purposes. 2. BASIS OF PREPARATION (a) Basis of Accounting The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Interpretations and the Corporations Act (b) Statement of Compliance These financial statements have been prepared in accordance with the recognition and measurement requirements specified by the Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the disclosure requirements of AASB 101 'Presentation of Financial Statements', AASB 107 'Statement of Cash Flows', AASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors', AASB 1048 'Interpretation of Standards' and AASB 1054 'Australian Additional Disclosures', as appropriate for for-profit oriented entities. There were no changes in accounting policies during the year ended 30 June (c) Basis of Measurement The financial report is prepared on a historic cost basis, except where stated. The directors have determined that the Company is not a reporting entity as there are no users dependent on general purpose financial reports. (d) Functional and Presentation Currency The financial statement is presented in Australian dollars, which is the Company's functional currency. (e) Use of Estimates and Judgements The preparation of a financial report in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The financial statements were approved by the Directors of IAG & NRMA Superannuation Pty Limited on 26 September Page 9

10 NOTES TO THE FINANCIAL STATEMENTS 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Cash and cash equivalents Cash and cash equivalents comprise cash balances, short term bills and call deposits. Cash and cash equivalents are carried at face value of the amounts deposited or drawn. (b) New accounting standards issued but not yet adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 30 June 2018, and have not been applied in preparing these financial statements. Those which may be relevant to the Company are set out below. The Company does not plan to adopt these standards early. AASB 9 Financial Instruments AASB 9 replaces the existing guidance in AASB 139 Financial Instruments: Recognition and Measurement. AASB 9 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from AASB 139. AASB 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The adoption of AASB 9 is not expected to have any impact on the Company's financial assets or financial liabilities. AASB 15 Revenue from Contracts with Customers AASB 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces existing revenue recognition guidance, including AASB 118 Revenue, AASB 111 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. AASB 15 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted. The adoption of AASB 15 is not expected to have any impact on the Company's revenue, or assets and liabilities. Page 10

11 NOTES TO THE FINANCIAL STATEMENTS 4. TRUSTEE LIABILITIES AND RIGHT OF INDEMNITY The Company acts solely as trustee for IAG & NRMA Superannuation Plan and the Company has incurred liabilities on behalf of the Plan in its capacity as trustee of that entity. The Directors believe that the assets of the Plan are both in a form appropriate and sufficient to meet the trustee's right of indemnity from the Plan for liabilities incurred on behalf of the Plan as and when they fall due. The Plan's assets supporting the right of indemnity are not directly available to meet any liabilities incurred by the Company in its own right. The fair value of the assets and liabilities of IAG & NRMA Superannuation Plan based on the Plan's accounting policies and as reflected in the Plan's Statement of Financial Position as at 30 June 2018 equal or exceed the liabilities of the Plan at that date $'000 $'000 LIABILITIES Payables 5,228 11,103 Derivatives 2, Current tax liabilities 5,374 9,013 Deferred tax liabilities 14,469 10,150 Vested benefits 2,054,860 1,931,800 TOTAL LIABILITIES 2,082,710 1,962,330 RIGHT OF INDEMNITY 2,082,710 1,962, AUDITOR'S REMUNERATION The Company financial statements are audited by KPMG in conjunction with the financial statements of the Plan and the audit fees and other services are paid by the Plan Audit of the financial report and AFSL 4,987 4,987 Page 11

12 NOTES TO THE FINANCIAL STATEMENTS 6. RELATED PARTY TRANSACTIONS (a) Trustee and Key Management Personnel The directors of the Company during the financial year are: Independent Directors Michelle Tredenick (Chair) Resigned 13 March 2018 Kym Hooper Appointed 3 July 2018 (post year end) Directors David McClatchy (Appointed as Chair 29 March 2018) Dennis Fox Lisbeth Rankin Ainsley Lee Resigned 31 December 2017 Nicholas Mowat Veronica Atley Resigned 16 May 2018 Christopher Hutchinson Leslie Lewis Fiona Dimos Appointed 1 January 2018 Steven Fitzpatrick Appointed 17 May 2018 (b) Key Management Personnel Remuneration Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Plan, directly or indirectly, including any director (whether executive or otherwise). Three directors of the Trustee received remuneration in connection with management of the Plan during the financial year. These directors were the Independent Director and Chair Michelle Tredenick who was paid by the Plan, and Employer Appointed Director Dennis Fox who was paid by IAG Services Pty Ltd and Employer Appointed Director Nicholas Mowat who was paid by the National Roads and Motorists' Association Limited. No other directors of the Trustee received any remuneration from the Plan or any related parties in connection with the management of the Plan during the financial year. In addition to the Directors, the Key Management Personnel of IAG & NRMA Superannuation Plan who held office during the year or since year end are: Troy Maguire Senior Manager, Superannuation Geoffrey Burgess Plan Investment Officer Page 12

13 NOTES TO THE FINANCIAL STATEMENTS 6. RELATED PARTY TRANSACTIONS (CONTINUED) (b) Key Management Personnel Remuneration (continued) Key management personnel are paid by IAG Services Pty Ltd. They received no remuneration from the Company. Key management personnel compensation in relation to services to the Plan is as follows: Short-term employee benefits 596, ,228 Post employment benefits 65,527 60,167 Other long term benefits 6,742 6,457 Shares 20,329 20, , ,709 (c) Contributions and Retirement Benefits The Directors of the Company who are members of IAG & NRMA Superannuation Plan contribute in accordance with the Trust Deed and on the same terms and conditions as other members of the Plan. During the financial year there were no retirement benefits paid to Key Management Personnel (including their related parties) who were members of the Plan. (d) Holding Company The ultimate holding company is Insurance Australia Group Limited. The shareholder is Insurance Australia Limited which owns 100% of the shares in the Company and is incorporated in Australia. Insurance Australia Limited owes $4 (2017: $4) to the Company. 7. EVENTS SUBSEQUENT TO BALANCE DATE There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years. Page 13

financial position as at 30 June 2018 and of its performance for the financial year ended on that date; and complying with Australian Accounting Standards and the Corporations Regulations 2001; and

14 DIRECTORS' DECLARATION 1. In the opinion of the Directors of IAG & NRMA Superannuation Pty Limited (the "Company"): a. the accompanying Financial Statements and notes that are set out on pages 5 to 13, are in accordance with the Corporations Act 2001, including: giving a true and fair view of the Company's financial position as at 30 June 2018 and of its performance for the financial year ended on that date; and complying with Australian Accounting Standards and the Corporations Regulations 2001; and b. there are reasonable grounds to believe the Company will be able to pay its debts as and when they become due and become payable. Signed in accordance with a resolution of the directors: Signed at Sydney this 26th day of September IAG NRMA Superannuation Pty Ltd 2018 Page 14

L2r 53 2 2[1 2 2 2[ Sp r-l t n /-1 j r ran Act To the Directors of IAG & NRMA Superannuation Pty Limited I declare that, to the best of my knowledge and belief, in relation to the audit of IAG & NRMA

no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and no contraventions of any applicable code of professional conduct in

15 L2r [ [ Sp r-l t n /-1 j r ran Act To the Directors of IAG & NRMA Superannuation Pty Limited I declare that, to the best of my knowledge and belief, in relation to the audit of IAG & NRMA Superannuation Pty Limited for the financial year ended 30 June 2018 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and no contraventions of any applicable code of professional conduct in relation to the audit. V\PKG- KPMG Malcolm J Kafer Partner Sydney 26 September KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Liability limited by a scheme approved under Professional Standards Legislation.

rth J] tas /Th [t To the of members of IAG & NRMA Superannuation Pty Limited Opinion We have audited the Financial Report of IAG & NRMA Superannuation Pty Limited (the Company).

June 2018 and of its financial performance for the year ended on that date; and The Financial Report comprises: Statement of financial position as at 30 June 2018; Statement of comprehensive income,

16 rth J] tas /Th [t To the of members of IAG & NRMA Superannuation Pty Limited Opinion We have audited the Financial Report of IAG & NRMA Superannuation Pty Limited (the Company). In our opinion, the accompanying Financial Report of the Company is in accordance with the Corporations Act 2001, including: giving a true and fair view of the Company's financial position as at 30 June 2018 and of its financial performance for the year ended on that date; and The Financial Report comprises: Statement of financial position as at 30 June 2018; Statement of comprehensive income, Statement of changes in equity, and of cash flows for the year then ended; Notes including a summary of significant accounting policies; Directors' Declaration. complying with Australian Accounting Standards and the Corporations Regulations Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Financial Report section of our report. We are independent of the Company in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code. Other Information Other Information is financial and non-financial information in IAG & NRMA Superannuation Pty Limited's annual reporting which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, 1 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Liability limited by a scheme approved under Professional Standards Legislation.

and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor's Report we have nothing to report.

Standards [and the Corporations Act 2001; implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material

17 and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor's Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards [and the Corporations Act 2001; implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and assessing the Company's ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do SO. Auditor's responsibilities for the audit of the Financial Report Our objective is: to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: responsibilities/ar4.pdf. This description forms part of our Auditor's Report. VA1G- KPMG -// Malcolm J Kafer Partner Sydney 26 September

JBWere Cash Trust ARSN Financial Report For the year ended 30 June 2018

JBWere Cash Trust ARSN Financial Report For the year ended 30 June 2018 ARSN 160 854 277 Financial Report Financial Report Contents Page Directors' report 1 Auditor's independence declaration 4 Statement of Profit or Loss and Other Comprehensive Income 5 Statement of Financial