Frequently asked questions about the IRIS transfer to HESTA

Frequently asked questions about the IRIS transfer to HESTA Important changes to IRIS Super Income Stream and IRIS Term Allocated Pension 14 November 2017

This Notice is intended to provide information of a general nature only. It is not, and should not be construed as, personal financial advice. The Trustee recommends that you obtain financial advice from a suitably qualified and licenced financial adviser before you make any decision regarding the destination of your pension benefit or any other decision regarding your pension. If you require personal advice, you will be referred to a financial planning representative of Industry Fund Services Limited IFS, ABN 54 007 016 195, AFSL No 232514. SMI has engaged IFS to facilitate the provision of financial advice to members of IRIS. Advice is provided by one of our financial planners who are Representatives of IFS. Fees may apply. Further information about cost of advice is set out in the relevant Financial Services Guide, a copy of which is available by calling 1300 367 485. IFS is responsible for any advice given to you by its Representatives. This Notice is issued by Super Members Investments Limited (SMI) ABN 61 095 974 100, AFSL 231230 in its capacity as Trustee of the IRIS Superannuation Fund ( IRIS ). The IRIS Super Income Stream and the IRIS Term Allocated Pension are divisions of IRIS.

Contents n Overview 2 n About the transfer 3 n Restrictions on processing of transactions 5 n Your membership details 6 Your n payments 7 n Investments 9 Fees n 11 Member n Online 13 Member n communications 14 n Appendix 1: IRIS to HESTA investment option mapping 15 n Appendix 2: IRIS and HESTA fee breakdowns 27 1

Overview Why is IRIS transferring to HESTA? IRIS was established to provide simple high quality pensions at the lowest possible cost. The Federal government s continued focus on the rules and regulations of super and pensions has resulted in increasing costs and obligations for all super funds to update systems and processes to meet the changing requirements. After much consideration, we have decided that IRIS members interests are best served by merging IRIS with a larger fund that can provide economies of scale, value for money and security over the long term. After a thorough review, we have selected HESTA as our preferred partner for your future. Who is HESTA? HESTA is a for-purpose, profit-for-members industry super fund that works hard to look after the super savings of more than 830,000 people and $40 billion in total assets. HESTA s year on year growth is a testament to its strong products covering their members throughout their working life and beyond. HESTA s vision is to help their members retire with dignity and so are committed to maintaining a low fee retirement product (like IRIS). HESTA Income Stream was awarded the highest rating from independent ratings agency Canstar. The HESTA Income Stream continues to grow with more and more members joining each month. HESTA is a truly national fund with a Trustee office in every state and territory so they are able to deliver IRIS members the same education and advice opportunities regardless of location. H.E.S.T. Australia Ltd ABN 66 006 818 695 AFSL 235249, the Trustee of Health Employees Superannuation Trust Australia ABN 64 971 749 321 (HESTA). IRIS Accounts: 3,262 Assets: $500m Figures as at 30 June 2017 ü A larger stronger fund HESTA Members: 830,000 Assets: $40 billion Continue to deliver value for money and security with the benefits of scale that a larger fund can provide. ü Same fund Administrator Both IRIS and HESTA use Australian Administration Services to administer the funds, so the same professional team will be using the same systems to look after your pension account. ü More member benefits and services An annual member magazine, community awards and social programs that work toward financial inclusion and reconciliation are just some of the ways that HESTA works for their members. Want to learn more about HESTA? HESTA has a detailed website where you can learn about their Board and leadership team, download historical annual reports and view current investment performance information. Visit hesta.com.au 2 IRIS transfer to HESTA Frequently Asked Questions

About the transfer When will the transfer happen? The transfer will take place over the weekend of 3-4 February 2018. Your last day of IRIS membership will be on 2 February 2018 and your HESTA membership will begin on 3 February 2018. Members will have access to the HESTA contact centre from 5 February 2018, and will be mailed new details and instructions to access their online account from this date. We issue this notice Limited processing period for transactions. IRIS issues exit statements to all members HESTA issues Welcome Packs November 2017 Nov Dec 2017 24 Jan 2 Feb 2018 3 Feb 2018 5 Feb 2018 Early February 2018 IRIS Member Seminars Your IRIS account transfers to HESTA You Receive your new HESTA account details and start using your HESTA account Do I need to do anything? You don t need to do anything to transfer into HESTA. As part of the merger agreement, known as a Successor Fund Transfer Deed, your full pension account in IRIS will transfer to HESTA automatically. For most members, there are no forms or paperwork to fill out we ll take care of everything for you. However, some members may need to take actions relevant to their IRIS membership: Before the transfer: Members wishing to transact on their IRIS account prior to the transfer should ensure they do so before 5pm on the relevant transaction cut-off dates. See Restrictions on processing of transactions on page 5 for more information. After the transfer: For legal reasons, some members will need to complete new forms to ensure that current arrangements they have in place in IRIS apply in HESTA, for example, a binding death benefit nomination or Third Party Authority. See Your membership details on page 6 for more information. 3

Will I still be a member of IRIS? No. IRIS will close and all IRIS accounts as at 2 February 2018 will be transferred to HESTA. IRIS Super Income Stream accounts will be transferred into the HESTA Income Stream product. IRIS Term Allocated Pension accounts will be transferred to a newly created product in HESTA. Do I have to transfer to HESTA? No, you don t have to transfer to HESTA. You may withdraw your funds, or roll them over to a complying fund of your choice, before the automatic transfer occurs. We must receive your instruction to withdraw funds by 24 January 2018 or to transfer funds by 30 January 2018. You should be aware that rolling over or withdrawing your funds could impact your Centrelink entitlements. Will I lose any benefits? To be legally allowed to transfer IRIS to HESTA by a Successor Fund Transfer, we need to make sure members receive equivalent rights and that overall the transfer is in members best interest. The IRIS trustee has gone through a process of due diligence and is comfortable that IRIS members will not lose benefits as a result of the transfer. Is there a minimum balance required to move to HESTA? No. HESTA has chosen to waive their minimum balance requirements as part of the transfer. Will my account balance change during the transfer? No. Your closing balance on the last day of your IRIS membership will be the opening balance on the first day of your HESTA membership. Can I start a new pension account in IRIS? No. IRIS will not accept new member accounts. The only exception is the establishment of a reversionary pension in the event of a death claim. Will you provide additional information about the transfer? We will contact you with any material changes on the transfer of IRIS to HESTA. Any non-material updates will be published on the IRIS website at retirewithiris.com.au. 4 IRIS transfer to HESTA Frequently Asked Questions

Restrictions on processing of transactions Will there be any restrictions during the transfer? Yes, there will be some restrictions on the acceptance and processing of transactions by IRIS as the transfer date approaches. The table below describes the transactions and the last date on which these may be received by IRIS. Any transaction requests received by IRIS after 5pm on the deadline date will be forwarded to HESTA for processing from 5 February 2018. Transaction type Limits on processing and relevant dates Deadline Investment switches The final date for making investment switches in IRIS will be 24 January 2018. Reversionary pensions New reversionary pensions must be commenced in IRIS prior to 24 January 2018. Any reversionary pensions not commenced by this date will be commenced in HESTA after 6 February 2018. Lump sum withdrawals Requests to make a lump sum withdrawal from IRIS will be accepted up until 24 January 2018. Pension payments Pension payments will continue as normal until 29 January 2018. Wed 24 January Wed 24 January Wed 24 January Mon 29 January Rollovers Member details Member Online access Death benefits Any payments due between 29 January 2018 and 2 February 2018 will be paid on 29 January 2018. If a pro rata minimum top up payment is required it will also be paid on 29 January 2018. Requests to transfer money from IRIS to another complying fund will be accepted up until 30 January 2018. IRIS will accept requests to update member details up until 2 February 2018. IRIS Member Online will be available up to the transition date, however transaction requests received via Member Online will be subject to the same deadlines above. Death claims that have not been finalised by the transfer date will be transferred to HESTA for completion. IRIS will work with HESTA to ensure this is seamless for members. Tue 30 January Fri 2 February Fri 2 February 5

Your membership details Will my details be transferred to HESTA? Yes, details required to transfer and administer your account will be sent to HESTA. These include your: Personal details such as name, address, date of birth and tax file number Bank account information Payment amount, frequency and payment dates Payments made year to date (for minimum/ maximum pension calculations) Reversionary beneficiary nomination Non-binding beneficiary nomination Power of Attorney third party authorities There are two important exceptions. These are: Binding beneficiary nomination information will be transferred to HESTA but these will be treated as non-binding from the date of transfer (3 February 2018). Third party authorities (other than Power of Attorneys) will not be transferred to HESTA. You will need to re-establish them. See the questions below for more information about these two types of nominations. Will my account number stay the same? No. You will be assigned a new HESTA member number. This will be provided in your welcome kit that will be sent to you immediately after the transfer. Will my binding beneficiary nomination still be valid? No. Important Information If you have made a binding beneficiary nomination to the Trustee of IRIS, it will be treated as non-binding by HESTA. If you want a binding nomination to apply to your HESTA account, you will need to complete a new HESTA binding beneficiary nomination form. HESTA will post you a HESTA Binding Beneficiary Nomination Form as part of your welcome pack, with instructions for completing it. Will my non-binding beneficiary nomination continue to apply after the transfer? Yes. Your non-binding beneficiary nomination will continue to apply after the transfer to HESTA. Will my reversionary beneficiary nomination continue to apply after the transfer? Yes. Your reversionary beneficiary nomination will continue to apply after the transfer to HESTA. Will my Third Party Authority continue to apply after the transfer? No. Third Party Authorities (except for Powers of Attorney) will not apply after the transfer to HESTA. You will need to complete the HESTA Third Party Authorisation form. Powers of Attorney will be transferred to HESTA and will continue to apply after the transfer. HESTA forms can be downloaded from the HESTA website at hesta.com.au or you can call HESTA on 1300 734 479 to request a form be mailed to you. Can I keep my adviser? Yes. You can keep your current adviser, or you can choose to meet with a HESTA Financial Planner. 6 IRIS transfer to HESTA Frequently Asked Questions

Your payments Will my IRIS payments be affected by the transfer to HESTA? Your IRIS pension payments will continue to be paid until 2 February 2018. Any pension payments that are due between 29 January 2018 and 2 February 2018 will be made on 29 January 2018. Any required pro-rata top up payments will also be made on this date. After the transfer, your normal pension payments will be made by HESTA. Will my Centrelink payments be affected by the transfer to HESTA? If you allow your funds to be automatically transferred to HESTA then your Centrelink payments will not be affected. If you voluntarily withdraw your funds from IRIS or transfer your funds to another complying superannuation fund, then your Centrelink payments may be affected. You should seek financial advice before taking such action. Will my pension payment dates be the same after the transfer to HESTA? Both IRIS and HESTA have the same payment frequencies e.g., fortnightly, monthly, quarterly and half-yearly payments. The actual payment dates may be different as shown in the table. IRIS HESTA Frequency Fortnightly Every second Thursday ending on 1 Feb 2018. Monthly Note that the final fortnightly payment will be paid 3 days early on 29 January 2018. You can choose to receive payments on the 15th or the last day of month. If you chose the last day of the month the January 2018 payment will be paid 2 days early on 29 January 2018. Payment Dates Every second Tuesday beginning on 13 February 2018. You can choose to receive payments on the 15th or the 28th day of month. Quarterly Half Yearly Yearly No election You can choose the month of your first payment. You can choose to receive payments on the 15th or the last day of month. If you chose the last day of the month and a payment falls due in January 2018 that payment will be paid 2 days early on 29 January 2018. Your pension will be paid annually in the month of June. You can choose the month of your first payment. You can choose to receive payments on the 15th or the 28th day of month. Your pension will be paid annually on 30 June. 7

Will my pension payment amount be the same after the transfer to HESTA? Yes, your payment instructions will be transferred to HESTA and you will continue to receive your chosen amount and frequency. Important Information Note that you may receive more pension in the 2017/18 financial year than you are expecting. The IRIS trustee will calculate the pro rata minimum pension payment you must be paid from 1 July 2017 to 2 February 2018. If the actual amount you have been paid is less than the required amount the IRIS trustee will make a one off top up payment to ensure you are paid the minimum. This top up payment will be made on 29 January 2018. After the transfer HESTA will also calculate a pro rata minimum pension payment for the remainder of the financial year, 3 Feb 30 Jun 2018. Your nominated payment amount and frequency may be more than the minimum if for example you opted to receive pension annually. You should review your future payments once you receive the minimum figure from HESTA and adjust accordingly. Will my pension payments still go directly to my bank account like they do with IRIS? Can I change my pension payment dates after the transfer to HESTA? Yes. Once you are a member of HESTA you can make changes to your payment dates and amounts so long as you comply with your minimum payment requirements. Will my drawdown options be the same? HESTA offers the same drawdown options as IRIS pro-rata, priority order or a nominated percentage from each investment option. There will be some variations because the HESTA investment options differ slightly to those in IRIS and the opening balances and allocations will be calculated at the time of transfer. If you elected to draw down a set percentage of each IRIS investment option then HESTA will draw down the same percentage from the mapped HESTA investment option. If your elected draw down method from your IRIS investment option is a set order then HESTA will draw down from the mapped HESTA investment option in the same order. If you elected to draw down proportionally based on your investment options at the time of payment HESTA will do the same. If you made no election, HESTA will draw down proportionally based on your investment allocation at the time of transfer. Yes. Your payments will go into the same bank account. 8 IRIS transfer to HESTA Frequently Asked Questions

Investments Will I have the same investment options in HESTA? While the HESTA investment options align well with IRIS they are not identical. We have mapped the IRIS options to their nearest HESTA option and we will move your investments across to the corresponding option. For a detailed look at the corresponding investment options from IRIS to HESTA see Appendix 1 at the end of these FAQs. IRIS Option Return Objective 1 2 HESTA Option Return Objective 1 2 Defensive 5 years: CPI+1.5% Very Low Defensive Medium term (5 years): CPI+1.0% Long-term (10 years): CPI+2.0% Very Low Conservative 5 years: CPI+2.0% Medium Conservative Medium term (5 years): CPI+1.5% Long-term (10 years): CPI+2.5% Growth 10 years: CPI+3.0% High Balanced Medium term (5 years): CPI+2.75% Long-term (10 years): CPI+4.0% High Growth 10 years: CPI+3.5% High Active Medium term (5 years): CPI+4.0% Long-term (10 years): CPI+4.5% Low to Medium Medium to High Cash 2 years: CPI+0.75% Very Low Cash RBA Cash Rate or above Very Low Diversified Fixed Interest 5 years: CPI+2.0% Low Defensive 3 Medium term (5 years): CPI+1.0% Long-term (10 years): CPI+2.0% High Very Low Property 5 years: CPI+3.0% Very High Property CPI+4.0% Medium to High Australian Shares Sustainable Australian Shares International Shares 10 years: CPI+3.5% Very High Australian Shares S&P/ASX 300 Accumulation Index or above 10 years: CPI+3.5% Very High Eco Medium term (5 years): CPI+3.0% Long-term (10 years): CPI+4.0% 10 years: CPI+3.5% Very High International Shares Above Benchmark Very High High High 1. Investment objectives aim to achieve annual returns above a benchmark index or inflation as measured by the Consumer Price Index (CPI) over rolling short, medium or long term periods. Details of the benchmarks for each option can be found in Appendix 1. 2. Risk levels are an indicator of the estimated number of negative annual returns that would be likely to occur over 20 years. More information can be found in Appendix 1. 3. HESTA also offers a Term Deposits option that may be suitable for you to consider after the transfer. Important Information While the asset classes in IRIS and HESTA s investment options may appear to be similar, the underlying assets can be different. If you need any help understanding the differences between the investment options, you can call us. 9

Can I choose to go into a different investment option during the transfer to HESTA? No. During the transfer we will move any investments you have to their corresponding HESTA option. If you are unhappy with the proposed mapping: You can choose to change your investments in IRIS before the transfer if you wish to be moved to a different option, or Once your account has been transferred you can change investment options by requesting a switch in HESTA. Can I change my investment options? Yes. Once your account has been transferred you can change investment options via your HESTA login. 10 IRIS transfer to HESTA Frequently Asked Questions

Fees Will my fees be the same? Fees will vary depending on each member s account balance and investment options. HESTA fees are lower on all investment options except Eco and International Shares. As a result most members will see a reduction in their fees. The following table shows total IRIS Super Income Stream and total HESTA Income Stream fees. For a more detailed breakdown of the components of these fees see Appendix 2. IRIS fees Combined administration fee, investment fee and Indirect Cost Ratio below HESTA fees $91* per annum (dollar-based administration fee of $1.75 per week) plus IRIS Option Combined administration fee, investment fee and Indirect Cost Ratio below *$91 fee is rebated for investors with $25,000 or less in their overall account Total account balance Total account balance HESTA Option Below $250,000 Above $250,000 Below $250,000 Above $250,000 Defensive 1.01 % 0.96 % Defensive 0.60 % 0.55 % Conservative 0.90 % 0.85 % Conservative 0.72 % 0.67 % Growth 1.15 % 1.10 % Balanced 0.92 % 0.87 % High Growth 1.09 % 1.04 % Active 1.04 % 0.99 % Cash 0.35 % 0.30 % Cash 0.33 % 0.28 % Diversified Fixed Interest 0.73 % 0.68 % Defensive 0.60 % 0.55 % Property 1.03 % 0.98 % Property 0.86 % 0.81 % Australian Shares 0.95 % 0.90 % Australian Shares 0.88 % 0.83 % Sustainable Australian Shares International Shares 1.27 % 1.22 % Eco 1.55 % 1.50 % 1.01 % 0.96 % International Shares 1.33 % 1.28 % 11

The two tables below give an example of the annual administration and investment fees applicable to an IRIS Super Income Stream account transferred to the HESTA Income Stream. Example 1: A balance of $100,000 invested in the IRIS Defensive option and transferred to the HESTA Defensive option IRIS fees (before transfer) 1.01 % combined administration fee, investment fee and Indirect Cost Ratio of $1,010. The total annual fee in IRIS would be $1,010. HESTA fees (after transfer) Dollar admin fee of $91 plus 0.60 % combined administration fee, investment fee and Indirect Cost Ratio of $600. The total annual fee in HESTA would be $691. Example 2: A balance of $200,000 invested in the IRIS Growth option and transferred to the HESTA Balanced option IRIS fees (before transfer) 1.15 % combined administration fee, investment fee and Indirect Cost Ratio of $2,300. The total annual fee in IRIS would be $2,300. HESTA fees (after transfer) Dollar admin fee of $91 plus 0.92 % combined administration fee, investment fee and Indirect Cost Ratio of $1,840. The total annual fee in HESTA would be $1,931. Other fees, such as switching fees and advice fees may also be charged, but these will depend on the number of switches you do (the first two in a financial year are free, $30 per switch thereafter) or the advice chosen by you. HESTA does not charge a Buy-sell spread on purchase or redemption of investments. HESTA will provide you with a Product Disclosure Statement setting out the fees that may apply to your account along with your Welcome pack. 12 IRIS transfer to HESTA Frequently Asked Questions

Member Online Will I be able to access my account online? Your old IRIS Member Online account will be closed after the transfer but you will be able to use HESTA Member Online to manage your new HESTA account. You will be able to register to access your online account once you have received your new HESTA member number with your Welcome Kit. Can I see historical investment returns? No. In a transfer like this, historical information (including investment returns) is not transferred to the new fund. You may wish to download historical performance information or annual reports from the IRIS website prior to the transfer. Since IRIS and HESTA use the same fund administrator to administer your pension account, your new online account will have all the same options and functions you re already familiar with. Will I be able to see my transactions after you transfer my account? No. Historical transactions will not be transferred to HESTA, only your account balance and other details required for HESTA to administer your account. The HESTA contact centre will be able to access this historical information if you need it for any reason. You can also refer to your old IRIS statements. 13

Member Communications Is there a number I can call to check the validity of the communication I have been sent? Yes, you can call our IRIS Customer Service Centre on 1300 367 485 or email us at admin@retirewithiris.com.au Will IRIS tell me when the transfer is finished? Yes. After the transfer, IRIS will send you a final exit statement detailing the options and balances that were transferred. Your closing values will match your opening values in HESTA. Will HESTA send me information about my new account? Yes. Once the transfer is completed, HESTA will send you a welcome kit in the form of an email or letter (to the address you have previously provided to IRIS). The communication will also provide you with your new HESTA account number and log in details. When will I get my annual statement from HESTA? Annual statements are usually sent out in September. Will I still get my minimum and maximum pension details? Yes, your minimum and maximum pension details will be provided annually in September together with your annual statement. How will HESTA contact me? HESTA will contact you by email where you have a valid email address on file with IRIS as IRIS will provide this information to HESTA. Where you have only given IRIS a postal address then HESTA will contact you by letter. Where possible once you are signed up to HESTA Member Online, we recommend using an email address as you will get all updates quicker and you ll be going green! Will I still receive an annual member statement? Yes, you will receive an annual statement from HESTA. The statement will look a bit different with the HESTA branding but all the information you are used to receiving will be included. 14 IRIS transfer to HESTA Frequently Asked Questions

Appendix 1: IRIS to HESTA investment option mapping IRIS Defensive Option To achieve returns that exceed the inflation rate by 1.5% per annum (after tax), on a rolling five year basis. This is expected to be achieved around 70% of the time. It aims to provide security (but not a guarantee) of capital invested, as well as limiting the likelihood of applying negative annual returns to one in fifty years (i.e. approx. 0.4 times in 20 years). Very Low Benchmark The Defensive Option benchmark is calculated as the performance of the market benchmark for each of its asset classes weighted by the Asset for the Option and adjusted by the applicable Administration fee Asset Australian Shares 7.0% 5 20 International Shares (Unhedged) 0 10 International Shares (Hedged) 2.5% 0 10 Property 2.0% 0 10 Liquid Alternative 3.0% 0 10 Alternative Debt 2.0% 0 10 Australian Fixed Interest 21.25% 10 40 International Fixed Interest 21.25% 10 40 Cash 41.0% 20 60 Growth 13.0% Defensive 87.0% HESTA Defensive Option Medium-term (5 years) CPI + 1.0% Long-term (10 years) CPI + 2.0% Defensive aims to produce a return of 2.0% above CPI over the long term. Negative returns can occur, but generally occur very infrequently. Strategy Defensive invests in a diversified mix of asset classes, with 18.0% invested in growth style assets, like listed shares and 82.0% invested in defensive style assets, like cash, term deposits, defensive property and global debt. Infrastructure assets provide a mix of both growth and defensive characteristics. The diversification and defensive asset bias of this option means that it has a lower risk profile than Conservative, while its exposure to some growth assets should provide a small amount of protection against inflation. Very Low Probable number of negative annual returns over 20 years Less than 0.5 Suggested minimum investment timeframe 1 to 3 years Type of investor this option may suit Defensive Asset Australian Shares 6.0% 2 12 International Shares 6.0% 2 12 Infrastructure 6.0% 2 15 Property 6.0% 2 15 Global Debt 31.0% 10 55 Cash 45.0% 5 50 Growth 18.0% Defensive 82.0% 15

IRIS Conservative Option To achieve returns that exceed the inflation rate by 2.0% per annum (after tax), on a rolling five year basis. This is expected to be achieved around 70% of the time. It aims to provide security (but not a guarantee) of capital invested, as well as limiting the likelihood of applying negative annual returns to one in every ten years (i.e. approx. 2 times in 20 years). Medium Benchmark The Conservative Option benchmark is calculated as the performance of the market benchmark for each of its asset classes weighted by the Asset for the Option and adjusted by the applicable Administration fee Asset Australian Shares 16.75% 10 30 International Shares (Unhedged) 5.0% 0 10 International Shares (Hedged) 2.25% 0 10 Property 4.0% 0 10 Liquid Alternative 4.0% 0 10 Alternative Debt 4.0% 0 10 Australian Fixed Interest 24.0% 10 40 International Fixed Interest 24.0% 10 40 Cash 16.0% 10 30 Growth 30.0% Defensive 70.0% HESTA Conservative Option Medium-term (5 years) CPI + 1.5% Long-term (10 years) CPI + 2.5% Conservative aims to produce a return of 2.5% above CPI over the long term. There may be some yearto-year variation in returns, with negative returns occurring infrequently. Strategy Conservative invests in a diversified mix of asset classes, with 33.0% invested in growth style assets like listed shares, and approximately 67.0% invested in defensive style assets including cash, term deposits, defensive property and global debt. Infrastructure assets provide a mix of both growth and defensive characteristics. The diversification and defensive asset bias of this option means that it has a lower risk profile than either the Balanced or Active options, while its exposure to some growth assets should provide some protection against inflation. Low to Medium Probable number of negative annual returns over 20 years 1 to less than 2 Suggested minimum investment timeframe 3 to 5 years Type of investor this option may suit Moderate Asset Australian Shares 13.5% 5 22 International Shares 13.5% 5 22 Infrastructure 6.0% 2 15 Property 6.0% 2 15 Global Debt 44.0% 10 70 Cash 17.0% 5 30 Growth 33.0% Defensive 67.0% 16 IRIS transfer to HESTA Frequently Asked Questions

IRIS Growth Option To achieve returns that exceed the inflation rate by 3% per annum (after tax), on a rolling ten year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the Growth Option will invest a significant proportion in growth assets such as shares and property. It aims to limit the likelihood of applying negative annual returns to one in every five years (i.e. approx. 4 times in 20 years). High Benchmark The Growth Option benchmark is calculated as the performance of the market benchmark for each of its asset classes weighted by the Asset for the Option and adjusted by the applicable Administration fee Asset Australian Shares 36.5% 25 55 International Shares (Unhedged) 15.0% 5 35 International Shares (Hedged) 2.0% 0 20 Property 6.0% 0 15 Liquid Alternative 5.0% 0 10 Alternative Debt 4.0% 0 10 Australian Fixed Interest 13.75% 5 25 International Fixed Interest 13.75% 5 25 Cash 4.0% 0 10 Growth 62.0% Defensive 38.0% HESTA Balanced Option Medium-term (5 years) CPI + 2.75% Long-term (10 years) CPI + 4.0% Balanced aims to produce a return of 4.0% above CPI over the long term. Returns may vary substantially from year-to-year and this option may occasionally produce a negative return. Strategy Balanced invests in a diversified mix of asset classes, with 63.0% invested in growth style assets, including listed shares and the remainder invested in defensive style assets, like cash, defensive property and global debt. Infrastructure assets provide a mix of both growth and defensive characteristics. The inclusion of infrastructure should give Balanced a lower risk profile than if the growth assets were all listed shares. Medium to High Probable number of negative annual returns over 20 years 3 to less than 4 Suggested minimum investment timeframe 5 to 7 years Type of investor this option may suit Assertive Asset Australian Shares 27.0% 17 37 International Shares 27.0% 17 37 Alternative Growth 0.0% 0 10 Infrastructure 9.0% 4 14 Property 9.0% 4 14 Global Debt 20.0% 4 40 Cash 8.0% 2 30 Growth 63.0% Defensive 37.0% 17

IRIS High Growth Option To achieve returns that exceed the inflation rate by 3.5% per annum (after tax), on a rolling ten year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the High Growth Option will predominantly invest in Australian and international shares. It aims to limit the likelihood of applying negative annual returns to one in every three and a half years (i.e. approx. 5.7 times in 20 years). High Benchmark The High Growth Option benchmark is calculated as the performance of the market benchmark for each of its asset classes weighted by the Asset for the Option and adjusted by the applicable Administration fee Asset Australian Shares 60.0% 40 80 International Shares (Unhedged) 25.0% 10 40 International Shares (Hedged) 5.0% 0 20 Property 10.0% 0 20 Cash 0 10 Growth 100.0% Defensive 0.0% HESTA Active Option Medium-term (5 years) CPI + 4.0% Long-term (10 years) CPI + 4.5% Active aims to produce a return of 4.5% above CPI over the long term. This option may vary substantially year-to-year and produce a negative return quite frequently. Strategy Active offers a diversified asset portfolio, investing predominantly in growth style assets like listed shares, while maintaining a balance of defensive assets like defensive property and cash. In addition, infrastructure assets are included, which provide a mix of both growth and defensive characteristics. The diversification of asset classes means this option has a lower risk profile than an investment in shares alone. High Probable number of negative annual returns over 20 years 4 to less than 6 Suggested minimum investment timeframe 7 to 10 years Type of investor this option may suit Aggressive Asset Australian Shares 43.5% 28 59 International Shares 43.5% 28 59 Alternative Growth 0.0% 0 15 Infrastructure 4.0% 0 9 Property 4.0% 0 9 Global Debt 0.0% 0 10 Cash 5.0% 2 20 Growth 91.0% Defensive 9.0% 18 IRIS transfer to HESTA Frequently Asked Questions

IRIS Cash Option To achieve returns that exceed the inflation rate by 0.75% per annum (after tax), on a rolling two year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the Cash Option will predominantly invest in short term cash investments with minimal risk of capital loss. It aims to limit the likelihood of applying negative annual returns to a negligible level. Very Low Benchmark Bloomberg AusBond Composite Bond Index adjusted for the IRIS Cash Option Administration fee Asset Cash 100.0% 100 Growth 0.0% Defensive 100.0% HESTA Cash Option To earn a return before tax and after the Indirect Cost Ratio equivalent to or higher than the Reserve Bank of Australia (RBA) Cash Rate. Cash aims to produce an annual return equivalent to or higher than the RBA Cash Rate. It is the most conservative of the HESTA Income Stream investment options. Strategy Cash is primarily invested in at-call bank deposits, along with an allocation to short-term (less than 12 months) term deposits with highly rated banks. It may include a small allocation to other cash investments. Very Low Probable number of negative annual returns over 20 years Less than 0.5 Suggested minimum investment timeframe < 1 year Type of investor this option may suit This option may suit an investor seeking to create their own diversified portfolio, who would like to include cash and cash products. Asset Cash 100.0% 100 Growth 0.0% Defensive 100.0% 19

IRIS Diversified Fixed Interest To achieve returns that exceed the inflation rate by 2.0% per annum (after tax), on a rolling five year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the Diversified Fixed Interest Option will predominantly invest in a diverse range of goverment and corporate bonds and alternative debt. It aims to limit the likelihood of applying negative annual returns to one in every twenty five years (i.e. approx. 0.8 times in 20 years). Low Benchmark 42.5% Bloomberg AusBond Composite Bond Index and 42.5% Barclays Global Aggregate Bond Index hedged into AUD and 15% Bloomberg AusBond Bank Bills Index plus 1% p.a., adjusted for the IRIS Diversified Fixed Interest Option Administration fee Asset Alternative Debt 15.0% 0 25 Australian Fixed Interest 42.5% 20 65 International Fixed Interest 42.5% 20 65 Cash 0 10 Growth 0.0% Defensive 100.0% HESTA Defensive Option Medium-term (5 years) CPI + 1.0% Long-term (10 years) CPI + 2.0% Defensive aims to produce a return of 2.0% above CPI over the long term. Negative returns can occur, but generally occur very infrequently. Strategy Defensive invests in a diversified mix of asset classes, with 18.0% invested in growth style assets, like listed shares and 82.0% invested in defensive style assets, like cash, term deposits, defensive property and global debt. Infrastructure assets provide a mix of both growth and defensive characteristics. The diversification and defensive asset bias of this option means that it has a lower risk profile than Conservative, while its exposure to some growth assets should provide a small amount of protection against inflation. Very Low Probable number of negative annual returns over 20 years Less than 0.5 Suggested minimum investment timeframe 1 to 3 years Type of investor this option may suit Defensive Asset Australian Shares 6.0% 2 12 International Shares 6.0% 2 12 Infrastructure 6.0% 2 15 Property 6.0% 2 15 Global Debt 31.0% 10 55 Cash 45.0% 5 50 Growth 18.0% Defensive 82.0% 20 IRIS transfer to HESTA Frequently Asked Questions

IRIS Property Option To achieve returns that exceed the inflation rate by 3.0% per annum (after tax), on a rolling five year basis. This objective is expected to be achieved around 65% of the time. To achieve this, the Property Option will invest mainly in listed Australian and international property. It aims to limit the likelihood of applying negative annual returns to one in every three years (i.e. approx. 6.7 times in 20 years). Very High Benchmark FTSE EPRA/NAREIT Developed ex-australia Rental Index (AUD hedged TR) adjusted for the IRIS Property Option Administration fee. Asset Property 100.0% 90 100 Cash 0.0% 0 10 Growth 100.0% Defensive 0.0% HESTA Property Option To earn a return before tax and after the indirect cost ratio equivalent to or higher than CPI + 4.0% Property aims to produce a long-term return of 4% above CPI. It is less conservative than Cash or Term Deposits because it has a higher possibility of producing a negative return from time to time. Strategy Property is invested primarily in unlisted property and property debt with a 15.0% holding in cash products. The primary characteristic of the unlisted property will be that rental income is expected to generate the majority of the returns, not capital growth. Medium to High Probable number of negative annual returns over 20 years 3 to less than 4 Suggested minimum investment timeframe 3 to 5 years Type of investor this option may suit This option may suit an investor seeking to create their own diversified portfolio, who would like to include property. Asset Property 85.0% 80 95 Cash 15.0% 5 20 Growth 42.5% Defensive 57.5% 21

IRIS Australian Shares Option To achieve returns that exceed the inflation rate by 3.5% per annum (after tax), on a rolling ten year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the Australian Shares Option will predominantly invest in Australian shares. It aims to limit the likelihood of applying negative annual returns to one in every three years (i.e. approx. 6.7 times in 20 years). Very High Benchmark S&P/ASX 200 Accumulation Index adjusted for the IRIS Australian Shares Option Administration fee Asset Australian Shares 100% 90 100 Cash 0 10 Growth 100.0% Defensive 0.0% HESTA Australian Shares Option To earn a return after adjusting for tax credits and after the Indirect Cost Ratio higher than the return from the combination of: 95% S&P/ASX 300 Accumulation Index 5.0% RBA Cash Rate Australian Shares aims for a long-term return of above the Standard and Poor s (S&P)/Australian Securities Exchange (ASX) 300 Accumulation Index. This benchmark includes up to 300 of Australia s largest securities by float-adjusted market capitalisation. The index has large-cap, mid-cap and small-cap shares and covers more than 80% of Australian equities market capitalisation. Australian Shares aims to produce long-term returns primarily from capital gains, but carries the risk of negative returns quite frequently. Strategy Australian Shares option is invested primarily in listed Australian shares. It will have a strategic overweighting to smaller companies, compared to its benchmark. It may at times hold a small percentage of its assets in shares of companies not listed on the Australian Stock Exchange. It may include managers who also short sell shares. Very High Probable number of negative annual returns over 20 years 6 or greater Suggested minimum investment timeframe 7 to 10 years Type of investor this option may suit This option may suit an investor seeking to create their own diversified portfolio, who would like to include Australian shares. Asset Australian Shares 95.0% 85 97.5 Cash 5.0% 2.5 15 Growth 95.0% Defensive 5.0% 22 IRIS transfer to HESTA Frequently Asked Questions

IRIS Sustainable Australian Shares Option To achieve returns that exceed the inflation rate by 3.5% per annum (after tax), on a rolling ten year basis. This objective is expected to be achieved around 70% of the time. To achieve this, the Sustainable Australian Shares Option will predominantly invest in Australian shares that display environmental, sustainable and socially responsible features. It aims to limit the likelihood of applying negative annual returns to one in every three years (i.e. approx. 6.7 times in 20 years). Very High Benchmark S&P/ASX 200 Accumulation Index adjusted for the IRIS Sustainable Australian Shares Option Administration fee Asset Australian Shares 100% 90 100 Cash 0 10 Growth 100.0% Defensive 0.0% HESTA Eco Option Medium-term (5 years) CPI + 3.0% Long-term (10 years) CPI + 4.0% Eco aims to optimise long-term returns while investing in companies that demonstrate best practice sustainability performance within their industry sector, relative to their peers. This option may produce negative returns quite frequently due to its high allocation of listed shares. Strategy Eco invests in companies with the best combination of financial, environmental, social and governance performance as assessed by our managers. Eco aims to be fossil fuel free, while also excluding investment in companies with uranium mining operations and those involved with tobacco products. The Property investment is appropriately green rated. The Alternative Growth investments are in Cleantech. High Probable number of negative annual returns over 20 years 4 to less than 6 Suggested minimum investment timeframe 7 to 10 years Type of investor this option may suit Aggressive Asset Australian Shares 32.0% 20 44 International Shares 32.0% 20 44 Alternative Growth (Cleantech) 4.0% 0 10 Infrastructure 0.0% 0 10 Property 8.0% 0 16 Global Debt 16.0% 4 30 Cash 8.0% 5 20 Growth 72.0% Defensive 28.0% 23

IRIS International Shares Option To achieve returns that exceed the inflation rate by 3.5% per annum (after tax), on a rolling ten year basis. This objective is expected to be achieved around 65% of the time. To achieve this, the International Shares Option will predominantly invest in international shares. It aims to limit the likelihood of applying negative annual returns to one in every three years (i.e. approx. 6.7 times in 20 years). Very High Benchmark 25% MSCI World ex-australia Index net dividends (unhedged in AUD) and 75% MSCI World ex-australia Index net dividends (hedged into AUD) adjusted for the IRIS International Shares Option Administration fee Asset International Shares (Unhedged) International Shares (Hedged) 25.0% 0 30 75.0% 0 90 Cash 0 10 Growth 100.0% Defensive 0.0% HESTA International Shares Option To earn a return, before tax and after the Indirect Cost Ratio, which is higher than the return from the combination of: 47.5% MSCI All Countries World ex Aust Index in $A Net Dividends Reinvested Unhedged 47.5% MSCI All Countries World ex Aust Index in $A Net Dividends Reinvested Hedged 5.0% RBA Cash Rate This investment objective reflects the strategic asset allocation of International Shares and strategic currency overlay program policy outlining the management of currency exposure for international share investments. The Morgan Stanley Capital International (MSCI) All Countries World Index (excluding Australia) tracks large and mid-cap shares from developed and emerging market countries. International Shares aims to produce a long-term return primarily from capital gains but carries the risk of producing negative returns quite frequently. Strategy International Shares is invested primarily in listed international shares. It will have a strategic overweighting to emerging market companies. The currency exposures in International Shares are managed under HESTA s active currency overlay program policy. It may include managers who also short sell shares. High Probable number of negative annual returns over 20 years 4 to less than 6 Suggested minimum investment timeframe 7 to 10 years 24 IRIS transfer to HESTA Frequently Asked Questions

Type of investor this option may suit This option may suit an investor seeking to create their own diversified portfolio, who would like to include international shares. Asset International Shares 95.0% 85 97.5 Cash 5.0% 2.5 15 Growth 95.0% Defensive 5.0% 25

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Appendix 2: IRIS and HESTA fee breakdowns IRIS Fees IRIS Option Admin 1 RG97 Additional ICR Disclosure 2 Operational Expenses 3 Total 4 Defensive 0.90% 0.03% 0.08% 1.01% Conservative 0.76% 0.06% 0.08% 0.90% Growth 1.00% 0.07% 0.08% 1.15% High Growth 0.97% 0.04% 0.08% 1.09% Cash 0.27% 0.00% 0.08% 0.35% Diversified Fixed Interest 0.55% 0.10% 0.08% 0.73% Property 0.90% 0.05% 0.08% 1.03% Australian Shares 0.80% 0.07% 0.08% 0.95% Sustainable Australian Shares 0.97% 0.22% 0.08% 1.27% International Shares 0.92% 0.01% 0.08% 1.01% 1. The Admin fee in the IRIS Disclosure Documents (PDS) includes the Indirect Cost Ratio (ICR) of the underlying investments as known at the date of the Disclosure Documents. The ICR for an investment option is the ratio of the total of the indirect costs for the investment option, to the total average net assets of the superannuation entity attributed to the investment option. 2. ASIC Regulatory Guide 97 (RG97) mandated that from 30 Sep 2017 the way in which the ICR is calculated be changed to include costs that were not previously included in the calculation. While this is a change in the way the disclosed fees are calculated and shown, there has not actually been an increase in the fees you pay. The additional disclosure can be viewed on the IRIS website. The IRIS Disclosure Documents have not been updated as the fund was closed to new members at the time of the change. 3. These include audit fees, government taxes and charges, regulatory fees and charges, legal fees and provision for the accumulation of an operational risk reserve. 4. These fees are for member balances below $250,000. Member balances above $250,000 are charged 0.05% less on the entire balance. 27

HESTA Fees Option Admin Investment ICR 1 Total 2 Defensive 0.28% 0.20% 0.12% 0.60% Conservative 0.28% 0.27% 0.17% 0.72% Balanced 0.28% 0.39% 0.25% 0.92% Active 0.28% 0.45% 0.31% 1.04% Cash 0.28% 0.05% 0.00% 0.33% Defensive 0.28% 0.20% 0.12% 0.60% Property 0.28% 0.24% 0.34% 0.86% Australian Shares 0.28% 0.30% 0.30% 0.88% Eco 0.28% 1.02% 0.25% 1.55% International Shares 0.28% 0.68% 0.37% 1.33% 1. The Indirect Cost Ratio (ICR) for an investment option is the ratio of the total of the indirect costs for the investment option, to the total average net assets of the superannuation entity attributed to the investment option. The ICR disclosed here and in the HESTA Income Stream PDS complies with ASIC Regulatory Guide 97 (RG97). 2. These fees are for member balances below $250,000. Member balances above $250,000 are charged 0.05% less on the entire balance. 28 IRIS transfer to HESTA Frequently Asked Questions

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IRIS Superannuation Fund SPIN SMI0100AU USI SMI0100AU ABN 88 556 625 125 Trustee Super Members Investments Limited ABN 61 095 974 100 AFS Licence No. 231 230 Contact IRIS Administration Locked Bag 5129 Parramatta NSW 2124 T 1300 367 485 T if calling from overseas +61 3 9067 2526 W retirewithiris.com.au E admin@retirewithiris.com.au IRIS_SEN-FAQ_1017