RESEARCH REPORT JANUARY 18 Index Series Index Series Introduction Superannuation funds in rely on indexes to benchmark their fund s performance, communicate this to their members and assess the performance of their fund managers. Traditionally superannuation funds have used indexes calculated on a pretax basis for benchmarking purposes. This can create a misalignment between superannuation funds and their managers as some investment decisions are attractive on a pretax basis but harm aftertax performance. As part of a wider industry initiative to move to aftertax performance measurement and reporting, an increasing number of superannuation funds are now measuring their fund managers on an aftertax basis using the Index Series. Whilst designed primarily for benchmarking purposes, the index series can also be used as the basis for the creation of indexlinked products such as Exchange Traded Funds (ETFs), structured products and other derivatives. Index Series Key Benefits Broad investable coverage of the n equity market Industry standard aftertax benchmarks tailored for each type of investor: superannuation funds, hightax, midtax and tax exempt Flexibility for superannuation funds and other investors to select from a range of aftertax benchmarks that best suits their needs A new dimension of granularity for performance attribution at the tax level Independently governed by the FTSE Asia Pacific Regional Advisory Committee, comprising senior investment professionals who will ensure the series continues to evolve with market needs Index Series AUSTRALIA INDEX SERIES NONTAX ADJUSTED INDEXES Large Cap Index Index Features 1 Index 1) Apply tax to income in index? 2) Include franking credits attached to dividends? 3) Include franking credits and capital gains tax from participation in offmarket 4) Include both realised and unrealised effects of capital gains tax? () Reinvest franking credits daily or annually Mid Cap 1 Index NonTax Index FRANKING CREDIT INDEXES 3 Index Small Cap Index AllShare ex 1 Index TaxAdjusted Versions CAPITAL GAINS TAX INDEXES AllShare Index Sector Indexes Tax Exempt Superannuation Super Dividends Mid Tax High Tax (daily or annually) (daily or annually) (daily) (daily ) Data as at: 31 January 18 Table of Contents Introduction & Index Series Overview 1 AllShare Index Large Cap Index 9 1 Index 11 Mid Cap 1 Index 13 Index 1 3 Index 17 3 ex OMBB Cumulative Franked Index Small Cap Index AllShare ex 1 22 DTA Capping Table 24 FEATURES The index series includes non taxadjusted indexes across 8 market segments and 4 sectors in addition to a range of aftertax benchmarking solutions for each tax bracket Taxadjusted franking credits indexes are available for all types of investors. These include the effects of franking credits and offmarket buybacks and use varying tax rates for: Tax Exempt Superannuation Funds Midtax Bracket Investors Hightax Bracket Investors Superannuation funds and tax exempt investors have an alternative tax adjusted version which excludes offmarket buybacks An additional set of capital gains tax indexes are available for superannuation funds which calculate the effects of capital gains tax in addition to franking credits and offmarket buybacks CDIs and investment trusts are excluded to benefit investors by removing duplicate holdings in diversified portfolios Investors are better positioned to capture investment opportunities associated with Small Cap companies via a dynamic AllShare Index The series is independently governed and freely available index rules are overseen by an independent committee of leading market professionals 19 : Features of Franking Credit Indexes : Features of Capital Gains Tax Indexes * Super Dividends indexes only apply tax to income, and when compared with the superannuation indexes allow Source: FTSE Russell 1 of 24
AllShare ex 1 3 AllShare Sectors 1 Index Series January 18 Data as at: 31 January 18 Index Series Index Universe INFORMATION Index Universe Ordinary and preferred equity securities listed on the n Securities Exchange (ASX) Large Cap Index Value for the Capital Gains Tax Indexes at 27 February 4 Index Value for All Other Indexes at 4 September 9 Investability Screen Free float adjusted, size and liquidity screened Index Calculation EndofDay Mid Cap 1 History Available from 27 February 4 98 Small Cap EndofDay Distribution Indexes available at 19:1 Sydney Local Time via FTP and email Currency AUD TAX EXEMPT SUPERANNUATION MID TAX HIGH TAX The following indexes are included in the Index Series on a taxadjusted and unadjusted basis: AllShare Index This index comprises all companies within the top 98 of the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. Review Dates Quarterly in March, June, September and December Index Rules Available at www.ftserussell.com/australia Vendor Codes See page 4 or contact info@ftserussell.com Large Cap Index This index comprises the largest companies by full market capitalisation of the AllShare Index. 1 Index This index comprises the 1 largest companies by full market capitalisation of the AllShare Index. Mid Cap 1 Index This index comprises the next 1 largest companies by full market capitalisation. Index This index combines the constituents of the Large Cap Index and Mid Cap 1 Index. 3 Index This index comprises the 3 largest companies within the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. 3 ex OMBB Cumulative Franked Index This index comprises the 3 largest companies within the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. The index excludes offmarket buybacks from the index calculation and has been created for the tax exempt and superannuation tax brackets. The index accumulates franking credits on a daily basis and reinvests the credits at the end of the financial year. INDUSTRY CLASSIFICATION BENCHMARK (ICB) The indexes are calculated in accordance with the Industry Classification Benchmark (ICB), the global standard for industry sector analysis The ICB contains four classification levels: Industries (x1), Supersectors (x19), Sectors (x41) and Subsectors (x114) Global presence ICB is adopted by stock exchanges representing over 6 of the world s market capitalisation Small Cap Index This index comprises the companies within the top 98 of the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements, but excluding the companies in the Large Cap Index and Mid Cap 1 Index. AllShare ex 1 Index This index comprises the AllShare Index excluding the top 1 companies Source: FTSE Russell 2 of 24
Index Series January 18 Data as at: 31 January 18 Index Methodology Overview Eligible Companies A Company incorporated in and listed on the n Securities Exchange is usually eligible for inclusion in the Index Series review universe. If a company is not incorporated in but has its primary listing as determined by liquidity in, the FTSE Asia Pacific Regional Advisory Committee normally allocate that company to, however, they may also take other factors into account. Securities such as CHESS Depositary Receipts, convertible preference shares and loan stocks, companies whose primary business is to hold equity and other investments, Exchange Traded Funds (ETFs) and companies whose share price is a direct derivation of the values of its holdings (e.g. mutual funds) are not considered as eligible for index inclusion. Further details of the index methodology can be found on www.ftserussell.com/australia. The following publications are available by contacting your local FTSE Russell Client Services team or info@ftserussell.com. Dividend Treatment Cash and special dividends are included in the total return calculations of the Index Series based on their exdividend dates. The imputation (franking) credits attached to dividend distributions are included in the tax adjusted total return calculations but not in the standard total return calculations of the Index Series. Offmarket Buyback Treatment A security must be a constituent of the index for at least 4 days prior to the announcement of an offmarket buyback to have the offmarket buyback effects included in the total return calculations of the Index Series. In the NonTax Adjusted indexes and ex OffMarket BuyBack indexes, offmarket buybacks will be applied in the index calculation at the same time as in the taxadjusted indexes. However, the index calculation will be in line with onmarket buybacks whereby the buyback shares are removed at the official closing price of the security. Taxation Treatment Total return indexes based on the tax brackets of four different categories of investors are calculated. The total return indexes take into account taxation on dividend distributions (income tax and medicare levy) and the capital gains tax on the sale of the shares for offmarket buybacks. The CGT indexes take into account the capital gains tax treatment associated with the normal sale of index shares. Capital Gains Tax Treatment Both realised and unrealised indexes will be calculated on a daily basis as part of the CGT indexes. The realised index takes into account capital gains tax events as and when they occur in the calculation of the index. The unrealised index assumes on a daily basis that the entire index holdings are sold; this provides an indication of whether the index has accumulated any unrealised capital gains, or any unrealised capital losses (i.e. deferred tax assets). Deferred tax assets are calculated on an uncapped basis. The indexes assume that no cash is held as part of the index calculation. Index Reviews The FTSE Asia Pacific Regional Advisory Committee meets quarterly to review the constituents of the Large Cap Index, Mid Cap 1 Index, Index, and Small Cap Index. Constituent changes are implemented on the first trading day following the third Friday of the same month. Data used in the review process is taken after the close of business on the last working day of February, May, August and November. The universe and companies included in the 1 Index, 3 Index, AllShare ex 1 Index, and AllShare Index are reviewed semiannually in March and September using data after the close of business on the last working day of February and August. At review constituents are screened for size, liquidity, and free float. Buffers are used in the selection process of constituents to reduce any unwanted index turnover. Constituent changes are implemented on the first trading day following the third Friday of the review month. New Issues If a new issue is so large that its full market capitalisation amounts to 1. or more of the full capitalisation of the AllShare Index the FTSE Asia Pacific Regional Advisory Committee will normally decide to include the new issue after the close of business on the first day of official trading. New issues of companies which do not qualify for early entry but which meet the criteria for eligible securities will be eligible for inclusion at the next semiannual review if large enough to become constituents of the AllShare index. FTSE Asia Pacific Regional Advisory Committee The FTSE Asia Pacific Regional Advisory Committee governs the ongoing management of these indexes to ensure they continue to meet the needs of index users. The committee is made up of senior superannuation investment professionals and finance industry experts acting independently to advise on the creation of new indexes, any enhancements to the methodology and to ensure that the index series evolves with any changes in the market environment. Source: FTSE Russell 3 of 24
Index Series January 18 Data as at: 31 January 18 Commentary in January The following performance analysis looks at the Indexes from the perspective of a Superannuation fund. The Index in January finished the month down.43 per cent, with the AllShare Index down.39 per cent. Small Cap companies outperformed Large Cap companies, with the Small Cap Index up.73 per cent, 1.17 per cent greater than the Large Cap Index. The FTSE ASFA Mid Cap 1 Index finished the month down.39 per cent. The 3 Index was down.41 per cent, with the 1 Index down.37 per cent. Breaking down the returns of the Index on a financial year to date basis the price return has contributed a positive.4 per cent, with the pretax income return and franking credits from dividends contributing 2.39 per cent and.81 per cent, respectively. Returns from offmarket buybacks have contributed.1 per cent over the 1718 financial year. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 4. per cent as at the end of January. Small Cap companies have had the best price returns financial year to date, with the Small Cap Index up 21.49 per cent on a price return basis, with the Large Cap companies of the Large Cap Index having the largest pretax income contribution of 2.48 per cent. The Large Cap Index has had the highest pretax contribution from franking credits with.87 per cent year to date. Large Cap companies have also contributed from offmarket buybacks with the Large Cap Index showing a positive return of.1 per cent. Financial year to date the Mid Cap 1 Index has the highest volatility within the Index Series at 9. per cent. The Small Cap Index has the lowest volatility with 7.8 per cent. This compares to a volatility of 11.2 per cent and 1.74 per cent respectively for the 1617 financial year. The Index has a volatility of 8.4 per cent financial year to date. As at the end of January, the Large Cap Index accounts for 73.92 per cent of the AllShare Index, with the 6 constituents of the Small Cap Index accounting for 3.94 per cent. The top ten constituents of the Large Cap Index account for 8. per cent of the index, compared to 46.29 per cent of the Index and 44.8 per cent of the AllShare Index. This compares to 1.31 per cent for the top ten constituents of the Small Cap Index. Health Care was the best performing industry in the AllShare Index up 3.11 per cent in January, with Consumer Goods being the second best performer up 1.9 per cent. Utilities was the worst performing industry followed by Industrials down 3.18 per cent and 2.14 per cent, respectively. With an index weighting of 43.96 per cent and 1 constituents, Financials is the largest industry in the Index, down.3 per cent in weighting compared to the previous month. This compares to a weighting of.43 per cent in the Large Cap Index, and 43.18 per cent in the AllShare Index. Within the Small Cap Index Financials has 3 constituents, and accounts for 19.83 per cent. Vendor Codes Large Cap Index Bloomberg IRESS Tax Exempt TFASLXA FAUSLXTR Superannuation TFASLSA FAUSLSTR Realised CGTAdjusted FATSLS Mid Tax TFASLMA FAUSLMTR High Tax TFASLHA FAUSLHTR 1 Index Bloomberg IRESS Tax Exempt TFAUSOXA FAUSOXTR Superannuation TFAUSOSA FAUSOSTR Realised CGTAdjusted FATSOS Mid Tax TFAUSOMA FAUSOMTR High Tax TFAUSOHA FAUSOHTR Mid Cap 1 Index Bloomberg IRESS Tax Exempt TFASMXA FAUSMXTR Superannuation TFASMSA FAUSMSTR Realised CGTAdjusted FATSMS Mid Tax TFASMMA FAUSMMTR High Tax TFASMHA FAUSMHTR Index Bloomberg IRESS Tax Exempt TFASLMXA FAUSLMXTR Superannuation TFASLMSA FAUSLMSTR Realised CGTAdjusted FATSLMS Mid Tax TFASLMMA FAUSLMMTR High Tax TFASLMHA FAUSLMHTR 3 Index Bloomberg IRESS Tax Exempt TFAUSTXA FAUSTXTR Superannuation TFAUSTSA FAUSTSTR Realised CGTAdjusted FATSTS Mid Tax TFAUSTMA FAUSTMTR High Tax TFAUSTHA FAUSTHTR Small Cap Index Bloomberg IRESS Tax Exempt TFASSXA FAUSSXTR Superannuation TFASSSA FAUSSSTR Realised CGTAdjusted FATSSS Mid Tax TFASSMA FAUSSMTR High Tax TFASSHA FAUSSHTR AllShare ex 1 Index Bloomberg IRESS Tax Exempt TFASXXA FAUSXXTR Superannuation TFASXSA FAUSXSTR Realised CGTAdjusted FATSXS Mid Tax TFASXMA FAUSXMTR High Tax TFASXHA FAUSXHTR AllShare Index Bloomberg IRESS Tax Exempt TFASAXA FAUSAXTR Superannuation TFASASA FAUSASTR Realised CGTAdjusted FATSAS Mid Tax TFASAMA FAUSAMTR High Tax TFASAHA FAUSAHTR Source: FTSE Russell 4 of 24
Index Return Index Rebased (31 Jan 13 = 1) AllShare Index January 18 Data as at: 31 January 18 Index Overview This AllShare Index comprises all companies within the top 98 of the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. The index is reviewed semiannually to ensure the representativeness of the index. AllShare Index Year Performance Price / Total Return (AUD) 18 16 14 1 1 8 6 4 7.22 6.43 47. 21.97 Performance Highlights Price returns contributed.98 per cent to the AllShare Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.37 per cent and.81 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 3.98 per cent as at the end of January. AllShare Index Price Index AllShare Index Superannuation AllShare Index Super Dividends AllShare Index Superannuation Realised CGTAdjusted Attribution of AllShare Index Superannuation CGT by Financial Year 2 1 1 () (1) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 1314 141 116 1617 1718# 1.43 11.99.8 4.4 8.99.98.42.13 4.8 4.73 4.74 2.37 1.91 1.78 1.62 1.64 1.61.81.2..2.1 1.13 1.6.9.98.98.48.8.2.1 21.63 17.84 6.7 1.28 14.4 8.69 Unrealised CGT / DTA at Financial Year End.2 2.2 2.4.79 1.99 3.98 2way Review Turnover 2way Forced Turnover.6 3.46..77 4.18 1.38 39.29 38.16 37. 37.76 38.76 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results of 24
AllShare Index Superannuation Industry Indices AllShare Index Superannuation Industry Indices Indices Superannuation Indices Superannuation AllShare Index January 18 Data as at: 31 January 18 Relative Performance against AllShare Index Superannuation 1 Month 1 Year Large Cap. Large Cap 2.22 1 Mid Cap 1.2.1 1 Mid Cap 1 1.12 9.9 3 Small Cap.4.2 1.12 3 Small Cap.14.3 3.86 AllShare ex 1. AllShare ex 1 1.26.. 1. 1. Relative Performance.. Relative Performance Basic Materials 1.7 Basic Materials 6.21 Consumer Goods 2.34 Consumer Goods 14.9 Consumer Services.14 Consumer Services.78 Financials.78 Financials.23 Health Care 3. Health Care 1.9 Industrials Oil & Gas 1.74.31 Industrials Oil & Gas 6.3 1.91 Technology 1.77 Technology 26.82 Telecommunications 1.22 Telecommunications3.64 Utilities 2.78 Utilities 2.42 4. 2. 2. 4. Relative Performance 4... 4. Relative Performance Index Series Characteristics Attributes Number of Constituents Full MCap (AUDm) AllShare Index Net MCap (AUDm) Tax Exempt Grossed Up Dividend Yield () Constituent Sizes (Net MCap AUDm) Average Largest Smallest Median Weight of Largest Constituent () Top 1 Holdings ( Index MCap) Large Cap Index 1,32,116 73.92 1,24,773 6. 2,9 137,9 3,69 1,277 1.99 8. 1 Index Mid Cap 1 Index Index 3 Index Small Cap Index AllShare ex 1 Index AllShare Index 99 149 199 297 6 36 4 1,38,693 39,184 1,692,3 1,739,8 69,33 222,942 1,761,63 87.34 22.1 96.6 98.72 3.94 12.66 1. 1,42,231 317,3 1,72,37 1,68,13.77 3.97 2,274 172,3 1,624,81.63.9 3.11 3.7. 14,669 2,131 7,91,41 24 63 4,11 137,9 9,724 137,9 137,9 1,114 3,11 137,9 826 297 297 43 8,114 1,498 2,287 1,114 189 331 67 9. 3.6 8.77 8.8 2.13 1.8 8.49.11 23.7 46.29 4.2 1.31 14.78 44.8 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 6 of 24
Volatility AllShare Index January 18 Data as at: 31 January 18 Index Series Historical Volatility 2 1 1 Large Cap Index Superannuation 1 Index Superannuation Mid Cap 1 Index Superannuation Index Superannuation 3 Index Superannuation Small Cap Index Superannuation AllShare ex 1 Index Superannuation AllShare Index Superannuation Index volatility is calculated on a rolling 18 days basis. Index Series Historical Volatility Table Large Cap Index Superannuation 1 Index Superannuation Mid Cap 1 Index Superannuation Index Superannuation 3 Index Superannuation Small Cap Index Superannuation AllShare ex 1 Index Superannuation AllShare Index Superannuation * Based on annualised daily log returns. ** Based on annualised weekly log returns. *** Based on annualised monthly log returns. 1YR * 9.24 8.9 9.4 8.8 9. 7.69 8.17 8.69 17 1314 141 116 1617 18# ** *** * * * * * 13.42 11. 1.78 13.8 19.17 11.1 8.89 13.1 11.42 1.8 13.2 18.72 1.86 8.1 12.9 12. 12.93 13.61 16.49 11.2 9. 12.93 11.38 1.9 13. 18. 1.81 8.4 12.88 11.33 1.8 12.9 18.32 1.72 8.8 11. 1.4 11.3 1.76 12.9 1.74 7.8 11.61 13.49 13.29 13.1 1. 11.4 7.88 12.8 11.3 1.83 12.87 18.27 1.68 8.29 Index Series Historical Correlation against AllShare Index Superannuation Large Cap Index Superannuation 1 Index Superannuation Mid Cap 1 Index Superannuation Index Superannuation 3 Index Superannuation Small Cap Index Superannuation AllShare ex 1 Index Superannuation * Based on annualised daily log returns. ** Based on annualised weekly log returns. *** Based on annualised monthly log returns. 1YR * ** ***.948.9981.86.9997.919.3872.791 1314 * 141 * 116 * 1617 *.9879.994.999.9973.9977.9923 17 18# *.9219.9989.9978.9987.9991.9994.9979.9982.894.971.9177.9391.94.891.74.9998.9997.9999.9999.9999.9997.9997.9918 1. 1. 1. 1. 1..9121.6388.246.986.8.6749.87.4331.8.7649.896.87.8929.8117.8246 Index Series Historical Tracking Error against AllShare Index Superannuation Large Cap Index Superannuation 1 Index Superannuation Mid Cap 1 Index Superannuation Index Superannuation 3 Index Superannuation Small Cap Index Superannuation AllShare ex 1 Index Superannuation * Based on annualised daily log returns. ** Based on annualised weekly log returns. *** Based on annualised monthly log returns. 1YR * 2.7.6.81.26 2.76 9.1.48 ** *** 1314 * 141 * 2.13 2.62.98.97 116 * 17 18# 1617 * * 1.6 1.39 3.4.66 1.6..7.77.72.4.77 1.7.24 4.68 6.27.2 6.41.26.6.17.22.3.27.2 1.64.21..7.9.11 3.62 1.4 28.31 9.92 11.26 13.48 9.81 8.2 6.77 18. 6.82 6.94 8.32 6.81 4.8 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 7 of 24
AllShare Index January 18 Data as at: 31 January 18 AllShare Index Historical Performance Table Price / Total Return (AUD) AllShare Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax AllShare Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M 3M 4. 6M YTD.39 11.62 21.3 47. 6.66 8.9 3.1 3.22 8.3.39 13. 26.6 7.22 8.3 9.47 4.72 1617 13.6 13.63 22.76 18.9 7.3 2.34 1.37 9.17 6.9 3.3 12.4 12.64 21.63 17.84 6.7 1.3 1YR.4 2.28.84.4 7.6 8.18 21.97 2.66 4..39.39.39.39 14 4.72 17 18# 13.8 8.69 4.9 1.77 11.23 11.37.4 16.68 4.82.8 13.11 8. pa pa 3.13 8..39 12.3 23.81 2.1 7.38 8.81 4.13 3.39 3. 7.84 1 Yield 9.1.39 13.99 29.4 64.47 9.1 1.46..39 3. 7.9.39 11.72 21.68 48.66 6.76 8.2 3.64.39 2.8 7.49.39 1.91 18.96 42.87.96 7.4 2.94 7. Calendar Year Performance 16 17 1213 1314 Financial Year Performance 141 116.8 2.33 7.1 7.22 1.43 11.99.8 4.4 8.99.98.4 2.3 11.9 11.99.8 17.12.4.69 13.76 8.3 4.76 1.64 11.16 11.27.4 16.34 4.72.3 13.4 8. 21.63 17.84.99 1.37 14.38 8.68 4.9.97 1.4 1.6 19.29 1.63 4.3.72 12.3 7.64 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 7.38 9.91.82 3.8 2.42 4.48 43.18 1.6 2.22 1.91 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities AllShare Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 2 3 4 6 7 8 9 1 CBA WBC BHP ANZ NAB CSL WES TLS WOW MQG Commonwealth Bank of Westpac Banking Corp BHP Billiton Ltd & New Zealand Banking Group National Bank CSL Wesfarmers Telstra Corp Woolworths Group Macquarie Group General Mining Pharmaceuticals Home Improvement Retailers Fixed Line Telecommunications Food Retailers & Wholesalers Investment Services Totals 137,9 1,37 96,964 83,887 77,873 66,39 49,64 43,3 34,871 31,741 727,7 8.49 6.47.97.16 4.79 4.8 3. 2.68 2.1 1.9 44.8 19.66 14.97 38.2 11.96 11.1.36 27.97 86.87 19.68 4.2 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 8 of 24
Index Return Index Rebased (31 Jan 13 = 1) Large Cap Index January 18 Data as at: 31 January 18 Index Overview The Large Cap Index comprises the largest companies by full market capitalisation of the AllShare Index. The index is reviewed quarterly to ensure the representativeness of the index. Large Cap Index Year Performance Price / Total Return (AUD) 18 16 14 1 1 8 6 4.27 3.43 4.1 18.7 Performance Highlights Price returns contributed 4.6 per cent to the Large Cap Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.48 per cent and.87 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 3.1 per cent as at the end of January. Large Cap Index Price Index Large Cap Index Superannuation Large Cap Index Super Dividends Large Cap Index Superannuation Realised CGTAdjusted Attribution of Large Cap Index Superannuation CGT by Financial Year 3 2 1 1 () (1) (1) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 1314 141 116 1617 1718# 19.19 12.24.74 7.3 8.98 4.6.81.3 4.76 4.82. 2.48 2.11 1.92 1.73 1.72 1.7.87.2.1.2.1 1.22 1.12 1. 1.1 1..1.31.8.3.2 2.89 18.38.94 2.7 14.78 6.94 Unrealised CGT / DTA at Financial Year End 1.86 4.3 3.21.29 1.6 3.1 2way Review Turnover 2way Forced Turnover 4.7 2.8 4.. 4.8 1.9 39.32 38.46 37.89 38.42 38.9 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 9 of 24
Large Cap Index January 18 Data as at: 31 January 18 Large Cap Index Historical Performance Table Price / Total Return (AUD) Large Cap Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax Large Cap Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M 3M 6M.44 2.63 7.1.44 7.71 2.42 12.72 YTD 1YR.44 1.36 3.78.44.6 2.47 18.7.82 3. 8.47 4.48 11.82 24.11 62.86 7.46 1.2 6..44 2.17.89.44 9.3 1.69 4.1 4.98 7.72 3.81.44 2.44 6.63.44 1.77.6.27 6.43 9..14 11.6 27.11 19. 7.26.48 1.82 7.44.27.6 1.17 9.9 24.13 16.78 4.8 2.94 13.29 6.18 pa.44 2.32 6.27.44 1.6 18.18.14.72 pa Yield.14.44 2.18.96.44 9.43 16.11 46.34.1 7.91 3.96.44 2.2 14 Calendar Year Performance 1.3.44 8.7 13.34 4.32 4.26 7.1 3.21 16 17 1213 1314 Financial Year Performance 141 116 1617 17 18# 1.19 4.14.83 4.8 19.19 12.24.74 7.3 8.98 4.6.99.67 1.94 9.84 2. 17.9.2 2. 14. 6.6 6.7 1.4 11.64 1.6 2.89 18.38 6.2 1.49 14.7 6.92. 2.89 18.8.66 1.47 14.26.1 1.26 9.21 24.6 17.16 4.94 2.8 13.38 6.2 4.9.73 9.38 8.36 23.36 16.7 4.11 3.63 12.2.82 6.94 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 7.6 7.3.8 3.47 2.3.43 13.86.99 9.6 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Large Cap Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 2 CBA WBC Commonwealth Bank of Westpac Banking Corp 137,9 1,37 1.99 8.37 21.8 16.6 3 4 6 7 8 9 1 BHP ANZ NAB CSL WES TLS WOW MQG BHP Billiton Ltd & New Zealand Banking Group National Bank CSL Wesfarmers Telstra Corp Woolworths Group Macquarie Group General Mining Pharmaceuticals Home Improvement Retailers Fixed Line Telecommunications Food Retailers & Wholesalers Investment Services 96,964 83,887 77,873 66,39 49,64 43,3 34,871 31,741 7.73 6.69 6.21.29 3.9 3.47 2.78 2.3.74 13.26 12.31 69.99 43.9 1. 3.66.2 Totals 727,7 8. Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 1 of 24
Index Return Index Rebased (31 Jan 13 = 1) 1 Index January 18 Data as at: 31 January 18 Index Overview The 1 Index comprises the 1 largest companies by full market capitalisation of the AllShare Index. The index is reviewed semiannually to ensure the representativeness of the index. 1 Index Year Performance Price / Total Return (AUD) 18 16 14 1 1 8 6 4 9.7 7.46 48.93 22. Performance Highlights Price returns contributed 4.81 per cent to the 1 Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.41 per cent and.83 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 3.76 per cent as at the end of January. 1 Index Price Index 1 Index Superannuation 1 Index Super Dividends 1 Index Superannuation Realised CGTAdjusted Attribution of 1 Index Superannuation CGT by Financial Year 3 2 1 1 () (1) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 18.1.72 1314 141 116.26 4.71 4.8 2.3 1.8 1.69 1.69 1617 1718# 1.68.83.2.1.2.1 1. 1.1.99 1. 1.1.49 12.19 1.47.2 9.28.3 24.66 18. 6.9 4.91.4.29 14.84 4.81 2.41.1 7.8 Unrealised CGT / DTA at Financial Year End.9 3.94 3.17.82 2.7 3.76 2way Review Turnover 2way Forced Turnover 6.83 1.8 4.94.8 3.29 2.3 38.97 38.46 37.86 38. 39.19 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 11 of 24
1 Index January 18 Data as at: 31 January 18 1 Index Historical Performance Table Price / Total Return (AUD) 1 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M 3M.37 2.8 6.74 4.9.37 2.9 6.79.37 1.7 19.46 8.11 3.6 13.24 12.6.72 1.21 6M YTD.37 1YR.37 1.83 4.69.37 6.32.81 22. 1.9 4.14.37 2.72 7.1.37 11. 21.7 4.7 6.73 9.3 4.29.37 3. 7.94.37 12.9 27.44 66.63 8.42 1.7.77 1.76 1.22 22.96 16.6 2.8 19.3 7.9 1.2 1.91 8.6 22.18 1.93.16 6.11 8.47 3.78 6.44 1.94 11.1 1.96 23.82 17.4 6..4 14.21 7.22.49 1.18 13.47 6.86 7.11 2.6 12.19 11.63 24.66 18. 6.9.24 14.88 7.6 pa Yield 48.93 6. 8.29 3.64.37 2.82 7.44.37 11.88 23.91 9.7 7.41 9.73.37 2.43 6.38.37 9.74 16.7 44.14.28 7.9 3.6 14 Calendar Year Performance Financial Year Performance 1 16 17 1213 1314 141 116 1617 1.7 2.84 6.1 6.9 18.1 12.19 1.47.2 9.28 4.81 4.9 17 18# 24.66 18. 6.37.21 14.31 7.8.93 1.36 1.84 1.33 23.3 17.1.62 1. 13. 6.92.4.4 9.98 9. 1.46 19.9 pa 4.8 1.87 12.71 6.1 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 7.42 9.76 4.9 3.16 2.66 46.4 1.14 1.28 9.97 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities 1 Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 CBA Commonwealth Bank of 137,9 9..63 2 3 4 6 7 8 9 1 WBC BHP ANZ NAB Westpac Banking Corp BHP Billiton Ltd & New Zealand Banking Group National Bank General Mining 1,37 96,964 83,887 77,873 7.23 6.68.78.36 1.71 44.11 12. 11.6 CSL CSL Pharmaceuticals 66,39 4.7 61.6 WES Wesfarmers Home Improvement Retailers 49,64 3.41 34.24 TLS WOW Telstra Corp Woolworths Group Fixed Line Telecommunications Food Retailers & Wholesalers MQG Macquarie Group Investment Services Totals 43,3 34,871 31,741 3. 2.4 2.19 94.99 24.9 4.7 727,7.11 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 12 of 24
Index Return Index Rebased (31 Jan 13 = 1) Mid Cap 1 Index January 18 Data as at: 31 January 18 Index Overview The Mid Cap 1 Index comprises the next 1 largest companies by full market capitalisation. The index is reviewed quarterly to ensure the representativeness of the index. Mid Cap 1 Index Year Performance Price / Total Return (AUD) 18 16 14 1 1 8 6 4 67.2 66.9 9.89 36.88 Performance Highlights Price returns contributed 11.8 per cent to the Mid Cap 1 Index return financial year to date. Pretax income return and franking credits from dividends contributed 1.94 per cent and.8 per cent, respectively. The index has realised.1 per cent of capital gains tax financial year to date, and is sitting on unrealised CGT liability of 3.6 per cent as at the end of January. Mid Cap 1 Index Price Index Mid Cap 1 Index Superannuation Mid Cap 1 Index Super Dividends Mid Cap 1 Index Superannuation Realised CGTAdjusted Attribution of Mid Cap 1 Index Superannuation CGT by Financial Year 1 1 () 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 1.67 11.8.83.83.7.87.76.38 7.6 1314 141 116 3. 11.86 1.4 8.42 1617 1718# 4.24 4.27 3.8 4.34 3.8 1.94 1.19 1.16 1.13 1.3 1.1.8.2..1 16.46.71 13.19 14.8 13.98 Unrealised CGT / DTA at Financial Year End 7.1 4.83 4.43 2.34.28 3.6 2way Review Turnover 2way Forced Turnover 26.36 28.6 32.9 34.2.4 6.8 3.74 33.46 31.93 32.82 3.6 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 13 of 24
Mid Cap 1 Index January 18 Data as at: 31 January 18 Mid Cap 1 Index Historical Performance Table Price / Total Return (AUD) Mid Cap 1 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax Mid Cap 1 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M.4.38.4 1.24.38 1.37 3M 4.91.39.3 14.38.39.26.39 21.6 4.6 22.9 49.49 4.63 8.7 1.4 19.97 6.6 1.49 4.8 12.11 13.89 13. 4.62 8.71 6M YTD.39.37 14.87.39 1YR 12.7.4 17.66 32.8 36.88 9.92.38.37 14.67.38 21.67 47.88 64.23 13.93 1.43 3.4.39.19 14 22.89 2.64 72.99 1.14 11.8 3.97 67.2 14.34 1.8 3.37 7.29 16.13.34 12.76 14.47 13.79 14.89 13.98 3.9 8. 14.3 19.31.92 14.73 4.12 11.38 13.26 13.18.7 pa pa 6.48 Yield 9.89 13.33 9.84 2.8 3.37 9.9 13.31 9.84 2.6 14.7.39.4 42.97.1 12.6 9.16 2.1 Calendar Year Performance Financial Year Performance 17 1 16 17 1213 1314 141 116 1617 18#.29 11. 16.6 3. 11.86 1.4 8.42 1.67 11.8.19 9.34 1.67.7 14.38.39 21.6 4.48 6.27 1.6 16.9 21.78 8.48 17.29 6.47 14.7 1.61.2 9.7 16.8.99 7.6 16.46.71 13. 14.86 13.99 7.6 16.46 13.1 1.3 19.96 6.74 1. 4.74 12.9 13.88 14.37 13.49 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4.6 6.84 2.96 1.67 2.29 1.6 18.41 21.3 18.8 6.2 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Mid Cap 1 Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 TAH Tabcorp Holdings Gambling 9,724 3.6 16.94 2 BLD Boral Building Materials & Fixtures 9,336 2.94 14.3 3 CPU Computershare Financial Administration 8,11 2.6 12.43 4 6 7 8 9 1 BSL CGF ORI SEK IPL AWC A2M Bluescope Steel Challenger Orica Seek Incitec Pivot Ltd Alumina a2 Milk Iron & Steel Life Insurance Specialty Chemicals Business Training & Employment Agencies Specialty Chemicals Aluminum Biotechnology Totals 8,114 7,776 7,4 6,712 6,282 6,3,966 7,29 2.6 2.4 2.27 2.11 1.98 1.9 1.88 23.7 11.87 13.3 1.4 1.28 9.19 8.82 27.46 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 14 of 24
Index Return Index Rebased (31 Jan 13 = 1) Index January 18 Data as at: 31 January 18 Index Overview The Index combines the constituents of the Large Cap Index and Mid Cap 1 Index. The index is reviewed quarterly to ensure the representativeness of the index. Index Year Performance Price / Total Return (AUD) 18 16 14 1 1 8 6 4 8.2 6.91 48. 22.28 Performance Highlights Price returns contributed.4 per cent to the Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.39 per cent and.81 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 4. per cent as at the end of January. Index Price Index Index Superannuation Index Super Dividends Index Superannuation Realised CGTAdjusted Attribution of Index Superannuation CGT by Financial Year 3 2 1 1 () (1) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 1314 141 16.2 12.18.9 22.86 18.9 6. 116 1617 1718# 4.49 9.3.4.4.19 4.61 4.76 4.82 2.39 1.9 1.8 1.63 1.66 1.64.81.2..2.1 1.1 1.8.96.99.99.49.23.3.1.71 14.74 8.28 Unrealised CGT / DTA at Financial Year End.11 3.3 2.89.88 2.1 4. 2way Review Turnover 2way Forced Turnover 6.44 3.2.16 39. 38.2 37.67.91 3.8 1.13 37.82 38.94 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 1 of 24
Index January 18 Data as at: 31 January 18 Index Historical Performance Table Price / Total Return (AUD) Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M 3M.43 2.79 7.49.43 4.79.17 1.39 6.2 2.78 12.4 12.48 22.86 18.9 6..93 14.77 8.26 6M 7.8 YTD.43 2.6.47.43 7.36 7.4 22.28 2.41.43 2.92 14 1 16.43 17 7.49 3.77 13.48 13.48 1YR 11. 11.9 21.23 16.8 4.84.46 22.86 18.9.98.36 1.2 11.12 11.19 21.6 16.92 4.49.72 1.28 1.37.47 1.87 12.19 23.9 3.23 7.17.43 3.19 8.67.43 13.86 28.87 6.39.43 3.1 17.37.3 pa.27 14.13.9 pa 4.1 Yield 8.91 4.19 8.18.43 12.8 2.37 8.2 7.83 9.8 4.79 8.3 3.69 17 18# 1.21 2.6 6.86 7. 16.2 12.18.9 4.49 9.3.4.86 2.1 11.8 11.82 22.6.62.43 2.79 7..43 11.6.96 49.33 6. 8.82 1.9 48. 6.4 8.19 3.6.43 2.64 7.14.43 1.74 18.22 43.46.74 7.48 2.98 Calendar Year Performance 11.46 1213 1314 Financial Year Performance 141 116 1617 13.4 7.7 14.23 8.28 4.9.34 13.48 7.63 4.16 1.1 12.66 7.22.63 7.93 24.1 19.17 7.18 1.93 1.78 8.76 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 7.41 9.76 2.48.6 3.11 4.39 43.96 1.41 2.1 1.88 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 CBA Commonwealth Bank of 137,9 8.77 19.9 2 WBC Westpac Banking Corp 1,37 6.68 1. 3 BHP BHP Billiton Ltd General Mining 96,964 6.17 4.2 4 ANZ & New Zealand Banking Group 83,887.34 12.14 NAB National Bank 77,873 4.9 11.27 6 CSL CSL Pharmaceuticals 66,39 4.22 6.94 7 8 9 1 WES TLS WOW MQG Wesfarmers Telstra Corp Woolworths Group Macquarie Group Home Improvement Retailers Fixed Line Telecommunications Food Retailers & Wholesalers Investment Services 49,64 43,3 34,871 31,741 3.1 2.77 2.22 2.2 28.97 89.16.38 4.9 Totals 727,7 46.29 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 16 of 24
Index Return Index Rebased (31 Dec 12 = 1) 3 Index January 18 Data as at: 31 January 18 Index Overview The 3 Index comprises the 3 largest companies within the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. The index is reviewed semiannually to ensure the representativeness of the index. 3 Index Year Performance Price / Total Return (AUD) Performance Highlights 18 16 14 1 1 8 6 4 7.41 6.1 47.69 22. Price returns contributed.8 per cent to the 3 Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.38 per cent and.81 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on unrealised CGT liability of 4.4 per cent as at the end of January. 3 Index Price Index 3 Index Superannuation 3 Index Super Dividends 3 Index Superannuation Realised CGTAdjusted Attribution of 3 Index Superannuation CGT by Financial Year 2 1 1 () (1) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return Unrealised CGT / DTA at Financial Year End 2way Review Turnover 2way Forced Turnover 1213 1.14 1314 1.84 11.97.48.14 1.7 141.79 4.16 9.16.96 116 1617 1718# 1.93 1.79 1.62 1.6 1.62.81.8 4.9 4.74 4.78 2.38.2..2.1.99.98.48.1.3.1 22.1 17.83 6.6 1.1 14.6 8.3.3 2. 2.6.79 2.8 4.4.83 3.3.71.61 3.8 1.31 39.24 38. 37. 37.82 38.89 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 17 of 24
3 Index January 18 Data as at: 31 January 18 3 Index Historical Performance Table Price / Total Return (AUD) 3 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 3 Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M.41 2.21.69.41 7. 8.4 22. 2.61 4.6.41.41 3.32 8.88.41.41 2.93.41 3M.41 2.92.43 2.3 6M 3. 8.6 7.7 3.1 8.39 YTD 1YR 12.31 23.72 7.76.41 11.68 21.8 11.9 11.94 21.31 13.97 29.47 17.11 11.21 11.21.49 16.33 48.81 6.73 8.27 3.66.39.9 13.96 17 18# 9.16.8 4.71.13 13.23 7.83 6.8 2.97 12.6 12.9 22.1 17.83 6.6 1.2 14.9 8.1 pa pa Yield.41 11.8 21.2 47.69 6.63 8.11 3.4.41 12.97 2.98 7.41 8. 9. 4.7.41 2.78 7.3.41 1.87 18.8 42.98.92 7.41 2.96 14 7.4 3.9 13.62 13.9 23.24 18.9 7.3 2.24 1.9 9.1 4.74 Calendar Year Performance 1 1.9 16.41 17 1213 1314 Financial Year Performance 141 116.83 2.39 7.4 7.14 1.84 11.97.79 4.16 22.1 17.83.96 1.22 14.7 8.3 4.93 1.71 11.28 11.31.8 16.67 4.82.2 2.67 7.3 8.83 4.16 64.69 8.99 1.49.9 1617 13.31 7.88 4.7.92 1.44 1. 19.74 1.62 4.3.83 12.49 7.47 4.7 8.19 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 7.36 9.87 2.44.76 3.12 4.47 43.2 1.3 2.19 1.92 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities 3 Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 CBA Commonwealth Bank of 137,9 8.8 19.7 2 WBC Westpac Banking Corp 1,37 6.3 1.1 3 BHP BHP Billiton Ltd General Mining 96,964 6.3 39.29 4 ANZ & New Zealand Banking Group 83,887.22 11.99 6 NAB CSL National Bank CSL Pharmaceuticals 77,873 66,39 4.84 4.13 11.13 6.3 7 WES Wesfarmers Home Improvement Retailers 49,64 3.8 28.22 8 TLS Telstra Corp Fixed Line Telecommunications 43,3 2.71 86.87 9 WOW Woolworths Group Food Retailers & Wholesalers 34,871 2.17 19.8 1 MQG Macquarie Group Investment Services 31,741 1.97 4.3 Totals 727,7 4.2 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 18 of 24
Index Return Index Rebased (31 Jan 13 = 1) 3 ex OMBB Cumulative Franked Index January 18 Data as at: 31 January 18 Index Overview This index comprises the 3 largest companies within the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements. The index excludes offmarket buybacks from the index calculation and has been created for the tax exempt and superannuation tax brackets. The index accumulates franking credits on a daily basis and reinvests the credits at the end of the financial year. 3 ex OMBB Cumulative Franked Index Price /Total Return (AUD) Performance Highlights 18 16 14 1 1 8 6 4 7. 22.6 Price returns contributed.81 per cent to the 3 ex OMBB Cumulative Franked Index return financial year to date. Pretax income return and franking credits from dividends contributed 2.36 per cent and.76 per cent, respectively. 3 ex OMBB Cumulative Franked Price Index 3 ex OMBB Cumulative Franked Superannuation Attribution of 3 ex OMBB Cumulative Franked Index Superannuation by Financial Year 2 1 1 Price Return Income Return Franking Credits Contribution Income Tax () (1) 1213 1314 141 116 1617 1718# Financial Year End Price Return Income Return Franking Credits Contribution Income Tax Total Return 1213 1314 141 116 1617 1718# 1.84 11.97.81 4.16 9.18.81.43.1 4.9 4.7 4.74 2.36 1.8 1.67 1.61 1.3 1.1.76 1.6.99.94.91.91.4 22. 17.7 6.6 1.16 14.1 8.47 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 19 of 24
Index Return Index Rebased (31 Jan 13 = 1) Small Cap Index January 18 Data as at: 31 January 18 Index Overview The Small Cap Index comprises the companies within the top 98 of the eligible universe when ranked by full market capitalisation that meet the stated eligibility requirements, but excluding the companies in the Large Cap Index and Mid Cap 1 Index. Small Cap Index Year Performance Price / Total Return (AUD) 14 1 1 8 6 4 19. 19. 1.49 3.77 Performance Highlights Price returns contributed 21.49 per cent to the Small Cap Index return financial year to date. Pretax income return and franking credits from dividends contributed 1.8 per cent and.48 per cent, respectively. The index has not had any capital gains tax financial year to date, and is sitting on deferred tax assets of 4.98 per cent on an uncapped basis as at the end of January. Small Cap Index Price Index Small Cap Index Superannuation Small Cap Index Super Dividends Small Cap Index Superannuation Realised CGTAdjusted Attribution of Small Cap Index Superannuation CGT by Financial Year 3 1 (1) () (3) 1213 1314 141 116 1617 1718# Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Unrealised Capital Gains Tax (CGT) / Deferred Tax Assets (DTA) at Financial Year End Price Return Income Return Franking Credits Contribution OffMarket BuyBack (Net of Tax) Tax on Grossed Up Dividends Realised Capital Gains Tax (CGT) Realised CGTAdjusted Total Return 1213 1314 141 26.44 4. 3.11 116.6.76.92.91 1617..62 1718# 1.79 2.1 2.94 3.37 2.46 1.8...37.44.9.6.47.31 24.37 18. 21.49.48.14 6.93.1 21.63 2.1 23.24 Unrealised CGT / DTA at Financial Year End 17.16 13.7 12.64 1.4 8.39 4.98 2way Review Turnover 2way Forced Turnover 9. 121.28 12.29 11.38 8. 31.3 29.44 22.94 21.36 22.1 2. Source: FTSE Russell as at January 18. Past performance is no guarantee of future results of 24
Small Cap Index January 18 Data as at: 31 January 18 Small Cap Index Historical Performance Table Price / Total Return (AUD) Small Cap Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax Small Cap Index Price Index NonTax Adjusted Tax Exempt Super Dividends Superannuation Superannuation CGT^ Mid Tax High Tax 1M.73 9.87.3.73 16.62 6.12 17.7 12.99 3M 6M YTD.73 16.17 7.96.73 9.77 19.7.73 1.73 14.71 1.43 1.82 14. 26.44 4. 13.28 12.72 17.77 16.1 1YR.72 9.63 18..72 13.88 47.97 3.77 13.9.74.73 9.9.47.73 17.4 63.1 21.98 17.81 4. 3.11.73 9.84 19.81.73 16.21 8.29 1.49 16.4 2.92 1.97.73 9.86.18.73 16.86 61.7 19..73 14 9.81 19.81 Calendar Year Performance 1 16 17.99 12.7 13.84 18.82 17. 24.6 6.6.18 12. 14.81 19. 17.8 1213 1314 2.1 6.2 24. 7.37.74 22.28 12.41 14.14 18.98 17.26 24.37 6.93.1 21.63 Yield 2.32 2.6 1.48 16.46 2.92 2.4 13.6 1.98 2.48 1.6 3.12 23. 13.33 18.39 16.9 24.9 6.3.6.88 2.14 22.84 24.37 6.93.1 21.63 2.6 12.92 13.28 18.24 16. 24.78 6.4.61 1.1 pa Financial Year Performance 141 21.37.78 pa 16.99 3.29 17.22 3. 2.6 116 1617 3.11 18.. 21.49 2. 23.7 2.6 23.24 2. 17 18# 23.24 22.83.24 1.66 22.8 Note: NonTax Adjusted and Super Dividends indexes do not incorporate franking credits and the aftertax effects of offmarket buybacks in the index calculation. ^ Realised CGTAdjusted Total Return Index Year Historical Industry Breakdown Industry Breakdown 1 8 6 4 14.42 7.26 6.36 2.46.1 7.6 19.83 21.38 11.6 8.61 Basic Materials Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Small Cap Index Top 1 Constituents Rank Local Code Constituent ICB Subsector Net MCap (AUDm) Weight Industry Weight 1 2 3 LYC ELD ASL Lynas Corp Elders Ausdrill General Mining Farming & Fishing Business Support Services 1,114 888 826 2.13 1.7 1.8 9.97 19.73 1.9 4 APX Appen Computer Services 88 1..44 BWX BWX Personal Products 789 1.1 17.4 6 CLQ Clean TeQ Holdings Industrial Machinery 742 1.42 9.84 7 BIN Bingo Industries Waste & Disposal Services 739 1.41 9.81 8 BLA Blue Sky Alternative Investments Specialty Finance 726 1.39 7. 9 KDR Kidman Resources General Mining 74 1.3 6.3 1 GOR Gold Road Resources Gold Mining 669 1.28.99 Totals 8,4 1.31 Source: FTSE Russell as at January 18. Past performance is no guarantee of future results 21 of 24