Plum Super National Australia Bank Group Superannuation Fund A (Plan)

Plum Super National Australia Bank Group Superannuation Fund A (Plan) Insurance Guide Preparation date 30 September 2017 Issued by the Trustee NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 The Insurer Insurance is issued by MLC Limited ABN 90 000 000 402 AFSL 230694 The Fund MLC Super Fund ABN 70 732 426 024

This guide gives you information about the insurance available through your super. A financial adviser can help you decide if this insurance is right for you. Or, you can assess if you have adequate insurance using our free advice calculator, available when you log into nabgsf.com.au

Contents Your insurance in the National Australia Bank Group Superannuation Fund A (Plan) 4 Death and TPD 6 Temporary Disablement (Income Protection) cover 10 Other things you need to know about insurance 14 Keeping your insurance when you leave your employer 16 The information in this Insurance Guide forms part of the Product Disclosure Statement (PDS) dated 30 September 2017. Together with the Investment Menu and Fee Brochure, these documents should be considered before making a final decision to invest. They are available when you log in to nabgsf.com.au. Cost of insurance 18 Definitions 21 You can find specific details about the terms and conditions of your insurance in the NAB Group Superannuation Fund Policy document. Some words in insurance have specific meanings such as At Work and Employed. You can see more about these terms in the Definitions section of this guide. A copy of the policy document is available from customer service. 3

Your insurance in the National Australia Bank Group Superannuation Fund A (Plan) We offer flexible insurance in the Fund so you can make sure you have the cover that suits your needs. MLC Limited (MLC) is the Insurer and we deduct premiums from your superannuation account to pay them for your insurance cover. We can change the Insurer at any time if we believe this is in the best interest of members. Types of cover NAB employee members Standard cover If you are employed on a permanent Full Time (including part-time) or a Fixed Term basis (NAB employee members), you will automatically receive a level of Standard death, Total and Permanent Disablement (TPD) and Temporary Disablement (Income Protection) cover when you join the Fund, subject to your eligibility. You can then choose to tailor your level of cover to suit your needs. Where you are eligible for Standard cover, the Insurer will provide automatic acceptance for insured amounts set out in the Death and TPD section of this Guide, including increases of that cover to reflect your salary increase(s). This means you do not have to provide health evidence for Standard insurance cover. Extra cover NAB employee members can apply for extra death and TPD cover or death only cover, in units of $50,000 up to a maximum of 20 units (total $1 million) in addition to Standard death and TPD cover. Ex-employee members Ex-employee members will automatically have any death and TPD cover transferred when eligible to join the Ex-employee division (account balance is $5,000 or more). This cover remains at a fixed level but members can apply for Extra cover once they have joined the Ex-employee division. Ex-employee members will be unable to retain their Income Protection cover in the Plan but can continue their cover with the Insurer in a personal policy (continuation option). Further information is available in this Guide. Spouse members Death only cover Spouse members do not receive any Standard cover but can apply for death only cover of a fixed dollar amount. Overriding insurance policy Payment of an insured benefit is subject to the terms and conditions of the applicable insurance policy. This guide provides a summary of the main features of the insurance policy covering the Fund. Other conditions may apply. This guide should not be relied upon as a full and complete description of the terms and conditions of the insurance cover. Your benefit may be reduced if the Insurer refuses or restricts your cover or does not pay out all or part of the insured benefit when a claim is made. Contact us on 1300 55 7586 for a copy of the Fund s insurance policy. 4

Making sure you re eligible for cover If you are a NAB employee member, you are eligible for cover if you: are engaged in permanent Full Time (including part-time) Employment or Fixed Term Employment. If you are on Casual, Seasonal or Contract Employment you are not eligible for any insurance cover are under age 70 (for death and TPD cover) or age 65 (for Income Protection cover) are an Australian resident or are eligible to work in Australia, unless otherwise agreed by the Insurer become a member of the Fund within 120 days of becoming an employee of NAB, and are At Work performing normal duties of your Occupation on the date you become eligible for cover. If you are not At Work on this date you will receive Limited Cover until you have been At Work for 60 consecutive days. If you are a spouse or Ex-employee member, you are eligible for death and TPD cover: if you are under age 70 upon application and acceptance by the Insurer (for spouse members) immediately on ceasing to be employed by NAB and eligible to transfer to the Ex-employee division (for Ex-employee members). Changing your cover You can change or cancel your insurance cover at any time, simply complete the Application for insurance cover form available at nabgsf.com.au. Insurance type Death NAB employee members Ex-employees Spouse TPD NAB employee members Ex-employees Income Protection NAB employee members Maximum cover Standard cover plus up to $1 million of Extra cover* The amount of cover you hold on the day you ceased employment with NAB plus $1 million of Extra cover Unlimited Standard cover plus up to $1 million of Extra cover* The amount of cover you hold on the day you ceased employment with NAB plus $1 million of Extra cover Standard cover *Extra units of cover must be applied for in units of $50,000. If you are a NAB employee or Ex-employee member applying for Extra cover or a spouse member applying for or increasing your cover, acceptance of cover will generally be subject to health evidence being provided to and accepted by the Insurer. To provide health evidence you will need to complete the Personal Statement available at nabgsf.com.au or by contacting us on 1300 55 7586. If we need any further information from you we will let you know. If you cancel your cover your insurance will cease on the day we receive your request. If you decrease or cancel your insurance cover and later change your mind, you can reinstate your insurance, but you will need to provide satisfactory health evidence. When will your insurance cover start? Any Standard insurance cover you are eligible for will commence from your first day of employment or on the day you are first eligible for cover and may be subject to Limited cover as outlined in Making sure you re eligible for cover. If you apply to change your Standard cover or you apply for Extra cover, your new level of cover will commence from the date the Insurer accepts your application and premiums are payable from that date. The Insurer may decline your insurance cover as a result of its assessment of the health evidence you provide. 5

Death and TPD Death and TPD cover can help you and your family remain financially secure if the unexpected happens. This cover provides a lump sum benefit to your beneficiaries or your legal personal representative if you die or to you if you are diagnosed with a Terminal Illness or suffer TPD. NAB employee members Standard death and TPD cover Standard death and TPD cover is available to you through the Fund if you are under age 70. Your standard death and TPD cover is calculated as follows: 17.5% x Fund Salary x Future Service to age 60, subject to a minimum of 1 x Fund Salary that extends to age 70 (TPD cover reduces by 10% pa from age 61) Fund Salary means your actual annual Total Remuneration Package as advised by NAB. Future Service is the number of years and complete months from the date of calculation to age 60. Extra cover NAB employee members are eligible to apply for Extra death and TPD cover. You can apply for Extra death and TPD cover up to the maximum cover as outlined in the Changing your cover section of this guide. Ex-employee members Ex-employee members will automatically have any death and TPD cover transferred when joining the Exemployee division. This cover remains at a fixed level and you can apply for Extra cover once you have joined the Ex-employee division. Further information is available in this Guide. Reduction of Standard and Extra TPD cover Your TPD cover will reduce after you turn 61 to the following percentages of your cover at age 60: Age TPD cover amount 60 100% 61 90% 62 80% 63 70% 64 60% 65 50% 66 40% 67 30% 68 20% 69 10% 70 nil Example of a death and TPD benefit NAB Employee Members John is aged 40, (41 age next birthday). His Fund Salary is $55,000 pa and his account balance is $60,000. If John were to die or become Totally and Permanently Disabled, his insured component would be: 17.5% x $55,000 x 20 = $192,500 John has applied for Extra death and TPD cover of $100,000 (2 units), which was accepted by the Insurer. His total death and TPD benefit would be: Standard cover $192,500 Extra cover $100,000 Account $60,000 Death and TPD benefit $352,500 6

Spouse members Spouse members may apply for death only cover. Spouse members will need to indicate on the Spouse Account Application form whether they require death cover and the amount of cover applied for. Underwriting is required and a completed Personal Statement form will need to be attached to the Spouse Account Application form. Spouse Members (death only benefit) Maria is aged 40, (41 age next birthday). She has applied for $100,000 of death cover which has been accepted by the Insurer and her account balance is $60,000. Her total death benefit would be: Standard cover $100,000 Account $60,000 Death benefit $160,000 Ex-employee Members Frank left employment with NAB in 2014. As his account balance of $5,000 or more, his benefit was transferred to the Ex-employee division. At the time he ceased employment with NAB, he had Standard and Extra death cover totalling $273,580 which he will continue to have in the Ex-employee division. 7

Death and TPD Additional features of death and TPD insurance Cover while overseas Insurance consolidation Interim Accident cover Leave of absence If you are an Australian resident your cover will generally continue while you are overseas provided premiums continue to be paid. You can apply to transfer your death and TPD insurance that you hold with another superannuation fund, group insurer or retail policy into your NABGSF account subject to: a maximum of $2 million (inclusive of cover you already have), and the maximum benefit limits set out on page 5. To transfer insurance, you must read, complete and sign the Transfer your insurance form available at nabgsf.com.au and provide all the requested details. Any exclusions, premium loading or special conditions which apply to the existing insurance will continue to apply to the insurance offered under NABGSF. Once the Insurer confirms acceptance of your Transfer of Insurance Application, you must cancel your existing insurance within 60 days. If you do not cancel you existing insurance, any benefit that is payable on the occurrence of an event under the Policy (eg your death) will be reduced by any benefit that you are entitled to receive for the same event under the existing insurance. The Insurer won t accept a Transfer of Insurance application if you are currently claiming or you are entitled to claim on any other existing insurance or similar insurance policy. For NAB employees members, transferred cover will be rounded to the nearest highest unit value of cover (unit value = $50,000) subject to the maximum cover limit not being exceeded. If you have an Accident and you die or suffer Total and Permanent Disablement while the Insurer is assessing your application for Extra cover or Spouse cover, the Insurer will pay you a lump sum benefit equal to the amount of death and TPD cover you ve applied for, subject to a maximum of $1 million for death and TPD. Interim Accident cover will commence from the date the Insurer receives a fully completed Personal Statement and declaration of health from you. Interim Accident cover will cease on the earliest of 90 days from the date the Insurer receives your fully completed application, the day your request for cover is withdrawn or cancelled, approved or declined by the Insurer or you are no longer eligible for cover. An Interim Accident benefit will not be payable if: the injury occurred prior to the date you became eligible for cover the injury is caused by your participation in hazardous pastimes or sports that would not be covered under the Insurer s normal assessment guidelines, or the cover applied for would have been declined or you claim for an event/condition excluded under the Insurer s normal assessment guidelines. The Insurer will not pay more than one benefit for any one accident to any person. Your death and TPD cover will continue up to 24 months if you take leave without pay (such as maternity or study leave) provided: premiums continue to be paid prior to your leave, your employer has approved the period and any subsequent extension (not exceeding 24 months in total) of leave of absence in writing you don t join the armed forces, and you remain an employee of your employer and a member of the Fund. The Insurer may approve cover beyond this period. You should request an extension by writing to us at least 60 days before your cover is due to cease. Please do not assume your cover has been extended until you have received written confirmation. 8

Life events cover You may be able to apply for and increase in death and TPD cover without providing medical evidence, if you are under 70 and you apply within 90 days of the following life events occurring: Life event you have or adopt a child you get married or divorced you complete your first undergraduate degree at an Australian university you have a child who starts secondary school you take out a mortgage when you purchase your principal residence death of spouse home renovation on principal place of residence you become a carer for the first time Document required a certified copy of the birth certificate or adoption papers a certified copy of your marriage certificate or divorce papers a certified copy of the degree qualification a certified copy of the enrolment confirmation from the secondary school a certified copy of the loan documents from the mortgage lender, including the amount of the drawdown loan a certified copy of the death certificate letter from lender confirming the amount of the drawdown loan to cover the cost of renovation documentation from Centrelink Terminal illness benefit You can apply to increase your cover only once in any 12 month period and a maximum of three times in total. The amount of additional cover for each event is limited to 25% of your existing benefit and $200,000, whichever is greater. Life events cover must be applied for in $50,000 increments if you re a NAB employee member. A maximum of $1 million for all life event increases is applicable. Cover is subject to proof of the event taking place being provided to and accepted by the Insurer. To apply for life events cover you will need to complete the Increase Without Medical Evidence form available at nabgsf.com.au or contact us on 1300 55 7586. The Insurer may pay you your death benefit in advance if you are diagnosed with a Terminal Illness, subject to a maximum of $3 million. Where you have an insured death benefit which is higher than $3 million, the difference between $3 million and your insured amount will become your new death cover. Premiums will be required to be paid on the reduced level of insurance cover. 9

Temporary Disablement (Income Protection) cover Income Protection cover provides you with a monthly income while you are Totally Disabled and unable to work so you can focus on getting better. Standard Income Protection cover NAB employee members Standard Income Protection cover is available to you through the Fund if you are a Permanent Full Time Employee or Fixed Term Employee of NAB and you are under age 65. Income Protection cover provides you with a replacement monthly income of up to: 75% x Fund Salary. No maximum benefit limit applies to payments. This is paid monthly in arrears while you are Totally Disabled for up to a maximum period of two years following the end of the waiting period. Fund Salary is one-twelfth of your annual Total Remuneration Package. Waiting period is the greater of: 90 days, and the date you have exhausted all sick leave entitlements provided by NAB, or such other prior date as agreed by the Insurer. Example of Income Protection benefit From our earlier example, John has a fund salary of $55,000 pa. If John were to become Totally Disabled, his insured benefit (after the waiting period) would be: 75% x $55,000 = $41,250 pa ($3,437.50 per month) less John s applicable rate of pay as you go (PAYG) tax. Claiming Income Protection You are considered to be Totally Disabled (and therefore eligible to apply for an Income Protection benefit) if the Insurer is satisfied that because of injury or illness you are continuously: have been absent from employment with the Employer through physical or mental incapacity for three consecutive months, and in the Insurer s opinion after having regard to such medical and other evidence as they may consider material having regards to the relevant requirements, you have become incapacitated to such an extent as to render you unable for the time being to undertake your normal duties with the Employer, and if your cover first commenced after 30 June 2014, you must also have satisfied a period of Temporary Incapacity. When will benefits be reduced? Your Income Protection cover will be reduced proportionately by benefits or other income which you might be entitled to from other sources (whether or not that income was actually received), so that your total benefit does not exceed 75% of your Fund Salary. Any benefits you may be entitled to from other sources such as (but not limited to) other disability benefits, workers compensation, or other compensation benefits will be considered when determining the amount of your Income Protection benefit. 10

When do Income Protection payments cease? If payable, your benefit will continue until the earliest of the following: the date your disability ceases the date you turn 65 benefit payments have been made for a period of two years the date of your death you are no longer under the regular and continuous care of a Doctor, or you fail to provide us with all requested information and other evidence reasonably required to assess your claim. If you attempt to return to work during the Waiting Period and: the return to work proves unsuccessful due to the injury or illness causing the Total Disability, and the period of return to work is less than five days in total within the Waiting Period, then the original Waiting Period will continue and will be extended by the number of days you returned to work within the Waiting Period. 11

Temporary Disablement cover Bereavement benefit Cover while overseas Interim accident cover Leave of absence Payable on your death during receipt of an Income Protection benefit. This benefit will be paid as a lump sum amount equivalent to three times your monthly benefit from the date of your death. Your cover will generally continue while you are overseas provided premiums continue to be paid. Your benefit will only be provided in full if you are continuously residing in Australia or one of the Approved countries listed below. For other countries, Income Protection benefits will be paid for up to 12 months only, unless and until you return to Australia or an Approved country. Approved countries: Hong Kong, New Zealand, Singapore, Japan, Switzerland, Belgium, Denmark, France, Germany, Italy, Netherlands, Sweden, the United Kingdom, the United States of America, Canada, or any other country agreed to by the Insurer in writing. If you are awaiting underwriting assessment prior to acceptance of your cover, you are covered for a benefit for Income Protection (limited to the amount being applied for up to a maximum of $15,000 per month) where disablement is caused by an Accident. The Interim Accident Benefit will be the lesser of the Monthly Benefit being applied for, the Monthly Benefit the Insurer would allow under their normal assessment guidelines and $15,000 per month. The amount payable will be subject to: the terms and conditions of the policy the level of cover applicable to you a maximum amount up to $15,000 per month. Your Income Protection cover will continue for up to 24 months if you commence a leave of absence (such as maternity or study leave) provided: your employer has approved the period and any subsequent extension (not exceeding 24 months in total) of leave of absence in writing prior to the period of leave immediately prior to commencing the period of leave you were At Work you remain employed by NAB and remain a member of the Fund premiums continue to be paid, and you do not joined the armed forces of any country (not including the Australian Army Reserve). If you suffer a Total Disability whilst on such leave, the benefit will become payable from the later of: the end of the 60 day Waiting Period, or the nominated date of your return to work, which was approved by your employer. The Insurer may approve cover beyond the 24 month leave of absence period. You can request an extension by writing to us at least 60 days before the end of your initial 24 month period. Please do not assume your cover has been extended until you have received written confirmation. 12

Partial disability benefit Recurrent disability benefit Rehabilitation expenses benefit Waiver premiums If you become Partially Disabled, you will be paid a Partial Disability Benefit. You may be considered Partially Disabled if, after your Waiting Period has ended and following a period of at least 14 days of Total Disability, you are only capable of returning to work on a partial basis at reduced earnings. Your partial benefit is calculated as follows: A B x C A where: A is your earned monthly income, immediately prior to becoming Totally Disabled, B is the actual monthly income earned by you during the month in which you became Partially Disabled C is your insured month benefit. You will need to be under the care of and following the advice for treatment from a doctor in relation to your injury or illness. This benefit will be payable for up to the maximum benefit of two years while you remain Partially Disabled or until the date your monthly income earned equals or exceeds your monthly income immediately prior to total Disability commences. If you were paid an Income Protection benefit and your disability from the same or a related illness or injury recurs within six months of your return to full time work, the Insurer will waive your waiting period and treat your disability as a continuation of the original claim. Whilst you are suffering a Total and Partial Disability the Insurer may reimburse you where you incur expenses as a result of your participation in a rehabilitation program, to help you return to work. The maximum amount reimbursed is equal to 24 months times your monthly benefit less any amount that can be claimed from other sources for those expenses. The Insurer must approve the rehabilitation program in writing prior to commencement. Your Doctor must also approve the rehabilitation program. This benefit is payable at the Insurer s discretion. Your premiums will be waived while you are in receipt of an Income Protection benefit. 13

Other things you need to know about insurance When might you need to provide health evidence? You may, in certain circumstances, be required to provide health evidence to the Insurer, including: if you do not meet the eligibility terms or the terms of automatic acceptance if you apply for cover or apply to increase your cover if your cover exceeds limits as detailed in the group insurance policy if your Fund Salary or sum insured increases by more than 30% in any 12 month period the amount in excess of 30% may be subject to provision of satisfactory health evidence if an Automatic Acceptance Limited (AAL) does not apply if your increase in cover exceeds the Forward Underwriting Level, underwriting terms apply in respect to the amount in excess if you do not comply with the terms of automatic acceptance, underwriting applies in respect of the total amount of cover and any subsequent increases in cover if an increase in cover is other than as a result of the Policy s agreed benefit formula if you cease to be a member of the Fund and then subsequently re-join the Fund and apply for cover. We will advise you if health evidence is required. This may be in the form of a personal medical statement and/or various medical examinations as required. The Insurer may decline your insurance cover as a result of this medical evidence. Any application for cover or increase in cover that is subject to the acceptance of health evidence will only take effect when the Insurer notifies you that your application has been accepted. Your sum insured could be reduced or a benefit declined by the Insurer if you provide inadequate medical evidence or false or misleading information to the Insurer. Cessation of insurance cover Death, TPD and Income Protection cover ceases immediately under the insurance policy, on the earliest of the following: you reach age 70 for death and TPD and 65 for Income Protection cover for Income Protection cover, 60 days after you cease to be employed by NAB the day you cease to be a member of the Fund for death and TPD cover, the date a death or TPD benefit is paid to you or a Terminal Illness Benefit is paid to you which is not less than your death cover 14

the date of your death your account balance becomes insufficient to pay a premium instalment the day before you commence duty with the armed forces of any country (not including the Australian Army Reserve) the date a continuation option is accepted by the Insurer the day after you continue to be on unpaid leave for a period in excess of that allowed under the insurance policy (unless otherwise approved by the Insurer) you make a fraudulent claim the date that the Fund receives a request from you to cancel your cover, and any other terms under the group insurance policy. How to make a claim In the event of your death, if you are diagnosed with a Terminal Illness or if you become TPD or Partially or Totally Disabled, you or a representative acting on your behalf should notify the Trustee or the Insurer as soon as is reasonably practicable. The Insurer will generally send the Trustee or your employer, or in the case of your death, your legal personal representative, claim forms once receiving notice of a potential claim. You should complete your claim form and respond to any requests by the Insurer for medical information and evidence to enable your claim to be assessed. If a claim is lodged more than two years after the date of your injury, illness or death, the Insurer may not be able to pay your claim. If you lodge a claim for a TPD benefit, you may also be required to be interviewed and attend vocational assessments and rehabilitation. The Insurer aims to make the claims process as simple, quick and efficient as possible, while treating all beneficiaries with respect and sympathy. If you would like more information about making a claim for Income Protection benefit contact us on 1300 55 7586. Duty of disclosure When you apply for a life insurance policy, you have a duty to tell us anything that you know, or could reasonably be expected to know, may affect our decision to insure you and on what terms. You have this duty until we agree to insure you. You have the same duty before you extend, vary or reinstate the policy. You do not need to tell us anything that: reduces the risk we insure you for, or is common knowledge, or we know or should know as an insurer, or we waive your duty to tell us about. If someone other than you will be the life insured under the policy, any failure by that person to comply with the above duty will be treated as failure by you. If you request life insurance inside super, the Trustee obtains this insurance from us in relation to you. In this circumstance, we rely on the disclosures that you or the Trustee makes to us. If you do not tell us something In exercising the following rights, we may consider whether different types of cover can constitute separate policies of life insurance. If they do, we may apply the following rights separately to each type of cover. If you do not tell us anything you are required to, and we would not have insured you if you had told us, we may avoid the policy within three years of entering into it. If we choose not avoid the policy, we may, at any time, reduce the amount you have been insured for. This would be worked out using a formula that takes into account the premium that would have been payable if you had told us everything you should have. However, if the policy provides cover on death, we may only exercise this right within three years of entering into the policy. If we choose not to avoid the policy or reduce the amount you have been insured for, we may, at any time vary the policy in a way that places us in the same position we would have been in if you had told us everything you should have. However, this right does not apply if the policy provides cover on death. If your failure to tell us is fraudulent, we may refuse to pay a claim and treat the policy as if it never existed. 15

Keeping your insurance when you leave your employer When you leave your employer you can keep your insurance cover by choosing one of the following options: 1. Automatic transfer of cover when you join the Ex-employee division account Once NAB tells us you re no longer their employee, we ll transfer your account to the Ex-employee division together with your death and TPD insurance cover if your account balance is $5,000 or more. We will transfer the exact amount of cover that you hold at the time you leave NAB and it will remain a fixed dollar amount in the ex-employee division. You can change these amounts at any time. Your Income Protection cover will cease unless you apply under a personal policy with the Insurer (further information below). If your account balance is less than $5,000 at the time you cease employment, your death and TPD cover will cease 60 days after you cease employment (if you haven t already closed your account and transferred out of the Fund). Your benefit will then be transferred to the Trustee s Eligible Rollover Fund after 60 days if you do not provide alternative payment instructions to the Trustee. 2. You can continue your death and TPD cover, and/ or Income Protection cover under a personal policy with the Insurer If you are under 60 years of age at the date you cease being employed by NAB, you may without providing health evidence, transfer your insurance to a retail insurance policy held directly with the Insurer (this option expires 60 days from when you cease employment with NAB). In order to continue your cover you must ensure: you are under age 60 you are a permanent resident of Australia you have not ceased employment with NAB for reasons of disablement or ill health you have not commenced duty in the armed forces of any country (not including the Australian Army Reserve) for TPD and Income Protection insurance, you must commence Full Time Employment within 90 days of ceasing employment with NAB. 16

If you transfer your insurance to an individual policy, any special terms and conditions, including loadings or exclusions that are in place, will also be transferred to your individual policy and the cover will be provided on the rates that apply to individual policies. These rates may be higher than the premium that you pay under the NAB Group insurance policy. You cannot transfer your insurance if you choose to leave the Fund but there is no change to your employment or if you have received or are eligible to receive any disability benefits or similar payments under any other policy. Should you wish to discuss your cover, please contact us on 1300 55 7586. You should notify us of your intention to take up a continuation option at least 10 days prior to the continuation option expiry date to ensure there is sufficient time for communication with the Insurer. Further information about continuing your cover can be found in materials which will be supplied to you at the time you leave your employment with NAB. 17

Cost of insurance The premiums associated with standard and Extra cover are deducted monthly by equal instalments from your account. Premiums are calculated using agebased premium rates and will depend on the type and level of cover. The actual premiums calculated for you may vary slightly due to rounding and are inclusive of any statutory charges including stamp duty. Premium rates may be charged at any time. We will provide you with at least 30 days notice of any increase in your premiums. Cost of death and TPD cover (Standard cover, Extra cover, spouse and Ex-employee cover) This applies to: Death and TPD for NAB Employee members Death only cover for Spouse members, and Standard Death and TPD cover for Ex-employee members. Age next birthday Annual premium per $1,000 sum insured Death ($) TPD ($) Age next birthday Death ($) TPD ($) 16 0.21 0.09 44 0.63 0.60 17 0.25 0.09 45 0.70 0.67 18 0.30 0.10 46 0.78 0.75 19 0.33 0.10 47 0.86 0.84 20 0.36 0.11 48 0.95 0.95 21 0.39 0.11 49 1.03 1.08 22 0.39 0.10 50 1.12 1.23 23 0.39 0.10 51 1.22 1.40 24 0.39 0.10 52 1.32 1.61 25 0.39 0.11 53 1.44 1.84 26 0.35 0.11 54 1.56 2.07 27 0.35 0.13 55 1.69 2.35 28 0.34 0.15 56 1.84 2.67 29 0.34 0.15 57 1.98 3.02 30 0.34 0.16 58 2.14 3.43 31 0.34 0.17 59 2.37 3.74 32 0.34 0.18 60 2.62 4.08 33 0.34 0.19 61 2.90 4.45 34 0.34 0.22 62 3.19 4.85 35 0.35 0.25 63 3.52 5.28 36 0.36 0.27 64 3.84 5.88 37 0.38 0.31 65 4.20 6.57 38 0.39 0.34 66 4.57 7.57 39 0.41 0.38 67 4.99 8.72 40 0.44 0.41 68 5.45 10.04 41 0.49 0.44 69 6.04 11.56 42 0.52 0.49 70 6.69 13.28 43 0.57 0.54 18

Cost of insurance Cost of Income Protection cover NAB Employee members Age next birthday Annual premium per $1,000 of annual benefit Standard cover ($) Age next birthday Standard cover ($) Waiting period* Benefit period: 2 years Waiting period* Benefit period: 2 years 16 1.32 41 2.09 17 1.32 42 2.31 18 1.32 43 2.55 19 1.32 44 2.83 20 1.32 45 3.15 21 1.34 46 3.52 22 1.35 47 3.92 23 1.35 48 4.39 24 1.36 49 4.93 25 1.37 50 5.52 26 1.30 51 6.18 27 1.24 52 6.93 28 1.20 53 8.12 29 1.18 54 9.49 30 1.17 55 11.06 31 1.17 56 12.88 32 1.18 57 14.95 33 1.21 58 17.33 34 1.25 59 20.07 35 1.32 60 23.18 36 1.41 61 26.74 37 1.49 62 30.77 38 1.61 63 23.26 39 1.75 64 12.94 40 1.92 65 2.62 * Waiting period is the greater of: 90 days, and The date you have exhausted all sick leave entitlements provided by NAB, or such other period as agreed to by the Insurer. 19

Example of premiums NAB Employee members Standard cover In our earlier example John, aged 40 (41 next birthday) had Standard death and TPD insurance cover of $192,500. John s premium would be calculated as follows: Standard death and TPD premiums: ($192,500 $1,000) x (0.49 + 0.44) = $179.02 per annum ($14.92 per month) Extra cover In our earlier example John, aged 40 (41 next birthday) was accepted for Extra death and TPD cover of $100,000 (2 units). John s premium would be deducted from his account and is calculated as follows: ($100,000 $1,000) x (0.49 + 0.44) = $93 per annum ($7.75 per month) Income Protection In our earlier example, John s Fund Salary was $55,000 and he was entitled to an Income Protection benefit of $41,250 with a waiting period greater of 90 days or the date you have exhausted all sick leave entitlements provided by NAB, or such other period as agreed to by the Insurer, two year benefit period. John s premium would be calculated as follows: ($41,250 $1,000) x 2.09 = $86.21 per annum ($7.18 per month) 20

Definitions You can find the specific details about the terms and conditions of your insurance in the NAB Group Superannuation Fund policy document. Accident Means an event where bodily injury is caused directly and solely by external and visible means, independently of all other causes. At Work Means you are At Work for the normal daily hours of work and are actively performing the full, unrestricted or unmodified duties of your normal Occupation for which you were employed or would have been had the day not been a day of leave (other than due to Illness or injury), public holiday or weekend day. Australian Resident Means you: have always lived in Australia or have come to Australia to live, and are eligible to work in Australia. Casual Employment Means you are engaged in employment of a temporary nature where continuity of employment is not guaranteed by NAB, regardless of hours worked or the period of employment. Date of claim Means: a. for death claim, or Interim Accident Benefit, the date of your death b. for TPD, Partial and Permanent Disability or Income Protections claim, the date that you last worked prior to your disability c. for a Terminal Illness claim, the date the Insurer receives medical information supporting the view that your life expectancy has been reduced to less than 24 months. Doctor Means a registered medical practitioner who is acceptable to the Insurer and who is not you, your spouse, your family member, your business partner, your employee or employer. Fixed Term Employment/Fixed Term Employee Means you are employed for a fixed period of employment determined at the commencement of your employment and where you are in receipt of leave, sick leave, superannuation and other entitlements normally associated with Full Time Employment. Full Time Employment/Full Time Employee Means engaged in permanent employment for the standard number of work hours (including permanent part-time employment) where NAB guarantees continuity of employment and you receive entitlements normally associated with permanent employment. Illness Means a sickness, disease or medical disorder. Important Duties Means the duties of your Occupation which is essential in producing a salary. Insured Member Means an Eligible Person who has been accepted by MLC for inclusion under and, in accordance with, the provisions of the Policy. 21

Limited cover Means you are only covered for claims arising from: an illness that first became apparent, or an injury which first occurred, on or after the date you first became eligible for cover. Monthly Income (Income Protection) Means one-twelfth of your Fund Salary, defined as your actual annual Total Remuneration Package derived from your Occupation and as advised to the Insurer. Own Occupation (Income Protection) Means the normal occupation in which you are employed immediately prior to becoming Totally Disabled. Partially Disabled (Income Protection) Means that immediately following a period of at least 14 consecutive days of Total Disability and as direct result of injury or illness which caused the Total Disability, you have returned to work on your own or another Occupation and you are: continuously unable to perform the important duties of your Own Occupation, and earning less than your Monthly Income prior to Total Disability, and under the continuous care and following the advice for treatment of a Doctor in relation to that Illness or injury. Partial Permanent Disablement (PPD) (death and TPD) Means you have been absent from employment with NAB through physical or mental incapacity for six consecutive months (or such lesser period as in the circumstances the Insurer considers appropriate) and in the Insurer s opinion after having regard to such medical and other evidence as they may consider material, have become incapacitated to such an extent as to render you unable to undertake your normal duties with NAB or any other duties with NAB which you are qualified by education, training or experience. Regular Means the period of continuous work history as measured over the three month period immediately prior to your Date of Claim. Seasonal or Contract Employment Means you are not in Casual Employment or Fixed Term Employment but you are employed or contracted in your own name or in your business name or through an agency, to complete a specific job and without guarantee of continuity of employment, irrespective of the hours worked or the period of employment. Terminal Illness (death and TPD) Means you suffer an Illness or injury which in the Insurer s opinion, after consideration of medical evidence, would reasonably be expected to reduce your life expectancy to less than 24 months. The reduced life expectancy must occur while you are covered by the Policy. Total Disability or Totally Disabled (Income Protection) You have been absent from employment with NAB through physical or mental incapacity for three consecutive months and in the Insurer s opinion after having regard to such medical and other evidence they may consider material having regard to the relevant requirements, you have become incapacitated to such an extent as to render you unable for the time being to undertake your normal duties with NAB. 22

Definitions TPD Means Total and Permanent Disablement as defined below. The definition(s) applicable to this Policy are: If you are employed If you are aged less than 65 If you are aged less than 70 Definition of TPD You have been absent from your Occupation solely through injury or illness for six consecutive months and you are incapacitated to such an extent that, in the Insurer s opinion, after consideration of medical and other relevant evidence, at the end of the period of six consecutive months absence from employment you are unlikely to ever engage in or work for reward in any occupation for which you are reasonably suited by education, training or experience. You have been absent from your Occupation solely through injury or Illness for six consecutive months and you are incapacitated to such an extent that, in the Insurer s opinion after consideration of medical and other relevant evidence, at the end of the period of six consecutive months absence from employment, you are unlikely to ever be able to perform at least two of the Activities of Daily Living without the physical help of someone else. Activities of Daily Living means: Bathing and/or showering, or Dressing, or Moving from place to place including in and out of bed and in and out of a chair, or Eating or drinking, or Using the toilet. 23

Contact us For more information visit nabgsf.com.au or call us from anywhere in Australia on 1300 557 586, between 8am and 7pm AEST (8pm daylight savings time) Monday to Friday. Postal address Plum Super GPO Box 63 Melbourne VIC 3001 Registered office Ground Floor, MLC Building 105-153 Miller Street North Sydney NSW 2060 NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. Part of the National Australia Bank Group of Companies. An investment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is not guaranteed by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 (NAB). NAB does not guarantee or otherwise accept any liability in respect of this product. PLUM0159M0917 A119998-0917