Product Disclosure Statement (PDS) for Ex-employee Members and Spouse Members of

Product Disclosure Statement (PDS) for Ex-employee Members and Spouse Members of National Australia Bank Group Superannuation Fund A MySuper compliant

Issued by the Trustee: PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243 357 Fund: National Australia Bank Group Superannuation Fund A (NABGSF) ABN 59 929 570 050 Administrator: Plum Financial Services Limited (Plum) ABN 35 081 812 731 AFSL 243356 Level 4, 500 Bourke Street Melbourne Vic 3000 GPO Box 63 Melbourne VIC 3001 Telephone 1300 55 7586 Fax 1300 99 7586 Web nabgsf.com.au Preparation date: 18 December 2014 This PDS is a summary of significant information of the National Australia Bank Group Superannuation Fund A (the Fund ) and contains references to further important information in the following information brochures: How the Fund works; Investing in NABGSF; and Insurance Cover & Benefits. The Retained Benefit Account and Spouse Member brochures also contain important information. You should consider all information before making a decision to invest in this product. The information in this PDS is general and does not take into account your personal financial situation or needs. We recommend you obtain financial advice for your own personal circumstances. This offer is made in Australia in accordance with Australian laws and your super account will be regulated by these laws. Our website provides information, tools and education to help you on your journey towards financial security in retirement. 1. Go to nabgsf.com.au 2. Select the Login here option. 3. Enter your member number and PIN which is provided to you when you join the Fund. 4. Select Login. II

Contents About the National Australia Bank Group Superannuation Fund A... 2 How super works... 3 Benefits of investing with the National Australia Bank Group Superannuation Fund A... 4 Risks of super... 5 How we invest your money... 6 Fees and costs... 8 How super is taxed... 10 Insurance in your super... 11 How to open an account... 12 1

1. About the National Australian Bank Group Superannuation Fund A Building your savings through your super fund while you work can be a simple and tax effective way of planning for your retirement. All full time and part time employees of National Australia Bank Limited (NAB) may choose to become members of the Fund. Spouses of members may also join the Fund via the Spouse Contribution facility, whilst employees leaving the employment of NAB may also remain in the Fund (subject to a $5,000 minimum). You don t have to do anything to remain in the Fund and take advantage of these valuable benefits. Spouse means: another person (whether of the same sex or different sex) with whom the person is in a relationship that is registered under a law of a state or territory prescribed for the purposes of Sec 22B of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and another person who although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple. The Fund is one of the oldest and largest corporate funds in the country with approximately 36,000 members and managing approximately $3.9 billion of assets (as at 30 June 2014). If you are just starting your working life and retirement is a long way off, or if you are getting closer to retirement we can assist you to develop the savings and investment strategies to help you reach your retirement goals. We have developed an information program to help you understand how super works and the decisions you need to make to achieve your retirement goals. You will have access to an informative website and receive useful information to understand retirement savings. The Fund provides competitive fees which are easy to understand. As an Ex-employee having ceased employment with NAB, you can remain in the Fund and maintain your death and total and permanent disablement (TPD) cover. Temporary disablement will cease upon leaving employment with NAB. Spouse Members are eligible to apply for death cover only. To ensure you have the cover to best suit your needs you can apply for a higher level of cover at any time. For Spouse Members who don t make an investment choice, your super will be invested in NABGSF MySuper a diversified investment option. You can also choose from eight other investment options. Upon ceasing employment and remaining in the Fund, as an Ex-employee you will continue with the investment strategy in place at the time you ceased employment. To find out more about NABGSF MySuper and other investment options as well as other Fund details go to nabgsf.com.au/yoursuperfund to: access product information (dashboard); find out more about Trustee directors including remuneration details; and access other Fund documents. 2

The Fund is administered by Plum, which is responsible for more than $24 billion of funds under management (as at 30 June 2014) invested on behalf of more than 220,000 individuals and employees of many of Australia s largest organisations. Plum is part of the MLC group of companies, the wealth management division of the National Australia Bank. 2. How super works Investing through super is a tax effective way to save for your retirement. The Government encourages Australians to use super to build wealth that will generate income in their retirement, and it s compulsory for contributions to be made to super for most working Australians. Tax concessions and other government benefits generally make it one of the best longterm investment vehicles. Contributing to your super Generally you, your spouse or your employer can contribute to your super and help it grow faster. You can also use strategies that include Government co-contributions or arranging with your employer to contribute some of your pre-tax salary. Whatever strategy you choose, you can contribute to the Fund as can your current and future employers. While you can contribute as much as you like, you will incur additional tax if contributions exceed certain limits. All subsidies made by your employer by way of additional contributions will count towards your concessional contributions cap. Consolidating your super Keeping your super in one place makes sense. This gives you a single view of your money, helps you keep track of your investments and means you are only paying one set of fees for your super. We can help you consolidate your super if you provide us with your TFN and consent to us searching for your super on your behalf. If you have insurance with another provider, you have the option to add it to the insurance you have with us. We recommend that you seek financial advice before consolidating your super as your fees, insurance cover and other benefits or costs may be different in each account. Please use the Consolidate your superannuation benefits form available at nabgsf.com.au Leaving your employer When you leave an employer who has been contributing to your NABGSF account, you don t need to leave the Fund; you can generally request your next employer to contribute to your account and keep your super in one place. Choosing where your super s invested You can generally choose which super fund you want to invest your super. If you have an employer other than the NAB, you can advise your employer to direct their contributions to your account in NABGSF. 3

The law defines your eligibility, the types of contributions you or others can make on your behalf, and the maximum amount you can contribute before you pay additional tax. It also determines whether you are eligible to access your super. To find out more go to apra.gov.au or moneysmart.gov.au 3. Benefits of Investing with National Australia Bank Group Superannuation Fund A We offer a range of features that can help you maximise your retirement savings. Access to your account is available at, so you ll always know where your super s headed. Our investments We have selected JANA Investment Advisers one of Australia s most highly regarded investment consultants, to develop an investment menu that offers nine different investment options. Four of the investment options are single sector options that include Australian Shares, Overseas Shares, Fixed Interest and Cash. The other five investment options are pre-mixed options (various combinations of asset classes) that cater for risk profiles from conservative to aggressive. You can Choose one investment option or many, it s up to you. For Spouse Members who don t choose an investment option we ll invest your super in the NABGSF MySuper default investment option. For more information about the NABGSF MySuper investment option please refer to Section 5 How we invest your money. Ex-employees who remain in the Fund will retain their existing investment strategy. Insurance Insurance in your super can be a cost effective way to help protect you and your family. You also benefit from group discounts, so the premiums on this insurance are generally cheaper than if you had insurance separately. This means you could save money on your cover. It s also hassle free because we ll deduct the premium from your account each month. When your life changes, so do your insurance needs. That s why when big events happen, like getting married or having a baby, we ve made it really easy for you to increase or decrease your insurance. For more information about insurance please refer to Section 8 Insurance in your super. Website You can access information, tools and calculators on our website. Use our online advice calculator to model what your retirement savings might look like or learn how to boost your account balance by contributing more to super. Go to nabgsf.com.au to find out more about how you can make your money work for you. Financial advice services You can call us for help about your super. We can provide you with free online and phone based advice on a range of super strategies. If you need comprehensive financial advice, you can access personal face-to-face advice via a licensed financial adviser. To access these services, call us on 1800 061 790. 4

You ll enjoy: a range of investment options; insurance cover with competitive premiums; access to tools and calculators online at nabgsf.com.au; our investment and education newsletter; six-monthly Member benefit statements; access to financial advice services; and the option to keep your super benefits in the one place by choosing this account for your future employer contributions. You can tailor your membership in many ways to help you take control of your financial future. If you d like to find out more about the benefits of investing with us go to our website nabgsf.com.au You should read the important information about the benefits of investing with the Fund before making a decision. Go to nabgsf.com.au to read the Investing in NABGSF brochure. The material relating to the benefits of investing with the Fund may change between the time you read this PDS and the day the product is acquired. 4. Risks of super When making an investment choice, the factors that will affect your decision include: your investment goals; the savings you ll need to reach your goals; how many years you have to invest; the return you may expect from your investments, including investments outside super; and how comfortable you are with investment risk. Investment risk All investments carry risk. Even the simplest of investments come with a level of risk and different investments have different levels of risk. While the idea of investment risk can be confronting, it s a normal part of investing. Without it you may not get the returns you need to reach your financial goals. This is known as the risk/ return trade off. When considering your investment, it s important to understand that: its value will vary over time; investments with higher return potential, usually have higher levels of risk; returns aren t guaranteed, and you may lose some of your money; previous returns shouldn t be used to predict future returns; your final super balance may not provide for an adequate retirement; and laws of overseas jurisdictions can impact returns on international investments. Accessing the money you put into super Because super is for your retirement the law is strict about how and when you can access your money. To find out more go to moneysmart.gov.au 5

Legislative change Just as the Government makes rules, it can also change them. International law changes can also impact on your super. We will help keep you informed on changes to laws on super, tax, social security and other retirement issues. The significant risks that may apply to the National Australia Bank Group Superannuation Fund A include: Market risk Economic, technological, political or legal conditions, and even market sentiment, can (and do) change, and this can mean that changes in the value of investment markets can affect the value of the investments in the option. The Fund invests across numerous markets to limit the exposure to any one market or sector. Eliminating all market risk is not possible. Fund risk These risks include, the Fund terminating (in accordance with the Fund Rules), we could be replaced as Trustee and our service providers could change, under perform or fail. We to keep Fund risk to a minimum by always acting in Members best interests. Employer sponsor risk NAB, as the sponsoring employer could withdraw its support of the Fund or replace the Fund as its default fund. Either of these events could impact the viability of the Fund in the longer term. Want to know more? Your financial future is what matters, so we ve developed a broad range of information and tools on super, investment risk and investing for the future. Just go to nabgsf.com.au to: access information about the investment menu; find out more about savings and investment strategies; and try our tools and calculators. 5. How we Invest your Money We provide nine investment options and you can choose one investment option or any combination of the investment options to put your investment plan into action. For Spouse Members who don t make a choice, your super will be invested in NABGSF MySuper. MySuper NABGSF MySuper provides a diversified investment that brings together a range of asset classes, management styles and philosophies. Other pre-mixed options choose from four premixed diversified options suited to a range of risk profiles from conservative through to aggressive. each option brings together a range of asset classes, management styles and philosophies. Single sector options choose from four single sector investment options. 6

Each of our investment options has a different level of risk and potential level of return. You should consider the likely return, risk and investment time frame when choosing to invest in an option. We may change the allocation in each investment option, and add or remove options at any stage. Up to date information is available at nabgsf.com.au. You can change your investment strategy or switch between investment options at any time. To do this, log in to nabgsf.com.au. You should read the important information about our investment options, understanding risk and ethical investing before making a decision. Go to nabgsf.com.au to read the Investing in NABGSF brochure. The material relating to your investment options may change between the time you read this PDS and the day the product is acquired. Investor profile tools For more information about our investment options, such as asset allocations, performance and investment commentary, simply visit nabgsf.com.au or call 1300 55 7586. Investment objective: The portfolio may be suited to you if: Neutral asset allocation (at 30 June 2014): NABGSF MySuper To earn 3% p.a. above the Consumer Price Index (CPI) over rolling 10 year periods. you want higher returns over the long term; and you can accept volatility in investment returns from year to year. Cash 2% Diversified fixed interest 14% Defensive total 16% Property 12% Australian shares 34% Overseas shares 26% Growth total 72% Alternatives 12% We may adjust the allocation within these ranges: Minimum suggested time to invest: Estimated number of negative annual returns: Defensive 0 45% Growth 45 100% Alternatives 5-25% 5 years Indicative investment fee (% p.a.): 0.85%¹ High, 4 years in 20 1 This includes estimated performance fees. Actual fees may be different. 7

6. Fees and costs Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. To find out more If you would like to find out more, or see the impact of fees for your own circumstances, the Australian Securities and Investments Commission (ASIC) website moneysmart.gov.au has a Superannuation calculator to help you check out different fee options and calculate the effect of fees and costs on account balances. All fees shown in the table are inclusive of GST and net of Reduced Input Tax Credits (where applicable). A tax benefit may apply to fees charged to your super account. We will pass on the tax benefit arising from the fees you pay, reducing your overall tax or providing your account with a refund. You can use the information in this table to compare fees and costs between different superannuation products. These fees and costs may be deducted from your account, from the returns on your investment or from the Fund assets as a whole. We may vary some of our fees or costs in line with movements in the Consumer Price Index (CPI) without notice but we ll give you 30 days notice of other material increases. The only exceptions are for investment fees which will vary daily with investment costs and Government taxes and charges. For further details about fee definitions go to nabgsf.com.au 8 National Australia Bank Group Superannuation Fund A Type of fee Amount How and when paid Investment fee $0.00 Administration fee Administration fee $1.75 per week/$91.00 p.a. 1 plus Management fee 0.14%p.a. The Administration fee is deducted monthly from your account. The Management fee is deducted monthly from your account. Buy/sell spread $0.00 There is no Buy/sell spread. Switching fee $0.00 There is no Switching fee. Exit fee $0.00 There is no Exit fee. Advice fees Relating to all members investing in NABGSF MySuper or other investment option(s). $0.00 No advice fees will be deducted from your account.

Other fees and costs The first two withdrawals in each Fund year are free whilst a fee of $50 may apply for the third and each subsequent withdrawal. For details of other fees and costs that may apply please refer to the Additional fees and costs section of the How the Fund works brochure. Indirect cost ratio The estimated indirect cost ratio for NABGSF MySuper is 0.85% p.a. The estimated indirect cost ratio for other investment options range from 0.09%p.a. to 1.54%p.a. Reflected in the daily unit price for each investment option. 1. This fee may be indexed annually in line with movements in the CPI without notice. Example of annual fees and costs for NABGSF MySuper This table gives an example of how the fees and costs in NABGSF MySuper can affect your superannuation investment over a one year period. You should use this table to compare this superannuation product with other superannuation products. Example NABGSF MySuper Balance of $50,000 Investment fees NIL $0.00 For every $50,000 you have in NABGSF MySuper you will be charged $0.00 each year. Plus Administration fees $91.00 ($1.75 per week) + 0.14% p.a. x $50,000 $70.00 $91.00 And you will be charged $161.00 in administration fees. Plus Indirect costs for NABGSF MySuper Equals Cost of product 0.85% p.a.² x $50,000 $425.00 And, indirect costs of $425.00 2 each year will be deducted from your investment $586.00 If your balance was $50,000, then for that year you will be charged fees of $586.00 for NABGSF MySuper. 1. The fees calculated in this example are based on indicative investment costs, which may differ from the actual costs. 2. This cost is reflected in the unit price for NABGSF MySuper. * Additional fees may apply: And, if you leave the Fund early, you will be charged an exit fee of $0.00. Indirect costs When investing your money, we may incur costs and expenses that won t be charged to you as a fee but will reduce the net return of the investment option. These indirect costs are reflected in the daily unit price and any reporting on the performance of the investment option. 9

You should read the important information about fees and costs before making a decision. Go to nabgsf.com.au to read the Investing in NABGSF and How the Fund works brochures. The material relating to fees and costs may change between the time you read this PDS and the day the product is acquired. 7. How super is taxed This section isn t a comprehensive and complete tax guide. Tax on super is complex. This is general information, and we recommend you seek advice from a registered tax agent to determine your personal tax obligations. We are not a registered tax agent. Tax laws change. To keep up to date, please visit ato.gov.au. Tax treatments in your account Tax treatments on payments to you Contributions Investment earnings Regular and additional pension payments Lump sum withdrawals Super Concessional contributions, such as employer and salary sacrifice contributions usually taxed at a rate of 15%, but a higher rate may apply if you earn over $300,000 p.a. Tax is deducted at the end of each month or when you leave the Fund. Personal contributions, generally made by you or your spouse for which no personal income tax deduction will be claimed not taxed. Additional tax may be payable if you exceed the contribution limits, go to ato.gov.au Taxed at rate of up to 15%. Tax paid or payable on investment earnings is reflected in the daily unit price of each investment option. Not applicable. Tax-free component: Nil Taxable component: If under age 55, tax is paid up to 22% (including Medicare Levy at 2%). If aged between 55-59, tax free on first $185,000 (this is a lifetime limit which may be increased periodically), then tax is paid on the remainder up to 17% (including Medicare Levy at 2%). From age 60, tax-free. If applicable, we ll deduct the tax from your account before paying the lump sum. 10

Your employer will generally provide your tax file number (TFN) on your behalf. If we don t have it, we will only be able to accept concessional contributions and these may be taxed at the highest marginal tax rate plus the Medicare levy, rather than at the usual tax rate of 15%. You may also miss out on government co-contributions as a result. For more information visit ato.gov.au 8. Insurance in your super Ex-employee Members Upon leaving employment with NAB, you will retain your death and total and permanent disablement (TPD) cover in the Fund (subject to a $5,000 minimum account balance), however any temporary disablement cover you may have will cease. Death and TPD cover will continue until any circumstances occur as outlined in the Insurance Cover & Benefits brochure. Employee members ceasing employment with NAB, whose account balance is less than $5,000 will retain their death and TPD cover for a maximum of 60 days only. Alternatively, upon leaving employment with NAB, you may apply, subject to meeting certain conditions, to continue your death, TPD and temporary disablement cover in a MLC insurance product. Please call Plum for further information. Spouse Members The Fund offers death only cover to Spouse Members. 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 Request for Insurance form will need to be attached to the Spouse Account Application form. Changing your insurance cover You can apply for a different level of insurance cover at any time by completing both the Changing Your Insurance Cover and Application for Insurance Cover forms. You can cancel your cover at any time; simply complete the Opting Out of Insurance Cover form. If you cancel or decrease your cover, you can reinstate it subject to you providing satisfactory evidence of health. Maximum benefit limits Insurance type Death Ex-Employees Spouse TPD Ex-employees (only) Maximum cover available $ amount in place on the day you ceased employment with NAB plus $1 million $1 million $ amount in place on the day you ceased employment with NAB plus $1 million Bringing your insurance together You can apply to bring your other insurance together from an external arrangement to your account, including insurance you may have through other super accounts. We recommend you seek financial advice before consolidating your insurance as your fees and benefits may be different in each account. 11

When won t a benefit be paid? Payment of an insured benefit is subject to the terms, conditions and restrictions of the applicable insurance policy. The Insurance Cover and Benefits brochure sets out these terms, including any terms that may exclude or reduce payment of your insurance benefit. Premiums Your insurance premiums are deducted from your account. Premiums are based on the type and amount of standard insurance cover and your age. The table below shows the range of premiums for each $1,000 of cover. Type of cover Annual cost of cover for each $1,000 sum insured Death only $0.18 $3.68 Death & TPD $0.26 $9.44 Everybody has different needs and insurance is no exception. The insurance that s right for you depends on things like your family and financial commitments, income and lifestyle. You should read the important information about insurance eligibility conditions, exclusions, cancellation, premium rates, level and types of cover available, terms and definitions before making a decision. Go to nabgsf.com.au to read the Insurance Cover and Benefits brochure. The material relating to insurance may change between the time you read this PDS and the day the product is acquired. 9. How to open an account Spouse Members Employee and Ex-employee members may also nominate their Spouse for the Spouse Contribution Facility. Spouses of members wishing to join this Fund can do so by completing the application form contained within the Spouse Account brochure. We will send you a Welcome Kit and a personal identification number (PIN). You can use your PIN to log into your account at nabgsf.com.au to change your investment strategy or switch your investments, transfer your super from other funds to your account and update your personal details. Ex-employees upon leaving NAB As an employee leaving the service of NAB you will automatically retain your membership (including any death and TPD cover) in the Fund you don t need to complete an application form. Please note, higher fees are applicable for Ex-employee members of the Fund. If you close your account and transfer your benefit out of the Fund upon ceasing employment with NAB, you will not be able to transfer your benefits back into the Fund at a later date. We encourage you to find out more about your super and tailor your membership. To access our booklet on the Spouse Contribution Facility and to obtain more information for Ex-employees go to nabgsf.com.au. The material relating to the Spouse Contribution Facility and Ex-employees may change between the time you read this PDS and the day the product is acquired. 12

Product and investment option changes Changes will be made to the product or investment options from time to time. Changes that are not materially adverse will be made available on nabgsf.com.au or you can obtain a paper copy of the changes on request free of charge. Privacy We collect your personal information from you directly wherever we can but in some cases as relevant to you and your product holding we may collect it from third parties such as your agent, adviser, employer, or for example a doctor in the case of a claim. We do this for the purposes of determining your eligibility for and managing and administering the product or service (for example to pay a benefit to a beneficiary). If personal information is not provided to us we may not be able to provide to you the product or service or manage and administer it. We may collect information about you because we are required or authorised by laws, including those affecting financial institutions such as company and tax laws, such as to verify your identity under Commonwealth Anti-Money Laundering law. We may share your information with other organisations for any purposes for which we use your information. We may disclose your personal information with other National Australia Bank Group (Group) members of which we are part, and to parties outside our Group (for example and as relevant to your product and service, to your agent, adviser or employer; to our agents and service providers) including for training staff; development and testing of products, services and systems; risk management, planning, research and analysis. If we need to share your information with organisations outside Australia (for example a call centre) a list of those countries is at nab.com.au/privacy/overseas-countries-list To let you know about the products the Group has on offer we and other Group members may use your personal information for marketing activities. You can let us know at any time if you no longer wish to receive direct marketing offers from the Group by contacting us. More information about how we collect, use, share and handle your personal information is in our Privacy Policy, including how you may access or correct information we collect about you and how you may make a complaint about a privacy issue, on nabgsf.com.au. Contact us for a paper copy or if you have any questions or comments about our privacy policy or procedures. Resolving complaints We can usually resolve complaints over the phone. If we can t, or you re not satisfied with the outcome, please write to us. We ll work to resolve your complaint as soon as possible. If you re not satisfied with our decision you can get further advice from the Superannuation Complaints Tribunal (SCT) by calling 1300 884 114, or emailing info@sct.gov.au. More information is available at sct.gov.au. How to contact us If you would like more information or copies of any documents, contact us on 1300 55 7586 8am to 7pm AEST (8pm daylight savings time), Monday to Friday or go to nabgsf.com.au. 13

Important information An interest in the National Australia Bank Group Superannuation Fund A ABN 59 929 570 050, SPIN NAB0228 AU, SFN 1250 349 44 (Fund) is issued by PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243357 (Trustee). The Fund administrator is Plum Financial Services Limited ABN 35 081 812 731 AFSL 243356 (Administrator). This material has been issued by the Trustee and it contains information that is general in nature. The information does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is appropriate having regard to your personal circumstances and seek professional advice. The Trustee recommends that you consider this Product Disclosure Statement (PDS) before you make any decisions about your superannuation. Please note that the information contained in this material is current as at 18 December 2014. Any changes in the law subsequent to this date have not been incorporated. PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243 357. Part of the National Australia Bank Group of Companies. An investment with PFS Nominees Pty Ltd is not a deposit or liability of, and is not guaranteed by NAB. A105414-1214