Issue number ₁₄, ₁₀ December ₂₀₂₀

Generations® investment options Product disclosure statement

National Mutual Funds Management Ltd ABN 32 006 787 720 AFS Licence No. 234652 ipac asset management limited ABN 22 003 257 225 AFS Licence No. 234655 ® Registered trademark of NMMT Limited ABN 42 058 835 573 Generations® investment options Supplementary product disclosure statement

This is a Supplementary Product Disclosure Statement (‘SPDS’) to the Generations investment options Product Disclosure Statement, issue number 14, dated 10 December 2020 (‘Original PDS’). This SPDS must be read together with the Original PDS dated 10 December 2020 available on www.northonline.com.au/generations or by calling Client Services on 1800 667 841.

Update to the Generations investment options Throughout the PDS all references to the following investment options (listed below) including all information specifically related to these investment options are deleted.

Investment option APIR code Registered name ARSN

Generations Alternative Balanced IPA0061AU Generations – Alternative Balanced Fund 118 736 173 Generations Australian Equities NML0591AU Generations – Australian Equities Trust 108 703 617 AMP Capital – Diversified Credit NMF0003AU Generations Fixed Interest No. 4 Trust 118 843 879 PIMCO Global Fixed Interest NML0581AU Generations Fixed Interest No. 3 Trust 109 858 095 Legg Mason Martin Currie Property Securities NML0578AU Generations Property No. 2 Trust 109 858 111 Antares High Growth Shares NML0583AU Generations Australian Equities No. 4 Trust 109 858 193 BlackRock Australian Equity NML0571AU Generations Australian Equities No. 1 Trust 109 858 139 First Sentier Wholesale Geared Australian Share NMF0004AU Generations Australian Equities No. 7 Trust 118 843 646 Perpetual Industrial Share NML0580AU Generations Australian Equities No. 3 Trust 109 858 175 Schroder Australian Equity NML0584AU Generations Australian Equities No. 5 Trust 109 858 219 UBS Australian Equity NML0585AU Generations Australian Equities No. 6 Trust 109 858 228 Vanguard® Australian Shares Index NMF0015AU Generations Australian Equities No. 10 Trust 133 655 026 Aberdeen Standard Global Equity NML0579AU Generations International Equities No. 3 Trust 109 858 264 Platinum International NML0582AU Generations International Equities No. 4 Trust 109 858 282 Vanguard® International Shares Index NMF0011AU Generations International Equities No. 7 Trust 133 655 991 Vanguard® International Shares Index (Hedged) NMF0012AU Generations International Equities No. 8 Trust 133 656 112

From 29 April 2021, these investment options will no longer be available. All other information about the other investment options remains unchanged.

Issue date: 29 April 2021

® Registered trademark of NMMT Limited ABN 42 058 835 573 The issuer of this SPDS relates to a number of managed investment options and is jointly issued by National Mutual Funds Management Ltd (NMFM) ABN 32 006 787 720, AFS License No. 234652 and ipac asset management limited (ipac) ABN 22 003 257 225, AFS License No. 234655. NMFM and ipac each take full responsibility for the whole of the SPDS.

1 On page 16 of the Original PDS, the following wording replaces the information in the 'Investment strategy' section relating to the AMP Capital Australian Property Fund. All other information on this page remains unchanged. The fund invests primarily in direct property within Australia, which is either held directly by the fund or through units in the Wholesale Australian Property Fund. The fund also invests in cash and listed property securities. The portfolio is designed taking into account the real estate cycle, regional characteristics, investment opportunities and the liquidity profile of the fund and its investments, including the Wholesale Australian Property Fund. The fund may also invest in other managed investment schemes or investment companies where it is consistent with the fund’s investment objectives. The Funds capital will be managed conservatively, with low borrowings. Where debt is used, it will be used selectively to fund capital expenditure, investments and withdrawals where appropriate. Normally, debt will range from 0%-15% but at times the fund may have higher gearing. The maximum amount the fund may borrow is 35% of gross assets at the time the debt is drawn (this does not apply to debt being refinanced, even if the amount exceeds 35% of gross assets at the time of refinancing). Gearing may incur costs such as the interest paid on outstanding debts and the costs of having the debt facility available. These costs and changes in interest rates may affect the fund’s returns. The fund’s investments may change from time-to-time, and are updated regularly online at ampcapital.com. These updates can also be obtained by contacting us. The target asset allocation for the fund is to hold over 50% of its exposure as direct property, with the balance allocated across cash and Australian Securities Exchange (ASX) listed property securities, such as Australian Real Estate Investment Trusts (AREITs) and funds which invest predominantly in AREITs. An AREIT is a corporation, or trust, which provides investors with exposure to properties such as shopping centres and other commercial or industrial properties.

On page 36 of the Original PDS, the following wording replaces the information in the 'Additional explanation of fees and costs' section under the sub-heading 'Maximum fees'. All other information on this page remains unchanged.

Maximum fees The maximum fees that can be charged under the investment options’ constitutions are: Management fee - up to 5% per annum of the gross value of the assets of the following investment options (that is, including borrowed amounts, if any): • Generations Moderately Defensive • BlackRock Australian Equity Index • AMP Capital - Cash Management • BlackRock Australian Fixed Interest Index • BlackRock International Fixed Interest Index • BlackRock Property Securities Index • BlackRock International Equity Index (Hedged) • BlackRock International Equity Index (Unhedged) A lower amount is charged, calculated by reference to the net value of the assets of the relevant investment option. The current management fees charged are shown in Table 1 under 'Investment options and fees'. - up to 2% per annum of the gross value of the assets of the following investment options: • Generations Defensive • Generations Balanced • Generations Growth • Generations High Growth Taking into account the fee rebate (see 'Fee rebate' section under 'Additional explanation of fees and costs'), a lower amount is charged, calculated by reference to the net value of the assets of the relevant investment option. The current management fees charged are shown in Table 1 under 'Investment options and fees' . - Other investment options up to 5% per annum of the net value of the assets. Entry fee – 5% of the application money for the following investment options: • Generations Index – Balanced • Generations Index - Moderately Defensive • Generations Index - Growth – 2% of the application money for the following investment options: • Generations Defensive • Generations Balanced • Generations Growth • Generations High Growth - 8% of the application money or a deferred entry fee based on the withdrawal price for the: • AMP Capital Australian Property Fund - All other investment options up to 8% of the application money. Exit fee – 2% of the withdrawal proceeds for the following investment options: • Generations Defensive • Generations Balanced • Generations Growth • Generations High Growth • Generations Index - Moderately Defensive • Generations Index – Balanced • Generations Index – Growth - All other investment options up to 8% of the withdrawal proceeds. Switching fee – up to 2% (other than for the AMP Capital Australian Property Fund, which has no switching fee). On page 36 of the Original PDS, the following wording replaces the information in the 'Additional explanation of fees and costs' under the sub-heading ' Management fees'. All other information on this page remains unchanged. Management fees The management fee is charged by us for managing and operating the relevant investment option. The management fee stated in Table 1 under 'Investment options and fees' is charged on the net value of the assets of the Fund. The fee is calculated and charged in this way even though the constitutions for certain investment options (see 'Maximum fees' section for further details) allows management fees to be based on the gross value of the assets (that is, without deducting the value of any borrowings, other liabilities or provisions). However, for the purposes of calculating management costs, which are expressed as a percentage of the net assets of the investment option, any management fee charged on the gross assets of the investment option has been converted to an equivalent estimated rate based on the average net assets of the investment option.

3 Table 2 on pages 42 and 43 of the Original PDS is deleted and replaced by the following Table 2. All other information in the 'Fees and costs' section remains unchanged. Table 2

Transactional and operational costs(i)

Estimated Borrowing Buy/Sell Investment category/Option name Estimated Estimated offset by costs (ii) gross costs net costs spread buy/sell before offset incurred spreads

(% pa) (% pa) (% pa) (%pa) (%) Multi-manager Diversified - active Generations Defensive 0.28 0.03 0.25 0.02 0.12/0.11

Generations Moderately Defensive 0.27 0.05 0.22 0.02 0.14/0.13

Generations Balanced 0.23 0.04 0.19 0.02 0.15/0.15

Generations Growth 0.22 0.03 0.18 0.02 0.17/0.15

Generations High Growth 0.19 0.03 0.16 0.00 0.17/0.16 Diversified - index Generations Index - Moderately Defensive 0.07 0.04 0.03 0.00 0.06/0.11

Generations Index - Balanced 0.07 0.04 0.02 0.00 0.07/0.10

Generations Index - Growth 0.06 0.04 0.02 0.00 0.07/0.08 Single Manager Cash AMP Capital - Cash Management 0.00 0.00 0.00 0.00 0.00/0.00 Australian fixed interest BlackRock Australian Fixed Interest Index 0.04 0.04 0.00 0.00 0.05/0.07 International fixed interest BlackRock International Fixed Interest Index 0.18 0.06 0.13 0.00 0.10/0.10 Property AMP Capital Australian Property Fund 1.34 0.00 1.34 0.30 0.00/0.00

BlackRock Property Securities Index 0.04 0.03 0.01 0.00 0.08/0.08 Australian equities BlackRock Australian Equity Index 0.03 0.03 0.00 0.00 0.08/0.08

International equities BlackRock International Equity Index (Hedged) 0.09 0.04 0.05 0.00 0.10/0.10

BlackRock International Equity Index (Unhedged) 0.05 0.03 0.02 0.00 0.08/0.08

(i) Transactional and operational costs are in addition to management costs. They are variable and may be more or less than the amounts shown. Refer to the fees and other costs section of the Original PDS for further details. (ii) These amounts are based on the information available to us at the date of this document. Buy and sell spreads are subject to change at any time without notice to you. Refer to the fees and other costs section of the Original PDS for further details.

To obtain up-to-date information on a fund's buy/sell spreads please call the North Service Centre on 1800 667 841 or visit northonline.com.au/generations

The Original PDS is otherwise unchanged. The information contained in this SPDS is general only and does not take into account any investor's personal objectives, financial situation or needs. All investors should read the SPDS carefully (together with the Original PDS) and should obtain financial advice that is tailored to their circumstances. Contact us

phone 1800 667 841 web northonline.com.au email [email protected] mail North Service Centre GPO Box 2915 MELBOURNE VIC 3001 10/20 23653

5 Important information

About this product disclosure statement Each investment manager of an investment option named in the PDS has given their consent to be named in the section of This product disclosure statement (PDS) relates to a number the PDS that contains statements about them. Each investment of investment options and is jointly issued by National Mutual manager of an investment option who is named in this PDS Funds Management Ltd (NMFM) and ipac asset management was not involved in the preparation and distribution of this limited (ipac). NMFM and ipac each take full responsibility for PDS and is not responsible for the issue of this PDS. the whole of the PDS. Registered office, 33 Alfred Street Sydney Holding units in an investment option does not confer any NSW 2000. interest in any particular asset of each investment option and does not entitle the unit holder to have any of the assets of the AMP Limited ABN 49 079 354 519 investment option transferred to the unit holder or to interfere ipac ABN 22 003 257 225 AFSL 234655 with any of our rights or powers.

NMFM ABN 32 006 787 720 AFSL 234652 The offer made in this PDS is intended to only be available to investors receiving it (electronically or otherwise) in Australia. We cannot accept cash or applications signed and mailed from ipac has appointed AMP Capital Investors Limited (the portfolio outside of Australia. Monies must always be paid in Australian manager) ABN 59 001 777 591, AFSL 232497 as the portfolio dollars. If you would like a printed copy sent to you, please call manager of the multi-manager investment options within the North Service Centre on 1800 667 841. Generations. The Responsible Entity has also appointed AMP Capital Investors Limited (AMP Capital) under an agreement Quality financial advice to provide fund related services, including the preparation of this PDS. AMP Capital has also been appointed to provide Together you and your financial adviser can explore the various investment management services to a number of single investment options, discuss your investment objectives and manager investment options. NMFM, ipac and the portfolio timeframes, establish your risk/return profile and determine manager are members of the AMP group. an investment strategy to meet your goals. Neither NMFM nor ipac is an authorised deposit-taking institution (ADI). NMFM and ipac’s obligations do not represent Changes to the information in this PDS deposits or other liabilities of AMP Bank Limited ABN 15 081 596 009 (AMP Bank). AMP Bank does not stand behind NMFM Before making an investment decision it is important to read or ipac. a current PDS. Information in the PDS may change from An investment in the investment options is subject to time-to-time. We may update information which is not investment risk, including possible delays in repayment and materially adverse to you and make it available loss of income and capital invested. at northonline.com.au/generations. However, if the change to the information is materially adverse, NMFM and ipac will issue The information contained in this PDS is general information a replacement or supplementary PDS which will be available only and does not take into account your individual objectives, online. You can also obtain a copy of these documents free of financial situation or needs. Before acting on the information charge, by contacting us. in this PDS, you should consider the appropriateness of this information and consult a financial adviser prior to investing. Neither NMFM, ipac nor any other member of the AMP group, nor any investment manager, assumes any liability to investors in connection with investment in the PDS, guarantees the repayment of capital, the payment of income, the performance of the investment options, or any particular rate of return. NMFM and ipac are not liable for any loss unless we fail to comply with our duties as specified in each constitution or under any prevailing law. Unit holders’ liability is limited by each constitution to the amount, if any, which remains unpaid in relation to your application for units, but the courts are yet to determine the effectiveness of provisions like this.

2 Continuous disclosure obligations Throughout this PDS

Continuous disclosure notices required under section 675 of References to: To be read as: the Corporations Act 2001 (Cth) (Corporations Act) will be updated on northonline.com.au/generations. Indirect investor, A client of Generations Investment Portfolio investor, client or including any person you authorise to act on your A printed copy of any updated information will be made you behalf; or a member of Generations Personal Super available to you free of charge by contacting the North Service and Personal Pension including any person you Centre on 1800 667 841. If we make an increase to our fees we authorise to act on your behalf will give you 30 days' prior written notice. For any other material Generations Generations Personal Super, Generations Personal change we will inform you within three months of the change. Pension and Generations Investment Portfolio We reserve the right to change this PDS subject to regulatory Unit Holder NMMT Limited custodian and operator for requirements. Generations Investment Portfolio and custodian If the fund has more than 100 unit holders it is subject to for Generations Personal Super and Personal regular reporting and disclosure obligations under the Pension has appointed RBC Investor Services Trust (RBC) as sub-custodian to hold units in the Corporations Act. Copies of documents lodged with the Generations Investment Options on its behalf Australian Securities and Investments Commission (ASIC) in relation to the trust may be obtained from, or inspected at, an Investment The financial products described in this PDS ASIC office or can be obtained by contacting us on 1800 667 options offered by NMFM, referred to as the ‘single 841. These documents may include: manager investment options’ and the financial products offered by ipac, referred to as the – the trust’s annual financial report most recently lodged ‘multi-manager investment options’. Each option with ASIC is a separate registered managed investment – the trust’s half year financial report lodged with ASIC (after scheme the lodgment of the annual financial report and before the Financial adviser A financial adviser holding an Australian Financial date of the current PDS) Services Licence or acting as a representative or – any continuous disclosure notices given by the scheme an authorised representative of a licensee after the lodgment of the annual report and before the we, us, our or NMFM in relation to any investment option issued date of this PDS. responsible by NMFM entities ipac in relation to any investment option issued by ipac AMP AMP Limited and its subsidiary companies, part of the AMP group Portfolio AMP Capital Investors Limited manager AMP Capital AMP Capital Investors Limited as the provider of certain fund services and the investment manager of certain single manager options

We're here to help. For more information please call the North Service Centre on 1800 667 841 or go online to northonline.com.au/generations.

3 Contents

About the Generations investment options 5 About the multi-manager investment options 6 About the single manager investment options 7 Generations investment options 8 What risks apply to investing? 27 Further information on the investment options 31 Fees and other costs 34 What else do I need to know? 45

4 About the Generations investment options

The role of NMFM Generations offers four types of investment options: – six multi-manager diversified active options, which use a NMFM is the responsible entity of the single manager range of investment managers to provide diversification investment options available within Generations. NMFM is across asset classes, investment styles and investment responsible for the selection and ongoing monitoring of the managers investment managers used in the Generations single manager – three multi-manager diversified index options, which investment options. NMFM also manages the day-to-day operation of the single manager investment options. NMFM provide low-cost diversified investment across a range of is a member of the AMP group. asset classes – one multi-manager sector option, which uses a range of investment managers to invest in a single asset class to The role of ipac provide diversification across investment styles and ipac is the responsible entity of the multi-manager investment investment managers, and options available within Generations. ipac and its related – 22 single manager options that allow you and your entities are a financial advice and investment group that has financial adviser to tailor your own portfolio or to add been helping clients achieve their financial goals since 1983. further diversity to a multi-manager strategy. ipac is one of Australia’s largest operators of multi-manager This range of investment options provides you with access to portfolios. ipac is a member of the AMP group. some of the world’s leading investment managers in a way that allows you to diversify your investments broadly across The role of Generations assets, asset classes and investment styles. Importantly, the investment options enable you to achieve this diversification In this PDS, the Generations Personal Super, Generations while consolidating those investments in a single, Personal Pension and Generations Investment Portfolio referred easy-to-manage portfolio. to as 'Generations', apply for units in the investment options. This PDS provides a client (indirect investor) with the investment option information they may use in making a Generations investment structure and decision about instructing Generations to invest in the returns investment option on their behalf, and to compare different investment options. RBC as sub-custodian appointed by NMMT When you invest with Generations your money is pooled with Limited are unitholders in the investment options; their rights that of other investors in ‘managed investment schemes’ (or differ from the rights of indirect investors, who are not managed funds). This pooling of money enables you to access unitholders. investment opportunities you would generally not be able to access as an individual investor. Each Generations investment option is a separate managed fund. Generations investment options Your money is invested in the investment option or options The Generations investment options are only available through selected by you and your financial adviser. Each managed fund Generations Personal Super and Personal Pension and the invests in underlying investments according to its investment Generations Investment Portfolio. You must apply to invest in objectives. The underlying investments are managed by each Generations through the separate Generations Personal Super investment manager via their wholesale or retail investment and Personal Pension PDS or Generations Investment Portfolio fund or by a mandate arrangement. IDPS guide. These are available from your financial adviser, from northonline.com.au/generations or by calling the North Service Centre on 1800 667 841. This PDS provides you with information about the investment options available through Generations.

5 About the multi-manager investment options

Generations offers two categories of multi-manager investment Multi-manager diversified index options options: one using predominantly an active investment style; the other using a passive index investment style. Generations also offers three diversified index options. These investment options aim to provide low-cost exposure to a range of asset classes. ipac will employ investment managers to carry Multi-manager diversified active and sector out the day-to-day investment of each asset class. These options managers will aim to replicate the returns on selected indices. See page 12 of this PDS. There are six diversified and one sector active multi-manager investment options in Generations. Within the active multi-manager range, ipac employs specialist Investment managers investment managers to carry out the day-to-day investments ipac has a focus on finding managers with expertise in specific in each asset class. These managers are selected through asset classes and investment styles, whether they are large extensive research and are then blended to construct global firms or boutique managers. multi-manager portfolios that aim to achieve the investment ipac may change the investment managers or their allocations objectives of the relevant investment option stated on pages at any time without notice. 9 to 11 and page 13 of this PDS. These specialist managers may be related to the AMP group. ipac implement a thorough review and monitoring process with the aim to ensure investment managers invest according to the agreed strategy. ipac may change the investment managers or the amount allocated to each manager at any time without prior notice. Up-to-date information on the investment managers is available from your financial adviser or online at northonline.com.au/generations.

6 About the single manager investment options

The Generations single manager investment options give you Hedge fund disclosure access to a range of investment managers for each asset class. These investment options allow you and your financial adviser ASIC Regulatory Guide 240 Hedge Funds: Improving Disclosure to tailor your own portfolio or to add further diversity to a The following single manager investment options are currently multi-manager strategy. subject to additional disclosure under ASIC Regulatory Guide Specialist investment managers have been appointed to carry 240 (RG240): out the day-to-day investment of each single manager – Antares High Growth Shares (NML0583AU) (please refer investment option. You can choose from a range of investment to page 17 of this PDS), and managers across each of the major asset classes and a broad – Platinum International (NML0582AU) (please refer to page range of investment styles. 21 of this PDS). Detailed information on the investment options can be found on pages 14 to 22. Up-to-date information on the single ASIC has developed regulations to improve the information manager investment options is available from your financial available to investors on the classification of hedge funds and adviser or northonline.com.au/generations. on the way hedge funds invest. RG240 prescribes benchmarks and disclosure principles that may further assist you in making an informed decision about whether to invest. Changes to investment managers In summary, RG240 requires AMP to disclose information relevant to the investment options, including: NMFM may change the investment managers at any time. Where these changes are within our control, we will notify you – details of the investment strategy at least 30 days prior to any such change. Any change would – the people responsible for managing the investment be considered in light of the potential impact on investors. – the structure – the holding of assets Investment managers – the ability to realise assets in a timely manner – the maximum leverage The investment managers carry out the day-to-day investment – the use of derivatives of the underlying assets of each single manager investment option. NMFM has a focus on finding suitable investment – any use of short selling managers with demonstrated expertise in specific asset classes – how you can withdraw from the investment option. and investment styles. The detailed RG240 information is contained in the 'Additional information booklet: ASIC benchmarks and disclosure principles for Antares High Growth Shares' and the 'Additional information booklet: ASIC benchmarks and disclosure principles for Platinum International', these documents can be found on the website at northonline.com.au/generations under the 'Documents and downloads' drop down menu. These documents should be read in conjunction with and are taken to be included in the PDS. Copies of these documents are available free of charge upon request. Please contact the North Service Centre on 1800 667 841 or email us at [email protected].

7 Generations investment options

How to read the investment options The example below shows how to understand the information about the investment options.

8 Investment category Multi-manager diversified – active

Investment Multi-sector – Conservative Multi-sector – Moderately Conservative sub-category(v)

Name of fund Generations Defensive Generations Moderately Defensive

APIR code NML0586AU NML0587AU

Investment objective To provide some growth in your investment over the short to To provide modest growth in your investment over the medium term with smaller fluctuations in value than the medium term with some fluctuations in value likely. other Generations multi-manager diversified investment options. Investment To invest in a diversified mix of growth and defensive assets To invest in a diversified mix of growth and defensive assets strategy(i) using a range of specialist investment managers. using a range of specialist investment managers. Defensive Defensive assets such as cash and fixed interest will have an assets such as cash and fixed interest will have an average average allocation over time of 70% and 30% in growth assets allocation over time of 50% and 50% in growth assets such such as shares and property. as shares and property. Distribution Half-yearly – June and December Half-yearly – June and December frequency

Indicative 3 years 4 years investment term(ii)

Risk band(vii) 3 5

Risk label(vii) Low to medium Medium to high

Asset (i)(iii)(iv) Asset class Target Range Asset class Target Range allocation (%) (%) (%) (%)

International equities(vi) 11 0–20 International equities(vi) 20 10–30

Australian equities 11 0–20 Australian equities 21 10–30 Listed property and infrastructure 5 Listed property and infrastructure 7 0–20 0–20 Unlisted property and infrastructure 0 Unlisted property and infrastructure 0 Alternative growth 3 0–10 Alternative growth 2 0–10 Growth assets 30 Growth assets 50 Fixed interest 43 15–70 Fixed interest 32 15–50 Alternative defensive 3 0–10 Alternative defensive 3 0–10 Cash 24 0–50 Cash 15 0–50 Defensive assets 70 Defensive assets 50 Total 100 Total 100

(i) The investment strategy and asset allocation of the investment options may vary from time-to- time. The objectives are before all fees and taxes unless specified. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) The information in this section is correct as at the date of this PDS. ipac retains the right to add asset classes or vary the target allocation and range for each asset class to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for each asset class. These reviews may lead to changes in the target allocations, which ipac may implement without notice to investors. ipac will not deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. (iv) In certain circumstances, actual allocations may fall outside of the asset allocation range. Such circumstances would include, but are not limited to, where one of the investment options or underlying funds is closed for new investments, during change to the product structure, asset allocation or manager line up, or in certain market conditions. (v) These multi-sector investment categories have been employed to define various investment options by their investment characteristics as stated in the trustee's (NM Super) investment policy guidelines, as applicable to Generations Super & Pension members. (vi) Includes an allocation to global emerging markets and global smaller companies. (vii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

9 Investment category Multi-manager diversified – active (continued)

Investment Multi-sector – Moderately Conservative Multi-sector – Balanced sub-category(v)

Name of fund Generations Alternative Balanced Generations Balanced

APIR code IPA0061AU NML0588AU

Investment objective To provide moderate growth in your investment over the To provide moderate growth in your investment over the medium to long term, with moderate fluctuations in value medium to long term with moderate fluctuations in value likely. Broad diversification, including exposure to alternative likely. investments, is used to help reduce fluctuations. Investment To invest in a diversified mix of growth and defensive assets To invest in a diversified mix of growth and defensive assets strategy(i) using a range of specialist investment managers. using a range of specialist investment managers. Broad diversification including exposure to alternative Growth assets such as shares and property will have an investments is used to help reduce fluctuations. Over 20% of average allocation over time of 70% and 30% in defensive the portfolio is invested in alternatives. assets such as cash and fixed interest. Distribution Half-yearly – June and December Half-yearly – June and December frequency

Indicative 4 years 5 years investment term(ii)

Risk band(vii) 5 5

Risk label(vii) Medium to high Medium to high

Asset (iv) (iv) (i)(iii)(iv) Asset class Target Range Asset class Target Range allocation (%) (%) (%) (%)

International equities(vi) 24 10–35 International equities(vi) 30 20–40

Australian equities 23 10–35 Australian equities 29 20–40 Listed property and infrastructure 6 0–20 Listed property and infrastructure 7 0–20 Unlisted property and infrastructure 0 Unlisted property and infrastructure 0 Alternative growth 2 0–10 Alternative growth 4 0–10 Growth assets 55 Growth assets 70 Fixed interest 17 0–30 Fixed interest 20 0–35 Alternative defensive 23 0–40 Alternative defensive 3 0–10 Cash 5 0–30 Cash 7 0–30 Defensive assets 45 Defensive assets 30 Total 100 Total 100

(i) The investment strategy and asset allocation of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) The information in this section is correct as at the date of this PDS. ipac retains the right to add asset classes or vary the target allocation and range for each asset class to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for each asset class. These reviews may lead to changes in the target allocations, which ipac may implement without notice to investors. ipac will not deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. (iv) In certain circumstances, actual allocations may fall outside of the asset allocation range. Such circumstances would include, but are not limited to, where one of the investment options or underlying funds is closed for new investments, during change to the product structure, asset allocation or manager line up, or in certain market conditions. (v) These multi-sector investment categories have been employed to define various investment options by their investment characteristics as stated in the trustee's (NM Super) investment policy guidelines, as applicable to Generations Super & Pension members. (vi) Includes an allocation to global emerging markets and global smaller companies. (vii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

10 Investment category Multi-manager diversified – active (continued)

Investment Multi-sector – Moderately Aggressive Multi-sector – Aggressive sub-category(v)

Name of fund Generations Growth Generations High Growth

APIR code NML0589AU NML0590AU

Investment objective To provide moderate to high growth in your investment over To provide high growth in your investment over the long term the long term with larger fluctuations in value likely when with larger fluctuations in value likely when compared to compared to other Generations multi-manager diversified other Generations multi-manager diversified investment options (excluding Generations High Growth). options. Investment To invest in a diversified mix of growth and defensive assets To invest in a diversified mix of growth and defensive assets strategy(i) using a range of specialist investment managers. using a range of specialist investment managers. Growth assets such as shares and property will have an Growth assets such as shares and property will have an average allocation over time of 85% and 15% in defensive average allocation over time of 97% and 3% in defensive assets assets such as cash and fixed interest. such as cash and fixed interest. Distribution Half-yearly – June and December Half-yearly – June and December frequency

Indicative 6 years 7 years investment term(ii)

Risk band(vii) 6 6

Risk label(vii) High High

Asset (iv) (iii) (i)(iii)(iv) Asset class Target Range Asset class Target Range allocation (%) (%) (%) (%)

International equities(vi) 40 20–60 International equities(vi) 47 30–60

Australian equities 35 25–45 Australian equities 39 30–55 Listed property and infrastructure 7 0–20 Listed property and infrastructure 6 0–20 Unlisted property and infrastructure 0 Unlisted property and infrastructure 0 Alternative growth 3 0–10 Alternative growth 5 0–10 Growth assets 85 Growth assets 97 Fixed interest 7 0–25 Fixed interest 0 0–15 Alternative defensive 3 0–10 Alternative defensive 0 0–10 Cash 5 0–20 Cash 3 0–20 Defensive assets 15 Defensive assets 3 Total 100 Total 100

(i) The investment strategy and asset allocation of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) The information in this section is correct as at the date of this PDS. ipac retains the right to add asset classes or vary the target allocation and range for each asset class to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for each asset class. These reviews may lead to changes in the target allocations, which ipac may implement without notice to investors. ipac will not deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. (iv) In certain circumstances, actual allocations may fall outside of the asset allocation range. Such circumstances would include, but are not limited to, where one of the investment options or underlying funds is closed for new investments, during change to the product structure, asset allocation or manager line up, or in certain market conditions. (v) These multi-sector investment categories have been employed to define various investment options by their investment characteristics as stated in the trustee's (NM Super) investment policy guidelines, as applicable to Generations Super & Pension members. (vi) Includes an allocation to global emerging markets and global smaller companies. (vii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

11 Investment category Multi-manager diversified – index

Investment Multi-sector – Moderately Conservative Multi-sector – Balanced Multi-sector – Moderately Aggressive sub-category(v)

Name of fund Generations Index – Moderately Generations Index – Balanced Generations Index – Growth Defensive APIR code NMF0019AU NMF0020AU NMF0021AU

Investment objective To provide modest growth in your To provide moderate growth in your To provide moderate to high growth in investment over the medium term with investment over the medium to long your investment over the long term with some fluctuations in value likely. term with moderate fluctuations in larger fluctuations in value likely when value likely. compared to other diversified index options. Investment To invest in a diversified mix of growth To invest in a diversified mix of growth To invest in a diversified mix of growth strategy(i) and defensive assets using a range of and defensive assets using a range of and defensive assets using a range of index investment managers. index investment managers. index investment managers. Growth assets such as shares and listed Growth assets such as shares and listed Growth assets such as shares and listed property will have an average allocation property will have an average allocation property will have an average allocation over time of 50% and 50% in defensive over time of 70% and 30% in defensive over time of 85% and 15% in defensive assets such as cash and fixed interest. assets such as cash and fixed interest. assets such as cash and fixed interest. Distribution Half-yearly – June and December Half-yearly – June and December Half-yearly – June and December frequency

Indicative 4 years 5 years 6 years investment term(ii)

Risk band(vii) 5 6 6

Risk label(vii) Medium to high High High

Asset (iv) (iv) (iv) (i)(iii)(iv) Asset class Target Range Asset class Target Range Asset class Target Range allocation (%) (%) (%) (%) (%) (%)

International 23 15–35 International 33 20–45 International 41 25–50 equities(iv) equities(iv) equities(iv)

Australian 20 10–30 Australian 30 20–40 Australian 37 25–45 equities equities equities Listed property 7 0–20 Listed property 7 0–20 Listed property 7 0–20 Alternative 0 0–15 Alternative 0 0–15 Alternative growth 0 0–15 growth growth Growth assets 85 Growth assets 50 Growth assets 70 Fixed interest 8 0–25 Fixed interest 29 5–40 Fixed interest 18 0–30 Alternative 0 0–10 Alternative 0 0–10 Alternative 0 0–10 defensive defensive defensive Cash 7 0–25 Cash 21 0–50 Cash 12 0–30 Defensive assets 15 Defensive assets 50 Defensive assets 30 Total 100 Total 100 Total 100

(i) The investment strategy and asset allocation of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) The information in this section is correct as at the date of this PDS. ipac retains the right to add asset classes or vary the target allocation and range for each asset class to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for each asset class. These reviews may lead to changes in the target allocations, which ipac may implement without notice to investors. ipac will not deviate outside the asset allocation ranges to pursue investment opportunities based on short-term expectations. (iv) In certain circumstances, actual allocations may fall outside of the asset allocation range. Such circumstances would include, but are not limited to, where one of the investment options or underlying funds is closed for new investments, during change to the product structure, asset allocation or manager line up, or in certain market conditions. (v) These multi-sector investment categories have been employed to define various investment options by their investment characteristics as stated in the trustee's (NM Super) investment policy guidelines, as applicable to Generations Super & Pension members. (vi) Includes an allocation to global emerging markets and global smaller companies. (vii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

12 Investment category Multi-manager sector

Investment Australian equities – Large cap sub-category

Name of fund Generations Australian Equities

APIR code NML0591AU

Investment objective To provide high growth in your investment over the long term by investing in equities and other securities issued mainly by companies listed on the Australian Securities Exchange (ASX). Investment To invest predominantly in Australian equities using a mix of specialist Australian equity investment managers. strategy(i)

Distribution Half-yearly – June and December frequency

Indicative 7 years investment term(ii)

Risk band(iii) 6

Risk label(iii) High

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to pages 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

13 Investment category Single manager – Cash Single manager – Credit Single manager – Fixed interest

Investment Cash & deposits Credit Australian fixed interest sub-category

Name of fund AMP Capital – Cash Management AMP Capital – Diversified Credit BlackRock Australian Fixed Interest Index APIR code NML0569AU NMF0003AU NML0573AU

Investment objective To provide investors with a low risk, To provide total returns (primarily To provide investors with the readily accessible investment and to income with some capital growth) above performance of the market, before fees, deliver a return consistent to the the Bloomberg AusBond Bank Bill Index as measured by the Bloomberg AusBond benchmark (Bloomberg AusBond Bank over rolling 3 year periods. Composite 0+ year IndexSM. Bill Index) gross of fees.

Investment The fund holds a portfolio of money The fund invests in an actively managed To track a bond index by matching the (i) strategy market and fixed interest securities, portfolio of credit securities, primarily distribution of the risk and return derivative instruments and cash. The investment-grade rated corporate bonds factors of the index. The tracking is fund may invest directly or indirectly in in the Australian market. The fund also accomplished through “stratified has exposure to global bond markets and sampling” which involves dividing the securities and derivative instruments. derivatives securities. The fund may be Index into “cells” of securities that have The fund may be suitable for investors suitable for investors who are seeking a similar risk and return factors and then who have short term investment goals. regular income stream with capital building a portfolio to match the risk stability. characteristics of each of these cells. Some of the factors considered are interest-rate risk, credit risk and issuer risk. The option may be exposed to derivative securities. Distribution Monthly Quarterly – March, June, September and Quarterly – March, June, September and frequency December December

Indicative 1 year 3 years 2 years investment term(ii)

Risk band(iii) 1 4 4

Risk label(iii) Very low Medium Medium

Investment AMP Capital AMP Capital BlackRock manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

14 Investment category Single manager – Fixed interest (continued)

Investment Global fixed interest Global fixed interest sub-category

Name of fund BlackRock International Fixed Interest Index PIMCO Global Fixed Interest

APIR code NML0576AU NML0581AU

Investment objective To provide investors with the performance of the market, To achieve maximum total return by investing in global fixed before fees less interest withholding taxes and the cost of interest securities, and to seek to preserve capital through currency hedging, as measured by the Bloomberg Barclays prudent investment management. The fund's benchmark is Global Aggregate Index (hedged in Australian dollars). Bloomberg Barclays Global Aggregate Index (hedged in Australian dollars).

Investment To track a bond index by matching the risk and return factors The fund is actively managed with a long-term focus and (i) strategy of the index. The tracking is accomplished through “stratified seeks to avoid extreme swings in duration or maturity with sampling” which involves dividing the Index into “cells” of a view to creating a steady stream of returns. securities that have similar risk and return factors and then The fund invests in government, corporate, mortgage and building a portfolio to match the risk characteristics of each other fixed interest securities. While the fund invests of these cells. Some of the factors considered are interest-rate predominantly in investment grade securities, it may also risk, credit risk and issuer risk. invest in non-investment grade fixed interest securities and A static currency hedge is used to convert the currency emerging market debt. The fund may also hold cash and exposure of the fund back to Australian dollars. The option derivatives. may be exposed to derivative securities. The fund will normally seek to hedge currency exposure between 90% to 110% to Australian dollars.

Distribution Quarterly – March, June, September and December Quarterly – March, June, September and December frequency

Indicative 2 years 2 years investment term(ii)

Risk band(iii) 4 4

Risk label(iii) Medium Medium

Investment BlackRock PIMCO manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to pages 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

15 Investment category Single manager – Property

Investment Australian property Australian property sub-category

Name of fund AMP Capital Australian Property Fund BlackRock Property Securities Index

APIR code NML0337AU NML0577AU

Investment objective To provide income and long-term capital growth. To provide investors with the performance of the market, before fees, as measured by the S&P/ASX 300 A-REIT Total Return Index.

Investment The fund invests primarily in direct property within Australia, To remain fully exposed to the Australian REITs market, with (i) strategy which is either held directly by the fund or through units in cash exposure being maintained to a minimum, which will, the Wholesale Australian Property Fund. The fund also invests wherever practicable, be equitised using index futures in cash and listed property securities. The portfolio is designed contracts as deemed appropriate. The option may be exposed to derivative securities. taking into account the real estate cycle, regional characteristics, investment opportunities and the liquidity profile of the fund and its investments, including the Wholesale Australian Property Fund. The fund may also invest in other managed investment schemes or investment companies where it is consistent with the fund’s investment objectives. The fund's capital will be managed conservatively, with low borrowings. Where debt is used, it will be used selectively to fund capital expenditure, investments and withdrawals where appropriate. Normally, debt will range from 0% – 15% but at times the fund may have higher gearing. The maximum amount the fund may borrow is 25% of gross assets at the time the debt is drawn (this does not apply to debt being refinanced, even if the amount exceeds 25% of gross assets at the time of refinancing). Gearing may incur costs such as the interest paid on outstanding debts and the costs of having the debt facility available. These costs and changes in interest rates may affect the fund's returns. The fund’s investments may change from time-to-time, and are updated regularly online at ampcapital.com. These updates can also be obtained by contacting us. The target asset allocation for the fund is to hold over 50% of its exposure as direct property, with the balance allocated across cash and Australian Securities Exchange (ASX) listed property securities, such as Australian Real Estate Investment Trusts (AREITs) and funds which invest predominantly in AREITs. An AREIT is a corporation, or trust, which provides investors with exposure to properties such as shopping centres and other commercial or industrial properties.

Distribution Quarterly – March, June, September and December Quarterly – March, June, September and December frequency

Indicative 5 years 5 years investment term(ii)

Risk band(iii) 5(iv) 7

Risk label(iii) Medium to high Very high

Investment AMP Capital BlackRock manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30. (iv) The risk band for the AMP Capital Australian Property fund has been set to 5 as our current estimate of the number of expected negative returns over a 20-year period for direct property is lower than for listed property securities.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

16 Investment category Single manager - Property (continued) Single manager – Australian equities

Investment Australian property Specialist sub-category

Name of fund Legg Mason Martin Currie Australia Property Securities Antares High Growth Shares

APIR code NML0578AU NML0583AU

Investment objective To earn an after-fee return in excess of the S&P/ASX 300 To outperform the S&P/ASX 200 Total Return Index A-REIT Accumulation Index over rolling three year periods. benchmark after fees over rolling five year periods. Investment The Fund seeks to maximise expected returns for longer term To enhance returns through a range of investment strategies strategy(i) investors by investing in a diversified portfolio of property including long/short positions, active trading along with the securities and property-related securities which are trading use of exchange traded derivatives. below our assessment of intrinsic value, whilst considering each securities’ quality. The Fund may invest up to 30% in non-ASX listed property related securities from Asian countries including New Zealand and excluding Japan. The Fund may be exposed to derivative securities. Distribution Quarterly – March, June, September and December Quarterly – March, June, September and December frequency

Indicative 5 years 7 years investment term(ii)

Risk band(iii) 7 7

Risk label(iii) Very high Very high

Investment Martin Currie Australia Antares manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

17 Investment category Single manager – Australian equities (continued)

Investment Large cap Large cap Specialist sub-category

Name of fund BlackRock Australian Equity BlackRock Australian Equity Index First Sentier Wholesale Geared Australian Share Fund APIR code NML0571AU NML0572AU NMF0004AU

Investment objective To achieve superior investment To provide market returns (before fees) To magnify long-term returns from performance through providing returns through investment in Australian equity capital growth by borrowing to invest (before fees) that outperform those of securities. in large Australian companies. The the S&P/ASX 300 Accumulation Index, option aims to outperform the S&P/ASX while maintaining a similar level of 100 Accumulation Index over rolling 7 investment risk to the index. year periods before fees and taxes.

Investment To invest using a highly diversified To adopt a full replication methodology The investment manager believes (i) strategy equity strategy providing broad to track the performance of the stronger returns are achieved by exposure to the Australian equity S&P/ASX 300 Accumulation Index. investing in growing companies that market. The investment option makes Whenever practical the investment generate consistent returns and reinvest relatively small investments in many above their cost of capital. Indepth option will seek to invest in every equity individual equities. This process industry, stock and valuation analysis is in the index, while considering diversifies active risk across a broad the foundation of the investment spectrum of equities in a variety of transaction costs and to remain fully process. The investment option industries and is designed to provide exposed to the developed share market, predominantly invests in quality more consistent active returns over with cash exposure being maintained Australian companies with strong time. The option may be exposed to to a minimum, which will, wherever balance sheets, earnings growth and derivative securities. practicable, be equitised using index high/improving returns on invested futures contracts. capital. The investment option borrows Derivatives, such as futures, forwards from a broad range of quality and options can be used to manage risk institutions, at competitive rates, to magnify an investors' long-term returns and return. When derivative positions from capital growth and franking are established, they will always be credits. The investment option utilises backed by cash holdings and/or a dynamic gearing approach where, as underlying assets. Derivative securities far as possible, income from dividends will not be used to gear the fund. and interest exceeds the cost of borrowing. Where the fund borrows in a foreign currency, proceeds will be fully hedged into Australian dollars. A geared fund will not always magnify gains (particularly in a low return environment), but will always magnify losses. Investors will therefore experience increased volatility in the value of their investment. This means that investors will have potentially large fluctuations both up and down in the value of their investments. Distribution Quarterly – March, June, September and Quarterly – March, June, September and Quarterly – March, June, September frequency December December and December

Indicative 7 years 7 years 7 years investment term(ii)

Risk band(iii) 6 6 7

Risk label(iii) High High Very high

Investment BlackRock BlackRock First Sentier Investors (Australia) IM Ltd manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

18 Investment category Single manager – Australian equities (continued)

Investment Specialist Large cap Large cap sub-category

Name of fund Perpetual Industrial Share Schroder Australian Equity UBS Australian Equity

APIR code NML0580AU NML0584AU NML0585AU

Investment objective To provide long-term capital growth and To outperform the S&P/ASX 200 To outperform (after costs) the S&P/ASX regular income through investment in Accumulation Index over the medium 300 Accumulation Index over rolling 5 quality industrial shares. To outperform to long term by investing in a broad year periods. the S&P ASX 300 Industrial range of companies from Australia and Accumulation Index before fees and New Zealand. taxes over rolling 3 year periods.

Investment Perpetual researches companies of all This is an actively managed core The investment option is an actively (i) strategy sizes using consistent share selection Australian equity portfolio with a focus managed fund investing in a portfolio criteria. Perpetual’s priority is to select on investing in quality stocks of 30-70 listed Australian equity those companies that represent the best predominantly in Australia securities. investment quality and are characterised by strong returns on Financial derivatives may be used to appropriately priced. In determining capital with a sustainable competitive gain exposure to the Australian share investment quality, investments are advantage. market or to manage investment risk. carefully selected on the basis of four The Fund draws on Schroders' deep At least 75% of the investment option key investment criteria: conservative research capabilities with a long term is invested in stocks that comprise the debt levels, sound management, quality focus on investing. S&P/ASX 100 Index. business, and recurring earnings. The option may be exposed to derivative The underlying portfolio invests securities. predominantly in Australian shares listed on or proposed to be listed on any recognised Australian exchange but may have up to 10% exposure to international shares listed on or proposed to be listed on any recognised global exchange. Currency hedges may be used from time to time. Derivatives may be used in managing the underlying portfolio.

Distribution Quarterly – March, June, September and Half-yearly – June and December Quarterly – March, June, September and frequency December December

Indicative 7 years 7 years 7 years investment term(ii)

Risk band(iii) 6 6 6

Risk label(iii) High High High

Investment Perpetual Schroders Yarra Capital Management manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

19 Investment category Single manager – Australian equities Single manager – Global equities (continued)

Investment Large cap Large cap Large cap (currency hedged) sub-category

Name of fund Vanguard® Australian Shares Index Aberdeen Standard Global Equity BlackRock International Equity Index (Hedged) APIR code NMF0015AU NML0579AU NML0574AU

Investment objective To track the return of the S&P/ASX 300 To provide investors with high capital To provide investors with the Accumulation Index before taking into growth over the medium to long term performance of the market, before fees account fees, expenses, and tax. by seeking exposure to companies listed and the cost of hedging, as measured on securities exchanges around the by the MSCI World ex-Australia Net TR IndexSM (hedged in Australian dollars). world. The fund’s benchmark is MSCI All Countries World Accumulation Index (ex Australia) unhedged.

Investment The S&P/ASX 300 Accumulation Index The fund invests primarily in a The fund aims to purchase every (i) strategy includes the large cap, mid cap and concentrated portfolio of around 40-60 security in the Index, while considering small cap components of the S&P/ASX listed international securities (other transaction costs and to remain fully index family. The index covers than those listed on the Australian exposed to the developed share market, approximately 81% of Australian equity Securities Exchange) with the potential with cash exposure being maintained market capitalisation. The fund will hold for capital growth and increased earning to a minimum, which will, wherever most of the securities in the index, allowing for individual security potential. practicable, be equitised using index weightings to vary marginally from the Currency hedging of the fund’s assets futures contracts. index from time-to-time. The fund may may vary between 0-50% hedged to the Derivatives, such as futures, forwards invest in securities that have been Australian dollar. and options can be used to manage risk removed from or are expected to be Derivatives may be used to reduce risk and return. When derivative positions included in the index. Derivatives may or gain exposure to other types of are established, they will always be be used to manage market exposure. investments when appropriate. backed by cash holdings and/or Derivatives are not used to gear a fund. underlying assets. Derivative securities will not be used to gear the fund. The effect of currency fluctuations on returns is minimised by implementing a static currency hedge.

Distribution Quarterly – March, June, September and Annually – June Annually – June frequency December

Indicative 7 years 7 years 7 years investment term(ii)

Risk band(iii) 6 6 6

Risk label(iii) High High High

Investment Vanguard Aberdeen Standard BlackRock manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

20 Investment category Single manager – Global equities (continued)

Investment Large cap Specialist sub-category

Name of fund BlackRock International Equity Index (Unhedged) Platinum International

APIR code NML0575AU NML0582AU

Investment objective To provide investors with the performance of the market, To provide capital growth over the long-term by investing in before fees, as measured by the MSCI World ex Australia Index undervalued companies from around the world. Net TR Index (unhedged in Australian dollars).

Investment The fund aims to purchase every security in the Index, while The fund primarily invests in listed securities. The fund will (i) strategy considering transaction costs and to remain fully exposed to ideally consist of 70 to 140 securities that the manager the developed share market, with cash exposure being believes to be undervalued by the market. Cash may be held maintained to a minimum, which will, wherever practicable, when undervalued securities cannot be found. The manager be equitised using index futures contracts. may short sell securities that it considers overvalued. Derivatives, such as futures, forwards and options can be used The fund may use derivatives: to manage risk and return. When derivative positions are – for risk management purposes; established, they will always be backed by cash holdings – to take opportunities to increase returns; and/or underlying assets. Derivative securities will not be – to create short position in a security; used to gear the fund. – to establish positions in securities that may otherwise not be readily available (e.g. to gain access to particular stock markets where foreign investors face restrictions), and – to aid in the management of the fund cash flows (e.g. some stock markets require pre-funding of stock purchases that may be avoided through the use of derivatives). In addition, the fund has the following investment restrictions: – The underlying value of derivatives may not exceed 100% of the NAV of the fund, and – The underlying value of long stock position and derivatives will not exceed 150% of the NAV of the fund. The manager manages risk associated with currency exposure through the use of hedging devices (eg foreign exchange forwards, swaps, non-deliverable forwards and currency options) and cash foreign exchange trades.

Distribution Annually – June Annually – June frequency

Indicative 7 years 7 years investment term(ii)

Risk band(iii) 6 6

Risk label(iii) High High

Investment BlackRock Platinum Investment Management Limited (trading as manager(i) Platinum Asset Management)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to pages 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

21 Investment category Single manager – Global equities (continued)

Investment Large cap Large cap (currency hedged) sub-category

Name of fund Vanguard® International Shares Index Vanguard® International Shares Index (Hedged)

APIR code NMF0011AU NMF0012AU

Investment objective To track the return of the MSCI World ex-Australia Index (with To track the return of the MSCI World ex-Australia (with net net dividends reinvested) in Australian dollars before taking dividends reinvested) hedged into Australian dollars Index into account fees, expenses, and tax. before taking into account fees, expenses and tax. Derivatives may be used to manage market exposure.

Investment The MSCI World ex-Australia Index comprises securities The fund meets its investment strategy by investing in the (i) strategy (shares) listed on the exchanges of the world’s major Vanguard International Shares Index Fund, forward foreign developed economies. The fund will hold most of the exchange contracts and futures. Vanguard may, at its securities in the index, allowing for individual security discretion, commence investing directly in the securities that weightings to vary marginally from the index from time to are, have been or are expected to be in the index. The fund is time. The fund may invest in securities that have been exposed to all of the securities in the index most of the time, removed from or are expected to be included in the index. The fund will be fully exposed to the fluctuating values of allowing for individual security weightings to vary marginally foreign currencies, as there will not be any hedging of foreign from the index from time-to-time. The fund may be exposed currencies to the Australian dollar. the Fund may be exposed to securities that have been removed from or are expected to derivative securities. to be included in the index. The fund is hedged to Australian dollars so the value of the fund is relatively unaffected by currency fluctuations.

Distribution Quarterly – March, June, September and December Quarterly – March, June, September and December frequency

Indicative 7 years 7 years investment term(ii)

Risk band(iii) 6 6

Risk label(iii) High High

Investment Vanguard Vanguard manager(i)

(i) The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified. (ii) The indicative investment term does not represent a guarantee of performance over the stated period. (iii) For more information on the Standard Risk Measure refer to page 30.

Please note the names of the investment options used in this section are the marketing names. For the full registered name of the investment option, please see pages 48 to 49.

22 Investment performance Unit pricing discretions policy Performance information is regularly updated. To obtain Unit prices can rise and fall on a daily basis depending on a up-to-date performance figures for each investment option, number of factors, including the market value of the relevant please speak to your financial adviser or call the North Service investment options assets. Consequently, the value of your Centre on 1800 667 841. A copy of up-to-date performance investment will vary from time to time. figures will be provided on request free of charge and is also The responsible entity may exercise certain discretions in available at northonline.com.au/generations. Past performance determining the unit price of units on application and should not be taken as an indication of future performance. withdrawal in the investment option. The Unit Pricing Discretions Policy sets out the types of discretions that the Purchases and sales responsible entity may exercise and in what circumstances, the policies on how the responsible entity exercises the People who invest in the investment options via Generations discretions and the reasons why it considers the policies are become ‘indirect investors’. Indirect investors do not become reasonable. It also sets out the circumstances in which registered unit holders in the investment options. Instead it is transactions may be suspended. the operator/trustee that purchases units for you and so has The responsible entity is required to keep a record of any the rights of a unit holder. They exercise these rights in instance where a discretion is exercised in a way that departs accordance with their arrangements with you. from these policies. It is important to ensure you have fully read and understood The Unit Pricing Discretions Policy can be obtained online at the relevant Generations Personal Super and Personal Pension www.ampcapital.com or a copy can be obtained, free of charge, PDS or Generations Investment Portfolio IDPS guide prior to by contacting the North Service Centre on 1800 667 841. investing. The documents include important information on how to purchase and sell units in the investment options and your rights and information on fees. Asset valuation policy Purchasing units in the investment options Assets in which the investment options invest are held directly by them, or through underlying funds in which they invest. To invest in the Generations investment options please Generally, these assets are valued at least each business day complete the application form on North Online for Generations using market prices or otherwise in accordance with the AMP Personal Super and Personal Pension or Generations Investment Capital Asset Valuation Policy. The AMP Capital Asset Valuation Portfolio. Policy sets out the processes for valuing assets that are not exchange-traded including as follows: Selling units in the investment options – direct assets are valued by us at least twice a year Please refer to the relevant Generations Personal Super and – units in unlisted funds are generally valued at the most Personal Pension PDS or Generations Investment Portfolio IDPS recent unit price supplied by the manager of the relevant guide for further information regarding withdrawals. fund – investments in underlying funds are generally valued by Delayed access to your money an independent administrator, and – direct property valuations are generally determined by Under certain circumstances we may be unable to realise assets independent property valuers annually, or more frequently to fund sales due to circumstances beyond our control such as if deemed appropriate. restricted or suspended market trading. In such circumstances, the completion of purchases and the period for payment of For further information on AMP Capital's Asset Valuation Policy, sale proceeds may be extended under the terms of the please go to www.ampcapital.com or a copy can be obtained, constitution of each investment option for the number of days free of charge, by contacting us. that these circumstances exist.

23 AMP Capital Australian Property Fund

Withdrawals The fund's liquidity position will be monitored. In the event that the fund is not able to meet withdrawal requests in part The Responsible Entity aims to process withdrawal requests or in full or if the fund is declared illiquid, the Responsible Entity monthly and withdrawal requests will generally be paid within will as soon as practicable communicate how it plans to meet five Business Days of the Specified Withdrawal Date. A Business withdrawal requests in the future. This communication will Day for us is any day other than Saturday, Sunday or a bank or include the steps to be taken over the next 12 months and the public holiday in Melbourne, VIC. expected liquidity position during this time. This may involve However, the fund's constitution allows withdrawal requests raising equity from new investors, utilising existing cash, to be paid within 12 months of receipt. For example, as a increasing the level of debt, selling property securities, selling response to the COVID-19 pandemic in 2020, monthly direct property or undertaking a combination of these withdrawal payments were suspended for a 6 month period measures. Quarterly updates will provide an update on the between March 2020 and September 2020. steps taken or proposed to be taken, the expected liquidity Furthermore, if the Responsible Entity is unable to realise position and the anticipated timeframe to implement these sufficient assets due to circumstances beyond its control, the steps. The updates will be provided until such time as monthly withdrawal request may take longer than 12 months to be processing of withdrawal requests resumes. satisfied. The majority of the fund's assets will be held as direct You should carefully read the 'What risks apply to investing' property which by their nature are illiquid investments. section of this PDS and the relevant Generations Personal Super From time to time, the fund is likely to require cash to fund and Personal Pension PDS or Generations Investment Portfolio asset acquisitions, capital expenditure or withdrawals. This IDPS for further information regarding withdrawals. It is cash may be available from a number of sources which include: essential that you understand the withdrawal arrangements existing cash reserves, the proceeds from application for units and restrictions for the fund. by new or existing investors, bank debt, the sale of property Processing withdrawal requests securities (AREITs) and direct property sales. Some of these resources are considered readily realisable and are generally The Responsible Entity aims to process withdrawal requests expected to be readily converted to cash. monthly according to the relevant ‘Specified Withdrawal Date’ However, direct property investments are by their nature illiquid (see below). To be clear, confirmation of receipt of a withdrawal investments. Significant time may be required to prepare the request does not constitute processing. Generally, withdrawal property for sale, market the property, negotiate a sale contract requests will be satisfied within five Business Days of the and receive the final settlement proceeds. If insufficient liquid Specified Withdrawal Date, but may take up to 12 months, or resources are available at the time required or if it becomes longer, as allowed under the fund’s constitution. necessary to dispose of one or more of the fund’s direct Withdrawal Date properties to meet withdrawals, there is a greater risk that the fund may not be able to maintain monthly withdrawal You can submit a withdrawal request at any time. However, payments. withdrawal requests will normally be processed on the Specified Withdrawal Date, which is the 15th day of each calendar Where the amount of funds available to meet withdrawal month, or the next Business Day if the Specified Withdrawal requests is not sufficient to fully meet all withdrawal requests Date is not a Business Day, unless otherwise communicated. relating to a Specified Withdrawal Date, withdrawal amounts may be paid in part by way of a pro-rata payment. Where Withdrawal requests received after 1.00pm Melbourne time withdrawals are paid in part, the outstanding unpaid amount on any Specified Withdrawal Date will normally be held over will be paid once sufficient cash is available to meet withdrawal to the next Specified Withdrawal Date for processing. requests relating to the Specified Withdrawal Date and may be paid in priority to withdrawal requests subsequently received Withdrawal arrangements if the fund is not liquid by the Responsible Entity. Investors should be aware that The withdrawal arrangements outlined above in this section withdrawal requests can only be processed and met while the only apply while the fund is liquid as defined under the fund is liquid. Corporations Act. Where the fund ceases to be liquid, including If the fund ceases to be liquid for the purposes of the due to any changes to the Corporations Act definition of liquid, Corporations Act, the Responsible Entity will not meet withdrawals are cancelled and investors will not be able to withdrawal requests. As at the date of this PDS, the fund is withdraw from the fund unless and until the Responsible Entity liquid under the current Corporations Act definition of ‘liquid’, chooses to make a withdrawal offer to investors. where the Responsible Entity reasonably expects that it could As at the date of this PDS, the fund is liquid under the current sell at least 80% of the fund’s assets at market value within 12 Corporations Act definition of ‘liquid’, that is, the Responsible months. Entity reasonably expects that it could sell at least 80% of the fund’s assets for market value within 12 months. See ‘Liquidity’ section below. The Responsible Entity reserves the right to terminate the fund at any time and will do so if it considers it in the best interests of investors. If the fund is terminated, any unpaid withdrawal requests will be cancelled.

24 Risks specific to the AMP Capital Australian Property Fund Where the amount of funds available to meet withdrawal requests is not sufficient to fully meet all withdrawal requests Direct property investments, including assets held directly and relating to a Specified Withdrawal Date, withdrawal amounts via investment in underlying funds such as the Wholesale may be paid in part by way of a pro-rata payment. Where Australian Property Fund withdrawals are paid in part, the outstanding unpaid amount The fund’s returns may be affected by factors such as demand will be paid once sufficient cash is available to meet withdrawal in the marketplace by investors for property, the demand by requests relating to the Specified Withdrawal Date and may tenants for commercial space, rental income levels, tenants’ be paid in priority to withdrawal requests subsequently received ability to service rental payments, tenants' ability to trade by the Responsible Entity. Investors should be aware that including in the event of a government mandated shutdown withdrawal requests can only be processed and met while the resulting from a pandemic, the supply of new commercial fund is liquid. space, capital expenditure and ongoing expenses for The fund’s long-term ability to maintain monthly withdrawals maintenance and repairs, costs and losses associated with relies on it being able to attract sufficient new applications to natural disasters, or other disasters or events outside of our offset redemptions. reasonable control, which prevent the normal operation of the fund’s assets. In addition, if the fund ceases to be liquid for the purposes of the Corporations Act, the Responsible Entity will not meet The returns from property investments may fluctuate from withdrawal requests. As at the date of this PDS, the fund is year to year which means the stability of your capital liquid under the current Corporations Act definition of ‘liquid’, investment in the Fund is not guaranteed. where the Responsible Entity reasonably expects that it could The fund's direct property investments are generally held over sell at least 80% of the fund’s assets at market value within 12 the longer term and considered illiquid, which means that months. immediate access to your capital investment in the fund is not However, the fund could cease to be liquid if these guaranteed. Selling commercial properties generally takes three circumstances change or if the Corporations Act definition of to six months and may take longer in a market downturn. ‘liquid’ changes and the fund is not able to satisfy that Liquidity definition. The Responsible Entity aims to process withdrawal requests The fund’s liquidity position will be monitored. In the event monthly and withdrawal requests will generally be paid within that the fund is not able to meet withdrawal requests in part five Business Days of the Specified Withdrawal Date. However, or in full or if the fund is declared illiquid, the Responsible Entity the fund’s constitution allows withdrawal requests to be paid will, as soon as practicable, communicate how it plans to meet within 12 months of receipt. For example, as a response to the withdrawal requests in the future. This communication will COVID-19 pandemic in 2020, monthly withdrawal payments include the steps to be taken over the next 12 months and the were suspended for a 6 month period between March 2020 expected liquidity position during this time. This may involve and September 2020. Furthermore, if the Responsible Entity is raising equity from new investors, utilising existing cash, unable to realise sufficient assets due to circumstances beyond increasing the level of debt, selling property securities, selling its control the withdrawal request may take longer than 12 direct property or undertaking a combination of these months to be satisfied. The majority of the fund’s assets are measures. Quarterly updates will provide an update on the held as direct property which by their nature are illiquid steps taken or proposed to be taken, the expected liquidity investments. position and the anticipated timeframe to implement these From time to time, the fund is likely to require cash to fund steps. The updates will be provided until such time as monthly asset acquisitions, capital expenditure or withdrawals. This processing of withdrawal requests resumes. cash may be available from a number of sources which include: See the ‘Withdrawals’ section above for details about the existing cash reserves, the proceeds from application for units conditions that apply to withdrawals from the fund, including: by new or existing investors, bank debt, the sale of property – the times withdrawal requests can be submitted securities (AREITs) and direct property sales. Some of these – the length of time the fund may take to pay a withdrawal resources are considered readily realisable and are generally request, and expected to be readily converted to cash. However, direct when withdrawals may be cancelled if the fund ceases to property investments are by their nature illiquid investments. – be liquid or in other circumstances. Significant time may be required to prepare the property for sale, market the property, negotiate a sale contract and receive the final settlement proceeds. If insufficient liquid resources are available at the time required or if it becomes necessary to dispose of one or more of the fund’s direct properties to meet withdrawals there is a greater risk that the fund may not be able to maintain monthly withdrawal payments.

25 ASIC benchmarks and disclosure principles ASIC has released benchmarks and disclosure principles to assist investors in comparing risks and returns across investments in the unlisted property sector. The information below provides an overview of the benchmarks and disclosure principles. Further information on how these benchmarks and principles apply to the fund is contained in the ‘ASIC benchmarks and disclosure principles for the Australian Property Fund’ document. This document should be read together with the current PDS for the fund, and is available online at www.ampcapital.com (go to the fund page), or can be obtained free of charge, on request. – Gearing – indicates the extent to which the fund is funded by debts (liabilities) – Interest cover – indicates the fund’s ability to meet interest payments from its earnings. – Interest capitalisation – occurs when accrued or accumulated interest is added to the fund’s loan principal instead of being paid on a regular basis. – Valuations – information about the fund’s direct property valuation policy, including how often assets are valued. – Related party transactions – information about transactions involving parties that have a close relationship with the Responsible Entity and the investment manager. – Distributions – information about the fund’s distribution sources – Portfolio diversification – information about the fund’s direct property portfolio diversification – Withdrawal arrangements – information about an investor’s withdrawal rights from the fund, and any withdrawal conditions.

26 What risks apply to investing?

Managing your risks What risks apply to investing? The following steps are important in managing your risks Every investment involves risk. Different strategies may carry associated with investing in the investment options we offer: different levels of risk, depending on the assets that make up 1. Obtain professional advice to determine whether the the strategy. Generally, the higher the expected return, the investment option(s) suit your investment objectives, higher the risk. Below is an overview of some of the significant risks you may face. To find out more about the potential risks financial situation and particular needs. and how to manage them, talk to your financial adviser. The 2. Carefully read all the information in the PDS before investing, level of risk for each person will vary depending on a range of including any updates provided through PDS updates. Visit factors, including age, investment time frames, where other northonline.com.au/generations for details. parts of the investor's wealth are invested, and the investor's 3. Consider investment options along with your preferred risk tolerance. investment timeframe and risk appetite. Please note that When you invest in a managed investment scheme, you should investing for any suggested minimum investment timeframe be aware that: for an investment option does not eliminate the risk of loss. – returns are not guaranteed 4. Regularly review your investments in light of your – future returns may differ from past returns, and the level investment objectives, financial situation and particular of returns may vary needs. – and the value of your investment may vary, and there may be the risk of loss of invested capital. Diversification Market risk Diversification in simple terms means not putting all your eggs Market risk is the risk that the price of the assets you have in one basket. It’s a way of spreading risk by investing in invested in may fall. For example, your investments can be different markets as these rise and fall at different times. This affected by changes in: can also include using a range of different investment managers as well as different investment styles. – interest or inflation rates – government legislation or taxation, and Reviewing your choices – market sentiment. While it is important to think carefully about which investment Currency risk options you select, the appropriate selections can change over Currency risk is the risk that the Australian dollar value of time. As your personal preferences, financial situation and overseas assets may fall because of currency fluctuations. long-term goals change, you should rethink your investment Currency changes can also work in your favour, increasing the strategy and adjust this so it continues to meet your needs. In value of offshore assets. any case, an annual review of your investment choices is usually worthwhile. Derivatives risk Derivatives are securities, such as options or warrants, that derive their value from an underlying asset or index. Depending on the investments you select, your fund manager may actively use derivatives to manage risk or increase returns. But derivatives can also result in more volatile returns, increasing the risk of gains and losses.

Gearing risk Some investment options may be geared using loans or derivatives. While gearing can multiply returns when your investments rise in value, it can also multiply losses if your investments fall. As a result, gearing can increase risk and make investment returns more volatile.

27 Legislative risk Securities lending risk Changes to legislation can affect: Some of the investment options may engage in securities – who can invest lending from time to time, depending on market conditions. Although engaging in securities lending may benefit the – the amount of tax you need to pay, and investment option by providing increased returns, there is a – when and how you can withdraw money. risk of capital loss, as a result of the borrower failing to return the borrowed securities in a timely manner and as a result of Liquidity risk market movements that impact collateral. This is the risk that an investment may not be easily converted to cash, with little or no loss of capital and minimum delay, Short selling risk because of inadequate market depth or disruptions in the Short selling involves selling a security you do not own as you market place. Investment switches, withdrawals, rollovers and believe you can purchase it at a lower price to complete the transfers from your superannuation or pension account are transaction. It is an investment strategy that may result in more normally processed within 30 days of us receiving all the volatile returns and may increase the risk of capital loss. The necessary information. There is an exception to this risk of short selling is that you may have to purchase a security requirement where particular investments have redemption for a price higher than what you previously sold it for. restrictions imposed by the underlying investment manager that prevent us from paying the benefit within this period. Interest risk These are referred to as ‘illiquid investments’. Cash and fixed income investments will be impacted by interest Risk of delay rate movements. While capital gains may be earned from fixed income investments in a falling interest rate environment, Generally, fund managers receive instructions to buy and sell capital losses can occur in a rising interest rate environment. investments each day. But sometimes these instructions can The risk of capital gain or loss tends to increase as the term to be delayed, potentially affecting the amount you receive when maturity of the investment increases. the transaction takes place. For example, a transaction may be delayed if: Share market risk – your transaction request does not have enough detail for Share market investments have historically produced higher us to act on it returns than cash or fixed interest investments over the long – the request isn’t signed term. However, the risk of capital loss exists, especially over – the instructions are illegible or incomplete the shorter term. You should be aware that past share market – the transaction does not meet the minimum investment investment performance is not an indication of future or withdrawal requirements set by the fund manager performance. – a system failure occurs when processing the transaction Specific risks may include a slowdown in economic growth, to your account (by us or the fund manager), or individual companies reporting disappointing profits and – the investment option has restricted withdrawal or dividends, and management changes. Where a fund is invested redemption periods. in listed securities, the value of these securities may decrease as a result of these and other events. Counterparty risk Entry into transactions such as swaps create counterparty risk. Substantial losses could be incurred if a counterparty fails to deliver on its contractual obligations or experiences financial difficulties. For this reason, the Generations options only engage with approved counterparties and may adopt additional credit protection measures where appropriate.

Investment option risk There are risks particular to the investment options, for instance, that any or all of them could close to new purchases or be terminated, the fees and expenses could change or the investment managers or their investment teams could change.

Investment specific risk This is the risk that applies to an individual investment within an investment option. Examples may include the unforeseen entry of a new competitor into the market or an increase in the cost of raw materials. Investment specific risk may apply to all of the investment options.

28 International investments risk Credit risk Changes in the state of the world economies may affect the The value of assets within the Fund can change due to changes value of your investment in the Funds. in the credit quality of the individual issuer and also from – Currency exchange rates – where a Fund's investments changes in values of other similar securities. This can affect are located overseas, the relative strength or weakness of the volatility of the Fund and its income. the Australian dollar against other currencies may influence Fixed income securities are subject to default risk, which means the value of, or income from, an investment. that the credit issuer may default on interest payments, the – Currency hedging – where international investments are repayment of capital or both. Fixed income investments with primarily hedged back to Australian dollars, the Funds could a non-investment grade credit rating (that is, Standard & Poor’s still incur losses related to hedging or currency exchange BB+ rating or equivalent, or less) are subject to increased risks rates. Such losses may affect a Fund's taxable income and compared with investment grade securities, in that the credit its subsequent ability to pay distributions. Risks such as issuer may be more likely to default on interest payments, the illiquidity or default by the other party to the hedging repayment of capital or both. transaction may also apply. – Less protection under laws outside of Australia – the laws Sector risk under which assets located outside of Australia operate There is the risk that returns may be adversely affected where may not provide equivalent protection to that of Australian the Fund’s investments have a high exposure to a particular laws, which may mean that a Fund is unable to recover sector or sectors. the full or part value of an offshore investment. – Emerging markets – securities markets in emerging markets are smaller and have been more volatile than the major securities markets in more developed countries. This is often a reflection of a less developed country's greater political instability or uncertainty, exchange rate uncertainty, lower market transparency or uncertain economic growth. Clearance and settlement procedures in an emerging country's securities market may be less developed which could lead to delays in settling trades and registering transfers of securities. – Operational risk – investing across multiple markets and currencies magnifies risks associated with international investments.

Investment management risk There is a risk that the investment manager will not perform to expectation or factors such as changes to the investment team or a change of investment manager may affect the Fund’s performance.

Concentration risk If a fund holds only a small number of securities, the underperformance of a particular security may have a proportionately greater negative effect on the Fund’s overall performance than if the Fund held a larger number of securities.

Listed hybrid securities risk As listed hybrid securities are a combination of debt and equity, they have the risk characteristics of fixed income and share market investments, as well as those associated with derivatives (if applicable). In addition, there is the risk that they may not be able to be exchanged readily for cash or an equivalent asset value.

29 Standard Risk Measure Methodology The Standard Risk Measure (SRM) is a common risk descriptor The methodology used for calculating the SRM follows the used by superannuation funds. FSC/ASFA recommendations and is in line with market practices. It is based on guidance from the Australian Prudential and Regulation Authority (APRA) to allow investors to compare For each investment option, the process determines a set of managed funds that are expected to deliver a similar number forward-looking capital market assumptions by forecasting of negative annual returns over any 20-year period. expected yield and growth outcomes for each asset class. We have introduced the SRM in accordance with the The assumed return outcomes are gross of administration fees, recommendations from the Financial Services Council (FSC) net of investment management fees, and gross of tax. and Association of Superannuation Funds of Australia (ASFA). Generally, alpha (outperformance) has been assumed to offset investment management fees, however for some asset classes SRM descriptors (where appropriate) a small amount of alpha in excess of Each managed fund described in the Generations investment investment management fees is assumed. options PDS has been assigned an SRM. The table below sets For multi-sector (or diversified) investment options, a out the SRM labels used for each managed fund based on the correlation matrix between the asset classes has also been estimated number of negative annual returns that a managed determined using long-term historic data. Both the fund may experience over any 20-year period. assumptions and correlations are then used to determine a multi-sector investment option’s expected risk and return by Risk Risk label Estimated number of negative combining them with its long-term strategic asset allocation. band annual returns over any 20-year period For each investment option, the SRM is calculated by determining the probability of a negative return based on an 1 Very low Less than 0.5 expected normal distribution of returns multiplied by 20. 2 Low 0.5 to less than 1 Changes to the SRM 3 Low to medium 1 to less than 2 For each managed fund, any significant changes to market 4 Medium 2 to less than 3 conditions may alter the SRM from time-to-time. In addition, 5 Medium to high 3 to less than 4 any changes to the methodology used (including any regulatory 6 High 4 to less than 6 changes) may also alter the SRM results. 7 Very high 6 or greater We will generally review the SRM each year.

For example, managed funds with a risk band of 5, have a Differences between each provider’s SRM medium to high risk label and may experience between three Investors should be aware that the SRM labels used for each to less than four years of negative annual returns over any managed fund are based on our assessment and may differ 20-year period. from those assigned by other providers. The differences are Limitations generally due to the methodology used in calculating the SRM. The SRM is not a complete assessment of all forms of Generations Personal Super and Personal Pension managed investment risk and does not replace the need for financial fund SRMs advice when constructing a managed fund portfolio. For Please refer to pages 9 to 22 of this PDS for the SRM for each instance, it does not detail the size a negative return could be managed fund available through Generations Personal Super or the potential for a positive return to be less than you may and Personal Pension. require to meet your objectives. Further, it does not take into account the impact of administration fees and tax on the likelihood of a negative return. The SRM is not a comprehensive account of the risks of investing and investors should consider these risk labels in conjunction with the different risks of investing that apply to your investments. You should still ensure you are comfortable with the risks and potential losses associated with your chosen managed fund(s).

30 Further information on the investment options

Distributions Borrowing The Generations investment options will generally earn income None of the investment options’ constitutions place any formal and may also generate capital gains. Investment earnings are restrictions on amounts that may be borrowed or liabilities paid in the form of distributions. These distributions are that may be incurred. Borrowings may be sought by us or the generally reinvested as additional units in the investment investment managers for such purposes as: option from which the distributions were paid. In some cases – implementation of investment strategies distributions are paid to your cash account. Where an – funding the sale of units, and investment option has application or redemption restrictions imposed by the investment manager or has been removed – covering settlements. from this PDS, distributions may be credited to your cash Each investment option may incur costs through interest account or invested according to your purchase instructions. expenses and the establishment and maintenance of a Investors in the Generations investment options that hold borrowing facility. As a general rule, these expenses are alternative assets should note that payment of distributions recoverable from the assets of the funds. will generally be later than for other investment options due to the greater amount of time required to calculate and receive payments of distributions from the underlying alternative asset Securities lending funds. Securities lending is an investment practice whereby securities Where a distribution is to be made, we normally distribute of a fund are 'lent' to a third party (the borrower) for a period within 30 days after the end of the distribution period. The of time in return for a fee. Title to the securities is transferred distribution period may change in accordance with the to the borrower, but the investment option's exposure to capital constitution for the relevant investment option. Distributions movements and investment income remain unchanged. For will be made within the time period allowed by each investment the duration of the loan, the borrower is required to provide option’s constitution. collateral in excess of the value of the securities loaned. Collateral is held by the fund's custodian on behalf of the How we calculate your distributions investment option. Subject to any restrictions deemed necessary by the investment manager or the Portfolio Manager, Unit prices will normally fall after the end of each distribution up to 95% of each individual security held by an investment period. Consequently, if you invest just before the end of a option may be lent under the securities lending program. The distribution period, some of your capital may be returned to investment options listed in this PDS may be included as you as income in the form of a distribution. participants in securities lending from time to time, depending Any distributions you receive may affect the social security on market conditions. benefits to which you are or may be entitled, and you should consider discussing this with your financial adviser, Centrelink or the Department of Veterans' Affairs before investing. Distributions paid are based on the income earned by the investment option and the number of units you hold at the end of the distribution period. For example, if you held 50,000 units in the investment option, and the investment option paid a distribution of $0.02 per unit for the distribution period, you would receive $1,000 (that is, 50,000 units x $0.02 per unit). Please note this is an example only and not a forecast, the distribution rate will vary for each distribution.

How are the distributions taxed? You may be liable for tax on taxable income that is attributed to you in relation to your investment options. Refer to 'Taxation' on page 45 of this PDS for more information.

31 When an investment options engages in securities lending, it Environmental, Social and Governance exposes the participating investment options to additional risks which may cause a loss of capital, in particular the risk (ESG) considerations that the borrower defaults by failing to return the securities. AMP Capital will take account of labour standards, However, processes are in place to manage and substantially environmental, social, ethical and governance considerations mitigate these risks, including: in the selection, retention or realisation of investments across – loans may only be made to approved borrowers, who are all asset classes (other than those noted below). carefully selected taking into account credit risk However, where AMP Capital or an investment manager invests – aggregate borrowing limits are set and monitored in a pooled vehicle or fund managed by an external investment – acceptable collateral must be high quality and highly liquid, manager and AMP Capital is unable to influence exclusive including cash, shares in larger companies and government control over the investable universe of such a vehicle or fund, bonds; in the event of default, collateral may be liquidated the negative screening outlined is not applied. The investment will then be subject to whatever ESG policy is adopted by the to fund purchase of replacement securities investment manager of that vehicle or fund. – borrowers are required to maintain collateral equal to the value of the securities on loan plus a margin of 5% to 10% The negative screening will also not apply to cash, sovereign depending on type of collateral bonds, derivatives and exchange traded funds. – market movements of both securities on loan and collateral AMP Capital believes there are links between a company's are monitored on a daily basis and adjustments made environmental and social impacts, the quality of its corporate where necessary to ensure that loans remain fully governance, and its long-term financial success. AMP Capital has an ESG and Responsible Investment (RI) Philosophy collateralised describing its approach to considering these issues in their – restrictions may be placed on which securities are available investment decision making which is available at to be loaned and limits on the proportion of securities that www.ampcapital.com/esg-and-responsible-investment. may be loaned, and Selecting investment managers – loans may be recalled at any time at the discretion of the responsible entity at short notice should market conditions Decisions made by AMP Capital about whether to select, warrant such action. appoint or remove investment managers are based primarily on financial and economic factors, including investment style In addition, further risk mitigation has been put in place against and approach. AMP Capital conducts due diligence in the possible capital loss resulting from insolvency of a borrower selection, appointment and removal of investment managers. by a legally enforceable indemnity from the securities lending As part of the due diligence process, AMP Capital may ask these agent (a related party of the fund's custodian), which would managers how they incorporate ESG considerations in their make up any shortfall between the collateral and the cost to investment analysis to develop a more comprehensive view of repurchase a loaned security. an investee company's key business risks, how they approach Income earned from securities lending is returned to the corporate governance issues and how they consider both of participating investment options after the deduction of costs these matters are related to overall management quality. and fees payable to the securities lending agent (for operation of the program and the provision of the indemnity) and to AMP Capital for monitoring, governance and oversight. These fees are 30% and 10% of securities lending revenue respectively which are in line with normal commercial rates.

32 Selecting, retaining and realising investments Where AMP Capital has an investment management agreement Decisions made by AMP Capital and the underlying investment with an investment manager regarding investments held in managers about whether to buy, hold or sell investments will the investment option and AMP Capital has determined that be based primarily on financial and economic factors. ESG issues certain investments or sectors contravene these ethical criteria, may be taken into account by AMP Capital and the underlying that manager will be directed by AMP Capital to exclude or investment managers where they believe these factors may divest those securities using a process of negative screening have a financially material impact on the value and and will not include those securities in the option. Where an performance (risk and/or return) of the investment. existing investment is identified as contravening the ethical criteria, it will be sold down by the underlying investment Any additional or replacement investment manager appointed manager generally within a period of up to six months. may also take these matters into account in line with their own ESG policy. At present, the application of the ethical principles outlined above will result in the negative screening of companies that AMP Capital may also consult with their underlying investment AMP Capital believes have: managers from time-to-time to ascertain the extent to which – known involvement in the production and manufacture they incorporate ESG considerations in their decision-making of, or essential or significant involvement in the distribution and stock selection processes. This may be undertaken through and sale of, tobacco, or one-on-one meetings with these managers, issuing ESG surveys, material involvement in the manufacture, maintenance obtaining and reviewing ESG policies from them and – or delivery of cluster munitions, anti-personnel mines, monitoring of their proxy voting activities. chemical or biological weapons. However, in addition to the consideration of financial and AMP Capital may update or vary these exclusions from time to economic factors as noted above, AMP Capital may, in time, following review and approval by the AMP Capital’s exceptional circumstances, also exclude or divest, and instruct Investment Committee. Further information and detail on the its underlying investment managers to exclude or divest, application and scope of AMP Capital’s ESG and RI Philosophy particular companies, asset types or industry sectors where and a current list of sectors and individual companies subject they have been determined as contravening the ethical to exclusion are available at principles as defined in AMP Capital’s ESG and RI Philosophy. www.ampcapital.com/esg-and-responsible-investment. In making such a decision, AMP Capital will take into account the extent (if any) to which a company’s activities (conduct), AMP Capital's investment committee is responsible for ensuring products or services: that any decision to negatively screen a company, asset type – violate the principle of respect for persons which affirms or industry sector from the investable universe of the option the intrinsic dignity of all people irrespective of age, gender, takes into account fund investment objectives and strategy race, religion and prohibits the treatment of any human and recommendations from AMP Capital’s research and being merely as a means to an end, and/or investment teams. The negative screen will not apply to cash, sovereign bonds, derivatives and exchange traded funds. – can be used without causing harm to others including those who may choose to make use of the relevant goods We aim to review the list of excluded investments annually. or services. Adherence to and monitoring of any excluded investments is In undertaking its assessment AMP Capital will consider overseen by AMP Capital’s Investment Committee in (without limitation): consultation with AMP Capital’s ESG & Investment Stewardship Team (formerly, Sustainable Investment Team), and the broader – whether activities (conduct), products or services ESG and Compliance Monitoring functions. . The underlying contravene principles accepted under international human investment manager is responsible for ensuring the Fund is rights laws including but not limited to UN conventions, invested in line with the investment restrictions advised to it – the principle of ‘double effect’ – which may allow conduct by AMP Capital in accordance with its investment management that is not intrinsically wrong and is undertaken for an agreement. ethically justified ‘principal effect’ even if it has an unintended harmful ‘secondary’ (double) effect. Where a More generally, except to the extent disclosed above in relation form of conduct may have a harmful ‘double effect’, AMP to consideration of financially material ESG issues, and negative Capital will assess the extent to which the company is screening in exceptional circumstances on an ethical basis, actively engaged in minimising and mitigating the AMP Capital has no predetermined view about what they regard unintended harm, to be a labour standard, environmental, social or governance consideration or how far they will be taken into account in the – the extent to which the relevant activity, product or service selection, retention or realisation of investments relating to is material to the conduct of the company in which the the option. investment is to be made, and – any reasonable argument or rebuttal submitted in good faith, as to why an adverse assessment may be based on an error of fact or assumption.

33 Fees and other 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. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial adviser.

TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a managed funds fee calculator to help you check out different fee options.

This document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the assets of the managed investment scheme as a whole. Taxes are set out in another part of this document. For further information, please refer to the Taxation section of this document on page 45. You should read all the information about fees and costs because it is important to understand their impact on your investment. If you are an indirect investor, please contact your financial adviser or platform operator for details of the fee amounts relating to your investment in the investment option. Unless otherwise specified, all dollar amounts are Australian dollars. Fees and costs for particular investment options are set out on pages 40 to 43 of this PDS. Unless otherwise stated, the fees shown in this section are inclusive of Goods and Services Tax (GST), less Reduced Input Tax Credits (RITCs) or other input tax credits claimable.

34 Table 1

Generations investment options

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of the managed investment product

Establishment fee Nil Not applicable The fee to open your investment Contribution fee Nil(i) Not applicable The fee on each amount contributed to your account Withdrawal fee Nil Not applicable The fee on each amount you take out of your investment Exit fee(iv) Nil Not applicable The fee to close your investment Management costs(v)

The fees and costs for managing your Management costs of between 0.79% to 2.94% pa Management costs are comprised of: investment. The amount you pay for (estimated) depending on the investment option. *a management fee(ii) which is calculated daily and specific investment options is shown The management fees of each investment option paid out of the assets of each investment option and in the table on page 40 to 43. will attract a fee rebate of between 0.27% to reflected in the unit price. 0.54% pa depending on the investment option. *a fee rebate(iii), the fee rebate for each investment option will be paid in accordance with the Generations Personal Super and Personal Pension PDS or the Generations Investment Portfolio IDPS Guide. *estimated performance based fees(iii) which is paid to certain investment managers when they meet specific investment performance targets. They are deducted from the underlying assets of the investment option and reflected in the unit price. They are variable and may be more than the amount shown. *estimated indirect costs(iii) are deducted from the assets underlying the investment option as and when incurred and reflected in the unit price. They are variable and may be more than the amount shown.

Service fee

Switching fee(iv) Nil(i)(iv) Not applicable The fee for changing investment options

(i) You may agree to pay adviser fees to your financial adviser for financial advice from your Generations Personal Super, Personal Pension or Investment Portfolio account. Refer to the relevant Generations Personal Super and Personal Pension PDS or Generations Investment Portfolio IDPS Guide for more information. These advice fees are additional to the fees shown in Table 1, and are paid to your financial adviser, not us. (ii) Management fees are part of the indirect cost ratio in the Generations Personal Super and Personal Pension PDS. (iii) Refer to the additional explanation of fees and costs below for more information. (iv) Buy and sell spreads may apply to contributions and switches into an investment option or out of an investment option during exit. Refer to transactional and operational costs under additional explanation of fees and costs below for more information. (v) This amount comprises the management fee, a fee rebate, estimated performance based fees (where applicable) and estimated indirect costs. The sum of these figures may differ to the total management costs, due to rounding. For more information about management costs, see Management costs under the heading Additional explanation of fees and costs.

35 Additional explanation of fees and costs Management costs Management costs are expressed as a percentage of the net Changes to fees assets of the investment option, rounded to two decimal places. We reserve the right to add to or alter any of the fees outlined Management costs are made up of a management fee, a in the PDS at our discretion, subject to the limits imposed under performance based fee (if applicable) and other indirect costs. each constitution. You will be informed of any increase to the Any management fees, an estimated performance based fees fees at least 30 days before they occur. and other indirect costs charged by any underlying funds are included in the management costs figure shown in the table Maximum fees of fees and other costs and are not an additional cost to you. The maximum fees that can be charged under the investment Management fees option’s constitution are: The management fee is charged by us for managing and – Management fee - up to 5% pa of the gross asset value of operating the relevant investment option. The management the assets of the Generations Australian Equities, BlackRock fee stated in Table 1 under 'Investment options and fees' is Australian Equity, BlackRock Australian Equity Index, charged on the net value of the assets of the Fund. The fee is Perpetual Industrial Share, Antares High Growth Shares, calculated and charged in this way even though the Schroder Australian Equity, UBS Australian Equity, AMP constitutions for each of the investment options allows Capital - Cash Management, BlackRock Australian Fixed management fees to be based on the gross value of the assets Interest Index, BlackRock International Fixed Interest Index, (that is, without deducting the value of any borrowings, other PIMCO Global Fixed Interest, Generations Growth, liabilities or provisions). Generations High Growth, BlackRock Property Securities However, for the purposes of calculating management costs, Index and Legg Mason Martin Currie Property Securities which are expressed as a percentage of the net assets of the investment options (that is, including borrowed amounts, investment option, any management fee charged on the gross if any). A lower amount is charged, calculated by reference assets of the investment option has been converted to an to the assets of the relevant investment option. The current equivalent estimated rate based on the average net assets of the investment option. fees charged are shown in Table 1. Other investment options up to 5% pa of the net asset value of the Performance based fee investment option, calculated daily and payable monthly. Performance based fees (PBFs) are paid to certain investment – Entry fee - 5% of the application money for the Generations managers, including AMP Capital, as a reward for exceeding Index - Balanced and Generations Index - Moderately specific investment performance targets, normally up to 25% Defensive investment options, 2% of the application money (exclusive of GST) of the out-performance over the relevant for the Generations Index - Alternative Balanced benchmark index. PBFs include both PBFs calculated by investment option, 8% on the withdrawal price for AMP reference to the performance of the investment option as a Capital - Diversified Credit, First Sentier Wholesale Geared whole, and also performance-related fees which are not based Australian Share Fund and Vanguard Australian Share on the performance of the whole investment option. Any PBFs Index investment options, other investment options up to charged are deducted from the assets of the investment option 8% of the application money and reflected in the unit price. They are in addition to any – Exit fee - 5% of the withdrawal proceeds for the management fees and will increase management costs. Generations Index - Balanced and Generations Index - Each PBF is calculated slightly differently but they all have the Moderately Defensive investment options, other following common elements: investment options up to 8% of the withdrawal proceeds. – A PBF is only payable to an investment manager if they – Switching fee - up to 2% (there is no switching fee for the achieve a target level of return First Sentier Wholesale Geared Australian Share Fund). – Each time a PBF is paid the portfolio must reach the previous highest value plus the appropriate performance Under each investment option's constitution, we are entitled hurdle before a new PBF is payable to be paid an additional amount on the above fees, on account – PBFs are calculated and accrued regularly (at least monthly) of GST, calculated in accordance with the constitution for each and incorporated into the calculation of unit prices. The investment option. accrued PBF can rise or fall in line with delivered performance Goods and Services Tax (GST) – PBFs are generally payable at the end of each financial year, Unless otherwise stated, the fees, costs and expenses shown although some single manager PBFs could be paid annually in this section are inclusive of GST, less reduced input tax credits in arrears after 31 December. In certain circumstances, or other input tax credits claimable, rounded to two decimal payments may be delayed. places.

36 A PBF may be based on the performance of the investment Example – Generations multi-manager diversified investment option as a whole. Where a PBF relates only to a portion of the options investment option (in the case of certain multi-sector or multi-manager investment options), each PBF will be Some investment strategies that the Generations determined on each investment manager's performance. This multi-manager diversified investment options invest in rely means an individual investment manager may earn a PBF more heavily on the skill of the manager than others available. irrespective of the investment option's overall investment As such, it is common that the investment managers operating returns. such strategies may charge a performance fee when their performance exceeds a specified performance hurdle. The PBFs for each investment option are generally based on the performance hurdle can be a certain index or an agreed target actual costs incurred for the last financial year. Where the rate of return, and may differ for each underlying investment actual costs are not known we have estimated them based on manager or change from time to time. the latest information available to us. However, in the following circumstances we have estimated the PBF that will apply to The performance fee is calculated on the value by which the the current financial year: underlying investment manager outperforms its respective performance hurdle, and is reflected in the unit price. where an investment option is new or was first made – Performance fees will typically range between 0 to 30% of available during this or the last financial year; performance above a specified performance hurdle. Any – where a PBF has been introduced to an existing investment performance fees will be passed on directly to the underlying option; or investment manager. No performance fees will be retained by – where a PBF is based on the performance of the investment us. option as a whole. For example, if all of the underlying investment managers for These amounts are not an indication of future performance the multi-manager diversified active Generations Alternative and should not be relied upon as such. If the investment Balanced Active investment option had a performance fee of performance of a particular asset class is better than the set 30% of any performance above their stated performance benchmark, the PBF paid could be much higher. Estimated PBFs benchmark, and they outperformed the performance hurdle for each investment option are shown in the investment by 1% for a period, a performance fee of 0.30% ($3.00 per $1,000 options and fees section on page 40 to 41. investment with that underlying investment manager) would Explanations and examples of how the applicable investment be incurred for that period. This example is inclusive of GST managers calculate their performance fees are detailed below. and net of RITC. The examples are for illustration purposes only and are not an estimate or guarantee of the performance fee applicable in Fee rebate those options. The management fees of each investment option attract a fee rebate. The effect of the fee rebate is that it reduces the Example – Antares High Growth Shares management cost of your investments. The fee rebate is paid The performance fee is calculated on the value by which the to members of Generations Personal Super and Personal investment option outperforms the performance hurdle. The Pension by N.M. Superannuation Proprietary Limited (NM Super) performance hurdle is the S&P/ASX 200 Total Return Index ABN 31 008 428 322 and investors of Generations Investment plus 5% per annum. The performance fee equals 20% of this Portfolio by NMMT Limited (NMMT) ABN 42 058 835 573, both outperformance, and is calculated and accrued daily in the entities are members of the AMP group. For more information, investment option’s unit price and any performance fee payable please refer to the current Generations Personal Super and is conclusively determined on 31 December and is paid annually Personal Pension PDS or Generations Investment Portfolio IDPS in arrears after 31 December. Guide, whichever is relevant to you. Any underperformance must be recouped before a performance fee will accrue. However, any underperformance against the performance hurdle at the end of one year will not be carried forward to the next. For example, if the underlying fund for the Antares High Growth Shares outperformed its performance hurdle by 1%, a performance fee of 0.20% ($2 per $1,000 investment) would be accrued. This example is inclusive of GST and net of RITC.

37 Indirect costs Other costs Indirect costs are incorporated into the investment option's Some investment options may incur other costs as detailed unit price. They are not fixed, will vary from time to time and below that are paid out of the assets of the relevant investment will depend on the actual mix and type of assets held by the option and are in addition to any management costs and investment options, and any underlying funds, and the actual transactional and operational costs. costs incurred. Borrowing costs Indirect costs include, but are not limited to: – management fees of any underlying funds in which the Borrowing costs (ongoing costs) are the costs associated with fund invests borrowing money or securities (such as interest, establishment fees, government charges, and stock borrowing fees). – recoverable expenses of the fund, such as audit and legal fees, tax and accounting services, custody, regulatory Borrowing costs are paid out of the investment option's assets compliance, administration and registry services (excluding or the underlying investment option's assets (as the case may any amounts borne by us from the management fee) and be) and reflected in the unit price. These costs will be paid out any similar expenses incurred in any underlying funds of the investment option's assets and are additional to the fees – costs of investing in over-the-counter (OTC) derivatives and costs noted in Table 1 in the Fees and other costs section which may be used by the fund, or any underlying funds, of this document. to gain economic exposure to assets. Indirect costs do not include performance-related fees that may be payable to certain managers of the investment option's (see Performance based fee) or transactional and operational costs or other costs. Indirect costs are based on the actual costs incurred for the last financial year. Where actual costs are not known, we have estimated these costs based on the latest information available to us. Where an investment option is new, or was first made available during this or the last financial year, we have estimated costs that will apply to the current financial year. Details of indirect costs relating to each investment option can be found in the investment options and fees section of this document. Recoverable expenses Each investment option's constitution entitles us to be reimbursed from the investment option for any expenses incurred in relation to the proper performance of its duties. We may also recover other expenses relating to the operation of the investment. These expenses include but are not limited to audit and legal fees, tax and accounting services, custody, administration and registry services, regulatory compliance, the cost of preparing disclosure documents and costs associated with a securities lending program (if applicable). Internal expenses incurred in connection with these matters may also be recovered from the investment option. Recoverable expenses are included in the management costs in Table 1 in the Fees and other costs section of this document.

38 Costs related to certain specific assets or activities to produce Buy and sell spreads income Transactional and operational costs associated with dealing Investment options may also incur costs relating to specific with the relevant investment option's assets may be recovered assets or activities to produce income that an investor would by the investment fund from investors in addition to the fees incur if they invested directly in a similar portfolio of assets. and costs in Table 1. For most investment options there is a These costs will be paid out of the investment option's assets difference between the unit price used to value any and are additional to the fees and costs noted in Table 1 in the contributions made into your account (buy unit price) and the Fees and other costs section of this document. unit price used to value your account and any withdrawals you make (sell unit price). This difference is due to buy and sell Liabilities properly incurred spreads. The constitution of the relevant investment option's entitles – The buy spread is added to the unit price of the underlying the responsible entity to be indemnified from the fund for any investment to arrive at the buy unit price liabilities properly incurred. – The sell spread is deducted from the unit price of the underlying investments to arrive at the sell unit price Transactional and operational costs Buy and sell spreads ensure that investors who transact bear In addition to the fees and costs outlined in Table 1, your the costs generated by those transactions. An investment investment options may incur transactional and operational option's buy and sell spreads are set to reflect the estimated costs when dealing with the assets of the relevant investment transactional and operational costs the investment option will option's, including any assets of any underlying funds in which incur as a result of new investments or withdrawals and are the investment options invest. retained by the investment option. They are not paid to the responsible entity or any investment manager. Transactional and operational costs may include transactional brokerage, settlement and clearing costs, stamp duty, the Buy and sell spreads can change at any time without notice to buy/sell spread of any underlying funds and the costs of (or you. As your investment account is valued using the sell unit transactional and operational costs associated with) OTC price, all contributions into your account will be reduced by the derivatives. These costs are dependent on the number and total of the buy and sell spread at the time of the transaction. amount of assets bought and sold and will differ according to For example, if considered in isolation, a buy spread of 0.30% the type of assets in the investment option or the purpose for and a sell spread of 0.20% would result in a contribution of which any derivatives are acquired. Transactional and $1,000 reducing to approximately $995 if it was withdrawn operational costs also include property management costs and immediately after investment. This is an example only, it is not maintenance costs in relation to the management of real estate an estimate or forecast. The actual buy and/or sell spreads may assets of some investment options or underlying funds, be higher or lower. including the costs of rates and utilities and other property Buy and sell spreads represent an additional cost to you of operating costs and maintenance costs relating to those assets, transacting and are not charged separately. In addition, when excluding those costs recovered from tenants for their benefit. the sell spread changes, the value of your investment in the Transactional and operational costs are estimated based on investment option will either increase (a benefit to you) or the actual costs incurred for the last financial year. Where the decrease (a cost to you). actual costs are not known, we have estimated these costs Buy and sell spreads for each investment option are shown in based on the latest information available to us. Where an the investment options and fees table beginning on page 42. investment option is new, or was first made available during this or the last financial year, we have estimated the costs that To obtain up-to-date information on a fund’s buy/sell spreads will apply to the current financial year. please call the North Service Centre on 1800 667 841 or visit northonline.com.au/generations. Transactional and operational costs are an additional cost to you. We estimate the amount you pay for transactional and operational costs ranges from 0.00% and 1.34% pa of the net assets depending on the investment option. The estimated amount of total transactional and operational costs, the estimated transactional and operational costs offset by buy and sell spreads, and the estimated transactional and operational costs borne by the investment options is shown in the table beginning on page 42.

39 Investment options and fees Table 1

Management costs

Estimated Management Estimated indirect Total management Investment category/Option name performance based fee(i), (ii) costs(iv) costs(v) fee(iii)

(% pa) (% pa) (% pa) (% pa) Multi-manager Diversified - active Generations Defensive 1.65 0.05 0.16 1.86

Generations Moderately Defensive 1.75 0.04 0.11 1.90

Generations Alternative Balanced 2.11 0.16 0.55 2.81

Generations Balanced 1.85 0.05 0.10 2.00

Generations Growth 1.95 0.05 0.09 2.09

Generations High Growth 2.06 0.01 0.06 2.13 Diversified - index Generations Index - Moderately Defensive 1.50 0.00 0.06 1.56

Generations Index - Balanced 1.53 0.00 0.04 1.58

Generations Index - Growth 1.55 0.00 0.06 1.61 Sector Generations Australian Equities 1.95 0.00 0.23 2.19 Single Manager Cash AMP Capital - Cash Management 0.77 N/A 0.02 0.79 Australian fixed interest AMP Capital - Diversified Credit 1.55 0.00 0.03 1.59

BlackRock Australian Fixed Interest Index 1.19 N/A 0.01 1.20 International fixed interest BlackRock International Fixed Interest Index 1.19 N/A 0.01 1.20

PIMCO Global Fixed Interest 1.45 N/A 0.25 1.70 Property AMP Capital Australian Property Fund 1.10 0.00 0.18 1.28

BlackRock Property Securities Index 1.53 N/A 0.00 1.53

Legg Mason Martin Currie Property Securities 1.71 N/A 0.10 1.81 Australian equities Antares High Growth Shares 2.02 0.00 0.00 2.02

BlackRock Australian Equity 1.98 N/A 0.00 1.99

BlackRock Australian Equity Index 1.24 N/A 0.00 1.24

First Sentier Wholesale Geared Australian Share Fund 2.94 N/A 0.00 2.94

Perpetual Industrial Share 2.03 N/A 0.00 2.03

Schroder Australian Equity 1.86 N/A 0.00 1.86

UBS Australian Equity 2.06 N/A 0.00 2.06

Vanguard Australian Shares Index 1.41 N/A 0.00 1.41

40 Management costs

Estimated Management Estimated indirect Total management Investment category/Option name performance based fee(i), (ii) costs(iv) costs(v) fee(iii)

(% pa) (% pa) (% pa) (% pa)

International equities Aberdeen Standard Global Equity 2.12 N/A 0.00 2.12

BlackRock International Equity Index (Hedged) 1.30 N/A 0.00 1.30

BlackRock International Equity Index (Unhedged) 1.43 N/A 0.00 1.43

Platinum International 2.51 N/A 0.00 2.51

Vanguard International Shares Index 1.41 N/A 0.00 1.41

Vanguard International Shares Index (Hedged) 1.41 N/A 0.06 1.47

(i) The management fee is charged on either the gross or the net assets of the investment option. The gross assets of the investment option disregard the value of any borrowings, other liabilities and provisions of the relevant investment option (and where applicable any underlying investment options), whereas the net assets of the investment option take these offsets into account when arriving at the value of the amount invested in the investment option. For the purposes of management costs calculations, the management fee has been expressed as percentage of the net assets of the investment option. Management fee rebates may also apply. Refer to the fees and other costs section for further details. (ii) The management fee will attract a fee rebate. The fee rebate is paid by NM Super or NMMT as outlined in the current Generations Personal Super and Personal Pension PDS and Generations Investment Portfolio IDPS Guide. For more information on fee rebates refer to fees and other costs section for further details. (iii) Performance based fees (PBFs) are variable and may be more or less than the amounts shown. PBFs include both PBFs calculated by reference to the performance of the investment option as a whole, and also performance-related fees which are not based on the performance of whole investment option. These amounts are not an indication of future performance and should not be relied upon as such. If the investment performance of a particular asset class is better than the set benchmark the PBF paid could be much higher. Refer to the fees and other costs section for further details. (iv) Estimated indirect costs are variable and may be more or less than the amounts shown. Estimated indirect costs do not include performance-related fees. Refer to the fees and other costs section for further details. (v) The sum of these figures may differ to the total management costs, due to rounding. For more information about management costs, see Management costs under the heading Additional explanation of fees and costs.

41 Table 2

Transactional and operational costs(i)

Estimated Borrowing Buy/Sell Investment category/Option name Estimated offset by Estimated net costs (ii) gross costs spread buy/sell costs incurred before offset spreads

(% pa) (% pa) (% pa) (%pa) (%) Multi-manager Diversified - active Generations Defensive 0.28 0.03 0.25 0.02 0.12/0.11

Generations Moderately Defensive 0.27 0.05 0.22 0.02 0.14/0.13

Generations Alternative Balanced 0.35 0.03 0.31 0.08 0.16/0.15

Generations Balanced 0.23 0.04 0.19 0.02 0.15/0.15

Generations Growth 0.22 0.03 0.18 0.02 0.17/0.15

Generations High Growth 0.19 0.03 0.16 0.00 0.17/0.16 Diversified - index Generations Index - Moderately Defensive 0.07 0.04 0.03 0.00 0.06/0.11

Generations Index - Balanced 0.07 0.04 0.02 0.00 0.07/0.10

Generations Index - Growth 0.06 0.04 0.02 0.00 0.07/0.08 Sector Generations Australian Equities 0.13 0.06 0.08 0.00 0.17/0.17 Single Manager Cash AMP Capital - Cash Management 0.00 0.00 0.00 0.00 0.00/0.00 Australian fixed interest AMP Capital - Diversified Credit 0.20 0.11 0.09 0.00 0.20/0.275

BlackRock Australian Fixed Interest Index 0.04 0.04 0.00 0.00 0.05/0.07 International fixed interest BlackRock International Fixed Interest Index 0.18 0.06 0.13 0.00 0.10/0.15

PIMCO Global Fixed Interest 0.29 0.10 0.19 0.00 0.00/0.40 Property AMP Capital Australian Property Fund 1.34 0.00 1.34 0.30 0.00/0.00

BlackRock Property Securities Index 0.04 0.03 0.01 0.00 0.08/0.08

Legg Mason Martin Currie Property Securities 0.64 0.07 0.57 0.00 0.25/0.25 Australian equities Antares High Growth Shares 0.46 0.05 0.41 0.60 0.15/0.15

BlackRock Australian Equity 0.16 0.04 0.12 0.00 0.15/0.15

BlackRock Australian Equity Index 0.03 0.03 0.00 0.00 0.08/0.08

First Sentier Wholesale Geared Australian Share Fund 0.45 0.15 0.30 3.50 0.50/0.50

Perpetual Industrial Share 0.26 0.02 0.24 0.00 0.30/0.00

Schroder Australian Equity 0.14 0.07 0.06 0.00 0.25/0.25

UBS Australian Equity 0.22 0.06 0.17 0.00 0.25/0.25

Vanguard Australian Shares Index 0.02 0.02 0.00 0.00 0.06/0.06

42 Transactional and operational costs(i)

Estimated Borrowing Buy/Sell Investment category/Option name Estimated offset by Estimated net costs (ii) gross costs spread buy/sell costs incurred before offset spreads

(% pa) (% pa) (% pa) (%pa) (%)

International equities Aberdeen Standard Global Equity 0.05 0.03 0.02 0.00 0.15/0.15

BlackRock International Equity Index (Hedged) 0.09 0.04 0.05 0.00 0.10/0.10

BlackRock International Equity Index (Unhedged) 0.05 0.03 0.02 0.00 0.08/0.08

Platinum International 0.16 0.07 0.09 0.00 0.15/0.15

Vanguard International Shares Index 0.02 0.02 0.00 0.00 0.06/0.06

Vanguard International Shares Index (Hedged) 0.12 0.05 0.07 0.00 0.08/0.08

(i) Transactional and operational costs are in addition to management costs. They are variable and may be more or less than the amounts shown. Refer to the fees and other costs section for further details. (ii) These amounts are based on the information available to us at the date of this document. Buy and sell spreads are subject to change at any time without notice to you. Refer to the fees and other costs section for further details.

43 Example of annual fees and costs for a balanced investment option This table gives an example of how the fees and costs in the Generations Balanced investment option can affect your investment over a one-year period. You should use this table to compare this product with other managed investment products.

Table 2

Example – the Generations Balanced Balance of $50,000 with a contribution of $5,000 during this year investment option

Contribution fees Nil For every additional $5,000 you put in, you will be charged $0. Plus 2.00% pa And for every $50,000 you have in this balanced investment option you will be Management costs(i) charged $1,000(ii) each year.

Equals If you had an investment of $50,000 at the beginning of the year and you put in an Cost of the Generations balanced investment additional $5,000 during that year, you would be charged: option $1,000(ii)(iii) What it costs you will depend on the investment option you choose and the fees you negotiate. (i) The management costs shown here have been estimated based on the actual management fee, performance based fee and other indirect costs incurred for the last financial year expressed as a percentage of the average net assets of the investment option for the last financial year. (ii) These amounts do not include management costs on the $5,000 contribution which would equate to $100 assuming that you invest the $5,000 for a full 12 months. (iii) Additional fees may apply, including a buy spread of 0.15% and a sell spread of 0.15% whenever you make a contribution or switch in and out of the investment option (this will equal $150 for every $50,000 contribution). These examples are illustrative only. What it costs you will depend on your individual investments.

44 What else do I need to know?

Wholesale investors Please note that at the time of your initial or additional investment there may be unrealised capital gains or accrued From time-to-time we may rebate some of our fees (in the form income in an investment option. If later realised, these capital of either cash or by issuing units in the investment options) to gains and income may form part of the taxable income what the Corporations Act calls ‘wholesale’, ‘sophisticated’ or attributed to you. In addition, there may be realised but ‘professional’ investors so that they pay reduced fees. undistributed capital gains or income in an investment option, which may form part of the taxable income attributed to you. Taxation If an investment option holds investments which are located outside of Australia, the investment option's income may It is important that you seek professional taxation advice before include non-Australian sourced income. You may be entitled you invest or deal with your investment, as the taxation system to foreign income tax offsets for foreign tax already paid. is complex, and the taxation treatment of your investment will Any losses generated by an investment option cannot be passed be specific to your circumstances and to the nature of your onto investors. However, where specific requirements are investment. satisfied, the investment option should be eligible to offset These comments are for informational purposes and are losses to reduce later year income or capital gains. intended for tax paying investors who hold their investment on capital account for income tax purposes and are based on Taxation of withdrawals, switches and auto-rebalancing our interpretation of Australian taxation laws and Australian Any regular withdrawal or ad hoc withdrawal request that is Taxation Office administrative practices at the date of not payable from your cash account or from income publication of this document. distributions, will require a withdrawal from your investment Taxation laws and Australian Taxation Office administrative options. Switching and auto-rebalancing is also treated as a practices change from time to time. Such changes may impact withdrawal from one investment option and an application to the taxation of each investment fund and you as an investor. another investment option, and therefore also results in a It is your responsibility to consider and monitor the impact of withdrawal of units from your investment options. Any capital any taxation reforms impacting your investment. gain you make from such a withdrawal may be subject to capital gains tax. You may instead realise a capital loss in Taxation treatment of your investment respect of a withdrawal. The cost base of your investment, Each investment option is a separate managed investment which is relevant when calculating any such capital gains or scheme, and thus a separate taxable entity, for tax purposes. losses, may change over the duration of holding your An investment option will generally not pay income tax. investment. The cost base of your investment may increase or decrease if the taxable income attributed to you differs to the Each investment option is a Managed Investment Trust (MIT) amounts that you have received as cash distributions. and will be administered as an Attribution Managed Investment Trust (AMIT). AMIT Member Annual (AMMA) Statement Under the AMIT tax regime, you are taxed on the taxable Each year we will send you an AMMA Statement, which will income that is attributed to you on a fair and reasonable basis contain details of the taxable components attributed to you and in accordance with the trust's constitution (even if you for the year, together with any net cost base adjustment reinvest your distributions). amount by which the cost base of your investment should be You may be entitled to tax offsets, which reduce the tax payable increased or decreased. by you, and concessional rates of tax may apply to certain forms of taxable income such as capital gains. Australian resident Withholding tax individuals are liable to pay tax at their marginal rates on the While it is not compulsory, if you do not provide your Tax File taxable income attributed to them from an investment option. Number (TFN), Australia Business Number (ABN) or a valid Generally, tax is not paid on behalf of investors. reason for exemption, we will be required to withhold an If you are not an Australian resident for income tax purposes, amount equal to the highest marginal tax rate (plus any withholding tax may be payable on the taxable income of an applicable levies) multipled by the amount of taxable income investment option attributed to you at prescribed rates (even attributed to you (even if not distributed in cash). if not distributed in cash). Any withholding tax payable may If you are not an Australian resident, we may deduct be deducted from cash distributions or redemption proceeds, non-resident withholding tax and MIT withholding tax from with any unrecovered withholding tax being a debt owing from your distributions. you to the investment option.

45 Any withholding amount may be deducted from cash Our role distributions or redemption proceeds, with any unrecovered amount being a debt owing from you to the investment We are responsible for the management of each investment options. option including the determination of the investment objectives and policy and the day-to-day administration. Our role also includes holding the investments of the investment options Social Security securely and protecting the rights and interests of unit holders. This includes the duties to act honestly, exercise due care and Investing in the investment options in Generations can affect diligence and treat investors equally. Subject to the your entitlement to social security benefits. If you need specific Corporations Act and each constitution, we may at any time advice, contact a professional adviser or Services Australia voluntarily retire or be removed by unit holders at a unit holder (Centrelink or the Veterans' Affairs office) before investing. meeting as the responsible entity of that investment option.

Our legal relationship Termination As an indirect investor, your rights are governed by your Each investment option may be terminated in a number of agreement with the operator/trustee which has the rights of circumstances under its constitution and the Corporations Act. a unit holder. Unit holders’ rights and entitlements are largely Generally each investment option terminates at the earliest governed by the constitution, the terms and conditions of which of: are binding on us and on unit holders. Each investment option is a registered managed investment scheme under the – the 80th anniversary of the day before the investment Corporations Act and is governed by its own constitution. option commenced The constitutions provide the framework for the operation of – the date specified by us as the date of termination of the each investment option and, with the Corporations Act, this investment option in a notice given to members, or PDS and other laws, set out our relationship with unit holders. – the date on which the investment option terminates in Under the constitutions we, as responsible entities, have broad accordance with another provision of the constitution or powers to enable the efficient and prudent management of by law. each investment option including, but not limited to, practically unrestricted powers in relation to the types of assets in which the investment options can invest. We may amend each constitution at any time—the Corporations Act requires that unit holders approve an amendment of a constitution if the proposed amendment will adversely affect their rights. Copies of the constitutions are available free of charge while this PDS is current by contacting the North Service Centre on 1800 667 841.

46 Liquidity Related-party transactions The Corporations Act provides that an investment option’s We may use the services of other companies within or withdrawal arrangements must be closely tied to the liquidity associated with the AMP group. AMP group has varying levels of the investment option’s underlying investments. The of ownership in the appointed managers of NMFM and/ or ipac Corporations Act distinguishes between ‘liquid’ and ‘non-liquid’ and these entities operate independently of each other within investment options and has separate withdrawal rules for each the AMP group. Any transaction between us and the Portfolio type. While an investment option is a ‘liquid’ scheme, requests Manager, or AMP Capital, and any of their respective related can be made to sell units in the investment option at any time parties must comply with related party protocols and AMP and the request must be satisfied out of the investment Capital policies and procedures. For these purposes, a related option’s assets within the withdrawal period provided for in party includes certain entities and individuals that have a close the investment option’s constitution. relationship with us or the Portfolio Manager, or AMP Capital. Where an investment option is a ‘non-liquid’ scheme, the Related parties of the responsible entities include each investment manager may offer the opportunity to withdraw responsible entity itself, entities that it controls, funds operated from the investment option on a periodic basis, but is not or managed by it, and its agents. obliged to do so. Where there is no such offer currently open As at the date of this document, the relevant policies and to unit holders, a unit holder has no right to sell units in the procedures that apply to related party transactions of the investment option. The offer period will be at least 21 days Portfolio Manager, or AMP Capital, or the responsible entities, long. Before making a withdrawal offer, the investment are contained in the AMP Conflicts of Interest Policy. Under manager must identify the liquid investments of the this Policy, the parties must transact on terms that would be investment option which are available to meet sale requests reasonable if they were dealing at arm’s length, relevant that result from the offer. When a withdrawal offer closes, the legislative requirements must be satisfied and the interests of investment manager must satisfy sale requests made in investors must be protected. The Policy will be reviewed on a response to the offer within 21 days. If the value of the sale regular basis and may change from time to time. requests exceeds the amount identified as being available for withdrawal, the requests must be met on a pro rata basis. Further information Complaints If you require any further information, please contact your financial adviser or call the North Service Centre on 1800 667 We follow an established procedure to deal with complaints. 841. You should contact your financial adviser or the North Service Centre on 1800 667 841 if you have a complaint related to your investment in the fund. If your issue remains unresolved you can contact the external dispute resolution scheme of which the platform operator is a member. Please refer to the relevant Generations Personal Super and Personal Pension PDS or Generations Investment Portfolio IDPS guide which contains information on our complaint resolution procedures for Generations.

Cooling-off period Indirect investors should refer to the relevant disclosure document of the master trust or wrap account for their cooling-off rights (if any) in relation to their master trust or wrap account. Master trusts and wrap accounts do not have any cooling-off rights in relation to an investment in the investment options.

47 Generations investment options

Investment option APIR code Registered name ARSN

Multi-manager

Diversified – active Generations Defensive NML0586AU Generations – Defensive Trust 108 702 316 Generations Moderately Defensive NM0L587AU Generations – Moderately Defensive Trust 108 709 726 Generations Alternative Balanced IPA0061AU Generations – Alternative Balanced Fund 118 736 173 Generations Balanced NML0588AU Generations – Balanced Trust 108 702 530 Generations Growth NML0589AU Generations – Growth Trust 108 702 754 Generations High Growth NML0590AU Generations – High Growth Trust 108 703 626 Diversified – index Generations Index – Moderately Defensive NMF0019AU Generations Index Moderately Defensive Trust 140 153 831 Generations Index – Balanced NMF0020AU Generations Index Balanced Trust 140 153 984 Generations Index – Growth NMF0021AU Generations Index Growth Trust 140 154 294 Sector Generations Australian Equities NML0591AU Generations – Australian Equities Trust 108 703 617 Single manager

Cash AMP Capital – Cash Management NML0569AU Generations Cash No. 1 Trust 109 857 990 Australian fixed interest AMP Capital – Diversified Credit NMF0003AU Generations Fixed Interest No. 4 Trust 118 843 879 BlackRock Australian Fixed Interest Index NML0573AU Generations Fixed Interest No. 1 Trust 109 858 031 International fixed interest BlackRock International Fixed Interest Index NML0576AU Generations Fixed Interest No. 2 Trust 109 858 077 PIMCO Global Fixed Interest NML0581AU Generations Fixed Interest No. 3 Trust 109 858 095 Property AMP Capital Australian Property Fund NML0337AU Australian Property Fund 096 853 619 BlackRock Property Securities Index NML0577AU Generations Property No. 1 Trust 109 858 102 Legg Mason Martin Currie Property Securities NML0578AU Generations Property No. 2 Trust 109 858 111 Australian equities Antares High Growth Shares NML0583AU Generations Australian Equities No. 4 Trust 109 858 193 BlackRock Australian Equity NML0571AU Generations Australian Equities No. 1 Trust 109 858 139 BlackRock Australian Equity Index NML0572AU Generations Australian Equities No. 2 Trust 109 858 148 First Sentier Wholesale Geared Australian Share Fund NMF0004AU Generations Australian Equities No. 7 Trust 118 843 646 Perpetual Industrial Share NML0580AU Generations Australian Equities No. 3 Trust 109 858 175 Schroder Australian Equity NML0584AU Generations Australian Equities No. 5 Trust 109 858 219 UBS Australian Equity NML0585AU Generations Australian Equities No. 6 Trust 109 858 228 Vanguard® Australian Shares Index NMF0015AU Generations Australian Equities No. 10 Trust 133 655 026

® Registered to Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263.

48 Investment option APIR code Registered name ARSN

International equities

Aberdeen Standard Global Equity NML0579AU Generations International Equities No. 3 Trust 109 858 264 BlackRock International Equity Index (Hedged) NML0574AU Generations International Equities No. 1 Trust 109 858 237 BlackRock International Equity Index (Unhedged) NML0575AU Generations International Equities No. 2 Trust 109 858 246 Platinum International NML0582AU Generations International Equities No. 4 Trust 109 858 282 Vanguard® International Shares Index NMF0011AU Generations International Equities No. 7 Trust 133 655 991 Vanguard® International Shares Index (Hedged) NMF0012AU Generations International Equities No. 8 Trust 133 656 112

® Registered to Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263.

49 mail email w phone C eb ontact MELB GPO Nor nor nor 1800 th@amp thonline th us Bo OU 667 Ser x RN 2915 vic 841 E .c e .c om.au/ VIC C om.au en 3001 tr e g ener a tions

05780 12/20