International shares

Investment strategy

To invest in international shares on an actively managed basis.

Growth........100%
Defensive.......0%

Investment objective

To achieve a return (gross of tax and investment expenses) that exceeds the change in the MSCI World (ex-Australia) Accumulation Index over moving three year periods and to limit the probability of achieving a negative return of approximately one year in three.

Risk of short-term negative return

High - The return obtained each year will fluctuate significantly and will be negative from time to time. There is a high chance that the return in any one year will be negative.

Expected frequency of negative annual returns in any 20 year period

5.2

Risk band (1 – 7)

6

Risk label

High

Type of investor

Aggressive

Investment fee#

0.65%

#The investment fee is a measure of the fees deducted from investments. These fees include the cost of the Fund’s investment managers, custodian and investment advisor and certain other costs of the Fund. The investment fee is the total of these costs, divided by the net asset value of the Fund. These fees are deducted directly from the investment earnings before they are allocated to member accounts. They are therefore not deducted from your super account directly.

*From time to time the Investment Mangers may hold cash.

^Strategic asset allocation as at 22 June 2012.

PLEASE NOTE: The Australian Shares, International Shares and Property options commenced on 22 July 2005.