What are your choices?

Member investment choice allows you to choose the investment approach that you are most comfortable with and that is appropriate for your needs.

Saving and investing through superannuation has been designed to be the foundation of your financial independence in retirement. As superannuation exists for your retirement benefit, you may wish to have the opportunity to decide on the style of how your money is managed. You know better than anyone else what your needs are now and into the future. As well, you know how many years you want to work until you retire from the workforce and the level of investment risk that is relevant to your situation.

All members of CSRF are provided with the opportunity to choose from a range of 10 investment portfolios either on a Managed or Build your own basis. You can choose one or a combination of any of the 10 options from either group

In the event that you select multiple portfolios, it remains your responsibility to monitor the percentage of your balance allocated to each option selected. You should be aware that the initial percentage allocated to each investment choice option will move over time due to market movements.

The 10 investment options available are as follows:

Managed options Build your own options Diversified Shares Growth Balanced Socially Responsible Balanced Conservative Managed investment options have the asset allocation selected across multiple asset classes. The Trustee monitors those asset allocations within the Managed investment options and rebalances them in accordance with investment policy. Australian Shares International Shares Diversified Property Diversified Fixed Interest Cash Build your own portfolios provide the ability to select from a specific asset class. These investment options are designed to provide access to members who wish to gain exposure to either single major asset classes or a combination of specific asset classes. The Build your own options also provide the ability to select or build your own asset mix based on these main asset class types.

The superannuation moneys of all members of CSRF who do not make an investment choice are initially invested in the Balanced option, until a switch to another option is requested.

The investment profiles of each of the options are as follows:

Option Potential investment risk/return Investment time frame Strategic mix of assets Diversified Shares High risk High return Long (7+ years) 100% Growth Growth High risk High return Long (7+ years) 85% Growth 15% Defensive Balanced Medium to high risk Medium to high return Medium (5+ years) 74% Growth 26% Defensive Socially Responsible Balanced Medium to high risk Medium to high return Medium (5+ years) 70% Growth 30% Defensive Conservative Medium risk Medium return Short to medium (3+ years) 32.5% Growth 67.5% Defensive Australian Shares High risk High return Long (7+ years) 100% Growth International Shares High risk High return Long (7+ years) 100% Growth Diversified Property Medium to high risk Medium to high return Long (7+ years) 90% Growth 10% Defensive Diversified Fixed Interest Medium risk Medium return Short (3+ years) 100% Defensive Cash Low risk Low return Short (1+ years) 100% Defensive

Important: Each of the 10 investment options can be expected to provide different rates of return. There are no guarantees that one option will perform better than another in the short term.

Economic conditions prevailing at the time will have a bearing as to which option will perform the better during any one-year period.

The Trustee has selected a number of investment managers to complement the profile of each of the portfolios. The Trustee reserves the right to add, or terminate an investment manager. A list of investment managers is provided in each Trustee's report to members and can also be found in Investment managers menu option.

Portfolio Suitable for Diversified Shares Members seeking to achieve a higher return over the longer term from capital growth and can withstand high short-term volatility in investment returns. Growth Members seeking a long-term investment which has the potential for higher returns from generally a higher weighting towards shares and are comfortable with high short-term volatility in investment returns. Balanced Members seeking an investment style designed to provide reasonably high investment returns each year with somewhat less short-term volatility in investment returns than the Diversified Shares and Growth portfolios. Socially Responsible Balanced Members seeking a socially responsible investment style designed to provide reasonably high investment returns each year with somewhat less short-term volatility in investment returns than the Diversified Shares and Growth portfolios. Conservative Members who are able to withstand some volatility in investment returns including a negative return in some years, with a view to better longer term returns than would available from investing exclusively in cash. Australian Shares Members seeking a long-term investment which has the potential for higher returns from generally a higher weighting towards shares and are comfortable with high short-term volatility in investment returns. International Shares Members seeking a long-term investment which has the potential for higher returns from generally a higher weighting towards shares and are comfortable with high short-term volatility in investment returns. Diversified Property Members seeking an investment style designed to provide reasonably high investment returns each year with somewhat less short-term volatility in investment returns than the Diversified Shares and Growth portfolios. Diversified Fixed Interest Members who are able to stand some volatility in investment returns including a negative return in some years, with a view to better longer term returns than would be available from investing exclusively in cash. Cash Members seeking to maintain the capital value of their investments over any period of time, while earning an investment return similar to that of a bank bill or cash management trust. Consideration of labour standards, environmental, social and ethical issues The Trustee offers one investment option that takes into account labour standards and environmental, social and ethical issues. This option is currently invested in the AMP Capital Responsible Investment Leaders Balanced Fund. However the Trustee reserves the right to change investment managers and/or products in future. In selecting managers, consideration and assessment is made from a financial, social and environmental perspective. From a social and environmental perspective, AMP Capital seeks out managers that are identifying leaders across industries, in their responsible approach to the following issues: environmental considerations, including energy and resource use and product stewardship (for example, where a company takes into account the life cycle of the product, from manufacture to the extent to which the product can be recycled) social considerations, including indigenous relations and community involvement ethical considerations, including meeting fundamental human rights, and articulating and implementing a Code of Conduct labour standards, including occupational health and safety, international labour organisation standards, working conditions and the exclusion of child labour governance considerations, including meeting corporate governance guidelines on board structures and remuneration. Managers are also required to avoid companies operating within sectors with recognised high negative social impact. This means the underlying funds will avoid exposure, either directly or indirectly through underlying managers and funds, to companies with material exposure to the production or manufacture of alcohol, armaments, gambling, pornography, tobacco and uranium. Material exposure is considered to be where a company derives more than 10% of its total revenue from these industries. In addition to the specific negative screens, the underlying managers generally adopt a balanced scorecard approach to determine whether they can invest in a particular company. Managers are reviewed annually, with additional reviews in the event of major corporate changes, litigation etc. An additional sample review occurs three times per year. If a company falls below the stated Socially Responsible Investment (SRI) standards, it is AMP Capital’s policy that the relevant manager sells its investment in the company within six months. This policy is monitored and if a fund breaches the policy AMP Capital may terminate the services of the relevant underlying manager. The policy also requires that the managers review individual companies if there are major changes, such as takeovers or major environmental incidents. Presently, the Responsible Investment Leaders Balanced Fund applies social and environmental considerations as described above to Australian and international share investments, and to corporate bonds within fixed interest. In addition there are specific environmental considerations that apply to the fund’s direct property investments. For all other investment options, decisions about the selection, retention or realisation of investments are primarily based on economic factors. The Trustee and the underlying investment managers do not take into account labour standards, environmental, social or ethical considerations when making decisions, although sometimes these matters do indirectly affect the economic factors upon which decisions are based. The Trustee does not have a predetermined view as to whether it will take the above matters into consideration in making investment decisions affecting the investments in the future.