ISSUED | 1 JULY 2020

Investment guide

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Contact details

Head office Level 8, 188 Collins Street Hobart TAS 7000Postal address GPO Box 1547 Hobart TAS 7001Phone 1800 005 166Email info@tasplan.com.auWebsite tasplan.com.auIssuer Tasplan Pty Ltd AFSL 235391 ABN 13 009 563 062 (Trustee)Fund registration details ABN 14 602 032 302 (Tasplan Super) USI TPN0100AU MySuper Unique Identifier 14602032302734.

Information in this document forms part of the product disclosure statement (guide) dated 1 July 2020. It contains important information about investing with Tasplan. Any reference to the guide means the Tasplan Super guide and this Investment guide collectively. Any reference throughout this Investment guide to ‘the trustee’, ‘we’ or ‘us’ means Tasplan Pty Ltd, ABN 13 009 563 062. ‘Fund’ or ‘Tasplan’ means the super fund known as Tasplan Super, ABN 14 602 032 302. Any reference to ‘financial planner’ means a licensed or appropriately authorised financial planner.The information in this Investment guide is up‑to‑date at the time of preparation. However, some of the information can change, such as fees and/or the investment approach to a particular investment option. We’ll update the Investment guide when we become aware of any material adverse change to the information contained in this Investment guide, or a material omission from the Investment guide. For other changes and information about the performance of an investment option, you can obtain up‑to‑date information at any time by visiting tasplan.com.au. Paper copies of this information can be provided free of charge by calling us on 1800 005 166.The information provided in this Investment guide is general information only and doesn’t take into account your personal financial situation or needs. You should obtain financial advice tailored to your personal circumstances before making a decision to invest with Tasplan. The value of investments in the investment options may rise and fall. The trustee doesn’t guarantee the investment performance, earnings or return of capital invested in Tasplan through this Investment guide.The rights of members are ultimately governed by the trust deed governing Tasplan. While the trustee has taken all due care in preparation of this Investment guide, it reserves the right to correct any errors and omissions. If there’s any inconsistency between the trust deed and this Investment guide, the trust deed will prevail.

Risks of super

All investments have some risk, including super. Investments may experience fluctuations and volatility. Returns will go up and down over time and the value of investments will vary. Therefore, the value of your super may go up and down. All investments carry risk, though different strategies may carry different levels of risk, depending on the assets that make up the strategy. Tasplan invests in a range of assets, including cash, fixed interest, property and shares. Our investment options each have a different mix of assets. Assets with the highest long‑term returns may also carry the highest level of short‑term risk. This means that the more you could earn from an investment over a longer period of time, the more likely that the investment value will rise and fall in value over shorter periods of time. When considering your super, it’s important to understand that:

• the value of your investments will vary

• the level of returns will vary, and future returns may differ from past returns

• returns aren't guaranteed, and you may lose some of your money

• legislation may change in the future

• the amount of your future super savings, including contributions and returns, may not be enough to provide adequately for your retirement

• the level of risk you’re prepared to take will vary depending on a range of factors, including: ‑ your age ‑ your investment time frames ‑ where other parts of your wealth are invested ‑ your risk tolerance.

We can help you understand investment risk and help you design an investment strategy that’s right for you (a fee may apply).

Basic principles of investment

What’s investment? Investment refers to earning a return on your money. It’s a balancing act between creating wealth and protecting what you’ve already built up.

What’s a return? A return is the money you make from investing. Returns can be positive or negative. A positive return can be in the form of income such as:

• dividends from shares

• rent from a property

• interest from a bank account or

• capital growth as an increase in the value of the underlying investment such as shares and property.

A negative return, or capital loss, results in a fall in the value of the investment, for example, when property prices fall. The total return on an investment is the sum of income and capital growth or loss. Returns for all Tasplan investment options are always shown after all investment fees, taxes, indirect costs, property operating costs and borrowing costs have been deducted. You can check the current investment returns at tasplan.com.au/investment.

What’s risk? Risk is the amount by which the value of your investment may fluctuate in any given period. When making an investment choice, you need to understand the risks involved, and how much risk you feel comfortable with over both the short and long term.

Not sure how to invest your money? Try our Risk profiler calculator at tasplan.com.au/riskprofiler.

1. About investing in superWith super, it’s easy to set and forget. But choosing a suitable investment option could have a major impact on how your super performs.This Investment guide provides information on our investment options, including:

• the strategy behind each investment option

• investment objectives

• risks involved.

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Contents1. About investing in super 22. About Tasplan’s investments 53. MySuper default option ‑ Tasplan OnTrack 7

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Standard risk measure Our investment options have been assessed using the standard risk measure to make it easier for you to choose the most suitable investment option or options for you. The standard risk measure is based on industry guidance and allows you to compare investment options. The standard risk measure isn’t a complete assessment of all forms of investment risk. For instance, it doesn’t detail what the size of a negative return could be, or the potential for a positive return to be less than you may need to meet your objectives. Also, it doesn’t take into account the impact of administration fees and tax on the likelihood of a negative return. You should ensure you’re comfortable with the risks and potential losses associated with your chosen investment option or options.

Risk band Risk label

Estimated number of negative annual returns over a 20 year period

1 Very low Less than 0.5

2 Low 0.5 to less than 1

3 Low to medium 1 to less than 2

4 Medium 2 to less than 3

5 Medium to high 3 to less than 4

6 High 4 to less than 6

7 Very high 6 or greater

The relationship between risk and return Generally, there’s a trade‑off between risk and return. For example, low‑risk investments generally offer lower returns, and high‑risk investments mostly offer the potential for higher returns over the longer term. In other words, when you invest in lower‑risk investments, you’ll generally get small changes in the value of your investment in the short term, and a lower return over the longer term. In general terms, the higher‑risk investments are those which may sometimes produce a negative return. It should be noted that lower‑risk investments can also generate negative returns, however this is less likely than higher‑risk investments. Cash is generally the investment with the lowest risk and provides the lowest return over time. Shares and property are examples of higher‑risk investments, which are expected to provide higher returns over time.

Risk/return indicator graph

HIG

HER RISK

LO

WER RISK

LOWER RETURN HIGHER RETURN

SHARES

PROPERTYFIXED INTERESTCASH

Can you avoid or reduce investment risk? Naturally, all investors wish to receive the highest possible return on their money, but at the same time take as little or no risk as possible. The general relationship between risk and return is that:

• higher returns requires higher risk and

• lower returns involves lower risk. It’s almost impossible to avoid risk altogether, but its impact can be minimised. The best way to minimise investment risk is through diversification. For example, investing in a mix of different types of investments, known as asset classes. Diversification is all about not having all your eggs in one basket. If one asset class is falling in value, another asset class may be rising in value, thereby offsetting the capital loss suffered by the fall in value of the first asset class. A diversified investment mix may be invested in a range of asset classes such as cash, property, government bonds, Australian shares and international shares. At any one point in time, all of these investments will be earning different rates of return. Choosing the appropriate mix of different investments is known as asset allocation. Our investment options offer a range of asset allocations to suit various risk and return levels.

How much risk are you comfortable with? The level of risk you’re prepared to take is a personal decision, and may be quite different to that of your workmates or friends. It’s dependent on your own preferences and individual circumstances. Considerations should include not only your tolerance for short‑term fluctuations, but also your longer‑term aims and goals.

What’s the chance of a negative return? Negative returns are always possible with any type of investment, whether it be a low‑risk asset such as cash, or higher‑risk assets such as international shares. Naturally, they’re more likely to occur with the higher‑risk growth assets. However, if you have a longer‑term horizon, you should be less concerned with short‑term volatility in returns. Over the longer term, positive returns should more than offset any short‑term negative returns.

Asset classes Before you choose which investment option or options are right for you, you need to understand how different types of investments work.Investments are typically classified into two asset types – growth assets and defensive assets. These form the building blocks of your investment.Generally, growth assets carry higher risk, but can earn higher returns over time. Defensive assets carry less risk and can be used to protect your investment against loss but deliver lower returns over the long term.Investment options invest your money in one or more of the major asset classes. We use the following asset classes:

SharesWhen you invest in shares, you’re actually buying a share of a company that can be traded on a stock exchange. You can access small and large companies across a range of industries in Australia or overseas. Shares provide gains or losses through changes in their price on the stock exchange as well as dividends. Shares are regarded as a high‑risk investment with the potential for short‑term negative returns, however they also have the potential for higher returns than most other asset classes over the long term.

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PropertyProperty investments include exposure to investment pools that own commercial office buildings, large retail shopping centres and industrial buildings. Property provides income in the form of rent and the value of the assets can increase or decrease in value over time. Property is generally regarded as a medium to high‑risk investment, depending on the characteristics of the underlying assets. Generally, property investments provide higher returns than fixed interest or cash in the long term, but may incur negative returns in certain market conditions.

Private equityPrivate equity involves investing in unlisted companies that aren’t listed on a stock exchange. Investments can include Australian and overseas companies across a wide range of industries involved in venture capital, expansion capital and buy‑outs. It aims to produce high long‑term returns however, it’s also a high‑risk option and may incur negative returns over certain periods of time. Private equity is classified as a growth‑orientated asset class and is likely to exhibit risks similar to those associated with listed shares over the long term.

InfrastructureInfrastructure involves investing in assets that provide essential public facilities and services such as roads, airports, seaports and power supply and generation in Australia and overseas. This investment primarily involves exposure to unlisted companies or assets. Relative to equities, infrastructure tends to have a lower risk and return profile, and assets tend to be more bond‑like than equity‑like, despite containing some growth component. Although returns should be less volatile than other equity investments, infrastructure may also produce negative returns.

Alternative debtAlternative debt involves investing in sub‑investment grade securities and structured credit. Alternative debt aims to produce higher long‑term returns using corporate debt, but with a higher level of risk compared to traditional fixed interest bonds. These strategies are used to provide additional diversification in falling share markets.

Absolute returnAbsolute return strategies cover a broad range of investments with exposure to both fixed interest and share markets. Investments may use multi‑strategy funds and hedge funds to employ strategies like derivatives, short selling and leverage. Absolute return strategies can exhibit a mixture of growth and defensive characteristics, however the aim is to control risk through lower market risk exposure and lower return volatility. Absolute return strategies aim to generate higher returns than cash returns but may produce negative returns. A key focus of absolute return portfolios is to provide additional diversification during falling share markets and/or fixed interest bond markets.

Fixed interestFixed interest involves investing in bonds issued by governments and corporations where a fixed or floating rate of interest is paid. Capital gains or losses may also be incurred from movements in the price of fixed‑interest investments, primarily as the result of movements in interest rates. Fixed interest investments may provide higher returns than cash over the long term and are generally considered low to medium‑risk investments. Fixed interest may also have negative returns in certain market conditions.

Cash Cash is made up of bank deposits and other short‑term money market investments. Interest is received from a cash investment. An investment in cash generally offers the lowest returns over the long run of any asset class, but also has the lowest risk. The purchasing power of cash is reduced over time as a result of inflation.

How we manage currency When the trustee invests in international assets, the level of returns can be impacted by currency movements. For example, a stronger Australian dollar compared to other currencies can reduce returns on international investments. Conversely, a weaker Australian dollar can increase returns on international investments.The trustee has appointed a professional currency manager to implement a currency hedging strategy. Currency hedging is a risk management strategy designed to reduce the impact of change in the value of currencies on the value of foreign investments. Hedging can reduce a potential loss from unfavourable currency movements, but it can also reduce a potential profit.The trustee can vary the hedging levels on international assets between 0% and 100%, depending on the current views regarding currency based on the advice received from the asset consultant and internal investment team.

Who manages your investments? The trustee has determined the mix of options available to you and is responsible for investment of the assets. The trustee uses a combination of external specialist managers and internal experts to invest in the various asset classes. All investments are regularly reviewed and their investment performance is constantly monitored. Details of the actual market value and percentage of fund assets held with each investment manager for the past financial year are provided in our Annual report available at tasplan.com.au/governance-and-transparency. To assist in the review and monitoring process, the trustee uses the services of an asset consultant, Mercer Investments (Australia) Limited, and employs its own in‑house investment specialists.

How your account balance is calculated Your investment in Tasplan is recorded as a number of units. Your account balance is determined as the number of units you hold in each investment option multiplied by the unit price of that option. All transactions into and out of the fund, including contributions, transfers, withdrawals and fees, occur at the current unit price. The trustee applies a cut‑off for daily transaction processing at 4pm (Hobart time) on a business day. Any transaction requests received after 4pm (Hobart time) will be processed on the next business day.You can check your account balance anytime using Tasplan Online or by calling us on 1800 005 166.

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How are unit prices determined?Unit prices are calculated based on regular valuations of the underlying assets in that investment option, less fees and taxes, and generally include indexing using market‑based indices. The calculation of the value of assets in each investment option is based on the most recently available information to the trustee. Investment fees, expenses, management costs and taxes are deducted, or may be accrued or estimated as part of index calculations, before we determine a unit price. Unit prices will fluctuate according to the investment performance of the investment option. Normally, unit prices will be determined for each business day and be posted to tasplan.com.au/unit-price. However, the trustee may defer or delay the determination of unit prices whenever it considers this to be in the best interests of members.

Ethical investment considerations When selecting, retaining or realising investments, we take into account labour standards, environmental, social and ethical factors. Tasplan excludes investments in tobacco stocks and stocks that are complicit in the production of controversial weapons.Tasplan is a signatory to the United Nations Principles for Responsible Investment (UNPRI).

What does this mean? The objective of the UNPRI is to develop and implement a set of global principles that facilitate the integration of environmental, social and governance (ESG) issues into mainstream investment practices.

Six principles Under the six UNPRI principles we’ll endeavour to: 1. Incorporate ESG issues into investment analysis and

decision‑making processes. 2. Be active owners and incorporate ESG issues into our

ownership policies and practices. 3. Seek appropriate disclosure on ESG issues by the entities

in which we invest. 4. Promote acceptance and implementation of the

principles within the investment industry. 5. Work together to enhance our effectiveness in

implementing the principles. 6. Report on our activities and progress towards

implementing the principles. The UNPRI is based on the idea that ESG issues can affect investment performance and that considering these issues is part of managing an investment portfolio. It’s a tool that will lead to a greater understanding of ESG issues and a way of managing ESG risk. Its outcome should enhance and protect member benefits. Tasplan complies with a number of the UN principles through membership of the Australian Council of Superannuation Investors and, in addition, we have developed our own ESG policies that we’ll develop further over time. More information can be found at unpri.org.

2. About Tasplan’s investmentsWhat do you need to consider?You should consider:

• your desire to increase wealth compared to your risk tolerance

• your age and investment time frame

• your individual personal circumstances. In making this decision, you may wish to get advice. Before deciding on which option or options to choose, it’s important to understand the objectives and strategy of each investment option, as the expected risk and return varies. It’s important to note that the investment objectives aren’t forecasts or guarantees of future returns. Investment option returns aren’t guaranteed, and the value of investments might rise or fall. Past performance isn’t a guarantee of future performance.

For the latest investment returns and unit prices, go to tasplan.com.au/investment.

Need advice? Careful planning can make a big difference to your retirement lifestyle, so before you decide what to do, it’s generally a good idea to get professional advice. We can provide you with general advice on your Tasplan account. If you need personal advice, you can meet with a Tasplan financial planner. Our planners have set fees for advice. Tasplan financial planners are authorised representatives of Quadrant First Pty Ltd (ABN 78 102 167 877, AFS Licence No. 284443), a wholly owned subsidiary of Tasplan Pty Ltd operating as a separate legal entity.

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About Tasplan's investmentsTasplan Super offers a choice of 11 investment options. Each investment option has a different investment return objective and strategy, with varying levels of expected risk and return.

Tasplan OnTrack MaintainTasplan OnTrack ControlTasplan OnTrack Sustain

Tasplan OnTrack BuildDefault investments

CashFixed interest

PropertyInternational shares

Australian sharesSingle sector options

ConservativeModerateBalanced

SustainableGrowth

Pre-mixed options

Growth Defensive

You can choose to invest in one or a combination of our 11 options to ensure the best possible match with your risk profile.

Choosing investment options You can choose your investment option or options when you complete the Join Tasplan Super form provided in the Tasplan Super guide available at tasplan.com.au/pds.If you don’t make a choice, you’ll be invested in our MySuper default investment option ‑ Tasplan OnTrack®. Your date of birth determines which stage you’ll be invested in.

How to change investment options You can switch your investment options, or ask that future contributions be invested into a different investment option, at any time. You can switch investment options or change your future transactions strategy:

• through Tasplan Online or

• by calling us on 1800 005 166 or

• by completing the Change your investments form available at tasplan.com.au/member-forms. The cut‑off time for switch requests is 4pm (Hobart time) on a business day. Requests received after 4pm or submitted online on a public holiday or weekend will be processed effective the following business day.

® Registered to Tasplan Pty Ltd ABN 13 009 563 062.

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3. MySuper default option ‑ Tasplan OnTrack Tasplan OnTrack is designed to automatically adjust your investment mix based on your age. For example, when you’re younger you have more time to ride the ups and downs of the investment market before retirement. In this stage, Tasplan OnTrack invests your super in a higher percentage of growth assets such as shares and property to target a higher long‑term return. As you approach retirement Tasplan OnTrack shifts to a more conservative asset mix to focus on wealth protection. The asset mix reduces its allocation to growth assets and increases the allocation to defensive assets such as fixed interest and cash.

No matter what stage you’re at in your working life, Tasplan OnTrack can give you an efficient, well‑diversified portfolio designed and managed to match your life stage. There are four age‑based investment stages within Tasplan OnTrack. Your date of birth determines which stage you’re invested in, as shown below. So, it’s important that we have this recorded correctly. When you have a birthday and reach the next age bracket, your account will automatically move to that investment stage. Each stage has an investment strategy and asset allocation designed specifically for that group.

For example, if your date of birth is 15 October 1976, you’ll initially be invested in the Build investment stage. When you turn 50 on 15 October 2026, your account will automatically move to Sustain. It will change again when you turn 55 (Control), then again when you turn age 60 (Maintain), unless you leave this investment option before then.

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Default option

Tasplan OnTrack

Build Sustain Control Maintain

Description This investment stage is designed for members aged 49 and under.

This investment stage is focused on capital growth. It aims to achieve high long‑term investment returns, while tolerating a high level of volatility of returns.

This investment stage is designed for members aged 50 to 54.

This investment stage begins to reduce the impact of capital losses. It aims to achieve high long‑term investment returns, while accepting a medium to high level of investment risk.

This investment stage is designed for members aged 55 to 59.

This investment stage has an increased focus on capital protection. It aims to achieve moderate to high investment returns, while accepting a medium to high level of investment risk.

This investment stage is designed for members aged 60 and over.

This investment stage seeks to provide stability in your super savings. It aims to achieve moderate investment returns, while accepting a medium level of risk.

Type of investor You want your super to be invested in a pre‑mixed option suited to your age.

Asset allocation

90% growth 10% defensive

75% growth 25% defensive

60% growth 40% defensive

45% growth 55% defensive

Asset class Benchmark % Range % Benchmark % Range % Benchmark % Range % Benchmark % Range %

Australian shares 29 15‑45 23.5 10‑35 17.5 5‑30 13 5‑30

International shares 36 20‑50 27.5 15‑40 18.5 5‑35 13 5‑30

Listed property 5 0‑15 3 0‑15 3 0‑10 1 0‑10

Total listed shares 70 60-90 54 45-70 39 30-55 27 15-45

Private equity 4 0‑10 3 0‑10 2 0‑5 0 0‑5

Unlisted property 7.5 0‑15 8.5 0‑15 9 0‑15 9 0‑15

Unlisted infrastructure 7.5 0‑15 8.5 0‑15 9 0‑15 9 0‑15

Total unlisted assets 19 5-30 20 5-30 20 5-30 18 5-30

Emerging market debt 2 0‑10 2 0‑10 2 0‑10 0 0‑10

Absolute return 2.5 0‑10 3 0‑10 3 0‑10 3 0‑10

Alternative debt 3.5 0‑10 4 0‑10 5 0‑10 5 0‑10

Alternative assets 8 0-20 9 0-20 10 0-20 8 0-20

Australian fixed interest 1 0‑10 5 0‑15 8 0‑20 10 0‑25

Global sovereign 1 0‑10 5 0‑15 8 0‑20 10 0‑25

Global credit 0 0‑10 3.5 0‑15 6 0‑20 7 0‑20

Cash 1 0‑15 3.5 0‑20 9 5‑30 20 5‑40

Cash and fixed interest 3 0-15 17 5-30 31 20-50 47 30-60

Investment return objective1

CPI + 4% a year over rolling 10‑year periods.

CPI + 3% a year over rolling 5‑year periods.

CPI + 2.5% a year over rolling 5‑year periods.

CPI + 1.5% a year over rolling 5‑year periods.

Minimum suggested time frame

10 years. 5 years. 5 years. 5 years.

Risk level2 High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

Medium to high – risk band 5.

You may expect 3‑4 negative annual returns in a 20‑year period.

Medium to high – risk band 5.

You may expect 3‑4 negative annual returns in a 20‑year period.

Medium – risk band 4.

You may expect 2‑3 negative annual returns in a 20‑year period.

1The investment return objectives are after investment fees and taxes.2Refer to page 3 for more information about these risk measures.

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Pre-mixed options

Pre-mixed investment options

Growth Sustainable Balanced Moderate Conservative

Description This investment option aims to achieve attractive long‑term returns, while tolerating a high level of volatility of returns.

This investment option aims to achieve attractive long‑term returns while accepting a medium to high level of investment risk.

This investment option aims to achieve attractive long‑term returns while accepting a medium to high level of investment risk.

This investment option aims to achieve attractive long‑term returns while accepting a medium level of investment risk.

This investment option aims to achieve reasonable long‑term returns, while limiting volatility to a moderate level, and accepting that this is likely to result in investment returns over the long term that are lower than may be achieved in more equity‑oriented options.

Type of investor You’re seeking high capital growth over the long term (more than 10 years) and don’t mind substantial risk and volatility.

You’re seeking moderate to high‑level capital growth over the long term (more than 10 years) using environmentally and socially responsible investments. You can tolerate medium to high risk and volatility.

You’re seeking moderate to high‑level capital growth over the long term (more than 10 years) and can tolerate medium to high risk and volatility.

You’re seeking a moderate level of capital growth in the medium to long term (5–10 years) and at a moderate level of risk and volatility.

You’re seeking some capital growth over the short to medium term (at least 3 years) with low to medium level of risk and volatility.

Asset allocation

90% growth 10% defensive

75% growth 25% defensive

75% growth 25% defensive

45% growth 55% defensive

30% growth 70% defensive

Asset class Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Australian shares 29 15‑45 27 15‑40 23.5 10‑35 13 5‑30 6 0‑20

International shares 36 20‑50 31 15‑40 27.5 15‑40 13 5‑30 9 0‑20

Listed property 5 0‑15 0 0‑15 3 0‑15 1 0‑10 0 0‑10

Total listed shares 70 60-90 58 45-70 54 45-70 27 15-45 15 5-30

Private equity 4 0‑10 0 0‑10 3 0‑10 0 0‑5 0 0‑5

Unlisted property 7.5 0‑15 15 0‑25 8.5 0‑15 9 0‑15 7 0‑15

Unlisted infrastructure 7.5 0‑15 0 0‑15 8.5 0‑15 9 0‑15 7 0‑15

Total unlisted assets 19 5-30 15 5-25 20 5-30 18 5-30 14 5-25

Emerging market debt 2 0‑10 0 0‑10 2 0‑10 0 0‑5 0 0‑5

Absolute return 2.5 0‑10 4 0‑15 3 0‑10 3 0‑10 4 0‑15

Alternative debt 3.5 0‑10 5 0‑15 4 0‑10 5 0‑15 6 0‑15

Alternative assets 8 0-20 9 0-20 9 0-20 8 0-20 10 0-20

Australian fixed interest 1 0‑10 5 0‑15 5 0‑15 10 0‑25 12 5‑35

Global sovereign 1 0‑10 5 0‑15 5 0‑15 10 0‑25 12 5‑35

Global credit 0 0‑10 4 0‑15 3.5 0‑15 7 0‑20 8 0‑20

Cash 1 0‑15 4 0‑20 3.5 0‑20 20 5‑40 29 10‑50

Cash and fixed interest 3 0-15 18 5-30 17 5-30 47 30-60 61 40-80

Investment return objective1

CPI + 4% a year over rolling 10‑year periods.

CPI + 3% a year over rolling 5‑year periods.

CPI + 3% a year over rolling 5‑year periods.

CPI + 1.5% a year over rolling 5‑year periods.

CPI + 1% a year over rolling 5‑year periods.

Minimum suggested time frame

10 years. 5 years. 5 years. 5 years. 5 years.

Risk level2 High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

Medium to high – risk band 5.

You may expect 3‑4 negative annual returns in a 20‑year period.

Medium – risk band 4.

You may expect 2‑3 negative annual returns in a 20‑year period.

Low to medium – risk band 3.

You may expect 1‑2 negative annual returns in a 20‑year period.

1The investment return objectives are after investment fees and taxes.2Refer to page 3 for more information about these risk measures.

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Single sector options

Single sector investment options

Australian shares International shares Property Fixed interest Cash

Description This investment option aims to maximise long‑term investment returns through diversified investments in Australian shares. Returns are likely to be very volatile.

This investment option aims to maximise long‑term investment returns through diversified investments in international shares. Returns are likely to be very volatile.

This investment option aims to achieve a stable income stream and the opportunity for capital growth over the long term by investing in a diversified portfolio of listed and unlisted property investments.

This investment option invests in a diversified portfolio of fixed interest type securities.

This investment option aims to ensure security of capital and to limit year‑to‑year variability through a diversified investment in cash.

Type of investor You’re seeking a high level of capital growth over the long term (more than 10 years) by investing in a diversified portfolio of Australian shares. You’re comfortable with substantial risk and volatility.

You’re seeking a high level of capital growth over the long term (more than 10 years) by investing in a diversified portfolio of international shares. You’re comfortable with substantial risk and volatility.

You’re seeking a stable income and capital growth over the medium to long term (more than 5 years) by investing in a range of property investments both in Australia and overseas. You’re comfortable with moderate levels of risk and variability in investment returns.

You’re seeking moderate returns and to retain capital growth over the medium term (more than 5 years) by investing in a range of fixed interest investments. You want a lower level of risk and volatility than shares.

You want a high level of capital security and to maintain the purchasing power of investment over the short term. You want very low risk and fairly consistent but low returns.

Asset allocation

100% growth 100% growth 83% growth 17% defensive

100% defensive 100% defensive

Asset class Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Benchmark %

Range %

Australian shares 100 95‑100

International shares 100 95‑100

Listed property 15 0‑30

Total listed shares 100 95-100 100 95-100 15 0-30

Private equity

Unlisted property 85 70‑100

Unlisted infrastructure

Total unlisted assets 85 70-100

Emerging market debt

Absolute return

Alternative debt

Alternative assets

Australian fixed interest 45 30‑60

Global sovereign 35 20‑50

Global credit 15 5‑30

Cash 0 0‑5 0 0‑5 0 0‑10 5 0‑15 100 100

Cash and fixed interest 0 0-5 0 0-5 0 0-10 100 75-100 100 100

Investment return objective1

CPI + 3.5% a year over rolling 7‑year periods.

CPI + 3% a year over rolling 7‑year periods.

CPI + 2.5% a year over rolling 5‑year periods.

CPI + 0% a year over rolling 5‑year periods.

Positive returns in all years.

Minimum suggested time frame

7 years. 7 years. 5 years. 5 years. 1 year.

Risk level2 High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

High – risk band 6.

You may expect 4‑6 negative annual returns in a 20‑year period.

Medium – risk band 4.

You may expect 2‑3 negative annual returns in a 20‑year period.

Low – risk band 2.

You may expect 0.5‑1 negative annual returns in a 20‑year period.

1The investment return objectives are after investment fees and taxes.2Refer to page 3 for more information about these risk measures.

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What are the fees for investing?The costs of managing your investments are paid from investment earnings before they’re credited to your account. This is reflected in the unit price of the investment options. The table below shows the estimated fees for a full financial year.

Investment option

Estimated investment fee - each year3

Estimated indirect cost ratio4Investment fee (base) Performance related fee Total

Growth 0.53% 0.03% 0.56% 0.22%

Sustainable 0.65% 0.11% 0.76% 0.23%

Balanced 0.47% 0.03% 0.50% 0.22%

Moderate 0.33% 0.02% 0.35% 0.17%

Conservative 0.30% 0.01% 0.31% 0.16%

Australian shares 0.34% 0.00% 0.34% 0.22%

International shares 0.55% 0.00% 0.55% 0.12%

Property 0.65% 0.11% 0.76% 0.37%

Fixed interest 0.18% 0.00% 0.18% 0.07%

Cash 0.07% 0.00% 0.07% 0.00%

Tasplan OnTrack

Build 0.53% 0.03% 0.56% 0.22%

Sustain 0.47% 0.03% 0.50% 0.22%

Control 0.41% 0.03% 0.44% 0.21%

Maintain 0.33% 0.02% 0.35% 0.17%3Investment and performance related fees are based on estimated annual fees for a full financial year and are indicative only. Future investment fees will vary mainly due to the underlying investments used, performance and asset allocation.

4The indirect cost ratio is estimated based on costs incurred during the 2019‑20 financial year.

More information about fees, including the definitions of investment fees and performance related fees, is provided in our Fees and costs fact sheet available at tasplan.com.au/pds.

The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391. © 2020 Tasplan Pty Ltd. All rights reserved.

FS‑INV01 07/2020