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									A Genuine Solution to Superannuation

                                 May 10
                                          Table of contents

EXECUTIVE SUMMARY ........................................................................................... 3
SUNSUPER PROFILE .................................................................................................. 4
THE SUNSUPER DIFFERENCE ................................................................................ 6
RATINGS SURVEY RESULTS................................................................................... 7
FUNDS UNDER MANAGEMENT .............................................................................. 8
EMPLOYER DETAILS ................................................................................................ 9
SERVICE PROVIDERS ............................................................................................. 10
SUNSUPER CORPORATE ........................................................................................ 13
GROWTH IN CORPORATE BUSINESS ................................................................ 14
SERVICES PROVIDED ............................................................................................. 15
INVESTMENT OPTIONS .......................................................................................... 16
INSURANCE COVER ................................................................................................ 18
FEES AND CHARGES ............................................................................................... 19
INTERNET CAPABILITIES ..................................................................................... 20
APPENDIX: INVESTMENT FEES ........................................................................... 21

The information contained in this report is obtained from various sources deemed to be reliable. It is not
guaranteed as accurate or complete and should not be relied upon as such. Opinions expressed are subject to
change. The changing character of markets requires constant analysis and may result in changes. Past
performance is not necessarily indicative of future returns.
This is general information only and does not take into account the investment objectives, financial situation or
needs of any individual or organisation. You need to apply the concepts to your own situation and consider the
appropriateness of any general advice before making an investment decision.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                                 2
Executive summary

We at Sunsuper believe that Australians deserve the best possible financial retirement.

Sunsuper‟s mission is simple – to maximise members‟ retirement benefits by providing
excellent retirement services and to be recognised as being the best in the market for it. We
achieve this by providing excellent quality and choice of investments, excellent quality and
flexibility of insurance and excellent quality and accessibility of education and advice – at the
lowest possible cost to members.

We also provide a package of additional services such as financial planning; personal service
via our specialised call centre and access to discounted home loans and banking facilities.
Access to information is made easy through our website.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                            3
Sunsuper profile
Founded in 1987 as one of the first providers to help employers meet their new superannuation
commitments, Sunsuper has grown to be one of Australia‟s largest private sector
superannuation funds.
     Over $8 billion in funds under management
     Over 850,000 members
     Over 60,000 employers currently participate in Sunsuper

Sunsuper has multi-industry strength, representing members and employers across a range of
industries, including:

       Agriculture, Forestry, and Mining
       Manufacturing
       Transport and Storage
       Personal and other services
       Health and Community
       Construction
       Hospitality
       Retail Trade
       Property and Business Services

The Board of Sunsuper Pty Ltd is currently represented by:

Employee Representatives                                 Appointed by
              Grace Grace (Chair)                        Queensland Council of Unions
              John Battams                               Queensland Council of Unions
              Bill Ludwig                                Australian Workers‟ Union

Employer Representatives                                 Appointed by
              Graham Drummond                            Commerce Queensland
              Joe Barnewall                              Commerce Queensland
              Peter Annand                               Commerce Queensland

DON LUKE has been the Chief Executive Officer of Sunsuper since November 1996, when
the Trustee formed a new management team to further build on the Fund‟s success. Since then,
staff numbers have risen from one to fifty in the span of nine years, indicative of the continued
growth of the Fund.

Under Don‟s direction there have been a number of significant developments within Sunsuper,
which have propelled the company to its current position as one of the leading retirement
savings providers in Australia.

In 2000, a Financial Planning subsidiary, Sunsuper Financial Services, was established to
provide high quality financial planning services to Sunsuper‟s members. Three years later, the
subsidiary was significantly re-branded SUNAdvice, an organisation like Sunsuper, which is
committed to providing relevant, accessible and affordable financial advice to members and

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                            4
An Actuarial Consulting Division was established in 2001 to provide quality actuarial services
including plan design, insurance, and defined benefit administration to employers.

In 2002, a partnership between Sunsuper and global administrator, CitiStreet was established.
As one of the world‟s largest and most experienced retirement benefit providers, CitiStreet has
over US$170 billion in assets under administration, and services over nine million members
and 16,000 funds.

CitiStreet‟s world-class administration system provided the Sunsuper team with the
opportunity to launch a wide range of feature-rich product options for a low fee in November
2002, allowing Sunsuper members the opportunity to choose from over 30 investment options.

Sunsuper has also joined forces with REST and STA to launch Education Key – an education
program aimed at increasing the financial literacy of Australians. The campaign will endeavour
to help members make better financial decisions in a choice of fund environment and in doing
so, successfully reach their retirement goals (

In Sydney, Sunsuper‟s growth and commitment to service saw the purchase of CommuniK, a
specialised financial services, communication and education company, which is now the
communications division at Sunsuper. David Hartley joined Sunsuper in August 2005 as Chief
Investment Officer, taking over this position from Jack Gray who left the fund in June. Twelve
staff now service the superannuation needs of a number of national companies from Sydney.

Sunsuper joined forces with Carnegie, Wylie & Company for a long-term private equity
partnership in December 2005. The relationship had been devised to take advantage of
Sunsuper‟s scale and buying power, as well as achieve a better alignment of interests between
the manager and the asset owners.

In February 2006, Sunsuper recently appointed two new Portfolio Managers to its investment
team. Michael Aked has been appointed to focus on Alternative Investments and Corrin
Collocott to focus on Investment Strategy. These new appointments reflect the fund‟s focus on
offering improved investment options to its fast growing member base. Sunsuper also
introduced a Term Allocated Pension (TAP) and a Non-Commutable Allocated Pension, two
new pension product offerings for members. These products are in addition to the Sunsuper
Allocated Pension currently available to its members.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                          5
The Sunsuper difference

   Profit for members: Sunsuper does not pay shareholder dividends. This allows us to invest
    in people and technology to drive incredible efficiency – keeping costs down and
    constantly improving service standards. Sunsuper ensures members get the maximum
    benefits from their superannuation
   Global administrator: Sunsuper‟s administrator CitiStreet is the second largest
    administrator of retirement and pension plans in the world. CitiStreet specialises in
    working with large corporate plans, web and administration interaction and tailoring
    individual and scalable solutions
   E-commerce: Sunsuper‟s comprehensive and secure online contribution facilities and
    website capabilities are straightforward, functional and easy to use
   Flexible insurance: Sunsuper recognises the importance of appropriate insurance for all
    members. Consequently, we provide insurance protection customised to suit members‟
   Specialised call centre: professional service centre dedicated to meet employers‟ and
    members‟ superannuation enquiries
   Professional advice: Sunsuper aims to empower members to make appropriate choices and
    increase their financial literacy skills in order to achieve the best possible financial
    retirement. We provide comprehensive education and advice sessions on investment issues
    to help members better understand and manage their superannuation
   Personal service: Sunsuper also invests in people – both internally and in partnership – to
    ensure it delivers the best possible service. This includes dedicated Client Relationship
    Managers to personally provide timely and accurate information and help employers and
   Financial planning: SUNAdvice1 was established to offer relevant, accessible and
    affordable financial planning services at competitive rates. SUNAdvice planners focus on
    providing members with the right advice on a broad range of financial products and
   Actuaries: An Actuarial Consulting Division was established in 2001 to provide quality
    actuarial services including plan design, insurance and defined benefit administration to
    employers. Sunsuper now employs four fully-qualified actuaries and two associate
    actuaries (partially qualified), offering expert actuarial services to our external clients
   Defined benefit: Supported by an advanced administration capability, Sunsuper can
    accommodate and complement existing defined benefit arrangements and future

  Sunsuper Financial Service Pty Ltd (trading as SUNAdvice) ABN 50 087 154 818 AFSL No. 227867
is a wholly owned subsidiary of Sunsuper Pty Ltd.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                              6
Ratings survey results
Sunsuper is recognised as one of Australia‟s leading superannuation funds. In 2005, Sunsuper
was awarded a “5 Apples” rating by independent research house Chant West for its
superannuation offering across the spectrum of small, medium and large super funds, along
with Personal funds – making Sunsuper the only superannuation fund to receive the highest
possible rating across all four categories.

In addition, Rainmaker and SuperRatings, two respected industry ratings organisations, have
each awarded Sunsuper the highest possible accolade for our superannuation offering.
Sunsuper has been awarded a Platinum Rating from SuperRatings and a “AAA” Selecting
Super rating from Rainmaker. This cements Sunsuper‟s position as one of the best
superannuation offerings on the Australian market.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                       7
    Funds under management
                                       Sunsuper Assets
                                                                                                             $8 b

                                                                                                  $7 b
                                                                                           $6 b

$m 5000
                                                                             $4 b
                                                                    $3 b
                                                $2 b
                        $1 b

      0 Jul     Jul      Jul     Jul      Jul          Jul    Jul    Jul    Jul      Jul          Jul        Jan-
        -95     -96      -97     -98      -99          -00    -01    -02    -03      -04          -05        06


    Sunsuper has a history of strong growth and maintains its position as one of the fastest growing
    funds in Australia. Funds under management have grown on average over 30% per annum for
    the past decade and currently sit at more than $8.3 billion.

    Sunsuper‟s Balanced Option, where most members‟ funds are invested, returned 14% for the
    year to June 2005, again placing it well above the average growth fund return of 12.9%. Over
    the longer term, the Balanced Option returned 9.5% pa and 6.9 % pa for three and five years
    respectively, placing it firmly in the upper quartile performance range compared to the average
    growth fund measured by Intech. The Intech results show upper quartile growth funds returned
    above 8.96% pa for the three-year period to June 30, 2005, and 5.97% pa for the five years to
    end of June 2005.

    Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                  8
Employer details

                                         Number of employers '000s

                                                                       55.7             57.0              57.6
                                                   53.7                         56.8              55.0
 48.0           48.5              49.7     51.9             53.9
        48.9             48.9































Sunsuper now has more than 60,000 employer members.

                                               Sunsuper employers
                                         Breakdown by industry codes

                                                  23%                   Other

                                                  4%                    Agriculture, forestry and fishing
                                                  5%                    Manufacturing
                                                  5%                    Transport and storage
                                                  6%                    Personal and other services
                                                  7%                    Health and Community
                                                  9%                    Construction

                                                  8%                    Hospitality

                                                  11%                   Retail trade

                                                                        Property and business
                                                  22%                   services

                                Number of employers (Dec 04)

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                                             9
Service providers

Role                            Provider Name
Administrator                   CitiStreet Australia
Custodian                       National Australia Bank Ltd
Insurer                         Suncorp Life and Superannuation Limited

Solicitor                       Corrs Chambers Westgarth
Auditor                         Deloittes
Actuary                         Sunsuper Financial Services
                                      Jan Brewer and Shane Mather
                                     (Fellows of the Institute of Actuaries of

Investment Consultants             Russell Investment Group
                                   Sovereign Investment Research Pty Ltd
                                   Mercer Investment Consulting

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                              10
Sunsuper’s market share continues to grow

        By Members (ex 0)
        All Contributions *                                       Quarterly APRA market shares in %

                                                                                                                                                    2.99 2.97 3.00
                                                                                                                          2.83 2.82 2.87 2.88
 2.73 2.77                                                                                 2.73 2.79 2.76 2.76 2.75
                                                          2.63 2.69                 2.64
               2.55 2.6       2.56 2.57 2.56 2.51                            2.57

                                                                                                                                                    1.42          1.46

                                                                                                                          1.05 1.05          1.06
                                                                                                0.99          0.95 0.94               0.96
                                                                      0.82                             0.78
        0.64 0.63 0.69                      0.66
                                                          0.59 0.64                 0.65 0.7
                                     0.58                                    0.54
  0.5                                                                                                                                              0.81
                                                                                                                                    0.73 0.76 0.79
                                                                                                       0.6 0.63 0.66 0.66 0.71 0.72
                                                            0.52 0.52 0.54 0.54
                0.4    0.4    0.41 0.42 0.43 0.45 0.47 0.49
 0.36 0.39

 Sept Dec Mar Jun Sept Dec Mar Jun Dec Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec Mar
Rollins are a key growth driver

                                            Quarterly contribution APRA market shares in %                                                                       2.22
                                                                                                                                     2.09          2.08 2.09
                                                                                                    1.89 1.89 1.92                          1.88
                                                                        1.76                                           1.77
                                                                 1.68                 1.70
                                            1.62                                             1.60                                                                1.64
          1.53 1.52 1.50             1.53          1.50
                              1.23                                                                                                                        1.29


                                                                                                                            0.59                   0.61
                                                                                                                  0.54 0.57                 0.5
                                                   0.48                 0.46                                                         0.47
                                            0.34                                             0.35          0.25
          0.29 0.26 0.29             0.29                                             0.30
                                                          0.22 0.28            0.20
                              0.10                                                                                                                                      0.42
   0.07                                                                                                                                                          0.26
                                                                        0.19                               0.20
                       0.13                                      0.10                 0.09 0.15 0.14              0.15 0.15 0.17 0.19 0.17 0.19
   0.04 0.07 0.06             0.05 0.07 0.07 0.08 0.05                         0.07
  Sept Dec Mar Jun Sept Dec Mar Jun Dec Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sept Dec Mar Jun Sep Dec

    Employer contributions


    Member contributions
          Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                                                                      12
Sunsuper Corporate
Sunsuper Corporate provides you with all the features and benefits of a master trust, and more.

                                     Sunsuper Corporate

                  Flexible               Superior                      Quality
                 Insurance             Administration               Investments
            - Death                                           - 29 investment
            - Total & permanent
            - Income protection

Sunsuper Corporate can provide:

       Full administration service – Administration of all members‟ accounts and full
        communication services including internet access

       Full trustee services –All trustee, compliance and reporting services

       Performance – Investment options, with a strong history of performance above the
        benchmark. Ongoing monitoring of the investment options offered

       Service – Personalised service from your Client Relationship Manager supported by
        Sunsuper‟s administration team. We also provide regular member education services

       Choice - Wide range of investment and contribution options for members

       Insurance – Flexible and individual insurance cover

       Convenience – Online processing of contributions

       Control – Members can monitor investment performance in line with their individual needs
        and circumstances

       Flexibility –Members can tailor their insurance requirements and investment options

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                        13
  Growth in corporate business
  Sunsuper‟s comprehensive corporate superannuation offering has become one of the industry‟s most
  respected corporate superannuation plans.

                                      # of Members          FUM $M                $million

          40                                                                     $1,100
  # of                                                                           $1,000
members                                                                          $900
  ‘000                                                           $765       30
                                                              $740               $800
                                                                     26.9        $700

                                                     $455                        $500
                                                 15.4 16.3                       $400

                                8.5    8.8                                       $300
                     7      8

                           $149 $165 $178                                        $100
               $118 $137
           0                                                                     $0
                 Ma Ju     S   D    M    J     S   D    F    A    F
                   r 0 n 0 ep 0 ec 0 ar-0 un-0 ep-0 ec-0 eb-0 ug-0 eb-0
                      3   3    3    3    4    4    4    4    5    5    5

  In the last 12 months Sunsuper secured a number of corporate clients including both Queensland-
  based organisations and companies from around Australia. Sunsuper‟s corporate superannuation
  offering- Sunsuper Corporate – grew by 123% in 2005 reaching $1billion in assets by the end of

  Our recent corporate wins include:

         Amalgamated Holdings Ltd
         Schneider
         Hanson Australia
         Novo Nordisk
         Simplot Australia
         CCH
         Greyhound
         Barclay Mowlem
         Presbyterian Methodist School Association (QLD)
         Zupps
         ABN AMRO

  Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                          14
Services provided
Sunsuper can provide the following services to employers:
    Report on the performance of all investment options
    Comprehensive website incorporating Employer Online, which allows employers the ability
      to make contributions online, via the web
    Different payment options to suit employers. BPAY, Employer Online and paper based.
    Keeping employers up to date with legislative requirements relating to superannuation and
      industry developments
    Keeping employers up to date on changes and news relating to investment options
    Yearly payroll seminars run in conjunction with the Australian Tax Office to help employers
      manage the effect on their business of legislative changes
    Running group member education and communication forums
    Provide a customer service hotline with a team of specialist employer staff
    Sunsuper Stream is a clearing house facility that from 1 July 2005 will allow employers to
      make a single payment to Sunsuper and have us distribute payments to the final destination
      funds for all employees who have chosen alternate funds to the employer default fund
      (conditions apply)

Sunsuper can provide the following services to employees:
    Comprehensive website incorporating Sunsuper Member Online. This allows members to
      view their account balance, investment strategy, insurance level and type, make enquiries to
      Sunsuper, view investment option profiles and performance summaries
    Annual benefit statements
    Help members to transfer or rollover their other superannuation funds
    Accept additional member and „eligible spouse‟ contributions
    Flexible insurance cover
    A Member Service Centre to answer any queries associated with the fund
    A Product Disclosure Statement which helps answer questions on Sunsuper Corporate
    Education seminars and tools to help members make informed decisions

Personal Advice to Members
Sunsuper can offer personal advice to members through both SUNAdvice and CIS Financial
planning, our financial planning partner. Together we offer members the following financial
planning services:
     Wealth creation education and advice
     Retirement planning
     Investment advice
     Superannuation and rollover advice
     Ongoing portfolio reviews
     Limited Tax Advice
     Estate Planning, and
     Insurance Planning
                   - Life Insurance
                   - Trauma Insurance
                   - Income Protection

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                            15
Investment options
Sunsuper aims to maximise real long-term investment returns (after taxes and charges) for members
by providing excellent quality and choice of investments – at the lowest possible cost to members.

In September 2005, Sunsuper invested 15 per cent of assets into alternative investments such as private
equity; infrastructure, opportunistic property and absolute return funds to ensure that our members get the
best chance possible of building superannuation savings that will allow them to live comfortably through
their retirement years.

To outperform we must be different. We embrace difference by:

       Emphasising absolute risk/return over relative risk/return, and the long term over the short
       Relying strongly on active management to add substantial value
       Crafting and implementing a diversified „portfolio‟ of moderate but meaningful risk-
        controlled active positions
       Searching for investment innovation and have a bias towards early adoption
       Being both disciplined and opportunistic in our investment philosophy

Our profit-for-members approach results in a focus on the best outcomes for members, rather than a
focus on profit for shareholders via maximising assets under management, revenues, or product

Sunsuper offers 29 professionally managed investment options. Investment fees include an estimated
base fee of between 0.15% pa and 1.00% pa, plus performance fees paid to some managers. These
fees are calculated as a percentage of the total assets managed in the investment options prior to the
calculation of unit prices. The unit prices are calculated daily.

Default strategy
Sunsuper encourages each member to nominate his or her investment choice when applying for
membership of Sunsuper Corporate. If no selection is made or the member‟s choice is not clear,
Sunsuper will allocate investments to a default strategy until such time as the member‟s choice is

The current default investment option for Sunsuper Corporate is the Sunsuper Balanced option.

Our members have enjoyed strong returns (after fees and taxes) over the last 5 years.

The table below displays the performance of our diversified options. Sunsuper „Balanced‟ is our
default option containing over 90% of our members‟ funds.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                16
               Sunsuper’s Fund Performance relative to the Average Fund Manager
                              (Average return to 31 December 2005)

* InTech Performance Survey, 31 December 2005
** After paying investment fees and taxes
*** No available history beyond two years

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                               17
Insurance cover
Sunsuper provides the flexibility to structure the insured benefits to best suit the needs of employers
and their employees. Sunsuper regularly reviews its insurance services to ensure competitive
premium rates with comprehensive insurance cover. This tailoring includes the selection of
appropriate levels of cover from the following insurance options:

                                   Death and Total and Permanent Disability
                                  Death only
                                  Income Protection

1   These insurance options are only available to those permanent employees who work 20 hours or more per week.

The Income Protection Benefit is limited to a maximum benefit equal to 75% of pre-disability
earnings, with waiting periods, established for the entire group, of either 30, 60 or 90 days. The
benefit is payable for up to 2 years (standard offsets and exclusions may apply).

From 1 July 2005, Suncorp became the sole provider of group life insurance to all three of the fund‟s
industry, personal and corporate superannuation divisions – extending Suncorp‟s existing industry
fund mandate. CitiInsurance, which currently provides insurance for the corporate and personal
divisions, will be retained as part of a panel to provide specialist insurance needs.

Automatic acceptance

            Sunsuper‟s „industry‟ fund provides automatic insurance cover for eligible members
            Sunsuper Corporate can provide insurance to groups of members without requiring evidence
             of health. The amount of “automatic cover” depends, among other things, on the number of
             members involved and the cover arranged at each group level.
            This facility is subject to at least 75% of eligible staff, or groups of members, taking up the

Additional cover

Members can apply for additional insurance protection. This can be a very effective way for
individual members to meet their particular insurance needs. Additional cover is conditional on
acceptance by our insurer. Members seeking additional cover will be asked to complete a personal
health statement and may be asked to undertake a medical examination.

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                               18
Fees and Charges
As a profit-for-members fund, our philosophy is to maximise the long-term savings of our members.
We do this by providing strong long-term returns, additional services and low fees. Because of our
size, we have the power to negotiate low investment fees on behalf of members and this is
complemented by:

                  No entry fees
                  No commissions
                  No asset-based administration fees

         Sunsuper Corporate                                  Fee amount

               Entry fee                                          Nil

            Contribution fee                                      Nil

                                       Sunsuper Corporate administration and insurance fees
           Administration fee          reflect a tailored service offering. They are quoted case
                                                         by case and thus, vary.

         Investment switch fee                                    Nil

                                                  Varies for each investment option:

                                              Sunsuper Balanced
            Investment fee                           Estimated base fee: 0.53%
                                                     Estimated performance fee: Up to 0.22%

                                         See pages 21-22 for more detail on investment fees.

      Benefit payment/withdrawal              $40 for each benefit payment or withdrawal.

                                              Death and Total and Permanent Disability 5%
      Insurance Administration Fee
        (Corporate and Personal)                        Income Protection 5%

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                19
Internet Capabilities

The Sunsuper website provides members and employers with a range of services.

Sunsuper Member Online

Provides members with free 24 hour, 7 days a week access to their account to do the following:

       View and update personal information
       Check account balances
       View insurance and beneficiary details, contribution history by type of contribution,
        investment strategies and account summary information including interest or investment
        earnings, fees and taxes, and
       Request insurance and beneficiary forms
       Make investment switches

Sunsuper Employer Online

Provides an easy way to manage superannuation arrangements for employees. Employer Online is a
free service.

The introduction of Choice brought additional complexities in administering the payment of
Superannuation contributions to multiple funds. Responding to this, Sunsuper has partnered with its
administrator, CitiStreet, to introduce a contribution „clearing-house‟ service to streamline the
process of paying contributions.

What employers can do online:

       Make contributions easily
       Add new employees
       Update employee details
       Advise details of members
       Print out contribution acknowledgements and listings
       Remit contributions by Sunsuper WebPay.

Other online services available to members and employers include:

       A comprehensive Learning Centre for members wanting to learn more about their
        superannuation and finances
       A range of calculators to help members plan for their retirement, including budgeting,
        superannuation projections and making the most of retirement benefits
       Up to date information about the performance of Sunsuper investments
       A number of useful forms and documents to download and complete making it easy for
        members and employers to make changes to their superannuation
       Online support staff to help answer questions for both employees and members

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                              20
Appendix: Investment fees

Diversified options

            Investment option           Investment fee   Estimated    Per $10,000
                                                            fee        Invested
                                                           % pa
     Sunsuper Conservative                    Base fee      0.37         $37
                                       Performance fee   Up to 0.16    Up to $16

                                                                                       MULTI-MANAGER OPTIONS
     Sunsuper Moderate                        Base fee     0.44          $44
                                       Performance fee   Up to 0.18    Up to $18

     Sunsuper Balanced                        Base fee     0.55          $55
                                       Performance fee   Up to 0.24    Up to $24

     Sunsuper Growth                          Base fee     0.62          $62
                                       Performance fee   Up to 0.22    Up to $22

     Sunsuper Aggressive                      Base fee     0.55          $55
                                       Performance fee   Up to 0.12    Up to $12

     AMP Capital Diversified Balance                       0.70          $70

     AMP Capital Responsible                               0.65          $65

                                                                                    SINGLE MANAGER
     Investment Lenders Balanced

     QIC Growth                                            0.57          $57
     State Street Global                                   0.16          $16
     Advisors Passive Balanced

     AMP Capital Diversified Growth                        0.70          $70

     QIC High Growth                                       0.59          $59

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                            21
Single asset class options

                                              Investment option                        Investment fee     Estimated       Per
                                                                                                             fee        $10,000
                                                                                                            % pa       invested

                                Sunsuper Capital Guaranteed
                                The costs are calculated differently and include the

                                cost of providing the capital guarantee. The
                                investment management fees for capital guaranteed
                                investments are not declared by the managers, and
                                the returns declared are after the costs of the
                                guarantee and the investment fees.
                                Sunsuper Australian Fixed Interest                                          0.22          $22

                                Sunsuper International Fixed Interest                         Base fee      0.25         $25
                                                                                       Performance fee    Up to 0.25   Up to $25
                                Sunsuper Australian Shares                                    Base fee      0.45         $45
                                                                                       Performance fee    Up to 0.08   Up to $8
                                Sunsuper International Shares - hedged
                                                                                             Base fee       0.56          $56

                                Sunsuper International Shares –
                                unhedged                                                      Base fee      0.56         $56
                                                                                       Performance fee    Up to 0.17   Up to $17
                                State Street Global
                                Advisors Australian Cash                                                    0.15          $15
                                State Street Global
                                Advisors Australian Fixed Income Index                                      0.15          $15
                                State Street Global
                                Advisors Global Fixed Income                                                0.15          $15
                                State Street Global

                                Advisors Australian Listed Property Index                                   0.15          $15
                                AMP Capital Australian Shares
                                – Equity Fund                                                               0.60          $60

                                Maple-Brown Abbott Australian Shares                                        0.47          $47
                                State Street Global
                                Advisors Australian Equities Index                                          0.15          $15
                                                                                              Base fee
                                                                                          Performance       1.00         $100
                                Lazard Global Opportunities – hedged                               fee    Up to 1.50   Up to $150
                                State Street Global Advisors Global Index
                                Plus - hedged                                                               0.25          $25
                                                                                             Base fee       1.00         $100
                                Lazard Global Opportunities – unhedged                  Performance fee   Up to 1.50   Up to $150
                                QIC International Equities – unhedged                        Base Fee       0.51          $51
                                 State Street Global Advisors Global Index
                                Plus – unhedged                                                             0.25          $25

Sunsuper Pty Ltd ABN 88 010 720 840 AFSL No. 228975                                                                                 22

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