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Investing in the Fund offers investors exposure to companies and issuers that demonstrateleading environmental, social and corporate governance(ESG) and ethical practices while avoiding exposure tocompanies and issuers with activities that we consider tonegatively impact the environment or society

Sustainable and ethical investment practices are incorporated into the Australian and internationalshares, Australian and international fixed interest and part of the Alternative investments componentsof the Fund. All other investments by the Fund are not assessed for sustainable and ethical investmentpractices.

We actively seek exposure to securities and industries that demonstrate leading ESG andethical practices and exclude companies not meeting the investable criteria.The sustainability and ethical criteria employed includes factors such as:

• environmental issues,

• social practices,

• corporate governance, and

• ethical practices.

Exclusionary Screens – Australian Shares

The Fund’s Australian shares investments will avoid investing in companies which directly:

Fossil Fuels

• Extract or explore for fossil fuels (specifically, coal, oil and gas); or

• Derive 10% or more of their total revenue from fossil fuel-based power generation, or from fossil fuel refinement ordistribution (coal, oil and gas)*; or

• Derive 10% or more of their total revenue from the provision of supplies or services which relate specifically to fossil fuelextraction or exploration (coal, oil and gas)*.

Uranium

• Derive 10% or more of their total revenue from directly mining uranium for the purpose of nuclear power generation.

Logging

• Derive 10% or more of their total revenue from unsustainable forestry or forest products, including non-Forest StewardshipCouncil certified forest products or non-Roundtable on Sustainable Palm Oil certified palm oil production.

Gambling

• Manufacture, own or operate gambling facilities, gaming services or other forms of wagering; or

• Derive 10% or more of their total revenue from the indirect provision of gambling (for example, through telecommunicationsplatforms).

Pornography

• Produce pornography; or

• Derive 10% or more of their total revenue from the distribution or retailing of pornography.Weapons

• Manufacture or distribute controversial weapons (such as cluster munitions, landmines, biological or chemical weapons,nuclear weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments); or

• Manufacture non-controversial weapons or armaments (including civilian firearms or military equipment); or

• Derive 10% or more of their total revenue from the distribution or retailing of non-controversial weapons or armaments(including civilian firearms or military equipment).

Alcohol

• Produce alcoholic beverages; or

• Derive 10% or more of their total revenue from the distribution or retailing of alcoholic beverages.

Tobacco

• Produce tobacco (including e-cigarettes and inhalers); or

• Derive 10% or more of their total revenue from the distribution of tobacco (including e-cigarettes and inhalers) or

• Supply of goods or services specifically related to the tobacco industry (for example, packaging or promotion).

Animal testing

• Undertake animal testing for cosmetic products; or

• Undertake live animal export.

Predatory lending

• Provide products or services with lending practices that are unfair or deceptive to ordinary borrowers, including smallamount short term loans at higher than commercial rates of interest (for example, payday loans, pawn loans or the use ofaggressive sales tactics).

Breaches and misconduct

• We consider to have been found to have significant breaches of social or environmental norms or regulations, or are subjectto serious and substantiated allegations of unethical conduct, which we consider have not been remedied or adequatelyaddressed.

*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a ParisAgreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we

Exclusionary Screens – International Shares

The Fund’s international shares investments will avoid investing in companies which directly:

• Extract or explore for fossil fuels (specifically, coal, oil and natural gas); or• Produce tobacco (including e-cigarettes and inhalers); or

• Manufacture controversial weapons (such as cluster munitions, landmines, biological or chemical weapons, nuclearweapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).

The Fund’s international shares investments will also avoid investing in companies which derive 10% or more of their totalrevenue directly from:• Fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;

• The production of alcoholic beverages;

• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;

• Manufacture of non-controversial weapons or armaments;

• Manufacture or distribution of pornography; and

• Uranium mining for the purpose of nuclear power generation.

*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a ParisAgreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases weconsider credible.

Exclusionary Screens – Australian Fixed Interest

The Fund’s Australian fixed interest investments will avoid investing in companies which directly:

• Produce tobacco (including e-cigarettes and inhalers); or

• Manufacture controversial weapons (such as cluster munitions, landmines, biological or chemical weapons, nuclearweapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).

The Fund’s Australian fixed interest investments will also avoid investing in companies which derive 5% or more of theirtotal revenue directly from:

• The production of alcoholic beverages; or

• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or

• Manufacture of non-controversial weapons or armaments; or

• Manufacture or distribution of pornography; or

• Direct mining of uranium for the purpose of weapons manufacturing; or• Extraction of thermal coal and oil sands production.

Exclusionary Screens – International Fixed Interest Investments

The Fund’s international fixed interest investments will avoid investing in companies which directly:

• Produce tobacco (including e-cigarettes and inhalers); or

• Manufacture controversial weapons (such as cluster munitions, landmines, biological or chemical weapons, nuclearweapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).

The Fund’s international fixed interest investments will also avoid investing in companies which derive 10% or more of theirtotal revenue directly from:

• The production of alcoholic beverages; or

• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or

• Manufacture of non-controversial weapons or armaments; or

• Manufacture or distribution of pornography; or

• Direct mining of uranium for the purpose of weapons manufacturing; or• Extraction of thermal coal and oil sands production

Exclusionary Screens – Alternative Investments

A component of the Fund’s alternative investments will avoid investing in companies which directly:

• Produce tobacco (including e-cigarettes and inhalers); or

• Manufacture controversial weapons (such as cluster munitions, landmines, biological or chemical weapons, nuclearweapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).

A component of the Fund’s alternative investments will also avoid investing in companies which derive 10% or more of theirtotal revenue directly from:

• The production of alcoholic beverages; or

• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or

• Manufacture of non-controversial weapons or armaments; or• Manufacture or distribution of pornography; or

• Direct mining of uranium for the purpose of nuclear power generation; or

• Extraction of thermal coal and oil sands production.

The following text contains further information on the various labour, environmental, social and ethical considerationsthat we use when selecting, retaining or realising investments in the Fund and should be read in conjunction with the PDS.

Sustainable and ethical investment practices are incorporated into the Australian and international shares, Australian andinternational fixed interest and part of the Alternative investments components of the Fund. All other investments by the Fundare not assessed for sustainable and ethical investment practices.The Fund invests in securities that are considered to meet the Fund’s sustainable and ethical criteria. The Fund’s compliancewith the investment guidelines is reviewed regularly (usually monthly, but this timeframe is not fixed).

If our review processidentifies that an investment ceases to comply with the investment guidelines for the Fund, the investment will usually be soldas soon as reasonably practicable, having regard to the interests of investors (but this may vary on a case by case basis).Our sustainable assessment process considers the extent to which a company or issuer manages its material environmental,social, and corporate governance (ESG) issues. Specifically, the assessment may consider issues such as:

Environmental management

• Management of environmental impacts through the implementation of best practice environmental techniques,technologies and product design• Environmental performance against a range of environmental indicators including for example, greenhouse gas emissions,energy and water use and environmental incidents

• The capacity to consult key stakeholders in relation to activities that may have significant environmental impacts

• Adoption of best practice with regards to management and disclosure of material risks and opportunities associated withclimate change

Social practices

• Equal opportunity, anti-discrimination and industrial relations policies and practices

• Staff incentives, development and training

• Employee benefits and entitlements

• Human capital management performance against a range of indicators, such as voluntary turnover and gender diversityin senior management

• Products or services that provide positive social impacts such as improved health & community well-being, diseaseprevention, and education

• Management of contractors and suppliers

• Workplace health and safety performance against indicators such as fatalities and lost time injury frequency rate

Corporate governance and business conduct

• Codes of conduct and the extent of their integration into the company’s operations

• Provision of regular and appropriate training

• Whistleblower policies and procedures

• Ethical conduct and performance of employees and officers – the extent to which companies are adopting principlesin areas such as complying with the law, fair and open dealings and accepting responsibility for their actions

• Product safety and consumer protection

• Engagement practices with employees, shareholders and key community stakeholders

For fixed interest securities issued by Government related entities covered by our sustainability research database we doassess the related sustainability characteristics, and typically prefer issuers with higher sustainability ratings