AnnuAl RepoRt2013 - Media Super...Super and pensions for creative people. AnnuAl RepoRt print....

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MEDIA SUPER

PRINT. MEDIA. ENTERTAINMENT. ARTS

MESSAGE FROM THE CHAIR

I’ve been involved in superannuation since industry funds were established for working people in the late 1980s.

Over those years, many high-minded national inquiries have implied that it’s a terrible thing to be disengaged from your super. You should be taking a lively, direct, hands-on approach.

Well, there’s another side to that argument – and in my view, it’s one of the great things about the system we have in Australia for managing the superannuation accounts of millions of people.

Instead of each of us trying to out-compete each other in oft en confusing markets in the hope that we’ll be looking down our noses at our less-adept neighbours in 40 years’ time, fortunately we’ve established a system where we ask Trustees to look aft er it for us.

A Trustee is a fiduciary. That word comes from the Latin word for ‘faithful’ and it revolves around the question of trust.

It means, simply, that you trust another person of skill and goodwill to look aft er your growing retirement assets on your behalf. You rely on Trustee directors to have your interests solely at heart in the investment decisions they make.

For those of you who have been following recent political news, you’ll know that attempts to force financial planners to act at all times in the best interests of their clients – who are oft en superannuation fund members – have been watered down by the Federal Government.

That’s surely unconscionable.

Surely all financial planners should be required by law to act in the best interests of their clients, all of the time. That would hopefully obviate the recent need for compensation schemes.

Media Super’s financial planners are representatives of Industry Fund Services Ltd. and are not paid commissions or bonuses and so will act in your best interests.

We are an ‘all profit to members’ industry fund. We love profit, but believe it should all be distributed to our members, not to shareholders.

CONTACT US FOR MORE INFORMATION OR HELP

Phone: Super Helpline 1800 640 886 (freecall anywhere in Australia)

If calling from overseas, dial +61 3 8687 1854

Fax: +61 3 9245 5827

Website: mediasuper.com.au

Mail: Media Super Limited GPO Box 4303, Melbourne VIC 3001

WHAT’S INSIDE

NEWS FROM MEDIA SUPER 4NEWS FROM THE INDUSTRY 6YOUR TRUSTEE DIRECTORS 8YOUR EXECUTIVE TEAM 14THE YEAR IN REVIEW 16INVESTMENT PERFORMANCE AND YOUR ACCOUNT 17HOW YOUR SUPER IS INVESTED 18FINANCIAL STATEMENTS 35FOR YOUR INFORMATION 37CELEBRATING OUR COMMUNITY 38

MESSAGE FROM THE CHAIR

So who can you trust?My money is on people who are committed to a system of trust.

Over the years Media Super’s Board of Trustees have worked hard together to ensure your interests are their uppermost concern. This year, the fund produced an 11.08% return. Last year it was 14.70%. But the markets are very volatile, so expect these unusually high figures to come down. Our long-term results, since the fund was set up in the 1980s, have been 8.30%* each year on average. Good luck in trying to emulate that, year on year, if you want to manage it yourself. You’re perfectly entitled to do so, and Media Super allows members (and encourages those who wish) to choose from a large range of investment options, including a self-managed option.

But luckily, you can also choose – or not choose, by doing very little – to have it managed by people who are committed to looking aft er your interests. They’re called Trustees, and in my view, they do a great job.

Gerard NoonanChairperson Media Super

I’ve been involved in superannuation since industry funds were established for working people in the late 1980s.”

* Historical returns before 1 July 2008 are based on former Print Super investment returns.

Investment Warning: Investment returns are not guaranteed. Past performance gives no indication of future performance.

JULY 2013

Establishment of mental health partnershipMedia Super joined the Industry Funds Forum Mental Health Foundation initiative, SuperFriend.

SuperFriend is a national initiative aimed at improving the mental health and wellbeing of industry superannuation fund members, employers and staff . SuperFriend’s mission is to reduce the incidence of suicide and the impact of mental illness on individuals, employers, workplaces, friends and families.

The Foundation’s role is to collaborate and partner with a range of organisations, including recognised mental health service providers, to facilitate the delivery of mental health information, initiatives, programs and referral pathways to assist industry fund members, employers and staff .

www.superfriend.com.au

SEPTEMBER 2013

Sustainable future shares option goes activeOur Sustainable Future Shares option was adjusted and changed from a passive investment to an active one. Eff ectively this means the option’s underlying investment and performance are closely monitored and adjusted as market conditions change. The enhancement also saw changes to the option’s strategic asset allocation, and external investment managers.

FEBRUARY 2014

Amcor/Orora staff are welcomed to Media SuperWorking with Amcor to support its staff through the demerger of its Australian operations from Amcor and the creation of Orora, Media Super visited every Amcor workplace we were able to. We helped employees with the transition of their company super arrangement and welcomed a huge number of new members into the Media Super community. Amcor and Orora invest heavily in their staff ’s health and overall wellbeing, and providing financial advice through Media Super Financial Planners* was another way both parties supported employees of the company. More and more staff from Amcor and Orora are following the endorsement of their colleagues and joining their industry super fund, Media Super.

Half-yearly statements get a significant makeoverMedia Super sends member statements twice-yearly, typically in February and September. We have significantly redesigned both statements this year to make them clearer, simpler to understand and more in line with what members tell us they want to see, and how they want it to be presented. Our Annual Statements, lodging in conjunction with publication of this Annual Report and the online Yearbook, now show transactions in the same fashion as a bank statement. Familiar, clear and friendly – that’s what we’re all about.

NEWS

* Media Super Financial Planners are representatives of Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.

FROM MEDIA SUPER

4 ANNUAL REPORT 2014

MARCH 2014

Super sorter power hourEstablished by the Association of Superannuation Funds in Australia (ASFA), Super Sorter Power Hour was a campaign that launched on International Women’s Day and urged all women to take 60 minutes out of their day to sort out their superannuation.

With around 90 per cent of women retiring with inadequate savings to fund their retirement, the gender gap in retirement savings is a huge policy challenge for the nation.

In February, around 80 senior business leaders from 14 organisations in Australia’s super sector, including two representatives from Media Super, came together in roundtable discussions to seek solutions to the gender inequality in earnings and super. A key outcome of the summit was to drive a public campaign to save the Low Income Super Contribution (LISC), more on this following.

JUNE 2014

Mobile account access and websiteThe Media Super website was enhanced for mobile and tablet browsers for the first time. With around 10% of our website visitors using a mobile device, we also enabled secure access to member accounts when viewing m.mediasuper.com.au on a mobile device.

JULY 2014

New option off ers self-management of super investments We spent a lot of time this past financial year developing a new investment option and platform, Direct Investment. With Direct Investment, eligible Media Super members can self-manage their super investment through a range of shares on the ASX300, exchange-traded funds, and term deposits.

Without the cost and time that may come with establishing and operating a traditional SMSF, Direct Investment is a fantastic way to take greater control of your super investment with Media Super and pick and choose how your super savings are invested.

mediasuper.com.au/directinvestment

It’s been a very busy period for Media Super with new investment options, improved communication and a greater focus on celebrating the achievements of the Media Super community.

WANT MORE CONTROL?NE�� RE�T I��S��N��OP��ON

SELF-MANAGE YOUR SUPER You can now access: ASX 300 shares, Exchange-Traded Funds, and Term Deposits

SUPER FOR CREATIVE PEOPLE. 5

FEDERAL BUDGETThe 2014/15 Federal Budget confirmed a number of changes that had been airing in the media in the lead up, including an increase in the retirement age to 70 (from 2035) and changes to the indexing of the Age Pension.

As previously announced by the Treasurer, the Pension age will rise to 70 from 2035. Other changes aff ecting pension increases and pension deeming rules were also declared to take eff ect in the coming years.

There were no changes to the super tax concessions, though these will be reviewed by the Tax Inquiry later this year.

Key changes to Age Pension As heralded, the Government raised the Pension Age to 70 from 2035. Current pensioners and older workers approaching retirement will NOT be aff ected by this change.

From 1 July 2017, pension increases will be linked to inflation (CPI) rather than average weekly earnings. Over time, this will make superannuation savings even more critical.

The Government has also announced a tightening of the Age Pension means test with a three-year freeze on all pension asset test and income test thresholds from 1 July 2017.

Changes to seniors health card eligibilityUntaxed superannuation will now be included in the income test for new recipients of the Commonwealth Seniors Health Card.

Superannuation on paid parental leaveThe Government has confirmed that the Paid Parental Leave (PPL) scheme will include superannuation, which many super funds, including Media Super, had been calling for. This is yet to be introduced into Parliament.

from 1 July 2017.

Changes to seniors health card eligibilityUntaxed superannuation will now be included in the income test for new recipients of the Commonwealth Seniors Health Card.

NEWS FROM THE INDUSTRY


An outcome of the industry-wide summit on the gender gap in retirement savings was the #SAVETHELISC campaign. It was supported by many industry super funds that successfully lobbied for the Low Income Super Contribution (LISC) to be retained.*

The LISC was originally earmarked for termination in the Coalition’s federal budget, but funds, industry bodies and old-fashioned people power saw the newly elected crossbench Senators unite to defeat the move in parliament.

The LISC sees the 15% tax on super contributions eff ectively rebated to people earning $37,000 or below – most of whom are women and people in regional Australia. More than 14,000 people signed the online petition and wrote to parliamentarians.

An understated announcement from the Federal Budget was that income drawn from a retirement pension, such as Media Super pensions, would be included in calculations for the Age Pension, from 1 January 2015.

Members approaching Age Pension eligibility age and intending to apply for it, need to both establish a retirement pension and be receiving

the Age Pension before the end of 2014 in order to enjoy the same pension payment rates as are currently in place.

Media Super is in the middle of a communications campaign encouraging all members who may be aff ected to talk with a Media Super Financial Planner* as soon as possible.

IF THIS IS YOU OR SOMEONE YOU KNOW, CALL US NOW BEFORE IT’S TOO LATE!

CHANGES IN PENSION DEEMING RULES

IMPORTANT CHANGES TO AGE PENSION FROM 1 JANUARY 2015

* Media Super Financial Planners are representatives of Industry Fund Services Limited ABN 54 007 016 195 AFSL 232514.

#SAVETHELISC: SUCCESS!

THANK YOU FOR YOUR SUPPORT.* The LISC has since been repealed, with the repeal date applying to concessional contributions made for the 2017-18 and later financial years.


WI�� B��WO��E ��F�

YOUR TRUSTEE DIRECTORS

GERARD NOONAN (CHAIRPERSON)

Appointed* 1/2/1991 (former Chair JUST Super)

Nominating organisationMedia Entertainment and Arts Alliance (MEAA)

Other roles & Directorships > Vice President, AIST > President, ACSI

Prior experience > Editor, Australian Financial Review, 1988-1992

> Former Chairperson of JUST Super, 1 February 1991 – 30 June 2008

> Former Chairperson of JUST Super Investment Audit and Compliance Committee

Qualifications > Bachelor of Arts, Latrobe University > Master of Arts, University of Sydney

Media Super Board Committee membership

> Audit, Budget & Compliance Committee

> Benefit and Insurance Claims Committee

> Investment Committee > Remuneration and Nominations Committee

Membership of the Board for the period 1 July 2013 to 30 June 2014.

Member representatives

LORRAINE CASSIN

Appointed15/10/2009

Nominating organisationAMWU – Printing Division

Other roles & Directorships > Federal Secretary, AMWU – Printing Division

> Executive Member, ACTU > Member, Women on Boards > President, UNI Graphical & Packaging, APRO

> Member, Pulp and Paper Industry Innovation Council

> Chairperson, Printing Industry Working Group

> Member, Forest Stewardship Council > Member, EPIC Industry Training Board

> Member, Book Industry Collaborative Council

> Member, Innovation & Business Skills Australia – Printing and Graphic Arts Sector Advisory Committee

Prior experience > Director, Amcor Super Fund


> Investment Committee

* Former Director of Print Super or JUST Super.


The Trustee of Media Super is Media Super Limited. The Board of Media Super Limited includes individuals nominated by the sponsors of Media Super to represent all members and employers. The Board appoints the Chairperson.

KATRINA FORD

Appointed* 20/8/2002 (Print Super)


Other roles & Directorships > National Industrial Offi cer, AMWU – Printing Division

> Member, Australian Plaintiff Lawyers Association

> Practising Solicitor specialising in Industrial Employment Law

> Panellist Member, Women on Boards

Qualifications > Bachelor of Arts and Law, UTS




STUART GORDON



Other roles & Directorships > Representative, AMWU – Printing Division (South Australia)

> Deputy, Construction Benefit Services (South Australia)



CHRIS WARREN

Appointed* 6/6/1986 (JUST Super)

Nominating organisationMedia Entertainment and Arts Alliance (MEAA)

Other roles & Directorships > Federal Secretary, Media Entertainment and Arts Alliance (MEAA)

Qualifications > Master of Business Administration, AGSM

> Certificate of Trustee Practice




Employer representatives

YOUR TRUSTEE DIRECTORS

PHILIP ANDERSEN


Nominating organisationPrinting Industries Association of Australia (PIAA)

Other roles & Directorships > Retired

Prior experience > Director, Printing Industries Credits Ltd, 1994–2008

> Chief Executive Offi cer, Printing Industries Association of Australia, 2005–2011

> Director, Printing Industry Services Ltd, 1994–2000

> Board Member, Australian Business Economists, 1984–1998

> NSW Council Member, Economics Society of Australia, 1988–1992

Qualifications > Bachelor of Economics, University of Sydney


> Investment Committee – Chair > Remuneration and Nominations Committee

DALE BRIDLE

Appointed* 21/2/2008 (JUST Super)

Nominating organisationFairfax Media

Other roles & Directorships > Program Director, Fairfax Media

Prior experience > Group Treasurer, Fairfax Media Limited, 1999–2012

> Policy Committee Member, Fairfax Superannuation and Rural Press Superannuation Fund, 2001–2008

Qualifications > Bachelor of Economics, Adelaide University


> Investment Committee > Remuneration and Nominations Committee – Chair



SUSAN HEANEY

Appointed1/9/2013


Other roles & Directorships > Managing Director, Heaneys Performers in Print

> National Vice President, PIAA > Member, Book Industry Collaborative Council

> Queensland State Patron, Women in Print (WIP)

Prior experience > Director, Pacprint Exhibition Board, 2012–2013

> Inaugural Board President/Chair, PIAA, 2011-Dec 2013

> Director, PrintEX11 Exhibition Board, 2010-2011

> Acting National President, PIAA, Sept-Dec 2010

> National Vice President, PIAA, 2009-2010

Qualifications > Diploma of Business


> Investment committee

ANN TONKS

Appointed13/3/2014

Nominating organisationLive Performance Australia

Other roles & Directorships > Principal Research Fellow, Course Coordinator and Lecturer, School of Culture and Communication, University of Melbourne

> Arts Management Consultant, Board advisor and facilitator, assorted arts and theatrical companies

Prior experience > Board Member, Theatre Network Victoria, 2010-2013

> Executive Director, Melbourne Theatre Company, 1994-2012

> Vice President, Live Performance Australia, 2007-2011

> Board Member, Live Performance Australia, 1996-2011

> Member, Victorian Minister for the Arts Advisory Committee, 2000-2002

Qualifications > Executive Program in Nonprofit Leadership – Arts, Stanford University

> Master of Business Administration, University of South Australia

> Bachelor of Economics (Honours), University of Western Australia



PETER HALTERS



Other roles & Directorships > Director, McPherson Binding Pty Ltd

Qualifications > Chartered Accountant > Bachelor of Business (Accounting) > Chartered Secretary


> Audit, Budget & Compliance Committee – Chair


Employer representatives

FORMER TRUSTEE DIRECTORS2013–2014 FINANCIAL YEAR

EVELYN RICHARDSON

Appointed* Appointed 1/7/2012

Resigned 31/12/2013

Nominating organisationLive Performance Australia

Other roles & Directorships > CEO, Live Performance Australia

Prior experience > Director of JUST Super from 18 April 2007 to 30 June 2008 and Media Super 1 July 2008 to 30 June 2010

> Alternate Director of Media Super Limited from 1 July 2010 to 1 July 2012

Qualifications > Bachelor of Arts, University of Canterbury

> Master of Arts (First Class Honours), University of Canterbury

> Diploma of Company Directorship, University of Sydney



ALAN DOUGLAS

Appointed* Appointed 4/6/2006 (Print Super)

Resigned 31/8/2013


Other roles & Directorships > Retired

Prior experience > Trustee of News Plan, 1993–1996

> Chairman, PMP Employee Plan, 1999–2005

> Trustee, PMP Employee Plan, 1996–2005

> Internal Auditor of PMP, 1990–2005

Qualifications > Certificate of Accountancy, RMIT > Former Fellow CPA Australia with specialist designation in Management Accounting






DirectorBoard meeting

attendanceInvestment Committee

Audit, Budget and Compliance

Committee

Benefits and Insurance Claims

Committee

Remuneration and Nominations

Committee

Gerard Noonan (Fund Chair)

(Chair) 6/6 5/5 4/4 5/5 1/1

Lorraine Cassin 4/6 4/5 – – 1/1

Katrina Ford 5/6 1/1 3/4 1/5 –

Stuart Gordon 6/6 0/1 – (Chair) 5/5 –

Chris Warren 4/6 5/5 – – 1/1

Philip Andersen 6/6 (Chair) 4/5 – – 1/1

Dale Bridle 5/6 5/5 – – (Chair) 1/1

Evelyn Richardson# 2/3 – 2/2 – –

Alan Douglas# 1/1 1/1 – – –

Peter Halters 5/6 1/1 (Chair) 4/4 – –

Ann Tonks 3/3 0/1 2/2 – –

Susan Heaney 4/5 4/4 – – –

# Please note these people are no longer with Media Super.

Director Remuneration* Paid to

Gerard Noonan (Chair) $65,000.00 Director

Lorraine Cassin $39,000.00 AMWU

Katrina Ford $39,000.00 AMWU

Stuart Gordon $39,000.00 AMWU

Chris Warren $39,000.00 MEAA

Philip Andersen $42,900.00 Director

Dale Bridle $39,000.00 Epping Floral Centre

Evelyn Richardson# $7,779.00 Live Performance Australia

Alan Douglas# $11,916.67 Director

Peter Halters $42,900.00 Director

Ann Tonks $31,221.00 Director

Susan Heaney $33,588.33 Heaneys Performers in Print

Gary Callaghan (Alternate Director) $6,500.00 AMWU

Louise Connor (Alternate Director) $6,500.00 MEAA

*Accrued entitlements for the 2013-14 financial year, including tax and superannuation guarantee. Actuals may diff er due to timing of payments.# Please note these people are no longer with Media Super. However, they were paid the remuneration reported in the financial year ending 30 June 2014.

Director remunerationThe Directors of Media Super are remunerated for the work they do as Directors, although in some cases the payment is made to the nominating sponsoring organisation in

compensation for the time and costs associated with the involvement by the Director in the management of the Fund.

Directors receive a base rate of $39,000 (including super if it is paid to the individual) per year ($65,000 including super for the Chair).

Directors’ attendance at Board and Committee meetings

The number of meetings held in the period and the number of meetings attended by each Director is set out below. Five board meetings were held during the year.

In addition, Directors have responsibility for attending nominated committee meetings. Individual membership of a committee is denoted through applicable attendance.


YOUR EXECUTIVE TEAM

ERICK CORDERO

General Manager, Growth at Media Super

Appointed

August 2014

Career overview

> Business Development & Strategic Corporate Relationships, REST

> Corporate Superannuation – Senior National Strategy & Sales Manager, ING

> National Operations & Customer Service Manager, ING

> Corporate Superannuation Senior Transition Manager, ING

Qualifications

> GradDip Applied Finance and Investment (SIA)

> MBA Executive (AGSM) > Fellow of FINSIA > Associate of ASFA

MICHAEL ROONEY

Deputy Chief Executive Offi cer

AppointedJanuary 2003

Career overview

> General Manager, Finance and Compliance, Media Super

> General Manager, Operations, Print Super

> Product Manager, ANZ > Superannuation Manager, AM Corporation

Qualifications

> Diploma of Financial Planning (Superannuation)

> RG146

GRAEME RUSSELL

Chief Executive Offi cer

AppointedMarch 2013

Career overview

> CEO, First Super > Deputy CEO, Melbourne Enterprises International Ltd.

> Finance Director, Communication Industries Pty. Ltd.

> CFO, STA Travel (Worldwide) > Chief of Staff , Minister for Public Transport and the Arts (VIC)

> Director, Just Super

Qualifications

> BBus (RMIT) > GradDipAppFin (Financial Planning)

> Fellow of the Institute of Chartered Accountants of Australia

> Fellow of the Australian Institute of Superannuation Trustees


JOEL CLAPHAM

General Manager, Communications & Marketing

AppointedOctober 2013

Career overview

> Communications Manager, Telstra Super

> Marketing & Communications Offi cer, LUCRF

> Communications Offi cer/Marketing Coordinator Membership & Student Services Coordinator, ANZIIF

Qualifications

> Bachelor of Arts (Literary Studies/Communication)

> RG146

LISA COLLINS

General Manager, Client Relations

AppointedApril 2006

Career overview

> Business Development Manager, Print Super

> Senior Financial Planner, Commonwealth Bank

> Superannuation Sales Executive, ANZ

Qualifications

> Diploma of Financial Planning units I-IV

> RG146

Executive & management salaries

The Total Remuneration Packages* eff ective 30 June 2014 of Executives employed by Media Super are as follows:

POSITION/REMUNERATION*

Chief Executive Offi cer $325,826.00

Deputy Chief Executive Offi cer $250,000.00

General Manager, Growth at Media Super^ $220,000.00

General Manager, Client Relations $190,550.00

General Manager, Communications & Marketing $180,000.00

* Total Annual Remuneration Package includes salary, superannuation, motor vehicle lease or allowance selected at the discretion of the executive.

^ Erick Cordero commenced employment August 2014


THE YEAR IN REVIEW

25.0%

20.0%

15.0%

10.0%

5.0%

0%

-5.0%

-10.0%

-15.0%

(6 m

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s) 19

87

1987

/1988

1988

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1989

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1990

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1991

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1992

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1993

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1994

/1995

1995

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1996

/1997

1997

/1998

1998

/1999

1999

/200

0

2000

/200

1

2001

/200

2

2002

/200

3

2003

/200

4

2004

/200

5

2005

/200

6

2006

/200

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/200

8

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/200

9

2009

/201

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/201

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2012

2012

/201

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2013

/201

4

Following on from 2012/13’s momentum, the Australian and global equities market continued to perform strongly throughout the 2014 financial year.

Most months delivered positive returns, although a moderate sell-down did occur in January 2014, due to Chinese and US manufacturing weakening, renewed attention on the US Federal Reserve’s tapering program and general concerns over emerging markets.

With the RBA and the Fed signalling their intention to maintain cash rates at historical lows for some time, the Australian and the US yield curves steepened with short-term yields remaining at the low end. 10-year bond yields in Australia and the US increased marginally over the last 12 months, suggesting that investors continue to have a moderately positive outlook for global growth recovery.

Overall returns from fixed interest markets were positive over financial year 2014, with high yield loans, emerging market debt (hard currency and corporate) and bank loans providing the strongest returns over this period. Investment grade and government bond indices also generated solid returns, although lower than the last three to five years.

Australian unlisted property provided a strong and stable income return with some capital growth. Due to large capital inflows from foreign investors, we also saw a record number of offi ce and retail transactions occur, reaching $20 billion.

Transaction and fundraising activity has been very strong with new core infrastructure, driving pricing of investments to historically high levels. Listed infrastructure generated returns similar to that of listed equities; whereas the average unlisted infrastructure fund only performed in line with long-term expectations, whilst still outperforming the bonds’ +4% p.a. benchmark.

Over the 2014 financial year, the Australian dollar appreciated slightly against the US dollar, finishing June 2014 at around US $0.94. The AUD, however, depreciated significantly against the British Pound and to some degree against the Euro.

Media Super’s Balanced (MySuper) option returned a solid 11.08% for 2013/14, and in excess of 25% over the past two financial years. We’re happy to have delivered that with a more conservative investment risk profile than some other funds. Furthermore, despite the impact of the GFC, we’ve delivered on our objective of returns equivalent to CPI +3.5% p.a. over the past ten years.

8.30%PER YEAR SINCE

INCEPTION*

* Historical returns before 1 July 2008 are based on former Print Super investment returns. Investment warning: Investment returns are not guaranteed and past performance gives no indication of future returns.


FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014

BALANCED (MYSUPER) OPTION

11.08%*

Investment earnings are calculated weekly for each investment option, based on the returns achieved by the underlying investments of the particular option.

INVESTMENT RETURNS FOR THE FINANCIAL YEAR ENDING 30 JUNE 2014 (NET OF INVESTMENT FEES AND TAXES)

Option 1 year 3 year 5 year 7 year* 10 year*Since

inception*Option

commenced

Super members (%p.a.)

Balanced (default - MySuper option)

11.08 8.25 8.13 3.02 6.29 8.30 1/01/1987

High Growth 14.16 9.61 9.15 2.24 6.99 5.51 1/10/2000

Growth 11.95 8.63 8.33 2.61 6.50 6.26 1/07/1998

Stable 7.26 5.85 6.32 4.21 5.67 5.63 1/07/1998

Australian Shares 16.18 9.44 9.89 2.65 – 7.36 1/04/2005

International Shares 16.62 12.08 9.91 2.91 – 5.63 1/04/2005

Sustainable Future Shares

11.12 8.85 8.66 1.76 – 5.67 1/08/2005

Property 11.75 10.11 9.54 5.16 – 8.28 1/04/2005

Fixed Interest 5.55 5.90 6.25 5.53 – 4.90 1/08/2005

Cash 2.61 3.21 3.38 3.72 4.06 4.19 1/01/2003

Pension members (% p.a.)

Balanced (default) 12.70 9.40 9.24 3.04 6.81 5.84 1/07/2001

High Growth 15.82 10.78 10.20 1.90 7.28 5.66 1/07/2001

Growth 13.69 9.82 9.43 2.49 6.93 5.74 1/07/2001

Stable 8.36 6.75 7.29 4.66 6.37 5.83 1/07/2001

Australian Shares 17.59 10.26 10.70 2.19 – 7.39 1/04/2005

International Shares 18.86 13.84 11.39 2.93 – 6.35 1/04/2005


11.94 9.59 9.36 1.17 – 5.52 1/08/2005

Property 13.51 11.54 10.93 5.65 – 9.25 1/04/2005

Fixed Interest 6.52 6.95 7.37 6.51 – 5.93 1/08/2005

Cash 3.06 3.77 3.98 4.39 4.80 4.85 1/01/2003

* Historical returns before 1 July 2008 are based on former Print Super investment returns. Investment warning: Investment returns are not guaranteed and past performance gives no indication of future returns.

Allocating earningsInvestment options operate using a unitised system, which means the total value of your investment in Media Super is determined by multiplying the number of units you have in each of the investment

options by the latest published sell price of each unit in the particular investment option. Unit prices for each of the Media Super investment options are updated on a weekly basis.

You can access updated prices at mediasuper.com.au or by calling our Super Helpline 1800 640 886.

INVESTMENT PERFORMANCE AND YOUR ACCOUNT

Your individual rate of return depends on factors including fees and costs, timing of transactions, any switches you have made and the actual mix of options that make up your account. Please refer to your statement for earnings applicable to your account.


HOW YOUR SUPER IS INVESTED


Strategic asset allocation and long-term range as at 1 July 2014

Asset class typeAsset

domicile typeAsset listing

type

Benchmark strategic asset allocation (%)

Asset allocation range (%)

Growth assets

Equity Aust. domicile Listed 28 18-38

Equity n/a Listed 24 12-35

Equity Aust. domicile Unlisted 3 0-6

Equity n/a Unlisted 3 0-6

Defensive assets

Infrastructure* n/a n/a 10 2-22

Property* Aust. domicile Unlisted 10 4-18

Other* n/a n/a 4 0-10

Fixed Income n/a n/a 15 5-25

Cash Aust. domicile n/a 3 0-15

The percentages in the above table (Benchmark strategic asset allocation %) set out the strategic asset sector allocation of this option. The actual sector allocation will vary in line with the investment managers’ day-to-day sector allocation decisions. The long-term allocation ranges are set out in the table (Asset allocation range %).

Net investment returns to 30 June 2014 (% p.a.)#

Financial year endingSuper

(%)Inflation

(%)

30/06/2010 8.2 3.1

30/06/2011 7.9 3.5

30/06/2012 -0.3 1.2

30/06/2013 14.8 2.4

30/06/2014 11.1 3.0

5 Year Average 8.1 2.6

# Past performance is not an indicator of future performance. You should also expect the returns on each of your investment options to vary over time due to fluctuations in the value of investments within each investment option. These returns are net of investment fees and the indirect cost ratio only and do not reflect the administration fees.

70% Growth 30% Defensive

Investment strategy

Growth vs Defensive split

Investment overviewBalanced off ers a significant exposure to growth assets (70%), including Australian and overseas shares, property and alternative assets (illiquid assets). The 30% allocation to defensive assets includes Australian and overseas fixed interest securities, alternative assets, hedge funds and cash.

Intended to be suitable forInvestors who have a 5–10 years investment time horizon and are seeking to achieve moderate returns over the long term by investing across a broad range of asset types, with higher exposure to growth assets.

Investment objectivesReturn: Over rolling ten-year periods, having a 75% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 3.5% p.a.Risk: The estimated chance that negative returns will occur in any financial year is less than 1 in 6.

Level of Investment Risk (Standard Risk Measure)Risk band 5: Negative returns expected in 3.2 out of every 20 years.

Risk label: Medium to High

The Standard Risk Measure is an estimate of the expected number of negative annual returns over any 20-year period. It does not consider all forms of investment risk, and does not take into account administration fees and tax. You should be comfortable with the risks and potential losses of your chosen investment options. For more details, please see the product dashboard available at mediasuper.com.au/investments/product-dashboard

Recommended minimum investment timeframeMedium to long (5-10 years).

Balanced Our default (MySuper) investment option

PRE-MIXED .

* Note: The benchmark strategic asset allocation of ‘Infrastructure’, ‘Property’, and ‘Other’ investments are allocated 50/50 to growth and defensive assets to make the total Growth vs Defensive split.

MYSUPERAUTHORISED


PRE-MIXED CONTINUED...




type



Growth assets





Defensive assets






(%)Inflation

(%)

30/06/2010 9.2 3.1

30/06/2011 8.0 3.5

30/06/2012 -4.0 1.2

30/06/2013 20.4 2.4

30/06/2014 14.2 3.0



Investment overviewHigh Growth provides a high-growth-oriented investment strategy, with 93% invested in growth assets such as shares and 7% invested in defensive assets.

Intended to be suitable forInvestors who have a 10 years-plus investment time horizon and are prepared to accept high volatility to pursue potentially greater long-term returns by investing predominantly in growth assets.

Investment objectivesReturn: Over rolling ten-year periods, having a 60% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 5% p.a.

Risk: The estimated chance that negative returns will occur in any financial year is less than 1 in 4.

Recommended minimum investment timeframeLong (10+ years).

High Growth


Investment strategy


* Note: The benchmark strategic asset allocation of ’Other’ investments are allocated 50/50 to growth and defensive assets to make the total Growth vs Defensive split.





type



Growth assets





Property Inter. domicile Listed 0 0-5

Defensive assets









(%)Inflation

(%)

30/06/2010 8.3 3.1

30/06/2011 7.6 3.5

30/06/2012 -2.0 1.2

30/06/2013 17.1 2.4

30/06/2014 11.9 3.0



Investment overviewGrowth provides a growth-oriented investment mix, with a 79.5% allocation to growth assets.

Intended to be suitable forInvestors who have a 10 years-plus investment time horizon and are prepared to accept high volatility to pursue potentially greater long-term returns with a substantially higher exposure to growth assets.

Investment objectivesReturn: Over rolling ten-year periods, having a 65% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 4.5% p.a.


Recommended minimum investment timeframeLong (10+ years).

Growth

79.5% Growth 20.5% Defensive

Investment strategy







type



Growth assets

Equity Aust. domicile Listed 12.5 2.5-22.5

Equity n/a Listed 12.5 2.5-22.5

Defensive assets









(%)Inflation

(%)

30/06/2010 8.2 3.1

30/06/2011 6.1 3.5

30/06/2012 3.1 1.2

30/06/2013 7.5 2.4

30/06/2014 7.3 3.0



Investment overviewStable aims to provide relatively steady returns, through a 60% allocation to defensive assets.

Intended to be suitable forInvestors who have a 1 to 5 years investment time horizon and are prepared to accept lower returns in exchange for experiencing a lower level of volatility, achieved by investing mainly in defensive assets with some exposure to growth assets.

Investment objectivesReturn: Over rolling ten-year periods, having an 80% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 2.5% p.a.


Recommended minimum investment timeframeMedium (1-5 years).

Stable


Investment strategy







type



Growth assets


Defensive assets





(%)Inflation

(%)

30/06/2010 10.1 3.1

30/06/2011 11.2 3.5

30/06/2012 -6.2 1.2

30/06/2013 20.6 2.4

30/06/2014 16.2 3.0




Investment strategy


Investment overviewThe Australian Shares sector option provides a high-growth-oriented investment strategy predominantly invested in Australian shares.

Intended to be suitable forInvestors seeking higher returns over the long term (minimum 10+ years), through exposure to the Australian share market.



Recommended minimum investment timeframeLong (10+ years)

Australian Shares

SINGLE ASSET CLASS .


SINGLE ASSET CLASS CONTINUED...




type



Growth assets


Defensive assets





(%)Inflation

(%)

30/06/2010 7.8 3.1

30/06/2011 6.0 3.5

30/06/2012 -2.0 1.2

30/06/2013 23.4 2.4

30/06/2014 16.6 3.0



Investment overviewThe Overseas Shares sector option provides a high-growth-oriented investment strategy predominantly invested in overseas shares.

Intended to be suitable forInvestors seeking higher returns over the long term (minimum 10+ years), through exposure to the global share market.




Overseas Shares


Investment strategy






type



Growth assets

Equity* Aust. domicile Listed 95 85-99

Defensive assets





(%)Inflation

(%)

30/06/2010 8.8 3.1

30/06/2011 8.1 3.5

30/06/2012 -5.3 1.2

30/06/2013 22.7 2.4

30/06/2014 11.1 3.0



* The managers invest predominantly in Australian shares, but have the capability to allocate a small portion to overseas share markets.

Note: Before making a decision to invest in the Sustainable Future Shares option, you should also read the Sustainable Future Shares fact sheet available at mediasuper.com.au/resources

Investment overviewThe Sustainable Future Shares sector option provides a high-growth-oriented investment strategy predominantly invested in Socially Responsible Australian shares.*

Intended to be suitable forInvestors seeking higher returns over the long term (minimum 10+ years), through exposure to Socially Responsible Australian shares.





95% Growth* 5% Defensive

Investment strategy







type



Growth assets

Property Inter. domicile Listed 24 0-99

Defensive assets






(%)Inflation

(%)

30/06/2010 4.8 3.1

30/06/2011 13.0 3.5

30/06/2012 7.4 1.2

30/06/2013 11.5 2.4

30/06/2014 11.7 3.0



Investment overviewThe Property sector option provides a growth-oriented investment strategy predominantly invested in property.

Intended to be suitable forInvestors seeking moderate investment returns over the medium to long term (minimum 5-10 years) through exposure to property and property related securities.

Investment objectivesReturn: Over rolling ten-year periods, having a 60% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 3.5% p.a.


Recommended minimum investment timeframeMedium to long (5-10 years)

Property

* Note: The benchmark strategic asset allocation of the ‘Property Australian Domicile Unlisted’ investment is allocated 50/50 to growth and defensive assets to make the total Growth vs Defensive split.

59.5% Growth 40.5% Defensive

Investment strategy






type



Defensive assets






(%)Inflation

(%)

30/06/2010 9.3 3.1

30/06/2011 4.5 3.5

30/06/2012 8.2 1.2

30/06/2013 4.2 2.4

30/06/2014 5.6 3.0



Investment overviewThe Fixed Interest sector option provides a conservative investment strategy predominantly invested in fixed interest.

Intended to be suitable forInvestors seeking an income-based return above inflation and cash over the medium-term (1-5 years) through exposure to Australian and global fixed interest markets.

Investment objectivesReturn: Over rolling five-year periods, having a 65% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 2% p.a.


Recommended minimum investment timeframeMedium (1-5 years)

Fixed Interest


Investment strategy






type



Defensive assets





(%)Inflation

(%)

30/06/2010 3.2 3.1

30/06/2011 4.3 3.5

30/06/2012 4.1 1.2

30/06/2013 3.1 2.4

30/06/2014 2.6 3.0



Investment overviewThe Cash sector option aims at providing capital preservation and secure investment returns through a 100% investment in cash.

Intended to be suitable forInvestors seeking stable returns over the short term (0-1 year) through a 100% investment in cash.

Investment objectivesReturn: Over rolling two-year periods, having a 90% probability of achieving a member investment return aft er fees and taxes equivalent to CPI + 1% p.a.

Risk: The estimated chance that negative returns will occur in any financial year is negligible.

Recommended minimum investment timeframeShort (0-1 year)

Cash


Investment strategy




Who manages your money?

30 JUNE 2014 30 JUNE 2013

Market value of invested funds

$

% of total funds under

management


$


management

Australian Shares

Contango Asset Management Limited 74,065,522 1.9 58,104,499 1.7

Industry Funds Management 690,819,169 17.8 477,298,557 14.0

Perpetual Investment Management Limited 169,331,078 4.4 135,041,096 4.0

Schroder Investment Management Australia Limited

– – 234,840,897 6.9

Vanguard Investments Australia – – 20,419,896 0.6

Aberdeen Asset Management Limited 150,819,354 3.9 – –

1,085,035,123 28.0 925,704,944 27.1

Overseas Shares

Calamos Investments LLC – – 59,553,711 1.7

Generation Investment Management LLP – – 146,045,875 4.3

Lazard Asset Management Pacific Co. 87,340,049 2.3 74,521,622 2.2

MFS Investment Management 193,077,046 5.0 128,156,724 3.8

Platinum Asset Management – – 129,551,745 3.8

Somerset Partners LLC 87,214,615 2.2 75,714,524 2.2

State Street Global Advisors Australia Limited

271,335,030 7.0 176,192,145 5.2

DFA Australia Limited 260,347,930 6.7 – –

899,314,670 23.2 789,736,346 23.2

Investment policyThe Fund’s investments are managed with a view to ensuring that the Fund will have suffi cient liquidity to meet expected cash flow requirements.

The higher returns expected on shares and property assets will be sought by orientating investments towards these assets. Investment risk will be limited by appropriate diversification, both within and between asset classes.

A depressed investment environment may lead to a negative return on investments in any particular year. This could result in the value of members’ accounts falling in any particular year.

The Trustee does not invest directly in derivatives. However, the Trustee does permit investment managers to use futures, options and other derivative instruments to assist with the eff ective management of the Fund’s assets.

This includes using these instruments for the purpose of rebalancing to the investment options’ respective strategic asset allocations and to provide currency hedging on international investment holdings within the Fund. The Trustee does not allow these instruments to be used to gear the Fund’s portfolio.

The Trustee expects that, over the long term, the use of these instruments will enhance the returns on the Fund’s assets. Over shorter periods, the eff ect on investment returns is expected to vary from year to year.

The Fund’s interest in any externally managed pooled fund shall not exceed 10% of the assets of that pool, unless a larger investment is specifically authorised by the Trustee.

No more than 20% of the Fund’s assets will be managed by any one external fund manager, unless specifically authorised by the Trustee.


30 JUNE 2014 30 JUNE 2013


$


management


$


management


BT Financial Group 9,187,491 0.2 – –

Perpetual Investment Management Limited 10,392,492 0.3 – –

State Street Global Advisors Australia Limited

– – 16,483,670 0.5

19,579,983 0.5 16,483,670 0.5

Direct Property

AMP Capital Investors 135,665,730 3.5 127,449,367 3.7

Charter Hall Group 10,583,881 0.3 16,613,872 0.5

Colonial First State Global Asset Management

10,975,791 0.3 24,413,771 0.7

Fortius Funds Management, Investment Manager

10,738,755 0.3 10,229,070 0.3

Franklin Templeton Institutional 2,577,523 0.1 2,922,226 0.1

ISPT Pty Ltd 77,244,027 2.0 70,631,790 2.1

247,785,707 6.4 252,260,096 7.4

Real Estate Investment Trusts

Vanguard Investments Australia 17,401,613 0.4 13,091,572 0.4

17,401,613 0.4 13,091,572 0.4

Diversified Fixed Interest

Bentham Asset Management 76,717,838 2.0 70,129,515 2.1

BlackRock Asset Management Australia Limited

144,492,353 3.7 256,019,788 7.5

Hastings Funds Management Limited 12,057,326 0.3 12,610,416 0.4

GSO Capital Advisors LLC 78,051,095 2.0 67,772,139 2.0

Members Equity Portfolio Management 109,221,298 2.8 8,865,553 0.3

Stone Harbor Investment Partners LP – – 69,474,054 2.0

Goldman Sachs Asset Management 115,565,178 3.0 – –

Tactical Global Management 1,229,005 0.0 – –

QIC Limited 6,203,387 0.2 – –

544,130,305 14.0 484,871,464 14.2

Alpha Opportunities

Aurora Funds Management Limited 78,695,380 2.0 61,105,656 1.8

Fulcrum Media Finance 2 Pty Ltd 18,509,505 0.5 22,116,761 0.6

Merlon Capital Partners Pty Ltd 99,585,669 2.6 96,904,577 2.8

196,790,554 5.1 180,126,994 5.3

Cash

BNP Paribas Investment Partners 1,664 0.0 1,631 0.0

Members Equity Bank 109,646,186 2.8 105,695,148 3.1

QIC Limited 162,959,020 4.2 164,748,450 4.8

272,606,870 7.0 270,445,229 7.9


30 JUNE 2014 30 JUNE 2013


$


management


$


management

Australian Private Equity

Archer Capital Pty Limited 13,994,076 0.4 3,300,301 0.1

CHAMP Ventures 7 Management Pty Ltd 5,736,500 0.1 10,528,829 0.3

Industry Super Holdings 1,088,037 0.0 1,036,756 0.0

Macquarie Investment Management Limited

16,766,694 0.4 19,314,952 0.6

Members Equity Bank Pty Limited 2,417,844 0.1 1,888,617 0.1

Pomona Capital 17,552,621 0.5 20,836,815 0.6

Quay Partners Private Equity Specialists 16,810,380 0.4 17,532,726 0.5

Wilshire Australia Pty Limited 8,521,982 0.2 9,357,700 0.3

82,888,134 2.1 83,796,697 2.5

Infrastructure


Infrastructure Capital Group 107,790,603 2.8 99,118,867 2.9

Westbourne Credit Management Limited 70,912,648 1.8 58,134,171 1.7

352,694,775 9.1 319,191,774 9.4

International Private Equity

Cerberus Capital Management, LP 14,577,899 0.4 10,235,981 0.3

EQT Funds Management Limited 13,103,803 0.3 9,430,942 0.3

ICE Canyon LLC 14,545,695 0.4 20,128,158 0.6


Sigular Guff & Company, LLC 14,850,109 0.4 16,327,724 0.5

Wilshire Australia Pty Limited 7,900,242 0.2 8,795,669 0.3

74,156,870 1.9 75,435,604 2.2

Equity Income

State Street Global Advisors Australia 25,608,215 0.7 – –

Vanguard Investments Australia 26,083,722 0.7 – –

51,691,937 1.3 – –

Derivatives

Tactical Global Management Limited 33,470,677 0.9 -1,473,046 0.0

33,470,677 0.9 -1,473,046 0.0

TOTAL INVESTED PORTFOLIO 3,877,547,218 100.0 3,409,671,343 100.0

Allocations may include liquidity that is not yet invested.

Note: exact breakdowns may vary slightly due to rounding.


Investment holdings Approximate underlying assets held by Media Super as at 30 June 2014.

TOTAL FUND TOP 10 ASSETS

Rank Asset Asset Class (%) Weighting

1 Commonwealth Bank of Australia Australian Shares 2.5

2 BHP Billiton Limited Australian Shares 2.4

3 Westpac Banking Corporation Limited Australian Shares 2.0

4 Australia and New Zealand Banking Group Limited Australian Shares 1.7

5 National Australia Bank Limited Australian Shares 1.5

6 Telstra Corporation Limited Australian Shares 1.3

7 Wesfarmers Limited Australian Shares 1.0

8 Woolworths Limited Australian Shares 0.9

9 Pacific Hydro Infrastructure 0.8

10 Garden City Booragoon, Booragoon WA Direct Property 0.7

TOTAL TOP 10 AS % OF TOTAL FUND 14.8

TOP 20 AUSTRALIAN SHARES HOLDINGS

Rank Australian Shares

(%) Weighting of Australian Shares

portfolio

1 Commonwealth Bank of Australia 8.9

2 BHP Billiton Limited 8.5

3 Westpac Banking Corporation Limited 7.2

4 Australia and New Zealand Banking Group Limited 6.0

5 National Australia Bank Limited 5.5

6 Telstra Corporation Limited 4.7

7 Wesfarmers Limited 3.4

8 Woolworths Limited 3.1

9 CSL Limited 2.3

10 Woodside Petroleum Ltd 2.0

11 Rio Tinto Limited 1.9

12 Suncorp Group Limited 1.3

13 Macquarie Group Limited 1.2

14 AMP Limited 1.1

15 Origin Energy Limited 1.0

16 Insurance Australia Group Limited 1.0

17 Westfield Corporation Stapled Securities 1.0

18 Brambles Limited 1.0

19 Ausnet Services Stapled Securities Fully Paid 1.0

20 Santos Limited 0.9

TOTAL TOP 20 AS % OF AUSTRALIAN SHARES PORTFOLIO 63.0


TOP 10 OVERSEAS SHARES HOLDINGS

Rank Overseas Shares(%) Weighting of

Overseas Shares portfolio

1 Exxon Mobil Corp 1.2

2 Chevron Corp 0.8

3 Nestle SA 0.8

4 General Electric Co 0.8

5 JP Morgan Chase & Co 0.8

6 Pfizer Inc 0.7

7 AT&T Inc 0.7

8 Walt Disney Co 0.6

9 Novartis 0.6

10 Linde AG 0.6

TOTAL TOP 10 AS % OF OVERSEAS SHARES PORTFOLIO 7.5

TOP 10 DIRECT PROPERTY HOLDINGS

Rank Direct Property(%) Weighting of Direct

Property portfolio

1 Garden City Booragoon, Booragoon WA 14.2

2 Mount Ommaney Centre, Mount Ommaney QLD 5.9

3 Macquarie Centre, Macquarie Park 4.1

4 AMP Centre, Sydney 4.0

5 140 St Georges Terrace, Perth 3.7

6 Warringah Mall, Brookvale 3.7

7 Pacific Fair, Broadbeach QLD 3.0

8 309-321 Kent Street, Sydney NSW 2.7

9 Coronation Drive Office Park, Brisbane QLD 2.2

10 Westfield Doncaster, VIC 2.0

TOTAL TOP 10 AS % OF DIRECT PROPERTY PORTFOLIO 45.5

TOP 10 LISTED PROPERTY HOLDINGS

Rank Listed Property(%) Weighting of Listed

Property portfolio

1 Simon Property Group Inc 5.4

2 Unibail-Rodamco 3.0

3 Public Storage 2.6

4 Equity Residential 2.4

5 Prologis Inc 2.2

6 Health Care REIT, Inc 2.0

7 HCP Inc 2.0

8 Ventas Inc 2.0

9 AvalonBay Communities Inc 1.9

10 Boston Properties Inc 1.9

TOTAL TOP 10 AS % OF LISTED PROPERTY PORTFOLIO 25.4


TOP 10 INFRASTRUCTURE HOLDINGS

Rank Infrastructure(%) Weighting of

Infrastructure portfolio

1 Pacific Hydro 8.9

2 Newcastle Terminal 7.6

3 Manchester Airports 7.5

4 Melbourne Airport 5.8

5 Neerabup 5.8

6 Port of Brisbane 5.7

7 NSW Ports 5.4

8 Esperance Energy Project 4.8

9 Kwinana Power Station 4.5

10 Brisbane Airport 3.4

TOTAL TOP 10 AS % OF INFRASTRUCTURE PORTFOLIO 59.5

Whether you’re retired or still working, Media Super off ers pension products to suit your needs.”


FINANCIAL STATEMENTSStatement of financial position as at 30 June 2014

ASSETS2014

$’0002013

$’000

Cash assets

Cash and cash equivalents 34,413 24,561

Receivables

GST receivable 494 323

Other receivables – –

Investments

Investments 3,924,783 3,433,504

Other assets

Prepayments 210 167

Fixed assets 1,264 1,008

Deferred tax assets 499 12,304

TOTAL ASSETS 3,961,663 3,471,867

LIABILITIES

Benefits payable – 16

Unallocated contributions 704 138

Creditors and accruals 4,134 5,101

Employee entitlements 498 502

Current tax liabilities 11,819 10,630

Deferred tax liabilities 22,768 1,078

TOTAL LIABILITIES 39,923 17,465

NET ASSETS AVAILABLE TO PAY BENEFITS Represented By: LIABILITY FOR ACCRUED BENEFITS 3,921,740 3,454,402

Allocated to members’ accounts 3,851,592 3,410,979

Unallocated 56,391 30,413

Reserves

- Trustee operating account 3,827 3,564

- Operational risk reserve 9,930 9,338

- RSE licence account – 108

3,921,740 3,454,402

This statement should be read in conjunction with the audited financial statements to be issued 31 October 2014.


Statement of financial position as at 30 June 2014

REVENUE2014

$’0002013

$’000

Investment revenue

Interest 16,093 7,955

Dividends 41,598 38,257

Distributions 107,669 100,969

Changes in net market value 270,368 329,716

Fee rebates 2,434 2,235

Direct investment expense -7,592 -8,786

430,570 470,346

Contribution revenue

Employer contributions 211,882 208,084

Member contributions 36,290 23,665

Government co-contributions 556 1,550

Transfers in 96,440 63,405

345,168 296,704

Other revenue

Insurance proceeds 10,530 10,825

Other income 33 32

10,536 10,857

TOTAL REVENUE FROM ORDINARY ACTIVITY 786,301 777,907

EXPENSES

General administration expenses 18,862 17,515

Insurance premiums 16,110 14,518

Contribution surcharge expense -3 6

TOTAL EXPENSES FROM ORDINARY ACTIVITY 34,969 32,039

Benefits accrued as a result of operations before income tax 751,332 745,868

Income tax expense 53,024 60,189

Benefits accrued as a result of operations after income tax 698,308 685,679

This statement should be read in conjunction with the audited financial statements to be issued 31 October 2014.

These are Media Super’s abridged unaudited accounts for 2013-14. If you wish to view a copy of the audited accounts and the auditor’s report for this year or any other year, please phone our Super Helpline on 1800 640 886 or write to us at GPO Box 4303 Melbourne VIC 3001. The 2014 audit will be completed by 31 October 2014, and the audited accounts together with the auditor’s report are expected to be available shortly thereafter.


FOR YOUR INFORMATION

Operational Risk Financial RequirementUnder the new Stronger Super requirements, all RSE licensees (such as Media Super’s Trustee) are required to determine an amount of financial resources that are necessary to address the operational risks of the licensee’s business. This is known as the Operational Risk Financial Requirement (ORFR). The ORFR as at 30 June 2014 was $9.93 million and was in line with the Trustee’s policy, which is also monitored by the Trustee regularly.

Advisers and service providersAdministrator: Mercer Outsourcing (Australia) Pty Ltd

External Auditor: Deloitte Touche Tohmatsu

Internal Auditor: Ernst & Young Transaction Advisory Services

Bankers: Westpac Banking Corporation, Members Equity Bank Pty Ltd

Custodian: BNP Paribas Securities Services, Bond Street Custodians Limited

Communications: Publicity Works Pty Ltd

Insurers: Hannover Life Re. of Australasia Ltd

Lawyers: Minter Ellison Lawyers, Mills Oakley Lawyers

Investment Advisers: Frontier Advisors Pty Ltd

Financial Planning Services: Industry Fund Services Ltd

Reserving policyThe Fund does not maintain reserves for the purpose of smoothing investment returns. However, because of timing diff erences with regard to the payment of taxation

and expenses, unallocated amounts will, from time to time, accrue in the Fund.

The Trustee monitors these accruals to ensure that any unallocated amounts are used to pay liabilities, fund the ORFR or are returned to members, as appropriate.

Professional indemnity insuranceMedia Super Limited, as the holder of an Australian financial services licence, has taken out professional indemnity (PI) insurance in accordance with the requirements of the Corporations Act 2001.

The PI insurance will cover claims in relation to the conduct of Media Super Limited and its employees or any representatives who work, or who have worked, for the company, where the Fund is found to have a liability for loss or damage suff ered by a person to whom it provides a financial service.

Complying fundMedia Super is a complying superannuation fund for taxation purposes. All necessary returns and certificates have been lodged with the Australian Prudential Regulation Authority (APRA). Once the audit of Media Super’s Financial Statements is complete, returns for the year to 30 June 2014 will also be lodged with APRA.

ComplaintsIf you are dissatisfied with any aspect of the Fund, please write to us at:

Complaints Offi cerMedia SuperGPO Box 4303Melbourne VIC 3001

We are committed to handling any complaints fairly and promptly. If you are not satisfied with the outcome of the internal complaints resolution process or your complaint is not resolved within 90 days, you can contact the Superannuation Complaints Tribunal (SCT).

Phoning: 1300 884 114Visiting: sct.gov.auWriting to: Superannuation

Complaints TribunalLocked Bag 3060, Melbourne VIC 3001

Superannuation surchargeThe superannuation surcharge was abolished from 1 July 2005. However, the surcharge may still be payable for periods prior to that date. If the ATO assesses that you are liable to pay a superannuation surcharge it will advise Media Super, and payment will be deducted from your account.

Temporary residentsMedia Super relies on relief provided by the Australian Securities and Investment Commission and will not provide departed former temporary residents whose benefits are paid to the ATO with notices or exit statements at the time or aft er any benefits are paid to the ATO pursuant to the Superannuation (Unclaimed Money and Lost Members) Act 1999. Please refer to Additional Information About Your Super Guide, part of the Media Super Member Guide Product Disclosure Statement for further information.

Eligible Rollover Fund (ERF)Media Super’s Eligible Rollover Fund (ERF) is AUSfund. Media Super does not currently transfer superannuation benefits to the ERF.



JOHN BILLETT THE YOUNG GUN PRINTER

“I think the only way for people to understand what a printery does, is to do a tour; that’s been my way to teach people.”

John Billett believes newspapers and magazines will survive and doesn’t agree the print industry is on its last legs.

“We went into this industry with our fingers crossed. We’ve had wonderful careers, and been very lucky.”

Danny Hampton and Stuart Bailey met at Ultimo Tech in 1964 as 15-year-olds, and this year they celebrated 50 years of working in the printing industry.

CELEBRATING 50 YEARS IN PRINTING

Each of us has our own story, our own home life and career. We are members of families, of friendship circles, of communities, towns, and cities. And, we’re all members of the Media Super community.

From all sectors of our print, media, entertainment and arts industries, our community boasts blue-collar printing and packing workers, journalists, printers and graphic artists, actors, performers, communicators, cartoonists, artists, musicians, singers and everything in between.

Whatever we do, and whatever our personal pursuits and achievements, we all have cause to celebrate. And at Media Super, we want to celebrate with you.

www.yearbook.msThe Media Super Yearbook celebrates our members who have received recognition in their work lives. We also share some amazing personal stories from members who have overcome challenges, achieved personal ambitions, and enjoyed success in all its forms.

This year, we’ve taken the ‘normal’ information in a super fund’s annual report and breathed new life into it, reporting on everything our members are proud to share with their Media Super brothers and sisters. Our online yearbook is a living hub, that looks back at the year that was within Media Super, and in news and popular culture both internationally and Australia-wide.

We’re proud to be the super fund helping 111,000 Australians and their families shape their future dreams and lifestyles.

We are your super fund firstly, but we’re also your partner in achieving your future happiness and success. Celebrate with us.

OUT NOW ONLINE

CELEBRATING OUR COMMUNITY

www.yearbook.ms

READ MORE www.yearbook.ms/your-community

“Rather than relying on the infrequency of the acting world, I decided that I have a bigger story to share in the area of writing about health and wellness.”

Andi Lew is an actor, dancer, radio and TV presenter turned self-publisher who has written five books. She’s also a Food, Lifestyle & Wellness Coach.

Her latest book Real Fit Food is available in bookstores across Australia, and in ebook form via realfitfood.com.au

SELF-PUBLISHED FIVE BOOKS!

ACTING UP WITH LELDA KAPSIS

“I needed to find a way to make money out of my creativity.”

Those who work in film and theatre are usually driven by passion, rather than money. But passion doesn’t always pay the bills.

At 21, Lelda Kapsis, a WAAPA graduate with a BA in musical theatre, was off to a flying start when she scored her first professional gig playing Lisa Houseman in Dirty Dancing – The Classic Story Onstage.

She received a Green Room award nomination for best supporting musical actress and, over the next few years, gained an impressive list of credits in theatre, advertisements, radio and TV voiceovers.

THE INTERN DEBUT NOVEL

“There’s a solid community of writers on Twitter and Facebook now, and I’ve been part of that world since I was working at Dolly in 2008.”

"It’s brought me together with so many other authors, journalists and creative writers, and we support each other along the way.”

Gabrielle Tozer’s sassy debut novel The Intern was published by HarperCollins in February.

Media Super Ltd (ABN 30 059 502 948, USI 42574421650001, AFSL 230254) is the Trustee of Media Super (ABN 42 574 421 650).

We actively support our industries through sponsorship of a variety of professional development programs and industry awards, and encourage Australian talent with investments in local film and television productions.

Get your loved ones and colleagues to check out what people like you are up to at mediasuper.com.au/community It doesn’t matter what job you’re in either – anyone can join!

TELL US YOUR STORY

J�IN ��R COMM�NITY

OUT NOW ONLINEwww.yearbook.msExplore the highlights of 2013/14, be inspired by the stories of your fellow members, and find out just how Media Super is working for you.

MEDIASUPER

Super Helpline1800 640 886 mediasuper.com.au

Print. Media. Entertainment. Arts. Superannuation. Insurance. Retirement. Financial Planning.

This Annual Report contains general information and does not take into consideration your personal objectives, situation or needs. Before making any financial decisions you should first determine whether the information is appropriate for you by reading the Product Disclosure Statement and/or by consulting a qualified financial adviser. Issued October by Media Super Limited (ABN 30 059 502 948, AFSL 230254) as Trustee of Media Super (ABN 42 574 421 650, USI 42574421650001). MSUP 35890

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