BT Super for Life and BT Super

Buy-sell spread decrease for PIMCO International Bonds

and RARE Value Infrastructure (Unhedged)
Effective 22 October 2020

Product Update

This Product Update is for BT Super for Life and BT Super members. These products are both part of Retirement Wrap
ABN 39 827 542 991.

What is a buy-sell spread?

The buy-sell spread is a fee that is used to cover the transaction costs arising from applications and redemptions made by
members into and out of an investment option. It is not paid to the investment manager instead it is retained by the
investment option and used to offset the costs of transactions. It is charged in the form of a buy-sell spread and is reflected
in the unit price when you invest in a given investment option.

You should consider these costs when making any investment decisions such as changing investment options and when
making contributions. We may vary the buy-sell spread for any investment option from time to time. Notice will not ordinarily
be provided.

Updated information on buy-sell spreads is available on our website at bt.com.au or via Online banking. You will need to refer
to the website for the up-to-date buy-sell spreads prior to making an investment decision.

What’s changing?

Effective from 19 October 2020 the buy-sell spread for the PIMCO International Bonds investment option decreased from
0.40% to 0.25%.

Effective from 20 October 2020 the buy-sell spread for the RARE Value Infrastructure (Unhedged) investment option
decreased from 0.35% to 0.17%.

These reductions apply to Super, Transition to Retirement (TTR) and Retirement accounts.

There has been no change to the buy-sell spreads for any other investment options.
For more information
bt.com.au | 132 135 | GPO Box 3958 Sydney NSW 2001

Important Information
Information current as at 22 October 2020. This information does not take into account your personal objectives, financial situation or needs
and so you should consider its appropriateness, having regard to these factors before acting on it. BT Funds Management Limited
ABN 63 002 916 458 AFSL 233724 (BTFM) is the trustee and the issuer of BT Super and BT Super for Life which are part of Retirement Wrap
ABN 39 827 542 991. A Product Disclosure Statement (PDS) is available for BT Super and BT Super for Life and can be obtained by calling
132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of
interest in BT Super and BT Super for Life. An investment in BT Super and BT Super for Life is not an investment in, deposit with or any other
liability of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), any Division of Westpac or any other company in the Westpac
Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal
invested. Except as expressly disclosed in the PDS, Additional Information Booklet or Guides, Westpac and its related entities do not stand
behind or otherwise guarantee the capital value or investment performance of BT Super and BT Super for Life.

BT50749-1020px