1. MLC Investment Management Annual Investor Review Appendix: Wholesale 30 June 2011

2. 22 General advice warning and disclaimer This information has been provided by MLC Limited (ABN 90 000 000 402) a member of the National Group, 105–153 Miller Street, North Sydney 2060. Any opinions expressed in this communication constitute our judgement at the time of issue and are subject to change. We believe that the information contained in this communication is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made as at the time of compilation. However, no warranty is made as to their accuracy or reliability (which may change without notice) or other information contained in this communication. Past performance is not indicative of future performance. The value of an investment may rise or fall with the changes in the market. Please note that all performance reported is before management fees and taxes, unless otherwise stated. The specialist investment managers are current as at the date this communication was prepared. Investment managers are regularly reviewed and may be appointed or removed at any time without prior notice to you. This communication contains general information and may constitute general advice. Any advice in this communication has been prepared without taking account of individual objectives, financial situation or needs. It should not be relied upon as a substitute for financial or other specialist advice. Before making any decisions on the basis of this communication, you should consider the appropriateness of its content having regard to your particular investment objectives, financial situation or individual needs. You should obtain a Product Disclosure Statement or other disclosure document relating to any financial product issued by MLC Investments Limited (ABN 30 002 641 661 [include AFSL for PDSs/FSGs/Annual Reports]) and consider it before making any decision about whether to acquire or continue to hold the product. A copy of the Product Disclosure Statement or other disclosure document is available upon request by phoning the MLC call centre on 132 652 or on our website at mlc.com.au.

3. 33 Table of Contents TopicSlides MLC Horizon 3 Conservative Growth Portfolio4 MLC Horizon 5 Growth Portfolio7 MLC Horizon 6 Share Portfolio10 MLC Australian Share Fund13 MLC Global Share Fund14 MLC Global Property Fund15 MLC Property Securities Fund16 MLC Diversified Debt Fund17 MLC IncomeBuilder TM Fund20

4. 44 MLC Horizon 3 Conservative Growth Portfolio – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Horizon 3 Conservative Growth Portfolio (after taking into account fees) -10% -5% 0% 5% 10% 15% 2002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

5. 55 MLC Horizon 3 strategy– asset class contribution Source: MLC Investment Management Contribution to Total Return by Asset Class MLC Wholesale Horizon 3 Conservative Growth Portfolio (before taking into account fees) -2 0 1 1 2 2 3 3 4 4 Australian SharesGlobal Shares - Hedged Global Shares - Unhedged Global Property Securities LTARDebt Securities Return Contribution % (annualised for periods greater than 1 year) 3 months to Jun-20111 year to Jun-20113 years to Jun-20115 years to Jun-2011

6. 66 MLC Horizon 3 Conservative Growth Portfolio – peer relative performance Q3 Q2 Q3 Q4

7. 77 MLC Horizon 5 Growth Portfolio – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Horizon 5 Growth Portfolio (after taking into account fees) -20% -15% -10% -5% 0% 5% 10% 15% 20% 1999200020012002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

8. 88 MLC Horizon 5 strategy– asset class contribution Source: MLC Investment Management Contribution to Total Return by Asset Class MLC Wholesale Horizon 5 Growth Portfolio (before taking into account fees) -2 0 1 2 3 4 5 Australian SharesGlobal Shares - Hedged Global Shares - Unhedged Global Property Securities LTARDebt Securities Return Contribution % (annualised for periods greater than 1 year) 3 months to Jun-20111 year to Jun-20113 years to Jun-20115 years to Jun-2011

9. 99 MLC Horizon 5 Growth Portfolio – peer relative performance Q4 Q3 Q2 Q3

10. 10 MLC Horizon 6 Share Portfolio – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Horizon 6 Share Portfolio (after taking into account fees) -30% -20% -10% 0% 10% 20% 30% 2002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

11. 11 MLC Horizon 6 strategy– asset class contribution Source: MLC Investment Management Contribution to Total Return by Asset Class MLC Wholesale Horizon 6 Share Portfolio (before taking into account fees) -3 -2 0 1 2 3 4 5 6 7 8 Australian SharesGlobal Shares - HedgedGlobal Shares - UnhedgedLTAR Return Contribution % (annualised for periods greater than 1 year) 3 months to Jun-20111 year to Jun-20113 years to Jun-20115 years to Jun-2011

12. 12 MLC Horizon 6 Share Portfolio – peer relative performance Q2 Q3 Q2

13. 13 MLC Australian Share Fund – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Australian Share Fund (after taking into account fees) -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 1999200020012002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

14. 14 MLC Global Share Fund – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Global Share Fund (after taking into account fees) -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 1999200020012002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

15. 15 MLC Global Property Fund – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Global Property Fund (after taking into account fees) -40% -30% -20% -10% 0% 10% 20% 30% 40% 2008200920102011 Return % p.a. 1 Year Ended 30 June

16. 16 MLC Property Securities Fund – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Property Securities Fund (after taking into account fees) -40% -30% -20% -10% 0% 10% 20% 30% 1999200020012002200320042005200620072008200920102011 Return % p.a. 1 Year Ended 30 June5 Years Ended 30 June

17. 17 MLC Diversified Debt Fund – total returns Source: MLC Investment Management Historical Absolute Performance MLC Wholesale Diversified Debt Fund (after taking into account fees) 0% 2% 4% 6% 8% 10% 12% 200920102011 Return % p.a. 1 Year Ended 30 June

18. 18 MLC Diversified Debt Fund – asset class contribution Source: MLC Investment Management Contribution to Total Return by Asset Class MLC Wholesale Diversified Debt Fund (before taking into account fees and tax) -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Australian BondsGlobal Government Bonds Global Non- Government Bonds Global Multi-Sector Bonds Global High Yield Bonds Global Bank LoansGlobal Mortgages Return Contribution % (annualised for periods greater than 1 year) Quarter to Jun-111 Year to Jun-113 years to Jun-11

19. 19 MLC Diversified Debt Fund - manager contribution Source: MLC Investment Management

20. 20 MLC IncomeBuilder TM Fund – distribution performance Source: MLC Investment Management

21. 21 MLC IncomeBuilder™ Fund - The dividend environment is improving CompanyLatest year dividend declared (per share) Change on last years corresponding div. Commonwealth Bank$3.0228% ANZ Banking Group$1.2624% Westpac$1.3920% Wesfarmers$1.3517% Coca-Cola Amatil$0.48511% Woolworths$1.199% National Australia Bank$1.524% Brambles$0.2552% AMP$0.300% Fosters Group$0.27250% As at 30 th June 2011 Source: MLC Investment Management

22. 22 MLC IncomeBuilder ™ Fund – manager contribution Source: MLC Investment Management Manager Performance in Excess of the Index IncomeBuilder TM Strategy (before taking into account fees and tax) -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% VanguardMaple-Brown AbbottIncomeBuilderTM Excess Return vs S&P/ASX 200 All Industrials Index (annualised for periods greater than 1 year) Quarter to Jun-111 Year to Jun-113 years to Jun-115 Years to Jun-11