CLIENT INVESTMENT UPDATE Wholesale Products Appendix 30 September 2014

2 The information in this presentation has been provided by MLC Investments Limited (ABN ) a member of the NAB Group of Companies, 105–153 Miller Street, North Sydney 2060 for advisers only. No company in the NAB group, nor MLC limited guarantees the capital value, payment of income or performance of any fund referred to in this presentation. 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. Any projection or forward looking statement in this report is provided for information purposes only and no representation is made as to the accuracy or reasonableness of such projection or that it will be met. Past performance is not a reliable indicator of future performance. The value of an investment may rise or fall with the changes in the market. Returns are not guaranteed and actual returns may vary from target returns described in this document. Please note that all performance reported is before management fees and taxes, unless otherwise stated. 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 ) 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 or on our website at mlc.com.au. GENERAL ADVICE WARNING AND DISCLAIMER

3 TABLE OF CONTENTS 1. MLC Inflation Plus Assertive Portfolio 2. MLC Inflation Plus Moderate Portfolio 3. MLC Inflation Plus Conservative Portfolio 4. MLC Horizon 2 Income Portfolio 5. MLC Horizon 3 Conservative Growth Portfolio 6.MLC Horizon 5 Growth Portfolio 7.MLC Horizon 6 Share Portfolio 8. MLC Horizon 7 Accelerated Growth Portfolio 9.MLC Australian Share Fund 10.MLC Global Share Fund 11. MLC Global Property Fund 12. MLC Property Securities Fund 13.MLC Diversified Debt Fund 14.MLC Wholesale IncomeBuilder

Absolute performance MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX*) MLC INFLATION PLUS ASSERTIVE PORTFOLIO Total returns 1. * Please note the latest period is calendar year to date 4 As at 30 September 2014 Source: MLC

Excess return vs. reference benchmark MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX*) MLC INFLATION PLUS ASSERTIVE PORTFOLIO Returns relative to benchmark 1. 5 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

1. Total return by asset class MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (based on strategic asset allocation, before fees) MLC INFLATION PLUS ASSERTIVE PORTFOLIO Asset class returns 6 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

2. Total return by asset class MLC INFLATION PLUS MODERATE PORTFOLIO (BEFORE FEES AND TAX) MLC INFLATION PLUS MODERATE PORTFOLIO Asset class returns 7 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

MLC INFLATION PLUS CONSERVATIVE PORTFOLIO Asset class returns 3. Total return by asset class MLC INFLATION PLUS CONSERVATIVE PORTFOLIO (BEFORE FEES AND TAX) 8 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

4. Absolute performance MLC HORIZON 2 INCOME PORTFOLIO (BEFORE FEES AND TAX*) MLC HORIZON 2 INCOME PORTFOLIO Total returns 9 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

4. Total return by asset class MLC WHOLESALE HORIZON 2 INCOME PORTFOLIO (BEFORE FEES AND TAX) MLC HORIZON 2 INCOME PORTFOLIO Asset class returns 10 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

4. Performance relative to peer group MLC HORIZON 2 INCOME PORTFOLIO Peer relative performance 11 PEER GROUP (5-95%): CONSERVATIVE INVESTMENT TRUST As at 30 September 2014 Source: MLC Peer universe is the MLC Morningstar Wholesale Conservative Universe Source: Morningstar Direct

5. Absolute performance MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO Total returns 12 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

5. 13 Total return by asset class MLC WHOLESALE HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX) MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO Asset class returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

5. MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO Peer relative performance 14 PEER GROUP (5-95%): MODERATE INVESTMENT TRUST As at 30 September 2014 Source: MLC Performance relative to peer group Peer universe is the MLC Morningstar Wholesale Moderate Universe Source: Morningstar Direct

6. 15 Absolute performance MLC HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX*) MLC HORIZON 5 GROWTH PORTFOLIO Total returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

6. 16 Total return by asset class MLC WHOLESALE HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX) MLC HORIZON 5 GROWTH PORTFOLIO Asset class returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

6. Performance relative to peer group MLC HORIZON 5 GROWTH PORTFOLIO Peer relative performance 17 PEER GROUP (5-95%): GROWTH INVESTMENT TRUST As at 30 September 2014 Source: MLC Peer universe is the MLC Morningstar Growth Universe Source: Morningstar Direct

7. Absolute performance MLC HORIZON 6 SHARE PORTFOLIO (BEFORE FEES AND TAX*) MLC HORIZON 6 SHARE PORTFOLIO Total returns 18 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

7. 19 Total return by asset class MLC WHOLESALE HORIZON 6 SHARE PORTFOLIO (BEFORE FEES) MLC HORIZON 6 SHARE PORTFOLIO Asset class returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

7. Peer universe is the MLC Morningstar Wholesale High Growth Universe Source: Morningstar Direct Performance relative to peer group MLC HORIZON 6 SHARE PORTFOLIO Peer relative performance 20 PEER GROUP (5-95%): HIGH GROWTH INVESTMENT TRUST As at 30 September 2014 Source: MLC

8. Absolute performance MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO (BEFORE FEES AND TAX*) MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO Total returns 21 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

8. Total return by asset class MLC WHOLESALE HORIZON 7 ACCELERATED GROWTH PORTFOLIO (BEFORE FEES) MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO Asset class returns 22 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

9. Historical absolute performance MLC AUSTRALIAN SHARE SECTOR STRATEGY (BEFORE FEES AND TAX*) MLC AUSTRALIAN SHARE FUND Total returns 23 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

10. Historical absolute performance MLC GLOBAL SHARE STRATEGY (BEFORE FEES AND TAX*) MLC GLOBAL SHARE FUND Total returns 24 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

11. Historical absolute performance MLC GLOBAL PROPERTY SECURITIES STRATEGY (BEFORE FEES AND TAX*) MLC GLOBAL PROPERTY FUND Total returns 25 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

12. Historical absolute performance MLC PROPERTY SECURITIES STRATEGY (BEFORE FEES AND TAX*) MLC PROPERTY SECURITIES FUND Total returns 26 As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

Historical absolute performance MLC DIVERSIFIED DEBT STRATEGY (BEFORE ACCOUNT FEES AND TAX*) MLC DIVERSIFIED DEBT FUND Total returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

Contribution to total return by asset class MLC WHOLESALE DIVERSIFIED DEBT FUND (BEFORE FEES AND TAX) MLC DIVERSIFIED DEBT FUND Sector contribution to returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

Manager absolute performance MLC WHOLESALE DIVERSIFIED DEBT FUND (BEFORE FEES AND TAX) MLC DIVERSIFIED DEBT FUND Manager returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

Updated annually as at June 30, 2014 Source: MLC DISTRIBUTION COMPONENTS MLC WHOLESALE INCOMEBUILDER Distribution performance

14. Many of the fund’s largest investments have grown their dividends in the year MLC WHOLESALE INCOMEBUILDER 31 As at 30 September 2014 Source: MLC Company2013/14 dividend ($ per share) % change from 2012/13 dividend ANZ AMP ASX Limited Commonwealth Bank Harvey Norman National Australia Bank Suncorp Group Telstra Corporation Toll Holdings Wesfarmers Limited Westpac Banking Corp Woodside Petroleum Woolworths Limited