MLC Investments Peer Relative Performance Pack Year ended 31 March 2010

General advice warning and disclaimer Any advice in this communication has been prepared without taking account of individual objectives, financial situation or needs. Because of this you should, before acting on any information in this communication, consider whether it is appropriate to your objectives, financial situation and 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) and MLC Nominees Pty Ltd (ABN 93 002 814 959) as trustee of The Universal Super Scheme (ABN 44 928 361 101), 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. An investment in any product offered by a member company of the National group does not represent a deposit with or a liability of the National Australia Bank Limited ABN 12 004 044 937 or other member company of the National Australia Bank group of companies and is subject to investment risk including possible delays in repayment and loss or income and capital invested. None of the National Australia Bank Limited, MLC Limited, MLC Investments Limited or other member company in the National Australia Bank group of companies guarantees the capital value, payment of income or performance of any financial product referred to in this publication. 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 return figures reported are before management fees and taxes, and for the period up to 31 March 2010, unless otherwise stated. The specialist investment management companies are current as at 31 March 2010. Funds under management figures are as at 31 March 2010, unless otherwise stated. Investment managers are regularly reviewed and may be appointed or removed at any time without prior notice to you.

Table of Contents Portfolio Chart Slide MLC Horizon 2 Capital Stable Portfolio Peer Relative Performance 4 MLC Horizon 3 Conservative Growth Portfolio 5 MLC Horizon 4 Balanced Portfolio Total Return, Peer Relative Performance Rolling Standard Deviation Risk/Return Charts 6 7 8 9 MLC Horizon 5 Growth Portfolio Total Return Business Super: Rolling Standard Deviation Personal Super: 10 11 12 13 MLC Horizon 6 Share Portfolio 14 MLC Horizon 7 Accelerated Growth Portfolio 15

MLC Horizon 4 - Peer Relative Rolling Returns* (after fees and taxes) % of time outperformed median 1 year 56% 3 year 59% 5 year 79% Source: MLC Investments and Mercer Last updated: 29/04/10 Next update: 29/05/10 *MLC MasterKey Super Gold Star in Mercer Personal Super universe

The MLC Horizon 4 Balanced Portfolio within the Mercer Personal Super Balanced Growth Universe has had lower volatility relative to peers 65% of the time

The MLC Horizon 5 Growth Portfolio within the Mercer Employer Super High Growth Universe has had lower volatility relative to peers 77% of the time