CLIENT INVESTMENT UPDATE Superannuation Products Appendix 31 March 2015

2 The information in this presentation has been provided by MLC Limited (ABN ) a member of the National Australia Bank group of companies, 105–153 Miller Street, North Sydney 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 Nominees Pty Ltd (ABN ) as trustee of The Universal Super Scheme (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. An investment in any product offered by a member company of the National Australia Bank group of companies does not represent a deposit with or a liability of the National Australia Bank Limited ABN or other member company of the National Australia Bank group and is subject to investment risk including possible delays in repayment and loss of 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 guarantees the capital value, payment of income or performance of any financial product referred to in this publication. 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. GENERAL ADVICE WARNING AND DISCLAIMER

3 TABLE OF CONTENTS 1. MLC Inflation Plus Assertive Portfolio MLC Inflation Plus Moderate Portfolio MLC Inflation Plus Conservative Portfolio MLC Horizon 2 Capital Stable Portfolio MLC Horizon 3 Conservative Growth Portfolio MLC Horizon 4 Balanced Portfolio MLC Horizon 5 Growth Portfolio MLC Australian Share Fund MLC Global Share Fund MLC Global Property Fund MLC Property Securities Fund MLC Diversified Debt Fund MLC IncomeBuilder Fund MLC Index Plus Conservative Growth MLC Horizon 6 Share Portfolio MLC Horizon 7 Accelerated Growth Portfolio MLC Index Plus Balanced Portfolio MLC Index Plus Growth Portfolio

Absolute performance MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX*) 1.MLC Inflation Plus Assertive Portfolio Total returns 4 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Excess return vs. reference benchmark MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX, CALENDAR YEARS*) 1.MLC Inflation Plus Assertive Portfolio Returns relative to benchmark 5 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Total return by asset class MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (based on strategic asset allocation, before fees) 1.MLC Inflation Plus Assertive Portfolio Asset class returns 6 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Total return by asset class MLC INFLATION PLUS MODERATE PORTFOLIO (BEFORE FEES AND TAX) 2.MLC Inflation Plus Moderate Portfolio Asset class returns 7 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

3.MLC Inflation Plus Conservative Portfolio Asset class returns Total return by asset class MLC INFLATION PLUS CONSERVATIVE PORTFOLIO (BEFORE FEES AND TAX) 8 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Absolute performance MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX*) 4.MLC Horizon 2 Capital Stable Portfolio Total returns 9 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Excess return vs reference benchmark MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX*) 4.MLC Horizon 2 Capital Stable Portfolio Returns relative to benchmark 10 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Total return by asset class MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX) 4.MLC Horizon 2 Capital Stable Portfolio Asset class returns 11 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

Performance relative to peer group 4.MLC Horizon 2 Capital Stable Portfolio Peer relative returns 12 PEER GROUP (5-95%): CONSERVATIVE SUPER Peer universe is the MLC Superannuation Conservative Universe Source: Morningstar Direct As at 31 March 2015 Source: MLC

Absolute performance MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 5.MLC Horizon 3 Conservative Growth Portfolio Total returns 13 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

5.MLC Horizon 3 Conservative Growth Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 14 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

15 Total return by asset class MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX) 5.MLC Horizon 3 Conservative Growth Portfolio Asset class returns * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

5.MLC Horizon 3 Conservative Growth Portfolio Peer relative performance 16 PEER GROUP (5-95%): MODERATE SUPER Performance relative to peer group Peer universe is the MLC Superannuation Moderate Universe Source: Morningstar Direct As at 31 March 2015 Source: MLC

17 Absolute performance MLC HORIZON 4 BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 6.MLC Horizon 4 Balanced Portfolio Total returns * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

18 Excess return vs reference benchmark MLC HORIZON 4 BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 6.MLC Horizon 4 Balanced Portfolio Returns relative to benchmark * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

19 Total return by asset class MLC HORIZON 4 BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 6.MLC Horizon 4 Balanced Portfolio Asset class returns * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

6.MLC Horizon 4 Balanced Portfolio Peer relative performance 20 PEER GROUP (5-95%): BALANCED SUPER Performance relative to peer group Peer universe is the MLC Superannuation Balanced Universe Source: Morningstar Direct As at 31 March 2015 Source: MLC

7.MLC Horizon 5 Growth Portfolio Total returns 21 Absolute performance MLC HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX*) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

7.MLC Horizon 5 Growth Portfolio Returns relative to benchmark 22 Excess return vs reference benchmark MLC HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

* Please note the latest period is calendar year to date 7.MLC Horizon 5 Growth Portfolio Asset class returns 23 Total return by asset class MLC HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX) As at 31 March 2015 Source: MLC

7.MLC Horizon 5 Growth Portfolio Peer relative performance Performance relative to peer group 24 PEER GROUP (5-95%): GROWTH SUPER Peer universe is the MLC Superannuation Growth Universe Source: Morningstar Direct As at 31 March 2015 Source: MLC

8.MLC Horizon 6 Share Portfolio Total returns Absolute performance MLC HORIZON 6 SHARE PORTFOLIO (BEFORE FEES AND TAX*) 25 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

8.MLC Horizon 6 Share Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC HORIZON 6 SHARE PORTFOLIO (BEFORE FEES AND TAX*) 26 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

8.MLC Horizon 6 Share Portfolio Asset class returns 27 Total return by asset class MLC HORIZON 6 SHARE PORTFOLIO (BEFORE FEES & TAX) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

8.MLC Horizon 6 Share Portfolio Peer relative performance Peer universe is the MLC Superannuation High Growth Universe Source: Morningstar Direct Performance relative to peer group 28 PEER GROUP (5-95%): HIGH GROWTH SUPER As at 31 March 2015 Source: MLC

9.MLC Horizon 7 Accelerated Growth Portfolio Total returns Absolute performance MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 29 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

9.MLC Horizon 7 Accelerated Growth Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 30 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

9.MLC Horizon 7 Accelerated Growth Portfolio Asset class returns Total return by asset class MLC HORIZON 7 ACCELERATED GROWTH PORTFOLIO (BEFORE FEES) 31 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

10.MLC Australian Share Fund Total returns Historical absolute performance MLC AUSTRALIAN SHARE SECTOR STRATEGY (BEFORE FEES AND TAX*) 32 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

11.MLC Global Share Fund Total returns Historical absolute performance MLC GLOBAL SHARE STRATEGY (BEFORE FEES AND TAX*) 33 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

12.MLC Global Property Fund Total returns Historical absolute performance MLC GLOBAL PROPERTY SECURITIES STRATEGY (BEFORE FEES AND TAX*) 34 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

13.MLC Property Securities Fund Total returns Historical absolute performance MLC PROPERTY SECURITIES STRATEGY (BEFORE FEES AND TAX*) 35 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

14.MLC Diversified Debt Fund Total returns 36 Historical absolute performance MLC DIVERSIFIED DEBT STRATEGY (BEFORE ACCOUNT FEES AND TAX*) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

14.MLC Diversified Debt Fund Asset class contribution 37 Total return by asset class MLC DIVERSIFIED DEBT STRATEGY (BEFORE FEES AND TAX) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

15.MLC IncomeBuilder Fund Manager excess returns 38 Manager performance in excess of the index MLC INCOMEBUILDER STRATEGY (BEFORE FEES AND TAX) * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

16.MLC Index Plus Conservative Growth Portfolio Total returns Absolute performance MLC INDEX PLUS CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 39 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

16.MLC Index Plus Conservative Growth Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC INDEX PLUS CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 40 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

16.MLC Index Plus Conservative Growth Portfolio Asset class returns Total return by asset class MLC INDEX PLUS CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 41 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

17.MLC Index Plus Balanced Portfolio Total returns Absolute performance MLC INDEX PLUS BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 42 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

17.MLC Index Plus Balanced Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC INDEX PLUS BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 43 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

17.MLC Index Plus Balanced Portfolio Asset class returns Total return by asset class MLC INDEX PLUS BALANCED PORTFOLIO (BEFORE FEES AND TAX*) 44 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

18.MLC Index Plus Growth Portfolio Total returns Absolute performance MLC INDEX PLUS GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 45 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

18.MLC Index Plus growth Portfolio Returns relative to benchmark Excess return vs reference benchmark MLC INDEX PLUS GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 46 * Please note the latest period is calendar year to date As at 31 March 2015 Source: MLC

18. MLC Index Plus Growth Portfolio Asset class returns Total return by asset class MLC INDEX PLUS GROWTH PORTFOLIO (BEFORE FEES AND TAX*) 47 As at 31 March 2015 Source: MLC * Please note the latest period is calendar year to date