1. PIC Investments Performance Update Year ended 30 September 2014 APPENDIX Advisor Use Only

2. 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. 2

3. Agenda 1.PIC 0/100 Portfolio 2.PIC 30/70 Portfolio 3.PIC 50/50 Portfolio 4.PIC 70/30 Portfolio 5.PIC 85/15 Portfolio 6.PIC 100/0 Portfolio 7.PIC Australian Share Portfolio 8.PIC Hedged Global Share Portfolio 9.PIC Inflation Plus Portfolio 10.PIC Wholesale Funds Standard Deviation 3

4. 1. PIC 0/100 Portfolio 4 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

5. 1. PIC 0/100 Portfolio 5 Growth & Income Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

6. 2. PIC 30/70 Portfolio 6 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

7. 2. PIC 30/70 Portfolio 7 Growth & Income Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

8. 2. PIC 30/70 Portfolio 8 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

9. 2. PIC 30/70 Portfolio 9 Peer Relative Performance Please note the PIC performance is sourced from Morningstar Direct and does not include the Management Fee Rebate.

10. 3. PIC 50/50 Portfolio 10 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

11. 3. PIC 50/50 Portfolio 11 Growth & Income Returns *6 - 10 year returns provided are for the equivalent MLC Wholesale Fund for an indication of longer term performance. As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

12. 3. PIC 50/50 Portfolio 12 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

13. 3. PIC 50/50 Portfolio 13 Peer Relative Performance Please note the PIC performance is sourced from Morningstar Direct and does include the Management Fee Rebate.

14. 4. PIC 70/30 Portfolio 14 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

15. 4. PIC 70/30 Portfolio 15 Growth & Income Returns *10 year returns provided are for the equivalent MLC Wholesale Fund for an indication of longer term performance. As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

16. 4. PIC 70/30 Portfolio 16 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

17. 4. PIC 70/30 Portfolio 17 Peer Relative Performance Please note the PIC performance is sourced from Morningstar Direct and does not include the Management Fee Rebate.

18. 5. PIC 85/15 Portfolio 18 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

19. 5. PIC 85/15 Portfolio 19 Growth & Income Returns *6 - 10 year returns provided are for the equivalent MLC Wholesale Fund for an indication of longer term performance. As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

20. 5. PIC 85/15 Portfolio 20 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

21. 5. PIC 85/15 Portfolio 21 Peer Relative Performance Please note the PIC performance is sourced from Morningstar Direct and does not include the Management Fee Rebate.

22. 6. PIC 100/0 Portfolio 22 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

23. 6. PIC 100/0 Portfolio 23 Growth & Income Returns *10 year returns provided are for the equivalent MLC Wholesale Fund for an indication of longer term performance. As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

24. 6. PIC 100/0 Portfolio 24 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

25. 6. PIC 100/0 Portfolio 25 Peer Relative Performance Please note the PIC performance is sourced from Morningstar Direct and does not include the Management Fee Rebate.

26. 7. PIC Australian Share Portfolio 26 Total Returns As at 30 September 2014 Source: MLC ** Please note the latest period is calendar year to date * For longer periods the returns of the equivalent wholesale fund have been provided

27. 7. PIC Australian Share Portfolio 27 Excess Returns *S&P/ASX 300 prior to Sep 2012, S&P/ASX 200 prior to Nov 2002 As at 30 September 2014 Source: MLC

28. 7. PIC Australian Share Portfolio 28 Growth & Income Returns *10 year returns provided are for the equivalent MLC Wholesale Fund for an indication of longer term performance. As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

29. 7. PIC Australian Share Portfolio 29 Peer Relative Performance Source: Morningstar Direct

30. 8. PIC Hedged Global Share Portfolio 30 Total Returns * For longer periods the returns of the equivalent wholesale fund have been provided **The latest period is calendar year to date As at 30 September 2014 Source: MLC

31. 8. PIC Hedged Global Share Portfolio 31 Excess Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

32. 8. PIC Hedged Global Share Portfolio 32 Growth & Income Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

33. 8. PIC Hedged Global Share Portfolio 33 Peer Relative Performance Source: Morningstar Direct

34. 9. Inflation Plus – Assertive Portfolio 34 Total Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

35. 9. Inflation Plus – Assertive Portfolio 35 Growth & Income Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

36. 9. Inflation Plus – Assertive Portfolio 36 Asset Class Returns As at 30 September 2014 Source: MLC * Please note the latest period is calendar year to date

37. 10. PIC Wholesale Funds 37 Standard Deviation (after taking into account fees) Source: Morningstar Direct