CLIENT INVESTMENT UPDATESuperannuation Products Appendix

31 March 2015

2

The information in this presentation has been provided by MLC Limited (ABN 90 000 000 402) a member of the National Australia Bank group of companies, 105–153 Miller Street, North Sydney 2060.

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 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 Australia Bank group of companies 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 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

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TABLE OF CONTENTS

1.MLC Inflation Plus Assertive Portfolio

MLC Inflation Plus ModeratePortfolio

MLC Inflation Plus ConservativePortfolio

MLC Horizon 2 Capital Stable Portfolio

MLC Horizon 3 ConservativeGrowth 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

2.

3.

4.

5.

6.

7.

10.

11.

12.

13.

14.

15.

16.

MLC Horizon 6 Share Portfolio

MLC Horizon 7 Accelerated Growth Portfolio

MLC Index Plus Balanced Portfolio

MLC Index Plus Growth Portfolio

8.

9.

17.

18.

Absolute performance

MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX*)

1. MLC Inflation Plus Assertive PortfolioTotal returns

4

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Excess return vs. reference benchmark

MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (BEFORE FEES AND TAX, CALENDAR YEARS*)

1. MLC Inflation Plus Assertive PortfolioReturns relative to benchmark

5

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Total return by asset class

MLC INFLATION PLUS – ASSERTIVE PORTFOLIO (based on strategic asset allocation, before fees)

1. MLC Inflation Plus Assertive PortfolioAsset class returns

6

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Total return by asset class

MLC INFLATION PLUS MODERATE PORTFOLIO (BEFORE FEES AND TAX)

2. MLC Inflation Plus Moderate PortfolioAsset class returns

7

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

3. MLC Inflation Plus Conservative PortfolioAsset 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 2015Source: MLC

Absolute performance

MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX*)

4. MLC Horizon 2 Capital Stable PortfolioTotal returns

9

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Excess return vs reference benchmark

MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX*)

4. MLC Horizon 2 Capital Stable PortfolioReturns relative to benchmark

10

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Total return by asset class

MLC HORIZON 2 CAPITAL STABLE PORTFOLIO (BEFORE FEES AND TAX)

4. MLC Horizon 2 Capital Stable PortfolioAsset class returns

11

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

Performance relative to peer group

4. MLC Horizon 2 Capital Stable PortfolioPeer relative returns

12

PEER GROUP (5-95%): CONSERVATIVE SUPER

Peer universe is the MLC Superannuation Conservative UniverseSource: Morningstar Direct

As at 31 March 2015Source: MLC

Absolute performance

MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX*)

5. MLC Horizon 3 Conservative Growth PortfolioTotal returns

13

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

5. MLC Horizon 3 Conservative Growth PortfolioReturns 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 2015Source: MLC

15

Total return by asset class

MLC HORIZON 3 CONSERVATIVE GROWTH PORTFOLIO (BEFORE FEES AND TAX)

5. MLC Horizon 3 Conservative Growth PortfolioAsset class returns

* Please note the latest period is calendar year to date

As at 31 March 2015Source: MLC

5. MLC Horizon 3 Conservative Growth PortfolioPeer relative performance

16

PEER GROUP (5-95%): MODERATE SUPER

Performance relative to peer group

Peer universe is the MLC Superannuation Moderate UniverseSource: Morningstar Direct

As at 31 March 2015Source: 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 2015Source: 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 2015Source: 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 2015Source: MLC

6. MLC Horizon 4 Balanced PortfolioPeer relative performance

20

PEER GROUP (5-95%): BALANCED SUPER

Performance relative to peer group

Peer universe is the MLC Superannuation Balanced UniverseSource: Morningstar Direct

As at 31 March 2015Source: 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 2015Source: MLC

7. MLC Horizon 5 Growth PortfolioReturns 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 2015Source: MLC

* Please note the latest period is calendar year to date

7. MLC Horizon 5 Growth PortfolioAsset class returns

23

Total return by asset class

MLC HORIZON 5 GROWTH PORTFOLIO (BEFORE FEES AND TAX)

As at 31 March 2015Source: 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 UniverseSource: Morningstar Direct

As at 31 March 2015Source: 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 2015Source: 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 2015Source: MLC

8. MLC Horizon 6 Share PortfolioAsset 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 2015Source: MLC

8. MLC Horizon 6 Share Portfolio Peer relative performance

Peer universe is the MLC Superannuation High Growth UniverseSource: Morningstar Direct

Performance relative to peer group

28

PEER GROUP (5-95%): HIGH GROWTH SUPER

As at 31 March 2015Source: MLC

9. MLC Horizon 7 Accelerated Growth PortfolioTotal 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 2015Source: MLC

9. MLC Horizon 7 Accelerated Growth PortfolioReturns 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 2015Source: MLC

9. MLC Horizon 7 Accelerated Growth PortfolioAsset 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 2015Source: MLC

10. MLC Australian Share FundTotal 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 2015Source: MLC

11. MLC Global Share FundTotal 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 2015Source: MLC

12. MLC Global Property FundTotal 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 2015Source: MLC

13. MLC Property Securities FundTotal 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 2015Source: MLC

14. MLC Diversified Debt FundTotal 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 2015Source: MLC

14. MLC Diversified Debt FundAsset 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 2015Source: 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 2015Source: MLC

16. MLC Index Plus Conservative Growth PortfolioTotal 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 2015Source: MLC

16. MLC Index Plus Conservative Growth PortfolioReturns 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 2015Source: MLC

16. MLC Index Plus Conservative Growth PortfolioAsset 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 2015Source: MLC

17. MLC Index Plus Balanced PortfolioTotal 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 2015Source: MLC

17. MLC Index Plus Balanced PortfolioReturns 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 2015Source: MLC

17. MLC Index Plus Balanced PortfolioAsset 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 2015Source: MLC

18. MLC Index Plus Growth PortfolioTotal 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 2015Source: MLC

18. MLC Index Plus growth PortfolioReturns 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 2015Source: MLC

18. MLC Index Plus Growth PortfolioAsset class returns

Total return by asset class

MLC INDEX PLUS GROWTH PORTFOLIO (BEFORE FEES AND TAX*)

47As at 31 March 2015Source: MLC

* Please note the latest period is calendar year to date