Illiquid funds update: MLC Navigator

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1 Illiquid funds update: MLC Navigator For more information, please Or call Client Services on or Adviser Services on between 8.00am and 6.00pm AEST Monday to Friday Open withdrawal offers The following are the withdrawal offer periods that are open as at 5 July Fund APIR code Paper-based submissions Australian Unity Wholesale Mortgage Income Trust Australian Unity Wholesale High Yield Mortgage Trust Discovery Wholesale Core Income Fund (Australian Unity) APN Property for Income Fund n-link submissions Fund manager AUS0116AU 15-Jul Jul Jul-11 AUS0005AU 15-Jul Jul Jul-11 AUS0031AU 15-Jul Jul Jul-11 APN0001AU 19-Jul Jul Jul-11 APN Property for Income Fund No. 2 APN0004AU 19-Jul Jul Jul-11 Please see the table below for the applicable scale back redemption percentages. Please note: where redemptions are scaled back, a redemption request is required to be submitted for each withdrawal offer period. Maximising redemption amounts for illiquid fund clients To maximise redemption amounts for clients' holdings in an illiquid fund, we would like to inform advisers that they can request to redeem 100% of their clients' units in each fund during a withdrawal offer period. While the requested amount may be scaled back by the respective fund manager, it provides the best opportunity to maximise redemption amounts. To ensure a request is submitted as quickly as possible, please apply via n-link. Small balances When making a withdrawal offer, some fund managers apply a minimum withdrawal amount for direct investors. If the account balance is below that amount, the full amount will be redeemed. As clients' holdings are held via the platform, these minimums do not apply. Every redemption request will be treated consistently and remain subject to the scale back set by fund managers. This now also applies to clients with illiquid fund balances under $500. Account closures: $1,000 automatic payment when paying proceeds from illiquid funds If an account closure has been requested and you are waiting on proceeds from illiquid funds, we will automatically pay out available cash # when the amount reaches $1,000. If a client wants to receive a smaller amount, they can make a request to do this at any time. # Available cash is total cash less fees, future charges and the minimum 1% cash holding. Where a client is rolling over to another superannuation fund or holds a Business Super account, this minimum will not apply. *For the Challenger Guaranteed Income Fund and Access Challenger Guaranteed Income Fund, you may be able to apply for an early withdrawal, hardship withdrawal or death withdrawal quarterly before the maturity date of 31/3/2014 but the withdrawal amount may be significantly less and unit price reductions may apply.

2 Withdrawal offers and scaled back redemptions As at 5 July 2011 we have been notified of the following: Fund Access AXA Australian. Monthly Income Fund 10/03/ % 25/05/ % 24/08/ % 23/11/ % 28/02/ % 26/05/11 TBC Access BlackRock Combined Property Income Fund 23 April 2010: approx 7.00% 15 March 2011: 5.72% Access Challenger Wholesale High Yield Fund* *Quarterly you may be able to apply for an early withdrawal, hardship withdrawal or death withdrawal before the maturity date of 31/3/2014 but the withdrawal amount may be significantly less and unit price reductions may apply. 19/02/ % 20/08/ % 22/11/ % Access Challenger Howard Wholesale Mortgage Fund 19/02/ % 20/08/ %. 30/03/11 TBC AMP Capital Enhanced Yield Fund - fund suspended Capital distribution of 4.00% expected to be paid on 13 April 2010 ANZ Mortgage Fund APN Property for Income Fund closing 24th of each month From January 2011, total funds available to satisfy withdrawal requests will be capped at 5% pa, pro rated on a monthly basis of the net asset value of the fund. If requests exceed the capped amount, withdrawals will be scaled back on a pro rata basis. 02/03/ % 02/06/10 N/A 22/09/10 N/A 19/11/10 TBC 19/10/ % 24/11/10 TBC 24/12/ % 24/01/ % 24/02/ % 24/03/ % 24/04/ % 24/05/11 TBC 24/06/11 TBC

3 APN Property for Income Fund No. 2 closing 24th of each month From January 2011, total funds available to satisfy withdrawal requests will be capped at 5% pa, pro rated on a monthly basis of the net asset value of the fund. If requests exceed the capped amount, withdrawals will be scaled back on a pro rata basis. Australian Unity Wholesale Mortgage Income Trust closing 22nd of each month Australian Unity Wholesale High Yield Mortgage Trust 19/10/ % 24/11/10 TBC 24/12/ % 24/01/ % 24/02/ % 24/03/ % 22/04/ % 24/05/11 TBC 24/06/11 TBC 22/07/ % 22/08/ % 22/09/ % 22/10/ % 22/11/ % 22/12/ % 22/01/ % 22/02/ % 22/03/ % 22/04/11 TBC 22/05/11 TBC 22/06/11 TBC 22/03/ % 22/07/ % 22/09/ % 22/11/ % 24/01/ % 24/02/ % AXA Wholesale Australian Monthly Income Fund 10/03/ % 25/05/ % approx. 24/08/ % 23/11/ % 01/03/ % 25/05/11 TBC Balmain (Mariner) Wholesale Mortgage Trust 26/03/ % 25/06/ % Balmain (Mirvac) Aqua High Income Fund 27/01/ % 22/06/ % approx. BlackRock Combined Property Income Fund 23 April 2010: approx 7.00% 15 March 2011: 5.71%

4 BT Wholesale Split Growth Fund (terminating) 23 July 2010: 100% Challenger Howard Wholesale Mortgage Fund 19/02/ % 20/08/ % 31/03/ % Challenger Mortgage Plus Trust 19/02/ % 20/08/ % 31/03/11 100% Challenger Wholesale High Yield Trust Fund closed. Replaced by Challenger Guaranteed Income Fund (CHYF) 19/02/ % 20/08/ % 30/11/ % Challenger Guaranteed Income Fund (CHYF)* *Quarterly you may be able to apply for an early withdrawal, hardship withdrawal or death withdrawal before the maturity date of 31/3/2014 but the withdrawal amount may be significantly less and unit price reductions may apply. 31/03/11 100% Challenger Wholesale Hybrid Property Fund 20/05/11 TBC Charter Hall Direct Property Fund Colonial First State - Bricks and Mortar Fund Discovery Wholesale Core Income Fund (Australian Unity) closing 22nd of each month 20/12/ % 07/04/ % approx. 18/08/ % 19/01/ % 20/04/11 TBC 22/03/ % 22/07/ % 22/09/ % 22/11/ % 22/01/ % 22/02/ % 22/05/11 TBC 22/06/11 TBC

5 HFA Diversified Investments Fund OnePath Mortgage Trust No.2 OnePath Monthly Income Trust 31/03/ % approx. 31/05/ % approx. 30/08/ % 28/02/ % 23/05/11 TBC 02/03/ % approx. 02/06/ % approx. 02/09/ % 19/11/ % 02/03/ % 02/06/ % approx. 02/09/ % 19/11/ % OnePath Income Plus Trust 22/12/ % 02/03/ % approx. 02/06/ % approx. 02/09/ % 19/11/ % Perpetual Monthly Income Fund 31/03/ % 30/06/ % approx. 30/09/ % 31/12/ % 31/03/ % Perpetual Wholesale Monthly Income Fund 31/03/ % 30/06/ % approx. 30/09/ % 31/12/ % 31/03/ % For more information, please Or call Client Services on or Adviser Services on between 8.00am and 6.00pm AEST, Monday to Friday