Australian Shares 99.7% Other 0.3%

Fund Overview About the Fund The Fund aims to provide returns from companies that are expected to deliver a growing dividend stream over time. The Fund is expected to generate tax effective returns by: investing in companies expected to have high franking levels, and carefully managing the realisation of capital gains. You can assess the performance of the Fund against the S&P/ASX 200 All Industrials Accumulation Index over rolling 4 year periods. Key Information APIR Code MLC0264AU Status Onsale Product Size as at 31 Jan 2015 $274.75M Commencement Date 22 Jan 1998 Fund Breakdown By Asset Class as at 28 Feb 2015 The information displayed reflects the actual asset allocation based on the holdings within the fund at the effective date. Australian Shares 99.7% Other 0.3% By Manager as at 28 Feb 2015 Asset Class Manager Percentage Investment Amount Australian Shares Antares 29.7% $2,966 Maple Brown Abbott 70.0% $7,000 Other Other 0.3% $34 Total 100.0% $10,000 Page 1 of 6

Stock Holdings Top Stocks for Fund as at 31 Jan 2015 The Top Stocks for Fund have a one month reporting delay. Stock Description Industry Country Percentage Investment Amount NATIONAL AUSTRALIA BANK Financials Australia 9.4% $940 ANZ BANKING GROUP Financials Australia 9.4% $937 WESTPAC BANKING CORP Financials Australia 9.0% $904 TELSTRA CORP Telecommunication Services Australia 8.6% $857 WESFARMERS Consumer Staples Australia 5.9% $592 COMMONWEALTH BANK OF AUSTRALIA Financials Australia 5.9% $588 SUNCORP-METWAY Financials Australia 3.3% $330 TOLL HOLDINGS Industrials Australia 3.0% $300 AMP Financials Australia 3.0% $299 STOCKLAND TRUST Real Estate Investment Trusts (REITs) Australia 2.7% $271 Performance Historical Performance Absolute Fund Returns as at 28 Feb 2015 Returns for periods one year or greater are calculated on an annualised basis. All returns are calculated using end of month redemption prices assuming all distributions are reinvested and are net of management fees which may include administration fees, issuer fees and investment fees and prior to any individual tax considerations, and do not allow for initial entry fees. The returns outlined below represent historical performance only and is not an indication of future performance. The value of an investment may rise or fall with changes in the market. Returns are calculated in accordance with FSC Standard No 6. 3 month 6 month 1 Year 3 Years 5 Years 10 Years Since Inception 22 Jan 1998 Fund Performance 14.4% 12.4% 20.9% 22.0% 12.3% 8.2% 9.3% Growth 13.1% 10.2% 13.9% 15.3% 6.6% 2.2% 4.5% Distribution 1.3% 2.2% 7.0% 6.7% 5.7% 6.0% 4.8% Page 2 of 6

Commentaries Fund Commentary As at 28 February 2015 The fund produced a total return of 14.6% (before fees and tax) in the quarter to 28 February 2015. This was 0.7% above the 13.9% return of the S&P/ASX200 All Industrials Accumulation Index. Over the year to 28 February, the index returned 20.9% and the fund returned 21.8% (before fees and tax), 0.9% above the index return. The February quarter was a very positive return period, with a strong gain in February (6.9%) adding to positive returns in December (2.1%) and January (3.3%). All sector indices recorded gains in the quarter, though industrials continued to outperform resources. The ASX200 All Industrials Accumulation Index rose 13.9%, nearly double the 7.1% return of the ASX200 All Resources Accumulation Index. The Reserve Bank of Australias decision to reduce the cash rate by 0.25% to 2.25% meant investors continued to support sectors that have dividends considered sustainable and an attractive dividend yield compared to bonds and term deposits. These sectors included real estate investments trusts (REITs, 16.7%), Financials ex-reits (14.7%), Utilities (16.7%) and Telecommunications (13.7%). Toll Holdings Limited (58.5%) was one of the best performers within the ASX100 due to a surprise takeover bid from Japan Post. The profit reporting period confirmed many companies are experiencing tough operating conditions. Profit growth was achieved more through cost reduction strategies than growth in sales, which remains weak, particularly for domestically-focused companies. Woolworths Limited surprised the market late in the quarter by downgrading its fiscal year 2015 profit outlook. The fund received growing dividends from a number of companies this quarter, including National Australia Bank, Westpac and ANZ Banking Group. Each bank paid a dividend that was higher than last years corresponding dividend. ANZs 95 cents per share (cps) interim dividend was 4.4% higher than last years, while National Australia Banks 99 cps interim dividend was higher by 2.1%. Westpacs 92 cps interim dividend was 4.5% higher than last years. However, it chose not to repeat the special dividend it paid in December 2014. Other companies that paid dividends to the fund this quarter were Harvey Norman, Charter Hall Retail REIT, Scentre Group and Stockland Group. Contributors to the funds total return this quarter included overweight positions in Toll Holdings Limited, Incitec Pivot Limited and ResMed Inc. Detractors from total returns included: an overweight position in Metcash Limited an overweight position in Suncorp Group Limited, and not investing in Macquarie Group Limited. Over the year, sector returns in the Australian share market also varied considerably. The worst performers were Energy (-11.9%) and Materials (-3.1%), due to significant falls in the prices of oil and bulk commodities such as iron ore. Despite the strength of the US economy, slower growth in China and ongoing economic weakness in Japan and Europe led to concerns that these prices may fall further. Sector performances in the Industrials market this year were generally positive, with Consumer Staples the only exception (-1.5%), due mainly to poor performances by Woolworths (-14.9%) and Coca-Cola Amatil (-7.9%). The best sector performers were those with positive profit momentum (Healthcare, 32%) or sustainable dividends and dividend yields great than bonds and term deposits (REITs, 35.4%; Telecommunications, 32.4%; Financials ex REITs, 22%). In the year to 31 January, contributors to the funds total return included: an overweight position in Toll Holdings Limited, an underweight holding in Woolworths Limited, and an overweight position in ResMed Inc. Page 3 of 6

Detractors from total returns included: investing in BHP Billiton Limited an overweight position in Metcash Limited, and not investing in Westfield Corporation. Note: - Please refer to the Market commentary for an overview of what happened in domestic and global markets over the quarter. - Fund commentary for this fund will be updated two to three weeks after the end of the month Page 4 of 6

Market Commentary As at February 2015 Returns to 28 February 2015* Asset class 3 mth (%) 1yr (%) 3yr (%) 5yr (%) 10yr (%) Cash 0.7 2.7 3.1 3.8 4.8 Australian bonds 3.6 10.3 7.1 7.3 6.7 Global investment grade bonds (hedged) 2.5 9.7 7.3 8.3 7.8 A-REITs 16.4 34.9 23.1 14.9 3.1 Global REITs (hedged) 7.8 26.2 19.6 18.6 na Australian shares 12.6 14.2 15.8 9.5 8.1 Global shares (hedged) 4.7 17.6 18.0 15.2 9.3 Global shares (unhedged) 11.2 23.6 24.9 14.3 7.1 Sources: Datastream, MLC Investment Management. *Annualised returns except for 3 month. Benchnark data include UBS Bank Bill Index (Cash), UBS Composite Index (Aust bonds) Barclays Global Aggregate hedged to A$ (Global bonds), S&P/ASX200 A-REIT Accumulation Index (A-REITs), MLC Global property strategy benchmark hedged to A$ (Global REITs), S&P/ASX200 Accumulation index (Aust shares) and MLC global equity strategy benchmark (MSCI All Country Indices hedged and unhedged in A$). Global share investors enjoyed solid returns in the three months to the end of February. This was largely due to very strong gains in eurozone and Japanese share markets, despite both economies generally experiencing weaker than expected economic conditions. The Bank of Japans massive program of quantitative easing (QE) is continuing and in January, the European Central Bank announced a QE program, commencing in March and lasting until at least September 2016. Emerging share markets performed positively, but underperformed markets in the developed world over the quarter. For Australian investors, unhedged global share returns were again boosted by a weaker Australian dollar, which fell by a further 8% against its US counterpart over the quarter. Unhedged global shares have now outperformed hedged global shares over the last three years, although the Australian dollars previous strength continues to detract from the longer term performance of unhedged global shares. The Australian shares performed very strongly over the quarter, despite a further fall in the price of iron ore. The local market enjoyed a return of 12.6 % for the quarter, largely driven by solid gains in financial and materials shares. For fixed income investors, returns were very strong over the quarter. Yields in most major world bond markets fell sharply, reaching levels that were at or close to historic lows during January, before rising somewhat in February. Lower bond yields also increased the relative attractiveness of real estate investment trust (REIT) yields in Australia and globally. The Australian REIT market has enjoyed a very strong 16.4% return for the quarter and a staggering 34.9% for the year. The global economy lost some momentum during the second half of 2014, and economic data tended to fall short of market expectations. Lower prices for oil and other key commodity prices also contributed to concerns over the outlook for world growth. The declining oil price also added to fears of impending deflation, particularly in the eurozone. However, global growth indicators recovered somewhat at the start of 2015, as better conditions in the US and the eurozone offset an apparent deterioration in Japan. The Australian economy continues to expand at a moderate pace in spite of continued weakness in mining investment. In early February, the Reserve Bank of Australia (RBA) reduced the cash rate by 0.25% to 2.25%, the lowest in living memory. However, a labour market that remains sluggish, signs of a weakening in the outlook for business investment and a very benign inflation outlook provide room for another cut in official interest rates over the coming months. Page 5 of 6

Information in this report does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is appropriate to your situation. You should consider the relevant Product Disclosure Statement before making a decision about the product. Past performance is not a reliable indicator of future performance. Please also see Advice Warning and Important Information. MLC Limited (ABN 90 000 000 402 AFSL 230694) is the issuer of: MLC MasterKey Investment Bond MLC Nominees Pty Ltd (ABN 93 002 814 959 AFSL 230702 Trustee of The Universal Super Scheme ABN 44 928 361 101) is the issuer of: MLC MasterKey Business Super (including MLC MasterKey Personal Super), MLC MasterKey Superannuation, MLC MasterKey Super, MLC MasterKey Super Fundamentals, MLC MasterKey Allocated Pension, MLC MasterKey Pension, MLC MasterKey Pension Fundamentals, MLC MasterKey Term Allocated Pension MLC Investments Limited (ABN 30 002 641 661, AFSL number 230705) is the issuer or operator of: MLC Investment Trust, MLC MasterKey Investment Service, MLC MasterKey Investment Service Fundamentals, MLC MasterKey Unit Trust, MLC Investments Limited also trades as MLC Private Investment Consulting. NULIS Nominees (Australia) Limited (ABN 80 008 515 633 AFSL 236465): trustee of the MLCS Superannuation Trust ABN 31 919 182 354 is the issuer of Navigator Eligible Rollover Fund ABN 32 649 704 922; trustee of the MLC Superannuation Fund ABN 40 022 701 955 is the issuer of MLC Wrap Super and MLC Navigator Retirement Plan. Navigator Australia Limited (ABN 45 006 302 987 AFSL 236466) is the Operator and issuer of: MLC Wrap Investments, MLC Wrap Self Managed Super and MLC Navigator Investment Plan. You are only authorised to use the data and content for the purpose of research, validation and monitoring of your personal investments. You may not redistribute the data and content to any other person under any circumstances. 2013 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at http://www.morningstar.com.au/fsg.asp Page 6 of 6