Benefits of investing in the MLC Wholesale Horizon 5 Growth Portfolio

Experience and track record: We use a market-leading investment approach to design and manage the Trust. Our investment experts have been successfully managing portfolios for over 30 years, helping clients achieve their investment goals.

Risk-management focus: The Trust's risk is actively managed using a unique Investment Futures Framework (Framework), which guides our forward-looking approach to managing risk. In an unpredictable and constantly changing world, the Framework helps continually identify the very wide range of potential market scenarios - good and bad - that could occur. The Framework also helps our investment experts analyse how these scenarios could affect the risks and returns of the asset classes in the Trust. The insights from this analysis are used to work out the combination of asset classes that will best achieve the Trust's objective. This helps prepare the Trust for future market ups and downs.

Defined asset allocation: We manage the Trust's growth and defensive assets within defined ranges. See Benchmark asset allocation and ranges' in section 5 of the PDS.

Multi-manager approach: We use many specialist investment managers from around the world to find some of the best investment opportunities for the Trust and to manage risk.

Extensive diversification: The Trust is diversified across a wide range of both mainstream and alternative assets and strategies and investment managers to enhance returns and manage risk. Our specialist investment managers invest widely across countries, industries and companies.

Investor suitability

The Trust may be suited to you if:

• you want a diversified portfolio that invests mainly in growth assets

• you want to rely largely on the market for returns

• you want long-term capital growth, and

• you understand that there can be large fluctuations in income and the value of your investment.

About the Fund

The Trust is one of seven MLC Horizon portfolios.

Each MLC Horizon portfolio has a different asset allocation which is expected to deliver a different level of volatility and return. You can choose the portfolio with the asset allocation that suits your investment needs.

This Trust predominantly invests in growth assets with a small exposure to defensive assets.

At the same time, we aim to reduce the Trust's exposure to asset classes when we consider their risks are too high. We do this by actively managing the asset allocation. As markets evolve and asset class risks and opportunities change, we adjust the mix of assets within defined ranges.

The Trust is diversified across a wide range of assets, strategies and investment managers to enhance returns and manage risk.

Investing in the Trust is an easy way to gain access to sophisticated investments.

Investment objective

The portfolio aims to provide a return higher than its benchmark (before fees and tax) over 5 year periods.

The Manager aims to achieve this by actively managing the portfolio. This includes reducing risk in the portfolio if market risk is high. As a result, there may be smaller losses than the benchmark in weak or falling markets and potentially lower returns than the benchmark in strong markets.

While the Trust isn't managed to achieve a particular return above inflation, an average return of 5.25% pa above inflation (before fees) is consistent with historical long-term returns from investment markets, using an asset allocation similar to the Trust's.

How we invest your money

Investment markets are the main driver of the Trust's investment returns. The Trust's allocation to investment markets is shown in its benchmark asset allocation and ranges below. The benchmark asset allocation invests predominantly in growth assets with a small exposure to defensive assets.

Our investment experts actively look for opportunities to provide better returns, or less risk, than those generated by the benchmark asset allocation and to manage the Trust's exposure to the risks of investing in markets. Our investment experts do this by:

• Researching and selecting a broad range of mainstream asset classes, and including some exposure to alternative assets and strategies.

• Adjusting the allocations to the asset classes within the defined ranges shown below.

• Researching hundreds of investment managers from around the world and selecting the managers they believe are the best for the Trust. These investment managers, who are mainly active managers, choose many companies and securities in Australia and overseas for investment.

The Trust uses all aspects of MLC's approach to investing, outlined in the Product Guide.

Benchmark asset allocation and ranges:

(Asset class: Benchmark asset allocation / Ranges)

• Cash: 0% / 0%-10%

• Fixed income: 15% / 0%-30%

• Defensive alternatives and other: 4% / 0%-15%

Total defensive assets: 19% / 9%-29%

• Australian shares: 32% / 20%-50%

• Global shares: 36% / 20%-50%

• Listed property securities: 4% / 0%-15%

• Growth alternatives and other: 9% / 0%-15%

Total growth assets: 81% / 71%-91%