Benefits of investing in the PIC Wholesale Index Plus Balanced Portfolio

The Trust is diversified across a range of asset classes and investment managers. You can use it for your whole portfolio or add it to your other investments.

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 they believe will best achieve the Trust's objective. This helps prepare the Trust for future market ups and downs.

Defined asset allocation

MLC manages 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 specialist investment managers from around the world to choose investments for the Trust and manage risk. We combine investment managers with index, index enhanced and active approaches to select investments. We use active managers where we believe it makes the greatest difference to the Trust's risks or returns.

Keeping costs down for investors

To keep costs down for our investors, we tend to use lower cost investment managers, including index and index enhanced investment specialists.

Broad diversification

The Trust is diversified across a wide range of mainstream asset classes, with some exposure to alternative assets and strategies to reduce the Trust's exposure to 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 has a strong bias to 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 diversified across a range of asset classes and investment managers. You can use it for your whole portfolio or add it to your other investments.

Investment objective

Aims to provide a return that meets its benchmark, before fees, over 4 year periods.

At the same time, we aim to reduce risk in the Trust if market risk is high by changing the Trust's asset allocation.

As a result of reducing the allocation to higher risk assets, 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 4.25% pa above inflation (before fees) is consistent with historical long-term returns from investment markets, using an asset allocation similar to the Trust's.

About Private Investment Consulting

Private Investment Consulting (PIC') offers an exclusive program of services and PIC trusts to a select group of financial advisers. Clients of these advisers and wholesale clients may invest in the PIC trusts. These clients may include sophisticated, high net worth and institutional investors.

MLC Investments Limited (MLC') is the trustee and responsible entity of the MLC Wholesale Index Plus Balanced Portfolio (ARSN 618 813 059) (MLC Trust'). The PIC Wholesale Index Plus Balanced Portfolio (Trust') is a PIC branded version of the MLC Trust offered to sophisticated and wholesale clients. When you invest in the Trust you acquire units in the MLC Trust.

MLC is responsible for all aspects of operating the Trust, including administration of the assets and investment policy.

MLC is a member of the National Australia Bank Limited Group of companies (NAB Group').

We believe the best way to manage our portfolios is to employ the skills of multiple specialist investment managers. We've appointed the NAB Group's retail multi-asset management business, JANA Corporate Investment Services Limited (JANA') to advise on and manage the Trust's investments. Our investment experts at JANA have extensive knowledge and experience at designing and managing portfolios using a multi-manager investment approach.

While JANA's name has changed through time, it's the same team of investment experts that's been advising on and managing our portfolios for decades.

How we invest your money

Investment markets are the main driver of the Trust's investment returns. The Trust's returns are benchmarked against a combination of investment market indices. To meet the benchmark return while reducing the Trust's exposure to market risks, our investment experts:

• Actively manage the Trust's exposure to risk by adjusting the allocations to the asset classes away from the benchmark asset allocation, while aiming to remain within the defined ranges shown below.

• Research and select mostly mainstream asset classes, with some exposure to alternative assets and strategies.

• Research investment managers from around the world and select the managers they believe are the best for the portfolio. We use specialist index and index enhanced managers in certain asset classes, and selectively use active managers where our investment experts believe it makes the greatest difference to the Trust's risks or returns. Our managers choose many companies and securities in Australia and overseas for investment.

The asset allocation has a strong bias to growth assets and some exposure to defensive assets. The Trust uses all aspects of MLC's approach to investing, outlined in the Product Guide.

Asset allocation ranges

(Asset: Benchmark asset allocation / Range)

• Cash: 3% / 0-15%

• Australian fixed income: 17% / 10-30%

• Global fixed income: 4% / 0-15%

• Defensive alternatives and other: 2% / 0-10%

• Global shares: 33% / 20-40%

• Australian shares: 28% / 15-45%

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

• Growth alternatives and other: 4% / 0-10%

Defensive assets: 31% / 20-40%

Growth assets: 69% / 60-80%

The Trust will be managed within these ranges. The benchmark asset allocation and ranges may change over time.The most up to date information is available at www.mlcinvestmenttrust.com.au/mlcit/private_investment_consulting on our Fund Profile Tool.

In addition, some global assets are not hedged to the Australian dollar. For benchmark currency hedging levels for global assets please refer to www.mlcinvestmenttrust.com.au/mlcit/private_investment_consulting.