Benefits of investing in the PIC Wholesale 85/15 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 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 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 invests predominantly 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 Portfolio is a PIC branded version of the Trust, and is one of seven diversified portfolios.

Each diversified 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.

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

The Trust is an actively managed portfolio aiming to deliver returns higher than its benchmark over 5 year periods.

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

Aims to outperform its benchmark, before fees, over 5 year periods.

MLC aims to achieve this by actively managing the Trust. This includes changing the Trust's asset allocation to reduce risk if market risk is high. 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 5.25% p.a. 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 Responsible Entity of the Horizon 5 Growth Portfolio (ARSN 087 446 633) (Trust), also referred to in this PDS as the PIC Wholesale 85/15 Portfolio (Portfolio). The Portfolio is a PIC branded version of the Trust, offered to sophisticated and wholesale clients of PIC. When you invest pursuant to this PDS, you acquire units in the Trust.

The Portfolio is part of a larger suite of PIC Trusts. The PDSs for other trusts in the suite are available at mlcam.com.au/PIC/pds

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 multi-asset management business, MLC Asset Management Services Limited to advise on and manage the Trust's investments.

Our investment experts have extensive knowledge and experience at designing and managing portfolios using a multi-manager investment approach.

How we invest your money

Investment markets are the main driver of the Trust's investment returns. The Trust's benchmark 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:

• Adjusting the allocations to the asset classes away from the benchmark asset allocation, while aiming to remain within the defined ranges shown below.

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

• 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%

The Trust's asset allocation will move around the benchmark asset allocation, while remaining within the ranges for the asset classes, defensive and growth assets. Changes in asset values, which may be due to market movements, can result in an asset allocation temporarily moving outside these ranges. The benchmark asset allocation and ranges may change over time. The most up to date information is available at mlcam.com.au/PIC on our Fund Profile Tool.

In addition, most global assets are hedged to the Australian dollar. For benchmark currency hedging levels for global assets please refer to our Fund Profile Tool at mlcam.com.au/PIC

The Benchmark is a combination of market indices, weighted according to the benchmark asset allocation. This composite benchmark' is explained in the Product Guide. Details of the Portfolio's current benchmark are available from our Fund Profile Tool at mlcam.com.au/PIC