1

DisclaimerThis information has been provided by MLC Limited (ABN 90 000 000 402) a member of the National group, 105-153 Miller Street, North Sydney 2060. Thismaterial was prepared for advisers only.

MLC Investments Limited ABN 30 002 641 661 is the issuer of interests in each fund of the MLC MasterKey Unit Trust and MLC Nominees Pty Limited ABN93 002 814 959 is the issuer of MLC MasterKey Superannuation and the MLC Allocated Pension. Information about the MLC MasterKey Horizon Series isavailable in the current Product Disclosure Statement (‘PDS’) or other disclosure document, copies of which are available upon request by phoning theMasterKey Service Centre on 133 433 or on our website at mlc.com.au. Persons should consider the relevant PDS in deciding whether to acquire, or tocontinue to hold, this product. Persons wishing to acquire an interest in this product must complete the application form attached to the relevant PDS.

This material contains general information and was produced as an information service only and may constitute general advice. It was prepared withoutassuming a duty of care. It has not been prepared taking into account any person’s particular investment objectives, financial situation or individual needs. Itshould not be relied upon as a substitute for financial or other specialist advice. Before making any investment decisions on the basis of this presentation, youshould consider, with or without advice, the contents of this presentation in light of your particular investment objectives, financial situation and individualneeds. Opinions expressed constitute our judgement at the time of issue and are subject to change. Before making and decision about any financial productswhich may be mentioned in this material you should obtain and read the Product Disclosure Statement or Offer Document directly related to that product.

Past performance is not indicative of future performance. The value of an investment may rise or fall with the changes in the market.

An investment in a MasterKey product does not represent either a deposit with, or a liability of, the National Australia Bank Limited (ABN 12 004 044 937) orother company in the National group of companies. Investments in the scheme may be subject to investment risk including possible delays in repayment, lossof income or capital invested. None of MLC Limited, The National Australia Bank Limited, any appointed investment manager or other member company inthe National group of companies, stands behind or guarantees the performance, return of capital or income, or tax status of MasterKey products exceptwhere specified in the current Product Disclosure Statement (or Offer Document).

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Source: Calculated by MLC Investments Limited using data presented in DMS Data Module offered through the Ibbotson Associates’ software program EnCorr. Based on copyrighted books by Dimson, Marsh, and Staunton, Triumph of the Optimists, Princeton University Press, (c) 2002, and Global Investment Returns Yearbook 2004, ABN AMRO/London Business School (c) 2004. All rights reserved. Used with permission.

Global share returns (in local currency)

-50%

-30%

-10%

10%

30%

50%

70%

1900

1905

1910

1915

1920

1925

1930

1935

1940

1945

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

3

Source: Calculated by MLC Investments Limited using data presented in DMS Data Module offered through the Ibbotson Associates’ software program EnCorr. Based on copyrighted books by Dimson, Marsh, and Staunton, Triumph of the Optimists, Princeton University Press, (c) 2002, and Global Investment Returns Yearbook 2004, ABN AMRO/London Business School (c) 2004. All rights reserved. Used with permission.

Global share returns (in local currency)

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

4

Source: Calculated by MLC Investments Limited using data presented in DMS Data Module offered through the Ibbotson Associates’ software program EnCorr. Based on copyrighted books by Dimson, Marsh, and Staunton, Triumph of the Optimists, Princeton University Press, (c) 2002, and Global Investment Returns Yearbook 2004, ABN AMRO/London Business School (c) 2004. All rights reserved. Used with permission.

Global share returns (in local currency)

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005