Amundi Asset Management (previously Credit Agricole Asset Management)

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1 Amundi Asset Management (previously Credit Agricole Asset Management) Manages global multi-sector bonds for MLC, since Manages $1 trillion, across the world, as at 31 March 2010 Amundi was formed by combining the asset management expertise of two major financial institutions: Crédit Agricole S.A. and Société Générale. The Global Fixed Income Team is based in Singapore and London. Amundi has been managing Global Fixed Income since Why MLC has chosen Amundi The closely knit team of very experienced investment professionals managing MLC s mandate have worked together for more than 12 years, through many market cycles. The team s pragmatic approach to generating investment ideas served them well during the extreme market conditions of recent years. They also bring a different perspective being based outside of the US. Amundi s distinctive investment approach complements our other multi-sector bond managers very well. Primary people responsible for MLC s mandate Philippe Jauer CIO Global Fixed Income & FOREX Asia CAAM Singapore Patrick Chia Head of Global Fixed Income, Asia - Amundi Singapore Philosophy on investing Amundi s investment process is based on a rigorous global top-down approach consisting of allocating the portfolio active risk proportionally across several normally low-correlated sources of added value. The key factors to generating strong risk-adjusted out-performance include: accuracy and as importantly, statistical consistency of market views; broad diversification between assets, strategies, managers and instruments, with a clearcut split between long-term statistical (market) diversification and short-term objective (managers) diversification; focus on portfolio construction based upon an overlay of separate risk allocations balanced mix between active relative value (long/short) management and pure market directional anticipation; systematic quantification and continuous monitoring of all contributors to risk and performance.

2 Investment process Amundi have a five-step risk (and not asset) allocation process based on the quantification, allocation and monitoring of active risk budgets (relative to a benchmark) with a proven ability to control the risk contribution and diversification effect of their positions across government bonds, corporate and emerging credit and currencies. The five steps of this process are as follows: 1. Relying upon Crédit Agricole S.A. s macro-economic research and various external (consultants, sell-side) economic research, the investment team puts together a consistent macro-economic scenario; 2. The eight architects (two operating out of Singapore) then determine a set of qualitative strategic views on bond, credit and currency markets. They assess the expected value of the asset classes (as well as their value relative to each others) based upon macroeconomic quantitative (valuation) and market considerations (flows). These views are validated by the Deputy CIO of Amundi London, and reviewed on an ad-hoc basis; 3. Using proprietary optimizers, these views are translated into quantitative market forecasts, which are in turn reconciled with MLC s investment constraints so as to produce model portfolios with a risk budget (in point of ex-ante Tracking-Error) assigned to each strategy; 4. The final portfolios consist in adding a tactical overlay to the model portfolios and in adjusting to additional specific constraints; 5. A systematic monitoring of sources of risk & value is conducted at each step of the process. The Front Office risk monitoring tool enables the portfolio managers to check all risk aggregates and allocations on an instant-update basis. Risk and performance measurement and control 5 A top-down, value-oriented allocation of ex-ante risk Crédit Agricole & external research, Amundi global fixed income Global fixed income Quantitative research Global fixed income Idea generation Macroeconomic analysis & models scenario construction Strategic views Risk-adjusted model portfolio construction Model portfolio Implementation of tactical positions Real portfolio Macroeconomic, quantitative models Market data Management guidelines Market timing, trading, etc. Source: Amundi London Branch Amundi believes the following points make its Global Fixed Income & Currency investment process unique and make it stand out from its competitors: A team of highly experienced portfolio managers working together for 8 years, successfully combining economists, quantitative managers and market specialists; The systematic production of a comprehensive and detailed set of market views whose consistency is thoroughly checked; A risk budgeting process tested over 15 years, equally weighting market views and portfolio construction; A team-based investment process allowing portfolio managers to concentrate on their own added value: o their forecast capability through the strategic views o their management expertise through the tactical overlays A systematic risk/return optimization process aiming at: o enhancing performance through valuable positions

3 o limiting risk through an all-out diversification In global fixed income management, the emphasis put not on fixed income but on global, and the absence of any bias towards any asset class or any market in a very active, essentially top down process; Risk monitoring tools in line with the risk allocation process : o instant-update quantification of all sources of risk o performance attribution along these risk vectors The London and Singapore-based Global Fixed Income, Absolute Return & Currency investment team is headed by Loïc Cadiou who reports to Laurent Crosnier, CIO of Amundi London branch and Deputy Head of the Euro Fixed Income & Credit team and Markus Krieger, Deputy CIO Amundi London branch. Laurent Crosnier reports to Pascal Blanqué, CIO of Amundi Group, Head of Institutional Investment Division & External distribution and CEO of Amundi London Branch. The Singapore-based investment team is headed by Philippe Jauer. The key decision makers of the investment team are the 6 architects who are responsible for strategic decisions in portfolios: Markus Krygier, Deputy CIO of Amundi London and Loïc Cadiou, Head of Global Fixed Income, Absolute Return and Currency Management, Global architects: Cédric Morisseau and Carlos Galvis, based in London, Philippe Jauer and Patrick Chia based in Singapore. Amundi s Global Fixed Income, Absolute Return & Currency investment process relies on teamwork and depends on all portfolio managers contributing freely and transparently. Markus Krieger has the ultimate decision-making authority concerning team market views. Investment people Laurent Crosnier, CFA, CIO Amundi London Branch, Deputy Head of the Euro Fixed Income & Credit department Relevant industry experience: since 1989 With company: since 1991 Academic achievements: Mr. Crosnier holds a Bachelor of Economics and a Post-graduate degree in Economics and Finance from the University of Paris Dauphine. He is also a CFA charterholder. Markus Krygier, Deputy CIO Amundi London Branch Relevant industry experience: since 2000 With company: since 2007 Academic achievements: Mr Krygier holds a PhD in Economics from Wayne State University, Detroit (1998) and the Advanced Studies Certificate in International Economics from the Kiel Institute of World Economics (1990). Loïc Cadiou Head of Global Fixed Income, Absolute Return & Currency Management Relevant industry experience: since 1993 Academic achievements: Mr Cadiou holds a postgraduate degree in Political Science from EHESS (1993) and is a graduate of ENSAE, a leading French Economics and Statistics school (1992). Cédric Morisseau Deputy Head of Global Fixed Income, Absolute Return & Currency Management Relevant industry experience: since 1994 With company: since 1994 Academic achievements: Mr Morisseau holds a Bachelors degree in Management and a Masters Degree in Political Science from the University of Paris II. Philippe Jauer, CIO Global Fixed Income & Forex Asia Amundi Singapore Relevant industry experience: since 1990 With company: since 1996 Academic achievements: Mr Jauer holds a Post Graduate degree in International Finance from Panthéon - La Sorbonne University (Paris) and a DPS in Financial Analysis from CNAM.

4 Patrick Chia Head of Global Fixed Income, Asia - Amundi Singapore Relevant industry experience: since 1987 Academic achievements: Patrick graduated from National University of Singapore in 1987 and holds an Honours degree in economics and has an MBA from Heriot Watt University. Carlos Galvis, Head of Absolute Return Management Relevant industry experience: since 1998 Academic achievements: Carlos Galvis holds a Masters of Science in Economics from Los Andes University (1998) in Bogota, Colombia, and a Masters of Science in Finance from Birckbeck College, University of London (2007). The organisation chart of the team: Laurent Crosnier Markus Krygier Chief Investment Officer Deputy Chief Investment Officer Loïc Cadiou Head of Global Bond, Absolute Return & Currency Global FI & Aggregate London Singapore Absolute Return VaR / LDI / FX EMD Global Equities C. Morisseau H. Hanoune J.-B. Roux R. Stefani P. Dubreuil* P. Jauer P. Chia R. Lim L. Aderdor C. Galvis M. Styles J. Touboul (trainee) Trading Y. Casa A. Casiraghi R. Puri (trainee) F. Castaldi (trainee) S. Strigo T. Delabre (trainee) M. Vydrine* R. Brooks G. Legoff W. Maby P.G. Moucan Cash Management & Replication London: M. Plans ; C. Chappuis Singapore: S. Lai Team of experts Mixing highly complementary skills The core of which have worked together for more than 10 years * Analysts Source: Amundi London Branch, April 2010

5 Stock story Overweight Asian Corporates Maintaining their analysis based on flows and value regarding Asian corporates, Amundi overweighted Asian corporate bonds on top of benchmark. Macroeconomic fundamentals are sound for Asian corporates as the latter benefit from Chinese growth and restocking in the US. Inflows are also supportive as Asian investors tend to invest into local companies and international investors are lured by the region. As a result of this macro view, the credit analyst team maintained their recommendation on Korean banks and selected mainly within the utilities, energy and financial sectors large corporates either listed or linked to governments. Names include Petronas, Hutchinson, Korea Gas, DBS. This stock may no longer be included in Amundi s portfolio as their view may have changed since this Disclaimer: The information contained in this material has been provided to you by MLC Limited (ABN ) and MLC Investments Limited (ABN ) and is intended as general information only for residents of Australia. It is not intended to be a solicitation from Amundi to invest in any of its products directly, or to engage Amundi directly. The information is current as at 31 March 2010, except for the amount managed which is updated as stated. It has not been prepared to take into account individual investment objectives, financial situation or investment needs. Prior to making an investment decision, you should assess whether the information in this material is appropriate to your particular investment objectives, financial situation or investment needs. It is recommended that you obtain financial advice specific to your situation before making any financial investment or insurance decision. Past performance is not indicative of future performance. The future value of your investment may rise and fall with changes in the market. An investment with MLC Limited or MLC Investments Limited does not represent a deposit with, or a liability of National Australia Bank Limited (ABN ) or other member company of the National group of companies and is subject to investment risk including possible delays in repayment and loss of income and capital invested. None of MLC Limited or MLC Investments Limited or other member companies in the National Group of companies, or appointed managers guarantee the capital value or performance of any specific investments selected by investors except where specified in the current disclosure document.

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