Presima inc. Why MLC has chosen Presima. Philosophy on investing. Investment process. High conviction investment philosophy

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1 Presima inc. Manages global property securities for MLC, since High conviction in listed real estate management Manages A$1.164 billion across the world (at 30 June 2014). All of Presima s operations are located in one office, in Montreal, Canada. Presima has managed global property securities since Presima and MLC are part of the National Australia Bank group of companies. Presima s only business is the management of global listed real estate strategies we are a high conviction firm. All our efforts focus on providing clients with the benefits of investing in this alternative to physical real estate and traditional asset classes. Why MLC has chosen Presima MLC has selected Presima because they are a specialist global properties manager. Their investment team is skilled, experienced and stable and they have a robust, disciplined investment process. The firm use extensive bottom-up analysis to create a concentrated portfolio of stocks. Presima s central office location encourages rigorous peer review of investment ideas, a key strength of its process. We consider Presima's investment approach will complement the other managers in our global property strategy. Philosophy on investing High conviction investment philosophy Presima believe listed real estate securities provide total returns consistent with physical real estate over time but are periodically mispriced due to market inefficiencies, which their investment team can identify systematically. Research focus: adding value over time by identifying mispriced fundamentals Analysis of underlying assets held by the real estate investment trust (REIT) or real estate operating company (REOC). Management interviews to understand business strategy. Assessment of the markets where the security is listed. Decision-making process: optimising the strengths of a unified global team Centralized team facilitates comparison of investment opportunities. Team members have specific regional, sector and decision-making responsibilities. Presima DataBook enables real-time information flow. Investment process In Presima s investment process, value is created by selecting an appropriate investment universe and maintaining a comprehensive understanding of investment grade opportunities. This is carried out through fundamental bottom-up research. Company relationships and on-the-ground asset visits are key to gaining appropriate insight into investment opportunities. Presima follow a systematic research-driven investment process. Their portfolio management team seeks to identify high quality undervalued investment opportunities in the global listed real estate market.

2 Presima s research efforts are targeted at gaining insights into the fundamental value of real estate companies. Securities are selected using a bottom-up approach which starts with an indepth understanding of the properties, the management and the company s competitive advantage. The investment team generates and updates proprietary financial models on a high proportion of the global listed real estate universe. These proprietary models allow the investment team to screen and compare risk-adjusted expected returns in real time on a global basis. The responsibilities of Presima s investment management professionals are divided regionally between North America, Europe, Asia-Pacific and emerging markets. The strategy Presima manages for MLC is a high conviction strategy that exploits best ideas across regions, sectors and risk profile. Its main purpose is to provide investors with a liquid and diversified global portfolio of public real estate securities on a total return basis. The strategy provides growth-oriented total return from an alternative asset class. This best ideas strategy aims to identify and seize the periodic mispricings which characterise listed real estate markets worldwide, to add value over time. The strategy is benchmark aware, but is not benchmark driven, with a focus on security selection to add value. This strategy is driven by bottom-up research, with a top-down overlay. The portfolio is constructed to exploit mispricings while ensuring that there are no unintended bets in the portfolio. Its concentrated nature allows us to express our conviction in significant positions relative to traditional market indices, thereby generating a higher active share than traditional benchmark-aware strategies. Main strategy features are: participation in global real estate markets best ideas orientation emphasis on developed countries with exposure to emerging markets high conviction style, and management against a benchmark. Investment people The investment team is based in Montréal, Canada. Working in a centralized office creates a healthy climate for idea sharing, debate, and well-reasoned decisions. Investment professionals Stéphane Larsen, CFA Martin Pepin, CFA Sebastien Nadeau, CFA Senior Isabelle Bouchard, CFA Senior Chris Blanchard, CFA Anik Dufour, CFA Marc-André Flageole, CFA Vincent Felteau, CFA Philippe Merette David Hemmings Magid Awad Regional focus North America Europe Asia- Pacific Generalists

3 Stéphane Larsen, M.Sc., CFA Co-manager, Concentrated Strategy North America Specialist Mr. Larsen joined Presima in 2002; he is a portfolio manager of real estate securities. He is responsible for analysis and financial modelling as well as being co-responsible for all investment decisions made within the North American region and for portfolio construction. Mr. Larsen joined the financial industry in 2000, having worked for a wealth management firm, where he covered various sectors including chemical, utility and pharmaceutical companies on a global basis. Mr. Larsen holds a Master of Finance from the University of Sherbrooke and a Bachelor of Business Administration (Finance) from HEC Montreal, and he is a CFA charterholder. Vincent Felteau, M.Sc., CFA Co-manager, Concentrated Strategy Asia-Pacific Specialist Mr. Felteau joined Presima in 2007; he is a portfolio manager of real estate securities. He is responsible for the analysis and financial modelling, as well as being co-responsible for all investment decisions made within the Asia- Pacific region and for portfolio construction. Mr. Felteau joined the financial industry in 2004, having worked as a financial analyst at a Montreal-based investment management firm, where he directly contributed to the development and management of various investment strategies. Mr. Felteau holds a Master of Finance from the University of Sherbrooke and a Bachelor of Business Administration (Finance) from HEC Montreal, and he is a CFA charterholder. Martin Pépin, M.Sc., CFA Co-manager, Concentrated Strategy North America Specialist Mr. Pepin joined Presima in 2008; he is a portfolio manager of real estate securities. He is responsible for analysis and financial modelling, as well as being co-responsible for all investment decisions made within the North American region and for portfolio construction. Mr. Pepin joined the financial industry in 1999 as a financial analyst for a CDP subsidiary. His subsequent role was a portfolio manager for Hydro-Quebec s retirement fund, where he was responsible for security selection in the financial services and energy industries. Mr. Pepin holds a Master of Finance and a Bachelor of Business Administration from HEC Montreal, and he is a CFA charterholder. Marc-André Flageole, M.Sc., CFA, FRM Co-manager, Enhanced Yield Strategy Asia-Pacific Specialist Mr. Flageole joined Presima in 2006; he is a portfolio manager of real estate securities. He is responsible for the analysis and financial modelling, as well as being co-responsible for all investment decisions made within the Asia- Pacific region and for portfolio construction. Mr. Flageole joined the financial industry in 2005, having worked as a risk manager at the Caisse de depot et de placement du Quebec, where he analysed both market and non-market risks of portfolios comprised of equities, derivatives, bonds, private equity and real estate investments. Mr. Flageole holds a Master of Finance and a Bachelor of Business Administration from HEC Montreal, is a CFA charterholder and FRM certified. Chris Blanchard, CFA Co-manager, Enhanced Yield Strategy Europe Specialist Mr. Blanchard joined Presima in 2007; he is a portfolio manager of real estate securities. He is responsible for analysis, financial modeling and for investment decisions, as well as portfolio construction. Mr. Blanchard joined the financial industry in 1999, in a role within Cordiant Capital, where he managed an emerging market portfolio. He subsequently took on a role as director of Capital Markets Group with CBRE in Montreal. Mr. Blanchard holds a Bachelor of Arts from Queen s University and is a CFA charterholder. Sébastien Nadeau, M.Sc., CFA Senior North America Specialist Mr. Nadeau joined Presima in 2006; he is a senior analyst of real estate securities. He is responsible for security analysis and monitoring, and contributes to financial modeling. Mr. Nadeau joined the financial industry in 2006, having worked as an analyst in the real estate division of the Caisse de depot et placement du Quebec, where he conducted financial analysis of various investment projects. Mr. Nadeau holds a Master of Finance and a Bachelor of Business Administration (Finance) from the University of Sherbrooke, and he is a CFA charterholder.

4 Isabelle Bouchard, M.Sc., CFA Senior North America Specialist Ms. Bouchard joined Presima in 2007, she is a senior analyst of real estate securities. She is responsible for security analysis and monitoring, and contributes to financial modeling. Ms. Bouchard joined the financial industry in 2002, having worked at Desjardins Securities, where she was part of the market risk management department which oversaw all trading strategies. Ms. Bouchard holds a Master of Finance from Concordia University and a Bachelor of Commerce from Laval University, and she is a CFA charterholder. Anik Dufour, M.A., CFA, CAIA Europe Specialist Ms. Dufour joined Presima in 2010; she is a financial analyst of real estate securities. She is responsible for security analysis and monitoring, and contributes to financial modeling. Ms. Dufour joined the financial industry in 2000, having worked for several years as an economist, conducting both macroeconomic analysis and industry analysis. Her most recent position was as an analyst in risk management at National Bank Financial Group where she was part of the enterprise-wide stress testing program. Ms. Dufour holds a Master and a Bachelor of Arts (Economics) from McGill University, is a CFA charterholder, a Chartered Alternative Investment (CAIA) and FRM certified. Philippe Merette, CAIA, CIM Generalist Mr. Merette joined Presima in Currently serving as a generalist, he is responsible for analytical tool development, financial modelling, property-level underwriting, management underwriting, and macroeconomic analysis. Mr. Merette joined the financial industry in 2008, having worked at Aon Hewitt, where he conducted performance monitoring, manager research and investment policy development. Mr. Merette holds a Bachelor of Arts and a Bachelor of Commerce from Concordia University. He is a (CAIA) Charterholder and has passed Level 3 of the CFA examination. David Hemmings Generalist Mr. Hemmings joined Presima in Currently serving as a generalist, he is responsible for analytical tool development, financial modelling, property-level underwriting, management underwriting, and macroeconomic analysis. Mr. Hemmings joined the financial industry in Prior to joining the firm, he served as a student portfolio manager in the Kenneth Woods Portfolio Management Program at Concordia. Mr. Hemmings holds a Bachelor of Commerce degree from Concordia University. He is a CFA Level 2 Candidate. Magid Awad Generalist Mr. Awad joined Presima in He is currently serving as a generalist on the investment team. He is responsible for analytical tool development, financial modelling, property-level underwriting, management underwriting, and macroeconomic analysis. Mr. Awad joined the financial industry in He holds a Bachelor of Commerce degree from McGill University. He is a CFA Level 1 Candidate.

5 Investment idea: Hulic REIT (Japan) In terms of our ESG ratings, Hulic REIT is among Presima s top rated real estate companies globally. Hulic REIT is a Japanese REIT that invests in office buildings, commercial facilities, nursing homes and network centers. Hulic Co. is one of the most proactive and progressive Japanese firms (and globally) in regard to energyefficient R&D efforts. It has formed partnerships with MIT University to create new energy-efficient building designs and technologies. At the asset level Hulic Owns 21 properties with strategic locations: 57% office, 21% retail, 14% nursing homes, and 8% Network centers. We expect acquisitions to triple the size of REITs in the next 3-5 years. Hulic Group (sponsor) has a sizeable pipeline of potential injection. At the company level Hulic is setting ambitious targets in terms of reducing the environmental footprint of its real estate portfolio. Management is very focused on growing the business in the long term and understands the benefits of good communication and marketing. Hulic has a stronger sponsor than the rest of the market and a good alignment of interest with its sponsor (15% ownership). The firm has a strong track record of value creation in the last couple of years. At the market level the valuation is compelling compared with the rest of the sector. Dividend yield growth rate is above average given acquisition level and we expect 10% annual growth per year for the next three years. We expect rents to increase as corporate earnings increase. This security may no longer be included in Presima s portfolio as their view may have changed since this document was prepared. 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 Presima to invest in any of its products directly, or to engage Presimadirectly. The information is current as at August 2014, 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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