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Merrill Lynch Investment Manager has several core approaches to their 30-year investment philosophy. Rigorous fundamental analysis of investment, the pursuit of quality investment and the construction of concentrated portfolios are the approaches that are responsible for the success of Merrill Lynch. Merrill Lynch Mercury's investment philosophies are as follows: A belief in active management: Merrill Lynch Investment Managers believes in actively managing portfolio where there is an active approach to all levels of the investment …

…Ord's index over the medium term and a tracking error of 4-7%. The table below will exhibits the performance of MLIM Australian Equity and key performance indicators of the portfolio benchmarked against the ASX All Ordinary Index: 1 year 3 years 5 years ASX Ave MLIM ASX Ave. MLIM ASX Ave. MLIM Returns 4.91% 9.16% 8.00% 11.22% 15.26% 15.72% 12.10% 15.03% 19.92% Risk/Reward 0.41 0.81 0.66 0.95 1.34 1.3 0.99 1.26 1.55 Info ratio 2.46 0.77 2.00 0.85 1.68 1.49 Std Deviation 12.08% 11.36% 12.10% 11.81% 11.40% 12.05% 12.19% 11.96% 12.82% Tracking Error 1.73 4.00 2.02 5.31 1.74 5.26 ASX- ASX All Ordinary Index Ave- Average Fund Manager MLIM - Merrill Lynch Investment Manager (Australian Equity)