A message from the Chair Welcome to the MLC Super Fund2022-23 Annual Report. The 2023 financial year was again marked by global and domestic economic uncertainty. Despite this, I’m pleased to say our dedicated team of experts again achieved solid investment returns for members. I’m also proud that we delivered on our promise to simplify and improve our products, investments, customer service and technology processes. That’s important to us, because we believe driving continual improvement of our products and services and providing consistent performance—in good times and bad—is key Lindsay Smartt to our members’ long-term financial wellbeing. Delivering for our members Over the year, we introduced a simpler, more contemporary investment menu that continues to offer members a diverse investment choice. The new investment menu is part of our ongoing commitment to helping members meet their retirement goals by providing enhanced products—with most members now paying lower investment fees and earning higher net investment returns over time. And I was pleased to see our efforts recognised, with MLC's MySuper product delivering the industry's fifth-highest return over three years in the SuperRatings MySuper survey1. MLC MasterKey Business Super was also awarded Insurance Best Fund 2023 Winner by Chant West, which is given to the product judged to best deliver the right benefits to the people who really need them, for a reasonable price. This follows significant enhancements to our insurance claims experience, with the introduction of online underwriting and tele claims services making our claims process quicker and easier for members. Straddling high inflation and possible recession As always, it’s key to look at the broader economic environment to understand what’s driving investment performance. The 2023 financial year saw inflation, interest rates and the war in Ukraine maintain pressure on consumers, globally. The steep increase of interest rates by central banks showed signs of moderating inflation but also stirred concerns of overstepping the mark, potentially leading to a global recession. And indeed, some economies like Germany and New Zealand did fall into recession due to lower consumer spending resulting from increased interest rates. Encouragingly though, lower oil prices, reduced international shipping costs and the normalisation of global supply chains, have taken some heat out of global inflation pressures. On the domestic front, high electricity, rent, property and food prices look set to continue, maintaining the inflation threat at home. With Australia’s consumer inflation running at 6% in the year to June 2023, the Reserve Bank of Australia (RBA) maintains relatively high interest rates which are needed to reduce it to their 2% to 3% target. It remains to be seen if the RBA’s interest rate increases manage to achieve that target without driving Australia’s economy into recession. Strong markets, despite global challenges Despite economic challenges, global and US share market performance remained strong during the year. 2 The global share market, returned 14.6% for the 2023 financial year, largely stemming from the strength of the US share market. MLC Super Fund 2023 Annual Report | 5