Subsequently, Colonial made available a period in March 2009 that enabled MLC to provide members with the opportunity to make a switch request.

Colonial has notified MLC of the outcome of this offer, which has allowed us to process switch requests received.

Colonial advised that the total value of all requests received exceeded the value of cash available in the Fund. As a result, Colonial confirmed they were only able to fulfil approximately 8.43% of the value of all requests received.

Based on this, we were able to satisfy 8.43% of the value of each switch request received for MLC MasterKey Investment Service (including Fundamentals) investors.

However, due to the structure of MLC MasterKey’s superannuation and pension products, we were able to satisfy more than 8.43% of the value of each switch request. The approximate percentages for each product (based on the total value of the requests we received within each) are provided below:

• MLC MasterKey superannuation products – 37%
• MLC MasterKey pension products – 18%

All switch requests received during this period have been processed and confirmation letters have been mailed to those clients who participated.

Colonial First State has advised that they expect to provide details of the next offer in July 2009.