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All Star Funds// All Star Maple-Brown Abbott Listed Property Fund Maple-Brown Abbott July 2013

All Star Funds// All Star Maple-Brown Abbott Listed Property Fund Maple-Brown Abbott July 2013. Disclaimer.

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All Star Funds// All Star Maple-Brown Abbott Listed Property Fund Maple-Brown Abbott July 2013

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  1. All Star Funds// All Star Maple-Brown Abbott Listed Property Fund Maple-Brown Abbott July 2013

  2. Disclaimer This document has been prepared and issued by Ventura Investment Management Limited, ABN 49 092 375 258, AFSL 253045 (Ventura). Equity Trustees Limited ABN 46 004 031 298, AFSL 240975 (EQT) is the responsible entity of the Ventura and All Star series of funds. Past performance is not necessarily indicative of future performance. Information contained in this document is of a general nature only. It is not intended as advice, as it does not take into account your individual objectives, financial situation or needs. Investment can only be made on an application form attached to the Product Disclosure Statement (PDS) or through an IDPS operator. Copies of the PDS are available from Ventura or your financial planner. Maple-Brown Abbott Limited (Maple-Brown Abbott) ABN 73 001 208 564, Australian Financial Service License No. 237296, is the investment manager for the All Star Maple-Brown Abbott Listed Property Fund. Comments we made about individual stocks, are intended only to explain our approach to managing funds. In discussing individual stocks or other investments we do not make any recommendation or give any statement of opinion that is intended to influence anyone in making an investment decision. Investment advice should be sought in respect of individual circumstances. Past performance is not a reliable indicator of future performance. Maple-Brown Abbott does not make any representation or give any guarantee as to the future performance or success of, the rate of income or capital return from, the recovery of money invested in, or the income tax or other taxation consequences of, any investment.

  3. Performance Update Performance 30 June 2013 (net of fees) Note: APIR Code: VEN0014AU | Fees: MER 0.75%pa | Expense Recovery 0.10%pa

  4. Current Portfolio Positioning Principal Transactions(3mths to 30 June 2013) • Purchases • Mirvac Group • Investa Office Fund • Stockland • CFS Retail Property Trust • Westfield Retail Trust Top ten active positions(June 2013) Sales • GPT Group Sector Positions(30 June 2013) Active Sector positions (June 2013) 4

  5. Current Portfolio Positioning ^ All Star MBA Listed Property Fund * Represents: 99% of the S&P/ASX 300 A-REIT Accumulation Index The figures shown are based on MBA’s 2014 estimates Source: MBA 5

  6. AREITs Price to NTA 84.8% 39.2% ~ ~ Premium to NTA Discount to NTA Note: CRF ticker changed to FDC from 25January 2013 * Sector excludes GMG & WDC Source: Morgan Stanley Research, Pricing at 28 June 2013

  7. AREITs Dividend Yield (1-Year Forward) Note: CRF ticker changed to FDC from 25January 2013 Source: Morgan Stanley Research, Pricing At 28 June 2013

  8. Construction and New Housing Finance Growth % YoY Source: ABS

  9. Affordability vs. Sentiment Source: ABS, Westpac, RP Data-Rismark

  10. Stock example Stockland Group • High quality retail property portfolio with high occupancy and sustainable rent levels • Valuable land bank which will sustain the group for 10 years+ • Attractive long-term fundamentals for residential development • Very strong balance sheet Debt / Total Assets of around 20% vs. sector average of 26% • Sustainable Dividend • New but highly regarded management team Relative Performance SGP vs. S&P/ASX 300 A-REIT Acc. Index Source: IRESS * Based on MBA’s 2014 estimates 10

  11. Stock example Mirvac Group • Quality, diversified property trust portfolio with high occupancy and long lease terms • Competitive advantage of being able to develop its own product. • Focus back on core capabilities. • Development earnings locked in for the next 2 years • Strong, liquid balance sheet • Refreshed management team that are delivering on promises. Relative Performance MGR vs. S&P/ASX 300 A-REIT Acc. Index Source: IRESS * Based on MBA’s 2014 estimates 11

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