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

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

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

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

  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 31 January 2014 (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 31 January 2014) • Purchases • Westfield Group • CFS Retail Property Trust • Hotel Property Investments Top ten active positions(Jan 2014) Sales • Mirvac Group • Arena REIT • Investa Office Fund • Stockland • GPT Group Sector Positions(31 January 2014) Active Sector positions (Jan 2014) 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 Earnings Per Share Cents per share Source: Macquarie Research

  7. AREITs Earnings Per Share Forecast – Pre and Post reporting Cents per share Source: Macquarie Research

  8. AREITs Earnings Yield (1-Year Forward) Source: Morgan Stanley Research, Pricing as of 21 February 2014

  9. AREITs 3 Year Funds From Operations – Compound Average Growth Rate Source: Morgan Stanley Research, Pricing as of 21 February 2014

  10. AREITs Property Sector Yields vs. Bond Yields Source: Thomson Reuters, Morgan Stanley Research, Pricing as of 21 February 2014

  11. AREITs Historical A-REIT Price to Earnings Relative to S&P/ASX 200 Source: Thomson Reuters, Morgan Stanley Research, Pricing as of 21 February 2014

  12. Conclusion MBA Outlook and Summary • Global recovery • 2013 saw $2.5bn equity issuance by existing REITs and $1bn in IPOs (focused on Australian assets) • Participated in 1 of 5 IPO’s • Australian housing in robust cyclical upswing • X • X

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