Portfolio Review & Market Outlook// Greg Matthews, CEO Independent Asset Management

1. Portfolio Review & Market Outlook// Greg Matthews, CEO Independent Asset Management Manager for All Star IAM Australian Share Fund July 2013

2. Disclaimer The material shown in this presentation 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. 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.

3. Contents • Portfolio Review • Market Review and Outlook • Current Portfolio Positioning • Summary • Appendix

4. Performance Review After 10 year s at No.1, a flat 18 months (unit price, ex-distributions)

5. Performance Review Relative Performance Distribution Chart Jan2002 to 30 June 2013 (net of fees since Jul 2007) • IAM Outperformance statistics: • 68% outperform in up months (59/87) • 39% outperform in down months (20/51) • Market statistics: • Jan02 to Jun13 = 138 months • 87 (63%) up months • 51 (37%) down months

6. Performance Review

7. Portfolio Review Recent stock additions/removals/increases/decreases • BSL Bluescope -1.1% due to outperformance • Rio +0.5%, BHP +0.4%, maintain resource weight, reduce tracking error • WOR Worley +0.6%, switch from LEI Leighton -0.6% • MSB Mesoblast +0.5%, buy below placement price; commitment from Teva • IST I-Select +0.5% first mover, 20-30% growth, internet deals for consumer • AIO Asciano -1.1% reduce tracking error, still 1.6% overweight, ports, coal slow 12 month stock attribution (Jun13) 7

8. Market Review & Outlook 8

9. After 50% falls and 5 year bear markets in 1973, 1987 9

10. ASX300 cheap 13.3x due to resource shares P/E can support rise to 6000

11. Consensus earnings revisions

12. OECD Leading Indicator turns higher

13. ML Global Revisions Ratio > average

14. Chinese market rising again

15. Resources P/E 11x – nearly 30% below average

16. Westpac-MI leading index up to 4.9%

17. Housing finance approvals rise

18. Rising house prices support spending

19. China crude steel output hits a record

20. Steel Price (HRC) rising

21. Steel making profitability China HRC Steel Price less Iron Ore and Coal Price

22. China mills and traders 6m high

23. Steel inventories falling despite record production levels

24. Iron Ore Mill Inventories < average

25. China iron ore port stocks 3-year lows

26. Miners relative to S&P500

27. Aussie Materials vs Banks

28. It isn’t really about yield!

29. Current Portfolio Positioning Sector positions: X-axis labels show actual positions held, y-axis shows relative to index 30 June 2013 29

30. Current Portfolio Positioning Top ten active positions(Jun13) Sector allocations (Jun13) Top ten positions (Jun13) 30

31. Outlook • IAM performed very strongly after GFC • Portfolio positions similar now to post GFC period • Same factors driving markets now • Shares still undervalued relative to bonds and cash • quantitative easing and rising commodity prices • very low ownership of shares and “risk assets” • bubble in “safe havens” • Expect strong rise in very undervalued market led by resources • IAM positioned for move 6000 by March 2014 31

32. Thank you 32