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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 30 September 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 September 2013) • Purchases • GPT Group • Westfield Group • Arena REIT • Investa Office Fund Top ten active positions(Sep 2013) Sales • Commonwealth Prop. Office Fd • Stockland • Mirvac Group • CFS Retail Property Trust Sector Positions(30 September 2013) Active Sector positions (Sep 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. MBA’s Exposure to A-REITs are in Relatively Attractive Stocks Price to NTA 76% 43% ~ ~ Premium to NTA Exposure in cheaper A-REITs Discount to NTA Source: MBA, Data at 30 September 2013 6

  7. Stock example Westfield Retail Trust • Best portfolio in the REIT sector. Irreplaceable fortress malls. • Weak retail sales being affected by cyclical and structural challenges. • Clear signs the operating environment is improving. • Cheapest major REIT on a price/NTA measure • Strong, liquid balance sheet with a share buyback in place. • Management team the best in property Relative Performance WRT vs. S&P/ASX 300 A-REIT Acc. Index Source: IRESS * Based on MBA’s 2014 estimates 7

  8. Re-leasing Spreads Continue to Moderate Some Property Slides Source: Macquarie Research 8

  9. Early Signs of Recovery in Retail Source: Macquarie Research 9

  10. WRT – Slowing Sales Growth vs. Higher Occupancy Costs Source: Company data; BofAML Global Research 10

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