AUSTRALIAN MASTERS CORPORATE BOND FUND SERIES

AUSTRALIAN MASTERS CORPORATE BOND FUND NO. 2

AMCBF2 - | - PORTFOLIO - | - ANNOUNCEMENTS - | - SHAREHOLDER INFO- |- RETURNS

The Australian Masters Corporate Bond Fund No 2 (‘AMCBF#2’) was established to provide Australian domiciled retail investors access to the Australian wholesale senior bond market through a simple, cost-effective corporate structure. The Company raised $35.5 million through a prospectus raising completed in September 2008.

This Company provided access to an underlying portfolio of high ranking senior Australian corporate debt. In its portfolio, the Company also held senior corporate debt issued in Australia by well-known multinational companies and Australian subsidiaries of multinational companies. The bonds, known as kangaroo bonds, were denominated in Australian dollars.

The Company was managed by Dixon Advisory & Superannuation Services Limited.

The Company employed a static, or ‘buy and hold’ portfolio management style, selecting a portfolio of high quality senior bonds, and held them until maturity.

From September 2008, the Company assembled a portfolio of wholesale bonds from nine different issuers with staggered maturities ranging from less than one year to just under five years from the date of listing. The aggregated purchase price of the bonds from the nine issuers held within the portfolio was $32.9 million. At the time of purchase, the bonds had yields to maturity of between 7.5% to 9.31%.

On 24 June 2011, the Company announced its final capital return. With the payment of the final capital return on 14 July 2011, the net issued capital of the Company had been repaid in full. At the Annual General Meeting held on 23 November 2011, shareholders approved the voluntary winding up of the Company.

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