AUSTRALIAN MASTERS CORPORATE BOND FUND SERIES

AUSTRALIAN MASTERS CORPORATE BOND FUND NO. 1

AMCBF1 - | - PORTFOLIO - | - ANNOUNCEMENTS - | - SHAREHOLDER INFO- |- RETURNS

The Australian Masters Corporate Bond Fund No 1 ('AMCBF#1’) 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 $54.3 million through a prospectus raising completed in June 2008.

This Company provided access to an underlying portfolio of high ranking senior Australian corporate debt issued by quality Australian companies and 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 June 2008, the Company assembled a portfolio of wholesale bonds from 15 different issuers. The aggregate purchase price of the bonds from those issuers totalled $50.5 million. At the time of purchase, the bonds had yields to maturity of between 8.59% and 10.65%.

On 24 June 2011, the Company announced its final capital return. With the payment of the final capital return on 13 July 2011, the net issued capital of the Company has 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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