Maple-Brown Abbott Australian Geared Equity Fund (Retail) As at 31 January 2017

Retail 1 month 3 months 1 year 3 years 4 years 5 years

performance* % % pa % pa
% % % pa
Growth return 0.27 15.44 36.27 0.42 3.34 7.89
Distribution return 0.00 4.09 10.38 6.91 6.55 6.25
Total return 0.27 19.53 46.65 7.33 9.89 14.14
Benchmark return 1 -0.79 6.65 17.34 7.40 8.30 10.57

* The Fund performance relates to retail investors only. If you are a wholesale investor, you can obtain up to date returns at maple-brownabbott.com.au.
Inception date: 01 October 2002
1 Benchmark: S&P/ASX 200 Index (Total Returns)

Fund update The fund returned 0.27% (after fees) for the month, outperforming the benchmark by 1.06%.

The gearing level of the fund as at end of January was 40.9%.

January proved a solid start to the year for the portfolio and marked our 6th straight month of strong outperformance.
We remain overweight resources and this was a key driver of the strong result.

The Australian equity market had a weak month, with the S&P/ASX 200 Index (Total Returns) falling 0.8%. Macroeconomic
data was mixed, with a lower than expected CPI release contrasting with improved business conditions, stronger building
approvals and a resurgent Australian dollar. Bond yields fell modestly, with the Australian Government 10-year finishing
the month at 2.7%. Sector performance was varied and, in a break from recent experience, there was no clear shift in risk
appetite. The key theme was strength in Materials (+4.7%), with higher prices for iron ore and most metals, including
gold, supporting the miners. Health Care (+4.8%) also performed very well, driven by a small number of stock-specific
factors. Utilities (+0.9%) outperformed, as did Energy (+0.5%), despite a modest decline in the oil price. A-REITs (-4.8%)
was the worst performing sector, followed by Industrials (-4.7%), Consumer Discretionary (-4.3%), Information Technology
(-4.0%) and Financials (-2.1%).

Actual asset
allocation by Fund % Benchmark %
sector Energy 8.20 4.27
Materials 23.80 17.14
Industrials 0.70 6.33
Consumer discretionary 4.60 4.69
Consumer staples 12.00 6.83
Healthcare 2.30 6.64
Financials 34.70 37.77
Information technology 2.50 1.20
Telecommunication services 3.40 4.39
Utilities 1.70 2.62
Real Estate 2.40 8.13
Cash 3.70 0.00
Total 100.00 100.00

Investor Services : 1800 034 402 Adviser Services : 1800 034 402

Maple-Brown Abbott Australian Geared Equity Fund (Retail) | 1

 Market The MSCI AC World Index fell by 2.0% in AUD terms in January. Global equity markets continued its rally early in the
month, however pulled back late in the month. The dominant event of the month was the inauguration of Donald Trump
commentary
as 45th President of the United States and subsequent focus on what policy action he intends to make a priority in his
administration. International markets were mixed, with the USA and China stronger and Europe weaker.

In the US, financial markets were very strong with the Dow Jones Index moving above 20,000 for the first time in its
history. The US markets were driven by strong performance of materials and cyclical stocks whereas defensive sectors such
as Health care, Telecommunications and Utilities underperformed. US Economic data was mixed. Manufacturing and
non-manufacturing data were better than expected however the unemployment rate increased slightly to 4.7%.

The Asia ex-Japan region started the year positively with strong gains recorded in January, reversing much of the market
weakness experienced in the final months of 2016. Around the region there was a raft of data releases including China
inflation and South Korean employment figures which pointed to stronger economic growth ahead.

The Australian equity market followed the global lead early in the month however sold off late in the month. Australian
economic data was mixed with residential building approvals and retail sales better than expected, however this was offset
by weak Consumer Price Inflation data. It is expected that the Reserve Bank of Australia will leave the cash rate of 1.5%
unchanged in their first meeting in February 2017.

Top 10 holdings
Fund % Benchmark %
BHP Billiton 10.10 5.77
Westpac Banking Corporation 9.33 7.19
ANZ Banking Group 8.46 5.80
National Australia Bank 6.83 5.46
Rio Tinto Limited 4.85 1.91
Wesfarmers Limited 4.49 3.07
Woodside Petroleum 4.45 1.54
Woolworths Limited 4.09 2.14
Origin Energy 3.72 0.84
QBE Insurance Group 3.64 1.15

Investment The Fund aims to outperform (before fees) the S&P 200 Index (Total Returns) over rolling four-year periods.
objective

Benefits of The Maple-Brown Abbott Australian Geared Equity Fund is an actively managed Australian share portfolio that aims to
investing in Fund deliver long term capital growth with the potential for enhanced performance through the use of gearing. It offers
potential to receive half-yearly distributions and tax effective income through access to franked dividends.

Key features
Retail
Fund size $21.6 million

APIR code ADV0077AU

Date established October 2002
Distribution frequency June, December
$1,500 ($1,000 for Regular Savings Plan )
1
Minimum investment
Minimum withdrawal $500
Withdrawal period 5 business days
Entry fee 4.10% maximum
Ongoing fee (MER)3 2.05% pa2
Distribution reinvestment Yes
Buy/Sell spread (%) 0.40/0.40
Exit fee Nil
1 Conditions apply.

2 Includes effect of GST.

3 The Maple-Brown Abbott Australian Geared Equity Fund charges an ongoing fee of 2.05% pa of the total assets of the Fund, that is, your investment plus borrowings, instead of net assets, which is
used for other Funds. If comparing on a net asset basis, assuming a gearing ratio of 50%, this would represent an ongoing fee of 4.10% pa.

Investor Services : 1800 034 402 Adviser Services : 1800 034 402
The Maple-Brown Abbott Australian Geared Equity Fund is issued by Maple-Brown Abbott Limited (MBA) ABN 73 001 208 564 AFSL No. 237296. A Product Disclosure Statement (PDS) for the Fund is available at maple-brownabbott.com.au, by calling 1800 034 402
or from your financial adviser. Financial advisers, please call 1800 034 402. This fact sheet contains general information only and does not take into account individual financial circumstances. Investors should consider the PDS and whether the Fund is appropriate
to their circumstances, and seek professional advice before investing in the Fund. An investment in the Fund does not represent an investment in, deposit with or other liability of MBA. It is subject to investment risk, including possible delays in repayment and loss
of income and principal invested. MBA does not guarantee the return of capital, performance of the Fund or any specific rate of return. Performance figures are calculated using withdrawal values and assume that income is reinvested. Annual management fees
and expenses have been taken into account; however, no allowance has been made for entry fees, tax or any rebates that may be given. Past performance is not a reliable indicator of future performance.

Maple-Brown Abbott Australian Geared Equity Fund (Retail) | 2