December 2011 Quarterly Update

Prepared by Ironbark Asset Management Pty Limited ABN 53 136 679 420 AFSL 341020 (‘Ironbark’).

Advance Asset Management Limited ABN 98 002 538 329 AFSL 240902 is the responsible entity of the Maple Brown-Abbott Imputation Fund and the Maple Brown-Abbott Australian Geared Equity Fund (Funds). Before deciding whether to acquire, or to continue to hold, an investment in a Fund, investors should obtain the Fund’s Product Disclosure Statement, available at ironbarkam.com or from your adviser and consider whether the product is appropriate for their circumstances.

Maple-Brown Abbott (MBA) has assumed responsibility for the distribution of the Imputation and Australian Geared Equity Funds to third party intermediaries and their clients. The change follows the acquisition of the management rights for those Funds from Advance Asset Management Limited.

To support the change and to ensure that it is business as usual, MBA has appointed Ironbark Asset Management (Ironbark) to provide distribution services. Ironbark is currently responsible for the distribution of over $2.0 billion in fund assets.

MBA’s long relationship with Advance will continue as they will still be the Responsible Entity for the funds and all client service functions such as client reporting and the call centre will remain with Advance over the medium term.

About the Funds
MBA has been the investment manager of the Imputation Fund since its inception in 1986 and similarly, the Australian Geared Equity Fund since 2002.

Imputation Fund
The Maple-Brown Abbott Imputation Fund is a true to label imputation fund investing in a wide range of ASX listed shares. It aims to provide investors with tax effective income by delivering high levels of fully franked dividends.

The Fund aims to provide investors with a total investment return (before fees and taxes) that outperforms the S&P/ASX 200 Accumulation Index over periods of five years or longer.

DISCLAIMER
^{Neither Maple-Brown Abbott Limited, Advance, Ironbark nor any other person makes any representation nor gives any guarantee as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment in the trusts shown on this website. This is general information only, and does not have regard to an investor’s investment objectives, financial situation or needs.}