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The Manager Company Announcements Office Australian Securities Exchange Limited Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000

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The Manager Company Announcements Office Australian Securities Exchange Limited Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000 1 July 2015 The Manager Company Announcements Office Australian Securities Exchange Limited Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000 Australian Governance Masters Index Fund NTA estimate As at the close of the Australian Securities Exchange on Tuesday, 30 June 2015, the Australian Governance Masters Index Fund Limited (Company) has an estimated, unaudited pre-tax NTA per share of $1.93. Following the rebalance of the S&P/ASX 100 Index, the Company rebalanced its portfolio. At 30 June 2015, the 76 shareholdings of the Company (by market value) were: COMPANY MARKET VALUE ($) WEIGHT (%) COMMONWEALTH BANK OF AUSTRALIA 7,159,774 12.01% WESTPAC BANKING CORPORATION 5,183,448 8.70% AUST AND NZ BANKING GROUP 4,598,063 7.72% NATIONAL AUSTRALIA BANK LTD 4,500,714 7.55% BHP BILLITON LIMITED 4,485,810 7.53% TELSTRA CORP LTD 3,878,773 6.51% WESFARMERS LTD 2,266,706 3.80% CSL LTD 2,082,371 3.49% WOOLWORTHS LTD 1,764,451 2.96% MACQUARIE GROUP LTD 1,402,522 2.35% WOODSIDE PETROLEUM LTD 1,253,366 2.10% RIO TINTO LTD 1,178,093 1.98% AMP LTD 920,055 1.54% TRANSURBAN GROUP 918,226 1.54% SUNCORP GROUP LTD 892,826 1.50% BRAMBLES LTD 856,310 1.44% AMCOR LIMITED 846,208 1.42% ORIGIN ENERGY LTD 686,264 1.15% INSURANCE AUSTRALIA GROUP 675,197 1.13% SYDNEY AIRPORT 568,841 0.95% AGL ENERGY LTD 540,907 0.91% For personal use only STOCKLAND 497,564 0.83% SOUTH32 LTD 491,121 0.82% APA GROUP 474,418 0.80% CALTEX AUSTRALIA LTD 443,320 0.74% SONIC HEALTHCARE LTD 443,235 0.74% COMPANY MARKET VALUE ($) WEIGHT (%) LEND LEASE GROUP 411,867 0.69% RAMSAY HEALTH CARE LTD 409,513 0.69% SANTOS LTD 405,539 0.68% ORICA LTD 404,895 0.68% ASX LTD 399,080 0.67% JAMES HARDIE INDUSTRIES 396,836 0.67% GPT GROUP 390,392 0.66% MIRVAC GROUP 349,062 0.59% ASCIANO LTD 335,147 0.56% INCITEC PIVOT LTD 333,314 0.56% COMPUTERSHARE LTD 308,149 0.52% MEDIBANK PRIVATE LTD 286,019 0.48% BENDIGO AND ADELAIDE BANK 283,745 0.48% TATTS GROUP LTD 280,819 0.47% SEEK LTD 250,043 0.42% COCA-COLA AMATIL LTD 249,740 0.42% BANK OF QUEENSLAND LTD 242,119 0.41% BORAL LTD 236,627 0.40% COCHLEAR LTD 236,042 0.40% ARISTOCRAT LEISURE LTD 233,034 0.39% HENDERSON GROUP PLC-CDI 199,894 0.34% TABCORP HOLDINGS LTD 195,645 0.33% ANSELL LTD 192,816 0.32% ECHO ENTERTAINMENT GROUP LTD 177,278 0.30% ILUKA RESOURCES LTD 167,286 0.28% DUET GROUP 162,901 0.27% HEALTHSCOPE LTD 152,075 0.26% TPG TELECOM LTD 134,308 0.23% ORORA LTD 131,313 0.22% PERPETUAL LTD 119,449 0.20% WORLEYPARSONS LTD 118,789 0.20% DOMINO'S PIZZA ENTERPRISES LTD 116,171 0.19% MAGELLAN FINANCIAL GROUP LTD 113,918 0.19% DULUXGROUP LTD 113,531 0.19% CARSALES.COM LTD 113,170 0.19% RECALL HOLDINGS LTD 112,037 0.19% For personal use only DOWNER EDI LTD 108,219 0.18% FLIGHT CENTRE TRAVEL GROUP LTD 100,215 0.17% ADELAIDE BRIGHTON LTD 99,755 0.17% REA GROUP LTD 97,986 0.16% JB HI-FI LTD 97,829 0.16% COMPANY MARKET VALUE ($) WEIGHT (%) CSR LTD 97,068 0.16% SIMS METAL MANAGEMENT LTD 90,196 0.15% BLUESCOPE STEEL LTD 87,666 0.15% GRAINCORP LTD 80,635 0.14% OZ MINERALS LTD 74,135 0.12% NAVITAS LTD 67,713 0.11% PANAUST LTD 53,557 0.09% METCASH LTD 53,004 0.09% MYER HOLDINGS LTD 37,857 0.06% SUBTOTAL 58,916,977 98.87% CASH 675,433 1.13% TOTAL 59,592,410 100.00% Yours Sincerely, Karen Luu Company Secretary Australian Governance Masters Index Fund Limited invests only in the best governed top Australian companies within the S&P/ASX 100 Index, as ranked by the Company’s corporate governance analysis and third party research. The Company pursues an index style of investing with an active corporate governance bias and expects to hold securities of approximately 75 to 85 Australian entities within the S&P/ASX 100 at any time. The Company believes that boards and management that show relatively high levels of corporate governance tend to outperform companies with relatively lower levels of corporate governance over the long term. The Company also seeks to promote adherence to corporate governance best practice recommendations in its investments by voting its proxies and participating in shareholder meetings. The Company aims to achieve long-term capital appreciation, while reducing risk, preserving the capital of the Company and investing in a diversified portfolio of investments. For personal use only * Source: Walsh & Company Asset Management Pty Limited. Note some figures may not reconcile due to rounding. The historical performance of the Manager is not a guarantee of the future performance of the Portfolio or the Fund. .
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