18 May 2015

With effect from 1 August 2014, the Fund’s investment management agreement with Phoenix Portfolios Pty Ltd was amended to cease any potential for allocation to international listed property securities in order to enable compliance with the Significant Investor Visa regime.

This amendment has now been reversed such that the asset class of international property related securities has been reintroduced with a minimum asset allocation of 0% and a new maximum asset allocation of 20%.

Sections 5.1 and 5.2 of the Fund’s product disclosure statement dated 1 November 2012 should be read accordingly. The Fund’s investment management agreement with Phoenix Portfolios Pty Ltd has also been amended to reflect this change.