Macquarie Switch

• Macquarie Switch – Series 12 CHGLAUST
• Macquarie Switch – Series 13 CHGLAUST
• Macquarie Switch – Series 14 CHGLAUST

Reference Fund: Challenger Wholesale Australian Share Fund ARSN 092 999 301

Changes in relation to the Reference Fund’s investment manager, fund name and investment guidelines

The above Switch Series provide exposure to the Challenger Wholesale Australian Share Fund (Reference Fund).

Challenger Managed Investments Limited (CMIL), the responsible entity of the Reference Fund, has issued a third Supplementary Product Disclosure Statement (SPDS) dated 14 July 2010 which supplements the Reference Fund’s Product Disclosure Statement dated 30 January 2009 as updated by the first SPDS dated 7 October 2009 and second SPDS dated 7 May 2010 (collectively PDS).

The SPDS updates the following information in relation to the Reference Fund:

• changes to the investment manager - CMIL intends to appoint Alphinity Investment Management Pty Limited (ABN 12 140 833 709) (Alphinity) as the investment manager of the Reference Fund;
• Reference Fund name - with effect from 12 July 2010, the name of the Reference Fund changed from Challenger Wholesale Australian Share Fund to Alphinity Wholesale Australian Share Fund; and
• investment guidelines of the Reference Fund - the benchmark of the Reference Fund remains the S&P/ASX300 Accumulation Index and the Reference Fund continues to invest in a diversified portfolio of Australian stocks listed on the Australian Securities Exchange. For changes to the investment strategy, investment approach and portfolio construction, please refer to the SPDS. You may obtain a copy of the SPDS by contacting CMIL.

Macquarie Alternative Assets Management Limited (MAAML), the responsible entity of Macquarie Switch Fund (Fund), wishes to inform existing investors in the Fund that effective from 31 December 2011, it will no longer be making available periodic statements on a quarterly or semi-annual basis. Instead, MAAML will be making available periodic statements on an annual basis. Investors' next periodic statement will be for the period from the end of your last report and ending 30 June 2012.

• Macquarie Switch - Series 12 GVGLOB
• Macquarie Switch - Series 13 GVGLOB
• Macquarie Switch - Series 14 GVGLOB

Reference Fund: GVI Global Industrial Share Fund ARSN 112 369 552

New Product Disclosure Statement for the Reference Fund issued

The above Switch Series provide exposure to the GVI Global Industrial Share Fund (Reference Fund).

Treasury Group Investment Services Limited (TIS), the issuer and responsible entity of the Reference Fund, issued a new Product Disclosure Statement (new PDS) dated 23 November 2011. The new PDS updates certain information in relation to the Reference Fund.

In a letter also dated 23 November 2011 Global Value Investors Limited ABN 76 111 397 392 (GVI), the investment manager of the Reference Fund, summarised the key matters as follows:

• Changes to the sub-investment manager - GVI has appointed Aubrey Capital Management Limited (Registered in Scotland No. SC299239) (Aubrey) to act as sub delegated investment manager. TIS consented to the appointment of Aubrey as it believes such an appointment is in the interests of the unit holders. TIS believes that Aubrey's track record as well as its highly experienced team of investment professionals offers investors a stronger proposition in terms of global equities investment and experience
• New investment philosophy and style - Key elements of Aubrey's investment approach will be familiar to GVI investors. Under the management of Aubrey, the Reference Fund will aim to provide long-term capital and income returns through investing in attractive markets, sectors and companies on a worldwide basis. Aubrey's growth and income approach is focused on identifying attractive companies with healthy and growing dividends. Aubrey will structure the portfolio without reference to peers or the benchmark, instead identifying proven thematic growth drivers, coupled with a concentration on company cash flow characteristics as a key risk assessment, followed by a strong sell discipline. Both GVI and Aubrey have identified quality companies in the US and both have a lower allocation to the US than the benchmark Index. As US companies generally have lower yields, this position is consistent with the yield focus of this investment approach as well as the benchmark unaware philosophy. Where GVI and Aubrey differ is that Aubrey has more experience in Asia and has identified a number of attractive companies in this region. As a result, Aubrey will have a much lower allocation to European companies than GVI has in the past
• Fee reduction - Existing unit holders will receive a 10% reduction in the fees payable.

Further information in relation to the investment strategy, investment approach and portfolio construction can be viewed through the links below:

• GVI letter to investors
• new PDS.

You may also obtain a copy of the new PDS by contacting MAAML on 1800 550 177.

• Macquarie Switch - Series 11 MACQINTLINFRA
• Macquarie Switch - Series 12 MACQINTLINFRA
• Macquarie Switch - Series 13 MACQINTLINFRA
• Macquarie Switch - Series 14 MACQINTLINFRA

Reference Fund: Macquarie International Infrastructure Securities Fund ARSN 115 990 611

New Product Disclosure Statement for the Reference Fund issued

The above Switch Series provide exposure to the Macquarie International Infrastructure Securities Fund (Reference Fund).

Macquarie Investment Management Limited (MIML) as the responsible entity of the Reference Fund issued a new Product Disclosure Statement (PDS) dated 1 March 2011. In a letter of the same date, MIML advised the following changes to the Reference Fund effective 1 March 2011, as set out in PDS:

• The performance fee of 10% of excess return has been removed;
• The expense recovery estimate of 0.12%pa has been reduced to 0.06%pa.
• The buy/sell spread has been reduced from 0.30% to 0.25%
• The S&P Global Infrastructure Index has replaced the FTSE/Macquarie Global Infrastructure Index as the Reference Fund's benchmark.

The letter and the new PDS can be viewed through the links below:

• Unitholder letter
• PDS.

• Macquarie Switch - Series 12 MACQPROPINC

Macquarie Switch - Series 12 MACQPROPINC (Switch) provides exposure to the performance of the Macquarie Property Income Fund (MGPIF) via an Equity Outperformance Contract (EOC) with Macquarie Bank Limited (MBL).

Charter Hall Direct Property Management Limited (formerly Macquarie Direct Property Management Limited) (CHDPML), as the responsible entity of the MGPIF, has decided to close the MGPIF and redeem all remaining units on 23 February 2011. CHDPML states that it is doing this because it believes that MGPIF's investment objectives can no longer be accomplished and that closing MGPIF is in the best interests of its unitholders. This is the link to the website for MGPIF, which includes some additional information around the decision to close the fund.

As disclosed in the Macquarie Switch Product Disclosure Statement dated 17 April 2009 (PDS), an event such as a Reference Fund winding up, is an Extraordinary Event under the EOC and MBL may do any of the following:

• Delay any calculation or payment of any amounts to us under the contract
• Adjust the method of calculating the return under the contract
• Adjust the size of the exposure to the Reference Fund under the contract
• If we agree, substitute the relevant Reference Fund by another Reference Fund.

If MBL reasonably determines that the effect of an Extraordinary Event is not appropriately dealt with by any of the above actions, MBL may terminate the EOC. However, notwithstanding these various alternatives, following discussions with us, MBL advises that it will substitute the existing Reference Fund with the Colonial First State Wholesale Geared Share Fund ARSN 087 563 924 (Substituted Reference Fund).

Importantly, the Maturity Date, Series Percentage at Maturity, Threshold, Cap, Maximum Potential Return and Observation Dates will remain as applied for the previous Reference Fund (MGPIF), as per the table below:

We agreed to this substitution as it maintains investors' current position within the parameters set out in the table above.

The returns at Maturity will be determined by the value of the Reference Fund on the Observation Dates in May and June 2012.

• Macquarie Switch - Series 11 PERRGLOBPROP
• Macquarie Switch - Series 12 PERRGLOBPROP

Reference Fund: Perennial Hedged Global Property Wholesale Trust ARSN 118 190 542

Changes in relation to the Reference Fund's investment name

The above Switch Series provide exposure to the Perennial Hedged Global Property Wholesale Trust (Reference Fund).

IOOF Investment Management Limited, the responsible entity of the Reference Fund, issued a Supplementary Product Disclosure Statement (SPDS) dated 15 September 2011 which supplements the Reference Fund's Product Disclosure Statement dated 27 February 2009.

The SPDS updates the following information in relation to the Reference Fund (effective from 15 September 2011):

• The name of the Reference Fund will change from Perennial Global Property Wholesale Trust to Perennial Hedged Global Property Wholesale Trust.

The investment manager, the overarching investment style and investment universe of the Reference Fund will remain unchanged.

• Macquarie Switch - Series 14 PLATINTL

Reference Fund: Platinum International Fund ARSN 089 528 307

New Product Disclosure Statement for the Reference Fund issued

The above Switch Series provide exposure to the - Platinum International Fund (Reference Fund).

Platinum Investment Management Limited ABN 25 063 565 006 AFSL 221935, the responsible entity of the Reference Fund, issued a Supplementary Product Disclosure Statement dated 07 December 2011 (SPDS) which must be read in conjunction with the original Product Disclosure Statement dated 21 November 2008 (PDS). The SPDS updates certain information in relation to the Reference Fund.

Further information regarding the updates to the Reference Fund can be found in the SPDS. A copy of the PDS and SPDS can be accessed here.

You may also obtain a copy of the PDS and SPDS by contacting MAAML on 1800 080 033.

Division 247 of the Income Tax Assessment Act 1997 applies to certain "capital protected borrowings" entered into on or after 1 July 2007. Division 247 will deny a deduction for expenses incurred under a capital protected borrowing to the extent that the total of the expenses referable to the borrowing for an income year exceeds the amount that would have been incurred if the benchmark rate in Division 247 had been applied.

As part of the 2010-11 Federal Budget, the Assistant Treasurer announced that the benchmark interest rate for capital protected borrowings will be changed, and the new benchmark interest rate that applies to capital protected borrowings entered into from 7:30pm (AEST) 13 May 2008 will be the Reserve Bank indicator rate for standard variable housing loans plus 100 basis points. The Bill containing the change has been enacted.

The new benchmark interest rate for the month of July 2011 is 8.80% p.a. Please note that the benchmark interest rate for July 2011 is provided for illustrative purposes only and is not an indication of the actual benchmark interest rate that will apply to your borrowing. The benchmark interest rate that applies to your borrowing will depend on the circumstances of your borrowing.

Broadly, where the loan is at a fixed interest rate for all or part of the term of the loan, you should apply the benchmark interest rate when the interest is first incurred during the term, or the relevant part of the term. Where the loan is at a variable interest rate for all or part of the term of the loan, you should apply the average of the benchmark interest rates applicable during those parts of the income year when the borrowing is at a variable rate.

Please refer to Appendix 3 of the Macquarie Bank Limited letter dated 17 April 2009 regarding the possible switch to Macquarie Switch for additional information. You should seek your own tax advice to determine the tax treatment applicable to your particular circumstances.

As set out in the Macquarie Switch Product Disclosure Statement (PDS) dated 17 April 2009, there is no right to withdraw from Switch except at Maturity. Additionally, any permitted redemptions will be limited because under the terms of the Cash Investments (notes with Macquarie Group Limited) only 20 per cent of the notes acquired as Cash Investments for the Series are redeemable.

Macquarie Alternative Assets Management Limited, the responsible entity of the Macquarie Switch (MAAML), has given notice that the following Series have now reached this redemption limit of 20 per cent, and will no longer be redeemable.

There is no right to withdraw from Macquarie Switch (Switch) except at Maturity. Any permitted redemptions will be limited because under the terms of the initial Cash Investments only 20 per cent of the notes acquired as Cash Investments for the Series are redeemable.

Please also note the following:

• if you are permitted to redeem your investment during the investment term, there may be additional costs at the time
• the amount received on redemption may be less than your initial investment in the Switch Series
• capital protection of your investment (either through a Put Option or a Limited Recourse Loan) only applies at Maturity. If you borrowed from Macquarie Bank Limited (Macquarie) to invest in Switch, and redeem prior to Maturity, you will be liable for any shortfall between the value of your investment and the outstanding loan amount(s)

However, you may apply to redeem your investment in Switch. To do this, you need to complete and sign a Macquarie Switch Notice to Redeem an Investment Form and send this to Macquarie Alternative Assets Management Limited (MAAML).

For a copy of the latest Switch indicative unit prices and loan information, please download the Switch Indicative Valuation Template . This template will give you information regarding the indicative unit price of your Switch Series, to enable you to calculate the approximate value of your investments and loan information for a generic investor in the relevant Series with a $100,000 Investment Loan. Please note that the calculations do not take into account any additional amounts payable under an Interest Loan (if applicable).

Alternatively, your Investment and Loan details can also be viewed by logging on to our secure online website, GearUp.

There are conditions regarding redemptions which are set out in the Macquarie Switch Product Disclosure Statement (PDS). Please note that MAAML has discretion whether to accept or reject a redemption request other than a Maturity Redemption Request. Any redemption requests accepted prior to Maturity will not be processed more frequently than quarterly.

Important information

The next redemption of Switch will be processed for the quarter ending 31 May 2012. To request a redemption effective 31 May 2012 (or nearest previous business day), a signed complete Notice to Redeem Form must be received by MAAML by 5pm 11 May 2012.

Because any redemption requests accepted prior to Maturity will not be processed more frequently than quarterly, then the next available date after this to request a redemption from Switch will not be before August 2012.

Please note it may not be possible for you to redeem your investment at any time prior to Maturity. Please see 'Macquarie Switch - redemption limited reached' section of the website for further details.

An update will be provided on this site closer to May 2012.

The directors of Macquarie Alternative Assets Management Limited, the Responsible Entity of Macquarie Switch, have prepared their annual report for Macquarie Switch for the year ended 30 June 2010.

The annual report has been independently audited by Ernst & Young and contains an independent auditor's report to unitholders to this effect. Please note that while the following annual report has been independently audited, no other information or reports on this web page have been audited.

30 June 2010