AUSTRALIAN GOVERNANCE MASTERS INDEX FUND LIMITED(AQF)

delisted from the close of trading on Monday, 16 July 2018 pursuant to Listing rule 17.11.

we understand the company restructured from a listed investment company to a listed investment trust with shareholders receiving one unit in AUSTRALIAN GOVERNANCE & ETHICAL INDEX FUND (AGM) for each share they held in AQF - reasons were broader investor appeal, improved capital management, broader investment strategy, more robust long-term structure

All of the assets of AQF were transferred to AGM following approval of the Restructure by shareholders. As at 30 June 2018, the unaudited estimated net tangible asset value after tax of AQF was $0.01 per share. This NTA takes into consideration the in-specie distribution to AQF shareholders of one AGM unit (valued at $1.87 per unit) for every share owned as at the record date of the Restructure, announced on 28 June 2018 and effective 9 July 2018.

AQF confirms that all conditions precedent to the Restructure, as set out in section 1.4 of the AQF shareholder booklet and notice of meeting dated 17 May 2018, were waived or satisfied and the Restructure has been completed. The net assets of AQF have been significantly reduced and AQF no longer has sufficient assets to maintain its listing on ASX. AQF intends to submit a formal request for removal from the official list on Monday 16 July 2018, effective as at close of trade that day.

With respect to the resolutions approving the restructure of Australian Governance Masters Index Fund Limited passed by shareholders at the general meeting on 18 June 2018, the AQF Board has determined to make a distribution of $1.87 per AQF share comprising a fully franked dividend of $0.4165 per share and a capital return of $1.4519 to be provided on 6 July 2018. On the effective date of the restructure, being 6 July 2018, shareholders will receive one fully paid ordinary unit in the Australian Governance & Ethical Index Fund for every ordinary share they hold in AQF as at record date, being 5 July 2018. Accordingly, no cash will be paid to AQF shareholders. The issue price for these units is $1.87 per unit.

At the 18 June 2018 general meeting, AQF shareholders approved the resolutions required to restructure AQF from a listed investment company to a listed investment trust with a broader investment mandate, known as the Australian Governance & Ethical Index Fund. The Board considers that the return of capital is consistent with the Restructure strategy disclosed to AQF shareholders in the Booklet. The return of capital is a key step in the Restructure process. Consistent with the restructure process, the board intends to: proceed with the reduction in capital on 6 July 2018 as part of the Restructure; apply for AQF to be removed from the official list of the ASX; and seek shareholder approval at a general meeting to wind AQF up.

The securities of Australian Governance Masters Index Fund Limited will be suspended from quotation at the close of trading today, Thursday 28 June 2018, under Listing Rule 17.2, at the request of the Company, following approval by the Company's shareholders of the restructure.

listed entity carried for record purposes only