An Overview of IFM

September 2013

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Today’s discussion

About the IFM Global Group

A profile of our asset classes

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About the IFM Global Group

IFM manages $46 billion . . . . . . in three of the four largest pension markets in the world.

. . . across four asset classes . . .

$46b

IFM AUM BY ASSET CLASS$bn, 30 June 2013

Debt14

Private Equity

2

Listed Equities14

Infrastructure16

* FUM figures at 30 June 2013.

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About the IFM Global Group

We do this for a range of leading wholesale investor brands that have a long term investment focus.

30 of them are shareholders, which provides for a unique ownership structure . . .

Superannuation funds

Non-super investment funds

Government authorities

Universities

Not-for-profit foundations

US Taft-Hartley funds

US endowment funds

. . . and a philosophical alignment that ultimately focuses on the member investor.

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IFM has an impressive 20 year history

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CEO and Board

Chief Executive

Board Members

Brett Himbury joined IFM in April 2010. Brett’s experience spans 30 years in the financial services industry. Most recently he was Managing Director of Tyndall Investment Management, the funds management business of Suncorp.  Prior to that he held a range of leadership roles across the Funds Management and Financial Planning sectors, and with this diversity of experience brings a strong track record and unique insight to IFM.

 

Chairman Director Director Director

Michael MigroHead of Business Strategy (BT Funds Management), Joint Managing Director (Westpac Financial Services), CEO (Perpetual Funds Management and Principal Global Investors Australia), and most recently in the USA as COO (Principal Global Investors) and President and Chief Operating Officer (Post Advisory Group LLC).Also a Director of Industry Fund Services and the Investment Committee of the Steve Waugh Foundation Australia.

Brian PollockDirector of Industry Super Holdings, Members Equity Bank, AE Smith & Son and Chair of the Macquarie Real Estate Equity Fund series of companies. Former chair of Becton Property Group and former director of Programmed Maintenance Services. Former Head of Property Investment and former Executive Director Property and Lending at National Mutual. Former Chairman of Clive Peeters and Former Chairman of Industry Super Property Trust.

Garry WeavenChair and Founder of IFM, Chair of Pacific Hydro, Director of Members Equity Bank. Appointed to the Federal Government’s Superannuation Advisory Committee in 2008, and to the Australian Securities and Investments Commission’s External Advisory Panel in 2009. Assistant Secretary of ACTU in the 1980s.

Murray Bleach Former Head of North America for Macquarie Bank (US) and former Global Head of Macquarie's Private Placements Group (Aus).

Director

Glenn BunneyChief Executive in industrial and human services, Trustee Director with HESTA, Director of ISPT and IGIPT. Member of the IFM IAB. Director and Board office on several not-for-profit Boards at State, National and International levels.

Director

Linda RubinsteinFormer Chair of the Australian Government Employees Superannuation Trust (AGEST). Former union nominee to the board of HOSTPLUS and ACTU nominee to the Board of Cbus. Has part-time role with Holding Redlich as Director of the firm’s Pro-Bono practice.

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Collective excellence for individual investors

IFM’s Strategic Goals

Meet or exceed return objectives across all products over rolling five year period

Double our preferred partners with like minded parties across multiple markets in five years

Grow profit to reinvest in capabilities

Retain, develop and motivate people who achieve excellence

IFM’s Cultural Foundations

Prioritise Investors

Achieve Excellence

Inspire Innovation

Respect Everyone

Lead by Example

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The future – challenging, exciting... potentially exceptional

Volatile, generally low growth investment markets

Deliver superior performance across all asset classes

Build scale and commensurate investor benefits by selectively diversifying

Continue to innovate to meet evolving investor needs

− Private Equity

− Private Assets

− Global Infrastructure Debt

− Australian Infrastructure

− Specialised Small Caps

Retain and leverage our unique model of ownership.

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Leadership in Infrastructure, Listed Equities, Debt and Private Equity

About the IFM Global Group

A profile of our asset classess

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A closer look at IFM Infrastructure

IFM FUM ASSET CLASS AND SECTOR BREAKDOWN$Bn, 30 June 2013

16

14

14

2

Debt

Listed Equities

Infrastructure

56%International

44%Australia

IFM invests $16 billion in Infrastructure assets . . .

. . . split across Australian and international funds in open-end structures . . .

. . . successfully sourcing, building and managing a diversified portfolio.

One of the world’s largest global infrastructure manager with 26 assets worldwide

Strong deal pipeline both locally and globally

Team of 47 infrastructure professionals in Australia, North America and Europe

79 investors with dependable capital sources

18 year track record has returned 12.1% pa (net of fees and tax) since inception*

Established infrastructure portfolio diversified across industry sectors and geographical regions

Open end fund structure aligned to the long-term characteristics of the asset class

* IFM Australian Infrastructure Fund from 1 August 1995 to 30 June 2013.

Infrastructure AUM amounts include undrawn investor commitments and all infrastructure cash holdings

Private Equity

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39 board seats on 26 assets across a range of industry sectors

Australian Infrastructure Fund18 assets

International Infrastructure Fund8 assets

Current Assets 18

Total NAV AU$6.6bn

Current Assets 8

Total NAV AU$5.9bn/ US$5.4bn

Infrastructure NAV amounts exclude undrawn investor commitments and feeder fund cash holdings

Airports33.1%

Toll Roads5.4%

Electricity Generation2.7%

Social Infrastructure6.4%

Renewables25.4%

Seaports27.0%

Telecommunications9.2%

Airports28.9%

Water & Wastewater

14.7%

Steam & Hot Water

Supply8.4%

Electricity Transmission &

Distribution14.1%

Pipelines & Related

Infrastructure11.5%

Electricity Generation

14.6%

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IFM Australian Infrastructure Fund assets

Investment DescriptionYear

AcquiredLocation

IFM Interest

Renewable electricity generation

1996Australasia, Chile and

Brazil100%

Airport 1997 VIC 23.7 %

Airport 1997 QLD 18.9%

Airport 1997 WA 3.2%

Toll road 1998 NSW 15.4%

Toll road 2000 NSW 14.4%

Airport 2001 NT 77.4%

Airport 2002 SA 12.8%

Electricity generation

2003 / 2008 VIC 100%

Transport hub /PPP

2003 VIC 100%

Investment DescriptionYear

AcquiredLocation

IFM Interest

Water treatment (PPP)

2003 NSW 70.0%

School buildings (PPP)

2003 NSW 100%

Public sector housing (PPP)

2005 NSW 100%

Law courts (PPP) 2006 WA 100%

Aged care facilities (PPP)

2006 VIC 100%

Defence Headquarters

(PPP)2008 ACT 100%

Seaport 2010 QLD 26.7%

Seaports 2013 NSW 35.1%

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IFM International Infrastructure Fund – portfolio

(1) Dalkia Polska investment was made in 2010 following on from the 2006 acquisition of Dalkia Łódź

CONTINENTAL EUROPE

US UK

Acquired

2007

2008

2006

Acquired

2004

2006

2013

Acquired

2010(1)

2010

DIVERSIFIED PORTFOLIO OF STABLE ASSETS ACROSS EUROPE AND THE US

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Global Infrastructure Team

PIONEER GLOBAL MANAGER

Leading global infrastructure manager

Specialists in Australia, Europe and North America

Long-term, like minded investor base with a dependable

capital source

18 year track record has returned 12.1% p.a. since

inception*

Established portfolio diversified across industry sectors and

geographical regions

Open-end fund structure aligned to the long-term

characteristics of the asset class

Strong deal pipeline both locally and globally

*IFM Australian Infrastructure Fund from 1 August 1995 to 30 June 2013 after fees and taxes.

Kyle ManginiGlobal Head of Infrastructure

Alec MontgomeryHead of Infrastructure – North America

Christian SeymourHead of Infrastructure – Europe

IFM Infrastructure heads – each with 20+ years infrastructure experience

Michael HannaHead of Infrastructure – Australia

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IFM manages $14 billion in listed equities . . .

. . . split across indexed, enhanced indexed and active products . . .

. . . managed by teams of experts, with a robust investment processes, supported by proprietary systems.

IFM FUM BY ASSET CLASS ($b) BREAKDOWN OF LISTED EQUITIES INVESTMENTS ($m)

Debt14

Private Equity

InfrastructureEquity

16

Listed Equities14

Experienced investment teams

Genuine long term investors with a clear focus

Robust investment processes

Proprietary systems

Track record of long term outperformance

Strong focus on ESG

Small Cap

Strategic

Passive

96.5

307

13,555

As at 30 June 2013.

2

A closer look at IFM Listed Equities

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Listed Equities – Passive

Full replication to benchmark with targeted enhancements (e.g. arbitrage opportunities, IPOs, placements, flows, off market buy backs)

Funds designed to pool investors with similar tax profiles (tax exempt, superannuation, tax paying)

Focus on net returns to investors (after fees and tax)

Consistent long-term performance

STRONG, EXPERIENCED TEAM

Gavin PetrieInvestment Associate

10 years experience

Laurence IrlichtInvestment Director, Listed Equities

16 years experience

Aidan PuddyExecutive Director, Listed Equities

20 years experience

Travis HooperAssociate

12 years experience

IFM Proxy & Engagement Committee (PEC)Clyde Haldane (Chair), Aidan Puddy, Neil Carter, Mark Zirnsak, Azhar Abidi

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Listed Equities – Strategic

STRONG, EXPERIENCED TEAM

Identify companies that stand out as superior capital investors

Unique selection criteria – Return on Equity (RoE) Impulse plus quality overlay drives buy/sell decisions

True ‘buy and hold’ strategy – genuine long-term investors with a clear focus

Concentrated, high conviction portfolio (number of stocks typically in range of 15 to 25)

Strong focus on ESG

Davina MachinInvestment Director, Listed Equities

17 years experience

Clyde HaldaneExecutive Director, Listed Equities

24 years experience

Travis HooperAssociate

12 years experience

IFM Proxy & Engagement Committee (PEC)Clyde Haldane (Chair), Aidan Puddy, Neil Carter, Mark Zirnsak, Azhar Abidi

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Listed Equities – Small Caps

LEADING TEAM WITH STRONG TRACK RECORD

Highly experienced team with excellent track record

Style agnostic Australian small caps portfolio

Focussed and rigorous fundamental research

Disciplined portfolio construction process

Strong alignment of interests

Jim CoplandInvestment Director, Listed Equities – Small Caps

13 years experience

Neil CarterExecutive Director, Listed Equities – Small Caps

15 years experience

Matt GriffinAssociate

4 years experience

Alex BibaniInvestment Analyst

9 years experience

IFM Proxy & Engagement Committee (PEC)Clyde Haldane (Chair), Aidan Puddy, Neil Carter, Mark Zirnsak, Azhar Abidi

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A snapshot of IFM Debt Investments

. . . across the debt risk/reward spectrum . . .

. . . via a specialist team with deep experience across the debt spectrum.

Experienced debt specialists

Recognised, niche credit market players

Superior, rigorous bottom-up credit skills within a global macro economic environment

Disciplined process

Strong access to deal flow through our network

Track record of long term outperformance

Aligned interests – IFM’s ‘raison d’être’; to create products that make sense and are good value for our investors

IFM FUM BY ASSET CLASS ($bn) BREAKDOWN OF DEBT INVESTMENTS ($bn)

Listed Equity

14

Debt14

Pri-vate Eq-uity2

Infrastructure (Equity)

16

Credit 4.9

Cash 9.3

Infra Debt 2.4*

Other

Credit 2.5

* Across one fund and seven mandates

• FUM figures at 30 June 2013• Figures may differ due to rounding.

IFM manages over $14bn of debt . . .

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A closer look at Debt Investments

SOLID BLEND OF EXPERIENCE AND SKILLS

Deep market knowledge

Strong networks providing access to deal flow

Robust process with strong credit disciplines

Product range that covers the risk / reward spectrum

Cash Vanilla Credit

Low returnHigh liquidity

High returnLow liquidity

Long-term assets suited to investors with a long- term outlook

Robin MillerGlobal Head of Debt Investments

25 years experience

Bruce PottsInvestment Director

30 years experience

Scott BarkerExecutive Director

18 years experience

Kevin LewisInvestment Director

22 years experience

Simon TungAssociate Director

17 years experience

Darren PascoAssociate Director

17 years experience

Lillian NunezAssociate Director

19 years experience

Nick ZannisAssociate

9 years experience

Hiran WanigasekeraAssociate ((UK)

8 years experience

Lloyd MitchellInvestment Analyst

6 years experience

David CooperExecutive Director (UK)

17 years experience

Huiyi (Stella) WangInvestment Analyst

• 7 years experience

Hannah LindbergInvestment Analyst ((UK)

6 years experience

Linda CunninghamInvestment Director

19 years experience

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A closer look at IFM Private Equity

IFM manages $2 billion inPrivate Equity . . .

. . . across Australian and international private equity . . .

. . . managed by an expert team.

Experienced team

Nine private equity specialists

Focus on growth and transformation

Active, engaged, niche investor

Global network

In-house legal and tax expertise

BREAKDOWN OF PRIVATE EQUITY Commitments A$Bn

Australia

International

$1.0

$1.4

(3 programs

(3 programs

16

14

14

2

Debt

Private Equity

Listed Equities

Infrastructure

IFM FUM BY ASSET CLASS$Bn, 30 June 2013

* FUM figures at 30 June 2013.

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Private Equity

Multiples focus rather

than internal rate

of return

Intensive ‘Bottom Up’

Due Diligence

Alignment

Active Engagement ‘for the life of investment’

Global Hurdle

Conviction investing

Steven LipchinHead of Private Equity

26 years experience

Gareth AdamsInvestment Director

19 years experience

James LeosInvestment Director

20 years experience

Anna MorrisonInvestment Director

15 years experience

Shane McKenzieAssociate

15 years experience

Sean LokeAssociate

12 years experience

STRONG TRACK RECORD IN PRIVATE EQUITY INVESTING

Wayne PhillipsInvestment Director

16 years experience

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Our investment results are strong - investment results to 30 June 2013

Fund/Benchmark 1 year Since inception

IFM Australian Infrastructure (after fees and tax) – inception Aug ‘95Obj – 10% pa over rolling three year periods

12.1%10.0%

12.1%10.0%

IFM International Infrastructure (after fees and tax) – inception Dec ‘04Obj – 10% pa over rolling three year periods

14.4%10.0%

7.5%10.0%

IFM AFIF Long (including franking, after fees, before tax) – inception Jun ‘99UBS Australian Composite Bond Index

6.6%2.8%

7.9%6.4%

IFM AFIF Short (including franking, after fees, before tax) – inception Jul ‘05UBS Australian Bank Bill Index

9.6%3.3%

6.7%5.2%

IFM Transaction Cash Fund (after fees, before tax) – inception Mar ‘08UBS Australian Bank Bill Index

3.7%3.3%

5.0%4.7%

IFM Strategic Australian Equities Fund (after fees) – inception Jul ‘08S&P/ASX 200 Accumulation Index

17.5%22.8%

1.4%3.3%

IFM Enhanced Indexed Australian Equities Portfolios (after fees) – inception May ‘03Benchmark – relative in accordance to client mandates

23.6%23.8%

9.9%9.6%

IFM Wholesale Small Caps Fund (after fees) – inception Mar ‘12S&P/ASX Small Ords Accumulation Index

12.4%-5.3%

-2.9%-16.0%

IFM Australian Private Equity Fund IV (IRR, after fees, before tax) – inception Feb ’07S&P/ASX All Ordinaries Accumulation Index

15.9%20.7%

7.5%0.9%

IFM International Private Equity Fund III (IRR, after fees, before tax) – inception Oct ‘07MSCI World ex Australia in USD

4.3%18.9%

3.7%0.4%

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Integral to our approach is a strong focus on responsible investment

In-house expertise

1External representation

3

Board reviews

Engagement

2

Workplace safety

Carbon footprint

Dedicated Director, Sustainability and Responsible Investment appointed to deliver on environmental, social, governance issues in acquisitions, and in the management of the existing assets and portfolios.

Speaker at the PEI Responsible Investment Forum (New York) and moderating the PRI infrastructure webinar in June 2011.

The PRI has showcased IFM as a “best practice” case study in its 2010 Report on Progress

IFM’s Director Responsible Investment is the Chair of the PRI infrastructure Steering Committee and we have been a signatory since 2008.

Other members of the committee include PGGM (Holland), ATP (Denmark), Caisse des Depots (France) and Capital Innovations (US).

IFM is a member of the Investor Group on Climate Change (IGCC) .

In 2010, IFM worked with the IGCC to prepare its submission to the Australian Federal government on its redesign of the renewable energy target.

Engagement has become genuine dialogue rather than a confrontation that does and is continuing to bring about improvement in ESG issues.

Mark Zirnsak, an independent expert for IFM on ESG matters, is currently a Director, Justice and International Mission Unit, Synod of Victoria and Tasmania, Uniting Church in Australia.. Mark has been responsible for engagement with companies to ensure compliance with the Synod Ethical Investment Policy since 2004.

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Summary

COLLECTIVE EXCELLENCE FOR INDIVIDUAL INVESTORS

Unique ownership model offering alignment of interests

Experienced, focused and specialist investment teams with a strong track record

Long-term strategic investment approach across all asset classes

Rigorous disciplined processes that marry investment and market knowledge

Strong, global networks

Focus on responsible investment

ContactEddy Schipper

Executive Director - Business Development

Phone: +61 (3) 8672 5315

Email: eschipper@ifm.net.au

Charles Brooks

Director - Business Development

Phone: +61 (2) 8076 5230

Email: cbrooks@ifm.net.au

Lucy Liu

Manager - Business Development

Phone: +61 (3) 8672 5318

Email: lliu@ifm.net.au

IFM OfficesMelbourneLevel 29 Casselden2 Lonsdale StreetMelbourne, VIC 3000Australia

SydneyLevel 2, 50 Pitt StreetSydney, NSW 2000Australia

New York99 Park AvenueSuite 1920New York NY 10016USA

London3rd Floor60 Gresham StreetLondon EC2V 7BBUnited Kingdom

BerlinEichenstraße 3A12435 BerlinGermany

www.ifm.net.au

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