Confidential / 2
Disclaimer
This presentation has been prepared by Antipodes Global Investment Company Limited (APL). The information contained in this presentation is for information purposes only and has been
prepared for use in conjunction with a verbal presentation and should be read in that context.
The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in
providing this presentation, APL has not considered the objectives, financial position or needs of any particular recipient. APL strongly suggests that investors consult a financial advisor prior to
making an investment decision.
This presentation is strictly confidential and is intended for the exclusive benefit of the institution to which it is presented. It may not be reproduced, disseminated, quoted or referred to, in whole
or in part, without the express consent of APL.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation.
To the maximum extent permitted by law, none of APL, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts
any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.
This presentation includes “forward looking statements”. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and
other factors, many of which are beyond the control of APL and its officers, employees, agents or associates that may cause actual results to differ materially from those expressed or implied in
such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are
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This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in
it forms the basis of any contract or commitment. APL’s offer of securities is made pursuant to a replacement prospectus issued by APL and dated 4 August 2016, which describes the terms of
the offer (Offer Document). This Offer Document is available http://antipodespartners.com/. Prospective investors should consider the Offer Document in deciding whether to acquire securities
in APL under the offer. Prospective investors who want to acquire securities under the offer will need to complete an application form that is in or accompanies the Offer Document.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of APL have not been, and will not be, registered under
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NOT FOR DISTRIBUTION IN THE UNITED STATES
Confidential / 3
• Why Listed Investment Companies?
• Why Global Equities
• Introducing Antipodes Global Investment Company
• Antipodes Partners
Agenda
Confidential / 5
LIC background
First LIC launched in 1923
Currently 78 LICs trading on ASX managing $28.5bn FUM
Market capitalisation of the sector has grown at 10.4% over 15 years and 11.4% over 5 years
Inflow of new capital has been well supported with the LIC sector trading at a 1.0% premium to its net tangible assets (NTA)
Strong growth has been underpinned by FoFA and SMSFs
The ASX LIC composition is 85% Australian equities and only 9% global equities
Source: ASX Data
Confidential / 6
• Initial capital is raised through an IPO and then new capital via corporate
issues that have Board approval
• Shares of a LIC trade on the exchange between a buyer and a seller - new
units are not created or redeemed
• A LIC is not obligated to trade at NTA and may trade at a premium or
discount
• Many investors use this as a buy or sell level, and to generate additional
alpha
What is a LIC?
A LIC is a closed-end investment scheme that offers access to a professionally managed portfolio of securities that is listed on the ASX
Confidential / 7
A LIC portfolio manager is able to focus on maximising long-term investment
performance and consistent fully franked income.
• Stable capital base: Not exposed to inflows and outflows, and able to earn a
compound return from retained earnings
• Tax aware vehicle: Tax paying entity that is incentivised to maximise post
tax performance including franking credits
• Supports consistent fully franked income: Dividends are announced at the
discretion of the board, and can be smoothed through the investment cycle
Performance and income
A Unit Trust must distribute all capital gains and income annually, which often make distributions variable and complicate tax planning
for investors
Confidential / 9
The global opportunity set is vast
• Across the globe there are ~8,000 companies over US$1b, compared with ~150 in Australia
Australia2%
Rest of the World98%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Olympic Medals
Consumer Discretionary
Consumer Staples
Energy
Financials
Healthcare
Industrials
Technology
Materials
Telecom
Utilities
Australia World
Source: Bloomberg, Antipodes
Global investment universe – Australia % of World
Australia represents just 2% of the investible universe
Confidential / 10
Global investing opens a world of opportunities
Socio-Macro Sector
European restructuring &reflation
Telecom, aerospace, financials
Korean governance reform Hardware, autos, financials
Indian macro/political reform
Infrastructure, property, financials
Donald Trump … ‘nuff said
Sector Thematic
Technology Cloud, big data/internet of things, cyber-security
Industrials/durables Nanotechnology, 3D printing, electric vehicles/autonomous driving
Healthcare Biologics, oncology, rare disease
Consumer/content Emerging middle class, social media, augmented reality
Financials Online disruption, blockchain, peer-to-peer lending
Energy Alternatives, storage, smart-grid
Confidential / 11
Opportunity to diversify Australian risk
Are Aussie investors crowding?
0x
5x
10x
15x
20x
All stocks > $1b (excluding resources & financials)
20
17
PE
Australia US ROW
Global equity returns (10Y annualised)
-10%
-5%
0%
5%
10%
15%
20%
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Y R
OLLIN
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(P.A
.)
Contribution from AUD Contribution from MSCI ACWI (USD)
But hardly the longer term pattern...
Source: Factset, Antipodes
Commodities boomabnormally strong AUD detracted
from global equity returns
Confidential / 12
Global as a risk reducer
• An allocation to global equities can offer significant diversification benefits, not available in the
local market
Source: Bloomberg, Antipodes
4%
9%
14%
19%
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VO
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ITY
Rolling 1Y Volatility
World Australia
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90%
100%
CO
RRELA
TIO
N
Australia's correlation to global markets1991 - 2016
“Don’t confuse lack of volatility with stability, ever” – Nassim Taleb
Confidential / 13
Blending reduces overall volatility
Source: Bloomberg, Antipodes
100% Australia
100% Global
11%
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12%
12%
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
VO
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ALLOCATION TO AUSTRALIAN SHARES
An allocation to global equities can reduce risk ☺
Confidential / 15
Terms of the Offer
Company name Antipodes Global Investment Company LimitedInvestment Manager Antipodes Partners LimitedASX Codes Shares APL
Options APLO
Offer Price $1.10 per ordinary share
Issue Size Min $100m
Max $220m
Overs $330mOffer Close (exp) Broker Firm 23 Sep 16
General Offer 30 Sep 16
Shares Trading 18 Oct 16Options Conditions 1 option per ordinary share
Strike Price, Expiry $1.10, 15 Oct 18
Investment Fees Management Fee 1.1% (plus GST) per annum
Performance Fee 15% (plus GST) out-performance v MSCI ACWISyndicate Corporate Advisor Seed Partnerships
Lead Arranger National Australia BankJoint Lead Managers Morgans CIMB
Morgan Stanley
Ord Minnett
Taylor Collison
Co-Managers Bell Potter Securities
JB Were
Wilsons
Confidential / 16
Jonathan Trollip Jonathan is an experienced Director with over 30 years experience. He is presently non-executive chairman of Future Generation Investment Company Limited and Global Value Fund Limited, and a non-executive director of Elemental Minerals. Jonathan has worked as a principal of Meridian and prior to that was a Partner with law firm Herbert Smith Freehills.
Independent Chairman
Chris Cuffe Chris has more than 25 years of experience in building successful wealth management practices. He is presently Chairman of UniSuper and Fitzpatrick Private Wealth and founder/producer of Cuffelinks. Chris has worked extensively in the wealth management industry and was the CEO of Challenger Financial Services Group, and Colonial First State.
Independent Director
Lorraine Berends Lorraine has worked for over 30 years in the superannuation and funds management industry. She presently serves on the BT Financial Group Superannuation Board and MDC Foundations, and is a member of the investment committee at QSuper. She served on the Board of the Association of Superannuation Funds of Australia for 12 years and the Board of the Investment Management Consultants Association for 13 years.
Independent Director
Alex Ihlenfeldt Alex has 25 years commercial experience in financial services. Alex is currently COO and CFO of Pinnacle Investment Management Limited with whom he has been associated with since its inception in 2006. Prior to joining Pinnacle in 2011, he spent 10 years with the Wilson HTM Investment Group as COO, CFO and Head of Wealth Management.
Non-Independent Director
Andrew Findlay Andrew joined Pinnacle as an equity partner in 2009. He is a Director of Antipodes Partners Limited and Pinnacle Fund Services Limited which acts as responsible entity or trustee for pooled funds managed by Pinnacle’s affiliated managers. Before joining Pinnacle, Andrew worked in a variety of financial marketing roles with Macquarie Bank, Deutsche Bank and UBS across Australia, Hong Kong, Zurich and London.
Non-Independent Director
Board comprises a majority of Independent Directors
Confidential / 17
Roadshow presentation series
Auckland Euro Bar 7:30-9:30
Shed 22, Princes WharfAuckland
25 August 2016
Wellington Rydges Wellington 7:30-9:30
75 Featherstone StPipitea, Wellington
26 August 2016
Perth Parmelia Hilton 10:00-11:00
14 Mill StreetPerth
31 August 2016
Melbourne Morgans at 401 10:00-11:00
401 Collins StreetMelbourne
1 September 2016
Sydney Wesley Conference Centre 10:00-11:00
220 Pitt StreetSydney
6 September 2016
Brisbane The Novotel Brisbane 10:00-11:00
200 Creek Street Brisbane
8 September 2016
Adelaide The Hilton Adelaide 10:00-11:00
233 Victoria SquareAdelaide
12 September 2016
Meetings are also being hosted in Albury, Canberra, Gold Coast, Hobart, Newcastle, Norwest, Sunshine Coast, Toowoomba, Townsville and Wollongong
Confidential / 18
• Pragmatic value manager of global equities (typically 30-50 long holdings)
• Founded March 2015 by Jacob Mitchell (formerly Deputy CIO of Platinum), team
includes five former colleagues
• Jacob Mitchell track-record: Platinum (2000 to 2014), at time of resignation over
$3.5bn under direct portfolio management and responsible with CIO for firm-wide
process implementation
Introducing Antipodes PartnersHigh conviction, capital preservation focus
Fund Period Alpha
Platinum International Fund 3.5 years (to Nov 14) Sub-portfolio, track record not publicly disclosed
Platinum Unhedged Fund 7 years (to May 14) +5.7% p.a. (after retail fees)
Platinum Japan Fund 6.5 years (to Nov 14) +9.9% p.a. (after retail fees)
Confidential / 19
Antipodes Partners’ track-record
*Source: Morningstar Direct
Alpha generation at below market levels of risk
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Andrew Baud
Deputy Portfolio Manager
Graham Hay
Deputy Portfolio Manager
Christine Ong
Investment Analyst
James Rodda
Investment Analyst
Rameez Sadikot
Head of Quant/Macro
Cleo Somers
Investment Analyst
Jacob Mitchell
CIO and Portfolio Manager
Sunny Bangia
Head of Execution
Chris Connolly
Investment Analyst
Consumer, healthcare
Technology,content,
communications
Property, durables,
Asia
Service,Asia
Global socio-macroeconomic
currency
Consumer, healthcare
GlobalFinancials,
infrastructure, currency
Industrials, commodities
Plus Associate Quantitative Analyst and Associate Investment Analyst
Firm overviewOver 100 years of experience with significant shared history of investing
• Non-investment functions outsourced to minority owner Pinnacle Investment Management ($21Bn FUM across seven boutique managers)
• Structured to reinforce strong alignment between investors and the investment team
• FUM has grown from ~$200m at inception to ~$1Bn*
* As at 5 September 2016
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Our philosophyTake advantage of markets’ tendency for irrational extrapolation
around change (cyclical, structural, socio/macro)
Business
Resilience
Starting valuation
Investment returns
Margin of Safety Multiple ways of winning
Confidential / 23
Sources of alpha
Example: Cisco Systems
Product cycle
Cyclical/structural growth insoftware defined networking,security, collaboration and IoT
Management
New CEO commitment to returnhalf of FCF to shareholders
Competitive dynamics
Incumbent with customer lock, captures 67% of global profit pool
Responding to threats, sells solutions not hardware
Regulation
Cybersecurity a keyaddressable market
Style
Rare “inexpensive defensive”
Macro
Sensitivity to corporatecapex
Multiple ways of winning
Confidential / 24
Portfolio levelSeek clusters of non-correlated alpha, some examples …
Korea - neglected market, generational change
US software incumbents - disruption fears overstated
Banks - neglected sector, select for cost leadership and
growth
US natural gas - cyclical recovery opportunity
China/India consumer - macro fears overstated
Short - beneficiaries of high yield debt bubble
Confidential / 25
Longs Shorts Currency
Multiple levers
• Typically 30–50 holdings
• Incumbents entering
recovery phase
• Disruptors at the
inflection point of
mainstream adoption
• Opposite logic to longs
• Take advantage of self-
reinforcing cycles
• Manage timing risk via
position sizing
• Identification of
significant over/under
valuation
• Sovereign risk assessment
• Requires higher margin
of safety than for longs
A high conviction, capital preservation outcome
Confidential / 26
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Z S
CO
RE
Investors are over-paying for Profitability and Growth
Profitability, Growth and Value are composite factors
Source: Antipodes Partners
Z Score (median EV/CE of upper quintile relative to lower quintile)
Look for cheaper, more eclectic expressions of profitability and growth
Profitability
Growth
Value
Confidential / 27
Global valuation clusteringPrice to Book relative to World vs. 21 year trend (z-score)
Region and sector defined by Antipodes Partners
Software, a cheaper global defensive
China/HK staples, cheap versus an expensive global peer group
Confidential / 28
China Resources Beer (CRB) – world’s largest beer brand
Beer sold(bL)
Valuation(US$b)
China Resources Beer 12.8 6
Fosters 0.7 121
Multiple of Fosters 18x 0.5x
Summary
• 22% volume share, over 50% more than second and third players
• Premiumisation opportunity - Average selling price of beer in China is 75% lower than Australia
Multiple ways of winning
• Premiumisation and consolidation drives higher prices and lower costs
• Great long-term opportunity for margins to normalise to global peers
Margin of safety
CRB sells 18x as much beer as Fosters at half the valuation!
1 SABMiller 2011 takeover
Long
Confidential / 29
Global valuation clusteringPrice to Book relative to World vs. 21 year trend (z-score)
Region and sector defined by Antipodes Partners
Financials, commodities –value or value trap?
Confidential / 30
0%
1%
2%
3%
4%
Germany Spain Italy France Australia Poland Turkey Romania
CO
STS /
TO
TA
L A
SSETS ING Market
ING Groep – a leader in digital distributionBuy the EU’s fastest growing bank at a discount!
Summary
• Dominant Northern European retail banking
franchise
• Like Australia, Netherlands is an
oligopolistic banking market
Multiple ways of winning
• Low cost disruptive internet banking model
e.g. Australia’s 6th largest mortgage player
• Asset reflation in Northern Europe
Margin of safety
• 0.8x book for 10.5% RoE (vs. EU bank avg.
of 1.0x and 8.0% RoE)
• Attractive 6.5% yield that can grow
Source: ING
A structural cost advantage over peers...
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Price to book: CBA v. ING Groep
CBA
ING
Long
Confidential / 31
US high yield debt, a growing risk
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$ t
rnUS high yield issuance
HY market size + bank loans (L)HY issuance as a % of corporate debt outstanding (R)
Short the expensive equity beneficiaries of this bubble:
• Leveraged cyclical businesses approaching the shake-out phase, e.g. Equipment rental, Auto
dealerships
• Over-hyped disruptors with deteriorating fundamentals, e.g. Biotechs, Cloud and Social
• Low volatility, bond proxies favoured by passive strategies that confuse momentum with value and low
volatility with quality, e.g. Tower companies priced for the illusion of duration
Source: Deutsche Bank, Antipodes Partners
Subprime mortgage market peaked at $1.3trn, HY market is 2.5x the size!
Short
Confidential / 32
Currency - Risk to be managed AND profit opportunity
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
RUB BRL NOK IDR EUR AUD MYR CAD KRW JPY HKD THB GBP INR USD SGD CNY
Devia
tion f
rom
20Y t
rend
fundam
enta
ls
Antipodes currency valuation
Cheap
Expensive
• Renminbi (CNY) has appreciated by 50% against trading partners on a real basis over 10yrs
• Norwegian Kroner (NOK) oil exposed, but cheap, saved the commodity dividend - strong “balance
sheet”
Source: Antipodes Partners
Why hedge to AUD if there are cheaper alternatives?
Currency
Confidential / 33
Investment performance: Antipodes Global Fund1
Absolute performance
Antipodes Global Fund (after fees2
) 7.4%
MSCI AC World Net Index -0.6%
Outperformance after fees 8.0%
Up-market capture 91
Down-market capture 48
Past performance is not a reliable indicator of future performance.1 12 months to 30 June 20162 1.20% plus 15% of outperformance (net of the base fee)3 Based on gross returns to 30 June 2016
Contribution to absolute performance3
Longs 4.0%
Shorts 4.0%
Currency/Liquidity 0.5%
Confidential / 35
Summarising our competitive advantage
High conviction, pragmatic value approach
Track record of alpha generation at below market levels of risk
Ability to profit from three levers -> longs, shorts and currency
Confidential / 36
Why Antipodes Global Investment Company?
• Portfolio -> high conviction, capital preservation focus
• Independent and qualified board -> rational capital management
• Liquidity -> $100m minimum offer to improve market depth and cover fixed
costs
• Clear communication -> bi-annual roadshow, monthly commentary, quarterly
reports, webinars, blogs etc.
• Competitive fee structure -> compared to Antipodes Global Fund unit trust
and competitors
• Option value for IPO subscribers -> 2 years to exercise
Confidential / 37
Portfolio positioning1
1 Antipodes Global Fund holdings as at 30 June 2016
Broad Sector Exposure Investment Rationale Examples Long Net Bench.
Global Cyclical 33.0 25.2 28.1
Hardware Next generation of foldable devices, AMOLED, 3D NAND Samsung Electronics 10.1 9.5 7.2
CommoditiesCheap, low cost oil and gas producers and services;Short expensive high cost oil producers and services
Consol. Energy 16.9 12.6 11.1
Industrials Product cycle and capital management optionality Hyundai Motors 6.0 3.1 9.9
Global Defensive 27.3 19.0 29.2
Software/ContentEvolving incumbents that are cheap due to fears regarding disruption
Cisco Systems, Baidu 16.9 14.4 8.1
Staples – DevelopedShort as downtrading, online/private label competition not discounted
Various 0.5 -2.2 9.1
Staples – EmergingChinese beer/liquor premiumisation opportunity, deep recession discounted
China Resources Beer 5.9 3.9 0.3
Healthcare Select exposures in an otherwise expensive sector 4.0 3.3 11.6
Domestic Cyclical 8.0 0.8 14.4
Developed Cheap growers with limited exposure to structural head-winds of down trading and increased online competition
Amerco, Japan housing 5.1 -1.1 13.1
Emerging Online retail/services 2.9 2.0 1.3
Domestic Defensive 8.0 6.2 10.9
DevelopedThirst for yield ongoing; net short high yield debt beneficiaries
Tower companies 3.3 1.5 9.7
Emerging Cheap defensive growth with yield support China Mobile 4.7 4.7 1.2
Financials 12.8 9.8 16.8
Developed Cheap, well capitalised banks with pricing powerKB Financial, ING Groep, Capital One Financial
10.4 8.0 14.5
EmergingCheap Indian structural financial services growth; no exposure to Chinese "national service" value traps
ICICI Bank 2.4 1.8 2.3
PreciousOperational recovery progressing, now more dependent on gold price outcome
1.9 1.9 0.6
Total - Sector 90.9 62.9 100.0
Confidential / 40
Mandate information
• Typical net equity exposure: 50-100%
• Max gross exposure: 150%
• Stock shorting: permitted
• Derivatives: permitted
• Currency management: permitted
• Benchmark: MSCI AC World Net Index in AUD
Confidential / 41
Cisco Systems – a pillar of global networking
Summary
• Cisco won’t be disrupted -> Sells solutions
not devices
• Captures 67% of global networking profits
Multiple ways of winning
• Cyclical upgrade cycle
• Structural growth in software defined
networking, security and collaboration
• Internet of Things
• Commitment to return half of FCF to
shareholders
Margin of safety
• Incumbent with strong customer lock
• 11x PE (vs 20x for comparable companies)
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EV/ Sales vs. World (Right)
Source: Antipodes Partners, Factset
“Nobody ever got fired for buying IBM Cisco”
Price (left)
Long
Confidential / 42
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Rig
Count
Gas P
roducti
on (Bcf/
d)
US gas production and rig count
Production
Rig Count (R)
US natural gas – A forgotten commodity
Source: EIA, Antipodes Estimates
Summary
• Current state of over supply has seen gas
prices fall by ~50% since 2013
Multiple ways of winning
• High decline rate (~22% p.a.)
• Material reduction in new investment
• Robust demand growth underpinned by
price sensitive electricity utilities
switching from coal to cheaper gas and
LNG exports
Margin of safety
• Current gas price ($2.8/mmBtu) well
below marginal cost of new production
(est. $4.50/mmBtu)
Confidential / 43
The Chinese credit hangover
• Since 2008 debt has expanded by 80% of GDP, underwritten by thinly capitalised, smaller banks in the
riskiest projects
• Corporates/SOEs have borrowed the most
• Household and government balance sheets are relatively healthy
• On our estimate of the credit gap, a 35% NPL cycle (the level reached in 2000) could be absorbed by the
national balance sheet
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% o
f G
DP
China non-financial debt to GDP
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% o
f G
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Govt. Corporate Household
Domestic non-financial debt to GDP
Source: 2014, UBSSource: BIS
Beware the impact of national service and building internal pressure
Confidential / 45
More information
Arranger and Joint Lead ManagerNicholas Chaplin Matthew JohnsonNational Australia Bank National Australia Bank
Tel: +61 401 194 448 Tel: +61 459 800 [email protected] [email protected]
Other Joint Lead ManagersPhillip Lee Hamish Head Ross Baildon Hamish NairnMorgan CIMB Morgan Stanley Ord Minnett Taylor Collison
Tel: +61 411 130 514 Tel: +61 422 621 888 Tel: +61 7 3214 5509 Tel: +61 8 8217 [email protected] [email protected] [email protected] [email protected]
Co-Lead ManagersTim Griffin Steve Zilioli John Lockton
Bell Potter JBWere Wilsons
Tel: +61 2 8224 2841 Tel: +61 414 588 953 Tel: +61 488 089 [email protected] [email protected] [email protected]
Investment ManagerJacob Mitchell Graham Hay Andrew Baud Sunny BangiaAntipodes Partners Antipodes Partners Antipodes Partners Antipodes Partners
CIO / Lead Portfolio Manager Deputy Portfolio Manager Deputy Portfolio Manager Head of Execution
Tel: 02 8059 7600 Tel: 02 8059 7603 Tel: 02 8059 7608 Tel: 02 8059 [email protected] [email protected] [email protected] [email protected]
Corporate Adviser Chris Donohoe Will Spraggett Mary-Ann BaldockSeed Partnerships Seed Partnerships Seed Partnerships
Tel: +61 413 315 631 Tel: + 61 400 535 577 Tel: +61 412 579 [email protected] [email protected] [email protected]
Confidential / 46
Disclaimer
Interests in the Antipodes Global Fund ARSN 087 719 515 (‘Fund’) are issued by Pinnacle Fund Services Limited, ABN 29 082 494 362, AFSL 238371. Antipodes Partners Limited
ABN 29 602 042 035 AFSL 481580 (‘Antipodes Partners’) is the investment manager of the Fund. The Product Disclosure Statement (PDS) for the Fund is available at
www.antipodespartners.com/funds. Pinnacle Fund Services Limited is not licensed to provide financial product advice. Any potential investor should consider the current PDS in
its entirely and consult their financial adviser before making an investment decision in relation to the Fund.
Antipodes Partners and Pinnacle Fund Services Limited believe the information contained in this presentation is reliable, however no warranty is given as to its accuracy and
persons relying on this information do so at their own risk. Any opinions or forecasts reflect the judgment and assumptions of Antipodes Partners and its representatives on the
basis of information at the date of publication and may later change without notice. The information is not intended as a securities recommendation or statement of opinion
intended to influence a person or persons in making a decision in relation to investment. This presentation is for general information only. It has been prepared without taking
account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is
not a reliable indicator of future performance.
To the extent permitted by law, Antipodes Partners and Pinnacle Fund Services Limited disclaim all liability to any person relying on the information in respect of any loss or
damage (including consequential loss or damage) however caused, which may be suffered or arise directly or indirectly in respect of such information contained in this
presentation. The information contained in this presentation is not to be disclosed in whole or part or used by any other party without the prior written consent of Antipodes
Partners. Antipodes Partners and their associates may have interests in financial products mentioned in this presentation.
*Morningstar
© 2016 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete
or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665
544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial
Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product
Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should
be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance.
To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004
523 782 ("ASXO").
Confidential / 47
Disclaimer
Zenith
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (ASX:APL rating issued 15 Aug 2016) referred to in this document is limited to
“General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial
situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice
before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should
obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith
usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and
regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines