First NZ Capital KiwiSaver Scheme - Wealth and asset management

First NZ Capital KiwiSaver Scheme

UN JOINED STROKE LINES Investment Statement 1 April 2010

First NZ Capital KiwiSaver Scheme 1

Important Information(The information in this section is required under the Securities Act 1978)

Investment decisions are very important. They often have long-term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself.

Choosing an investment

When deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below:

Page

What sort of investment is this? 2

Who is involved in providing it for me? 3

How much do I pay? 4

What are the charges? 7

What returns will I get? 8

What are my risks? 12

Can the investment be altered? 14

How do I cash in my investments? 15

Who do I contact with inquiries about my investment? 15

Is there anyone to whom I can complain if I have problems with the investment? 16

What other information can I obtain about this investment? 16

In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus on request.

Engaging an investment adviser

An investment adviser must give you a written statement that contains information about the adviser and his or her ability to give advice. You are strongly encouraged to read that document and consider the information in it when deciding whether or not to engage an adviser.

Tell the adviser what the purpose of your investment is. This is important because different investments are suitable for different purposes, and carry different levels of risk.

The written statement should contain important information about the adviser, including –

relevant experience and qualifications, and •whether dispute resolution facilities are available to you; and

what types of investments the adviser gives advice •about; and

whether the advice is limited to investments offered •by one more particular financial institutions; and

information that may be relevant to the adviser’s •character, including certain criminal convictions, bankruptcy, any adverse findings by a court against the adviser in a professional capacity, and whether the adviser has been expelled from, or prohibited from joining, a professional body; and

any relationships likely to give rise to a conflict •of interest.

The adviser must also tell you about fees and remuneration before giving you advice about an investment. The information about fees and remuneration must include –

the nature and level of the fees you will be charged •for receiving the advice; and

whether the adviser will or may receive a •commission or other benefit from advising you.

An investment adviser commits and offence if he or she does not provide you with the information required.

This document is an investment statement for the purposes of the Securities Act 1978. It is dated and prepared as at 1 April 2010.

First NZ Capital KiwiSaver Scheme2

Investment Manager’s Credentials

Established in 1965 as R A Jarden & Co and latterly part of Credit Suisse, First NZ Capital is one of New Zealand’s foremost investment houses. In addition to investment management, activities encompass investment banking, retail & wholesale stockbroking and investment research. First NZ Capital has a strategic alliance with Credit Suisse. The global credentials of Credit Suisse and First NZ Capital’s top rated domestic research augment First NZ Capital KiwiSaver Scheme’s highly experienced investment management team.

A dedicated call line has been established to answer questions or queries relating to either First NZ Capital or the First NZ Capital KiwiSaver Scheme. Please call 0800 421 114 during normal business hours. A website has also been established to provide further information about KiwiSaver and the First NZ Capital KiwiSaver Scheme – please see www.firstnzcapital.co.nz.

Changes to membership details may be made by writing to Trustees Executors Limited, PO Box 409, Wellington. Please detail your Scheme membership number on all correspondence and mark the envelope with “First NZ Capital KiwiSaver Scheme”.

What sort of investment is this?

The First NZ Capital KiwiSaver Scheme (the Scheme) is a registered KiwiSaver Scheme under the KiwiSaver Act 2006 (the KiwiSaver Act). All KiwiSaver Schemes must comply with the rules applying under the KiwiSaver Act (the KiwiSaver Scheme Rules).

The securities being offered in this investment statement are interests (units) in the Scheme. As a result of the Scheme being unitised, you are able to pool your funds with those of other members. Units confer an equal interest in the Scheme and are of equal value. Pooling resources can enable access to a wider variety of assets and provide greater diversity than you may achieve on your own.

The value of units in the Scheme fluctuates according to the changing value of the assets in which the Scheme has invested. It is intended that the units will be valued daily. The unit price for the Scheme is worked out by calculating the market value of the investments of the Scheme adding any income that is due to be received by the Scheme and deducting all liabilities (including tax, except for tax paid or payable on behalf of members) divided by the number of units on issue.

The principal purpose of the Scheme is to provide retirement benefits for natural persons who become members of the Scheme.

Given the long term nature of the Scheme, the Manager has decided to employ an aggressive growth-oriented investment style. The Scheme will therefore invest predominantly in growth assets in New Zealand and internationally. At least 80% will be invested in equity or equity-like investments. Equity markets, although more volatile, have a proven track record of superior long term returns. Therefore, equities will constitute the Scheme’s primary asset class. However, the Scheme will also have the flexibility to invest in cash, bonds, listed and unlisted trusts and funds, derivatives and options (foreign exchange, bonds and equity), foreign currencies and any investments that the Manager regards as appropriate in the context of the Scheme’s primary investment objective of long term growth. Because of the volatility associated with this strategy the Scheme should be viewed as suitable for investors with a longer-term investment horizon who are prepared to accept shorter term variable returns (see also What are my risks?).

The assets of the Scheme may be invested through the First NZ Capital Abacus unit trust range of products which are managed by the Manager, and in respect of which Trustees Executors Limited is trustee. More details on these unit trusts can be found in the investment statements available from the Manager.

The assets of the Scheme are managed by a professional investment manager, First NZ Capital Investment Management Limited, and are held on behalf of the Trustee (Trustees Executors Superannuation Limited) by the custodian, T.E.A. Custodians Limited. The Trustee and Custodian are independent of First NZ Capital Investment Management Limited.


Employer plans

This investment statement describes the general terms and conditions relating to the Scheme for persons who join as individuals. If you join the Scheme as part of a “plan” established within the Scheme by your current employer, then a supplement to this investment statement will detail certain terms and conditions set out in the agreement between your employer, the Trustee and the Manager under which your employer has established its own plan within the Scheme (Participation Agreement).

Those terms and conditions may include matters such as:

the rates or amounts of contributions which your •employer has chosen to make to the Scheme;

any vesting scale applying to all or some of those •contributions (in terms of which, when you leave your employer, some of its contributions made for your benefit will not be fully allocated to you); or

any lesser fees or charges applying with respect to •your employer’s plan.

This investment statement should therefore be read together with the relevant accompanying supplement.

When you leave your employer (if it has a plan) the standard terms and conditions as summarised in this investment statement will apply.

A copy of your employer’s Participation Agreement (and copies of any amendments to that Agreement) are available to you if you are a current or intending participant in your employer’s plan, on request to your employer.

No offer of interests in the Scheme based on a Participation Agreement may be made unless the Agreement is available free of charge, to current and intending participants of the relevant employer’s plan on request to the employer.

Who is involved in providing it for me?

The name of the scheme is the First NZ Capital KiwiSaver Scheme.

The Scheme is a defined contribution scheme. This means that your investment is made up of the contributions made to the Scheme for your benefit

and the returns on those contributions achieved over the period of the investment.

The Scheme has been operating since 2 July 2007.

Manager and promoters

The Manager of the Scheme is First NZ Capital Investment Management Limited (the Manager). The Manager is the administration manager, investment manager and Promoter of the Scheme, and is responsible for its overall administration.

The directors of the Manager are also promoters of the Scheme in terms of the Securities Act 1978 and Securities Regulations 1983. As at the date of this investment statement, the directors of First NZ Capital Investment Management Limited are:

Brent Anthony Swift (Chair) Auckland, New Zealand

Barry James Lindsay Wellington, New Zealand

Malcolm Stuart Davie Auckland, New Zealand

Richard Kim Young Auckland, New Zealand

Scott Andrew St John Auckland, New Zealand

The directors of the Manager may change from time to time.

Contact details for the Manager and its directors are currently as follows:

First NZ Capital Investment Management Limited Level 39 ANZ Centre 23-29 Albert Street PO Box 5333 Wellesley Street AUCKLAND 1010

Telephone: 0800 421 114 Facsimile: 09 302 5505

All investment applications, withdrawals and correspondence should be forwarded to:

First NZ Capital Investment Management Limited c/o Trustees Executors Limited Level 5 10 Customhouse Quay PO Box 409 Wellington


First NZ Capital Investment Management Limited as administration manager for the Scheme, has delegated to Trustees Executors Limited the performance of certain administration management functions for the Scheme.

The Manager is a 100% subsidiary of First NZ Capital Group Limited (FNZC), one of New Zealand’s leading finance houses with activities in investment banking, retail and wholesale stockbroking, economic and equity research, and investment management. Formerly operating in New Zealand as the business of Credit Suisse, FNZC maintains a strategic alliance with Credit Suisse.

An employer (and its directors if any) who enters into a Participation Agreement and establishes its own plan will also be promoters of the Scheme in terms of the offer of membership to employees of that employer. In accordance with the Securities Act (Multiple Participants Superannuation Schemes) Exemption Notice 1998 this information is disclosed in the relevant accompanying supplement to this investment statement for employee applicants for membership.

Trustee

The Corporate Trustee of the Scheme is Trustees Executors Superannuation Limited (the Trustee). The Trustee can be contacted at the Corporate Trustee’s principal place of business:

Trustees Executors Superannuation Limited Level 5 10 Customhouse Quay PO Box 3222 Wellington

The Trustee oversees and is legally responsible for the management and administration of the Scheme and the payment of benefits under the Scheme.

No guarantee

No person, including the Crown, the Manager, FNZC, Credit Suisse or the Trustee nor any of their respective directors guarantees the securities offered in this investment statement (including the repayment of any capital invested or the payment of any earnings or returns on any capital invested in the Scheme).

No Crown guarantee

There is no Crown guarantee in respect of the Scheme, any other KiwiSaver Scheme or

any investment product within the Scheme or any investment product within any other KiwiSaver Scheme.

Responsible Investment

Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme. You can obtain an explanation of the extent to which responsible investment is taken into account in those policies and procedures from the Trustee, free of charge, upon request.

How much do I pay?

Required contributions – employees

You may elect to contribute to the Scheme an amount equal to either 2%, 4% or 8% of your gross salary or wages as defined from time to time in the KiwiSaver Act (Salary or Wages). For KiwiSaver Schemes, your Salary or Wages is made up of salary or wages from your employment, including any bonuses and overtime, as well as other benefits.

If you are a new KiwiSaver member, or are transferring from another KiwiSaver Scheme and do not make a choice regarding your contribution rate, the default contribution rate will be an amount equal to 2% of your gross Salary or Wages.

If you are automatically enrolled, opt into KiwiSaver through your employer, or Inland Revenue notifies your employer to deduct contributions from your pay, the minimum default contribution rate for employees will be an amount equal to 2% of gross salary or wages.

Your employer will deduct the contributions from each payment of your gross Salary or Wages and pay them to Inland Revenue Department (the IRD). The IRD will then pay the contributions (with interest) to the Scheme (see IRD holding account later in this section).

There may be instances where you may pay money to the Scheme other than for the provision of retirement benefits (such as paying life insurance premiums). In these instances, such payments will


not count as a contribution under the KiwiSaver Act or towards your 2%, 4% or 8% contribution rate. Such money must be paid directly to the Manager and cannot be paid via the IRD.

If you are already contributing at 4% or 8%, this contribution rate will be retained unless you choose otherwise by notifying your employer. If you start new employment and do not notify your new employer of your existing contribution rate the default contribution rate of 2% will apply.

You have the ability to change your contribution rate between 2%, 4% or 8%. This is explained in detail under Can the investment be altered?

Employer contributions

Your employer will be required to make fully vested (i.e. unconditionally allocated to you) employer contributions to a KiwiSaver Scheme (or a complying superannuation fund) for your benefit, while you are contributing from your gross Salary or Wages, if:

you are over 18 years of age; and•

have not reached the End Payment Date (the date •you are entitled to receive retirement benefits – see What returns will I get?).

This compulsory employer contribution requirement is 2% of your gross salary or wages. Salary or Wages for employer compulsory contributions purposes excludes parental leave payments out of public money and ACC compensation.

If your employer contributes to a complying superannuation fund for your benefit, then any compulsory employer contributions may be split between the Scheme and the complying superannuation fund (as defined in the Act) if agreed between you and your employer. If this is not agreed, your employer’s compulsory contributions will be allocated to your Scheme balance first, up to the minimum requirement, the remainder then allocated to your complying superannuation scheme.

Non-employees

You can join the Scheme by completing the application form attached to this investment statement if you are self-employed, under 18, or between 18 and 65 and not working. In such circumstances, your contributions to the Scheme may be made by:

Sending a personal cheque to First NZ Capital •KiwiSaver Scheme, c/o Trustees Executors Limited, PO Box 409, Wellington; or

By regular direct debit (please complete •the direct debit authority attached to this investment statement).

Please note that children require an IRD number and their application form needs to be signed by a parent/guardian.

IRD holding account

If the Scheme is the first KiwiSaver Scheme that you sign up to, then contributions received by IRD during the three month period after your first contribution is received by IRD will generally not be passed on to the Scheme until as soon as practicable after the end of that three month period. During that period:

your contributions will be held by IRD in a tax-free •interest-bearing holding account; and

you can obtain information on your contributions •direct from the IRD.

In some cases, the IRD and the Manager may agree on a minimum contribution threshold amount and the three-month period may be extended until that amount is reached. As at the date of this investment statement, there is no minimum contribution threshold amount which must be met before IRD passes your contributions to the Manager.

Further contributions

You can choose to make additional contributions to the Scheme on a regular or lump sum basis.

Additional regular contributions must be at least $100 per month and can be paid:

direct to the Scheme by direct debit on a monthly •basis by completing the direct debit form (attached at the end of this investment statement); or

by cheque made payable to the First NZ Capital •KiwiSaver Scheme and posted to Trustees Executors Limited, PO Box 409, Wellington.

Additional lump sum contributions must be at least $2,500 for each such lump sum contribution and can be paid:

via the IRD by internet banking or deposit at any •Westpac branch (you will need to provide your name and address, your IRD number and whatever other information the IRD may require from time to time); or



You can also arrange for other persons, including your employer, to make additional regular or lump sum contributions to the Scheme on your behalf. These can be paid:

via the IRD by internet banking or deposit at any •Westpac branch (you will need to provide your name and address, your IRD number and whatever other information the IRD may require from time to time); or


The Manager may treat any units in the Scheme as void if those units are issued against uncleared payments and such payments are not subsequently cleared.

Further details about making additional contributions are available from the Manager. As at the date of this investment statement, there are no fees/charges associated with making lump sum or regular contributions, but the Manager may impose such fees at any time, in accordance with the Trust Deed.

Transfers to the Scheme

You may only be a member of one KiwiSaver Scheme at a time. If you are currently a member of another KiwiSaver Scheme, then by joining the Scheme you will end your membership of your current KiwiSaver Scheme and will be deemed to have directed the trustee of your current scheme to transfer your benefit and membership to this Scheme. Upon receipt of your transferred benefit from your existing scheme, this will be invested into the Scheme, on the same basis that you have selected for ongoing contributions.

Government Contributions

If this is the first time you have joined a KiwiSaver Scheme, the Government will make a contribution (currently $1,000) to the Scheme for your benefit (the Kickstart Contribution Amount). The Kickstart Contribution Amount will be made approximately three months after your first contribution to the IRD or to the Scheme (as applicable).

See What returns will I get? for the restrictions on withdrawing your Kickstart Contribution Amount.

Contribution holiday

You are entitled to apply to the IRD to suspend your contributions to the Scheme, (i.e. to take a “contribution holiday”) if:

after your first contribution (but before 12 months •following that date), you are suffering, or likely to suffer, financial hardship, in which case the length of the contribution holiday will be three months (unless IRD agrees to a longer period); or

12 months have passed since your first •contribution was received by the IRD, or since you first contributed direct to a KiwiSaver scheme (if you have only made direct contributions) in which case the length of the contribution holiday will be a minimum of three months and a maximum of five years.

The IRD will contact you before your contribution holiday expires and you may apply for a new contribution holiday. There is no limit to the number of successive contribution holidays.

You may at any time revoke or reinstate your contribution holiday by giving notice to your employer, requiring your employer to start or stop (as applicable) making deductions from your gross Salary or Wages. This is subject to the proviso that no contribution holiday may be for fewer than three months unless your employer agrees.

Further details about contribution holidays are available from the Manager.

Tax on contributions

Members contribute a percentage of gross salary or wages to the Scheme. However, tax credits will be available for contributions (for details, see KiwiSaver Member Tax Credit in the following section).

If you are contributing at the rate of 2% or more of your gross salary or wages, your employer’s contributions are exempt from employer’s superannuation contribution tax (ESCT) up to a maximum of 2% of your gross salary or wages.

Additional employer contributions to the Scheme above the maximum tax-exempt amount will be subject to ESCT depending on the amount of your


salary or wages and employer superannuation contributions.

The Government contributions (being the Kickstart Contribution Amount) will not be considered income or a gift to you for tax purposes. KiwiSaver Member Tax Credits will be non-taxable excluded income.

KiwiSaver Member Tax Credit

While you contribute to the Scheme, you may be eligible for a tax credit that matches the amount of your contribution to the Scheme, (the KiwiSaver Member Tax Credit), unless you are also a member of a complying superannuation fund. At the date of this investment statement the KiwiSaver Member Tax Credit will match the total contributions you make over a year, up to a maximum of $20 a week or $1,042.86 a year, depending on your start date with KiwiSaver and how much you have contributed (refer to What returns will I get?).

To be eligible, you will need to be:

aged between 18 and the older of (a) 65 years; and •(b) the age you will be 5 years after you join any KiwiSaver Scheme or complying superannuation fund (End Payment Date) (refer to What returns will I get?); and

principally resident in New Zealand, unless you are •a Government employee living overseas or you are volunteering (or working for token payment) for specified charitable organisations.

The KiwiSaver Member Tax Credit will be available to you whether you are employed or not.

The KiwiSaver Member Tax Credit will be claimed by the Manager annually on your behalf. When you withdraw from the Scheme, the Manager will be able to claim for your benefit a KiwiSaver Member Tax Credit for the period since the previous 1 July, unless you are transferring to another KiwiSaver Scheme.

Upon receipt of each KiwiSaver Member Tax Credit, the Manager will apply it to purchase units in the Scheme (or add it to your benefit, if you are withdrawing your full entitlement from the Scheme).

See What returns will I get? below for the restrictions on withdrawing your Tax Credit Amount.

What are the charges?

Entry and exit fees

The Manager currently does not charge any entry fee to join the Scheme or to make contributions to the Scheme, but may impose such fee at any time.

There are currently no exit fees for withdrawing from the Scheme.

The Manager may introduce entry, exit or other fees in the future on written notice to members and in accordance with the Trust Deed.

Management fee

Currently the Manager is entitled to be paid a management fee of 0.6% (plus GST (if any)) per annum of the gross asset value of the Scheme for the services that it provides to the Scheme.

Subject to the “reasonable” fees requirements in the KiwiSaver Act, the Manager may with the Trustee’s approval, increase its fees or charge a fee that is not currently being charged, on giving notice to members in accordance with the Trust Deed.

The management fee will be calculated daily and paid to the Manager each month, and deducted from unit prices.

The Manager is also entitled to be reimbursed for costs incurred in discharging its obligations as Manager of the Scheme.

To the extent that the Scheme’s assets are invested in the First NZ Capital Abacus unit trust range of products or external pooled vehicles, management fees will be charged within those funds in respect of such investments at wholesale rates (plus any performance fee) agreed between the Trustee and the Manager. The First NZ Capital Abacus range of unit trust products include a management and performance fee payable to the Manager. In addition Trustees Executors Superannuation Limited is also paid a fee as trustee of the funds. The performance fees are currently 15% of the returns over a hurdle rate of 10% pa (before tax, plus GST, if any). Note that these underlying manager charges are in addition to the 0.6% pa management fee.


Trustee’s annual fee

The Corporate Trustee is entitled to receive a fee of up to 0.06% per annum of the gross asset value of the Scheme, plus GST (if any), for trusteeship services. This fee will be calculated daily and paid to the Corporate Trustee each month, and deducted from unit prices.

Custodial and other administration fees

Trustees Executors Limited, which is a related company of the Corporate Trustee, has been appointed by the Manager to perform certain other administration services for the Scheme (currently including custodial services) and is entitled to receive a fee of up to 0.09% per annum of the gross asset value of the Scheme, plus GST (if any), for performing those services. That fee will be calculated daily and paid each month, and deducted from unit prices. T.E.A. Custodians Limited, also a related company of the Corporate Trustee, is nominated as custodian of the Scheme’s assets.

Administration fee

The Trustee and/or the Manager will be reimbursed from the Scheme’s assets for the day-to-day administration of member accounts and maintaining the member registry for the Scheme. This fee will be up to $2.50 per month per member, plus GST (if any), and will be calculated daily and paid by cancelling some of your units.

Expenses

The Manager and the Trustee are entitled to be reimbursed from the assets of the Scheme for all expenses incurred in connection with operating the Scheme, and the acquisition or dealing with investments.

Subject to the KiwiSaver Act, the Trustee is also entitled to be reimbursed from the assets of the Scheme for costs incurred by it in discharging its obligations as Trustee under the terms of the Trust Deed.

The Manager and the Trustee may recover administration expenses, such as audit and legal fees, from the Scheme, as well as losses that are irrecoverable due to refunds that arise from being incorrectly paid by any employers of the Scheme. In joining the Scheme, you accept and authorise these deductions. The actual amount of these expenses cannot be ascertained until they are

incurred or realised. There is no maximum amount of reimbursable expenses.

The financial statements for the Scheme will incorporate all the costs borne by the Scheme in the most recent financial year. The costs borne by the Scheme affect returns to members.

The Scheme may be charged fees and expenses for investing in funds issued or managed by investment managers. These fees and expenses may affect members’ returns and will be reflected in unit prices.

In calculating the net asset value of the Scheme (and accordingly unit pricing), the Manager may deduct the amount of such expenses that are payable or reimbursable from the Scheme which, in the opinion of the Manager, should be deducted for the purposes of making an equitable and reasonable determination of the net asset value of the Scheme.

Changes to fees

The Trustee and Manager may increase or impose new fees on giving written notice to members and in accordance with the Trust Deed. There is no limit to the amount to which a fee can be amended. However, under the KiwiSaver Act, all fees and expenses charged to you must be “reasonable”. You can apply to the Court for an order that an unreasonable fee be annulled or reduced. Any such application must be made within one year of the day that the fee is imposed or debited.

What returns will I get?

There is no guarantee from the Crown, the Trustee, the Manager nor any of their directors nor any other person in respect of the Scheme.

Key factors that determine the returns

The key factor determining the returns members •will get from the Scheme is the investment performance of the assets purchased in accordance with the Scheme’s investment objectives, as set by the Manager. A summary of the investment objectives of the Scheme is detailed earlier in this investment statement under the heading What sort of investment is this?


The following factors will also affect the amount of •the return:

the amount of the fees referred to in the section •What are the charges?;

taxation – refer to the • Taxation section later in this section; and

the number of units you have, and the unit values •at which the Manager invests or redeems units on your behalf in the Scheme.

The nature of this investment is such that no quantitative amount of return on the units can be guaranteed. Members should be aware that the unit price may fluctuate upwards and downwards as the value of the underlying investments change.

Benefit payments to members will be in the form of a lump sum or, where a member elects, regular instalments (subject to withdrawal requirements), obtained by cashing in units either when, or after, you have reached the later of:

the standard qualifying age for New Zealand •superannuation (currently 65); or

when you have been a member of one or •more KiwiSaver Schemes for a period of 5 years, or you have been a member of one or more Complying Superannuation Funds (a Complying Superannuation Fund is a registered superannuation scheme with a KiwiSaver-equivalent lock-in benefit facility that has been approved by the Government Actuary) and KiwiSaver Schemes for a period of 5 years.

This is known as the End Payment Date.

You may also receive a benefit payment if your withdrawal is permitted under the KiwiSaver Scheme Rules (a Permitted Withdrawal).

The Trustee is legally liable to pay your benefits from the Scheme, but under the Trust Deed, the Trustee has delegated to the Manager the functions of determining whether benefits are payable and arranging for the payment of benefits to or in respect of members, and for transfers to other KiwiSaver Schemes or foreign superannuation schemes. The Manager has delegated these functions to Trustees Executors Limited (which is a related company of the Corporate Trustee).

In some cases, your Tax Credit Amount cannot be withdrawn from the Scheme. Additionally, you cannot withdraw your Tax Credit Amount:

before you (or your personal representative where •necessary) give the Manager a statutory declaration stating the periods for which you have had your principal place of residence in New Zealand; or

to the extent to which the Manager or Trustee have •notice that your claim for the Tax Credit Amount is wrong, because the periods during which you met that residency requirement were wrongly advised.

Lock-in

Once the End Payment Date has been reached, you may withdraw some or all of your entitlement from the Scheme at any time. This will typically be payable as a lump sum. However, you may also choose to defer such payment or receive regular instalments after your End Payment Date, subject to a minimum withdrawal amount of $2,500 and a limit of one withdrawal per year.

Purchase of home

You may be able to make a withdrawal to purchase a home and may be eligible for a home deposit subsidy (subject to the conditions described below), once three years or more have passed since:

the IRD received your first KiwiSaver •contributions; or

you first joined a KiwiSaver Scheme (if you have •only made direct contributions to the Scheme).

If you have been a member of more than one KiwiSaver Scheme, then the combined membership will count towards the three-year period.

You may not make a withdrawal for the purpose of purchasing a home if you have already previously made a withdrawal from this Scheme or another KiwiSaver Scheme for this purpose.

The amount withdrawn:

must be used to purchase a home that will be your •principal place of residence and that home must be the first home you have ever purchased (except if you are a ‘second chance’ home buyer – see below); and

excludes the Kickstart Contribution Amount and •the Tax Credit Amount.

You will remain a member of the Scheme and, unless you have taken a contribution holiday, you must continue contributing to the Scheme. You may also be eligible to make a withdrawal to purchase a home as a ‘second chance’ home buyer if Housing New Zealand notifies the Trustee that your financial


position (in terms of income, assets and liabilities) is what would be expected of a person who has never owned a home and you meet certain criteria.

A home deposit subsidy will be available to members who satisfy certain conditions.

If you are part of an employer plan within the Scheme, then your employer’s supplement to this investment statement will detail whether your employer’s contributions (or the vested portion of those contributions) can be withdrawn for a first home purchase, and (if so) whether there are any restrictions in that regard.

Currently, the subsidy is a Crown contribution of $1,000 for each year of contributions (subject to a minimum of three years’ contributions) up to a maximum of $5,000 per member.

The home deposit subsidy will be administered by Housing New Zealand Corporation. If you would like more information, please contact the Manager or visit www.hnzc.govt.nz.

Death

In the event of your death, your full Scheme entitlement will be paid, when requested, to your personal representative. In such circumstances, the End Payment Date does not have to be reached.

Significant Financial Hardship

You may make a withdrawal if the Trustee is reasonably satisfied that you are suffering or likely to suffer from significant financial hardship.

Significant financial hardship is defined in the KiwiSaver Scheme Rules to include significant financial difficulties arising because of:

your inability to meet minimum living expenses; •

your inability to meet mortgage repayments on •your principal family residence, resulting in the mortgagee seeking to enforce the mortgage;

the cost of modifying a residence to meet •special needs arising from your own or a dependant’s disability;

the cost of medical treatment for your own or a •dependant’s illness or injury;

the cost of palliative care for you or a dependant; •

funeral costs for a dependant; or•

your suffering from a serious illness •(see next section).

The Trustee must be reasonably satisfied that reasonable alternative sources of funding have been explored and have been exhausted.

The amount withdrawn:

may be limited by the Trustee to a specified •amount that, in the Trustee’s opinion, is required to alleviate the particular hardship you are suffering; and

excludes the Kickstart Contribution Amount and •the Tax Credit Amount.

You will remain a member of the Scheme and, unless you have taken a contribution holiday, you must continue contributing to the Scheme.

You will need to provide evidence to support your withdrawal request (this may include a statutory declaration of your assets and liabilities and medical evidence).

Serious Illness

You may make a withdrawal if the Trustee is reasonably satisfied that you are suffering from a serious illness. “Serious illness” is defined in the KiwiSaver Scheme Rules to mean an injury, illness or disability:

that results in your being totally and permanently •unable to engage in work for which you are suited by reason of experience, education or training (or any combination of those things); or

that poses a serious and imminent risk of death.•

You may make a withdrawal of your full Scheme entitlement (including the Kickstart Contribution Amount but excluding any unvested employer contributions) for the purpose of Serious Illness. When you make a withdrawal of your full Scheme entitlement for the purpose of serious illness, you will cease to be a member of the Scheme.

Permanent emigration

You may apply to the Trustee to withdraw your full Scheme entitlement after one year has passed since you permanently emigrated from New Zealand. Your Tax Credit Amount cannot be withdrawn, and will be repaid to the IRD.

Any time after you have permanently emigrated, you may have the Trustee transfer your full Scheme entitlement to a foreign superannuation scheme, provided the foreign scheme is authorised for that purpose by regulations made under the KiwiSaver Act.


As at the date of this investment statement, no such regulations have been made.

You will need to provide a completed statutory declaration and other documentary evidence.

Transfer to another KiwiSaver Scheme

A person may be a member of only one KiwiSaver Scheme at any one time. If you choose to transfer your Scheme entitlement to another KiwiSaver Scheme then you must transfer your full Scheme entitlement (the transferred amount must include the Kickstart Contribution Amount and the Tax Credit Amount). The amount transferred will exclude (if applicable) any unvested contributions from your employer. In certain limited circumstances you may be compulsorily transferred between KiwiSaver schemes under the KiwiSaver Act. In these cases you will receive information from the IRD about the choices available to you.

If you become a member of the Scheme because it is your employer’s chosen KiwiSaver Scheme, then if you leave that employer’s service you will remain a Scheme member. If, while you remain in that employer’s service, the employer chooses another KiwiSaver Scheme, you will remain a member of the Scheme but you can elect to transfer to that other KiwiSaver Scheme if you wish.

Withdrawals pursuant to law

The Trustee must comply with the provisions of any enactment or order of any Court that requires them to release some or all of your Scheme entitlement (in accordance with that enactment), whether or not you have reached your End Payment Date. This includes a requirement under a property sharing order under the Property (Relationships) Act 1976.

There may be taxation consequences of withdrawing all of your Scheme entitlement – refer to the Taxation section below.

Taxation

Returns to investors are likely to be affected by taxation. This section briefly summarises the taxation regime current at the date of this investment statement. It is intended as a general guide only. All investors have different taxation positions and should seek their own tax advice prior to investing.

The Scheme is a Portfolio Investment Entity (a PIE) and a portfolio tax rate entity as defined in the

Income Tax Act 2007. The tax regime applicable to a PIE provides that all taxable income, losses and tax credits related to the Scheme’s investments must be allocated to members in proportion to their daily unit holdings in the Scheme, with tax payable at each member’s prescribed investor tax rate.

Under the PIE legislation, the Scheme will calculate and pay tax on the net income it allocates to your account at the following rates (referred to as the prescribed investor rate or PIR):

At the date of this investment statement a member will either have a PIR of 12.5%, 21% or 30%. To qualify for a 12.5% or 21% PIR, a member must supply a valid IRD number and meet the following criteria in relation to either of the previous two tax years:

If the taxable income is

And taxable income plus PIE income of

Then the PIR that applies is

$0 – $14,000 $0 – $48,000 12.5%

$0 – $14,000 $48,001 – $70,000 21%

$14,001 – $48,000

$0 – $70,000 21%

Individual members who do not qualify for a 12.5% or 21% PIR (including non-residents) will have a PIR of 30%.

You will be required to provide your IRD number, applicable prescribed investor rates and other details to the Manager on application. Each year the Scheme will request you to confirm your prescribed investor rate.

The Commissioner of Inland Revenue can require the Manager to disregard a prescribed investor rate notified by a member if the Commissioner considers the rate to be incorrect. In such cases, a 30% default rate will apply.

The tax payable by the Scheme on the net income allocated to you for a period will depend on the net income allocated to you for that period and your prescribed investor rate (12.5%, 21% or 30%). The Scheme will cancel units equivalent in value to the amount of that tax liability. If there are excess tax credits for a period, or the Scheme has a loss rather than net income for a period, the Scheme should receive a tax rebate and will be able to issue additional units to members on account of that rebate.


Fees paid by members for ongoing management and administration services can be taken into account as deductions for the purposes of calculating the net income allocated to each member.

If you make a full withdrawal or transfer from the Scheme, any tax liability on the Scheme’s net income which is attributable to you will be deducted from the balance withdrawn or transferred. A partial withdrawal will be deemed to be a full withdrawal if the units left are insufficient in value to cover the accrued tax liability. An amount will be deducted (by cancelling some of your units) on account of the accrued tax liability. The Manager will deduct the tax on the net income attributed to the remaining members during April each year, also by cancelling units.

If you have provided the Manager with the correct prescribed investor tax rate, the tax paid on income allocated to members by the Scheme will be a final tax. You will not need to file a tax return in respect of your investment in the Scheme. There will also be no impact on family assistance eligibility, student loan repayment obligations or child support payment obligations. You must notify the Manager if your prescribed investor rate changes or if you cease to be resident in New Zealand (as the rate for non-residents is 30%,). If you fail to provide such notification, you will be personally liable to pay any resulting tax shortfall and must file a tax return.

If you notify the Manager with a prescribed investor rate that is higher than the correct prescribed investor tax rate, the IRD will not refund you the difference.

The IRD can instruct the Manager to apply a different PIE to the one notified by the member.

Fund withdrawal tax will not apply to any Permitted Withdrawal under the KiwiSaver Rules.

Gains or losses made by the Scheme on the sale of shares in New Zealand resident companies or Australian resident listed companies (on an Australian Securities Exchange (ASX) approved index) will not be taxable or deductible.

Foreign equities (other than equities in Australian resident companies (and certain unit trusts) listed on an ASX approved index) will generally be taxed under the fair dividend rate method. Under this method, the Scheme will be taxed on 5% of the average daily market value of such offshore shares. Dividends and the proceeds of selling such foreign equities will not be taxed. Equity losses will not be

deductible but foreign tax credits may be available to offset tax payable.

The Scheme will be taxed on any dividends received from New Zealand resident companies and Australian resident companies (and certain unit trusts) which are listed on an approved ASX index.

Foreign equities offering guaranteed or fixed rate returns, or 80% or more invested in New Zealand dollar denominated debt securities or determined by IRD to be debt in economic terms, will be taxed under the comparative value method (i.e. annual change in market value plus distributions).

Debt securities will be taxed under the financial arrangement rules on an accrual basis (mark to market).

All fees that are deductible will be offset against income allocated to members by the Scheme and cannot be deducted in personal tax returns (even when they are charged directly to members).

Taxation legislation and rates of tax are subject to change. The impact of taxation may vary depending on your independent circumstances. You should always seek independent professional tax advice.

For more information regarding PIRs please refer to the IRD website: www.ird.govt.nz.

What are my risks?

Risk factors

Prospective members should carefully consider the following risk factors which may affect returns, and a member’s ability to recover money invested in the Scheme before investing:

returns will be affected by the performance of the •investments chosen for the Scheme which may be affected by the performance of the investment markets generally (Market risk). Market risk includes movements in the general price level, demand and supply in the market in which the relevant investments are made, the sector(s) in which the investments are made, and economic and regulatory conditions, including market sentiment, inflation, interest rates, employment, political events, environmental and technological issues,


and consumer demand internationally and in New Zealand and Australia;

as a portion of the underlying investments may •be invested in Australia or other offshore markets, returns may be affected by movements between foreign currencies and the New Zealand dollar;

because the Manager may use futures, options, •warrants, swaps, stock lending, currency hedging arrangements and other derivative instruments to leverage the Scheme, the investment movements may be more volatile than if the Scheme is invested solely in equities;

returns may be affected by any adverse regulatory •changes in both New Zealand, Australia and other offshore markets in which the Scheme may invest, which could have an impact on investments;

an underlying investment of the Scheme in •a company may be affected by unexpected changes in that company’s operations, business environment, or the company may become insolvent;

some investments may not be easily converted •into cash with little or no loss of capital and minimum delay, because of either inadequate market depth or disruptions in the market place. Securities of small companies in particular may, from time to time and especially in falling markets, become less liquid;

there is always a risk of loss arising from the failure •of a debtor or other party to a contract to meet their obligations. This potentially arises with various securities including derivatives and fixed interest;

the Trustee, on the direction of the Manager, may, •subject to the provisions of the Trust Deed, borrow or raise money for the purpose of the Scheme up to 20% of the value of the assets of the Scheme;

the performance of investments will depend to •some extent on the quality of management of the Scheme and its assets. The ability of the Manager to provide investment management services to the Scheme is linked to key professionals whose departure could impact on the performance of the Scheme;

changes in taxation rates or tax rules may impact •your investment returns. The taxation assumptions used in this investment statement are based on existing New Zealand tax legislation. Any changes to such legislation may materially impact the returns of the Scheme. It is recommended that prospective members always seek independent professional

tax advice before making an investment into the Scheme; and

tax losses are generally treated as an asset of the •Scheme for valuation purposes. As described in the “What returns will I get?” section, these assets may be capped at a certain percentage of the net fund value. Tax assets that are in excess of any such cap will not be included when calculating the value of assets. Members will therefore not receive value in the unit price for excess levels of tax assets. In addition, the Manager may adjust the unit price down if the policy determines the tax asset levels should be lower due to lower anticipated earnings rates or due to events such as the winding-up of the Scheme. Tax losses in the Scheme may be written off or decline in value if the Scheme is not a qualifying unit trust and there is a loss of member continuity, the maximum recognisable level of losses decreases when reviewed, the policy changes, the corporate tax rate changes or the Scheme is wound up.

For these reasons, it is reasonably foreseeable that you may not receive, in full, the value of contributions made to the Scheme on your behalf and any returns either on withdrawal of your benefit payment or on wind-up of the Scheme.

Personal liability

There are no circumstances in which you will be obliged to pay any further money, apart from your agreed contributions and any tax liability attributed to you over and above the amount in your account(s) and any tax liability you incur personally as a result of advising the wrong tax rate or failing to advise the Manager when your rate changes.

Consequences of insolvency

You have no liability to any person should the Scheme be wound up or should the Manager or the Trustee become insolvent (or bankrupt, as the case may be).

If the Scheme is wound up, the secured and general creditors of the Scheme will rank ahead of members for repayment. Members will receive a proportionate share of assets of the Scheme after all creditors’ expenses including, without limitation, the expenses of any agents, solicitors, auditors or persons employed in connection with the winding up of the Scheme and any outstanding fees (including remuneration payable to the Manager and Trustee) have been paid. The claims of members will rank equally between themselves.


Can the investment be altered?

Contributions

You can change your contribution rate to either 2%, 4% to 8% of your gross Salary or Wages, by notifying your employer of the new contribution rate.

The new contribution rate will apply to the next Salary or Wage payment after your employer receives that instruction. Unless your employer agrees otherwise, you may only change your contribution rate at intervals no less than three months apart.

You are entitled to take a contribution holiday in the circumstances set out under the heading Contribution holiday in the section headed How much do I pay?

Subject to the minimum additional investment amount ($2500) you can add make additional contributions at any time and from time to time. For more information see the section headed How much do I pay?

Switching funds

As at the date of this investment statement, the Scheme only has one investment option. It is anticipated that in due course, another (or other) investment options may be added. In this instance, you will be able to choose to switch some or all of your existing Scheme entitlements between those investment options. You will be able to direct some or all future contributions made to the Scheme in respect of you to one or more of the investment options available to you.

More information will be provided on switching and changing options, if/when new funds are added.

Amendments to the Trust Deed

The Trust Deed governing the Scheme can be altered by the Manager and the Trustee in certain circumstances. Amendments to the Trust Deed must comply with the KiwiSaver Act and section 9 of the Superannuation Schemes Act 1989, in terms of which (with limited exceptions) no amendment which would have the effect of:

reducing, postponing or otherwise adversely •affecting the benefits (whether vested, contingent or discretionary) that may in due course flow from,

or are attributable to, membership of the Scheme up to the date the amendment is made;

removing any right of members to participate in •Scheme management;

increasing the contributions, fees or charges •payable by any member (though Scheme fees can be increased in accordance with the Trust Deed without amending the Trust Deed); or

providing for the reversion of any assets of the •Scheme to an employer to any greater extent than already provided for in the Trust Deed;

shall be made without the written consent of every member who would be adversely affected by the amendment.

These amending restrictions also extend to any amendments to an employer’s Participation Agreement (as the provisions of that Agreement comprise part of the Trust Deed).

The Manager and the Trustee may alter any fees as described in the section What are the charges?” without requiring any amendment to the Trust Deed. Written notice must be given to members before any fees are increased. Members or the Scheme (as the case may be) will be required to pay any such altered fees and charges. However, under the KiwiSaver Act, all fees and expenses charged to members must be “reasonable”. Members can apply to the Court for an order that an unreasonable fee be annulled or reduced. Any such application must be made within one year of the day that the fee is imposed or debited.

The investment strategy, policy and objectives of the Scheme are current as at the date of this investment statement and can be varied from time to time by the Manager in accordance with the Trust Deed. If the Manager proposes to alter the investment policy in relation to the Scheme in a manner which materially affects existing members, the Manager shall, prior to effecting any such alteration, give written notice to the members.

Changes to your membership details may be made by writing to Trustees Executors Limited, PO Box 409, Wellington.

The Trustee may determine at any time (when directed to do so by the Manager unless the Trustee reasonably considers that doing so would cause the Trustee to breach its obligations under any rule of law) that no further units in the Scheme will be issued.


The Manager reserves the right to review and change its practices described in this investment statement without further notice to members provided that any changes are within the terms of the Trust Deed.

Change in legislation

Since the KiwiSaver and PIE regimes are Government initiatives, the Scheme is subject to compliance with that relevant legislation. Certain aspects of the legislation, such as the required contribution rate and the circumstances in which benefits may be withdrawn and the types of transactions that are taxed, are prescribed by law and may change from time to time. This may impact on your membership of the Scheme.

How do I cash in my investment?

Withdrawals

Withdrawals from the Scheme are permissible only in the circumstances described under the heading What returns will I get?

You can make a request for a withdrawal by writing to First NZ Capital Investment Management Limited, c/o Trustees Executors Limited, PO Box 409, Wellington. Please detail the basis for your withdrawal and provide supporting evidence.

A member’s Scheme entitlement will be calculated (subject to the KiwiSaver Act) by:

multiplying the member’s units by the unit •price applying on the next valuation day after the Trustee makes a final determination that a withdrawal should be made (provided that the assets used to determine the unit price on the relevant valuation day will exclude amounts for which units are to be, but have not yet been, issued and exclude amounts debited, transferred or withdrawn from accounts for which units are to be, but have not yet been, cancelled at the time of the Trustee’s determination);

deducting an amount equal to any unvested •employer contributions;

deducting any further amount that the Trustee •considers appropriate to deduct with respect to

costs, expenses, fees or tax payable pursuant to the Trust Deed.

The Trustee may in certain circumstances defer payment of a permitted withdrawal in certain circumstances if payment of that withdrawal or transfer would be imprudent or impractical. For more information, please contact the Manager.

Payments of amounts withdrawn will be deposited to the member’s nominated bank account, as detailed on the withdrawal request.

There are currently no exit fees payable on withdrawal.

Withdrawal requests will be irrevocable once given.

You are not permitted to sell, assign or transfer your interest in the Scheme to another person, unless required by the KiwiSaver Act or the provisions of any enactment.

Winding up of the Scheme

The Scheme can be wound up if the Manager so resolves in writing or by the order of the Government Actuary or a Court. In the event of a winding up, the Trustee will transfer your Scheme entitlement (less any winding up expenses and preferred creditor claims) to another KiwiSaver Scheme of your choice. If you do not choose a Scheme and your employer does not have a chosen KiwiSaver Scheme, your Scheme entitlement will be transferred to a default KiwiSaver Scheme.

Who do I contact with inquiries about my investment?

If you have any inquiries about the Scheme, please write to the Manager:

Client Services Personnel First NZ Capital Investment Management Limited Level 39, ANZ Centre 23-29 Albert Street PO Box 5333 Wellesley Street Auckland


For general inquiries or to find out the value of your Scheme entitlement you can call the First NZ Capital KiwiSaver Scheme helpline on 0800 421 114 during normal business hours, email the Manager at [email protected] or visit our website at www.firstnzcapital.co.nz. Should you email the Manager please detail your Scheme membership number.

Is there anyone to whom I can complain if I have problems with the investment?

In the first instance, you are requested to direct any complaints about your investment to the Manager’s client services personnel at:

First NZ Capital Investment Management Limited Level 39, ANZ Centre 23-29 Albert Street PO Box 5333 Wellesley Street Auckland

Telephone: 0800 421 114 Facsimile: 09 302 5505 Email: [email protected]

If the Manager is unable to resolve your complaint, you may choose to contact the Trustee c/o:

Trustees Executors Superannuation Limited Level 5, 10 Customhouse Quay PO Box 3222 WELLINGTON


If you have a complaint that the Scheme is not being operated in accordance with the KiwiSaver Act, or that the financial position of the Scheme, or the security of the Scheme’s entitlements, or the management of the Scheme, is inadequate, you can complain to:

Government Actuary Insurance and Superannuation Unit Ministry of Economic Development Level 6, 33 Bowen Street PO Box 10-867

The Terrace Wellington


There is no ombudsman to whom complaints can be made in relation to the Scheme.

What other information can I obtain about this investment?

Further information about the Scheme, the Manager and the Trustee is contained or referred to in the Trust Deed, registered prospectus, and the financial statements of the Scheme. These documents are available for inspection, without fee during normal business hours, at:

First NZ Capital Investment Management Limited Level 39, ANZ Centre 23-29 Albert Street PO Box 5333 Wellesley Street Auckland


You can also obtain copies of the prospectus and the most recent financial statements of the Scheme free of charge on request in writing, or by telephone, to the Manager. A copying fee (currently 20 cents per page) will be charged for copies of the Trust Deed for the Scheme. The documents will be forwarded within five business days from the date of receipt of the request.

The Trust Deed, prospectus, financial statements of the Manager and the Scheme and other documents of, or relating to the Scheme, are filed (in accordance with the statutory requirements as to timeframes) on the public register at the Companies Office. Copies of certain documents may be viewed (if available) on the Companies Office website at www.companies.govt.nz under “Search the Register”/”Search Other Registers”. Copies can also be obtained (on payment of the relevant fee) by telephoning the Companies Office Contact Centre on 0508 266 726 or by emailing [email protected].


Annual information

Each year, shortly after 31 March, members will be sent a copy of the Scheme’s annual report (unless no contribution has been received in respect of you for at least two years), including the Scheme’s financial statements, an auditor’s report in respect of those financial statements, and a summary of any amendments made to the Trust Deed since the date of the last annual report.

The Manager will also send members each six months, a statement of their Scheme entitlements and an investment commentary.

Additional information

Members will receive confirmation of receipt of any contributions made directly to the Scheme (i.e. not via the IRD), and may request from the Manager, at the address shown earlier in this section, free of charge:

a copy of the current unit prices; and•

their member account history; and•

a statement showing an estimate of their Scheme •entitlements in accordance with the requirements of the Securities Act 1978.

How to Apply

Please complete the application form attached to this investment statement.

Application form

To ensure your details are recorded correctly, please:

Print, using ballpoint pen•

Use CAPITAL LETTERS•

If an item is not applicable please leave the designated •area unmarked

If you make a mistake, simply draw a line through the •mistake and initial the change. Do not use correcting fluid. Write the correct details above the designated area.

If there is not enough space, please use any available space •in the margins.

Make sure you sign the application form.•

Cheques

Please make your cheque payable to the “First NZ Capital KiwiSaver Scheme”, crossed ‘not transferable account payee

only’ and forward to Trustees Executors Limited at PO Box 409, Wellington.

Identity verification

The Manager is required to verify the identity of all persons who apply to the Scheme (except where an initial payment is made by way of a personal cheque, direct debit authority or through the IRD).

Details (and a photocopy) of any two of the following documents must be provided:

New Zealand passport;•

New Zealand Driver’s Licence;•

Credit card with a photograph;•

Firearms licence; •

Foreign identity card; •

Birth certificate;•

Marriage certificate; and/or •

Document evidencing a bank account in your name •(e.g. a deposit slip).

Investing on behalf of a minor (18 years and under)

A birth certificate will be enough to identify a child. A second form of identification will not be required.

Completed application forms

Please send your completed application form, direct debit authority form (if applicable) and any cheque to:

First NZ Capital KiwiSaver Scheme c/o Trustees Executors Limited PO Box 409 Wellington

You will receive confirmation of your investment within 10 working days. Please keep this in a safe place – it is an official record of your investment.


Directory

Manager / Promoter

First NZ Capital Investment Management Limited Level 39 ANZ Centre

23-29 Albert Street PO Box 5333 Wellesley Street AUCKLAND 1010

Telephone: 0800 421 114 Facsimile: 09 302 5505 Email: [email protected] Website: www.firstnzcapital.co.nz

Directors of the Manager (Promoters of the Scheme)

Brent Anthony Swift Barry James Lindsay Malcolm Stuart Davie Scott Andrew St John Richard Kim Young

Corporate Trustee

Trustees Executors Superannuation Limited Level 5 10 Customhouse Quay PO Box 3222 WELLINGTON 6011


Auditor

PricewaterhouseCoopers 113-119 The Terrace PO Box 243 WELLINGTON 6011

Solicitors

DLA Phillips Fox 50-64 Customhouse Quay PO Box 2791 WELLINGTON 6011

Registrar

Trustees Executors Limited Level 5 10 Customhouse Quay PO Box 409 WELLINGTON 6011


Adviser’s code

Adviser’s stamp

Application Form

This is an application to invest in the First NZ Capital KiwiSaver Scheme

Please mail this application form, together with any relevant identity verification documentation to First NZ Capital Investment Management Limited c/- Trustees Executors Limited, Level 5, 10 Customhouse Quay, PO Box 409, Wellington 6011.

Member Details

Title Surname First Names

Date of Birth IRD No.

/ /

Contact Details

Postal Address

Postcode

Home Phone Business Phone Fax

( ) ( ) ( )

Mobile Email Address

( )

Portfolio Investor Rate (PIR) (tick one)

12.5% 21% 30%

Office Use Only:

/ /

Date


Contributions Details – Employees

My Primary Employer Details

Employer Name

Postal Address

Postcode

Employer IRD No.

Contribution Level an amount equal to (tick one)

2% of your gross salary or wages



My Secondary Employer Details

Employer Name

Postal Address

Postcode

Employer IRD No.

Contribution Level an amount equal to (tick one)




Additional Contributions

Please indicate the amount of regular contributions you will make by direct debit:

$ Fortnightly Monthly (cross one out)

Note: A minimum regular contribution of $100 per month applies.

Please complete and attach the Direct Debit Form.


Contributions – Not Employed or Self Employed PersonsPlease indicate the amount of regular contributions you will make by direct debit:

$ Fortnightly Monthly (cross one out)

Note: A minimum regular contribution of $100 per month applies.

Please complete and attach the Direct Debit Form.

Lump Sum Contributions – All MembersIf you wish to make lump sum contributions, please indicate the amount of lump sum contributions (a minimum of $2,500 applies) you wish to make:

$

Please attach a cheque made payable to: First NZ Capital KiwiSaver Scheme and attach it to this Application Form and send both to Trustees Executors Limited, Level 5, 10 Customhouse Quay, PO Box 409, Wellington 6011.

Transfers from other NZ Superannuation SchemesIs this transfer from (tick one):

Another KiwiSaver Scheme? The name of the Scheme is

A registered superannuation scheme? The name of the Scheme is

I apply to transfer my benefit from the above scheme to the Scheme. I authorise the manager or the trustee of the transferring scheme to provide to the Manager or the Trustee of the Scheme any of my personal information as necessary to complete the transfer of my benefits to the Scheme.

Member Identification

Under the Financial Transactions Reporting Act 1996, verification of identity of the person named in the section “Member Details” is required.

Acceptable forms of identification for members include a photocopy of one of the following:

passport (personal details page);•

driver’s licence;•

marriage certificate;•

firearms licence;•

credit card with photograph.•

Plus a photocopy of one of the following forms of identification:

birth certificate;•

certificate of membership of a professional body;•

credit card;•

evidence of a bank account in your name •(e.g. deposit slip);

community services card;•

tertiary identification;•

employee identity card;•

international driver’s licence.•

For minors, a certified copy of a birth certificate will •suffice to verify the person’s identity.


The Privacy Act 1993

This statement relates to the personal information that you are providing to the Manager and the Trustee by way of this application and any subsequent personal information which you may provide in the future. The personal information you have supplied may be used by the Manager and the Trustee (and related entities thereof) for the purposes of enabling the Manager and/or the Trustee to arrange and manage your investment, and to contact you in relation to your investment. The Manager and/or the Trustee will provide you (on request) with the name and address of any entity to which information has been disclosed. You have the right to access all personal information held about you by the Manager and/or the Trustee. If any of the information is incorrect, you have the right to have it corrected. Depending on the nature of your request, we may charge you for providing or correcting any personal information. You acknowledge that you are authorised to provide personal information on behalf of the applicant and evidence of this authority is provided (in the case of a parent/guardian/other providing information about the applicant). You agree that your name and address may be used by the Manager and/or Trustee to provide you with newsletters and other information about the Scheme and other products and services. Your advisor may access the account information we hold about you. Failure to provide requested details to the Manager and/or the Trustee could cause your application for membership in the Scheme to be declined.

Electronic Receipt of Documents

I consent to receiving all documents which the Manager and/or the Trustee (or their agents) are required to send to me, electronically, to the email address provided on this Application Form, or to any other address which I advise the Manager and/or the Trustee.

Declaration

I have read and retained a copy of the attached investment statement dated 1 April 2010 and agree to be bound by the terms and conditions of the investment statement, registered prospectus and Trust Deed (as amended). I agree to the terms outlined above in relation to the Privacy Act and the supply of personal information. I understand that the Scheme is a vehicle for long-term investment and, that the value of my investment is liable to fluctuations and may rise and fall from time to time. I understand the manner in which the fees will be deducted from my investment. I acknowledge that none of the Manager or the Trustee or any other person guarantees the repayment of contributions in the Scheme or the payment of any earnings or returns on any contribution made to the Scheme.

I consent to receiving commercial electronic messages regarding the Scheme or any other financial opportunities, products or services offered by First NZ Capital Investment Management Limited or its related companies and agree (pursuant to the Unsolicited Electronic Messages Act 2007) that the person sending any such message does not need to include a functional unsubscribe facility in the message.

Signature of member (aged 18 years or more). Date

/ /

OR

Signature of Parent/Guardian where new member is aged less than 18Name of parent/guardian signing on behalf of new member:

I confirm that I have read and accepted the ‘Declaration’ in the above section on behalf of the member named in New Members section.Parent/Guardian

Signature Date

/ /


Direct Debit Authority

Bank Instructions

Name of Account to be Debited

Account Details

Authority To Accept

Direct Debits(Not to operate as an

assignment or agreement)

Bank Branch Account Number Suffix

Bank/Branch

Address (PO Box) Authorisation Code

0 2 1 5 0 5 7Town/City

Information to Appear in My/Our Bank Account Statement To be completed by Initiator

Payer Particulars Payer Code Payer Reference

K I W I S A V E R

Customer Authorisation

I/We authorise you, until further notice in writing, to debit my/our account with all amounts which First NZ Capital Investment Management Limited (hereinafter referred to as the Initiator) the registered Initiator of the above Authorisation Code, may initiate by Direct Debit.

I/We acknowledge and accept that the bank accepts this authority only upon the conditions listed on the reverse of this form.

Authorised Signature(s) Date

/ /

For Bank Use Only

Approved1448

Date Received: Recorded By: Checked By: Bank Stamp

01 05

Adviser’s code and name

Adviser’s stamp


Conditions of this Authority

The Initiator:1.

(a) Regular Fixed Amounts

The Initiator undertakes to give written notice to the Acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is drawn, (but not more than 2 calendar months). In the event of any subsequent change to the frequency or amount of the regular Direct Debits, the Initiator has agreed to give written notice at least 30 days before the change comes into effect.

Where the Direct Debit system is used for the collection of payments which are regular as to frequency but variable as to amounts, the Initiator undertakes to provide the Acceptor with a schedule detailing each payment amount and each payment date.

(b) May, upon the relationship which gave rise to this Authority being terminated, give notice to the Bank that no further Direct Debits are to be initiated under the Authority. Upon receipt of such notice the Bank may terminate this Authority as to future payments by notice in writing to me/us.

The Customer may:2.

(a) At any time, terminate this Authority as to future payments by giving written notice of termination to the Bank and to the Initiator.

(b) Stop payment of any Direct Debit to be initiated under this Authority by the Initiator by giving written notice to the Bank prior to the Direct Debit being paid by the Bank.

(c) Where a variation to the amount agreed between the Initiator and the Customer from time to time to be direct debited has been made without notice being given in terms of clause 1(a) above, request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting the amount of the reversal or alteration of a Direct Debit back to the Initiator through the Initiator’s Bank provided such request is made not more than 120 days from the date when the Direct Debit was debited to my/our account.

The Customer acknowledges that:3.

(a) This Authority will remain in full force and effect in respect of all Direct Debits made from my/our account in good faith notwithstanding my/our death, bankruptcy or other revocation of this Authority until actual notice of such event is received by the Bank.

(b) In any event this Authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account.

(c) Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except insofar as the Direct Debit has not been paid in accordance with this Authority. Any other disputes lie between me/us and the Initiator.

(d) The Bank accepts no responsibility or liability for the accuracy of information about payments on Bank Statements.

(e) The Bank is not responsible for, or under any liability in respect of:

– any variations between notices given by the Initiator and the amounts of Direct Debits;

– the Initiator’s failure to give written advance notice correctly nor for the non-receipt or late receipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator.

(f) Notice given by the Initiator in terms of clause 1(a) to the debtor responsible for the payment shall be effective. Any communication necessary because the debtor responsible for the payments is a person other than me/us is a matter between me/us and the debtor concerned.

The Bank may:4.

(a) In its absolute discretion conclusively determine the order of priority of payment by it of any monies pursuant to this or any other Authority, cheque or draft properly executed by me/us and given to or drawn on the Bank.

(b) At anytime terminate this Authority as to future payments by notice in writing to me/us.

(c) Charge its current fees for this service in force from time to time.

Auckland

PO Box 5333 Wellesley Street Auckland 1141

DX CX 10165 Level 39, ANZ Centre 23-29 Albert Street Auckland

T: 64 9 302 5500 F: 64 9 302 5580 Freephone: 0800 805 584

Wellington

PO Box 3394 Wellington 6140

DX SX 11175 10th Floor, Fujitsu Tower 282-292 Lambton Quay Wellington

T: 64 4 474 4400 F: 64 4 474 4055 Freephone: 0800 800 968

Nelson

PO Box 114 Nelson 7040

DX WC 70001 1st Floor 164 Hardy Street Nelson

T: 64 3 548 8319 F: 64 3 548 0593 Freephone: 0800 502 828

Havelock North

PO Box 28153 Havelock North 4157

DX MA 76506 The Doctor’s Cottage 52 Te Mata Road Havelock North

T: 64 6 877 9074 F: 64 6 877 9079 Freephone: 0800 562 543

www.firstnzcapital.co.nz

Date post:	03-Feb-2022
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