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Antares Investment Summit30 October 2012

Does equity investing still make sense?

Andrew Peterson Head of Retail Business Development Antares Equities

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Today’s agenda

Agenda item Speaker

Overview of Antares Andrew Peterson

Searching for alpha Richard Dixon

Choosing the right dividend stocks Brett McNeill

Wrap up Andrew Peterson

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Business overview About Antares

Ownership structure

About Antares

• Aviva Investors NAB, Oct ’11 Antares Capital Partners, Mar ‘12

• Operates as part of MLC Investment Management

• Comes together with the Antares Fixed Income business

• Dedicated asset manager, $22bn in equities and fixed income*

• Retail and institutional market, with Australian equities focus

• Team remains strong and intact

• No changes to investment philosophy, portfolio construction

approach, product structure or fees* As at 30 September 2012

Antares investment team

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Equities investment team September 2012

Name Title Years with company

Years of experience Portfolio Responsibility

Glenn Hart Co Head of Equities 15 25 Australian Equities & Dividend Builder

Nick Pashias Co Head of Equities 14 14 Elite Opportunities

Richard Dixon Senior Investment Manager 12 17 High Growth Shares & Long/Short Equity

Stephen Croft Senior Investment Manager 16 27 Small Companies

Andrew Hamilton Investment Manager 12 15 Elite Opportunities & Sustainable Investment

Paul Dewar Investment Manager 18 19 Small Companies

John Guadagnuolo Investment Manager 5 12 Elite Opportunities & External Mandates

Stuart Wilson Investment Manager 7 12 Small Companies

Brett McNeill Investment Manager 6 10 Listed Property & Dividend Builder

Richard Colquhoun Investment Manager 4 19 External Mandates, High Growth Shares, Long/Short Equity, Listed Property

Vikrant Gupta Investment Analyst - 3

Jennifer Lam Investment Analyst - 8

Bruce Rose Head of Equity Dealing 12 21 Index & SMA Funds

Average years of experience 9 years 15 years

Richard Dixon Senior Investment Manager High Growth Shares Fund

Searching for alpha

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Searching for alpha

• How active extension strategies can provide greater opportunities for alpha – especially in Australia

• Strategies the Antares High Growth Shares Fund uses to search for alpha

• Looking forward – market overview and how the fund is positioned

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Long-only managers face a number of challenges

• Hard to profit from negative views on a wide range of stocks• High concentration in ASX 200 - makes problem worse• Portfolio risk - hard to hedge unwanted sector or style tilts

A move into active extension can deliver a lot of upside

• Relaxing short constraints increases a manager’s opportunity set• Greater flexibility in portfolio construction - greater diversification• More unique portfolios add diversification benefits in a multi-manager setting

Active extension strategies

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• 1.5x alpha opportunity given 50% more exposure to stock views and a richer opportunity set on the short-side

• The same level of net market exposure

• A more diversified portfolio - increases tracking error while maintaining or reducing volatility

Active extension strategy = greater alpha opportunity

Fund invests $100 long

Fund borrows $25

of stock, short sells it and receives

$25 cash

Fund uses $25 short

sale proceeds to

invest a further $25

long

Fully invested portfolio has $125

long / $25 short

1.5x alpha opportunity given 50% more exposure to stock views

Mar

ket e

xpos

ure

(S)

Source: Antares, GS&PA Investment Research

Relative to a long-only fund, active extension can achieve:

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Greater opportunities on the short side

Only 12 stocks for long-only managers to take a meaningful underweight view

i.e. >2%

163

166 4 8

020406080

100120140160180

<0.5% >0.5% <1% >1% <2% >2% <3% >3%

Source: GS & PA Investment Research

Num

ber o

f sto

cks

Size of index weight – ASX 200

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• ASX 200 is 2-3x more concentrated than global equity benchmarks

• Long-only constraint is a far greater handicap for Australian managers

An even stronger case in Australia

Top

10

Top

20

Top

30

Top

40

Top

50

Top

60

Top

70

Top

80

Top

90

Top

100

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Active extension strategies can deliver higher returns with lower risk

Antares High Growth Shares v Australian share fundsReturn and standard deviation over 5 years as at 30/9/12

Ret

urns

(%pa

)

Standard deviation (%pa)

Strategies the Antares High Growth Shares Fund uses to search for alpha

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Antares High Growth Shares Fund Process schematic

S&P/ASX 200 Analysis Stocks categorised Long Portfolio Overweight As + Bs

Large cap team cover approx 120 stocks

Small Cap team cover the balance

Valuation and Target Price

High expected return A and B

Low expected return C, D, E

Underweight OverweightA B C D E

Stock factors• Earnings growth• Return on capital• Cashflow generation• ESG• Industry structure• Management quality• Balance sheet analysis• Competitive advantage

Information gathering

• In house analysis• Company visits• Broker research• Third party research• Looking for anomalies

• Stocks valued, rated and recorded

Outcome• Understand the company and • Prepare a rigorous valuation and target

price

• Team of 13• 9 large cap• 3 small cap• 1 dealer• 200 years of

experience

UNIVERSE RESEARCH PORTFOLIO CONSTRUCTION

• Opportunistic trading• Adding/ reducing existing position • Pairs trading

• Liquidity and Diversification • Shorts are generally ASX 100• Short positions: absolute limit of 2.5%

Shorting Risk Management

Active Trading

• Strategic shorts: Mostly D’s + E’s • Tactical shorts: may be A’s to E’s

Short Portfolio

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Antares High Growth Shares Fund At a glance

> Long / Short Australian shares fund

• Bottom-up stock pickers, valuation focus, contrarian bias, style agnostic• Actively managed approach opens up investment opportunity set• Aims to significantly outperform benchmark over long-term using 3 key strategies

> Investment strategies• Short selling• Enhanced long positions• Active trading

> Broader opportunity set • Long / short positions limited to 125% / 25%• Net exposure to Australian share market 90 -100%

> Risk Management

• Diversified portfolio: typically 50 - 70 stocks (including shorts)• Stock limits: +/- 7% if index weight < 5%

+/- 10% if index weight > than 5%• No absolute short position to exceed 2.5%

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> Types of short positions

• The 3 F’s – fraud, flawed and funding shorts• Strategic and tactical• Stock specific and pairs trading• Identifiable catalysts for underperformance

> Risk management

• Liquidity / free float / register structure• M&A / takeover risk• Level of short interest / recall risk• Actively managing position size - stock limits / limit loss• Asymmetric risk - requires a disciplined approach

> Other considerations

• Borrow cost, lender domicile, dividends• Liquidity and diversification are key factors in determining short positions

Antares High Growth Shares Fund Short selling process

Investment strategies - stock stories

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Short selling - Arrium

Recovery in stock price in Q1 2012

April 2012• Very high levels of gearing - hedge

to other iron ore long positions• Short position taken

June and June 2012• Outlook for steel and iron ore

deteriorated. Hadn’t addressed gearing

• We reopened short position

1 Oct 2012• Arrium rejected consortium offer• Interest in company from buyers• We covered remaining short

position and went long

Short

Cover LongShort

Cover

Short

Source: IRESS, Antares Equities as at 30/09/12

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Enhanced long position - News Corp

Why we own the stock:• Global leader in cable network

programming and entertainment content production

• Core businesses have good earnings growth momentum

• Generates excess capital, with which it’s buying back shares

• Corporate Governance and phone hacking scandal drag on company but upcoming demerger and lessening Murdoch influence may rerate stock further

Source: IRESS, Antares Equities as at 30/09/12

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Active trading - Fortescue

Sell

Buy

Source: IRESS, Antares Equities as at 30/09/12

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Performance 30 September 2012

High Growth Shares Fund Gross return1

(%)Benchmark return2 (%)

Excess return3 (%)

Net return4

(%)

3 months 10.8 8.8 2.0 10.5

1 year 14.5 14.8 -0.3 13.3

3 years p.a. 3.3 1.8 1.5 2.2

5 years p.a. 0.8 -3.5 4.3 -0.5

7 years p.a. 7.0 3.7 3.3 5.8

10 years p.a. 12.2 8.6 3.6 10.8

Since inception p.a. (7/12/1999) 12.5 7.1 5.4 10.81. Calculated using net returns of Professional Selection Units and adding back the MER2. Benchmark is S&P/ASX 200 Accumulation Index3. Gross excess return4. Calculated based on exit to exit prices of Professional Selection units, are net of management fees and assume reinvestment of all distributionsPast performance is not a guide to future performance. Source: Antares Equities

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Antares High Growth Shares Fund vs Index Value of $100,000 invested since inception (net of fees)

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

Antares High Growth Shares Fund

S&P/ASX 200 Accumulation Index

Fund $364,078 (net of fees) vs Index $237,178

Source: IRESS, Antares Equities as at 30/09/12

Looking forward Market overview and how we’re positioned

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• QE3 announced by Federal Reserve on 13 Sept – market impact is lessening

• Impressive recent US economic data – well predicted by lead indicators

• European issues shielded by ECB’s ‘whatever it takes’ approach

• China slowdown appears ‘orderly’ – 2008 style stimulus unlikely

• Australia• Commodity prices to remain volatile - resource stock selection is paramount• Significant capital projects have been cancelled – high AUD a key issue

A combination of central bank intervention, relaxation of risk and tentative signs of economic recovery lead us to position portfolio more aggressively

Market outlook

Still plenty of global uncertainty – strong case to continue to own some defensive yield stocks

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US QE and US equities

• QE has a correlation with equity performance if not the economy

• Equities now leading, not lagging, the Fed (less impact post announcement?)

Positive policy effect on equities is lessening

Source: UBS as at 30/09/12

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• QE3 announced by Federal Reserve on 13 Sept – market impact is lessening

• Impressive recent US economic data – well predicted by lead indicators

• European issues shielded by ECB’s ‘whatever it takes’ approach

• China slowdown appears ‘orderly’ – 2008 style stimulus unlikely

• Australia• Commodity prices to remain volatile - resource stock selection is paramount• Significant capital projects have been cancelled – high AUD a key issue

A combination of central bank intervention, relaxation of risk and tentative signs of economic recovery lead us to position portfolio more aggressively

Market outlook

Still plenty of global uncertainty – strong case to continue to own some defensive yield stocks

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Economic surprise index: a lead market indicator

Source: Bloomberg, 10/12/2010

1977.27

125.37

2010 2011 2012

CESIUSD Index

SPX Index

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• QE3 announced by Federal Reserve on 13 Sept – market impact is lessening

• Impressive recent US economic data – well predicted by lead indicators

• European issues shielded by ECB’s ‘whatever it takes’ approach

• China slowdown appears ‘orderly’ – 2008 style stimulus unlikely

• Australia• Commodity prices to remain volatile - resource stock selection is paramount• Significant capital projects have been cancelled – high AUD a key issue

A combination of central bank intervention, relaxation of risk and tentative signs of economic recovery lead us to position portfolio more aggressively

Market outlook

Still plenty of global uncertainty – strong case to continue to own some defensive yield stocks

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Typical AUD correlations have broken down

Source: Bloomberg

1.0159

307.62

3.25

1990-1994 1995-1999 2000-2004 2005-2009 2010-2014

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• QE3 announced by Federal Reserve on 13 Sept – market impact is lessening

• Impressive recent US economic data – well predicted by lead indicators

• European issues shielded by ECB’s ‘whatever it takes’ approach

• China slowdown appears ‘orderly’ – 2008 style stimulus unlikely

• Australia• Commodity prices to remain volatile - resource stock selection is paramount• Significant capital projects have been cancelled – high AUD a key issue

A combination of central bank intervention, relaxation of risk and tentative signs of economic recovery lead us to position portfolio more aggressively

Market outlook

Still plenty of global uncertainty – strong case to continue to own some defensive yield stocks

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Antares High Growth Shares Fund Recent portfolio activity - September quarter

New

Increased

Short covering

Exited

Reduced

Actively traded

BlueScope Steel, Caltex, QR National

Stockland, Boral, Mirvac

ASX, Atlas Iron, Alumina, Western Areas

Origin Energy, Wesfarmers, NAB, ANZ

Fortescue, Arrium, Woodside

BHP Billiton, AMP, IAG

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Antares High Growth Shares Fund Portfolio as at 30 September 2012

Overweight

Largest active positions

Exposures

Equity long 110.0% SPI Short -5.0%

Equity short -6.1% Net 98.9%

• Telstra• BHP Billiton • News Corp• IAG• AMP

• Woolworths• Westpac • QBE • Transurban• Westfield Retail

Underweight• Oil Search• CSL• Computershare• Incitec Pivot • Suncorp

• Orica • Macquarie Group• Brambles• Santos• Cochlear

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Summary

• Active extension strategies are well suited to produce alpha in concentrated markets like Australia

• Antares High Growth Shares Fund uses 3 key strategies which have delivered significant alpha, with less risk than peers and the market

• Portfolio positioned for ongoing market uncertainty, with a strong focus on companies that can deliver in these conditions

Brett McNeill Investment Manager Dividend Builder Fund

Choosing the right dividend stocks

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Agenda

1. What has happened to equities this year?

2. Are yield stocks still attractive?

3. What are the key factors to consider when investing in yield stocks?

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Why all the doom and gloom?

9 months to Sept 30 12 Months to Sept 30

ASX 200 Industrials Accumulation Index 19.0% 23.9%

Source: IRESS. Returns are to September 2012

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ASX 200 Industrials PE ratio – at March 2012

Source: Bloomberg

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ASX 200 Industrials PE ratio – at September 2012

Source: Bloomberg

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Dividend yield vs bond yield – at March 2012

Source: Bloomberg

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Dividend yield vs bond yield – at September 2012

Source: Bloomberg

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ASX 200 dividend yields vs term deposit rates

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Where are we in the cycle?

Source: Bloomberg

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Yields and expected returns for global equities

MSCI World DY & 10 year forward return

Source: Citi Research, Datastream

MSCI World Dividend Yield %

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Yields and expected returns for Australian equities

Dividend Yield & return implied by historical relationship

Citi Research, Factset, Data Since 1970

Current Dividend Yield %

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Australian banks: Dividend yields vs bond yields

Source: Bloomberg

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Australian REITs: Dividend yield vs bond yields

Source: Bloomberg

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Infrastructure: Far from boring

Source: Bloomberg

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Charter Hall Retail REIT – sustainable yield

• Core portfolio: 77 ‘neighbourhood’ shopping centres in Australia worth $1.56b, net yield = 8.2%

• Approx. half the net rental income comes from Coles and Woolworths supermarkets

• Forecast distribution yield = 7.8%

• Successfully moving back towards a simple, old fashioned property trust

Source: Charter Hall Retail REIT - Annual Report 2012, Data as at Sept 2012

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Charter Hall Retail REIT vs other Australian retail landlords

Source: Company reports

Australian retail landlords: specialty sales vs occupancy costs

Westfield retail trust

CFS retail property trust

GPT groupStockland

Centro retailCharter Hall retail REIT

$6,000

$6,500

$7,000

$7,500

$8,000

$8,500

$9,000

$9,500

$10,000

$10,500

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

Specialty Occupancy Cost

Spec

ialit

y Sa

les

Sqm

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Seven West Media – yield trap

Source: Bloomberg

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Key factors in choosing the right dividend stocks

• Cashflow generation• Dividend growth protects purchasing power• Balance sheet - a window into the true health of a company• Management quality• ESG = Early Signal Generators• Dividend payout ratio is critical• Be careful of false yields• Tax considerations

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Dividend Builder Fund Net Return1 (%)

ASX 200 Industrials Return (%)

ASX 200 Return (%)

Excess Return2 (%)

1 year 25.9 23.9 14.8 2.0

3 years p.a. 6.1 4.2 1.8 1.9

5 years p.a. 0.0 - 2.5 - 3.5 2.5

Since Inception p.a.(06/09/2005)

5.0 4.0 4.3 1.0

1. Calculated based on exit to exit prices of Professional Selection units, are net of management fees and assume reinvestment of all distributions2. Net excess return over ASX 200 Industrials Accumulation IndexPast performance is not a guide to future performance

Performance History Dividend Builder Fund as at 30 September 2012

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Income management Historical running yield

Antares Dividend Builder: Dividend yields equal the sum of Mthly Total Dist / Start of Mth Unit PriceS&P/ASX 200 Indicies: Dividend yields equal the sum of Mthly Dividend / Start of Mth Mkt Value

Historical Dividend YieldsAntares Dividend Builder v. Index

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2009 2010 2011 2012

Antares Dividend BuilderS&P/ASX 200 Industrials Accumulation IndexS&P/ASX 200 Accumulation Index

Historical Dividend YieldsAntares Dividend Builder v. Index

2009 2010 2011 2012

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

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Summary

• We expect the search for growing yield will continue globally and domestically.

• Historical relativities show equity yields remain attractive compared to cash and bonds.

• A successful dividend investing strategy requires more than just a focus on high headline yields.

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Andrew Peterson Head of Retail Business Development Antares Equities

Business overview

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Business overview

> Australian Equities

> Concentrated

> High Yield

> Small Companies

> Long / Short

> REITs

Australian Equities Fund

Elite Opportunities

Dividend Builder

Small Companies Fund

High Growth Shares Fund

Australian Listed Property Fund

Antares is a leading specialist in active management of Australian Equities

> Separately Managed Accounts (SMA) Direct SMA

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LONSEC MORNINGSTAR VAN EYK ZENITH SQM RESEARCH

Australian Equities Fund Recommended Silver A Not rated N/A

Dividend Builder Highly Recommended Not rated A Not rated N/A

Elite Opportunities Fund Highly Recommended Silver A Recommended N/A

Small Companies Fund Highly Recommended Bronze BB Not rated N/A

High Growth Shares Fund Recommended Bronze BB Recommended N/A

Listed Property Fund Highly Recommended Silver Not rated Not rated 4.25 Stars

Premier Fixed Income Fund Investment Grade Not rated Not rated Not rated N/A

SMA Core Opportunities Highly Recommended BB

SMA Dividend Builder Highly Recommended

SMA Administration System Approved

Research House Product Ratings 30 September 2012

EQUITIESNote: Net returns are calculated using exit unit prices, assume that all distributions are reinvested and are net of ongoing fees and expenses. Past performance is not a guide to future performance.

Business overview Net returns as at 30 September 2012

Fund 1 year (%)

2 years (% pa)

3 years (% pa)

4 years (% pa)

5 years (% pa)

Australian Equities (Core) 16.0 3.0 2.5 4.6 -1.7

Dividend Builder 25.9 8.9 6.1 7.2 0.0

Elite Opportunities 10.6 2.0 1.6 5.1 -0.5

High Growth Shares 13.3 3.0 2.2 5.9 -0.5

Listed Property 28.8 10.7 6.3 -0.1 -8.7

Small Companies 4.0 4.7 5.3 6.9 0.9

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What is a Separately Managed Account (SMA)?

• A Separately Managed Account (SMA) is a professionally constructed and managed portfolio of shares and cash

• Investments not pooled and unitised, individual cost base established at time of application

• Absolute entitlement and beneficial ownership of underlying stocks in portfolio

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Advantages of using a SMA

• Adviser deals directly with Antares

• Unique as doesn’t run on a platform

• Wholesale brokerage rates

• No platform administration requirements

• Direct reporting to client via online account

• Access to institutional placements

• Avoids platform model and relatively low cost SMA offer

• Management fees: 0.46 – 0.51, no admin fees

Effectively eliminates the costs of the ‘middle-man’

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Advantages of using a SMA

Feature Ordinary SMA

Antares Direct SMA

Beneficial Ownership of shares

Transparency

Portability

Trades

Tax effectiveness

Income treatment

Professional investment management

Reduced risks for advisers

Wholesale costs

Research house rated ?

Internally managed and executed

Financial planning software data feeds ?

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Antares DSMA investment options

Key features Core Opportunities Dividend Builder

Minimum initial investment $20,000 $20,000

Minimum additional investment $2,000 $2,000

Minimum withdrawal $5,000 $5,000

Regular savings plan $500 per month/quarter $500 per month/quarter

In specie transfers Yes Yes

Income treatment Dividend income distributed or re-invested

Dividend income distributed or re-invested

Brokerage Wholesale rates Wholesale rates

Management fee p.a. 0.5125% (incl. net effect of GST) 0.4613% (incl. net effect of GST)

Performance fee Nil Nil

Administration fee Nil Nil

Adviser service fee An Adviser Service Fee may be payable as negotiated between the financial adviser and the investor. This may be a dollar amount or percentage based fee paid monthly.

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NEW Features of Antares DSMA

Transition/Parking Account Key features:• Facility for transferring ASX listed securities • Client remains beneficial owner of securities• Full consolidated reporting, administered by Antares • Securities can be transferred :

• into selected DSMA model portfolios or• to an external account at any time

• Transition account is not a trading account • Corporate actions • Wholesale administration fees • Launch 1st quarter 2013

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Antares DSMA – Transition/Parking Account

Key features Transition Account

Minimum initial investment $10,000 per security (in addition to maintaining DSMA account)

Minimum withdrawal No minimum , however, stock may only be transferred to model portfolios or to either issuer or broker sponsored accounts

In specie transfers Yes

Eligible Investments Any ASX 200 listed security

In specie transfers Yes

Switch into Model Portfolios Yes, securities can be switched into model portfolios at anytime without charge

Charges Wholesale rates - $22 (incl GST) per security transferred in or out

Minimum cash 2% of total value of the transition account at the time of investment

Management fee p.a. Nil

Administration fee Wholesale rates – 0.3075% (incl. net effect of GST)

Adviser service feeAn Adviser Service Fee may be payable as negotiated between the financial adviser and the investor. This may be a dollar amount or percentage based fee paid monthly.

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Summary

There is a place for equity investments in client portfolios

• Can deliver a growing tax-effective income stream

• Compares favourably to term deposits

• Can deliver access to future growth opportunities

• Long/short portfolios give potential diversification compared to long only

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Legal disclaimers

The statements of opinion contained herein, and the information upon which they are based, are of a general nature only. They are not intended to be relied upon for the purpose of making an investment decision. It is not intended as financial advice to

retail clients. Further information or professional advice should be sought. Except for any liability which cannot be excluded, the directors and employees of Antares Capital Partners Limited ABN 85 066 081 114 disclaim all responsibility for any loss

suffered, directly or indirectly by any person acting in reliance upon the information contained herein. Past performance does not guarantee future performance.

van Eyk Research Pty Ltd ABN 99 010 664 632, corporate authorised representative of van Eyk Financial Group Pty Ltd ABN 28 149 679 078, AFSL 402146 (authorised representative number 408625) (van Eyk) rates investment management capabilities rather than individual products. This rating is valid as at: March 2012 for the Australian Equities Fund; July 2012 for the High Growth Shares Fund; August 2011 for Dividend Builder; May 2012 for the Elite Opportunities Fund; and October

2010 for the Small Companies Fund, but can change or cease at anytime and should not be relied upon without referring to the meaning of the rating, as well as the full manager report, available to subscribers at www.irate.vaneyk.com.au. van Eyk has

not directed the publication of Antares Capital Partners rating. Past performance information is given for illustrative purposes only and should not be relied upon as it is not an indication of future performance. This rating is not intended to influence you and your client’s investment decision in relation to any products managed by Antares Capital Partners and does not take into account your client’s individual financial situation, needs or objectives. We recommend that you and your client do not rely on

this rating in making an investment decision and instead you seek advice from an appropriate investment adviser and read the product disclosure statements before making such a decision.

The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned October 2012 for the Australian Equities Fund, High Growth Shares Fund, Dividend Builder, Elite Opportunities Fund, and January 2012 for the Listed Property Fund and Small Companies Fund) presented in this document is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a

recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update the

relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

Zenith's ratings are prepared exclusively for clients of Zenith Investment Partners (Zenith). The rating is of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the Zenith rating or advice is appropriate to their situation before making an investment decision. Opinions expressed may change without notice. Zenith accepts no

liability, whether direct or indirect arising from the use of information contained in the rating.

Adviser Edge is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to Adviser Edge must not be used to make an investment decision. The Adviser Edge rating is valid at the time the report was issued, however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and

accuracy is not guaranteed. The Adviser Edge star rating system is of a general nature and does not take into account the particular circumstances or needs of any specifi c person. Only licensed financial advisers may use the Adviser Edge star rating

system in determining whether an investment is appropriate to a person's particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to

this investment product.

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