Disc la ime r T his do c ume nt do e s no t c o nstitute a re c o - - PowerPoint PPT Presentation

2

Disc la ime r

T his do c ume nt do e s no t c o nstitute a re c o mme nda tio n b y ANZ Na tio na l Ba nk L imite d, Cra ig s I nve stme nt Pa rtne rs L imite d , F

• rsyth Ba rr L

imite d o r We stpa c Ba nking Co rpo ra tio n, a c ting thro ug h its Ne w Ze a la nd b ra nc h (to g e the r the “Jo int L e a d Ma na g e rs”), T ruste e s E xe c uto rs L imite d (“Bo nd T ruste e ”) o r a ny o f the dire c to rs, o ffic e rs, e mplo ye e s o r a g e nts o f the Jo int L e a d Ma na g e rs, the Bo nd T ruste e o r Z E ne rg y L imite d (“I ssue r”) to sub sc rib e fo r, o r purc ha se , a ny o f the Bo nds. No ne o f the I ssue r (e xc e pt a s re q uire d b y la w), the Jo int L e a d Ma na g e rs o r the Bo nd T ruste e , no r a ny o f the ir re spe c tive dire c to rs,

• ffic e rs, e mplo ye e s o r a g e nts, a c c e pts a ny lia b ility wha tso e ve r fo r a ny lo ss a rising fro m this do c ume nt o r its c o nte nts o r
• the rwise a rising in c o nne c tio n with the Offe r.

T his do c ume nt is fo r pre limina ry info rma tio na l purpo se s o nly a nd is no t a n o ffe r to se ll o r the so lic ita tio n o f a n o ffe r to purc ha se o r sub sc rib e fo r the Bo nds a nd no p a rt o f it sha ll fo rm the b a sis o f o r b e re lie d upo n in c o nne c tio n with a ny c o ntra c t o r c o mmitme nt wha tso e ve r. T he info rma tio n in this do c ume nt is g ive n in g o o d fa ith a nd ha s b e e n o b ta ine d fro m so urc e s b e lie ve d to b e re lia b le a nd a c c ura te a t the da te o f pre pa ra tio n, b ut its a c c ura c y, c o rre c tne ss a nd c o mple te ne ss c a nno t b e g ua ra nte e d. Yo u sho uld no t de c ide to purc ha se the Bo nds until yo u ha ve re a d the Simplifie d Disc lo sure Pro spe c tus da te d 4 July 2012 re la ting to the Bo nds. T he I ssue r inte nds to o ffe r the Bo nds to the pub lic in Ne w Ze a la nd . No a c tio n ha s b e e n o r will b e ta ke n b y the I ssue r whic h wo uld pe rmit a n o ffe r o f Bo nds, o r po sse ssio n o r distrib utio n o f a ny o ffe ring ma te ria l, in a ny c o untry o r jurisdic tio n whe re a c tio n fo r tha t purpo se is re q uire d (o the r tha n Ne w Ze a la nd). T he Bo nds a re se nio r, se c ure d , fixe d ra te de b t o b lig a tio ns o f the I ssue r. T he Bo nds ra nk e q ua lly with e a c h o the r a nd the e xisting Se rie s o f b o nds issue d b y the I ssue r. Bo ndho lde rs a nd Z E ne rg y’ s b a nks sha re the sa me se c urity o n a n e q ua l ra nking b a sis, with b o th g ro ups ra nking b e hind se c urity he ld b y supplie rs o f c rude o il a nd re fine d pro duc ts o ve r pro duc ts e a c h o f the m ha s supplie d , a nd the ir pro c e e ds, to the e xte nt tha t it ha s no t re c e ive d pa yme nt o f the purc ha se pric e , a nd b e hind sta tuto rily pre fe rre d c re dito rs a nd (in c e rta in c irc umsta nc e s) o the r wo rking c a p ita l pro vide rs. Applic a tio n ha s b e e n ma de to NZX L imite d (“NZX”) fo r pe rmissio n to q uo te the Bo nds o n the NZDX ma rke t a nd a ll the re q uire me nts o f NZX re la ting the re to tha t c a n b e c o mplie d with o n o r b e fo re the da te o f distrib utio n o f this do c ume nt ha ve b e e n duly c o mplie d with. Ho we ve r, NZX a c c e pts no re spo nsib ility fo r a ny sta te me nt in this do c ume nt. NZX is a re g iste re d e xc ha ng e , a nd the NZDX is a re g iste re d ma rke t, e a c h re g ula te d unde r the Se c uritie s Ma rke ts Ac t 1988. Ca pita lise d te rms use d in this do c ume nt a nd no t o the rwise de fine d ha ve the me a ning s g ive n to the m in the Simplifie d Disc lo sure Pro spe c tus. No a pplic a tio ns will b e a c c e pte d o r mo ne y re c e ive d unle ss the sub sc rib e r ha s re c e ive d the Simplifie d Disc lo sure Pro spe c tus.

3

Spe a ke rs a nd a g e nd a

Spe a ke rs

Mike Be nne tts – Chie f E

xe c utive

Ma rk E

d g hill – Chie f F ina nc ia l Offic e r

Ric ha rd No rris – T

re a sure r

Ag e nda

Offe r hig hlig hts Z E

ne rg y

• Busine ss o ve rvie w
• Busine ss mo de l
• Busine ss o pe ra tio ns
• Bra nd

F

ina nc ia l o ve rvie w

Se c urity struc ture a nd o the r ke y Bo nd te rms I

ssue time ta b le

4

Offe r hig hlig hts

Issue r

Z E ne rg y L imite d

Bonds

Se nio r, se c ure d , fixe d ra te b o nd s

Se c urity

E q ua l ra nking with Z E ne rg y’ s Ba nks a nd e xisting b o ndho lde rs

Issue Size

Up to $100m with o ve rsub sc riptio ns o f up to $50m

Ma turity

15 No ve mb e r 2019 (~7 ye a rs)

Inte re st Ra te

6.50% p.a . pa id q ua rte rly in a rre a rs

Ra ting

No t ra te d

Quota tion

Applic a tio n to q uo te the Bo nd s o n NZDX ha s b e e n ma d e

Joint L e a d Ma na g e rs

ANZ Cra ig s I nve stme nt Pa rtne rs F

• rsyth Ba rr

We stpa c I nstitutio na l Ba nk

5

Busine ss o ve rvie w

Stra te g ic a lly impo rta nt Ne w Ze a la nd e ne rg y c o mpa ny Sta b le ma rg in b usine ss Ope ra tio n o f sub sta ntia l lo g istic a l a nd distrib utio n infra struc ture

• 300 re ta il se rvic e sta tio ns a nd truc k sto ps, pipe line s, fue l te rmina ls, 17.14% ho ld ing in Ne w

Ze a la nd’ s o nly o il re fine ry a t Ma rsd e n Po int a nd 25% ho ld ing in L

• ya lty NZ (F

lyb uys)

Ma rke t le a d e r in mo st se g me nts in whic h it o pe ra te s

• Distrib ute s c irc a o ne third o f Ne w Ze a la nd’ s to ta l fue l

One o f Ne w Ze a la nd’ s mo st visib le b ra nds L

• c a lly o wne d a nd o pe ra te d

6

Busine ss mo d e l

Z E

ne rg y is a sta b le ma rg in b usine ss

Pro fita b ility: b uy-se ll ma rg in, minus

the c o sts a sso c ia te d with pro c e ssing , tra nspo rt, sto ra g e , d istrib utio n a nd re ta iling

Pric e s a t whic h pro d uc t is

purc ha se d a nd o n-so ld mo ve to g e the r - sub sta ntia lly re duc e s the risk a sso c ia te d with fluc tua tio ns in inte rna tio na l o il pric e s o r the va lue

• f the NZD

Z E

ne rg y will b e ta rg e ting inve stme nt o ppo rtunitie s a nd e a rning s g ro wth, suppo rte d b y sha re ho ld e rs

7

Busine ss mo d e l c o nt.

De fining c ha ra c te ristic o f the

Ne w Ze a la nd fue ls ma rke t is the re la tive sta b ility o f c o nsumptio n a nd the mute d impa c t o f pric e o ve r the lo ng te rm

Co nsumptio n mo re re c e ntly

ha s d e c line d, po te ntia lly a s a re sult o f g e ne ra l e c o no mic d o wnturn

8

Busine ss o pe ra tio ns

Proc ure me nt a nd inve ntory

I

mpo rts ~ 2 b illio n litre s c rud e a nd 500m litre s re fine d pro d uc ts p.a .

I

nve nto ry va rie s ~ 300m - 650m litre s

31 Ma rc h 2012 – 605m litre s va lue d a t $671m 2011 – ra n a c o mpe titive pro c ure me nt pro c e ss fo r the supply o f

finishe d pro d uc ts

Crud e o il - a rra ng e me nt with She ll until a t le a st April 2013 We ll pla c e d to b e ne fit fro m c o mpe titive g lo b a l c rud e supply ma rke ts

Re fining a nd Na tiona l Distribution

17.14% ho ld ing in NZRC – ma rke t va lue $130m-$230m during F

Y2012

Circ a 75% o f the fue ls distrib ute d b y Z E

ne rg y a re re fine d lo c a lly

NZRC $365m pro je c t inve stme nt – se lf funde d Re fine d fue ls a re distrib ute d na tio na lly b y pipe line , ro a d a nd c o a sta l

ta nke rs

9

Busine ss o pe ra tio ns c o nt.

T e rmina ls, stora g e a nd re g iona l distribution

F

ue l is sto re d a nd d istrib ute d fro m 12 o wne d o r le a se d te rmina ls a ro und NZ

Distrib ute d fro m the te rmina ls b y c o ntra c te d ro a d ha ula g e to re ta il

pe tro l sta tio ns, truc k sto ps a nd d ire c tly to c o mme rc ia l c usto me rs

Je t fue l d e live re d to Auc kla nd Airpo rt b y pipe line Ma rine fue ls distrib ute d fro m po rt sto ra g e , ro a d ta nke rs a nd b a rg e s

Re ta il de live ry

Z E

ne rg y ha s ~208 re ta il se rvic e sta tio ns (o wne d o r le a se d )

~50% o f Z E

ne rg y’ s to ta l fue l vo lume s a re distrib ute d thro ug h the re ta il c ha nne l

E

a c h Z se rvic e sta tio n dispe nse s ~5.8m litre s o f fue l pe r ye a r (o n a ve ra g e ), a lmo st twic e the a ve ra g e o f the re st o f the industry

Se rvic e sta tio n o pe ra ting mo d e l: pa id a c e nts-pe r-litre fe e o n fue l

sa le s / sha re o f sho p sa le s / me e t so me o f the o pe ra ting c o sts

I

nte nse c o mpe titive pre ssure – c usto me rs c ho o se whic h c o mpa ny the y wish to suppo rt b a se d o n c o nve nie nc e , q ua lity o f fue ls a nd pro duc ts, se rvic e , pric e a nd lo ya lty sc he me s

1 0

Busine ss o pe ra tio ns c o nt.

Comme rc ia l de live ry

Owns a nd o pe ra te s 94 truc k sto ps a c ro ss Ne w Ze a la nd ~50% o f Z E

ne rg y's fue l sa le s a re fo r c o mme rc ia l use e .g . shipping , fishing , je t a irc ra ft, c o nstruc tio n, fa rming a nd la nd tra nspo rt

Co mme rc ia l c usto me r fue l is d e live re d d ire c t, in ma ny c a se s to b ulk

sto ra g e ta nks

I

nte rna tio na l a nd d o me stic je t a irc ra ft c usto me rs a re supplie d a t Auc kla nd a nd Christc hurc h a irpo rts

Ne two rk o f 51 g e ne ra l a via tio n re fue lling fa c ilitie s I

nte rna tio na l shipping c usto me rs a re supplie d via :

Purpo se -b uilt b unke ring b a rg e b a se d in Auc kla nd ha rb o ur Othe r po rts via pipe line s fro m b ulk te rmina ls Dire c t de live ry to do me stic fishing c usto me rs in the ke y fishing

po rts o f Dune din, T ima ru, Ne lso n a nd Auc kla nd

1 1

Z E ne rg y b ra nd

• All re ta il se rvic e sta tio ns ha ve b e e n re b ra nd e d

– a ll c o mme rc ia l site s e xpe c te d to b e c o mple te b y mid July 2012

• With the ne w Z b ra nd c o me s a c o mmitme nt to c usto me r

se rvic e , o ve rha ule d fo o d , c o ffe e a nd c o nve nie nc e o ffe rs, suppo rt fo r lo c a l ne ig hb o urho o ds a nd wo rld-c la ss fue ls

• Within a fla t to d e c lining ma rke t o ve r F

Y12, Z E ne rg y ha s

• utpe rfo rme d industry a ve ra g e s in fue l vo lume sa le s in a

hig hly c o mpe titive ma rke t

• Z E

ne rg y wo n the Supre me Awa rd in the De lo itte E ne rg y Co mpa ny o f the Ye a r Awa rds in Aug ust 2011 a nd is a fina list in thre e c a te g o rie s in the 2012 Awa rds

• Z E

ne rg y a lre a d y ha s o utpe rfo rme d a ll c o mpe tito rs in te rms

• f c usto me r sa tisfa c tio n (Ca nsta r c usto me r sa tisfa c tio n

surve y, July 2012)

1 2

F ina nc ia l pe rfo rma nc e

1 3

F ina nc ia l po sitio n

1 4

F ina nc ia l po sitio n

Sig nific a nt he a d ro o m in re la tio n to

e xisting c o ve na nts

Assuming to ta l d e b t (inc luding

fa ir va lue o f de riva tive s) a s a t 31 Ma rc h 2012 o f $410m, Co ve na nt E BI T DA wo uld ne e d to fa ll b y ~ $38m (22%) to b re a c h the b a nk c o ve na nt a nd ~$58m (33%) to b re a c h the Bo nd Co ve na nt

Guid a nc e ha s b e e n pro vid e d

tha t Z E ne rg y a ntic ipa te s Curre nt Co st e a rning s to b e hig he r in the fina nc ia l ye a r e nd e d 31 Ma rc h 2013 tha n the fina nc ia l ye a r e nd e d 31 Ma rc h 2012

1 5

Gro up a nd se c urity struc ture

Z E

ne rg y Gro up me mb e rs pro vid e se c urity to the Bo ndho lde rs, Ba nks a nd c rud e o il a nd re fine d pro duc t pro vid e rs

• Z E

ne rg y – ma in o pe ra ting e ntity

• Z E

ne rg y Ho ld ing s - 17.14% ho ld ing in NZRC

1 6

Bo nd se c urity struc ture

T he Bond Se c urity Struc ture re ma ins unc ha ng e d from the two pre vious issue s E qua l Ra nking Se c urity Rig hts

Z E

ne rg y ha s b o nd a nd b a nk d e b t, with b o th se ts o f le nde rs sha ring the sa me se c urity o n a n e q ua l ra nking b a sis, inc lud ing this issue

Ge ne ra lly, Bo nd ho ld e rs’ Se c urity rig hts will b e a me nde d (witho ut Bo ndho lde r c o nse nt) if the

Ba nks a g re e to the a me ndme nt

I

f the Ba nks re le a se the Se c urity c o mple te ly, Bo ndho lde rs’ Se c urity rig hts will b e re pla c e d b y a ne g a tive ple dg e , e q uiva le nt to wha t the Ba nks re c e ive a t tha t time

Se c urity c onsists of a t le a st 95% of the a sse ts of the g roup by va lue a nd by c ontribution to E BIT DA

T

he Bo nds a re fully a nd unc o nditio na lly g ua ra nte e d b y Ao te a E ne rg y L imite d , Z E ne rg y Ho ld ing s L imite d , Z E ne rg y L imite d , Ha rb o ur City Pro pe rty I nve stme nts L imite d, Mini F ue ls & Oils L imite d a nd Gre e nsto ne E ne rg y F ina nc e L imite d (“Gua ra nto rs”)

T

he g ua ra nte e is se c ure d o ve r a ll a sse ts o f the Gua ra nto rs, e xc e pt fo r c e rta in e xc lud e d a sse ts

T

he ultima te o wne rs o f the Z E ne rg y Gro up, Ne w Ze a la nd Supe ra nnua tio n F und a nd I nfra til, d o no t g ua ra nte e the Bo nd s

A ke y prote c tion for Bondholde rs is the c ross de fa ult provision, a nd tha t the y sha re the proc e e ds of Se c urity e nforc e me nt with the Ba nks on a n e qua l ra nking ba sis

1 7

Prio rity o f se c urity

E xisting c rude oil a nd re fine d produc t supplie rs ha ve prior ra nking se c urity ove r produc ts the y ha ve supplie d to Z E ne rg y (a nd the proc e e ds of the se produc ts) for whic h the y ha ve not be e n pa id. Bondholde rs a nd Ba nks the n ra nk e qua lly. In c e rta in c irc umsta nc e s, othe r working c a pita l provide rs/ funde rs ma y a lso obta in priority.

I n a d d itio n, if a n E ve nt o f De fa ult o c c urs a nd Z E ne rg y is to c o ntinue tra d ing :

I

n pra c tic e , it will ne e d to c o ntinue to pro c ure pro d uc ts, a nd it ma y ne e d to g ra nt prio rity

• ve r tho se pro d uc ts to the re le va nt supplie rs/ wo rking c a pita l pro vide rs

T

he Bo nd T ruste e ma y, if it c o nside rs it in the b e st inte re sts o f Bo ndho ld e rs a s a who le , a llo w a ny supplie r/ wo rking c a pita l pro vid e r to ta ke prio rity o ve r re le va nt pro d uc ts

No suc h a rra ng e me nt e xists a t pre se nt

Priority of re pa yme nts of working c a pita l during bre a c h of Bond Cove na nt

I

n pra c tic e , a ny re pa yme nt o f the Ba nks' F a c ilitie s b e fo re se c urity e nfo rc e me nt will re p a y wo rking c a pita l fa c ility a nd he d g ing o b lig a tio ns first

Only whe n the se a nd simila r a mo unts a re re pa id , will c o re b a nk d e b t b e re pa id I

f se c urity is e nfo rc e d b e fo re the De b t Co ve na nt b re a c h is re me d ie d , Ba nks a nd Bo nd ho ld e rs sha re (a ) se c urity e nfo rc e me nt pro c e e ds, a nd (b ) c o re b a nk d e b t pre p a yme nts ma d e a fte r the b re a c h o c c urre d, in pro po rtio n to the to ta l a mo unt o f d e b t e a c h pro vid e s

Pro po rtio na l sha ring o f c o re d e b t re pa yme nts d o e s no t a pply to re pa yme nts o f wo rking

c a pita l o r he d g ing o b lig a tio ns, o r to sc he dule d re pa yme nts o f c o re b a nk d e b t

1 8

Bondholde rs ha ve the rig ht to re quire re pa yme nt if the re is: A Cha ng e of Control of a ke y Z E ne rg y Group e ntity

Put o ptio n trig g e re d if I

nfra til a nd the Ne w Ze a la nd Supe ra nnua tio n F und, to g e the r with a sso c ia te s, c e a se to ho ld o r c o ntro l, in a g g re g a te , mo re tha n 50% o f the vo ting rig hts in the e ntity

Put o ptio n no t trig g e re d if the Cha ng e o f Co ntro l is a n I

PO

E ve nts of De fa ult

Bre a c h o f Bo nd Co ve na nt – c urre ntly De b t (e xc l. wo rking c a pita l)< 3.5x Curre nt Co st

E BI T DA o n two c o nse c utive te st d a te s

T

he 3.5x va rie s with the b a nk c o ve na nts (plus 0.5x) b ut ma y no t rise a b o ve 4.0x

Ba nk c o ve na nt c urre ntly 3.0x (2012 c a le nd a r ye a r) Ma te ria l c ha ng e o f c o re b usine ss o r b re a c h o f distrib utio n sto ppe r no t re me die d within 30

d a ys

Ac c e le ra tio n o f the o b lig a tio n to re p a y o the r d e b t e xc e e d ing $10m (c ro ss d e fa ult) o r

e nfo rc e me nt o f the se c urity

Othe r typic a l e ve nts o f d e fa ult fo r Bo nd s o f this na ture – re fe r to the SDP fo r mo re d e ta il

Z E ne rg y ha s no c ontra c tua l rig ht to re pa y e a rly

Bo nd re pa yme nt rig hts

1 9

De b t o ve rvie w

Z E ne rg y ha s four c omple me nta ry funding a rra ng e me nts $203m ba nk c ore de bt fa c ilitie s (se c ure d) June 2014

ANZ, BNZ, HSBC, We stpa c - sa me g ro up fo r wo rking c a pita l $107m a s a t 31 Ma rc h 2012 Pro c e e d s o f Bo nd issue to b e use d to re pa y b a nk d e b t a nd fo r g e ne ra l c o rpo ra te

purpo se s

$350m ba nk working c a pita l (se c ure d) Ma y 2014

$33m a s a t 31 Ma rc h 2012

Crude oil a nd re fine d produc t funding (sta nda rd 30 da y ve ndor te rms) $297m re ta il bonds

$147m re ta il b o nd s (se c ure d ) Oc to b e r 2016 $150m re ta il b o nd s (se c ure d ) Aug ust 2018

T e r m De bt Matur ity Pr

• file

by c ale ndar ye ar

100 200 300 2014 2015 2016 2017 2018 2019 $m

Utilise d Cor e Ba nk Deb t Un- utilise d Cor e Ba nk Deb t Ma x Pr

• pose d Issue

R e ta il Bond Issue s

2 0

K e y o ffe r te rms

Issue r

Z E ne rg y L imite d

Bonds

Se nio r, se c ure d , fixe d ra te b o nd s

Se c urity

E q ua l ra nking with Z E ne rg y’ s b a nks a nd e xisting b o nds

Issue Size

Up to $100m with o ve rsub sc riptio ns o f up to $50m

Ma turity

15 No ve mb e r 2019 (~7 ye a rs)

Inte re st Ra te

6.50% p.a . pa id q ua rte rly in a rre a rs

Bond Cove na nt

De b t c o ve ra g e ra tio c urre ntly < 3.5x (E ve nt o f De fa ult fo r b re a c h o n two c o nse c utive te st d a te s)

Distribution Stoppe r

While a Bo nd Co ve na nt b re a c h o r E ve nt o f De fa ult (Bo nds / Ba nks) c o ntinue s – no distrib utio n to a no n g ua ra nto r

Cha ng e of Control Put

Bo ndho ld e r rig ht to put a ll Bo nds b a c k to Z E ne rg y if a Cha ng e o f Co ntro l (o the r tha n a n I PO) o c c urs

Applic a tions

Minimum $5,000 a nd multiple s o f $1,000 the re a fte r

2 1

Z E ne rg y b o nd s a nd swa p ra te s

T he te rm inte re st ra te e nviro nme nt ha s c ha ng e d sig nific a ntly o ve r the pe rio d Z E ne rg y ha s b e e n a c c e ssing the re ta il ma rke t

No te : Histo ric swa p ra te s a re no t a n ind ic a tio n fo r the d ire c tio n o f future swa p ra te s. Swa p ra te p e rio d sho wn fro m 1 Ja nua ry 2010 until 6 July 2012.

3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 Ja n 10 Jul 10 De c 10 Jul 11 De c 11 Jun 12 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50

Oct 2016 6 yr, 7.35% Aug 2018 7 yr, 7.25% New Nov 2019 ~ 7 yr 6.50%

Ra te s (%) So urc e : NZDX, B lo o m b e rg

2 2

I ssue pro c e ss / issue time ta b le

Broke ra g e

Bro ke ra g e 0.75% F irm 0.50%

E a rly Bird Inte re st

Pa ya b le a t the I nte re st Ra te , pa id sho rtly a fte r the I ssue Da te

Issue Me c ha nism

F irm a llo c a tio n pro c e ss

Prospe c tus Re g iste re d

5 July

Roa dshow

11-12 July

F irm Bids Due

12.00pm, T ue sd a y, 17 July

Book Build / Re se rva tions Alloc a te d

17 July

Offe r Ope ns

18 July

SDP Ha rd Copie s De live re d

18 July

Closing Da te (Issue r option to a me nd)

5.00pm, F rid a y, 10 Aug ust

Issue Da te

15 Aug ust

Quota tion

16 Aug ust

2 3

Summa ry

Ke y fe a ture s of Z E ne rg y a nd this offe r:

L

• c a lly o wne d a nd o pe ra te d , stra te g ic a lly impo rta nt Ne w Ze a la nd e ne rg y c o mpa ny

Owns a nd o pe ra te s sub sta ntia l lo g istic a l a nd distrib utio n infra struc ture Sta b le ma rg in b usine ss a nd ma rke t le a d e r in mo st fue l se c to rs T

a rg e ting inve stme nt o ppo rtunitie s a nd e a rning s g ro wth, suppo rte d b y sha re ho ld e rs

E

xpe rie nc e d b o a rd a nd ma na g e me nt te a m

6.50% c o upo n

A fre e c o py o f the Simplifie d Disc lo sure Pro spe c tus fo r the Bo nds c a n b e o b ta ine d b y c o nta c ting the Jo int L e a d Ma na g e rs