I nte rim Re sults Pre se nta tio n Arg o sy Pro pe rty L imite d - - PowerPoint PPT Presentation

I nte rim Re sults Pre se nta tio n

Arg o sy Pro pe rty L imite d 21 No ve mb e r 2017

www.argosy.co.nz

AGE NDA

Hig hlig hts

Pa g e 5

F ina nc ia ls

Pa g e 7

Stra te g y Ove rvie w

Pa g e 16

L e a sing Upda te

Pa g e 26

Outlo o k

Pa g e 30

PRE SE NT E D BY:

Pe te r Me nc e CE

O

Da ve F ra se r CF

O

2

No te : Due to ro unding , numb e rs pre se nte d in this pre se nta tio n ma y no t a dd up e xa c tly to the to ta ls pro vide d a nd pe rc e nta g e s ma y no t e xa c tly re fle c t a b so lute fig ure s.

Our stre ng th lie s in the dive rsity o f o ur pro pe rtie s a c ro ss se c to rs, g ra de s, size s a nd lo c a tio ns a llo wing us to a da pt to the c ha ng ing ne e ds o f o ur g ro wing fa mily o f te na nts.

Pe te r Me nc e

CE O

3

HI GHL I GHT S

4

HI GHL I GHT S

Po rtfo lio q ua lity a nd me tric s impro ve d o ve r first six mo nths o f F Y18

3.23c

82 Wyndha m St. de ve lo pme nt c o mple te d,

• the rs o n tra c k

1.55c $1.06 2.8% 98.1% 5.6 ye a rs

Ne t Distrib uta b le I nc o me pe r sha re 2nd Qtr Divide nd (+1.6%) Oc c upa nc y (b y re nta l) Annua lise d re nt re vie w inc re a se Ne t T a ng ib le Asse ts pe r Sha re We ig hte d Ave ra g e L e a se T e rm

$48.5m

Ne t pro pe rty inc o me

5

F I NANCI AL S

6

I nc o me Re c o nc ilia tio n

7

56.8 1.1

• 0.5

1.0

• 0.8
• 5.7

51.9 30.0 35.0 40.0 45.0 50.0 55.0 60.0

Gross Prope r ty Inc ome 1H17 Ac quisitions / de ve lopme nts Disposa ls Re nt re vie ws Va c a nc y & le a sing up Ne t move me nt re NZ Post House Gross Prope r ty Inc ome 1H18

Re ntal inc ome $m

F ina nc ia l Pe rfo rma nc e

8

1H18 1H17 $m $m

Ne t pro pe rty inc o me 48.5 53.7 Administra tio n e xpe nse s (4.7) (4.6)

Pr

• fit be for

e financ ial inc ome / (e xpe nse s), othe r gains/ (losse s) and tax 43.8 49.1

I nte re st e xpe nse (12.6) (13.0) Ga in/ (lo ss) o n de riva tive s (2.6) (9.7) F ina nc e inc o me 0.0 0.0

(15.2) (22.7)

Re va lua tio n g a ins

• 35.8

Re a lise d g a ins/ (lo sse s) o n dispo sa l 0.1 (0.0) Ne t: I nsura nc e pro c e e ds & e a rthq ua ke e xpe nse (1.3)

• Pr
• fit be for

e tax 27.4 62.2

T a xa tio n e xpe nse (4.0) (6.0)

Pr

• fit afte r

tax 23.4 56.2

Ba sic a nd dilute d e a rning s pe r sha re (c e nts) 2.84 6.90

Distrib uta b le I nc o me

9

¹ Unde r the a me nde d b a nk fa c ility a g re e me nt, ta x pa id ha s c ha ng e d to c urre nt ta x e xpe nse in line with the re st o f the se c to r.

1H18 1H17 $m $m Pr

• fit be for

e inc ome tax 27.4 62.2

Adjuste d fo r: Re va lua tio ns g a ins

• (35.8)

Re a lise d lo sse s/ (g a ins) o n dispo sa l (0.1) 0.0 De riva tive fa ir va lue lo ss/ (g a in) 2.6 9.7 E a rthq ua ke e xpe nse ne t o f re c o ve rie s 1.3 0.0

Gr

• ss distr

ibutable inc ome 31.2 36.1

De pre c ia tio n re c o ve re d 0.4

• Curre nt ta x e xpe nse ¹

(5.0) (7.0)

Ne t distr ibutable inc ome 26.6 29.1

We ig hte d a ve ra g e numb e r o f o rdina ry sha re s (m) 823.6 813.8 Gro ss distrib uta b le inc o me pe r sha re (c e nts) 3.79 4.44 Ne t distrib uta b le inc o me pe r sha re (c e nts) 3.23 3.58

I nve stme nt Pro pe rtie s

10

1,442.2 28.9

• 7.5

1,463.6 1,200.0 1,250.0 1,300.0 1,350.0 1,400.0 1,450.0 1,500.0 Inve stme nt Prope r tie s F Y17 Capitalise d c osts Disposals Inve stme nt Prope r tie s 1H18 Inve stme nt Pr

• pe r

tie s $m

Mo ve me nt in NT A pe r sha re

11

1.06 0.03 (0.03) 1.06

• 0.20

0.40 0.60 0.80 1.00 1.20 NT A at F Y17 Compre he nsive inc ome Divide nds paid NT A at 1H18 $ pe r shar e

Ge a ring / Ca pita l Struc ture

36.8%

De b t-to -to ta l a sse ts ra tio

Arg o sy re ma ins a t the b o tto m e nd o f the me dium te rm po lic y g e a ring ra ng e o f b e twe e n 35 to 40%.

12

1H18 F Y17 $m $m

I nve stme nt pro pe rtie s 1,463.6 1,442.2 Asse ts he ld fo r sa le 0.0 13.0 Othe r a sse ts 5.7 3.4 T

• ta l a sse ts

1,469.3 1,458.6 Ba nk de b t (e xc l. c a pita lise d b o rro wing c o sts) 540.6 529.8

De bt- to- total-asse ts r atio 36.8% 36.3%

F unding & I nte re st Ra te Ma na g e me nt

Arg o sy ma inta ins stro ng re la tio nships with its b a nking pa rtne rs ANZ Ba nk Ne w Ze a la nd L imite d, Ba nk o f Ne w Ze a la nd a nd T he Ho ng ko ng a nd Sha ng ha i Ba nking Co rpo ra tio n L imite d, a nd re ma ins we ll within its b a nking c o ve na nts. Arg o sy re struc ture d its syndic a te d b a nk fa c ility in Ma y 2017. At 30 Se pte mb e r 2017 the we ig hte d a ve ra g e de b t e xpiry wa s 3.6 ye a rs pro viding me dium te rm funding c e rta inty.

13

3.6ye a rs

We ig hte d a ve ra g e de b t fa c ility te rm

1H18 F Y17 $m $m

We ig hte d a ve ra g e dura tio n o f b a nk fa c ility 3.6 ye a rs 2.5 ye a rs We ig hte d a ve ra g e inte re st ra te 1 5.04% 4.88% I nte re st Co ve r Ra tio 3.2x 3.4x % o f fixe d ra te b o rro wing s 64% 65% Ave ra g e fixe d inte re st ra te 4.56% 4.56%

¹ I nc luding ma rg in a nd line fe e s

Divide nds

6.20c

F Y18 divide nd g uida nc e T he se c o nd q ua rte r c a sh divide nd o f 1.55 c e nts pe r sha re ha s b e e n de c la re d, with imputa tio n c re dits o f 0.32720 c e nts pe r sha re a tta c he d, a nd will b e pa id o n 20 De c e mb e r 2017. T he F Y18 divide nd g uida nc e o f 6.20 c e nts pe r sha re re ma ins unc ha ng e d, a n inc re a se o f 1.6% o n the pre vio us ye a r. Arg o sy inte nds to mo ve to a n a me nde d divide nd po lic y, b a se d o n AF F O e a rning s, in the me dium te rm. T he Bo a rd e xpe c ts, b a se d o n c urre nt pro je c tio ns, tha t the c a sh divide nd will b e a t le a st ma inta ine d o ve r the tra nsitio n pe rio d.

20 De c

2nd q ua rte r divide nd pa yme nt

14

Stra te g y Ove rvie w

15

Stra te g y

Arg o sy will c o ntinue to inve st in a dive rse ra ng e o f pro pe rtie s a c ro ss se c to rs, g ra de s, size s a nd lo c a tio ns. Our I nve stme nt Stra te g y c o nsists o f Co re a nd Va lue Add pro pe rtie s. Pa ra me te rs fo r the se a re ; Co re pro pe rtie s b e twe e n 75-90% o f the po rtfo lio b y va lue . Va lue a dd pro pe rtie s b e twe e n 10-15% o f the po rtfo lio b y va lue . Our I nve stme nt Po lic y se c to r b a nd pa ra me te rs (b y va lue ) a re : I ndustria l 40-50% Offic e 30-40% Re ta il 15-25% As a t 30 Se pte mb e r 2017, Arg o sy wa s o pe ra ting within the pa ra me te rs o f its I nve stme nt Po lic y. Arg o sy strive s to de live r re lia b le a nd susta ina b le re turns to sha re ho lde rs. We ta ke a c o nside re d a ppro a c h to a c q uisitio n, dive stme nt, de ve lo pme nt, le a sing a nd c a pita l ma na g e me nt de c isio ns, re fle c ting o ur pro po sitio n to sha re ho lde rs a s a divide nd sto c k, with a ll the a dva nta g e s o f the PI E Re g ime .

16

Po rtfo lio a t a g la nc e

T OT AL PORT F OL IO VAL UE

BY SE CT OR

T OT AL PORT F OL IO VAL UE

BY RE GI ON

PORT F OL IO MIX

BY VAL UE

71% 24% 5%

Auc kla nd We lling to n Re g io na l No rth I sla nd & So uth I sla nd

85% 11% 4%

Co re pro pe rtie s Va lue Add pro pe rtie s Pro pe rtie s a nd la nd to dive st

17

40% 38% 22%

I nd ustria l Offic e Re ta il

Va lue Add

T he fo llo wing pro pe rtie s ha ve b e e n de sig na te d a s Va lue Add, whic h ma ke up 11% o f the to ta l po rtfo lio :

18

Pr

• pe r

ty Se c tor L

• c ation

Book Value 1 $m

90 - 104 Spring s Ro a d I ndustria l Auc kla nd 4.1 80 Spring s Ro a d I ndustria l Auc kla nd 9.6 211 Alb a ny Hig hwa y I ndustria l Auc kla nd 15.8 8 F

• undry Drive

I ndustria l Christc hurc h 13.0 960 Gre a t So uth Ro a d I ndustria l Auc kla nd 6.1 Hig hg a te , Silve rda le I ndustria l Auc kla nd 20.2 99-107 K hyb e r Pa ss Ro a d Offic e Auc kla nd 8.1 8-14 Willis Stre e t Offic e We lling to n 15.2 82 Wynd ha m Stre e t Offic e Auc kla nd 38.2 180-202 Hutt Ro a d Re ta il We lling to n 8.6 Ste wa rt Da wso ns Cnr Re ta il We lling to n 15.5

T OT AL $m (e xc l. land) 154.4

56 Ja ma ic a Drive L a nd We lling to n 1.1 15 Unity Drive L a nd Auc kla nd 4.1 246 Puhinui Ro a d L a nd Auc kla nd 3.1

T OT AL $m 162.7

¹ At 30 Se pte mb e r 2017

I ndustria l

NUMBE R OF BUI L DI NGS

37

MARK E T VAL UE OF ASSE T S ($M)

$588.0

OCCUPANCY (BY I NCOME )

100%

WAL T (YE ARS)

6.6

PASSI NG YI E L D

7.2%

19

Offic e

NUMBE R OF BUI L DI NGS

17

MARK E T VAL UE OF ASSE T S ($M)

$560.6

OCCUPANCY (BY I NCOME )

96.3%

WAL T (YE ARS)

4.5

PASSI NG YI E L D

7.3%

20

Re ta il

NUMBE R OF BUI L DI NGS

9

MARK E T VAL UE OF ASSE T S ($M)

$315.0

OCCUPANCY (BY I NCOME )

98.4%

WAL T (YE ARS)

5.5

PASSI NG YI E L D

7.4%

21

T e na nt-le d De ve lo pme nts

Po la rc o ld Sto re s L imite d is fully utilising the e ntire spa c e a t F

• undry Drive o n a

12 ye a r le a se . 82 Wyndha m ha s b e e n tra nsfo rme d with a 4 Sta r Offic e Built Gre e n Sta r ra ting a nd a 4 Sta r Na b e rsNZ e ne rg y e ffic ie nt ra ting b e ing ta rg e te d . Sig nific a nt le a sing pro g re ss ha s b e e n ma de a t Snic ke l L a ne with a n e xc iting mix o f re ta ile rs fo r spa c e in the la ne wa y. 180-202 Hutt Rd - Pla c e ma ke rs ha ve a ne w nine -ye a r le a se o n o f the pro pe rty fo llo wing c o mple tio n.

¹ I

nc lude s purc ha se o f la nd fo r $8.1m in De c 2016.

22

Developm ent T ype L

• c a tion

T

• ta l Cost

$m Spent to 30- Sep $m Sep- 17 Ma r

• 18

Sep- 18 Ma r

• 19

Fo undry Drive IND CHC 7.5 7.5 82 Wyndha m OFF AK L 9.0 7.5 Mig hty Ape 1 IND AK L 24.7 17.4 Snic ke l L a ne OFF AK L 7.5 6.6 180-202 Hutt Rd IND WTN 9.4 0.4 T OT AL 58.1 39.4

FY 2018 FY 2019

Sub sta ntia lly c o mple te Sub sta ntia lly c o mple te De c -17 Ea rly -18 L a te -18

Mig hty Ape Gre e n Sta r Pro je c t

Mig hty Ape , Hig hg a te Busine ss Pa rk, Silve rda le - Auc kla nd

23

$24.7m de ve lo pme nt inc luding $8.1m c o st o f la nd Jo int pa rtne rship with te na nt with sha re d philo so phy Ra ft o f e ne rg y sa ving syste ms inc o rpo ra te d inc luding e le c tric ity / wa te r me te ring a nd re c o rding , L E D lig hting syste ms a nd wa te r ha rve sting 22,575sq m o f la nd, 10,500sq m o f ne t le tta b le spa c e (9,000sq m wa re ho use , 1,500sq m o ffic e

• ve r two le ve ls, 116 o nsite c a rpa rks)

De c e mb e r 2017 c o mple tio n, 10 ye a r WAL T

7 Wa te rlo o Qua y (NZ Po st)

24

Da ma g e Asse ssme nt

Co st unlike ly to b e hig he r tha n $50m pe r initia l e stima te . Wo rking ha rd to c o mple te da ma g e a sse ssme nt a nd pro g re ss c la im.

I nsura nc e Cla im

Re c e ive d $4m o n a n una llo c a te d b a sis. T

• ta l c la im to 30 Se pte mb e r wa s $8.7m with a $4.8m de duc tib le a pplie d.

L e a sing / Re insta te me nt

Re insta te me nt wo rk o n L e ve ls 1-4 & 7 ha s c o mme nc e d with L e ve ls 10-12 to fo llo w. We e xpe c t stro ng de ma nd fo r L e ve ls 10-12 prio r to c o mple tio n.

L e a sing Upda te

25

L e a sing Suc c e ss

Stro ng first six mo nths with le a se a c tivity. During the pe rio d Arg o sy ha s c o mple te d 22 le a sing tra nsa c tio ns to ta lling ~61,000m² o f NL A. No ta b le le a sing suc c e sse s during inc lude : 26 So me la rg e r re ma ining F Y18 le a se e xpirie s inc lude :

Pr

• pe r

ty T e nant NL A (sqm) L e ase T e r m

1 Ro thwe ll Ave nue , Alb a ny Ne w Ze a la nd Co urie rs L imite d 12,737 12 ye a rs 180-202 Hutt Ro a d, K a iwha ra wha ra Pla c e ma ke rs 6,019 9 ye a rs 9 Ride Wa y, Alb a ny Amc o r F le xib le s (Ne w Ze a la nd) L imite d 9,178 6 ye a rs Alb a ny L ife style Ce ntre , Alb a ny Da nske Mo b le r L imite d 1,785 6 ye a rs Citib a nk Ce ntre Citib a nk Gro up 689 3 ye a rs

Pr

• pe r

ty T e nant NL A (sqm) Status

211 Alb a ny Hig hwa y, Alb a ny Visype t (NZ) L imite d 15,651 5 ye a r re ne wa l a g re e d 80 Spring s Ro a d, E a st T a ma ki Co da GP L imite d 9,675 E xte nsio n to 31-Aug -18 12-16 Be ll Ave nue , Mt We lling to n Ma infre ig ht L imite d 5,046 I n disc ussio n with te na nt fo r e xte nsio n

L e a se Ma turity

No te : 1. T he numb e r a b o ve e a c h b a r de no te s the to ta l te na nt e xpire s pe r ye a r (e xc luding mo nthly c a rpa rks a nd te na nts with multiple le a se s within o ne pro pe rty).

• 2. Do tte d spa c e s a b o ve Ma r-18 a nd Ma r-19 de no te mo ve me nt fro m Ma rc h 2017.

27

5.7% 14.6% 9.9% 8.5% 8.0% 2.4% 6.4% 9.7% 11.0% 9.4% 12.5%

1.9%

19 33 28 26 19 13 10 9 11 6 11

5 10 15 20 25 30 35

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% Va c a nt Ma r-18 Ma r-19 Ma r-20 Ma r-21 Ma r-22 Ma r-23 Ma r-24 Ma r-25 Ma r-26 Ma r-27 Ma r-28 + Pe rc e nta g e o f po rtfo lio (b y inc o me )

Ye a r e nding

T

• ta l E

xpiry Va c a nc y L a rg e st sing le e xp iry

Ma rke t Upda te

So lid do me stic e c o no mic g ro wth re ma ins, a nd this is driving ste a dy ne t a b so rptio n. T he re a re fe w c a ta lysts fo r c ha ng e in the ne a r te rm. T he mixture o f a ste a dy e c o no my a nd a dva nc ing te c hno lo g y suppo rting de ma nd fo r industria l a sse ts. Co ntinue d g ro wth o f o nline re ta iling b ring ing c ha lle ng e s to the tra ditio na l re ta il spa c e , e xpe c te d to limit future sa le s g ro wth. Gro wth in Auc kla nd o ffic e supply is ye t to c a use c o nc e rn, ho we ve r pre vio us pro je c tio ns fo r inc re a se d va c a nc y a ro und 2020 a re unc ha ng e d. We lling to n o ffic e va c a nc y c o ntinue s to re duc e with re nta l g ro wth re sulting . T

• ug he r le nding c o nditio ns c o ntinue to impa c t de ve lo pe rs. T

his will c re a te po te ntia l

• ppo rtunitie s.

An e nd to the yie ld firming , inc re a se d c o nstruc tio n c o sts, so lid ne t a b so rptio n a nd fe we r de ve lo pe rs a re a ll po sitive fa c to rs fo r re nta l g ro wth.

28

Outlo o k

29

Outlo o k

F unda me nta l re a l e sta te drive rs re ma in so und. De spite o ng o ing g lo b a l unpre dic ta b ility, Ne w Ze a la nd re ma ins so lid with g o o d e c o no mic g ro wth a nd a po sitive pro pe rty ma rke t o utlo o k is e xpe c te d to c o ntinue . Arg o sy’ s dive rsifie d po rtfo lio a llo ws it to ma ke the mo st o f b uo ya nt c urre nt ma rke t c o nditio ns. Arg o sy will c o ntinue to fo c us o n re so lving ne a r te rm e xpirie s, ma inta ining hig h te na nt re te ntio n ra te s a nd e nsuring c o re po rtfo lio me tric s re ma in stro ng . K e y a c tivitie s e xpe c te d to c o ntinue to b e do mina te d b y o ppo rtunitie s g e ne ra te d fro m within the po rtfo lio (e xisting te na nts / e xisting pro pe rty) We will c o ntinue to de live r o n stra te g y with the a im o f pro viding susta ina b le a nd a ttra c tive re turns to sha re ho lde rs.

30

Appe ndic e s

31

Adjuste d F unds fro m Ope ra tio ns (AF F O)

AF F O is a n a lte rna tive pe rfo rma nc e me a sure use d to a ssist inve sto rs in a sse ssing the Co mpa ny’ s unde rlying pe rfo rma nc e a nd to de te rmine inc o me a va ila b le fo r distrib utio n. T his re c o nc ilia tio n is b a se d o n g uide line s fo r disc lo sing AF F O a s pro vide d b y the Pro pe rty Co unc il o f Austra lia .

32

1H18 1H17 $m $m

Pro fit b e fo re inc o me ta x 27.4 62.2 Re va lua tio n g a ins

• (35.8)

De riva tive fa ir va lue (g a in)/ lo ss 2.6 9.7 Re a lise d lo sse s/ (g a ins) o n dispo sa l (0.1)

• E

a rthq ua ke e xpe nse ne t o f re c o ve rie s 1.3

• Gr
• ss distr

ibutable inc ome 31.2 36.1

De pre c ia tio n re c o ve re d 0.4

• Curre nt ta x e xpe nse

(5.0) (7.0)

Ne t distr ibutable inc ome 26.6 29.1

Amo rtisa tio n o f te na nt inc e ntive s a nd le a sing c o sts 2.1 1.8

F unds fr

• m Ope r

ations (F F O) 28.7 30.9

Ca pita lisa tio n o f te na nt inc e ntive s a nd le a sing c o sts (1.8) (1.8) Ma inte na nc e c a pita l e xpe nditure (3.6) (2.7) T a x e ffe c te d ma inte na nc e c a pita l e xpe nditure re c o ve re d 0.2

Adjuste d funds fr

• m ope r

ations (AF F O) 23.5 26.4

We ig hte d a ve ra g e numb e r o f sha re s o n issue (m) 823.6 813.8

AF F O pe r shar e (c e nts)

2.85 3.24 Divide nds in pe rio d 3.10 3.05 Divide nd pa yo ut ra tio (to AF F O) 109% 94%

Re nt Re vie ws

33

T ype # Pr e vious Re nt (000's) Ne w r e nt (000's) $ Inc r e ase (000's) % Inc r e ase Annualise d $ Inc r e ase (000's) Annualise d % Inc r e ase % of r e nt r e vie we d T

• tal

41 13,512.2 13,948.3 436.1 3.2% 374.2 2.8% 100.0% By r e vie w type

F ixe d 23 6,586.4 6,817.4 231.0 3.5% 231.0 3.5% 48.7% Ma rke t 9 3,521.7 3,617.3 95.6 2.7% 92.5 2.6% 26.1% CPI 9 3,404.1 3,513.6 109.5 3.2% 50.7 1.5% 25.2%

By se c to r

I ndustria l 8 4,887.0 5,051.2 164.2 3.4% 130.6 2.7% 36.2% Offic e 17 3,483.9 3,607.6 123.7 3.6% 120.6 3.5% 25.8% Re ta il 16 5,141.3 5,289.5 148.2 2.9% 123.0 2.4% 38.0%

By lo c atio n

Auc kla nd 37 12,602.3 13,010.5 408.2 3.2% 346.3 2.7% 93.3% We lling to n 4 909.9 937.8 27.9 3.1% 27.9 3.1% 6.7% Othe r 0.0 0.0 0.0 0.0% 0.0 0.0% 0.0%

Re nt Re vie ws

34

# Pr e vious Re nt (000's) Ne w r e nt (000's) $ Inc r e ase (000's) % Inc r e ase Annualise d $ Inc r e ase (000's) Annualise d % Inc r e ase % of r e nt r e vie we d Auc kland

Offic e 14 2,919.0 3,024.8 105.8 3.6% 102.7 3.5% 21.6% I ndustria l 7 4,542.0 4,696.2 154.2 3.4% 120.6 2.7% 33.6% Re ta il 16 5,141.3 5,289.5 148.2 2.9% 123.0 2.4% 38.0%

37 12,602.3 13,010.5 408.2 3.2% 346.3 2.7% 93.3% We llingto n

Offic e 3 564.9 582.8 17.9 3.2% 17.9 3.2% 4.2% I ndustria l 1 345.0 355.0 10.0 2.9% 10.0 2.9% 2.6% Re ta il 0.0 0.0 0.0 0.0% 0.0 0.0% 0.0%

4 909.9 937.8 27.9 3.1% 27.9 3.1% 6.7%

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T his pre se nta tio n ha s b e e n pre pa re d b y Arg o sy Pro pe rty L imite d. T he de ta ils in this pre se nta tio n pro vide g e ne ra l info rma tio n o nly. I t is no t inte nde d a s inve stme nt o r fina nc ia l a dvic e a nd must no t b e re lie d upo n a s suc h. Yo u sho uld o b ta in inde pe nde nt pro fe ssio na l a dvic e prio r to ma king a ny de c isio n re la ting to yo ur inve stme nt o r fina nc ia l ne e ds. T his pre se nta tio n is no t a n o ffe r o r invita tio n fo r sub sc riptio n o r purc ha se o f se c uritie s o r o the r fina nc ia l pro duc ts. Pa st pe rfo rma nc e is no indic a tio n o f future pe rfo rma nc e . All va lue s a re e xpre sse d in Ne w Ze a la nd c urre nc y unle ss o the rwise sta te d. 21 No ve mb e r 2017

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