Australian Banc Income Fund
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1 Australian Banc Income Fund Semi-Annual Management Report of Fund Performance August 31, 2014
2 AUSTRALIAN BANC INCOME FUND MESSAGE TO UNITHOLDERS October 30, 2014 Dear Investor, We are pleased to provide you with the semi-annual report for the Australian Banc Income Fund (the Fund ) for year ended August 31, The Fund s investment objectives are to: (i) (ii) (iii) provide Unitholders with quarterly distributions; provide the opportunity for capital appreciation; and lower overall volatility of portfolio returns than would be experienced by owning common shares of the Australian banks directly. We launched this Fund because we believe the Australian banks are safe, conservative financial institutions whose business models are underpinned by the strong Australian economy. The Fund provides exposure to the strong Australian economy which is similar to Canada but with less exposure to the U.S. and increased Asian exposure. The Australian banks also have higher dividend yields than Canadian banks and a good track record of growth. Australia s financial system continues to be anchored by the strong performance of her banks. The banks capital ratios have increased steadily and profitability remains robust, aided by declines in charges for bad and doubtful debts. Improved wholesale funding conditions have decreased price competition for retail deposits, although spurring competition for some types of loans. For the six month period ending on August 31, 2014, the Fund generated a total return of 8.87%. Since inception, the Fund has generated a total return of 16.66% per annum and paid a total of $2.58 distribution. Each of the five banks in the portfolio made a positive contribution to the Fund s performance during the year led by Macquarie Group which returned 32.9% during the period in Australian dollars. We continue to be pleased with the performance of the Fund. The big Australian banks have been growing, increasing their dividends and in general, have been meeting or beating the market s expectations. The Australian economy has been slowing down as the growth in demand for commodities has declined, but the economy is still strong. The Australian dollar strengthened slightly during the period with an increase of $0.02 compared to the Canadian dollar. Please check our website for quarterly investment updates and other timely information. We appreciate your investment in the Fund and look forward to continued strong performance by the Fund. Yours truly, W. Neil Murdoch Chief Executive Officer Aston Hill Capital Markets Inc. 1
3 MANAGEMENT REPORT OF FUND PERFORMANCE This semi-annual management report of fund performance for Australian Banc Income Fund (the Fund ), contains financial highlights but does not contain the complete annual financial statements of the Fund. You can obtain a copy of the semi-annual financial statements at no cost by writing to Aston Hill Capital Markets Inc. (the Manager ) to the following address: 77 King Street West, Suite 2110, Toronto, Ontario M5K 1G8, or calling or visiting the Manager s website at or by visiting Unitholders may also contact us using one of these methods to request a copy of the Fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure. INVESTMENT OBJECTIVES AND STRATEGIES The Fund is a non-redeemable investment fund established under the laws of the Province of Ontario and governed by the Trust Agreement dated February 24, The Fund offered Class A Units and Class F Units, each at a price of $10.00 per Unit. The Class F Units are designed for feebased accounts and are not listed on a stock exchange but may be converted into Class A Units on a weekly basis. The Fund was created to invest in a Portfolio of common shares of the five largest Australian banks: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Macquarie Group Limited, National Australia Bank Limited and Westpac Banking Corporation. The Fund s investment objectives are to: (i) provide Unitholders with quarterly distributions; (ii) provide the opportunity for capital appreciation; and (iii) lower overall volatility of portfolio returns than would be experienced by owning common shares of the Australian banks directly. The Manager may sell covered call options on approximately and not more than, 25% of the common shares of each Bank held in the Portfolio. The Manager may decide, in its discretion, not to sell covered call options from time to time if it determines that market conditions render it impracticable to do so. On June 11, 2013, Connor, Clark & Lunn Financial Opportunities Fund ( GFO ) merged with the Fund (the Merger ). The Fund was identified as the acquirer and the continuing fund. The objectives of the Merger were to provide GFO Unitholders with the opportunity to continue their investment in foreign financial services equities in a single fund that will have a larger market capitalization, increased liquidity for the units and a lower management expense ratio including lower management fees. RISK No material changes in the risk profile of the Fund took place over the year. For full disclosure of risks associated with an investment in the Fund s units, please refer to the Prospectus dated February 24, 2011 or to the Fund s most recent Annual Information Form. Both are available at or RECENT DEVELOPMENTS International Financial Reporting Standards (IFRS) The Fund adopted IFRS as published by the International Accounting Standards Board (IASB) as of March 1, 2014 as required by Canadian securities legislation and the Canadian Accounting Standards Board. Previously, the Fund prepared its financial statements in accordance with Canadian generally accepted accounting principles as defined in Part V of the CICA Handbook (Canadian GAAP). The Fund has consistently applied the accounting policies used in the preparation of its opening IFRS statement of financial position at March 1, 2014 and throughout all periods presented in its semi-annual financial statements, as if these policies had always been in effect. Note 16 to the semi-annual financial statements dated August 31, 2014 discloses the impact of the transition to IFRS on the Fund's reported financial position, financial performance and cash flows, including the nature and effect of significant changes in accounting policies from those used in the Fund s financial statements for the year ended February 28, 2014 prepared under Canadian GAAP. 2
4 RESULTS OF OPERATIONS Caution regarding forward-looking statements The analysis in the document includes forward-looking statements. The use of any of the words anticipate, may, will, expect, estimate, should, believe and similar expressions are intended to identify forward-looking statements. Such statements reflect the opinion of the Manager and the Portfolio s portfolio managers regarding factors that might be reasonably expected to affect the performance and the distributions on units of the Portfolio, and are based on information available at the time of writing. The Fund s Manager believes that the expectations reflected in these forward-looking statements and in the analysis are reasonable but no assurance can be given that these expectations or the analysis will prove to be correct and accordingly, they should not be unduly relied on. These statements speak only as of the date of this report. Actual events and outcomes may differ materially from those described in these forward-looking statements or analysis. Overall Performance The fund's Class A units returned 8.87% for the six months to August 31st, as the Australian dollar gained 2 cents against the Canadian loonie and Australian bank shares, as represented by the Market Vectors Australia Banks Index, returned 7.8%. For the full year to August 31st, the units returned 27.0%, benefitting from a 7.5 cent increase in the Australian dollar/canadian dollar exchange rate and a 21.6% return in the Index. NAV of the Class A units climbed from $11.72 to $12.37 during the semi-annual period, and the fund paid two regular quarterly distribution $ per unit, totalling $0.375 per unit. Key Drivers of Performance Share Prices - Positive The average share prices of the portfolio banks increased by 4.5% for the six months to August and 15.5% over the full year, with Macquarie s share price up 32.9% and the Big Four gaining an average of 11.1%. Australian Banks One-year Price Performance (AUD) MQG CBA WBC ANZ NAB Currency - Positive The Aussie dollar gained 2.0 cents against the loonie for the semi-annual period, and 7.5 cents over the year to August 31st. The fund has full currency exposure to its Australian dollar holdings. 3
5 Australian Dollars per Canadian Dollar One year $1.05 $1.00 $0.95 $ Aug 13 1 Oct 13 1 Dec 13 1 Feb 14 1 Apr 14 1 Jun 14 1 Aug 14 Australian Banks Australia s financial system continues to be anchored by the strong performance of her banks. The banks capital ratios have increased steadily and profitability remains robust, aided by declines in charges for bad and doubtful debts. Improved wholesale funding conditions have decreased price competition for retail deposits, although spurring competition for some types of loans. The Australian Prudential Regulatory Authority has recently taken measures to promote stronger risk management by lenders, and there is more to come, especially for lending to investors. As G20 chair this year, Australia s policy makers have been motivated to focus on four core areas of financial system reform: i) system resilience and the implementation of Basel III; ii) the too-big-to-fail issue; iii) oversight and regulation of shadow banking; and, iv) the derivatives market. Asset performance for the big four has continued its steady improvement. The ratio of non-performing assets to total loans stood at 1.1% at June 30th, compared to its peak of 1.9% in mid The reduction in impaired assets has been concentrated in business loans and especially commercial property loans, and the sharp recovery in the commercial property market in the first half of 2014 induced another sharp fall in impaired loans. Further improvement in asset performance will depend on other industries. The risk profile of business loans has benefitted from the tighter lending standards implemented since Household loan performance has been steady of late, aided by the tailwind of a strong housing market. Lending growth has been good to date in 2014, with overall loans expanding at an annualized 7%. Investor housing credit has led the way at near 10%. Business credit is also up but remains subdued outside the mining sector. There has been some increase in price competition, especially in the rates on mortgages and large value loans, but this does not appear to have been accompanied by a drop in standards. Foreign banks, which account for about 15% of total business credit, have been pricing more aggressively. Profitability has largely been driven by the fall in bad and doubtful debts, which dropped 17% in the latest half-year. Aggregate profit for the big four topped $14 billion in the latest half-year, up 13% on a year earlier. Net interest income was also up as strong growth in interest earning assets offset a small decline in net interest margins. The Banks returns on equity, averaging around 15%, are high by global standards, reflecting both strong asset performance and a lower cost to income ratio than the large European and U.S. banks. With bad debt charges at historically low levels and costs low compared to the industry, the banks profit growth is expected to moderate going forward. The Australian Economy The six months to August 31 was generally characterized by strong investor risk appetite, stable financial markets, and low volatility. These conditions were nurtured in part by highly expansionary monetary policies in the major economies and the ongoing stretch for yield by investors. As the third quarter ended, factors including continued slow global economic growth, the escalation of regional conflicts in the middle east and Ukraine, the end of the Federal Reserve Board s third round of quantitative easing ( QE3 ) asset purchases, and the Ebola scare appeared to be pushing markets off balance, resulting in a rapid spike in overall market volatility in late September and October. The Reserve Bank of Australia ( RBA ) elected to leave its cash rate target at 2.5% at its October 7th meeting. The Aussie overnight target has now been held at that historic low for 15 consecutive months. In its media release, the Reserve Bank Board maintained its assertion that a period of stability in interest rates remains appropriate, a turn of phrase that economists have been watching closely. The implication is that Board members believe the overall economy needs low rates and a low dollar, and that Australian regulators will initially use prudential regulatory policy to achieve economic tightening in targeted sectors, such as the housing market, as opposed to the comparatively blunt instrument of policy rates. The RBA release described the Australian dollar as high by historical standards in spite of having dropped 6.6% versus the US dollar in 4
6 September, and 7.4% for the full quarter. Rising volatility, weak iron ore prices and weakness in the euro all contributed to the drop. Australia s unemployment rate climbed from 5.9% in June to 6.0% in July and remained there through the quarter. 6.0% marks the highest rate since July While the economy gained about 22 thousand jobs over the quarter, September saw a decline of 30 thousand, a result 45 thousand worse than expected. Year-over-year employment growth was very soft, at 1.1%, while the number of full time jobs barely moved, up only 0.2% for the year. Leading indicators show a slight improvement in the jobs growth rate, however, to 1.5%. As the quarter closed, monthly surveys continued to highlight Australians disappointment in their near-term economic prospects. The Westpac Melbourne Institute Index of Consumer Sentiment rose 0.9% from 94.0 in September to 94.8 in October, marking the eighth consecutive month at below 100, a sign that pessimists outnumber optimists. Prior to March, the Index had spent 16 months above 100. The Index surveys attitudes about family finances, economic conditions, and whether now is a good time for a major purchase. National Australia Bank s September business survey turned in the lowest confidence reading since before last year s election. A soft operating environment, low forward orders, falling profits and lower employment expectations characterized business conditions. Globally, the sluggish and uneven recovery continued to disappoint. After a weaker than expected first half, the International Monetary Fund s October World Economic Outlook revised the agency s global GDP growth projection to 3.3% for 2014, 0.4% lower than April s forecast. The forecast for 2015 is for a slight improvement, to 3.8%. The report cited increasing short-term risks including the current bumper crop of geopolitical issues, whose effects have thus far been largely confined to the regions involved, and the fear that investors have been mispricing risk, such that very low investor risk premiums and market volatility could rapidly reverse. Over the medium term, the report pointed to low potential growth in advanced economies, particularly as a result of high public and private debt, and a decline in the potential growth of emerging markets. Capital transactions The beneficial interest in the net assets and net income of the Fund is divided into two classes of Units, Class A Units and Class F Units. The Fund is authorized to issue an unlimited number of Units of each class. On March 18, 2011, the Fund completed its initial public offering pursuant to the Prospectus dated February 24, $80,000,000 was raised through the issue of 8,000,000 Class A Units at $10.00 per Unit. Agents fees and issue expenses were $4,728,283 or $0.59 per Unit. $1,603,000 was raised through the issue of 160,300 Class F Units at $10.00 per Unit. Agents fees and issue expenses were $47,784 or $0.30 per Unit. On April 5, 2011, the Agents exercised an over-allotment option in respect of 419,502 Class A Units, raising a further $4,195,020. Agents fees were $220,239 or $0.53 per Unit. On June 11, 2013, following the Merger with GFO, the Fund issued 800,969 Class A Units with an aggregated value of $7,953,862 and 30,914 Class F Units with an aggregated value of $322,000, representing the Unitholders of the GFO that accepted the merger proposal. Pursuant to the Merger, each holder of Class A Units of GFO automatically received approximately Class A Units of the Fund for each GFO Class A Unit held and each holder of Class F Units of GFO automatically received approximately Class F Units of the Fund for each GFO Class F Unit held. During the six month period ended August 31, 2014, there were 3,399 Class F Units converted to 3,596 Class A Units for a total value of $43,540 (14,900 Class F Units were converted to 15,628 Class A Units for a total value of $163,817, during the six months period ended August 31, 2013). During the same period, there were also nil number of Class A Units redeemed and 600 Class F Units redeemed for net payment of $7,293. Market repurchases The Trust Agreement provides that the Fund may, in its sole discretion, from time to time, purchase (in the open market or by invitation for tenders) Class A Units for cancellation subject to applicable law and stock exchange requirements, based on the Manager s assessment that such purchases are accretive to Unitholders, in all cases at a price per Class A Unit not exceeding the most recently calculated Net Asset Value per Class A Unit immediately prior to the date of any such purchase of Units. The Fund did not purchase any Class A Units for cancellation during the six months period ended August 31, 2014 and DISTRIBUTIONS The Fund does not have fixed distributions but initially paid quarterly distributions at $ per Class A Unit and Class F Unit respectively for total annual distributions of $0.75 per Unit representing a return of 7.5% per annum on the Unit issue price. The Fund made all its scheduled quarterly distributions of $ per Class A and Class F Unit respectively during the six months period ended August 31, 2014 and The total distributions paid during the six months period ended August 31, 2014 were $0.375 per Class A Unit and $0.375 per Class F Unit. ($0.375 per Class A Unit and $0.375 per Class F Unit during the six months period ended August 31, 2013). 5
7 RECOMMENDATIONS OR REPORTS BY THE INDEPENDENT REVIEW COMMITTEE The Independent Review Committee tabled no special reports and made no extraordinary material recommendations to management of the Fund during the six months period ended August 31, RELATED PARTY TRANSACTIONS Management Fees As compensation for coordinating the organization of and managing the ongoing business and administrative affairs of the Fund, the Manager is entitled to an annual management fee in an amount equal to 0.65% per annum of the Net Asset Value of the Fund to be calculated and payable monthly in arrears, plus applicable taxes. The total management fees charged to the Fund during the six months period ended August 31, 2014 were $306,325 plus applicable taxes ($300,679 plus applicable taxes during the six months period ended August 31, 2013). Service Fees The Fund pays to the Manager a service fee which is payable to dealers whose clients hold Class A Units of the Fund. The service fee is calculated and paid at the end of each calendar quarter in arrears and is equal to 0.40% per annum of the Net Asset Value of the Class A Units. No service fee is payable in respect of the Class F Units. The service fees charged to the Fund during the six months period ended August 31, 2014 were $188,076 ($183,274 during the six month period ended August 31, 2013). 6
8 PAST PERFORMANCE The following bar charts show the Fund s annual performance of the Class A Units and Class F Units as well as the semi-annual performance for the six month period ended August 31, 2014 assuming all the distributions made by the Fund during the periods shown were reinvested. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. The bar charts show, in percentage terms, how much an investment made on the first day of the period would have grown or decreased by the last day of the period. Past performance is not necessarily indicative of future performance. Year-by-Year Returns (Class A Units) 40.00% 33.72% 30.00% 20.00% 10.00% 11.54% 8.87% 0.00% Fiscal year Semi-annual Year-by-Year Returns (Class F Units) 40.00% 34.27% 35.00% 30.00% 25.00% 20.00% 15.00% 12.02% 9.12% 10.00% 5.00% 0.00% Fiscal year Semi-annual 7
9 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to aid in understanding the Fund s financial performance since inception. This information is derived from the Fund s audited annual and unaudited semi-annual financial statements: Class A Units: The Fund s Net Assets per Class A Unit: August 31, February 28, February 28, February 29, 2014 (2) (1) Net Assets, beginning of period (7) Unit issue expense (3) (0.59) Increase (decrease) from operations: Total revenues Total expenses (0.21) (0.19) (0.16) (0.15) Realized gains (losses) for the period (0.04) Unrealized gains (losses) for the period 0.37 (0.48) 1.51 (0.02) Total increase (decrease) from operations (4) Distributions: From income (0.34) (0.68) (0.19) (0.38) From dividends From capital gains (0.01) (0.01) (0.67) (0.21) Return of capital (0.03) (0.06) Total Distributions (5) (0.38) (0.75) (0.86) (0.59) Net Assets, end of period (6) (7) (1) (2) (3) (4) (5) (6) (7) Results for the period from March 18, 2011 (commencement of operations) to February 29, Results for the six month period ended August 31, Issue expenses of $4,948,522 incurred in connection with the Class A Units issuance. The full amount of issue expenses was deducted from the unit capital for accounting purposes and is amortized over a period of five years for tax purposes. Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase / decrease from operations is based on the weighted average number of 7,659,494 units outstanding as of during the six months period ended August 31, 2014 (February 28, ,157,187 units). The percentages used to allocate distributions among income, dividends, capital gain and return on capital are based on estimates. This is not a reconciliation between the opening and the closing net assets per unit. The Fund adopted International Financial Reporting Standards ( IFRS ) commencing March 01, This information for the years up to 2012 is stated under Canadian GAAP. Starting 2013 and onwards, this information is restated under IFRS. Ratios and Supplemental Data (Class A Units): August 31, 2014 (2) February 28, 2014 February 28, 2013 February 29, 2012 (1) Net assets (000 s) 94,811 89,769 91,136 77,656 Number of units outstanding 7,662,162 7,658,566 8,094,863 8,419,502 Base Management expense ratio (annualized) (3) (4) 1.31% 1.55% 1.41% 1.41% Issue expenses ratio (3) (4) 0.00% 0.00% 0.00% 6.50% Management expense ratio (annualized) (4) 1.31% 1.55% 1.41% 7.91% Management expense ratio before waivers or absorptions (annualized) (4) 1.31% 1.55% 1.41% 7.91% Portfolio turnover rate (5) 25.26% % % 90.16% Trading expense ratio (6) 0.06% 0.17% 0.32% 0.31% Closing market price (TSX) (1) (2) (3) (4) (5) (6) Results for the period from March 18, 2011 (commencement of operations) to February 29, Results for the six month period ended August 31, A separate base management expense ratio has been presented to include the normal operating expenses and exclude the Issue expense ratio: representing all Agents fees and unit issue expenses. Management expense ratio is based on total expenses for the stated period excluding trading commissions and is expressed as an annualized percentage of daily average net assets during the period. Unit issue expenses, representing all Agents fees and other offering expenses, which are one-time expenses, are not annualized. The Fund s turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund s buying and selling all of the securities (including fixed income) in its portfolio once in the course of the year. There is not necessarily a relationship between turnover rate and the performance of the Fund. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period. 8
10 Class F Units: The Fund s Net Assets per Class F Unit: August 31, 2014 (2) February 28, 2014 February 28, 2013 February 29, 2012 (1) Net Assets, beginning of period (7) Unit issue expense (3) (0.30) Increase (decrease) from operations: Total revenues Total expenses (0.19) (0.16) (0.13) (0.12) Realized gains (losses) for the period (0.05) Unrealized gains (losses) for the period 0.38 (0.36) 1.41 (0.02) Total increase (decrease) from operations (4) Distributions: From income (0.35) (0.68) (0.20) (0.38) From dividends From capital gains (0.00) (0.01) (0.68) (0.21) Return of capital (0.03) (0.06) Total Distributions (5) (0.38) (0.75) (0.88) (0.59) Net Assets, end of period (6) (7) (1) (2) (3) (4) (5) (6) (7) Results for the period from March 18, 2011 (commencement of operations) to February 29, Results for the six month period ended August 31, Issue expenses of $47,784 incurred in connection with the Class F Units issuance. The full amount of issue expenses was deducted from the unit capital for accounting purposes and is amortized over a period of five years for tax purposes. Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase / decrease from operations is based on the weighted average number of 113,932 units outstanding during the six months period ended August 31, 2014 (February 28, ,480 units). The percentages used to allocate distributions among income, dividends, capital gain and return on capital are based on estimates. This is not a reconciliation between the opening and the closing net assets per unit. The Fund adopted International Financial Reporting Standards ( IFRS ) commencing March 01, This information for the years up to 2012 is stated under Canadian GAAP. Starting 2013 and onwards, this information is restated under IFRS. Ratios and Supplemental Data (Class F Units): August 31, 2014 (2) February 28, 2014 February 28, 2013 February 29, 2012 (1) Net assets (000 s) 1,455 1,422 1,423 1,511 Number of units outstanding 111, , , ,600 Base Management expense ratio (annualized) (3) (4) 0.89% 1.18% 1.01% 1.02% Issue expenses ratio (3) (4) 0.00% 0.00% 0.00% 3.19% Management expense ratio (annualized) (4) 0.89% 1.18% 1.01% 4.21% Management expense ratio before waivers or absorptions (annualized) (4) 0.89% 1.18% 1.01% 4.21% Portfolio turnover rate (5) 25.26% % % 90.16% Trading expense ratio (6) 0.06% 0.17% 0.32% 0.31% (1) (2) (3) (4) (5) (6) Results for the period from March 18, 2011 (commencement of operations) to February 29, Results for the six month period ended August 31, A separate base management expense ratio has been presented to include the normal operating expenses and exclude the Issue expense ratio: representing all Agents fees and unit issue expenses. Management expense ratio is based on total expenses for the stated period excluding trading commissions and is expressed as an annualized percentage of daily average net assets during the period. Unit issue expenses, representing all Agents fees and other offering expenses, which are one-time expenses, are not annualized. The Fund s turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund s buying and selling all of the securities (including fixed income) in its portfolio once in the course of the year. There is not necessarily a relationship between turnover rate and the performance of the Fund. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period. 9
11 SUMMARY OF INVESTMENT PORTFOLIO AS OF AUGUST 31, 2014 The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund. A quarterly update is available at and Portfolio by Category % of NAV Financials 98.3% Cash 1.3% Other assets net of other liabilities 0.4% Top 25 Holdings (1) Commonwealth Bank of Australia 20.3% Westpac Banking Corporation 20.1% Macquarie Group Limited 19.6% Australia and New Zealand Banking Group 19.4% National Australia Bank Limited 18.8% Cash 1.3% Other assets net of other liabilities 0.4% Total Net Assets $ 96,265,546 (1) There are less than 25 holdings in the Fund. 10
12 AUSTRALIAN BANC INCOME FUND INTERIM REPORT 2014 CORPORATE INFORMATION Independent Review Committee John Crow Chairman C. Scott Browning Robert Falconer Joseph H. Wright Directors and Senior Officers of the Manager W. Neil Murdoch Director and Chief Executive Officer Darren Cabral Director and Chief Financial Officer Eric Tremblay Director and Chairman Larry W. Titley Director Manager Aston Hill Capital Markets Inc. Transfer Agent and Trustee Computershare Trust Company of Canada Custodian RBC Investor Services Trust Auditors PricewaterhouseCoopers LLP Website Mailing Address 77 King Street West Suite 2110, PO Box 92 Toronto -Dominion Centre Toronto, ON M5K 1G8 General Inquiries: Website:
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