Leverage our expertise in your client s portfolios For adviser use only.

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1 Grow your business with SMAs Leverage our expertise in your client s portfolios For adviser use only.

2 What are SMAs? Separately Managed Accounts (SMAs) are a way of directly investing in equities and other listed securities while realising the benefits of professional investment management. SMAs are financial products that are sold via a Product Disclosure Statement (PDS) and operate within a Managed Investment Scheme. However, SMAs are not pooled investment vehicles the investor is the owner of the underlying securities. This direct ownership of the underlying securities is also one of the characteristics that set SMAs apart from other popular retail investment products such as listed investment companies (LICs). SMAs are based on model portfolios of listed securities covering a range of asset classes such as Australian equities, listed property and fixed income. The minimum investment is relatively low and for any one client, several SMAs can be blended in order to achieve your client s specific objectives. SMAs offer a best of both worlds approach for investors, combining the flexibility and transparency of direct investing with the convenience and expertise of managed funds. You can now satisfy your client s desire for direct investments without the administrative and compliance burden as day to day investment decisions are delegated to a professional investment manager. 1 Grow your business with SMAs

3 SMAs vs managed funds and listed securities The best of both worlds SMAs Managed funds Listed securities Professional management Yes Yes Multi-manager Yes Yes Accessible via wrap platforms Yes Yes Yes Management fees Yes, usually lower Yes No, just brokerage Pooled investments/unitised No Yes No Unit prices No Yes No Individual investor accounts Yes No Yes Individual cost base for calculation of CGT Yes No Yes Dividends flow directly to investor Yes No Yes Full transparency of investments Yes No Yes Investor has beneficial ownership of assets Yes No Yes In-specie transfers into and out of SMA Yes No Yes Investor able to decide on corporate actions No No Yes Compliance requirements (SoA/RoA) No Yes Yes How does an SMA work? Investor Platform Cash account Managed fund Listed securities SMA portfolios Professional investment management In-specie transfers Clients can transfer their listed securities into the SMA portfolio and retain beneficial ownership. CGT is not triggered for in-specie transfers into an SMA for listed securities held in the portfolio. Individual portfolio of securities Direct ownership of securities The client (or trustee) is the owner of the underlying securities, not units in a unit trust. All investors hold the same investments in the same weightings as the model portfolio, and any deviations are corrected by regular portfolio rebalancing. Trades are executed simultaneously for all clients, or any portfolio changes. Grow your business with SMAs 2

4 Benefits for your clients Access to professional investment management Your client can invest in listed securities with the added benefit of a professionally managed portfolio. Lower brokerage With SMAs, listed security trades are consolidated, which means the brokerage is spread across a number of investors. Your client is likely to pay lower brokerage than they would pay if trading listed securities directly. Benefits for your business Individual accounts Unlike a managed fund, where investors hold units in a pooled fund, a separate account is established for each individual investor in an SMA. This means that your client (or the trustee for super) is the beneficial owner of the underlying listed securities, so the dividends and franking credits are paid to each individual account. Transparency Your client can see the individual listed securities that are held within an SMA portfolio through consolidated reports and statements. Tax position unaffected by other investors In an SMA, each investor will have an individual cost base for each of their listed securities. This means there are no tax consequences for your client as a result of other investors transactions or prior capital gains made within a unit trust structured managed fund. Portability 1 Your client will have no CGT events, and avoid buy/sell spreads and broker fees, when they transfer commonly-held shares into an SMA and between SMA model portfolios or upon exit of the SMA. Business efficiency With SMAs you spend less time administering your client s portfolio and more time acquiring and servicing new clients, which can help you improve the overall profitability of your business. Compliance control Unlike listed securities, with SMAs you are not directly accountable for the investment selection and ongoing portfolio management, decreasing your overall compliance risk. Less administration Receive the benefits of investing in listed securities without the administrative and compliance burden of reporting, and managing corporate actions and capital raisings. Unlike listed securities, with SMAs there is no need to prepare a Statement of Advice (SoA) or Record Of Advice (RoA) every time there is a change to the listed securities held within the portfolio. 1. Provided the shares transferred do not have a greater weighting than the weighting of the chosen portfolio. 3 Grow your business with SMAs

5 Why advisers are choosing SMAs A 2015 survey by /Investment Trends found that: increase in the number of advisers using SMAs over the last 5 years. of advisers may start using SMAs over the next two years. of advisers who use SMAs believe they are more appropriate for their SMSF clients than a portfolio of listed securities. When advisers were asked why they recommend SMAs to their clients: said SMAs allow clients to see the underlying shares in the portfolio. said SMAs are less of an administrative burden than investing directly in shares. said SMAs are an efficient way to access professional funds management. Your client can invest in listed securities with the added benefit of a professionally managed portfolio. Source: 2015 /Investment Trends SMA Report (April 2015) Grow your business with SMAs 4

6 Case study 1 Wayne Lear Shield Wealth Wayne was running $150m in direct equities for clients. He and his back office colleagues were struggling with settlements, corporate actions and other SoA and RoA compliance requirements. As a result, Shield Wealth had effectively closed its doors to new clients. introduced the SMA concept to Shield Wealth as a way of freeing up resources that could be used to grow the business, rather than spending all their time dealing with day-to-day admin. Basically, I was looking for increased capacity, says Wayne. I wanted to be able to take on new clients, to reduce back office expenses and to provide the clients with greater peace of mind. Wayne and his colleagues were able once again to write new business, with equities portfolios run for Shield Wealth s smaller clients being directed towards either the SMA Income Portfolio or SMA Growth Portfolio, according to the clients investment objectives. Wayne s clients are also now receiving detailed monthly performance reports that exceed the reports that Shield Wealth had previously been able to provide on a quarterly basis. Wayne has been able to spend a lot more time focusing on the top end of his client base, which is where most of the business s referrals and revenues come from. also works with Wayne by assisting him with semi-annual client presentations and market/sma updates. Using SMAs, I was able to achieve the outcomes that I had been seeking, says Wayne. The transparency of SMAs meant that I had the tools to provide clients with accurate and timely advice on income, capital gains and tax. If I had to put a dollar figure on how much moving to SMAs has saved my business it would have to be getting close to a quarter of a million to half a million dollars in admin costs. This has also led to a significant reduction in my back office. Prior to the global financial crisis I had 13 staff running 140 accounts. Now we would have the same number of accounts but I only need 4 staff. If I had to put a dollar figure on how much moving to SMAs has saved my business it would have to be getting close to a quarter of a million to half a million dollars in admin costs. 5 Grow your business with SMAs

7 Case study 2 Vikas Modgil KnowledgebankIQ (KBIQ) Vikas joined KBIQ and purchased a book of clients from a retiring adviser who had used direct equities and managed funds for his clients exposures to Australian equities. He quickly realised that he needed support in managing the direct equities portion of the clients assets. The clients typically had five or six direct shares in their portfolios, and they agreed that they needed more diversification, Vikas explains. My challenge is that I am a financial planner, not an equities analyst. I realised that direct equities were almost certainly not the best solution. introduced Vikas to SMAs, which he realised would enable him to provide the clients with the benefits of professional management and, at the same time, allow him to focus on client relationships and growing his new business. He also realised he could transfer his clients managed fund holdings into SMAs too, saving the clients money through reduced fees and improving the performance of their investments. SMAs solve a lot of problems, Vikas says. The clients have properly diversified portfolios, they have access to professional management at a much lower cost than would be available through managed funds, and their investment decisions are made in a timely manner. Besides the obvious value Vikas was able to add to the client experience, through using SMAs, his business is now also scalable, meaning he can acquire new clients without worrying about capacity issues. SMAs solve a lot of problems. My clients have properly diversified portfolios, access to professional management at a much lower cost than would be available through managed funds and their investment decisions are made in a timely manner. Grow your business with SMAs 6

8 7 Grow your business with SMAs

9 NAB Group suite of SMAs Through the NAB Group you have access to a range of SMAs managed by, Antares and Redpoint. Fixed Income Australian Equities Listed Property Multi Asset Class Index Income Growth Core Listed Fixed Income Antares Blue Chip Top 20 Income Growth Leaders Antares Listed Property Multi Strategy Industrials Small Companies Antares Core Opportunities Antares Dividend Builder Antares Ex 20 Redpoint Industrials Platforms featuring SMAs MLC Wrap/ Navigator Macquarie Wrap Praemium OneVue Mason Stevens Listed Fixed Income P P P P P Income P P P P P Industrials P P P P Growth P P P P P Small Companies P P P P Leaders P P P P Multi Strategy P P P Grow your business with SMAs 8

10 SMA Portfolios Listed Fixed Income Income Industrials Overview The Listed Fixed Income Portfolio (Portfolio) is focused on delivering a steady income stream that represents a premium to the income earned on term deposits of similar tenor, while striving for moderate capital appreciation. The Portfolio comprises ASX-listed securities including government and corporate bonds, hybrids, convertible notes and exchange traded funds recommended by. While the Portfolio aims to be fully invested at all times, shortterm allocations to cash may occur. The Income Portfolio (Portfolio) provides investors with tax effective income by investing in a portfolio of Australian shares that delivers high dividend yields and higher levels of franking in comparison to the S&P/ASX 200 Accumulation Index. The Portfolio is comprised of mainly blue-chip companies with an income focus. The Industrials Portfolio (Portfolio) is a high conviction portfolio focused on delivering an above-average after tax income stream to investors while maintaining an underlying capital growth component. An emphasis is placed on stocks with high quality earnings, strong cash flows and highly franked, sustainable dividend yields. The Portfolio has an income focus with no resources or Australian Real Estate Investment Trusts (A-REITs) exposures and the potential for up to 30% of the Portfolio to be invested in companies in the S&P/ASX Small Ordinaries Index. Investment objective To outperform the RBA Cash rate after fees by 200 basis points over a rolling 5-year period. Further, the risk objective of the manager is to have no more than three negative annual investment returns over a rolling 20-year period. To enhance the value of investment capital by generating combined capital and income returns that exceed the rate of inflation over the longer term (5 year plus). The Portfolio aims to produce a consistent income stream, with a dividend yield target of 1% per annum higher than that of the S&P/ ASX 200 Accumulation Index. The targeted volatility of the Portfolio is at or below the Performance Benchmark volatility over a rolling 5 year period. To provide income with moderate capital appreciation over a rolling 5-year period by investing in Australian listed securities that have strong income-producing characteristics that may include imputation or tax-deferred components. The targeted volatility of the Portfolio is at or below the Performance benchmark volatility over a rolling 5-year period. Investor profile May be suitable for investors seeking higher and/or more stable returns above that earned on lower yielding fixed income options such as term deposits or more volatile investments such as equities, via a well-researched, transparent and defensive-orientated listed fixed income portfolio. May be suitable for investors seeking an equities portfolio that provides an income stream with higher yield and franking than the Australian equity market, and for investors seeking a concentrated blue-chip portfolio which includes resources. May be suitable for investors who are in the accumulation and/or pension phase and are seeking both tax efficient income and capital growth. The Portfolio will be ideal for investors wanting exposure to industrial companies but not resources and A-REITs securities. Portfolio Benchmark Benchmark unaware S&P/ASX 200 Accumulation Index S&P/ASX 300 Industrials Accumulation Index Management fee* 0.55% 0.55% 0.40% Minimum suggested investment timeframe Indicative number of securities 5 years 5 years 5 years Indicative cash holding 1% 15% 1% 10% 1% 5% Investment universe ASX-listed fixed income securities including government and corporate bonds, hybrids, convertible bonds and exchange traded funds S&P/ASX 200 Index S&P/ASX 300 Industrials Index (excluding A-REITs and resources companies) with potential for up to 30% of the Portfolio in the S&P/ASX Small Ordinaries Index * Inclusive of GST and net of Reduced Input Tax Credits (where available). 9 Grow your business with SMAs

11 Growth Small Companies Leaders Multi-Strategy The Growth Portfolio (Portfolio) is tilted towards stocks that have structural earnings growth. The aim is to provide investors with high quality capital growth by investing in Australian shares that have superior earnings qualities that generate higher returns over the medium to long term. The Small Companies Portfolio (Portfolio) is a high conviction portfolio that seeks to provide long-term capital growth by investing in small and midcap Australian companies listed on the ASX. The companies in the portfolio are selected for their sustainable business models and earnings growth potential. The Leaders Portfolio (Portfolio) has an income focus and seeks to provide consistent longterm income growth with some capital growth. It has a particular tilt towards industrial shares that have a high dividend yield and a high proportion of franking credits. Exposure to resource shares will be included where they meet the Portfolio s overall mandate. The Multi-Strategy Portfolio (Portfolio) seeks to provide long term capital growth by investing in a broad selection of investments listed on the ASX, across a range of asset classes. The investment universe includes large cap stocks, small-mid cap stocks, listed corporate bonds, listed hybrid securities, A-REITs, LICs, ETFs and ETCs. To enhance the value of investment capital by generating combined capital and income returns that exceed the rate of inflation over the long term (5 years plus). The targeted volatility of the Portfolio is at or below the Performance Benchmark volatility over a rolling 5-year period. To provide long-term capital growth by investing in a broad selection of Australian listed companies in the small to mid-cap range. The targeted volatility of the Portfolio is at or below the Performance Benchmark volatility over a rolling 5-year period. To provide consistent long-term income growth with some capital growth over a rolling 5-year period by investing in a broad selection of S&P/ASX 50 listed companies across various sectors and industries. The targeted volatility of the Portfolio is at or below the Performance Benchmark volatility over a rolling 5-year period. To provide long-term capital growth with above average, after tax income and out-perform the Morningstar Multi-Sector Growth peer group index by 3% p.a. over rolling five year periods. May be suitable for investors who are in the accumulation phase, and those seeking long-term above-market capital growth as opposed to income. May be suitable for investors who are in the accumulation phase and seeking long-term capital growth by investing in small to mid-sized companies. May be suitable for investors who are in the accumulation and/or pension phase and are seeking both tax efficient income and some capital growth via exposure to Australian large caps. May be suitable for investors who have an investment horizon of at least 5 years and a moderate to high risk tolerance and are aiming to achieve capital growth over a long term timeframe and are seeking slightly lower volatility than that provided by a 100% growth asset mix. Investors need to be comfortable with investing directly in listed securities (as these securities may experience significant volatility from time to time). S&P/ASX 200 Accumulation Index S&P/ASX Small Ordinaries Accumulation Index S&P/ASX 50 Accumulation Index Morningstar Multi-Sector Growth Market Index 0.55% 0.45% 0.40% 0.60% 5 years 5 years 5 years 5 years % 10% 1% 5% 1% 5% 1% 20% S&P/ASX 200 Index S&P/ASX Small Ordinaries Index or market cap <$2bn (with 20% allowed outside these parameters) S&P/ASX 100 Index (with a maximum of 20% invested outside of the largest 50 stocks by market capitalisation) S&P/ASX 300 Index, listed corporate bonds and listed hybrid securities, A-REITs, LICs, ETFs and ETCs. Grow your business with SMAs 10

12 About Established in 1840, is a leading Australian private wealth manager who provides bespoke wealth and investment advice to Australia s most successful families, companies and non-profit organisations. Quality research is at the core of s business. The Investment Strategy Group (ISG) undertakes in-house research across a diversified suite of asset classes including Australian equities, international equities, Australian and international fixed income, cash and alternative investments. Supporting the team s research is a wide range of views including those from National Australia Bank (NAB), UBS and external industry research. The breadth of market views and in-house expertise, coupled with ISG s Charter of Investment Independence, enables the portfolio managers to confidently navigate changing market conditions and deliver an objective outcome. The ISG adheres to a well-defined portfolio construction methodology with extensive risk management tools. The team s proven track record is a result of its consistent strategy of investing in high conviction portfolios. The ISG picks the most appropriate investments for each SMA portfolio and invests for the long term. is a wholly owned subsidiary of the National Australia Bank Limited Group (the NAB Group). This unique strategic alliance provides organisational strength, significant depth of global investment and economic experience, capital security, strong governance, systems and asset platforms. portfolio management team The ISG provides investment insights and portfolio management solutions to retail, high net worth and institutional investors. The ISG s provision of quality research and insights is the core of the SMA offering. The portfolio management team has substantial experience in researching investment opportunities and managing high conviction SMA portfolios. The team of investment strategy experts accesses a wide range of research views and then provides its own proprietary overlay and investment solutions. This enables the team to have substantial confidence in responding to market developments. The team also uses a variety of company and industry databases and insights from company management meetings to enhance the portfolio construction process and ensure competitive returns. The SMA portfolios adhere to a rigorous and disciplined compliance and governance process under the NAB Wealth framework to deliver on the portfolio s objectives. The portfolio management team has substantial experience in researching investment opportunities and managing high conviction SMA portfolios. 11 Grow your business with SMAs

13 Our investment approach Equity portfolios s investment philosophy emphasises: buying high-quality companies with earnings growth potential at appropriate valuations; the use of a style agnostic and bottom-up with a top-down overlay approach to portfolio management; a focus on long-term portfolio positions with low turnover. Quantitative analysis involves the assessment of financial variables such as return on equity, balance sheet strength, valuation support, earnings per share growth, dividend yields, payout ratios, price earnings ratios, cash flow ratios and margin analysis. Qualitative factors include the strength of company management, the business model, industry structure, corporate governance, competitive advantages, macroeconomic variables and capital management initiatives. ASX Investment Universe Initial screening of ASX Market capitalisation Liquidity Third party analyst coverage ISG Investment Universe ~300 securities Quantitative and qualitative ranking filters applied In-depth research ~60 stocks Financial modeling Stock selection: valuation, investment thesis Analyst conviction Portfolios ~15-25 stocks Portfolio construction Mandate fit Ranking, risk and liquidity Note: The size of the stock universe may vary depending on the individual portfolio and mandate. Fixed income portfolio maintains a transparent and easy to understand philosophy when formulating bespoke low-risk fixed income solutions. For a fixed income portfolio to represent and behave as the defensive component of a broader investment portfolio, it must be populated with instruments that are expected to be defensive in nature. Accordingly: Capital preservation is paramount, and to achieve this objective an overarching strategy and disciplined approach to selecting investments is undertaken. - Credit quality is first and foremost the focus to ensure capital retention and the receipt of scheduled coupons and the return of capital at maturity. - Appropriate weightings are prudently assigned to individual securities in a bid to mitigate the potential negative impact of underlying risks. The second consideration is value. More particularly, the expected return from an investment must be commensurate with the credit, market, tenor and liquidity risk in both an absolute and a relative sense (versus other fixed income investments and market peers). A third consideration is portfolio composition. We advocate that any instrument added to a portfolio needs to exhibit features that enhance the portfolio s attributes from the perspectives of the return for risk, duration (interest rate sensitivity), liquidity, diversity of sectors, issuers, issues, instrument type, and/or maturity structure. To achieve the desired outcome targets better quality and more liquid instruments, maintains a diversity of exposures, assigns appropriate weightings to individual securities, maintains a laddered maturity profile, and ensures an appropriate mix of fixed and floating-rate instruments and a hold to maturity approach. Grow your business with SMAs 12

14 Your SMA team James Wright Chief Investment Officer Bachelor of Economics (Hons), Economics and Business Finance, Monash University James joined in September In his role as Chief Investment Officer, James leads s Investment Strategy Group which undertakes investment and economic research and develops asset allocation and portfolio strategies for clients. Over a 25 year career in the finance industry, James has held senior positions at ING, including Chief Investment Officer where he was responsible for over $24 billion in funds under management in Australian equities, private equity, property and fixed income. James has also worked at Treasury Corporation of Victoria and the Commonwealth Treasury in Canberra. Stuart McKibbin Senior Portfolio Manager / Investment Director B Sc. (Hons), Masters of Business Administration, Graduate Diploma in Applied Finance and Investment, CPA Stuart has over 25 years experience in equity analysis, corporate finance and portfolio management. He has extensive investment research experience in investment banking and stockbroking, including being a highly ranked energy analyst and later covering a range of resource and industrial companies (including BHP). Over the past 14 years, Stuart has held the roles of Senior Equities Analyst and Portfolio Manager at Godfrey Pembroke and Head of Portfolio Management Listed Investment at ThreeSixty Research. Stuart is responsible for the portfolio management of s six Australian equities SMAs. He also provides the broad equity strategy for the Investment Strategy Group. Michael Ip Portfolio Manager / Senior Equities Analyst Bachelor of Commerce (Accounting and Finance), University of Western Australia Graduate Diploma in Applied Finance and Investment Michael has been with the NAB Group for over 15 years. He is currently the Portfolio Manager for the Industrials Portfolio within the Investment Strategy Group. Prior to joining, Michael was a Senior Equities Analyst within the ThreeSixty Listed Investment team focusing on the Financials sector. He commenced his career with NAB as a Financial and Review Planner with NAB Private Wealth. Amanda Tang Portfolio Manager / Senior Equities Analyst Bachelor of Commerce / Bachelor of Science, University of Sydney Diploma of Financial Services CFA Level 3 candidate, CFA Institute Amanda has been with the NAB Group for over nine years. She is currently the Portfolio Manager for the Multi Strategy Portfolio within the Investment Strategy Group. Prior to joining, Amanda was a Senior Equities Analyst within the ThreeSixty Listed Investments Team focusing on Consumer Staples, Consumer Discretionary and the ETF sector. She was also a participant in the MLC Graduate Program, with roles in the TurnKey Implementation Team and the Group Insurance Team. 13 Grow your business with SMAs

15 Danny Wong Portfolio Manager / Senior Equities Analyst Bachelor of Commerce/Economics, University of Western Sydney Diploma of Financial Services Danny has been with the NAB Group for over 16 years. He is currently a Portfolio Manager within the Investment Strategy Group for the Leaders Portfolio. During his time with NAB, Danny has gained extensive experience in investments, ranging from managed funds research and direct equities analysis. Prior to joining, Danny was a Portfolio Manager within the ThreeSixty Listed Investments Team. He was also a Research Relationship Manager for MLC, dealing with external research houses such as Lonsec, Morningstar and S&P to ensure that the MLC investment process was properly represented and understood. Danny commenced his career with MLC as a reporting analyst for MLC funds. Laurie Conheady Senior Portfolio Manager, Fixed Income / Executive Director Bachelor of Commerce, University of Melbourne Master of Business Administration, Melbourne Business School Graduate Diploma, Securities Institute of Australia Laurie joined s Investment Strategy Team in December He is responsible for researching and providing recommendations on fixed interest products, running model and discretionary fixed income portfolios, as well as providing asset allocation and portfolio construction advice to the network. He has over 17 years global experience in fundamental and relative value credit research formerly with Standard & Poor s, and in the years immediately prior to joining, with BMO Capital Markets, the investment banking arm of one of Canada s leading banks, the Bank of Montreal. In his time at BMO Capital Markets Laurie was ranked Canada s number 1 corporate debt analyst for pipelines and utilities. Debbie Yong, CIPM Fixed Income Analyst Bachelor of Commerce and Arts, The University of Melbourne Master of Applied Finance, Monash University Passed Level I of the CFA Exam, CFA Institute Certificate in Investment Performance Measurement, CFA Institute Debbie first joined in 2006 and joined s Investment Strategy team as an Associate in Debbie assists with the research and recommendations on fixed income products, and provides asset allocation and portfolio construction advice to the PWM network. Prior to this role Debbie worked as a Technical Specialist, providing customised performance reporting and portfolio analytics for Ultra High Net Worth clients. Debbie has 10 years experience in the financial industry. Andrew Tracy Executive Director / Investment Services Andrew has been with for 19 years. In his role as Executive Director Investment Services, Andrew s team is responsible for the SMA distribution business that includes a suite of seven SMAs. The team also provides a specialist stockbroking and portfolio management service to financial advisers and dealer groups to assist them to service their clients and grow their business. Andrew has completed a Graduate Diploma of Applied Finance in 1998 and more recently a Masters in Applied Finance with a Wealth Management Major in Grow your business with SMAs 14

16 For dealer groups or advisers seeking product or educational support please contact: Andrew Tracy Executive Director Investment Services 1800 JBW SMA ( ) Important information This document comprises general advice only. In preparing it, Ltd () did not take into account the investment objectives, financial situation or particular needs ( financial circumstances ) of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your adviser. and its respective related entities distributing this document and each of their respective directors, officers and agents ( Group ) believe that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) or other information contained in this document and, to the maximum extent permitted by law, the Group disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document Ltd ABN , AFSL All rights reserved. No part of this document may be reproduced without the permission of the Group. is a wholly owned subsidiary of the National Australia Bank Limited Group (the NAB Group). This communication is being furnished to you solely for your information and may not be copied or redistributed to any other person. This information may not be redistributed in the United States or to U.S. Persons via or otherwise. J