Fundamental Equity Analysis - NZX 50 Index of the top 50 companies - New Zealand Exchange

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September 2013

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15145788 2013.182 1117 1117 203 220 220 104.18 110.45 110.45 15.87 15.87 14.97 14.97 18.56

Euro Stoxx 50 Pr EUR 2744155 5716.706 4623 4623 753 780 780 222.37 295.72 295.72 21.72 19.08 16.33 16.33 20.91

NIKKEI 225 JPY 2714150 192.9293 195 195 19 22 22 6.04 7.97 7.97 0.23 0.23 0.18 0.18 0.11

FTSE 100 INDEX GBP 2804877 32183.27 11159 11159 1938 2633 2633 531.15 805.13 805.13 30.03 22.77 19.81 19.81 27.69

SWISS MARKET INDEX CHF 1065719 10927.68 4135 4135 936 850 850 441.18 559.04 559.04 20.40 17.37 16.10 16.10 23.63

S&P/TSX COMPOSITE INDEX CAD 1649440 17200.25 7296 7296 1819 1934 1934 719.71 797.38 797.38 16.13 16.13 14.56 14.56 23.82

S&P/ASX 200 INDEX AUD 1296356 6254.839 2636 2636 529 673 673 206.48 315.52 315.52 20.82 22.91 13.63 13.63 19.33

HANG SENG INDEX HKD 1725755 3209.477 1662 1662 369 391 391 281.28 269.79 269.79 1.34 1.44 1.39 1.39 2.94

MSCI EM USD 7023096 1306.372 964 964 186 175 175 85.07 86.75 86.75 11.02 1.29 10.81 10.81 19.22

FLETCHER BUILDING LTD NZD 5095 4519 686 1 0 0 0 6.52 6721 6721 7306 7789 601 601 - - 0.37 0.38 0.43 0.53 15.60 - 13.50 11.02 -3.17 2.75 1.05 -1.28 7.06 - - - -

TELECOM CORP OF NEW ZEALAND NZD 3162 12440 1817 1 0 0 0 3.84 3149 3149 3173 3116 690 690 813 813 0.14 0.10 0.14 0.14 13.36 9.57 9.78 9.51 -6.43 -3.59 -14.50 -10.18 17.30 A- 11.11.2011 A3 17.02.2009

RYMAN HEALTHCARE LTD NZD 2670 449 498 0 0 0 0 2.85 142 142 220 252 38 38 127 127 0.08 0.22 0.21 0.24 19.51 - 20.48 18.01 13.44 14.62 13.38 20.01 21.13 - - - -

AUCKLAND INTL AIRPORT LTD NZD 3252 3093 1322 1 0 0 0 4.10 336 336 374 393 259 259 140 140 0.10 0.11 0.10 0.11 18.26 - 19.06 17.81 3.94 3.67 2.58 2.86 60.75 A- 29.05.2009 - -

SKY NETWORK TELEVISION LTD NZD 1753 979 389 0 0 0 0 2.12 683 683 720 748 264 264 290 290 0.28 0.28 0.32 0.35 12.78 - 11.18 10.19 3.98 4.72 4.16 3.63 30.46 - - - -

SKYCITY ENTERTAINMENT GROUP NZD 1739 1266 577 0 0 0 0 2.18 678 678 711 777 232 232 134 134 0.18 0.17 0.19 0.22 13.64 - 12.20 10.88 0.74 1.32 -0.46 -0.13 26.98 BBB- 13.07.2008 - -

FISHER & PAYKEL HEALTHCARE C NZD 1583 250 542 0 0 0 0 1.68 400 400 511 554 71 71 135 135 0.11 0.11 0.14 0.14 20.14 - 16.74 16.46 6.85 7.19 34.00 3.24 14.02 - - - -

CONTACT ENERGY LTD NZD 3021 465 733 1 0 0 0 4.04 1976 1976 1997 2078 466 466 461 461 - 0.22 0.22 0.25 14.98 - 14.56 13.16 -5.26 -0.57 16.07 0.65 18.63 BBB 28.06.2006 - -

TRADE ME GROUP LTD NZD 1429 1208 396 0 0 0 0 1.52 107 107 144 160 97 97 105 105 0.16 0.16 0.17 0.19 18.18 18.33 16.77 15.15 12.82 - 11.78 - 71.54 - - - -

MIGHTY RIVER POWER NZD 2453 2969 1 0 0 0 3.35 1066 1066 1205 1231 367 367 394 394 - 0.06 0.09 0.10 21.36 - 14.85 14.36 -6.82 -1.91 - 0.15 24.84 BBB+ 25.03.2004 - -

INFRATIL LTD NZD 1115 240 583 1 0 1 0 3.15 1873 1873 1846 2014 399 382 424 424 0.12 0.09 0.09 0.13 16.96 - 16.83 11.67 6.43 - 0.69 7.71 16.11 - - - -

XERO LTD NZD 1672 128 115 0 0 0 0 1.61 31 31 57 98 -9 -9 -14 -14 -0.10 -0.11 -0.17 -0.12 - - 80.11 - -52.54 - -22.26 - - - -

CHORUS LTD NZD 909 1111 389 1 0 0 0 2.28 825 825 838 823 526 526 513 513 0.33 0.35 0.30 0.26 5.31 5.56 6.11 7.17 59.68 - 52.68 - 50.37 BBB 01.12.2011 Baa2 20.03.2013

WESTPAC BANKING CORP NZD 89154 298 138 0 2 19 33387 31935 14887 15499 - - - - - - 1.75 1.80 - - 11.21 10.89 -1.21 4.16 - - - AA- 01.12.2011 Aa2 18.05.2011

KIWI INCOME PROPERTY TRUST NZD 905 569 996 1 0 0 0 1.53 157 157 115 123 95 95 102 102 0.07 0.08 0.05 0.05 8.42 8.42 14.51 13.63 -3.39 1.88 -7.62 0.98 47.93 - - - -

GOODMAN PROPERTY TRUST NZD 985 277 1202 1 0 0 0 1.54 119 119 107 113 83 83 99 99 0.05 0.06 0.06 0.06 10.75 - 10.75 10.34 2.83 3.24 1.84 2.59 55.23 BBB 04.11.2009 - -

PORT OF TAURANGA LTD NZD 1566 23 134 0 0 0 0 1.69 193 193 214 229 75 80 109 109 0.43 0.66 0.48 0.51 13.97 - 19.30 18.25 13.93 12.20 - 8.18 36.28 BBB+ 21.11.2001 - -

EBOS GROUP LTD NZD 1145 2 60 0 0 0 0 1.22 1438 1438 3680 3740 36 42 124 124 0.42 0.39 0.51 0.55 15.87 - 12.02 11.16 21.88 8.28 - 15.66 2.82 - - - -

MAINFREIGHT LTD NZD 831 38 99 0 0 0 0 1.01 1487 1487 1554 1671 102 108 115 115 0.53 0.53 0.58 0.65 12.60 - 11.44 10.14 3.17 10.51 -0.39 64.05 5.76 - - - -

PRECINCT PROPERTIES NEW ZEAL NZD 787 1462 997 0 0 0 0 1.16 101 104 94 97 63 64 84 84 0.12 0.12 0.05 0.05 5.00 15.06 12.94 12.73 - 2.68 - 1.77 48.64 - - - -

ARGOSY PROPERTY LTD NZD 592 824 688 0 0 0 0 0.85 70 70 64 72 50 50 59 59 0.06 0.05 0.05 0.04 11.25 10.27 11.66 13.29 -9.09 -2.60 31.50 -2.81 56.43 - - - -

FONTERRA SHAREHOLDERS FUND NZD 8789 511 1539 4 4 0 1 17.36 15601 15054 15878 17616 1133 1235 447 447 0.33 0.37 0.34 0.33 11.77 - 12.67 12.97 -0.41 - -6.04 - 6.47 A+ 03.11.2006 - -

GUINNESS PEAT GROUP PLC NZD 633 399 0 0 0 0 0.26 823 832 874 900 8 - 50 50 - - 0.01 0.01 - - 16.27 12.65 -1.19 -3.41 -69.84 -25.13 - - - - -

VECTOR LTD NZD 2122 97 1000 2 0 0 0 3.94 1009 1009 982 994 500 511 455 455 0.16 0.16 0.12 0.12 10.44 - 13.57 13.75 1.70 4.70 - 2.99 39.66 BBB+ 16.08.2005 Baa1 18.03.2008

AUST AND NZ BANKING GROUP NZD 74263 6 94 1 0 44 28384 27415 15546 15228 - - - - - - 1.82 1.91 - - 10.15 9.69 0.81 -0.03 - - - AA- 01.12.2011 Aa2 18.05.2011

FREIGHTWAYS LTD NZD 512 29 154 0 0 0 0 0.64 320 320 336 354 61 61 63 63 0.18 0.21 0.21 0.23 12.63 - 12.54 11.19 4.88 3.39 4.96 1.84 14.92 - - - -

NUPLEX INDUSTRIES LTD NZD 500 53 198 0 0 0 0 0.66 1314 1314 1359 1433 91 91 110 110 0.22 0.17 0.25 0.28 11.58 - 8.09 7.22 2.39 1.27 -7.43 -0.67 5.46 - - - -

KATHMANDU HOLDINGS LTD NZD 474 132 200 0 0 0 0 0.54 274 289 305 337 53 56 43 43 0.14 0.15 0.16 0.18 12.08 - 11.55 10.48 10.56 - -5.07 - 15.31 - - - -

PROPERTY FOR INDUSTRY LTD NZD 429 160 220 0 0 0 0 0.52 23 23 37 51 20 20 - - 0.10 0.10 0.06 0.06 8.37 7.90 14.88 14.08 -3.59 -1.10 -6.33 -0.67 67.98 - - - -

SUMMERSET GROUP HOLDINGS LTD NZD 504 144 215 0 0 0 0 0.56 22 22 41 49 4 4 10 10 0.02 0.05 0.08 0.10 33.56 122.40 23.13 19.15 7.87 - 12.13 - 16.16 - - - -

DNZ PROPERTY FUND LTD NZD 374 190 250 0 0 0 0 0.56 47 47 44 46 37 37 38 38 0.14 0.14 0.07 0.07 6.97 7.01 13.60 13.60 -1.12 20.48 -0.28 16.35 62.05 - - - -

DILIGENT BOARD MEMBER SVCS NZD 350 254 84 0 0 0 0 0.25 35 40 52 69 11 12 - - 0.06 0.06 0.07 0.13 47.06 47.06 37.02 20.59 113.19 - 628.74 - 23.96 - - - -

AIR NEW ZEALAND LTD NZD 1232 377 1095 1 0 0 1 1.61 3456 3456 3752 3910 574 574 616 616 0.14 0.13 0.16 0.17 6.78 - 5.57 5.35 2.43 -0.21 19.29 1.20 13.12 NR 19.06.2008 - -

A2 CORP LTD NZD 380 178 559 0 0 0 0 0.36 74 74 3 - - - 0.01 0.01 84.63 - 40.24 - - - - - - - -

METLIFECARE LTD NZD 531 56 207 0 0 0 0 0.65 72 72 92 102 4 3 42 42 0.52 0.52 0.18 0.22 3.80 - 10.98 8.92 34.16 4.60 - 5.91 4.04 - - - -

VITAL HEALTHCARE PROPERTY TR NZD 368 671 295 0 0 0 0 0.59 44 48 47 47 32 36 41 41 0.09 0.09 0.07 0.07 9.52 - 12.52 12.52 - 21.30 - 18.35 59.48 - - - -

TRUSTPOWER LTD NZD 1749 16 314 1 0 0 0 2.47 629 629 631 692 233 233 235 235 0.32 0.31 0.31 0.36 14.21 - 14.03 12.24 -0.18 1.71 -1.81 5.78 29.28 - - - -

NEW ZEALAND OIL & GAS LTD NZD 273 58 0 0 0 0 0 0.14 78 78 73 69 53 45 37 37 0.05 0.05 0.04 0.03 10.48 11.98 13.97 17.20 -11.61 -2.62 - - 40.68 - - - -

HEARTLAND NEW ZEALAND LTD NZD 264 213 389 2 0 0 0 1.69 179 179 94 98 120 120 - - 0.02 0.02 0.07 0.07 33.93 33.93 7.54 7.30 - - - - 53.23 BBB- 04.01.2011 - -

WAREHOUSE GROUP LIMITED/THE NZD 911 103 310 0 0 0 0 1.03 1367 1502 1782 2044 105 111 42 42 0.23 0.36 0.21 0.21 6.38 - 10.88 10.97 3.05 2.69 -8.27 -4.00 5.81 - - - -

NZX LTD NZD 254 294 254 0 0 0 0 0.25 44 47 49 51 17 17 11 11 0.03 0.04 0.04 0.05 19.69 - 18.08 15.54 1.85 11.10 -9.98 6.53 31.06 - - - -

OCEANAGOLD CORP NZD 491 138 0 0 0 0 0.56 304 345 399 426 114 148 31 31 - - 0.08 0.10 - - 12.70 10.16 -2.03 17.43 -9.50 52.94 33.89 - - - -

SKELLERUP HOLDINGS LTD NZD 242 39 193 0 0 0 0 0.24 149 149 156 165 27 - 31 31 - 0.08 0.09 0.10 12.71 - 11.10 10.20 -6.82 1.64 -14.71 10.74 - - - - -

RESTAURANT BRANDS NZ LTD NZD 212 27 98 0 0 0 0 0.22 247 247 256 272 30 30 33 33 0.14 0.13 0.16 0.18 13.14 - 11.02 9.73 0.99 0.78 -6.54 2.28 9.68 - - - -

STEEL & TUBE HOLDINGS LTD NZD 199 59 88 0 0 0 0 0.22 310 310 325 350 21 - 24 24 0.12 0.14 0.15 0.18 12.71 - 11.65 9.86 -2.34 -4.11 - -10.28 - - - - -

MICHAEL HILL INTL LTD NZD 420 5 383 0 0 0 0 0.44 433 433 456 495 45 46 55 55 0.08 0.08 0.09 0.09 10.48 - 10.16 9.38 5.88 5.68 - 4.27 8.67 - - - -

AMP LTD NZD 12548 55 10 0 0 3 18.21 13322 14736 5980 12547 - - - - - - 0.23 0.25 - - 12.49 11.55 166.16 - - - - - - - -

TOWER LTD NZD 289 81 269 0 0 0 0 0.15 333 234 12 25 - - - - 0.12 0.03 0.13 0.11 34.07 - 8.57 9.77 21.47 -3.53 - - - NR 14.03.2007 - -

HALLENSTEIN GLASSON HOLDINGS NZD 220 20 59 0 0 0 0 0.20 170 176 174 183 26 28 12 12 - 0.30 0.25 0.28 9.83 - 11.52 10.53 3.88 2.67 13.30 -0.76 12.64 - - - -

PUMPKIN PATCH LTD NZD 140 736 168 0 0 0 0 0.19 237 231 227 235 24 23 7 7 0.05 0.04 0.05 0.07 14.64 - 12.75 9.31 2.46 -3.45 -15.42 -8.83 7.93 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.31 2.31 2.14 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.54 10.54 9.79 10.16 10.54 9.16 9.16 8.46 7.91 9.16 14.97 14.97 13.50 12.20 14.97 2.13 2.13 2.31 2.47 2.13 1843.0 11.5%

Euro Stoxx 50 Pr 1.22 1.22 1.16 1.09 1.22 0.79 0.79 0.77 0.74 0.79 6.18 6.18 5.67 5.13 6.18 7.33 7.33 6.92 6.54 7.33 12.36 12.36 10.97 9.85 12.35 4.14 4.14 4.37 4.72 4.14 3008.9 8.8%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.72 0.72 0.70 0.68 0.72 8.93 8.93 8.22 7.04 8.93 8.78 8.78 8.06 7.59 8.78 17.68 17.68 15.74 14.17 17.68 1.65 1.65 1.81 1.96 1.65 15109.2 7.4%

FTSE 100 INDEX 1.78 1.78 1.66 1.54 1.78 0.91 0.91 0.87 0.83 0.91 8.52 8.52 7.78 6.57 8.52 12.23 12.23 11.01 16.80 12.23 12.65 12.65 11.51 10.57 12.65 3.81 3.81 4.20 4.49 3.81 7055.0 8.5%

SWISS MARKET INDEX 2.41 2.41 2.24 2.08 2.41 2.04 2.04 1.95 1.86 2.04 12.79 12.79 11.51 10.28 12.79 12.86 12.86 11.91 11.11 12.86 15.08 15.08 13.66 12.41 15.08 3.26 3.26 3.64 4.12 3.26 8660.9 9.7%

S&P/TSX COMPOSITE INDEX 1.72 1.72 1.61 1.52 1.72 1.67 1.67 1.54 1.52 1.67 8.79 8.79 7.99 6.71 8.79 8.89 8.89 7.92 7.35 8.89 15.26 15.26 13.56 12.27 15.26 3.15 3.15 3.28 3.40 3.15 14254.9 11.7%

S&P/ASX 200 INDEX 1.88 1.88 1.78 1.70 1.88 1.78 1.78 1.68 1.61 1.78 10.73 10.73 9.85 9.23 10.73 9.29 9.29 8.45 7.89 9.29 14.90 14.90 13.52 12.45 14.90 4.59 4.59 4.89 5.27 4.59 5308.9 3.2%

HANG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.75 1.75 1.62 1.51 1.75 7.97 7.97 7.55 6.97 7.97 8.22 8.22 7.52 6.87 8.22 10.80 10.80 10.01 9.13 10.80 3.57 3.57 3.84 4.15 3.57 24916.5 10.3%

MSCI EM 1.35 1.35 1.23 1.04 1.35 0.97 0.97 0.91 0.85 0.97 6.99 6.99 6.35 5.32 6.99 7.48 7.48 6.78 6.26 7.48 10.81 10.81 9.67 8.84 10.81 2.90 2.90 3.18 3.44 2.90 1094.0 16.7%

FLETCHER BUILDING LTD 1.75 1.74 1.65 1.56 1.42 0.73 0.70 0.65 0.62 0.62 11.93 11.56 9.85 8.48 8.20 10.35 9.49 8.32 7.58 7.46 20.37 17.11 13.96 12.19 11.11 3.67 3.80 4.34 4.65 4.60 8.83 -6.1%

TELECOM CORP OF NEW ZEALAND 2.90 3.02 2.92 2.91 2.39 0.95 1.00 1.01 1.03 1.04 4.87 4.82 4.68 4.77 4.69 4.67 4.73 4.70 4.74 4.70 12.39 12.39 12.05 12.39 12.39 7.44 7.26 7.26 7.44 7.80 2.22 0.7%

RYMAN HEALTHCARE LTD 4.66 4.04 3.57 3.14 14.80 12.15 10.58 9.25 8.04 23.21 20.61 17.75 15.53 23.45 22.65 22.42 19.66 17.33 30.49 25.95 22.82 19.83 18.89 1.47 1.74 1.96 2.21 1.91 6.39 -6.0%

AUCKLAND INTL AIRPORT LTD 1.67 1.65 1.65 1.61 1.60 9.31 8.70 8.28 7.85 7.48 18.99 19.47 18.77 16.84 15.20 15.62 14.65 13.83 13.04 12.39 26.85 24.15 22.57 21.05 19.47 3.72 4.17 4.43 4.75 4.98 3.23 3.7%

SKY NETWORK TELEVISION LTD 1.91 1.81 1.78 1.73 2.53 2.43 2.34 2.26 2.30 8.36 8.16 7.82 7.85 8.04 7.78 7.32 7.07 6.98 7.20 17.25 14.17 12.92 12.44 11.54 7.90 4.97 5.97 5.95 5.95 5.95 4.2%

SKYCITY ENTERTAINMENT GROUP 2.59 2.55 2.44 2.33 2.53 2.45 2.24 2.08 1.80 10.30 9.97 9.12 8.53 7.72 8.94 8.81 7.96 7.31 7.01 16.12 15.47 13.79 12.86 11.75 5.18 5.31 5.65 5.97 6.81 4.38 14.7%

FISHER & PAYKEL HEALTHCARE C 5.30 4.80 4.42 4.01 3.59 3.10 2.86 2.59 2.63 19.84 16.46 15.96 14.51 15.63 12.47 12.34 11.14 11.72 26.21 21.21 20.85 18.44 17.07 3.27 3.27 3.27 3.43 3.27 3.68 0.2%

CONTACT ENERGY LTD 1.15 1.14 1.15 1.15 1.53 1.51 1.45 1.37 9.98 9.49 8.85 8.60 9.84 8.76 8.14 8.07 19.77 18.45 16.68 15.96 15.35 4.56 5.34 5.84 6.38 6.01 15.0%

TRADE ME GROUP LTD 2.77 2.69 2.61 2.54 2.44 10.91 9.96 8.95 8.16 7.57 20.87 19.04 16.93 15.76 14.60 15.79 14.51 13.09 11.99 11.17 22.96 21.26 19.20 17.25 15.49 3.46 3.74 4.16 4.64 5.10 4.71 3.1%

MIGHTY RIVER POWER 1.73 1.68 1.70 2.24 2.04 2.03 1.99 2.01 1.94 12.00 9.14 8.99 8.88 10.88 8.51 8.44 8.40 7.96 18.50 18.81 18.20 17.62 15.86 5.41 5.95 6.08 6.40 7.21 2.60 17.2%

INFRATIL LTD 1.47 1.47 1.40 1.33 0.60 0.60 0.55 0.51 0.48 10.71 10.04 9.09 7.53 7.40 7.43 6.55 6.08 6.62 26.78 21.33 14.79 11.87 12.05 3.65 4.11 4.73 5.48 4.56 2.82 17.0%

XERO LTD 15.02 16.38 19.17 22.81 52.33 29.35 17.09 10.65 43.95 47.25 78.35 24.35 0.00 0.00 0.00 0.00 14.60 -19.0%

CHORUS LTD 1.71 1.62 1.46 1.29 1.25 1.10 1.09 1.10 1.15 1.15 2.37 2.36 2.56 2.74 2.79 4.41 4.45 4.59 4.80 4.80 7.18 7.75 9.08 10.57 10.57 8.78 8.78 7.80 7.77 7.77 3.08 3.9%

WESTPAC BANKING CORP 2.21 2.15 2.09 2.02 1.92 5.46 5.18 4.97 4.77 4.51 14.49 13.05 12.66 12.18 12.00 15.33 14.21 13.79 13.26 12.53 5.26 5.95 5.96 6.03 6.28 36.34 -0.2%

KIWI INCOME PROPERTY TRUST 1.00 1.02 0.99 0.97 8.37 7.88 7.34 7.12 6.85 16.52 18.10 17.81 17.27 16.10 14.92 13.82 13.39 12.48 18.69 18.39 17.27 17.01 16.52 5.88 5.53 5.79 5.79 6.32 1.16 1.8%

GOODMAN PROPERTY TRUST 1.08 1.05 1.04 1.03 10.25 9.20 8.75 8.37 8.44 14.38 14.18 14.18 13.80 17.31 15.53 14.79 14.12 14.11 13.80 13.62 13.10 12.78 13.62 5.99 6.09 6.18 6.28 6.38 1.10 5.8%

PORT OF TAURANGA LTD 2.60 2.51 2.45 2.38 7.99 7.31 6.84 6.54 21.05 19.73 18.50 17.01 16.71 15.55 14.48 13.67 25.00 24.46 23.13 22.09 3.02 3.14 3.30 3.47 13.57 -8.3%

EBOS GROUP LTD 4.02 3.79 3.40 6.78 0.89 0.31 0.31 0.22 0.21 17.37 15.54 14.41 13.85 10.00 25.96 9.87 9.47 7.00 6.67 17.28 15.23 14.14 12.77 11.72 3.40 4.21 4.52 4.90 5.35 10.64 7.5%

MAINFREIGHT LTD 3.22 2.46 2.21 1.98 0.55 0.53 0.50 0.46 0.46 11.97 9.98 8.93 8.11 9.22 8.79 7.84 7.09 7.38 15.91 14.50 12.85 11.43 11.31 2.52 2.71 3.01 3.41 3.01 11.20 5.4%

PRECINCT PROPERTIES NEW ZEAL 1.10 0.99 0.97 0.95 9.78 8.39 8.07 7.85 8.14 18.87 16.39 15.87 15.63 16.23 13.77 13.19 12.81 13.51 17.54 16.39 16.13 15.87 14.71 5.10 5.40 5.70 5.80 5.90 1.06 6.0%

ARGOSY PROPERTY LTD 1.12 1.09 1.08 1.07 10.61 9.19 8.21 7.70 7.50 15.48 14.77 16.84 15.48 16.72 14.27 12.66 11.84 14.55 14.77 16.84 15.74 14.33 6.15 6.15 6.15 6.25 1.01 5.1%

FONTERRA SHAREHOLDERS FUND 1.92 1.88 1.80 0.55 0.50 0.49 0.47 8.87 9.55 8.18 7.83 14.43 13.58 11.98 11.21 16.06 16.44 13.48 11.56 4.59 4.73 5.32 5.88 7.25 4.1%

GUINNESS PEAT GROUP PLC 0.85 0.93 0.86 0.80 0.37 0.37 0.36 0.35 0.27 16.03 1.94 7.21 6.71 3.72 3.32 2.87 2.56 2.28 10.69 20.61 16.03 11.10 8.24 2.08 2.43 2.43 2.43 9.36 0.65 14.0%

VECTOR LTD 1.25 1.22 1.22 1.22 2.09 2.16 2.13 2.06 2.02 6.62 7.61 7.61 7.34 7.89 8.67 8.52 8.20 8.45 12.98 17.20 17.42 16.36 15.88 5.56 5.56 5.74 5.85 4.81 2.84 5.2%

AUST AND NZ BANKING GROUP 1.97 1.89 1.78 1.69 1.60 4.69 4.13 4.22 3.99 3.77 13.25 12.47 11.79 11.05 10.84 13.62 12.86 12.28 11.66 11.06 4.90 5.35 5.66 5.95 6.31 35.30 2.9%

FREIGHTWAYS LTD 3.63 3.36 3.16 2.96 1.59 1.52 1.45 1.38 12.95 12.27 11.29 10.40 10.46 10.05 9.29 8.63 16.71 15.89 14.18 12.84 4.51 4.75 5.34 5.94 4.22 0.1%

NUPLEX INDUSTRIES LTD 1.13 1.10 1.05 1.00 0.38 0.37 0.35 0.33 0.31 7.71 6.84 6.15 5.73 6.51 6.02 5.46 5.14 4.74 11.31 10.26 9.14 8.42 7.90 6.56 6.56 6.94 7.50 8.13 3.34 4.4%

KATHMANDU HOLDINGS LTD 2.26 2.00 1.86 1.73 1.61 1.75 1.55 1.41 1.28 1.22 19.74 13.39 11.41 10.14 11.41 11.02 9.21 8.20 7.47 6.89 19.11 14.63 13.27 11.81 10.64 2.97 3.73 4.30 4.77 5.27 2.83 -5.7%

PROPERTY FOR INDUSTRY LTD 1.23 1.10 1.08 1.07 0.98 18.46 11.45 8.44 8.26 8.02 19.41 19.13 17.37 17.37 17.14 25.03 15.96 11.62 11.37 11.03 19.70 18.86 17.84 17.60 16.92 5.15 5.38 5.53 5.61 5.83 1.31 -0.8%

SUMMERSET GROUP HOLDINGS LTD 2.58 2.39 2.23 2.06 1.62 14.50 12.18 10.22 8.45 6.46 23.13 17.94 16.17 12.08 6.96 36.77 24.60 20.47 15.93 12.55 48.52 29.31 24.26 18.05 15.34 0.78 1.32 1.59 2.09 2.94 3.48 17.7%

DNZ PROPERTY FUND LTD 1.04 0.98 0.97 0.96 8.92 8.46 8.10 7.87 7.63 17.05 17.80 17.05 16.36 15.60 14.79 14.13 13.70 17.05 17.23 17.23 16.70 15.73 5.56 5.56 5.62 5.74 1.75 7.7%

DILIGENT BOARD MEMBER SVCS 16.70 10.44 6.96 4.85 9.58 5.29 3.97 3.19 2.57 45.38 32.11 18.55 13.25 9.82 27.62 17.17 9.45 6.69 4.95 50.91 46.90 26.09 18.55 13.47 6.90 30.4%

AIR NEW ZEALAND LTD 0.88 0.82 0.77 0.72 0.34 0.33 0.31 0.30 0.30 2.61 2.44 2.39 2.20 2.80 2.61 2.47 2.28 2.47 8.48 7.05 6.79 6.42 6.48 5.12 6.53 7.09 7.44 6.81 1.84 28.9%

A2 CORP LTD

METLIFECARE LTD 0.98 0.87 0.81 0.75 6.09 5.79 5.22 4.94 14.22 13.33 11.64 10.00 16.81 15.44 13.33 12.32 15.24 13.91 11.31 10.32 10.00 0.84 1.34 1.81 2.28 4.00 25.0%

VITAL HEALTHCARE PROPERTY TR 1.36 1.33 1.32 1.29 8.18 7.88 7.86 7.61 8.05 16.24 16.05 15.86 15.51 14.98 14.43 14.39 13.89 15.45 16.05 15.86 15.86 15.51 15.68 5.80 5.94 6.01 6.09 6.16 1.35 -1.8%

TRUSTPOWER LTD 1.44 1.45 1.40 1.39 2.74 2.77 2.53 2.41 11.52 11.81 10.26 9.67 10.24 10.53 9.16 8.78 16.65 17.78 15.52 14.80 13.32 5.71 5.71 5.99 6.27 8.14 15.3%

NEW ZEALAND OIL & GAS LTD 0.97 0.96 0.97 0.93 3.55 3.74 3.94 4.37 4.54 7.52 6.91 7.46 9.77 12.69 3.70 3.70 4.08 4.61 6.19 18.89 17.71 21.79 20.73 30.36 7.18 6.71 6.24 4.94 2.35 1.00 18.2%

HEARTLAND NEW ZEALAND LTD 0.91 0.90 0.88 0.86 3.11 2.80 2.70 2.55 2.35 13.23 9.56 9.05 8.35 7.17 13.44 9.56 9.25 8.43 7.48 5.58 7.33 8.26 9.19 10.35 0.89 3.9%

WAREHOUSE GROUP LIMITED/THE 3.95 2.91 2.91 2.91 2.46 0.67 0.51 0.45 0.43 0.50 10.51 8.77 9.69 8.57 8.43 9.23 8.34 7.73 7.23 7.00 18.10 13.79 13.90 12.93 12.37 5.12 5.85 6.44 6.90 6.87 3.88 4.6%

NZX LTD 8.13 7.41 7.00 6.30 5.48 5.78 5.16 4.94 4.76 5.10 20.00 17.03 15.56 14.32 1.80 13.85 12.37 11.48 10.81 10.25 26.25 22.91 19.69 18.26 2.66 4.05 4.44 4.21 4.60 32.22 1.30 2.9%

OCEANAGOLD CORP 0.81 0.82 0.79 0.77 0.77 1.26 0.97 0.91 1.01 1.11 4.06 3.25 3.10 3.72 4.29 4.90 4.27 3.89 4.74 6.66 26.14 16.08 12.87 21.73 2.56 20.6%

SKELLERUP HOLDINGS LTD 2.80 2.66 2.56 2.43 1.62 1.55 1.47 1.39 11.36 10.60 9.94 9.64 8.89 7.76 7.36 7.01 16.06 14.07 12.93 12.23 11.36 5.03 5.22 5.53 6.10 1.53 -3.5%

RESTAURANT BRANDS NZ LTD 5.39 5.05 4.66 4.30 0.86 0.83 0.78 0.74 8.33 8.09 7.43 6.79 7.02 6.69 6.02 5.53 15.28 13.96 12.33 11.32 11.00 5.82 6.07 6.44 7.27 2.85 3.6%

STEEL & TUBE HOLDINGS LTD 1.68 1.68 1.62 1.57 0.62 0.61 0.57 0.54 10.44 12.03 10.07 9.28 9.51 9.12 7.93 7.25 16.47 14.77 12.50 11.18 10.56 4.91 5.44 6.49 7.37 2.69 -5.6%

MICHAEL HILL INTL LTD 2.57 2.40 2.19 1.92 0.98 0.92 0.85 0.79 0.80 9.93 8.69 8.18 8.69 8.18 9.03 7.88 7.05 6.39 6.71 14.04 12.87 11.88 10.94 10.30 4.60 5.32 5.61 5.90 5.83 1.58 13.4%

AMP LTD 1.84 1.76 1.74 1.69 1.64 1.75 1.81 0.86 0.82 11.33 11.98 10.91 9.92 14.68 15.83 14.64 13.05 13.08 5.31 5.03 5.52 6.02 6.02 5.55 2.8%

TOWER LTD 0.96 0.70 0.70 0.69 6.78 24.29 11.75 11.28 10.41 10.41 9.83 10.29 10.86 12.38 11.42 14.75 5.20 6.38 6.78 7.34 2.15 21.5%

HALLENSTEIN GLASSON HOLDINGS 4.28 4.20 4.10 3.96 1.26 1.20 1.15 1.27 10.54 9.73 9.34 18.31 7.71 7.04 6.71 7.87 14.15 14.59 13.34 12.42 13.23 7.19 7.28 7.71 6.85 4.89 4.7%

PUMPKIN PATCH LTD 7.50 4.57 3.68 3.09 0.54 0.62 0.60 0.58 9.63 9.13 6.18 5.53 8.63 9.15 7.74 7.06 3.83 18.75 16.15 11.80 10.00 7.50 1.24 0.00 1.52 3.62 7.71 1.12 6.7%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


05.09.2013

Fletcher Building Limited manufactures, distributes and sells materials for the

building industry including wood fiber-based products, cement and aggregates,

plasterboard, laminates, lumber and aluminium extrusion. The Company operates

primarily in New Zealand and Australia. The Company is also involved in

residential and commercial construction and operates distribution outlets.

Latest Fiscal Year: 06/2013

LTM as of: 01/yy

52-Week High (31.01.2013) 9.52

52-Week Low (06.09.2012) 6.47

Daily Volume

9.41

52-Week High % Change -1.16% Dividend Yield 3.61

52-Week Low % Change 45.44% Beta 1.77

% 52 Week Price Range High/Low 96.72% Equity Float 681.00

Shares Out 30.06.2013 686.1 Short Int -

6'456.17 1 Yr Total Return 51.86%

Total Debt 1'899.00 YTD Return 14.45%

Preferred Stock 0.0 Adjusted BETA 1.771

Minority Interest 35.0 Analyst Recs 12

Cash and Equivalents 123.00 Consensus Rating 2.500

Enterprise Value 8'267.17

Average Volume 5 Day 3'630'452

FBU NZ EQUITY YTD Change - Average Volume 30 Day 2'195'640

FBU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'091'653

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

7'103.0 6'799.0 7'416.0 8'873.0 8'517.0 - - 9'259 9'870 - -

0.75x 0.87x 1.05x 0.68x 0.89x - - 0.89x 0.83x - -

652.0 699.0 729.0 752.0 762.0 - - 870.8 993.4 - -

8.21x 8.43x 10.64x 7.98x 9.97x - - 9.49x 8.32x - -

(46.0) 272.0 283.0 185.0 326.0 - - 380.5 470.9 - -

- 17.48x 19.16x 21.58x 17.71x - - 17.11x 13.96x - -

EBITDA 762.00 Long-Term Rating Date -

EBIT 542.00 Long-Term Rating -

Operating Margin 6.36% Long-Term Outlook -

Pretax Margin 4.95% Short-Term Rating Date -

Return on Assets 4.47% Short-Term Rating -

Return on Common Equity 9.20%

Return on Capital 8.11% EBITDA/Interest Exp. 5.18

Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 3.60

Net Debt/EBITDA 2.33

Gross Margin 25.5% Total Debt/EBITDA 2.49

EBITDA Margin 8.9%

EBIT Margin 6.4% Total Debt/Equity 54.0%

Net Income Margin 3.8% Total Debt/Capital 34.8%

Asset Turnover 1.17

Current Ratio 1.89 Net Fixed Asset Turnover 3.70

Quick Ratio 0.97 Accounts receivable turnover-days 52.86

Debt to Assets 26.74% Inventory Days 80.15

Tot Debt to Common Equity 53.96% Accounts Payable Turnover Day 60.33

Accounts Receivable Turnover 6.90 Cash Conversion Cycle 72.68

Inventory Turnover 4.55

Fiscal Year Ended

Fletcher Building LtdPrice/Volume

Valuation Analysis

4'518'613.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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05.09.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

JP MORGAN CHASE BANK n/a Research 93'603'360 13.64 - 21.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 42'945'596 6.26 (7'545'000) 11.07.2013 Investment Advisor

INCOME FUND OF AMERI n/a EXCH 34'239'000 4.99 - 18.10.2012 n/a

PERPETUAL LTD #N/A N/A EXCH 34'075'038 4.97 (243'431) 02.09.2013 Investment Advisor

AMP LIMITED n/a EXCH 33'917'697 4.94 (412'082) 22.03.2013 Investment Advisor

ACCIDENT COMPENSATIO n/a Research 23'276'176 3.39 - 21.06.2013 Insurance Company

SCHRODER INVESTMENT n/a EXCH 17'534'762 2.56 (17'598'492) 06.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 12'911'610 1.88 9'032 03.09.2013 Investment Advisor

VANGUARD n/a ULT-AGG 9'708'477 1.42 265'981 30.06.2013 Unclassified

RBC DEXIA INVESTOR S n/a Co File 8'737'528 1.27 - 31.07.2012 Corporation

FORSYTH BARR LTD n/a Co File 6'908'612 1.01 - 31.07.2012 Bank

NORGES BANK Multiple Portfolios MF-AGG 6'564'436 0.96 - 31.12.2012 Government

FLETCHER BUILD SHARE n/a Co File 2'679'775 0.39 - 31.07.2012 Corporation

FUNDHOST LIMITED ELEY GRIFFITHS GROUP MF-PART 2'183'847 0.32 - 30.06.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'115'457 0.31 (8'400) 18.02.2013 Investment Advisor

ARGO INVESTMENTS LTD n/a Co File 1'350'701 0.2 - 31.07.2012 Investment Advisor

SMARTSHARES LIMITED SMARTENZ MF-PART 1'319'002 0.19 (13'761) 31.07.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'148'721 0.17 13'765 30.04.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'095'030 0.16 (28'827) 31.05.2012 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 1'038'694 0.15 (12'801) 31.05.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 30.08.2013

Morgan Stanley JAMES RUTLEDGE Underwt/In-Line 1 M 8 12 month 22.08.2013

Forsyth Barr ANDREW BOWLEY hold 3 D 9 12 month 22.08.2013

Deutsche Bank EMILY BEHNCKE buy 5 M 10 12 month 21.08.2013

UBS DAVID LEITCH neutral 3 M 9 12 month 21.08.2013

JPMorgan JASON HARLEY STEED underweight 1 M 7 9 month 21.08.2013

Macquarie STEPHEN HUDSON neutral 3 M 8 12 month 21.08.2013

CIMB ANDREW G SCOTT neutral 3 M 9 12 month 21.08.2013

First NZ Capital KAR YUE YEO underperform 1 D 9 Not Provided 21.08.2013

Goldman Sachs MATTHEW HENRY neutral/neutral 3 D 9 12 month 08.02.2013

Holdings By:

Fletcher Building Ltd ee


05.09.2013

Telecom Corporation of New Zealand Limited provides telecommunications services

by offering local, national and international telephone services to households

and businesses. Telecom's other services include leased circuits, data

communications, directories, cellular, paging and Internet related services and

solutions.


LTM as of: 12/yy

52-Week High (14.05.2013) 2.74

52-Week Low (13.12.2012) 2.14

Daily Volume

2.205



% 52 Week Price Range High/Low 13.33% Equity Float 1'815.86

Shares Out 30.06.2013 1'817.1 Short Int -

4'006.68 1 Yr Total Return -2.63%

Total Debt 976.00 YTD Return 0.30%






TEL NZ EQUITY YTD Change - Average Volume 30 Day 5'786'588

TEL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 6'662'912


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 12/yy 12/yy 06/14 Y 06/15 Y 03/13 Q3 06/13 Q4

5'340.0 5'029.0 4'760.0 4'345.0 3'991.0 5'181.0 4'971.0 4'021.1 3'948.3 - -

1.40x 1.12x 1.37x 1.21x 1.24x 5.47x 4.78x 1.22x 1.22x - -

1'630.0 1'635.0 1'210.0 1'072.0 875.0 1'630.0 1'620.0 1'030.5 1'037.1 - -

4.60x 3.44x 5.37x 4.92x 5.66x 4.25x 3.79x 4.73x 4.70x - -

398.0 380.0 164.0 1'155.0 236.0 478.0 302.0 328.0 337.1 - -

12.41x 9.45x - 14.94x 17.31x 9.43x 14.28x 12.39x 12.05x - -

EBITDA 875.00 Long-Term Rating Date 11.11.2011

EBIT 336.00 Long-Term Rating A-

Operating Margin 8.42% Long-Term Outlook STABLE

Pretax Margin 8.54% Short-Term Rating Date 11.11.2011

Return on Assets 6.59% Short-Term Rating A-2





Gross Margin - Total Debt/EBITDA 1.12

EBITDA Margin 21.9%



Asset Turnover 1.11



Debt to Assets 27.94% Inventory Days -

Tot Debt to Common Equity 69.37% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.61 Cash Conversion Cycle -

Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telecom Corp of New Zealand LtdPrice/Volume

Valuation Analysis

12'439'607.00


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05.09.2013



BLACKROCK n/a ULT-AGG 128'978'201 7.1 - 03.09.2013 Investment Advisor

AMP LTD n/a ULT-AGG 109'981'249 6.05 - 30.06.2012 Insurance Company



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 53'490'415 2.94 - 03.09.2013 Investment Advisor

NEW ZEALAND SUP FUND n/a Co File 46'871'583 2.58 - 13.08.2012 n/a

JP MORGAN n/a ULT-AGG 36'117'556 1.99 3'962'246 30.06.2013 Investment Advisor

VANGUARD n/a ULT-AGG 22'364'362 1.23 1'741'168 30.06.2013 Unclassified

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 15'871'424 0.87 4'728'841 31.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 15'792'673 0.87 (12'469'070) 28.02.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 11'945'733 0.66 2'152'838 04.09.2013 Investment Advisor

ALLIANCE TRUST PLC/U Multiple Portfolios MF-AGG 9'157'736 0.5 (3'919'524) 31.05.2013 Investment Advisor


LAZARD LTD HENDERSON FAR EAST I MF-PART 7'911'477 0.44 368'502 31.07.2013 Unclassified


KEMPEN CAPITAL MANAG n/a ULT-AGG 7'586'800 0.42 1'371'800 30.06.2013 Unclassified

PRINCIPAL FINANCIAL n/a ULT-AGG 6'694'066 0.37 3'986'299 31.07.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'505'274 0.36 (386'653) 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 6'112'481 0.34 (595'971) 28.06.2013 Unclassified


JPMorgan PAUL BRUNKER neutral 3 M 2 9 month 04.09.2013

Deutsche Bank ARIE DEKKER hold 3 M 2 12 month 26.08.2013

Forsyth Barr BLAIR GALPIN hold 3 M 2 12 month 26.08.2013

Macquarie ANDREW LEVY neutral 3 M 2 12 month 24.08.2013

Goldman Sachs ADRIAN ALLBON neutral/neutral 3 M 2 12 month 23.08.2013

UBS RICHARD EARY neutral 3 U 2 12 month 23.08.2013

CIMB IAN MARTIN underperform 1 M 2 12 month 23.08.2013

First NZ Capital GREG MAIN outperform 5 M 2 Not Provided 23.08.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.07.2013

Holdings By:

Telecom Corp of New Zealand Ltd ee


05.09.2013

Ryman Healthcare Limited provides private health care services through its

development, management and operation of retirement villages, nursing homes and

geriatric hospitals. The Company's facilities are located in Christchurch,

Dunedin, Invercargill and Wellington.


LTM as of: 01/yy

52-Week High (31.07.2013) 7.24

52-Week Low (05.09.2012) 3.83

Daily Volume

6.8





3'383.54 1 Yr Total Return 80.08%






Average Volume 5 Day 482'526

RYM NZ EQUITY YTD Change - Average Volume 30 Day 426'610

RYM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 520'436


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

91.5 109.1 129.1 154.1 180.4 - - 278.5 319.8 - -

9.22x 10.73x 10.35x 11.34x 15.15x - - 12.96x 11.28x - -

20.9 29.4 35.5 41.3 48.3 - - 161.0 183.6 - -

40.29x 39.81x 37.66x 42.32x 56.58x - - 22.42x 19.66x - -

66.1 78.4 100.2 120.8 136.7 - - 139.2 159.2 - -

10.60x 13.10x 11.79x 12.72x 18.33x - - 25.95x 22.82x - -








Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -12.07



EBITDA Margin 26.8%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ryman Healthcare LtdPrice/Volume

Valuation Analysis

449'490.00


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05.09.2013


CUMMING GEOFFREY A n/a Co File 50'949'900 10.24 - 28.05.2013 n/a

HICKMAN KEVIN J n/a EXCH 35'834'955 7.2 - 07.06.2013 n/a

NGAI TAHU CAPITAL LT n/a Co File 30'000'000 6.03 - 28.05.2013 Other

ONEPATH (NZ) LIMITED n/a EXCH 24'637'020 4.95 - 06.06.2013 Investment Advisor

JP Morgan Chase Bank n/a Co File 15'879'834 3.19 1'809'862 28.05.2013 Unclassified

ACCIDENT COMPENSATIO n/a Co File 13'746'548 2.76 - 28.05.2013 Insurance Company

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'918'624 1.99 9'918'624 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 8'489'507 1.71 15'977 31.07.2013 Investment Advisor

MFL MUTUAL FUND LTD n/a Co File 5'982'133 1.2 (3'066'500) 28.05.2013 Other

YOVICH WALTER n/a Co File 4'278'680 0.86 - 28.05.2013 n/a


CHALLIES SIMON n/a EXCH 2'169'226 0.44 - 16.07.2013 n/a

BLACKROCK n/a ULT-AGG 2'080'974 0.42 (5'980) 03.09.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'897'233 0.38 - 30.04.2013 Investment Advisor

CLEMENTS ANDREW J n/a Co File 1'600'000 0.32 - 15.05.2013 n/a

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 1'249'289 0.25 6'072 30.04.2013 Investment Advisor

SMARTSHARES LIMITED SMARTENZ MF-PART 961'303 0.19 (9'740) 31.07.2013 Investment Advisor

REYNEN BARBARA n/a EXCH 937'244 0.19 - 16.07.2013 n/a

SMARTSHARES LIMITED SMARTFONZ MF-PART 794'308 0.16 (34'075) 31.07.2013 Investment Advisor

MACLEOD GORDON n/a EXCH 480'786 0.1 - 16.07.2013 n/a


Deutsche Bank STEPHEN RIDGEWELL hold 3 M 6 12 month 05.08.2013

Macquarie DANIEL FROST outperform 5 M 7 12 month 14.06.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

First NZ Capital JAMES SCHOFIELD outperform 5 M 8 Not Provided 21.05.2013

Forsyth Barr JEREMY SIMPSON accumulate 4 D 7 12 month 19.05.2013

Goldman Sachs MATTHEW HENRY neutral/neutral 3 M 7 12 month 16.05.2013

UBS WADE GARDINER sell 1 M 5 12 month 16.05.2013

Holdings By:

Ryman Healthcare Ltd ee


05.09.2013

Auckland International Airport Limited owns and operates the Auckland

International Airport. The Airport includes a single runway, an international

terminal and two domestic terminals. The Airport also has commercial facilities

which includes airfreight operations, car rental services, commercial banking

center and office buildings.


LTM as of: 01/yy

52-Week High (21.08.2013) 3.30

52-Week Low (05.09.2012) 2.56

Daily Volume

3.115





4'120.38 1 Yr Total Return 26.63%







AIA NZ EQUITY YTD Change - Average Volume 30 Day 4'444'358

AIA NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'806'383


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

350.3 346.2 378.5 405.8 426.1 - - 473.5 497.9 - -

8.60x 10.13x 10.52x 10.58x 11.74x - - 11.10x 10.62x - -

276.8 274.8 296.9 317.6 328.0 - - 354.6 375.4 - -

10.89x 12.76x 13.41x 13.51x 15.24x - - 14.65x 13.83x - -

41.7 29.7 100.8 142.3 178.0 - - 169.2 181.3 - -

47.21x 77.92x 29.09x 22.68x 22.07x - - 24.15x 22.57x - -


EBIT 265.96 Long-Term Rating A-

Operating Margin 62.42% Long-Term Outlook POS








EBITDA Margin 77.0%



Asset Turnover 0.11







Fiscal Year Ended

Auckland International Airport LtdPrice/Volume

Valuation Analysis

3'093'486.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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.

0

0

1

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3'!' E

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


AUCKLAND CITY COUNCI n/a Co File 165'501'630 12.51 - 15.08.2012 Other

MANUKAU CITY COUNCIL n/a Co File 130'419'384 9.86 - 15.08.2012 Other

UBS n/a ULT-AGG 109'596'816 8.29 44'600 28.06.2013 Unclassified

JP MORGAN CHASE BANK n/a Co File 69'531'810 5.26 - 15.08.2012 Investment Advisor





SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 5'530'557 0.42 (30'000) 18.02.2013 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 5'417'318 0.41 - 30.06.2013 Investment Advisor

MASFEN SECURITIES LI n/a Co File 4'437'919 0.34 - 15.08.2012 Other

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 3'946'842 0.3 (55'244) 30.06.2013 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 3'210'865 0.24 - 30.04.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 2'682'616 0.2 (104'988) 31.07.2013 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'253'666 0.17 2'253'666 31.07.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'065'398 0.16 160'570 03.09.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'928'876 0.15 184'392 31.07.2013 Investment Advisor

SMARTSHARES LIMITED SMARTFONZ MF-PART 1'678'870 0.13 (73'006) 31.07.2013 Investment Advisor


UBS LANCE REYNOLDS neutral 3 M 3 12 month 22.08.2013

Forsyth Barr ANDREW BOWLEY hold 3 D 3 12 month 22.08.2013

Deutsche Bank GRANT SWANEPOEL hold 3 M 3 12 month 21.08.2013

Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 3 12 month 21.08.2013

Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 3 12 month 21.08.2013

JPMorgan CAROLYN HOLMES neutral 3 M 3 9 month 21.08.2013

Macquarie WARREN DOAK neutral 3 M 3 12 month 21.08.2013

CIMB MICHAEL NEWBOLD neutral 3 M 3 12 month 21.08.2013

First NZ Capital PAUL TURNBULL neutral 3 M 3 Not Provided 31.07.2013


Holdings By:

Auckland International Airport Ltd ee


05.09.2013

Sky Network Television Limited is a pay-television operator in New Zealand. The

Company broadcasts various pay networks via UHF and Digital satellite platforms

and offers a variety of programming including news, sports, movies, digital

radio and pay-per-view events.


LTM as of: 01/yy

52-Week High (31.05.2013) 5.90

52-Week Low (19.12.2012) 4.50

Daily Volume

5.71





2'221.99 1 Yr Total Return 27.48%







SKT NZ EQUITY YTD Change - Average Volume 30 Day 1'610'837

SKT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'818'232


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

677.9 725.1 777.0 824.2 865.8 - - 912.6 947.8 - -

2.81x 3.13x 3.31x 2.83x 2.98x - - 2.89x 2.74x - -

247.2 271.1 302.1 317.4 334.2 - - 367.6 380.8 - -

7.72x 8.38x 8.51x 7.36x 7.73x - - 7.32x 7.07x - -

88.4 102.9 120.1 123.7 137.2 - - 156.5 170.0 - -

18.32x 17.75x 18.02x 15.20x 15.40x - - 14.17x 12.92x - -











EBITDA Margin 38.6%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sky Network Television LtdPrice/Volume

Valuation Analysis

978'546.00


'

-

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0

1

2

3

4

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

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1!''

2!''

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05.09.2013


ACCIDENT COMPENSATIO n/a EXCH 28'512'384 7.33 - 12.04.2013 Insurance Company

JCP INVESTMENT PARTN n/a EXCH 25'001'234 6.42 (6'086'396) 16.08.2013 Investment Advisor

HYPERION ASSET MANAG n/a EXCH 24'031'977 6.18 3'928'362 02.05.2013 Investment Advisor

BNP PARIBAS INV PART n/a EXCH 21'331'708 5.48 - 20.06.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 19'453'594 5 (49'441) 30.08.2013 Unclassified

UBS n/a ULT-AGG 19'090'483 4.91 - 05.06.2013 Unclassified

PERPETUAL LTD n/a EXCH 18'878'791 4.85 (750'000) 28.03.2013 Investment Advisor


ONEPATH (NZ) LIMITED n/a Research 9'170'013 2.36 - 16.11.2012 Investment Advisor






AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'238'772 0.32 (10'500) 28.03.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 628'122 0.16 - 03.09.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 586'669 0.15 (80'868) 30.06.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 560'874 0.14 70'000 31.01.2013 Investment Advisor


Macquarie WARREN DOAK outperform 5 M 6 12 month 05.09.2013

UBS TRISTAN JOLL neutral 3 D 6 12 month 04.09.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 28.08.2013

Forsyth Barr ROB MERCER buy 5 M 7 12 month 26.08.2013

Morgan Stanley MARK GOODRIDGE Equalwt/Cautious 3 U 5 12 month 25.08.2013

Deutsche Bank ARIE DEKKER buy 5 M 6 12 month 23.08.2013


JPMorgan JARROD MCDONALD neutral 3 M 6 9 month 23.08.2013

First NZ Capital GREG MAIN neutral 3 M 6 Not Provided 19.06.2013

Holdings By:

Sky Network Television Ltd ee


05.09.2013

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The

Company offers various casinos accompanied with various bars, hotels,

restaurants, and convention centers. SKYCITY Entertainment Group offers

services in Australia and New Zealand.


LTM as of: 01/yy

52-Week High (01.05.2013) 4.58

52-Week Low (12.12.2012) 3.56

Daily Volume

3.82





2'203.98 1 Yr Total Return 4.77%







SKC NZ EQUITY YTD Change - Average Volume 30 Day 1'474'029

SKC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'330'195


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

762.3 769.9 803.1 851.5 859.5 - - 901.4 985.1 - -

2.87x 2.84x 3.27x 3.03x 3.58x - - 3.12x 3.00x - -

296.3 283.6 290.3 295.6 293.9 - - 314.2 347.7 - -

7.37x 7.70x 9.04x 8.74x 10.48x - - 8.81x 7.96x - -

115.3 102.0 123.0 138.5 127.3 - - 143.2 159.7 - -

11.31x 18.51x 16.92x 14.17x 19.73x - - 15.47x 13.79x - -


EBIT 217.09 Long-Term Rating BBB-









EBITDA Margin 34.2%



Asset Turnover 0.51







Fiscal Year Ended

SKYCITY Entertainment Group LtdPrice/Volume

Valuation Analysis

1'265'907.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

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-!' E

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1!' E

2!' E

3!' E

4!' E

5!' E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013




LAZARD ASSET MANAGEM n/a ULT-AGG 29'761'766 5.16 - 26.04.2013 Unclassified

INVESTORS MUTUAL LTD n/a EXCH 29'545'487 5.12 - 15.08.2013 Hedge Fund Manager

AMP LTD n/a ULT-AGG 28'799'163 4.99 (534'422) 04.04.2013 Insurance Company

ACCIDENT COMPENSATIO n/a EXCH 28'512'384 4.94 (375'000) 12.04.2013 Insurance Company

COOPER INVESTORS PTY n/a EXCH 21'858'783 3.79 - 16.08.2013 Hedge Fund Manager

ONEPATH (NZ) LIMITED n/a Research 9'873'859 1.71 (1'379'871) 08.03.2013 Investment Advisor

VANGUARD n/a ULT-AGG 6'384'141 1.11 (127'980) 30.06.2013 Unclassified

WESTPAC NZ SHR 2002 n/a Research 5'764'753 1 - 08.03.2013 Bank


MASFEN SECURITIES LI n/a Research 4'956'260 0.86 - 08.03.2013 Other


MORRISON NIGEL BARCL n/a EXCH 2'586'054 0.45 - 28.05.2013 n/a

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'351'890 0.41 - 18.02.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 2'226'408 0.39 (114'517) 04.09.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'004'525 0.35 - 30.04.2013 Investment Advisor

BT FUNDS MANAGEMENT BT INVESTMENT FUNDS- MF-PART 1'462'879 0.25 - 31.03.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'425'539 0.25 238'933 03.09.2013 Investment Advisor



EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 23.08.2013


Forsyth Barr JEREMY SIMPSON buy 5 M 5 12 month 15.08.2013


Goldman Sachs MARCUS CURLEY Buy/Neutral 5 M 5 12 month 14.08.2013

UBS SAM THEODORE neutral 3 M 4 12 month 14.08.2013

JPMorgan MATTHEW RYAN neutral 3 M 4 9 month 14.08.2013

Commonwealth Bank BEN BROWNETTE underweight 1 M 3 12 month 14.08.2013

Bell Potter LAFITANI SOTIRIOU buy 5 M 5 12 month 14.08.2013

First NZ Capital PAUL TURNBULL neutral 3 M 4 Not Provided 14.08.2013

Holdings By:

SKYCITY Entertainment Group Ltd ee


05.09.2013

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets

heated humidification products and systems for use in respiratory care and the

treatment of sleep apnea. The Company also offers patient warming and neonatal

care products, including warming products and infant resuscitators.


LTM as of: 01/yy

52-Week High (05.08.2013) 3.72

52-Week Low (14.09.2012) 2.11

Daily Volume

3.67





2'006.17 1 Yr Total Return 78.02%







FPH NZ EQUITY YTD Change - Average Volume 30 Day 1'038'690

FPH NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'131'605


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

485.5 474.8 467.7 466.7 507.3 - - 647.0 701.5 - -

3.55x 3.71x 3.69x 2.77x 3.05x - - 3.27x 2.99x - -

143.5 87.5 80.2 63.0 90.1 - - 171.0 172.8 - -

12.03x 20.16x 21.50x 20.54x 17.16x - - 12.47x 12.34x - -

62.2 71.6 52.5 64.1 77.1 - - 94.7 95.6 - -

25.90x 23.43x 30.78x 18.36x 18.32x - - 21.21x 20.85x - -











EBITDA Margin 17.8%



Asset Turnover 0.85







Fiscal Year Ended

Fisher & Paykel Healthcare Corp LtdPrice/Volume

Valuation Analysis

249'896.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

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0

1

1

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2!' E

3!' E

4!' E

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 46'666'600 8.54 - 30.06.2013 Investment Advisor

ACCIDENT COMPENSATIO n/a EXCH 27'200'396 4.98 (638'326) 13.08.2013 Insurance Company

AMP LTD n/a ULT-AGG 27'083'276 4.95 (1'155'924) 06.08.2013 Insurance Company

SUN LIFE FINANCIAL I n/a ULT-AGG 11'422'541 2.09 48'765 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'137'434 1.12 (424'886) 30.06.2013 Investment Advisor



FIDANTE PARTNERS LTD Multiple Portfolios MF-AGG 4'544'800 0.83 - 30.06.2013 Investment Advisor




GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'342'651 0.61 - 30.08.2013 Investment Advisor

EVANS NIGEL THOMAS n/a EXCH 1'569'034 0.29 417 05.07.2013 n/a

WOOLF FISHER TRUST I n/a Co File 1'542'415 0.28 - 23.05.2013 n/a


STATE STREET n/a ULT-AGG 1'262'362 0.23 - 04.09.2013 Investment Advisor

WILLIAMS JOHN JULIAN n/a Co File 1'135'160 0.21 - 23.05.2013 n/a

PAYKEL GARY ALBERT n/a Co File 1'095'125 0.2 - 31.03.2013 n/a


FIL LIMITED n/a ULT-AGG 852'804 0.16 99'359 31.10.2012 Investment Advisor


EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 02.09.2013

Deutsche Bank STEPHEN RIDGEWELL buy 5 M 4 12 month 27.08.2013



First NZ Capital SARNDRA URLICH neutral 3 D 4 Not Provided 27.08.2013

Forsyth Barr JOHN CAIRNS hold 3 D 4 12 month 11.08.2013

UBS TRISTAN JOLL neutral 3 M 4 12 month 31.07.2013

Holdings By:

Fisher & Paykel Healthcare Corp Ltd ee


05.09.2013

Contact Energy Limited is a diversified and integrated energy company which

focuses on the generation of electricity and the sale of electricity and gas in

New Zealand.


LTM as of: 01/yy

52-Week High (15.04.2013) 5.82

52-Week Low (05.09.2012) 4.85

Daily Volume

5.22





3'827.84 1 Yr Total Return 10.54%







CEN NZ EQUITY YTD Change - Average Volume 30 Day 305'468

CEN NZ EQUITY YTD % CHANGE - Average Volume 3 Month 370'810


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

2'200.1 2'143.0 2'209.3 2'683.0 2'504.0 - - 2'531.0 2'632.8 - -

2.04x 2.20x 2.16x 1.77x 2.01x - - 2.05x 1.98x - -

425.3 405.6 419.9 491.0 591.0 - - 584.3 628.4 - -

10.54x 11.65x 11.35x 9.70x 8.54x - - 8.76x 8.14x - -

115.6 154.7 150.3 190.0 199.0 - - 206.9 229.0 - -

29.28x 22.24x 22.44x 17.92x 18.82x - - 18.45x 16.68x - -


EBIT 396.00 Long-Term Rating BBB









EBITDA Margin 23.6%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Contact Energy LtdPrice/Volume

Valuation Analysis

464'966.00


'

-

.

0

1

2

3

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0!' E

0!2 E

1!' E

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

.!''

1!''

3!''

5!''

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05.09.2013


ORIGIN ENERGY LTD n/a Co File 384'150'707 52.39 - 14.08.2012 Corporation

COMMONWEALTH BANK OF n/a ULT-AGG 33'904'485 4.62 - 10.05.2011 Bank



NZ SUPERANNUATION FU n/a Co File 12'222'912 1.67 - 14.08.2012 n/a

AMP INVESTMENTS STRA n/a Co File 7'587'987 1.03 - 14.08.2012 n/a

ORIGIN ENERGY UNIVER n/a Co File 4'767'919 0.65 - 14.08.2012 Holding Company





SMARTSHARES LIMITED SMARTFONZ MF-PART 919'968 0.13 (38'657) 31.07.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 550'939 0.08 (4'738) 31.05.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 500'870 0.07 4'864 30.04.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 483'789 0.07 - 31.12.2012 Investment Advisor

PICTET FUNDS n/a ULT-AGG 479'762 0.07 400 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 358'793 0.05 - 31.07.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 257'403 0.04 - 04.09.2013 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 235'158 0.03 - 30.04.2013 Investment Advisor


Forsyth Barr ANDREW HARVEY-GREEN buy 5 M 6 12 month 22.08.2013

Deutsche Bank GRANT SWANEPOEL buy 5 M 6 12 month 20.08.2013

Goldman Sachs MATTHEW HENRY Buy/Neutral 5 M 6 12 month 20.08.2013

JPMorgan CHRIS LAYBUTT neutral 3 M 5 9 month 20.08.2013

Macquarie STEPHEN HUDSON outperform 5 M 6 12 month 20.08.2013

First NZ Capital NEVILL GLUYAS neutral 3 M 6 Not Provided 19.08.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

UBS WADE GARDINER buy 5 U 6 12 month 22.05.2013

Woodward Partners Group Ltd NICK R LEWIS buy 5 N 6 Not Provided 12.11.2012

Holdings By:

Contact Energy Ltd ee


05.09.2013

Trade Me Ltd. operates an online marketplace for New Zealanders. The website

features online auctions and fixed-price sales for new and used goods including

automobiles, real estate and employment advertising. Trade Me also offers

accommodations, dating and group buying advertisements.


LTM as of: 01/yy

52-Week High (22.05.2013) 5.45

52-Week Low (07.01.2013) 3.85

Daily Volume

4.57


52-Week Low % Change 18.70% Beta -



1'811.14 1 Yr Total Return 22.32%


Preferred Stock 0.0 Adjusted BETA -





TME NZ EQUITY YTD Change - Average Volume 30 Day 1'887'413

TME NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'371'431


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y 09/12 Q1 12/12 Q2

96.0 114.4 104.2 116.3 135.2 - - 181.9 202.4 - -

- - - 13.79x 15.14x - - 10.51x 9.35x - -

73.7 86.5 98.1 106.6 122.6 - - 132.9 147.3 - -

- - - 15.04x 16.70x - - 14.51x 13.09x - -

55.3 63.6 69.7 75.6 78.6 - - 85.0 95.2 - -

- - - 19.53x 24.55x - - 21.26x 19.20x - -











EBITDA Margin 90.7%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Trade Me Group LtdPrice/Volume

Valuation Analysis

1'207'535.00


'

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05.09.2013


HYPERION ASSET MANAG n/a EXCH 49'550'653 12.5 4'112'969 22.05.2013 Investment Advisor

BAILLIE GIFFORD OVER n/a EXCH 31'475'406 7.94 - 20.05.2013 Investment Advisor

BNP PARIBAS INV PART #N/A N/A EXCH 24'930'329 6.29 3'953'366 29.08.2013 Investment Advisor


WESTPAC BANKING CORP n/a EXCH 20'883'017 5.27 (5'020'000) 21.05.2013 Bank

AMP LTD n/a ULT-AGG 19'753'816 4.98 (930'619) 09.08.2013 Insurance Company

GOLDMAN SACHS GROUP n/a ULT-AGG 19'713'592 4.97 (120'537) 28.12.2012 Investment Advisor

PERPETUAL LTD n/a EXCH 19'687'539 4.97 (2'730'847) 15.07.2013 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 19'388'866 4.89 (1'648'175) 04.01.2013 Investment Advisor

ELLERSTON CAPITAL LT n/a EXCH 18'758'359 4.73 (1'730'708) 13.03.2013 Investment Advisor

UBS n/a ULT-AGG 18'340'426 4.63 (2'087'748) 09.05.2013 Unclassified





HYPERION ASSET MANAG HYPERION AUSTRALIAN MF-PART 2'506'682 0.63 - 30.06.2013 Investment Advisor


HYPERION ASSET MANAG HYPERION SMALL GROWT MF-PART 1'617'961 0.41 - 30.06.2013 Investment Advisor

MORGAN SAMUEL GARETH n/a EXCH 1'564'668 0.39 - 02.03.2012 n/a

ING FUNDS MANAGEMENT ONEPATH ONEANS PS-IN MF-PART 1'108'659 0.28 - 30.06.2013 Investment Advisor


Evans & Partners Pty Ltd PETER STAMOULIS Positive 4 M #N/A N/A Not Provided 26.08.2013

First NZ Capital JAMES SCHOFIELD underperform 1 D 4 Not Provided 23.08.2013

Forsyth Barr BLAIR GALPIN hold 3 M 5 12 month 22.08.2013


Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 5 12 month 21.08.2013

Goldman Sachs ROBBIE AITKEN Buy/Neutral 5 M 5 12 month 21.08.2013

Credit Suisse SAMANTHA CARLETON underperform 1 D 4 Not Provided 21.08.2013

UBS RICHARD EARY neutral 3 U 4 12 month 21.08.2013

Macquarie DANIEL FROST neutral 3 M 5 12 month 21.08.2013

CIMB ALAN STUART outperform 5 U 5 12 month 21.08.2013

Commonwealth Bank ALICE BENNETT underweight 1 M 4 12 month 21.08.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 25.03.2013

Holdings By:

Trade Me Group Ltd ee


05.09.2013

Mighty River Power Ltd. provides utility services. The Company generates and

supplies electricity from hydro, geothermal, gas-fired, and wind power stations,

as well as owns and manages bio-energy power plants. Mighty River Power serves

customers throughout New Zealand.


LTM as of: 01/yy

52-Week High (10.05.2013) 2.73

52-Week Low (26.08.2013) 2.16

Daily Volume

2.22





3'108.00 1 Yr Total Return -

Total Debt 1'181.37 YTD Return -

Preferred Stock 0.0 Adjusted BETA -





MRP NZ EQUITY YTD Change - Average Volume 30 Day 2'319'291

MRP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'783'028


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

1'799.5 1'541.4 1'142.7 1'479.3 1'351.5 - - 1'527.3 1'559.8 - -

- - - - - - - 2.74x 2.65x - -

742.7 467.1 443.1 465.6 - - - 499.7 503.8 - -

- - - - - - - 8.51x 8.44x - -

266.2 120.6 127.1 67.8 114.7 - - 167.3 172.0 - -

- - - - 27.07x - - 18.81x 18.20x - -


EBIT 307.16 Long-Term Rating BBB+









EBITDA Margin 31.5%



Asset Turnover 0.26







Fiscal Year Ended

Mighty River Power LtdPrice/Volume

Valuation Analysis

2'969'397.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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400.0

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1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013'!''

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05.09.2013


HER MAJESTY THE QUEE n/a EXCH 739'122'254 52.79 - 14.05.2013 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 14'800'000 1.06 7'522'000 30.06.2013 Investment Advisor

SMARTSHARES LIMITED SMARTFONZ MF-PART 1'747'505 0.12 - 31.07.2013 Investment Advisor

SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'400'709 0.1 - 31.07.2013 Investment Advisor

BARING INTERNATIONAL Multiple Portfolios MF-AGG 486'738 0.03 486'738 31.05.2013 Investment Advisor

WHINERAY FRASER n/a EXCH 205'680 0.01 (55'440) 24.06.2013 n/a

MEEK WILLIAM n/a EXCH 203'680 0.01 (55'440) 24.06.2013 n/a

HEFFERNAN DOUG n/a EXCH 179'900 0.01 - 14.05.2013 n/a

TRIGG MARK n/a EXCH 170'900 0.01 (39'600) 24.06.2013 n/a

MUNRO JAMES n/a EXCH 139'360 0.01 (39'600) 24.06.2013 n/a

SELENIUM CORPORATION n/a EXCH 90'400 0.01 - 28.05.2013 Corporation

PRUDENTIAL FINANCIAL n/a ULT-AGG 76'972 0.01 - 28.06.2013 Investment Advisor

WITHERS JOAN n/a EXCH 39'900 0 12'500 16.05.2013 n/a

JANES TREVOR DAVID n/a EXCH 34'200 0 - 28.05.2013 n/a

OLDE MATTHEW n/a EXCH 26'300 0 (9'900) 24.06.2013 n/a

FLACKS PRUDENCE n/a EXCH 23'474 0 - 14.05.2013 n/a

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'512 0 19'512 31.05.2013 Investment Advisor

SMITH KEITH RAYMOND n/a EXCH 17'368 0 - 14.05.2013 n/a

MILLER JAMES BRUCE n/a EXCH 16'200 0 2'000 28.05.2013 n/a

STRAWSON MARLENE n/a EXCH 16'080 0 (7'920) 24.06.2013 n/a


EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 04.09.2013

Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 U 2 12 month 29.08.2013

JPMorgan CHRIS LAYBUTT neutral 3 M 2 9 month 28.08.2013

Deutsche Bank GRANT SWANEPOEL hold 3 M 3 12 month 08.08.2013


Goldman Sachs MATTHEW HENRY neutral/neutral 3 N 3 12 month 18.06.2013

UBS WADE GARDINER buy 5 N 3 12 month 13.05.2013

Holdings By:

Mighty River Power Ltd ee


05.09.2013

Infratil Limited is an infrastructure investment company. The Company invests

in airports, energy such as renewable and waste-energy, and public

transportation.


LTM as of: 06/yy

52-Week High (30.01.2013) 2.52

52-Week Low (05.09.2012) 2.09

Daily Volume

2.41





1'412.83 1 Yr Total Return 19.96%







IFT NZ EQUITY YTD Change - Average Volume 30 Day 342'051

IFT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 446'274


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 06/yy 03/14 Y 03/15 Y 09/12 Q2 12/12 Q3

1'576.4 1'860.1 1'985.6 2'194.9 2'373.8 0.0 0.0 2'339.7 2'552.7 - -

2.37x 1.70x 1.81x 1.65x 1.68x #DIV/0! #DIV/0! 1.68x 1.47x - -

199.3 387.5 423.8 500.6 505.0 0.0 0.0 537.3 609.7 - -

18.72x 8.15x 8.49x 7.23x 7.89x 0.00x 0.00x 7.43x 6.55x - -

(191.0) 29.0 64.5 51.6 3.4 0.0 45.9 66.4 95.2 - -

- 33.08x 10.19x 12.70x 21.50x 0.00x 0.00x 21.33x 14.79x - -


EBIT - Long-Term Rating -





Return on Capital 2.08% EBITDA/Interest Exp. -

Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -



EBITDA Margin 20.4%

EBIT Margin - Total Debt/Equity 178.6%


Asset Turnover 0.44

Current Ratio - Net Fixed Asset Turnover 0.60

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Infratil LtdPrice/Volume

Valuation Analysis

240'095.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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05.09.2013


UTILICO INVESTMENT T n/a EXCH 73'038'296 12.46 (5'000'000) 15.03.2013 Investment Advisor



LLOYD MORRISON TRUST n/a EXCH 40'348'730 6.88 - 13.12.2012 n/a

DIXIELAND TRUST n/a EXCH 40'348'730 6.88 - 13.12.2012 n/a

WOODWARD FUNDS MGMT n/a Research 36'348'730 6.2 - 21.06.2013 Other

PETAGNA LIBERATO n/a EXCH 5'765'503 0.98 (1'000'000) 13.12.2012 n/a

JML CAPITAL LTD n/a Research 5'765'503 0.98 - 21.06.2013 Other

BLACKROCK n/a ULT-AGG 3'975'431 0.68 230 03.09.2013 Investment Advisor




HEATLEY CRAIG & BENJ n/a Research 2'162'443 0.37 - 21.06.2013 n/a

NANCY HOLDINGS LTD n/a Research 1'893'953 0.32 - 21.06.2013 Other


MORRISON HUGH RICHMO n/a Research 1'456'860 0.25 - 21.06.2013 n/a


SNS INVESTMENT FUND Multiple Portfolios MF-AGG 779'757 0.13 589 28.03.2013 Investment Advisor


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 582'665 0.1 (586'486) 31.05.2012 Investment Advisor


UBS WADE GARDINER buy 5 M 3 12 month 19.07.2013

First NZ Capital ROBERT BODE restricted #N/A N/A M #N/A N/A Not Provided 05.07.2013

EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013

Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 M 3 12 month 15.05.2013



Holdings By:

Infratil Ltd ee


05.09.2013

Xero Limited offers an online accounting system. The software features bank

transaction importing, a cashbook, a general ledger, invoicing, accounts

receivable, accounts payable, financial reporting, and management of expense

claims.


LTM as of: 01/yy

52-Week High (08.07.2013) 18.90

52-Week Low (11.09.2012) 4.82

Daily Volume

18.02





2'119.26 1 Yr Total Return 266.26%







XRO NZ EQUITY YTD Change - Average Volume 30 Day 64'041

XRO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 137'059


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

1.0 3.2 9.3 19.4 39.0 - - 72.2 124.0 - -

- 38.79x 22.34x 19.59x 30.57x - - 28.74x 17.02x - -

- (8.1) (7.5) (6.6) (11.0) - - (17.8) (3.5) - -

- - - - - - - - - - -

(6.8) (8.5) (7.5) (7.9) (14.4) - - (23.8) (16.0) - -

- - - - - - - - - - -

EBITDA -11.01 Long-Term Rating Date -

EBIT -15.56 Long-Term Rating -

Operating Margin -39.85% Long-Term Outlook -

Pretax Margin -36.24% Short-Term Rating Date -

Return on Assets -17.17% Short-Term Rating -

Return on Common Equity -18.65%

Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -28.2%

EBIT Margin -39.9% Total Debt/Equity 0.0%

Net Income Margin -37.0% Total Debt/Capital 0.0%

Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Xero LtdPrice/Volume

Valuation Analysis

128'431.00


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05.09.2013


DRURY RODNEY KENNETH n/a EXCH 21'719'779 18.47 (833'334) 30.11.2012 n/a

GIVIA PTY LTD n/a EXCH 18'454'545 15.69 (1'045'455) 30.11.2012 Corporation

EDWARDS HAMISH CRAIG n/a EXCH 5'792'298 4.93 (333'334) 30.11.2012 n/a

MORGAN SAMUEL GARETH n/a EXCH 5'122'609 4.36 (1'000'000) 20.12.2012 n/a

NEW ZEALAND CENTRAL n/a Co File 4'458'640 3.79 - 16.03.2012 Government

VALAR VENTURES LP n/a Co File 4'135'870 3.52 - 16.03.2012 Venture Capital

BANK OF NEW ZEALAND n/a Co File 2'177'778 1.85 - 16.03.2012 Unclassified

SHAW GRAHAM JOHN n/a Co File 1'336'010 1.14 - 31.03.2012 n/a

FNZ CUSTODIANS LTD n/a Co File 1'201'531 1.02 - 16.03.2012 Investment Advisor

GRIGG ALASTAIR n/a EXCH 1'199'115 1.02 4'688 09.07.2013 n/a

W5 LTD n/a Co File 965'561 0.82 - 16.03.2012 Corporation

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 750'400 0.64 750'400 28.06.2013 Investment Advisor

WALKER CRAIG n/a Co File 738'898 0.63 - 16.03.2012 n/a

GEORGE GAVIN n/a Co File 630'915 0.54 - 16.03.2012 n/a

SPENCE CORP TRUSTEE n/a Co File 630'915 0.54 - 16.03.2012 Other

NORMAN PHILIP JOHN n/a Co File 505'546 0.43 - 31.03.2012 n/a

RAVERE PTY LTD n/a Co File 503'636 0.43 - 16.03.2012 Corporation

KNOWLES IAN SAMUEL n/a EXCH 469'191 0.4 (100'000) 29.05.2013 n/a

BLACKROCK n/a ULT-AGG 416'756 0.35 - 03.09.2013 Investment Advisor

JENKINS ROSS n/a EXCH 362'228 0.31 (34'843) 09.07.2013 n/a


Forsyth Barr ANDREW HARVEY-GREEN reduce 2 D 15 12 month 04.08.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Xero Ltd ee


05.09.2013

Chorus Limited is a wholesale and retail telecommunications company. The

Company maintains and build the Chorus local access network which is made up of

local telephone exchanges, cabinets and copper and fiber cables that connects

New Zealand homes and businesses throughout the country.


LTM as of: 01/yy

52-Week High (07.09.2012) 3.57

52-Week Low (21.06.2013) 2.26

Daily Volume

2.96





1'152.33 1 Yr Total Return -7.36%







CNU NZ EQUITY YTD Change - Average Volume 30 Day 1'121'436

CNU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'126'632


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

- - 1'050.0 595.0 1'045.0 - - 1'061.4 1'043.1 - -

- - - 4.70x 2.55x - - 2.89x 3.02x - -

- - 606.0 400.0 667.0 - - 650.4 630.1 - -

- - - 7.00x 4.00x - - 4.45x 4.59x - -

- - 128.0 102.0 171.0 - - 149.4 128.1 - -

- - - 12.08x 5.43x - - 7.75x 9.08x - -











EBITDA Margin 63.8%



Asset Turnover 0.33







Fiscal Year Ended

Chorus LtdPrice/Volume

Valuation Analysis

1'110'652.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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200.0

400.0

600.0

800.0

1'000.0

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013





BANK OF NEW YORK MEL n/a EXCH 28'681'648 7.37 5'414'706 28.12.2012 Investment Advisor


NEW ZEALAND SUPERANN n/a Co File 9'111'766 2.34 - 28.08.2012 n/a


DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 7'315'000 1.88 - 30.04.2013 Investment Advisor

AMP INV STRATEGIC EQ n/a Co File 6'826'199 1.75 - 28.08.2012 n/a

WESTPAC NZ SHR 2002 n/a Co File 5'618'511 1.44 - 28.08.2012 Bank



SCHRODERS ASIA LIMIT Multiple Portfolios MF-AGG 2'108'846 0.54 - 31.01.2013 Investment Advisor


ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 982'313 0.25 982'313 30.06.2013 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 843'628 0.22 - 30.06.2013 Investment Advisor

SMARTSHARES LIMITED SMARTMIDZ MF-PART 826'299 0.21 (95'684) 31.07.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 493'461 0.13 - 31.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 480'620 0.12 - 30.04.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 435'923 0.11 435'923 31.03.2013 Investment Advisor


CIMB IAN MARTIN outperform 5 M 4 12 month 03.09.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 02.09.2013

Forsyth Barr BLAIR GALPIN buy 5 M 3 12 month 27.08.2013

Deutsche Bank ARIE DEKKER sell 1 M 3 12 month 26.08.2013

UBS RICHARD EARY buy 5 M 3 12 month 26.08.2013

JPMorgan PAUL BRUNKER overweight 5 M 4 9 month 26.08.2013

Macquarie ANDREW LEVY neutral 3 M 3 12 month 26.08.2013



Holdings By:

Chorus Ltd ee


05.09.2013

Westpac Banking Corporation offers general and savings banking services. The

Company provides investment portfolio management and advice, insurance services,

consumer finance, and money market services among other services. Westpac

Banking Corp. serves individuals, businesses, and corporations worldwide.


LTM as of: 01/yy

52-Week High (03.05.2013) 41.37

52-Week Low (11.09.2012) 29.91

Daily Volume

36.4

52-Week High % Change -12.02% Dividend Yield -




112'975.74 1 Yr Total Return 26.18%



Minority Interest 1'970.0 Analyst Recs 10

Cash and Equivalents 24'644.00 Consensus Rating 3.800

Enterprise Value -


WBC NZ EQUITY YTD Change - Average Volume 30 Day 127'833

WBC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 125'203


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

33'007.0 35'313.0 39'173.0 42'969.0 42'308.0 - - 18'865.3 19'640.1 - -

- - - - - - - 4.16x 3.96x - -

- - - - - - - - - - -

- - - - - - - - - - -

3'859.0 3'446.0 6'346.0 6'991.0 5'970.0 - - 7'027.8 7'282.2 - -

- - - - - - - 14.21x 13.79x - -

EBITDA - Long-Term Rating Date 01.12.2011

EBIT - Long-Term Rating AA-



Return on Assets 0.95% Short-Term Rating A-1+




Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Westpac Banking CorpPrice/Volume

Valuation Analysis

298'263.00


'2

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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05.09.2013


NATIONAL AUSTRALIA B n/a ULT-AGG 137'126'097 4.42 (81'301'352) 31.07.2013 Bank

WESTPAC BANKING CORP n/a EXCH 60'312'493 1.94 4'631'708 22.11.2012 Bank

COMMONWEALTH BANK OF n/a ULT-AGG 58'192'816 1.87 (212) 31.05.2013 Bank




AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'476'000 0.6 - 29.06.2012 Investment Advisor

PERENNIAL INVESTMENT PERENNIAL VALUE SHAR MF-PART 17'646'487 0.57 - 31.07.2013 Investment Advisor


MILTON CORP LTD Multiple Portfolios MF-AGG 10'417'683 0.34 - 30.06.2012 Investment Advisor


ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 9'146'851 0.29 - 30.06.2011 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 7'255'337 0.23 241'347 31.08.2011 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'099'537 0.23 - 31.07.2013 Investment Advisor

PERPETUAL INVESTMENT PERPETUAL WHOLESALE MF-PART 7'046'220 0.23 - 30.06.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 5'548'058 0.18 (316'718) 30.06.2013 Investment Advisor


BT INVESTMENT MANAGE Multiple Portfolios MF-AGG 4'566'344 0.15 - 30.06.2013 Investment Advisor


PERENNIAL INVESTMENT PERENNIAL GROWTH SHA MF-PART 4'273'227 0.14 - 31.07.2013 Investment Advisor


Nomura VICTOR GERMAN neutral 3 M 38 Not Provided 05.09.2013

Bell Potter T S LIM buy 5 M 40 12 month 05.09.2013

Commonwealth Bank ROSS CURRAN overweight 5 M 37 12 month 26.08.2013

Goldman Sachs ANDREW LYONS Sell/Neutral 1 M 32 12 month 19.08.2013

BBY Limited BRETT LE MESURIER buy 5 M 36 12 month 08.08.2013

Macquarie MICHAEL WIBLIN outperform 5 U 37 12 month 25.07.2013

Shaw Stockbroking DAVID SPOTSWOOD hold 3 M 34 12 month 16.07.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Evans & Partners Pty Ltd LOU CAPPARELLI neutral 3 M #N/A N/A Not Provided 04.06.2013

Holdings By:

Westpac Banking Corp ee


05.09.2013

Kiwi Income Property Trust is a property trust that invests in, manages and

develops a portfolio of diversified properties throughout New Zealand. The

Trust's properties include office, retail and industrial properties.


LTM as of: 01/yy

52-Week High (10.05.2013) 1.23

52-Week Low (25.06.2013) 1.05

Daily Volume

1.14












KIP NZ EQUITY YTD Change - Average Volume 30 Day 759'136

KIP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'092'850


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

182.7 188.6 196.4 207.6 198.7 - - 145.5 156.2 - -

7.26x 6.68x 8.27x 8.44x 9.83x - - 13.06x 12.26x - -

121.5 122.8 129.4 133.6 120.7 - - 129.7 140.0 - -

10.92x 10.26x 12.56x 13.12x 16.19x - - 14.92x 13.82x - -

(168.9) (8.5) (26.4) 89.2 109.8 - - 61.8 67.9 - -

- - - 11.93x 11.67x - - 18.39x 17.27x - -











EBITDA Margin 60.7%



Asset Turnover 0.09

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kiwi Income Property TrustPrice/Volume

Valuation Analysis

568'978.00


'

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100.0

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05.09.2013



CBRE GROUP INC n/a ULT-AGG 27'667'800 2.75 - 23.07.2012 Corporation




BOULDER INVESTMENT A Multiple Portfolios MF-AGG 9'807'826 0.97 (4'779'336) 31.05.2013 Investment Advisor

NOMURA n/a ULT-AGG 9'143'360 0.91 (530'000) 21.01.2013 Unclassified

KIWI INCOME PROP LTD n/a Research 6'054'933 0.6 - 21.06.2013 n/a

DIAM n/a ULT-AGG 3'752'708 0.37 - 21.01.2013 Unclassified

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 3'000'000 0.3 - 18.07.2012 Investment Advisor

GOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 2'879'632 0.29 - 17.07.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 2'033'429 0.2 119'559 04.09.2013 Investment Advisor

HAOCHEN INV LTD n/a Co File 2'002'135 0.2 - 20.04.2012 Other

SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'920'197 0.19 (223'878) 31.07.2013 Investment Advisor

CROXEN INVESTMENTS L n/a Research 1'672'241 0.17 - 21.06.2013 Other

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'150'049 0.11 99'303 30.06.2013 Investment Advisor

EURO PACIFIC ASSET M Multiple Portfolios MF-AGG 846'152 0.08 - 31.05.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 829'385 0.08 - 31.05.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 614'020 0.06 (56'200) 03.09.2013 Investment Advisor

ARROW INVESTMENT ADV Multiple Portfolios MF-AGG 507'287 0.05 (39'729) 28.06.2013 Investment Advisor


Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 29.07.2013

Deutsche Bank CHRIS BYRNE hold 3 M 1 12 month 24.07.2013

Goldman Sachs ROBBIE AITKEN not rated #N/A N/A M #N/A N/A Not Provided 24.07.2013

UBS LANCE REYNOLDS neutral 3 M 1 12 month 24.06.2013

Macquarie NICK MAR underperform 1 M 1 12 month 14.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

First NZ Capital JASON LINDSAY underperform 1 M 1 Not Provided 13.05.2013

Holdings By:

Kiwi Income Property Trust ee


05.09.2013

Goodman Property Trust is a property trust that invests in, manages and

develope portfolio of diversified property assets in Auckland. The Trust's

portfolio comprises of office, industrial and retail properties.


LTM as of: 01/yy

52-Week High (13.05.2013) 1.17

52-Week Low (18.12.2012) 1.00

Daily Volume

1.035












GMT NZ EQUITY YTD Change - Average Volume 30 Day 708'441

GMT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 714'730


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

129.6 132.7 137.5 145.1 150.3 - - 135.7 142.7 - -

9.43x 10.58x 10.52x 11.13x 13.00x - - 14.53x 13.88x - -

96.4 95.9 101.1 102.8 105.2 - - 125.3 131.7 - -

12.68x 14.63x 14.31x 15.71x 18.58x - - 15.53x 14.79x - -

(74.1) 2.8 36.7 40.5 77.9 - - 88.1 91.9 - -

- 303.03x 22.46x 24.58x 14.32x - - 13.62x 13.10x - -











EBITDA Margin 70.0%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Goodman Property TrustPrice/Volume

Valuation Analysis

277'308.00


'

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4!' E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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1!''

3!''

5!''

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05.09.2013



FISHER HIGHBROOK LTD n/a Research 55'989'374 4.64 - 21.06.2013 Other

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 30'123'493 2.5 1'118'801 08.05.2013 Investment Advisor

MFL MUTUAL FUND LTD n/a Research 16'448'107 1.36 - 21.06.2013 Other

WILLIAMS ALLAN GEORG n/a Research 11'734'694 0.97 - 21.06.2013 n/a


CBRE GROUP INC n/a ULT-AGG 9'050'000 0.75 - 31.12.2012 Corporation



DIAM n/a ULT-AGG 3'240'374 0.27 - 21.01.2013 Unclassified


SMITH KEITH RAYMOND n/a EXCH 835'724 0.07 - 12.08.2013 n/a

DAKIN JOHN n/a EXCH 737'208 0.06 - 30.08.2013 n/a


FCA CORP Multiple Portfolios MF-AGG 364'809 0.03 5'850 30.04.2013 Investment Advisor

NOMURA n/a ULT-AGG 346'700 0.03 (40'000) 21.01.2013 Unclassified

WELLS FARGO n/a ULT-AGG 337'987 0.03 1'931 30.06.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 256'147 0.02 - 03.09.2013 Investment Advisor

PATERSON SUSAN MARIE n/a EXCH 230'509 0.02 - 21.03.2013 n/a

SIMMONDS PETER n/a EXCH 188'981 0.02 570 21.03.2013 n/a


EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 02.09.2013

Goldman Sachs ROBBIE AITKEN Sell/Cautious 1 M 1 12 month 10.07.2013

UBS LANCE REYNOLDS sell 1 M 1 12 month 24.06.2013


Macquarie NICK MAR outperform 5 M 1 12 month 14.06.2013

First NZ Capital JASON LINDSAY underperform 1 D 1 Not Provided 16.05.2013


Holdings By:

Goodman Property Trust ee


05.09.2013

Port of Tauranga Limited activities include the provision of wharf facilities,

back up land for the storage and transit of import and export cargo, berthage,

cranes, tug and pilotage services for exporters, importers and shipping

companies and the leasing of land and buildings. The Group also operates a

container terminal and has bulk cargo marshalling operations.


LTM as of: 01/yy

52-Week High (24.04.2013) 15.74

52-Week Low (06.09.2012) 12.37

Daily Volume

14.8





1'984.92 1 Yr Total Return 23.19%



Minority Interest (0.1) Analyst Recs 7




POT NZ EQUITY YTD Change - Average Volume 30 Day 25'195

POT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 30'209


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

129.6 132.1 167.6 207.4 244.0 - - 271.4 290.0 - -

7.96x 8.25x 8.19x 8.06x - - - 8.29x 7.78x - -

63.9 65.0 77.3 94.8 - - - 137.5 147.7 - -

16.14x 16.77x 17.75x 17.64x - - - 15.55x 14.48x - -

45.2 38.0 58.4 73.6 112.1 - - 81.1 85.7 - -

18.25x 23.42x 20.30x 20.22x 16.63x - - 24.46x 23.13x - -











EBITDA Margin 46.0%



Asset Turnover 0.21







Fiscal Year Ended

Port of Tauranga LtdPrice/Volume

Valuation Analysis

22'713.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

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50.0

100.0

150.0

200.0

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05.09.2013


QUAYSIDE SECURITIES n/a Research 73'687'536 54.94 - 29.08.2012 Other

NEW ZEALAND CENTRAL n/a Research 13'815'793 10.3 - 29.08.2012 Government

DIMENSIONAL FUND ADV n/a ULT-AGG 633'811 0.47 - 30.04.2013 Investment Advisor

MASFEN SECURITIES LI n/a Research 545'000 0.41 - 29.08.2012 Other

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 413'734 0.31 (23'252) 30.06.2013 Investment Advisor

GPERRY AND D A THOMP n/a Research 350'000 0.26 - 29.08.2012 n/a

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 330'402 0.25 (31'032) 31.05.2012 Investment Advisor

LLOYD JAMES CHRISTIE n/a Research 307'000 0.23 - 29.08.2012 n/a

PENSABENE KAREN MAUR n/a Research 260'000 0.19 - 29.08.2012 n/a

FORSYTH BARR LTD n/a Research 242'646 0.18 - 29.08.2012 Bank

F G MCKENZIE AND D A n/a Research 200'306 0.15 - 29.08.2012 n/a



PARKER JOHN SUFFIELD n/a Co File 68'450 0.05 - 30.06.2011 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 56'739 0.04 - 30.04.2013 Investment Advisor

FCA CORP Multiple Portfolios MF-AGG 50'000 0.04 - 30.04.2013 Investment Advisor

SMITH MICHAEL JOHN n/a Co File 40'000 0.03 - 30.06.2011 n/a


SPRING DRYDEN THOMAS n/a Co File 33'500 0.02 - 30.06.2011 n/a

REYNISH ANTHONY PETE n/a EXCH 26'712 0.02 4'000 27.02.2009 n/a


Forsyth Barr ANDREW BOWLEY hold 3 M 14 12 month 25.08.2013

Macquarie STEPHEN HUDSON underperform 1 M 13 12 month 23.08.2013



First NZ Capital KAR YUE YEO underperform 1 M 14 Not Provided 22.08.2013

UBS LANCE REYNOLDS sell 1 M 12 12 month 11.06.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Port of Tauranga Ltd ee


05.09.2013

Ebos Group Limited supplies and distributes medical consumable products and

equipment to the hospital and primary care sectors of the New Zealand and

Australian healthcare markets. The Company's products include diagnostic

instruments, surgical instruments and prosthesis, feminine protection,

anesthetic equipment and other consumer products.


LTM as of: 01/yy

52-Week High (24.07.2013) 10.62

52-Week Low (12.09.2012) 7.05

Daily Volume

9.9





1'451.48 1 Yr Total Return 40.96%







EBO NZ EQUITY YTD Change - Average Volume 30 Day 78'774

EBO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 167'473


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

1'340.9 1'315.1 1'341.0 1'426.5 1'822.0 - - 4'663.3 4'739.7 - -

0.22x 0.24x 0.24x 0.34x - - - 0.37x 0.36x - -

37.8 39.1 39.1 45.0 - - - 156.8 163.4 - -

7.76x 8.06x 8.11x 10.79x - - - 9.87x 9.47x - -

19.7 23.4 31.6 27.9 28.2 - - 75.2 82.1 - -

13.14x 15.57x 15.20x 14.20x 18.15x - - 15.23x 14.14x - -











EBITDA Margin 3.6%



Asset Turnover 2.30







Fiscal Year Ended

Ebos Group LtdPrice/Volume

Valuation Analysis

2'115.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


WHYTE ADDER NO3 LTD n/a Research 4'946'561 3.37 - 21.06.2013 Other

MILFORD ASSET MGMT L n/a EXCH 4'268'009 2.91 606'823 11.12.2012 Investment Advisor


TALLOTT BLAIR n/a EXCH 3'856'029 2.63 - 26.02.2013 n/a


HERPA PROPERTIES LTD n/a Research 936'902 0.64 - 21.06.2013 Corporation

PETER MILES MERTON&C n/a Co File 540'947 0.37 - 31.07.2012 Corporation


SMARTSHARES LIMITED SMARTMIDZ MF-PART 187'772 0.13 12'116 31.07.2013 Investment Advisor

DOHERTY DENNIS CONDO n/a EXCH 172'791 0.12 - 16.11.2012 n/a


FCA CORP Multiple Portfolios MF-AGG 32'828 0.02 761 30.04.2013 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 6'176 0 6'176 31.03.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 918 0 - 31.05.2013 Investment Advisor


Forsyth Barr JOHN CAIRNS hold 3 M 10 12 month 22.08.2013

First NZ Capital SARNDRA URLICH outperform 5 M 11 Not Provided 10.07.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 08.07.2013


Holdings By:

Ebos Group Ltd ee


05.09.2013

Mainfreight Limited provides and supplies freight, warehousing and logistics

services throughout New Zealand and Australia. The Company provides freight

forwarding services by road, rail, sea and air along with providing

international freight forwarding services, customs clearance services and

specialized handling of hazardous substances.


LTM as of: 09/yy

52-Week High (01.02.2013) 12.20

52-Week Low (27.05.2013) 9.21

Daily Volume

10.63





1'052.62 1 Yr Total Return 12.92%

Total Debt 280.34 YTD Return -7.89%






MFT NZ EQUITY YTD Change - Average Volume 30 Day 65'587

MFT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 83'523


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 09/yy 03/14 Y 03/15 Y 12/12 Q3 03/13 Q4

1'264.5 1'131.1 1'339.9 1'812.0 1'884.7 1'587.9 1'855.4 1'968.7 2'117.7 - -

0.41x 0.63x 0.69x 0.66x 0.72x 2.65x 2.62x 0.66x 0.61x - -

73.2 70.1 84.7 130.4 129.7 114.2 127.3 146.2 163.8 - -

7.16x 10.09x 10.96x 9.13x 10.42x 10.64x 9.90x 8.79x 7.84x - -

35.5 36.4 25.7 80.5 65.9 38.3 79.1 71.5 80.1 - -

11.41x 17.17x 34.24x 11.80x 16.98x 25.28x 12.71x 14.50x 12.85x - -











EBITDA Margin 7.3%



Asset Turnover 2.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mainfreight LtdPrice/Volume

Valuation Analysis

37'962.00


'

.

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5

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!1 E

!2 E

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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.!''

1!''

3!''

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05.09.2013


PLESTED BRUCE G n/a EXCH 16'715'562 16.88 26'000 03.05.2013 n/a

FISHER FUNDS MANAGEM n/a EXCH 6'020'675 6.08 - 18.06.2013 Investment Advisor

HARBOUR ASSET MANAGE n/a Co File 5'473'687 5.53 - 01.06.2012 Corporation

ONEPATH (NZ) LIMITED n/a Co File 5'017'032 5.07 - 01.06.2012 Investment Advisor

GRAHAM NEIL L n/a Research 5'000'517 5.05 - 08.03.2013 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'827'745 1.85 - 30.04.2013 Investment Advisor


HEPWORTH JOHN n/a EXCH 600'787 0.61 100'000 24.06.2011 n/a

ROWLANDS DONALD D n/a Research 569'482 0.58 - 16.11.2012 n/a


VANGUARD n/a ULT-AGG 494'536 0.5 29'425 30.06.2013 Unclassified

NEWMAN MARK n/a EXCH 454'092 0.46 - 30.05.2013 n/a

NORGES BANK Multiple Portfolios MF-AGG 365'404 0.37 - 31.12.2012 Government

HOWARD-SMITH CARL G n/a Co File 220'000 0.22 - 31.03.2012 n/a

MOGRIDGE BRYAN WILLI n/a Co File 200'000 0.2 - 31.03.2012 n/a


HOBBS EMMET JOHN n/a Co File 90'000 0.09 - 31.03.2012 n/a

PREBBLE RICHARD W n/a Co File 88'274 0.09 - 31.03.2012 n/a


STATE STREET n/a ULT-AGG 60'363 0.06 - 04.09.2013 Investment Advisor


UBS WADE GARDINER neutral 3 D 11 12 month 31.07.2013

Macquarie WARREN DOAK neutral 3 D 11 12 month 31.07.2013

EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013

Forsyth Barr ANDREW BOWLEY accumulate 4 M 11 12 month 30.05.2013

Deutsche Bank CHRIS BYRNE buy 5 U 11 12 month 29.05.2013


First NZ Capital KAR YUE YEO outperform 5 U 13 Not Provided 29.05.2013

Holdings By:

Mainfreight Ltd ee


05.09.2013

Precinct Properties New Zealand Ltd. invests in manages and leases commercial

office properties. The Company invests in properties in Auckland and Wellington.


LTM as of: 06/yy

52-Week High (14.05.2013) 1.12

52-Week Low (05.09.2012) 0.97

Daily Volume

1





997.07 1 Yr Total Return 8.24%







PCT NZ EQUITY YTD Change - Average Volume 30 Day 625'932

PCT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 717'521


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

133.7 138.1 137.2 127.5 - 138.1 137.2 118.8 123.5 - -

7.20x 7.01x 8.23x 10.02x - 29.78x 31.07x 13.18x 12.72x - -

89.1 91.2 92.1 79.5 - 91.2 92.1 107.0 111.7 - -

10.80x 10.61x 12.27x 16.08x - 10.61x 12.27x 13.77x 13.19x - -

(192.8) (43.0) 10.4 45.1 157.5 (43.0) 10.4 64.2 66.6 - -

- - 81.73x 20.64x 6.52x 0.00x 80.95x 16.39x 16.13x - -











EBITDA Margin 61.6%



Asset Turnover 0.10







Fiscal Year Ended

Precinct Properties New Zealand LtdPrice/Volume

Valuation Analysis

1'462'424.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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-

-

-

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1!' E

2!' E

3!' E

4!' E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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2!''

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05.09.2013


HAUMI COMPANY LTD n/a EXCH 198'524'814 19.91 - 01.11.2010 Other

ACCIDENT COMPENSATIO n/a EXCH 76'876'378 7.71 (10'093'515) 08.05.2013 Insurance Company

AMP LTD n/a ULT-AGG 60'697'290 6.09 11'662'194 21.07.2011 Insurance Company



MFL MUTUAL FUND LTD n/a Co File 12'961'908 1.3 - 31.08.2012 Other





INVESCO LTD n/a ULT-AGG 2'801'120 0.28 927'041 04.09.2013 Investment Advisor


ALBERT D MASON ALBERT D MASON 13F 1'580'600 0.16 (12'000) 30.06.2013 Investment Advisor

HORSLEY GRAEME n/a Co File 310'000 0.03 - 31.08.2012 n/a


HUSE DONALD WILLIAM n/a Co File 250'000 0.03 - 31.08.2012 n/a

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 165'923 0.02 - 31.05.2013 Investment Advisor

HANSAINVEST LUX SA Multiple Portfolios MF-AGG 132'000 0.01 132'000 31.07.2013 Investment Advisor

ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 116'726 0.01 - 31.03.2013 Government



UBS LANCE REYNOLDS neutral 3 U 1 12 month 05.09.2013


Goldman Sachs ROBBIE AITKEN neutral/cautious 3 M 1 12 month 03.09.2013

Macquarie NICK MAR restricted #N/A N/A M #N/A N/A Not Provided 03.09.2013

Forsyth Barr JEREMY SIMPSON accumulate 4 M 1 12 month 22.08.2013

First NZ Capital STEPHEN REID neutral 3 N 1 Not Provided 20.08.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Holdings By:

Precinct Properties New Zealand Ltd ee


05.09.2013

Argosy Property Limited invests in and manages retail, commercial and

industrial properties in New Zealand.


LTM as of: 01/yy

52-Week High (17.05.2013) 1.06

52-Week Low (10.09.2012) 0.86

Daily Volume

0.96












ARG NZ EQUITY YTD Change - Average Volume 30 Day 661'032

ARG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 800'594


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

108.7 96.6 92.0 99.8 88.3 - - 81.6 91.3 - -

8.68x 8.52x 11.27x - - 14.08x 12.74x - -

64.1 67.3 63.3 45.1 63.1 - - 75.3 84.9 - -

12.61x 18.84x 15.76x - - 14.27x 12.66x - -

(63.1) (59.0) 26.3 1.9 39.2 - - 49.1 44.5 - -

15.05x 240.00x 14.72x - - 14.77x 16.84x - -











EBITDA Margin 71.5%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Argosy Property LtdPrice/Volume

Valuation Analysis

823'831.00


'

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0!' E

1!' E

2!' E

3!' E

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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2!''

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-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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05.09.2013



MFL MUTUAL FUND LTD n/a EXCH 69'239'791 8.86 (7'212'680) 25.06.2013 Other




WHITING PETER JOHN n/a Co File 4'010'700 0.51 - 09.05.2012 n/a

UNV OF OTAGO FOUNDAT n/a Co File 3'961'509 0.51 - 09.05.2012 n/a

SOUTHERN CAPITAL LIM n/a Co File 3'500'000 0.45 - 09.05.2012 Corporation

ESSEX CASTLE LTD n/a Co File 2'700'000 0.35 - 09.05.2012 Corporation

REGUS HANSEN TRUSTEE n/a Co File 1'708'828 0.22 - 09.05.2012 Corporation

SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'666'027 0.21 1'666'027 31.05.2013 Investment Advisor

FORHOMES INVESTMENTS n/a Co File 1'614'162 0.21 - 09.05.2012 Corporation

WINSTON BARRY n/a Co File 1'597'912 0.2 - 09.05.2012 n/a

SCOTT TREVOR DONALD n/a EXCH 1'508'778 0.19 - 31.03.2012 n/a



FRASER SMITH HOLDING n/a Co File 504'389 0.06 - 31.03.2012 Private Equity






Macquarie NICK MAR neutral 3 M 1 12 month 15.07.2013


Deutsche Bank CHRIS BYRNE buy 5 M 1 12 month 01.07.2013

First NZ Capital JASON LINDSAY neutral 3 M 1 Not Provided 16.01.2013

Holdings By:

Argosy Property Ltd ee


05.09.2013

Fonterra Shareholders Fund is a unit trust that buys the economic rights of

shares in Fonterra Cooperative Group Ltd (FCG NZ). The Fund's dividends and

other distributions from these shares are passed through to unitholders, and

the return on the units depends on the performance of the co-operative.


LTM as of: 01/yy

52-Week High (21.05.2013) 8.09

52-Week Low (05.12.2012) 6.37

Daily Volume

6.97





11'136.90 1 Yr Total Return -


Preferred Stock 5'690.0 Adjusted BETA -





FSF NZ EQUITY YTD Change - Average Volume 30 Day 1'166'951

FSF NZ EQUITY YTD % CHANGE - Average Volume 3 Month 868'464


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

- 16'035.0 16'726.0 19'871.0 19'769.0 - - 20'121.0 22'323.1 - -

- - - - - - - 1.05x 0.96x - -

- 1'399.0 1'398.0 1'555.0 1'436.0 - - 1'524.9 1'620.4 - -

- - - - - - - 14.43x 13.58x - -

- 599.0 669.0 754.0 609.0 - - 697.9 689.9 - -

- - - - - - - 16.06x 16.44x - -

EBITDA 1'436.00 Long-Term Rating Date 03.11.2006

EBIT 944.00 Long-Term Rating A+









EBITDA Margin 8.2%



Asset Turnover 1.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fonterra Cooperative Group LtdPrice/Volume

Valuation Analysis

511'135.00


'-.0123456

k -. a -. g -0 c -0 j -0 T -0 j -0 g -0 g -0 T -0!' E

-'!' E

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0'!' E

1'!' E

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3'!' E

4'!' E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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1!''

3!''

5!''

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-.!''

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0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0 0-!'4!.'-0



05.09.2013


LOCKUP SHARES #N/A N/A EXCH 1'492'534'917 93.41 - 05.09.2013 Other

PERPETUAL LTD n/a EXCH 12'081'057 0.76 1'348'686 21.08.2013 Investment Advisor

CALEDONIA PRIV INV P #N/A N/A EXCH 10'124'281 0.63 889'943 29.08.2013 Hedge Fund Manager

COMMONWEALTH BANK OF n/a ULT-AGG 8'942'504 0.56 (50'922) 02.09.2013 Bank

MACLEOD DAVID n/a Co File 2'393'694 0.15 - 25.09.2012 n/a

COLONIAL FIRST STATE #N/A N/A EXCH 1'692'482 0.11 - 02.09.2013 Investment Advisor



WILSON JOHN n/a Co File 469'299 0.03 - 25.09.2012 n/a

NEW CAPITAL FUND MAN Multiple Portfolios MF-AGG 312'625 0.02 25'625 28.03.2013 Investment Advisor


BARING INTERNATIONAL Multiple Portfolios MF-AGG 176'141 0.01 - 31.05.2013 Investment Advisor

JUBAK ASSET MANAGEME Multiple Portfolios MF-AGG 50'580 0 42'021 31.05.2013 Investment Advisor

T ROWE PRICE GLOBAL Multiple Portfolios MF-AGG 18'637 0 - 31.03.2013 Investment Advisor

SHEWAN JOHN n/a EXCH 13'828 0 - 24.04.2013 n/a

HEYDEN HENRY n/a EXCH 4'500 0 - 24.04.2013 n/a



Forsyth Barr ANDREW BOWLEY sell 1 D 7 12 month 01.08.2013

UBS WADE GARDINER sell 1 D 7 12 month 31.07.2013

Ord Minnett STEPHEN SCOTT hold 3 M 7 Not Provided 30.07.2013



First NZ Capital KAR YUE YEO outperform 5 U 8 Not Provided 25.07.2013

Holdings By:

Fonterra Cooperative Group Ltd ee


05.09.2013

Guinness Peat Group plc is an investment holding company operating in the

United Kingdom, Australia, New Zealand, and North America. Through

subsidiaries, the Company offers facilities management services, installs

electrical, mechanical, and instrumentation systems and fire prevention

equipment, wholesales produce, develops property, and offers testing services.


LTM as of: 01/yy

52-Week High (14.03.2013) 0.61

52-Week Low (31.05.2013) 0.42

Daily Volume

0.57










Enterprise Value 328.00


GPG NZ EQUITY YTD Change - Average Volume 30 Day 6'767'052

GPG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 4'341'664


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'139.0 1'172.0 1'066.0 1'059.0 1'043.0 - - 1'108.0 1'141.0 - -

0.69x 0.64x 0.68x 0.48x 0.46x - - 0.33x 0.30x - -

58.0 66.0 170.0 87.0 10.0 - - 98.8 114.3 - -

13.48x 11.36x 4.24x 5.80x 47.46x - - 3.32x 2.87x - -

(50.0) (36.0) 53.0 1.0 (3.0) - - 12.4 26.1 - -

- - - - - - - 20.61x 16.03x - -


EBIT -24.00 Long-Term Rating -

Operating Margin -2.30% Long-Term Outlook -




Return on Capital - EBITDA/Interest Exp. 0.20


Net Debt/EBITDA -

Gross Margin 27.6% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.68


Quick Ratio 1.40 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 80.79


Fiscal Year Ended

Guinness Peat Group PLCPrice/Volume

Valuation Analysis

398'672.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

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-

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1'!' E

2'!' E

3'!' E

4'!' E

5'!' E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



05.09.2013



SOROS FUND MANAGEMEN Multiple Portfolios REG 133'201'970 9.47 - 03.06.2013 Hedge Fund Manager

QUANTUM STRATEGIC PA n/a RNS-MAJ 133'201'970 9.47 5'011'637 11.03.2013 Investment Advisor



MSDC MANAGEMENT LP n/a RNS-MAJ 79'606'443 5.66 - 25.07.2013 Investment Advisor

ACCIDENT COMPENSATIO #N/A N/A RNS-MAJ 75'681'960 5.38 (9'446'927) 30.08.2013 Insurance Company

ONEPATH (NZ) LIMITED n/a Co File 69'836'986 4.96 - 31.12.2012 Investment Advisor

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 59'751'177 4.25 - 03.06.2013 Unclassified

BT FUNDS MANAGEMENT( n/a RNS-MAJ 55'537'555 3.95 (6'680'553) 09.08.2013 Investment Advisor

WESTPAC BANKING CORP #N/A N/A RNS-MAJ 54'652'186 3.88 - 02.09.2013 Bank

SALT FUNDS MANAGEMEN #N/A N/A EXCH 54'599'146 3.88 - 30.08.2013 Other

ORBIS HOLDINGS LIMIT Multiple Portfolios REG 42'846'850 3.04 - 03.06.2013 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 40'969'214 2.91 (9'020'000) 03.06.2013 Other

HARWOOD CAPITAL LLP NORTH ATLANTIC SMALL MF-PART 40'651'300 2.89 - 24.01.2013 Hedge Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 25'209'892 1.79 13'162'683 31.12.2012 Investment Advisor

LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 21'704'625 1.54 - 31.07.2013 Investment Advisor

NIXON BLAKE ANDREW n/a Research 17'811'406 1.27 - 21.06.2013 n/a

PRIVATE INDIVIDUALS Multiple Portfolios REG 10'598'366 0.75 334'461 03.06.2013 Other

BRIERLEY RONALD ALFR n/a Research 9'067'792 0.64 - 21.06.2013 n/a



Deutsche Bank DENNIS M LEE buy 5 M 1 12 month 28.08.2013



EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013

Goldman Sachs ADRIAN ALLBON neutral/neutral 3 D 1 12 month 08.05.2013

Holdings By:

Guinness Peat Group PLC ee


05.09.2013

Vector Limited is an energy infrastructure company in New Zealand that provides

electricity and gas transmission and distribution along with metering. The

Company is also a wholesaler of LPG and natural gas. Vector also delivers

broadband voice and data communications in the Auckland and Wellington regions.


LTM as of: 01/yy

52-Week High (17.04.2013) 2.97

52-Week Low (04.12.2012) 2.58

Daily Volume

2.7












VCT NZ EQUITY YTD Change - Average Volume 30 Day 185'470

VCT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 239'157


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

1'173.9 1'185.8 1'194.7 1'252.2 1'279.2 - - 1'244.0 1'260.2 - -

3.95x 3.90x 4.06x 4.05x - - - 4.24x 4.23x - -

594.2 582.8 543.1 634.2 - - - 576.0 586.0 - -

7.81x 7.94x 8.93x 8.00x - - - 8.67x 8.52x - -

370.5 193.5 201.4 198.8 203.3 - - 155.5 152.8 - -

12.36x 11.13x 12.57x 13.40x 13.14x - - 17.20x 17.42x - -





Return on Assets 3.73% Short-Term Rating NR






EBITDA Margin 50.3%



Asset Turnover 0.23







Fiscal Year Ended

Vector LtdPrice/Volume

Valuation Analysis

97'159.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

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1!' E

3!' E

5!' E

-'!' E

-.!' E

-1!' E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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05.09.2013


AUCKLAND ENERGY CONS n/a Research 751'000'000 75.42 - 08.03.2013 Unclassified

ACCIDENT COMPENSATIO n/a Research 14'125'577 1.42 921'041 08.03.2013 Insurance Company


VECTOR LIMITED n/a Research 4'244'923 0.43 - 08.03.2013 Corporation

INVESCO LTD n/a ULT-AGG 2'907'541 0.29 2'900'009 04.09.2013 Investment Advisor





NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 999'683 0.1 - 30.06.2013 Investment Advisor

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 798'586 0.08 299'587 31.12.2012 Investment Advisor

M A JANSSEN LTD n/a Co File 619'200 0.06 - 31.07.2012 Other

GIBBS ANTHONY IAN n/a Co File 552'460 0.06 - 31.07.2012 n/a

AMUNDI JAPAN Multiple Portfolios MF-AGG 511'019 0.05 - 27.08.2012 Investment Advisor

BOWLER RONALD VICTOR n/a Co File 500'000 0.05 - 31.07.2012 n/a

KERSHAW INV LTD n/a Co File 475'000 0.05 - 31.07.2012 Other


TOKIO MARINE ASSET M Multiple Portfolios MF-AGG 179'000 0.02 - 15.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 125'035 0.01 - 31.07.2013 Unclassified

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 114'856 0.01 - 21.06.2012 Investment Advisor


Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 U 3 12 month 25.08.2013



UBS WADE GARDINER neutral 3 M 3 12 month 22.08.2013


First NZ Capital GREG MAIN underperform 1 M 3 Not Provided 22.08.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 04.07.2013

Holdings By:

Vector Ltd ee


05.09.2013

Australia and New Zealand Banking Group Limited is an international bank with

activities in general banking, mortgage and installment lending, life insurance,

leasing, hire purchase and general finance. ANZ also provides international and

investment banking, investment and portfolio management and advisory services,

nominee and custodian services, stock broking and executor and trustee services.


LTM as of: 03/yy

52-Week High (01.05.2013) 39.20

52-Week Low (26.11.2012) 29.86

Daily Volume

34.3





94'105.97 1 Yr Total Return 16.70%





Enterprise Value -


ANZ NZ EQUITY YTD Change - Average Volume 30 Day 61'162

ANZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 60'445


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

36'622.0 29'836.0 31'324.0 35'602.0 35'968.0 0.0 0.0 19'699.3 19'297.0 - -

- - - - - #DIV/0! #DIV/0! 0.39x 0.32x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

3'319.0 2'943.0 4'501.0 5'355.0 5'661.0 0.0 0.0 6'424.2 6'778.7 - -

- - - - - 0.00x 0.00x 12.86x 12.28x - -

EBITDA - Long-Term Rating Date 01.12.2011

EBIT - Long-Term Rating AA-



Return on Assets 0.88% Short-Term Rating A-1+




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Australia & New Zealand Banking Group LtdPrice/Volume

Valuation Analysis

6'178.00


'

2

-'

-2

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0'

02

1'

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



05.09.2013



COMMONWEALTH BANK OF n/a ULT-AGG 48'957'362 1.78 400 31.05.2013 Bank




FMR LLC n/a ULT-AGG 27'351'155 1 (32'535) 31.07.2013 Investment Advisor

AUSTRALIA & NEW ZEAL n/a EXCH 23'949'166 0.87 (11'504) 14.08.2013 Bank

PERENNIAL INVESTMENT PERENNIAL VALUE SHAR MF-PART 22'032'929 0.8 - 31.07.2013 Investment Advisor


ANZEST PTY LTD n/a Co File 17'899'078 0.65 - 12.10.2012 Other

RANCHLAND HOLDINGS P n/a EXCH 17'051'442 0.62 - 31.01.2013 Holding Company

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'078'524 0.44 - 31.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 11'687'086 0.43 2'714'560 31.07.2013 Investment Advisor

AUSTRALIAN FOUNDATIO n/a Co File 8'187'710 0.3 - 12.10.2012 Investment Advisor

ARGO INVESTMENTS LTD n/a Co File 7'902'915 0.29 - 12.10.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'898'710 0.29 995 03.09.2013 Investment Advisor

EQUITY TRUSTEES LTD ARNHEM CONCENTRATED MF-PART 7'482'155 0.27 - 30.06.2013 Investment Advisor


BLUEKNIGHT CORP PTY n/a EXCH 7'000'000 0.26 - 29.01.2013 Unclassified

PERPETUAL TRUSTEE CO n/a Co File 6'936'856 0.25 - 12.10.2012 Corporation


Nomura VICTOR GERMAN neutral 3 M 36 Not Provided 05.09.2013

Bell Potter T S LIM hold 3 M 37 12 month 05.09.2013

CIMB JOHN BUONACCORSI outperform 5 M 35 12 month 03.09.2013

Commonwealth Bank ROSS CURRAN neutral 3 M 36 12 month 26.08.2013

Credit Suisse JARROD MARTIN neutral 3 M 35 Not Provided 19.08.2013

Deutsche Bank JAMES FREEMAN buy 5 M 38 12 month 16.08.2013

Morgan Stanley RICHARD E WILES Underwt/In-Line 1 M 29 12 month 16.08.2013

Goldman Sachs ANDREW LYONS neutral/neutral 3 M 33 12 month 16.08.2013

JPMorgan SCOTT MANNING underweight 1 D 35 3 month 16.08.2013

Macquarie MICHAEL WIBLIN outperform 5 M 40 12 month 16.08.2013

BBY Limited BRETT LE MESURIER buy 5 M 35 12 month 16.08.2013

Shaw Stockbroking DAVID SPOTSWOOD buy 5 M 34 Not Provided 16.08.2013

S&P Capital IQ SITI RUDZIAH SALIKIN hold 3 M 36 12 month 16.08.2013

UBS JONATHAN MOTT buy 5 U 34 12 month 13.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Evans & Partners Pty Ltd LOU CAPPARELLI neutral 3 M #N/A N/A Not Provided 04.06.2013

Paterson Securities TONY FARNHAM hold 3 M #N/A N/A Not Provided 08.11.2011

Holdings By:

Australia & New Zealand Banking Group Ltd ee


05.09.2013

Freightways Limited provides express package services throughout New Zealand

along with providing information management and business mail services. The

Company's courier services includes same day and overnight national and

international deliveries, freight forwarding services, computer media transport

and payroll data deliveries.


LTM as of: 09/yy

52-Week High (15.03.2013) 4.60

52-Week Low (05.07.2013) 3.95

Daily Volume

4.21












FRE NZ EQUITY YTD Change - Average Volume 30 Day 213'045

FRE NZ EQUITY YTD % CHANGE - Average Volume 3 Month 239'718


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 12/yy 09/yy 06/14 Y 06/15 Y 12/12 Q2 03/13 Q3

339.5 328.5 352.5 382.5 406.1 0.0 185.3 425.8 448.0 - -

1.73x 1.76x 1.83x 1.97x 2.08x #DIV/0! 0.00x 1.89x 1.77x - -

66.5 63.4 66.8 72.3 76.8 0.0 0.0 80.2 86.8 - -

8.81x 9.12x 9.67x 10.44x 10.99x 0.00x 0.00x 10.05x 9.29x - -

34.6 23.2 29.9 37.0 40.3 0.0 16.0 40.8 45.4 - -

10.84x 18.36x 16.41x 15.77x 17.02x 0.00x 0.00x 15.89x 14.18x - -











EBITDA Margin 18.9%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Freightways LtdPrice/Volume

Valuation Analysis

29'262.00


'--..001122

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

.!''

1!''

3!''

5!''

-'!''

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05.09.2013


FISHER FUNDS MANAGEM n/a EXCH 14'327'703 9.3 6'450'458 02.04.2013 Investment Advisor

HARRIS ASSOCIATES LP #N/A N/A EXCH 11'547'501 7.5 - 30.08.2013 Investment Advisor



ACCIDENT COMPENSATIO n/a Research 6'924'667 4.5 (1'107'007) 21.06.2013 Insurance Company


PORT DEVON LTD n/a Research 3'453'469 2.24 - 21.06.2013 Other

BRACEWELL DEAN n/a EXCH 2'530'737 1.64 (350'000) 05.04.2012 n/a

BLACKROCK n/a ULT-AGG 2'105'224 1.37 (140) 03.09.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 1'770'681 1.15 - 31.03.2013 Investment Advisor

LUCERNE ROAD INVESTM n/a Research 1'652'896 1.07 - 21.06.2013 Other


CARTREF PORTFOLIO PT n/a Research 1'167'227 0.76 - 21.06.2013 Other


DIMENSIONAL FUND ADV n/a ULT-AGG 862'303 0.56 1'860 30.04.2013 Investment Advisor

WELLS STEVE n/a EXCH 570'944 0.37 - 13.09.2011 n/a

MITCHELL-LOWE RICHAR n/a EXCH 515'920 0.34 - 13.09.2011 n/a


TROUGHEAR MARK n/a EXCH 354'495 0.23 - 13.09.2011 n/a


Forsyth Barr ANDREW BOWLEY hold 3 U 4 12 month 14.08.2013


Deutsche Bank DENNIS M LEE hold 3 M 4 12 month 12.08.2013


EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 10.07.2013


First NZ Capital KAR YUE YEO underperform 1 M 4 Not Provided 04.07.2013

Holdings By:

Freightways Ltd ee


05.09.2013

Nuplex Industries Limited is a chemical company specialising in the

manufacturer of resins for architectural, industrial and protective coatings.

The Company's products are used in the building and construction,

automotive and vehicle refinish industries as well as the metal, marine,

protective, wood and plastics markets.


LTM as of: 01/yy

52-Week High (14.02.2013) 3.55

52-Week Low (06.06.2013) 2.70

Daily Volume

3.2












NPX NZ EQUITY YTD Change - Average Volume 30 Day 343'679

NPX NZ EQUITY YTD % CHANGE - Average Volume 3 Month 312'958


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

1'493.7 1'459.9 1'575.0 1'615.9 1'664.9 - - 1'722.2 1'815.8 - -

0.28x 0.42x 0.42x 0.45x 0.47x - - 0.51x 0.48x - -

83.1 136.4 132.5 127.2 115.2 - - 139.3 153.7 - -

5.10x 4.55x 4.94x 5.65x 6.77x - - 6.02x 5.46x - -

16.7 64.2 66.5 62.5 42.9 - - 61.8 69.4 - -

5.36x 8.26x 8.53x 7.81x 13.18x - - 10.26x 9.14x - -











EBITDA Margin 6.9%



Asset Turnover 1.34







Fiscal Year Ended

Nuplex Industries LtdPrice/Volume

Valuation Analysis

53'091.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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400.0

600.0

800.0

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1'200.0

1'400.0

1'600.0

1'800.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


ORBIS HOLDINGS LIMIT n/a EXCH 23'355'187 11.79 (2'072'601) 13.09.2012 Investment Advisor


DELTA LLOYD NV n/a ULT-AGG 12'092'683 6.1 2'015'000 31.05.2013 Bank


DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 10'025'944 5.06 1'830'600 31.05.2013 Investment Advisor

MASFEN SECURITIES LI n/a Research 4'772'039 2.41 (1'000'000) 08.03.2013 Other

FMR LLC n/a ULT-AGG 3'682'663 1.86 - 30.04.2013 Investment Advisor




AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'479'200 0.75 133'267 31.12.2012 Investment Advisor




BRAZIL FARMING PTY L n/a Research 550'000 0.28 - 03.08.2012 Corporation

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 455'000 0.23 455'000 31.03.2012 Investment Advisor


SEVERIN EMERY STEPHE n/a EXCH 240'000 0.12 - 13.06.2013 n/a

AITKEN ROBERT MURRAY n/a Co File 152'424 0.08 - 30.06.2012 n/a



EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 28.08.2013




UBS TRISTAN JOLL neutral 3 M 3 12 month 15.08.2013


Goldman Sachs ADRIAN ALLBON Buy/Neutral 5 M 4 12 month 15.07.2013

Holdings By:

Nuplex Industries Ltd ee


05.09.2013

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and

adventure market. The Company operates retail locations throughout Australia

and New Zealand.


LTM as of: 01/yy

52-Week High (26.08.2013) 3.10

52-Week Low (21.09.2012) 1.64

Daily Volume

3












KMD NZ EQUITY YTD Change - Average Volume 30 Day 478'847

KMD NZ EQUITY YTD % CHANGE - Average Volume 3 Month 433'824


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

- 215.6 245.8 306.1 347.1 - - 386.8 427.5 - -

- - 1.89x 1.58x 1.07x - - 1.68x 1.51x - -

- 48.7 37.9 72.0 67.3 - - 74.0 83.1 - -

- - 12.28x 6.71x 5.50x - - 9.21x 8.20x - -

- 14.9 9.4 39.1 34.9 - - 40.9 45.6 - -

- - - 11.28x 9.14x - - 14.63x 13.27x - -











EBITDA Margin 19.4%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kathmandu Holdings LtdPrice/Volume

Valuation Analysis

132'420.00


'

-

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2!' E

3!' E

4!' E

5!' E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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05.09.2013


COMMONWEALTH BANK OF n/a ULT-AGG 16'609'706 8.3 2'132'238 03.04.2013 Bank

NATIONAL AUSTRALIA B n/a ULT-AGG 13'050'566 6.52 2'023'212 09.07.2013 Bank

ELEY GRIFFITHS GROUP n/a Co File 12'066'312 6.03 - 07.09.2012 Investment Advisor

ACCIDENT COMPENSATIO #N/A N/A EXCH 11'970'983 5.98 (2'037'056) 04.09.2013 Insurance Company

MILFORD ASSET MGMT L #N/A N/A EXCH 11'698'194 5.84 (3'075'883) 03.09.2013 Investment Advisor


AUSBIL DEXIA LIMITED n/a Co File 10'512'000 5.25 - 07.09.2012 Investment Advisor

HARBOUR ASSET MANAGE n/a EXCH 10'341'542 5.17 - 27.02.2013 Corporation


AUSTRALIAN SUPER PTY n/a EXCH 10'110'349 5.05 - 05.07.2013 Pension Fund (ERISA)

TRIBECA INV PARTNERS n/a EXCH 9'810'674 4.9 (649'850) 22.08.2013 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 2'086'884 1.04 (128'071) 31.08.2011 Investment Advisor

HALKETT PETER THOMAS n/a EXCH 1'485'518 0.74 55'686 18.12.2012 n/a

FIDANTE PARTNERS LTD NOVAPORT SMALLER COM MF-PART 1'122'805 0.56 - 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 978'135 0.49 3'705 31.10.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 883'700 0.44 114'300 30.06.2013 Investment Advisor

MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 600'000 0.3 - 31.12.2012 Unclassified

TODD MARK ARCHIBALD n/a EXCH 370'480 0.19 9'062 18.12.2012 n/a

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 363'730 0.18 (127'634) 30.06.2013 Investment Advisor


Bell Potter SAM HADDAD buy 5 M 3 12 month 03.09.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.09.2013

Deutsche Bank WASSIM KISIRWANI buy 5 M 3 12 month 30.08.2013

RBS Morgans JOSEPHINE LITTLE outperform 5 M 3 12 month 07.08.2013

Macquarie ADAM SIMPSON outperform 5 M 3 12 month 26.07.2013

Forsyth Barr CHELSEA LEADBETTER hold 3 D 3 12 month 06.06.2013

Goldman Sachs GEORGE BATSAKIS Buy/Neutral 5 M 3 12 month 31.05.2013

Moelis & Company TODD W GUYOT buy 5 M 2 12 month 02.05.2013

First NZ Capital SARNDRA URLICH neutral 3 M 3 Not Provided 17.04.2013

Octa Phillip Securities Ltd KEN WAGNER hold 3 M 3 Not Provided 28.03.2013

Holdings By:

Kathmandu Holdings Ltd ee


05.09.2013

Property for Industry Limited is a property company that invests in New Zealand

industrial properties. The Company's property portfolio includes sites in

Auckland, Hamilton, Tauranga, Wellington and Christchurch.


LTM as of: 06/yy

52-Week High (19.07.2013) 1.44

52-Week Low (11.09.2012) 1.15

Daily Volume

1.32












PFI NZ EQUITY YTD Change - Average Volume 30 Day 378'045

PFI NZ EQUITY YTD % CHANGE - Average Volume 3 Month 454'443


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

32.6 30.9 32.5 30.8 29.4 40.6 22.5 47.4 64.4 - -

10.60x - 11.03x 11.58x 13.02x 27.13x 48.39x 18.12x 13.33x - -

28.2 26.9 28.6 27.5 25.3 35.8 19.3 41.2 56.5 - -

12.23x - 12.56x 12.95x 15.12x 0.00x 0.00x 15.96x 11.62x - -

(31.9) (12.5) 10.0 16.3 26.9 (19.6) 13.3 22.4 30.6 - -

- - 24.57x 15.53x 9.97x 0.00x 0.00x 18.86x 17.84x - -











EBITDA Margin 86.1%



Asset Turnover 0.08







Fiscal Year Ended

Property for Industry LtdPrice/Volume

Valuation Analysis

159'656.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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5.0

10.0

15.0

20.0

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05.09.2013


ACCIDENT COMPENSATIO n/a Research 4'118'056 1 180 08.03.2013 Insurance Company

MASFEN PETER HANBURY n/a Research 4'000'905 0.97 - 08.03.2013 n/a

ONEPATH (NZ) LIMITED n/a Research 1'655'707 0.4 - 16.11.2012 Investment Advisor

PMG TRUST LIMITED n/a Research 1'502'148 0.37 - 08.03.2013 n/a

LYON CLIFFORD STUART n/a Research 1'047'750 0.25 - 16.11.2012 n/a

UNI OF OTAGO FOUNDAT n/a Research 1'008'739 0.25 - 16.11.2012 n/a

FORHOMES INVESTMENTS n/a Research 543'231 0.13 - 16.11.2012 Corporation

DUNEDIN CITY COUNCIL n/a Research 536'100 0.13 - 16.11.2012 Other

H B WILLIAMS TURANGA n/a Research 500'000 0.12 - 16.11.2012 n/a

FRIMLEY FOUNDATION n/a Research 500'000 0.12 - 16.11.2012 Other

FIRST STATE INVESTME Multiple Portfolios MF-AGG 438'610 0.11 438'610 31.05.2013 Investment Advisor


ROLLESTON HUMPHREY J n/a Co File 119'057 0.03 - 31.12.2011 n/a



First NZ Capital STEPHEN REID underperform 1 M 1 Not Provided 28.08.2013

Macquarie NICK MAR underperform 1 D 1 12 month 06.08.2013


Deutsche Bank CHRIS BYRNE sell 1 D 1 12 month 05.08.2013

Goldman Sachs ROBBIE AITKEN Sell/Cautious 1 M 1 12 month 10.07.2013

Holdings By:

Property for Industry Ltd ee


05.09.2013

Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and

operates integrated retirement villages, rest homes and hospitals for the

elderly within New Zealand.


LTM as of: 01/yy

52-Week High (01.05.2013) 3.25

52-Week Low (05.09.2012) 1.85

Daily Volume

2.96












SUM NZ EQUITY YTD Change - Average Volume 30 Day 295'197

SUM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 378'131


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

- 17.8 22.4 24.9 27.3 - - 52.5 62.5 - -

- - - 13.99x 20.35x - - 14.11x 11.98x - -

- (8.7) 7.2 4.9 5.6 - - 29.0 34.9 - -

- - - 71.69x 99.40x - - 24.60x 20.47x - -

- 0.4 (1.9) 4.3 14.8 - - 21.7 26.4 - -

- - - 56.07x 32.18x - - 29.31x 24.26x - -











EBITDA Margin 20.5%



Asset Turnover 0.04







Fiscal Year Ended

Summerset Group Holdings LtdPrice/Volume

Valuation Analysis

143'702.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

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05.09.2013


SUMMERSET GRP HOLDIN n/a EXCH 124'097'647 57.47 - 01.11.2011 Unclassified

QPE FUNDS MANAGEMENT n/a EXCH 50'000'000 23.16 (30'761'132) 17.05.2013 Investment Advisor


FIRST NZ CAPITAL SEC n/a EXCH 10'453'900 4.84 (28'002'511) 17.05.2013 Investment Advisor

MORRIS PAUL n/a EXCH 1'690'239 0.78 - 01.11.2011 n/a

BARLOW NORAH KATHLEE n/a Co File 1'231'413 0.57 - 31.12.2011 n/a


COOK JULIAN n/a EXCH 850'000 0.39 - 22.03.2012 n/a

OGDEN JAMES HAROLD n/a EXCH 365'000 0.17 - 19.03.2013 n/a

SAUNDERS TRISTAN n/a EXCH 315'897 0.15 - 28.05.2013 n/a

CATTO RICHARD n/a EXCH 230'028 0.11 (19'972) 26.02.2013 n/a


FMR LLC n/a ULT-AGG 56'010 0.03 534 30.04.2013 Investment Advisor


CAMPBELL ROBERT JAME n/a Co File 35'000 0.02 - 31.12.2011 n/a








Holdings By:

Summerset Group Holdings Ltd ee


05.09.2013

DNZ Property Fund Ltd is a New Zealand property investment company. The Company

is a Portfolio Investment Entity (PIE) in which investors hold shares.


LTM as of: 01/yy

52-Week High (23.04.2013) 1.80

52-Week Low (11.09.2012) 1.54

Daily Volume

1.62












DNZ NZ EQUITY YTD Change - Average Volume 30 Day 294'592

DNZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 322'504


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

47.9 61.9 59.1 60.2 59.3 - - 56.1 58.5 - -

- - 9.36x 9.91x 11.29x - - 12.88x 12.35x - -

33.1 39.9 8.5 46.8 46.7 - - 48.2 50.4 - -

- - 65.46x 12.74x 14.36x - - 14.79x 14.13x - -

(19.2) (15.5) (35.1) 20.8 45.5 - - 26.4 27.4 - -

- - - 16.21x 9.41x - - 17.23x 17.23x - -











EBITDA Margin 78.6%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DNZ Property Fund LtdPrice/Volume

Valuation Analysis

190'263.00


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05.09.2013


ACCIDENT COMPENSATIO n/a EXCH 28'670'538 9.79 (2'401'459) 09.08.2013 Insurance Company

WESTPAC BANKING CORP n/a EXCH 16'069'918 5.49 - 24.05.2013 Bank

SALT FUNDS MANAGEMEN n/a EXCH 16'069'918 5.49 - 24.05.2013 Other

DUFFY PAUL JOHN n/a EXCH 8'908'363 3.04 (188'731) 13.12.2012 n/a

HAYPHIL INVESTMENTS n/a Co File 7'411'244 2.53 - 31.05.2012 Other

HASELL ALASTAIR n/a EXCH 5'946'036 2.03 - 16.08.2010 n/a


ONEPATH (NZ) LIMITED n/a EXCH 2'973'783 1.02 (18'015'133) 17.01.2013 Investment Advisor

ROSE STAR INV LTD n/a Co File 2'200'000 0.75 - 31.05.2012 Corporation

MORRIS ANTONY TREVOR n/a Co File 1'750'000 0.6 - 31.05.2012 n/a

DIAM n/a ULT-AGG 926'150 0.32 - 13.11.2012 Unclassified


BROWN PHIL n/a EXCH 317'081 0.11 - 10.06.2013 n/a



HARVEY EDWARD JOHN n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a

STOREY TIMOTHY n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a

STIASSNY MICHAEL PET n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a

NOMURA n/a ULT-AGG 103'000 0.04 (10'000) 21.01.2013 Unclassified

NIKKO ASSET MANAGEME n/a ULT-AGG 52'797 0.02 - 15.08.2012 Unclassified



Macquarie NICK MAR underperform 1 M 2 12 month 14.06.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 11.06.2013



First NZ Capital JASON LINDSAY underperform 1 M 1 Not Provided 16.01.2013

Holdings By:

DNZ Property Fund Ltd ee


05.09.2013

Diligent Board Member Services Inc. provides board communication tools. The

Company offers users the ability to prepare, view, and approve board and

committee documents online.


LTM as of: 03/yy

52-Week High (31.05.2013) 8.20

52-Week Low (24.10.2012) 3.50

Daily Volume

5.29












DIL NZ EQUITY YTD Change - Average Volume 30 Day 289'306

DIL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 275'122


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2.9 5.0 8.3 18.0 43.7 23.2 50.7 66.1 88.0 - -

2.28x 3.65x 5.50x 6.65x 8.04x 20.51x 24.37x 4.63x 3.19x - -

(11.5) (4.3) (1.9) 1.5 13.5 3.7 15.4 18.7 33.9 - -

- - - 79.33x 26.02x 55.86x 26.55x 17.17x 9.45x - -

(17.6) (3.9) 2.1 3.3 9.1 5.4 9.3 10.0 19.4 2.7 -

- - - 75.29x 56.49x 53.60x 74.66x 46.90x 26.09x - -







Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -2.23


EBITDA Margin 30.4%



Asset Turnover 1.47







Fiscal Year Ended

Diligent Board Member Services IncPrice/Volume

Valuation Analysis

254'292.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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25.0

30.0

35.0

40.0

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05.09.2013


DANIELS SHARON KAY n/a Co File 6'868'666 8.2 - 01.03.2011 n/a

WASATCH ADVISORS INC n/a EXCH 6'279'960 7.5 - 27.03.2013 Investment Advisor

ACCIDENT COMPENSATIO #N/A N/A EXCH 6'186'563 7.38 867'437 30.08.2013 Insurance Company

HULJICH PETER n/a PROXY 5'823'697 6.95 - 01.05.2013 n/a

SPRING STREET PARTNE n/a EXCH 5'507'403 6.57 1'335'000 21.12.2012 Hedge Fund Manager

HENRY BRIAN n/a EXCH 4'927'096 5.88 - 14.05.2010 n/a

JP MORGAN n/a ULT-AGG 4'235'861 5.06 - 16.08.2013 Investment Advisor

CARROLL CAPITAL HOLD n/a PROXY 4'105'641 4.9 - 01.05.2013 Corporation

MILFORD ASSET MGMT L n/a EXCH 4'105'116 4.9 (340'314) 15.05.2013 Investment Advisor


SODI ALESSANDRO n/a PROXY 2'167'915 2.59 - 01.05.2013 n/a

LAWLER KEVIN n/a EXCH 1'005'000 1.2 145'000 03.08.2010 n/a

RUSE STEVEN n/a PROXY 673'350 0.8 - 01.05.2013 n/a

BLACKROCK n/a ULT-AGG 527'340 0.63 58'650 03.09.2013 Investment Advisor

BURKE TRICIA n/a EXCH 270'000 0.32 - 27.11.2009 n/a

NORTON JR ROBERT E n/a PROXY 165'500 0.2 - 01.05.2013 n/a

CANTALUPPI FAMILY TR n/a PROXY 150'000 0.18 - 01.05.2013 n/a

MEISNER DON n/a PROXY 100'000 0.12 - 01.05.2013 n/a

RUSSELL MARK n/a PROXY 85'957 0.1 - 01.05.2013 n/a

WELDON MARK RHYS n/a PROXY 75'000 0.09 - 01.05.2013 n/a




Holdings By:

Diligent Board Member Services Inc ee


05.09.2013

Air New Zealand Limited operates an airline business that provides international

and domestic air passenger and cargo transport services throughout New Zealand

and the South West Pacific. The Company also provides engineering and ground

handling services.


LTM as of: 01/yy

52-Week High (10.06.2013) 1.55

52-Week Low (05.09.2012) 1.07

Daily Volume

1.425





1'560.60 1 Yr Total Return 38.91%







AIR NZ EQUITY YTD Change - Average Volume 30 Day 358'635

AIR NZ EQUITY YTD % CHANGE - Average Volume 3 Month 678'210


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

4'439.0 3'882.0 4'132.0 4'248.0 4'379.0 - - 4'754.0 4'955.3 - -

0.15x 0.30x 0.39x 0.38x 0.48x - - 0.42x 0.47x - -

(12.0) 439.0 543.0 585.0 728.0 - - 781.2 825.7 - -

- 2.64x 2.98x 2.76x 2.89x - - 2.61x 2.47x - -

21.0 82.0 81.0 71.0 182.0 - - 220.5 232.2 - -

45.00x 14.08x 14.93x 13.23x 8.95x - - 7.05x 6.79x - -


EBIT 317.00 Long-Term Rating NR



Return on Assets 3.29% Short-Term Rating NR






EBITDA Margin 16.6%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Air New Zealand LtdPrice/Volume

Valuation Analysis

376'886.00


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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


GOVT OF NEW ZEALAND n/a Co File 804'191'058 73.43 - 01.08.2012 Government

ORBIS HOLDINGS LIMIT n/a EXCH 54'779'590 5 173'973 17.09.2012 Investment Advisor




AMP INVEST S E G T F n/a Co File 9'795'503 0.89 - 01.08.2012 n/a

AIR NEW ZEALAND LTD n/a EXCH 8'552'702 0.78 130'000 19.12.2012 Corporation


PRUDENTIAL FINANCIAL n/a ULT-AGG 5'561'432 0.51 284'330 31.07.2013 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 3'574'337 0.33 - 28.03.2013 Bank

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 2'880'373 0.26 2'880'373 28.06.2013 Investment Advisor


BARFOOT GARTH n/a Co File 1'942'241 0.18 - 01.08.2012 n/a


FYFE ROBERT IAN n/a EXCH 1'449'809 0.13 257'488 21.12.2012 n/a

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'068'421 0.1 - 03.09.2013 Investment Advisor

MCDONALD ROBERT S n/a EXCH 405'189 0.04 - 12.06.2013 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 349'170 0.03 41'054 30.06.2013 Investment Advisor

STODDART VANESSA n/a EXCH 336'412 0.03 - 22.03.2013 n/a


EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 04.09.2013


Forsyth Barr ROB MERCER buy 5 U 2 12 month 01.09.2013

Macquarie RUSSELL SHAW outperform 5 M 2 12 month 30.08.2013

Deutsche Bank CHRIS BYRNE buy 5 M 2 12 month 29.08.2013


First NZ Capital PAUL TURNBULL neutral 3 D 2 Not Provided 29.08.2013

Holdings By:

Air New Zealand Ltd ee


05.09.2013

A2 Corporation Limited produces cow milk which is free of a protein called beta

casein A1. This protein is believed to cause heart disease in men and diabetes

in children. The Company sells its beta casein A2 milk products in Australia

and New Zealand.


LTM as of: 01/yy

52-Week High (29.08.2013) 0.77

52-Week Low (05.09.2012) 0.49

Daily Volume

0.74












ATM NZ EQUITY YTD Change - Average Volume 30 Day 908'400

ATM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 823'141


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

0.4 0.0 42.2 62.5 94.3 - - - - - -

- - 1.58x 4.26x - - - - - - -

- (3.2) 2.6 3.9 - - - - - - -

- - 25.45x 67.93x - - - - - - -

(3.5) (2.2) 2.1 4.4 4.1 - - - - - -

- - 35.00x 64.86x 91.43x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.40







Fiscal Year Ended

A2 Corp LtdPrice/Volume

Valuation Analysis

178'224.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


FREEDOM FOODS GROUP n/a EXCH 116'536'129 17.93 (39'500'000) 11.12.2012 Holding Company


MILFORD ASSET MGMT L n/a EXCH 57'903'520 8.91 7'622'705 18.07.2013 Investment Advisor

MOUNTAIN ROAD INVEST n/a EXCH 57'558'701 8.85 (80'000'000) 11.12.2012 Corporation

GUARDIANS OF NZ SUPE n/a EXCH 33'605'576 5.17 - 15.04.2013 Other

EGI FUND 08 10 INV L n/a EXCH 30'000'000 4.61 (20'000'000) 12.12.2012 n/a

CHILD HEALTH RESEARC n/a Co File 13'915'962 2.14 - 06.09.2012 Other


HINTON GREG P n/a EXCH 8'101'872 1.25 (5'000'000) 07.12.2012 n/a

MCLACHLAN ULRIKE n/a Co File 7'178'563 1.1 - 06.09.2012 n/a


NZ PERMANENT TRUSTEE n/a Co File 4'500'000 0.69 - 06.09.2012 n/a

IDEA SPHERE INC n/a Co File 4'000'000 0.62 - 06.09.2012 Corporation

HINTON PETER BRUCE n/a Co File 3'293'064 0.51 - 06.09.2012 n/a

AMP CAPITAL NZ EQ OP n/a Co File 2'421'745 0.37 - 06.09.2012 n/a

PHIPPS JOHN GORDON n/a Co File 2'000'000 0.31 - 06.09.2012 n/a

QUINN DRACY FREDERIC n/a Co File 2'000'000 0.31 - 06.09.2012 n/a

INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 323'908 0.05 - 03.09.2013 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 30'797 0 30'797 30.04.2013 Investment Advisor


EVA Dimensions CRAIG STERLING sell 1 N #N/A N/A Not Provided 04.07.2013

Holdings By:

A2 Corp Ltd ee


05.09.2013

Metlifecare Limited provides private health care services through its ownership,

operation and management of retirement villages, nursing homes and geriatric

hospitals along with the marketing of services allied to these facilities

throughout New Zealand.


LTM as of: 01/yy

52-Week High (08.05.2013) 3.78

52-Week Low (06.09.2012) 2.78

Daily Volume

3.2












MET NZ EQUITY YTD Change - Average Volume 30 Day 147'417

MET NZ EQUITY YTD % CHANGE - Average Volume 3 Month 195'863


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

58.4 62.8 65.0 63.4 90.8 - - 116.3 129.1 - -

6.75x 6.36x 5.96x 5.72x - - - 6.15x 5.56x - -

8.7 8.5 8.9 5.5 - - - 53.1 61.5 - -

45.27x 47.19x 43.67x 66.19x - - - 15.44x 13.33x - -

(115.7) 67.5 20.8 (141.7) 120.3 - - 49.0 59.1 - -

- 3.45x 12.65x - 4.94x - - 13.91x 11.31x - -











EBITDA Margin 5.1%



Asset Turnover 0.05







Fiscal Year Ended

Metlifecare LtdPrice/Volume

Valuation Analysis

56'442.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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20.0

40.0

60.0

80.0

100.0

120.0

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


RETIREMENT VILLAGES n/a Co File 79'393'043 37.72 - 22.08.2012 Unclassified

ONEPATH (NZ) LIMITED n/a EXCH 18'589'919 8.83 2'007'971 25.01.2013 Investment Advisor

AMP LTD n/a ULT-AGG 14'287'578 6.79 752'775 22.08.2012 Insurance Company

ACCIDENT COMPENSATIO n/a EXCH 10'563'500 5.02 400'000 05.08.2013 Insurance Company

GOLDMAN SACHS TRANS- n/a EXCH 9'831'906 4.67 - 06.06.2013 n/a

DEVON FUNDS MANAGEME n/a EXCH 9'004'183 4.28 (960'390) 05.12.2012 Investment Advisor


AMP INVESTMENTS STRA n/a Co File 5'430'660 2.58 - 22.08.2012 n/a

ARROW INTERN GROUP L n/a Co File 3'140'878 1.49 - 22.08.2012 Other

WESTPAC NZ SHR 2002 n/a Co File 2'461'273 1.17 - 22.08.2012 Bank


SPECIAL MANAGED INV n/a Co File 1'970'478 0.94 - 22.08.2012 Other


DIMENSIONAL FUND ADV n/a ULT-AGG 22'467 0.01 47 30.04.2013 Investment Advisor

AIKEN CHRISTOPHER n/a EXCH 9'051 0 5'000 12.07.2013 n/a

RYAN ALISTAIR BRUCE n/a EXCH 6'676 0 676 12.07.2013 n/a

EDWARDS WYNTON ALAN n/a EXCH 6'551 0 4'051 12.07.2013 n/a

FLEXSHARES TRUST Multiple Portfolios MF-AGG 2'740 0 - 31.05.2013 Investment Advisor


Forsyth Barr JEREMY SIMPSON accumulate 4 D 4 12 month 26.08.2013


EVA Dimensions TIMOTHY STANISH underweight 1 N #N/A N/A Not Provided 04.07.2013


Holdings By:

Metlifecare Ltd ee


05.09.2013

Vital Healthcare Property Trust is a property trust that invests in and manages

healthcare facilities in New Zealand and Australia.


LTM as of: 01/yy

52-Week High (13.05.2013) 1.44

52-Week Low (18.12.2012) 1.20

Daily Volume

1.38












VHP NZ EQUITY YTD Change - Average Volume 30 Day 181'770

VHP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 209'444


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

26.7 28.5 42.8 56.2 - - - 59.1 59.3 - -

10.35x 9.48x 12.49x 10.64x - - - 11.95x 11.85x - -

19.0 20.9 32.1 40.9 - - - 51.5 51.7 - -

14.53x 12.92x 16.69x 14.63x - - - 14.43x 14.39x - -

(2.2) 18.2 7.4 9.0 34.7 - - 28.5 28.8 - -

- 9.48x 35.33x 39.29x 11.90x - - 15.86x 15.86x - -











EBITDA Margin 75.4%



Asset Turnover 0.10







Fiscal Year Ended

Vital Healthcare Property TrustPrice/Volume

Valuation Analysis

670'653.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

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10.0

20.0

30.0

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


LANA PAUL DALLA n/a EXCH 76'616'382 22.68 - 23.08.2013 n/a

NORTHWEST VALUE PART #N/A N/A EXCH 76'616'382 22.68 11'000 27.08.2013 Corporation

MACQUARIE GROUP n/a ULT-AGG 61'406'812 18.18 - 27.08.2013 Investment Advisor


MFL MUTUAL FUND LTD n/a Research 3'203'724 0.95 2'114'982 08.03.2013 Other

ACCIDENT COMPENSATIO n/a Research 2'582'894 0.76 (363'148) 08.03.2013 Insurance Company


MANSELL JAMES HARVEY n/a Co File 1'232'050 0.36 - 31.08.2012 n/a

DIAM n/a ULT-AGG 935'996 0.28 - 13.11.2012 Unclassified


HORSLEY GRAEME n/a EXCH 337'165 0.1 172'627 17.12.2012 n/a

EVANS ANDREW HARDWIC n/a EXCH 262'706 0.08 - 17.12.2012 n/a


NOMURA n/a ULT-AGG 115'000 0.03 - 21.01.2013 Unclassified

NIKKO ASSET MANAGEME n/a ULT-AGG 57'050 0.02 (14'143) 15.08.2012 Unclassified

SUMITOMO MITSUI TRUS n/a ULT-AGG 55'900 0.02 - 17.08.2012 Bank

CARR DAVID n/a EXCH 45'244 0.01 22'974 17.12.2012 n/a

MITSUB UFJ FINANCIAL n/a ULT-AGG 28'000 0.01 - 28.01.2013 Holding Company

HIGGINS CLAIRE n/a EXCH 15'232 0 - 17.12.2012 n/a

DIMENSIONAL FUND ADV n/a ULT-AGG 12'195 0 183 30.04.2013 Investment Advisor


First NZ Capital STEPHEN REID underperform 1 M 1 Not Provided 02.09.2013


Macquarie NICK MAR neutral 3 M 1 12 month 23.08.2013


Holdings By:

Vital Healthcare Property Trust ee


05.09.2013

TrustPower Limited is a regional New Zealand power company which operates

electricity generation networks and also supplies and distributes electricity

and other related services to customers. TrustPower also has operations in

retailing electricity throughout New Zealand.


LTM as of: 12/yy

52-Week High (26.10.2012) 8.75

52-Week Low (19.04.2013) 7.00

Daily Volume

7.06





2'216.47 1 Yr Total Return -5.41%







TPW NZ EQUITY YTD Change - Average Volume 30 Day 22'183

TPW NZ EQUITY YTD % CHANGE - Average Volume 3 Month 21'376


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 03/13 Q4 06/13 Q1

778.2 755.7 760.2 799.2 797.3 513.4 312.0 799.7 876.7 - -

3.76x 3.98x 4.03x 3.80x 4.18x 13.13x 18.88x 4.19x 3.67x - -

261.3 274.5 274.5 302.7 295.8 147.7 97.9 297.2 341.3 - -

11.20x 10.97x 11.15x 10.04x 11.26x 0.00x 0.00x 10.53x 9.16x - -

105.1 119.4 112.4 131.7 123.4 68.7 56.9 123.8 141.8 - -

21.17x 19.15x 20.17x 17.30x 19.64x 0.00x 0.00x 17.78x 15.52x - -











EBITDA Margin 37.1%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TrustPower LtdPrice/Volume

Valuation Analysis

15'650.00


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100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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05.09.2013


INFRATIL LTD n/a Co File 159'215'388 50.71 - 30.04.2013 Holding Company

TECT HOLDINGS LIMITE n/a Co File 103'878'838 33.09 - 30.04.2013 Holding Company


ACCRUED EQUITIES INC Multiple Portfolios MF-AGG 500'000 0.16 - 28.06.2013 Investment Advisor

HART BRETT ANTHONY n/a Co File 440'000 0.14 - 30.04.2013 n/a


HARKER BRUCE JAMES n/a Co File 44'946 0.01 - 31.03.2013 n/a


SWIER GEOFFREY n/a Co File 38'565 0.01 - 31.03.2013 n/a


KNOWLES IAN SAMUEL n/a Co File 24'515 0.01 - 31.03.2013 n/a

COONEY MICHAEL JAMES n/a Co File 22'880 0.01 - 31.03.2013 n/a

AITKEN RICHARD HAMMO n/a Co File 11'418 0 - 31.03.2013 n/a

BOGOIEVSKI MARKO n/a Co File 10'160 0 - 31.03.2013 n/a

WELLS FARGO n/a ULT-AGG 7'603 0 (1) 30.06.2013 Investment Advisor

HAWKSWORTH VINCENT J n/a EXCH 6'700 0 - 31.07.2013 n/a

ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 5'985 0 - 31.03.2013 Government

PRINCIPAL FINANCIAL n/a ULT-AGG 3'356 0 3'356 31.03.2013 Investment Advisor




Macquarie STEPHEN HUDSON neutral 3 M 8 12 month 14.06.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

UBS WADE GARDINER buy 5 U 9 12 month 15.05.2013

First NZ Capital JASON LINDSAY neutral 3 M 8 Not Provided 15.05.2013


Holdings By:

TrustPower Ltd ee


05.09.2013

New Zealand Oil and Gas Limited produces crude oil and natural gas primarily

through exploration in the Taranaki Basin of New Zealand. The Company also has

coking coal deposit operations in Westland, New Zealand.


LTM as of: 01/yy

52-Week High (04.02.2013) 0.96

52-Week Low (20.09.2012) 0.78

Daily Volume

0.85












NZO NZ EQUITY YTD Change - Average Volume 30 Day 246'283

NZO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 294'609


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

138.7 99.4 106.5 116.4 99.3 - - 92.6 87.8 - -

3.16x 4.23x 2.29x 1.47x - - - 2.01x 2.04x - -

62.5 33.1 52.6 67.2 - - - 47.3 42.9 - -

7.01x 12.70x 4.64x 2.55x - - - 3.70x 4.08x - -

53.2 (3.9) (76.5) 19.9 25.9 - - 19.7 16.0 - -

11.53x - - 16.60x 13.33x - - 17.71x 21.79x - -











EBITDA Margin 51.5%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

New Zealand Oil & Gas LtdPrice/Volume

Valuation Analysis

57'522.00


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100.0

150.0

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05.09.2013


JP Morgan Chase Bank n/a Co File 40'366'191 9.91 - 22.08.2012 Unclassified

ZETA RESOURCES LTD n/a EXCH 32'588'122 8 - 07.06.2013 Corporation

ACCIDENT COMPENSATIO n/a EXCH 24'423'374 6 1'974'259 26.11.2012 Insurance Company

RESOURCES TRUST LTD n/a Research 10'472'932 2.57 - 08.03.2013 n/a

AMP INV STR E G FUND n/a Co File 7'203'683 1.77 - 22.08.2012 n/a

SIK ON CHOW n/a Co File 5'500'000 1.35 - 22.08.2012 n/a

CHOW SIK-ON n/a Research 5'500'000 1.35 - 08.03.2013 n/a


RIUO HAURAKI LTD n/a Research 4'009'792 0.98 181'500 08.03.2013 Other

RADFORD A R n/a Co File 3'332'768 0.82 - 22.08.2012 n/a

UTILICO INVESTMENTS n/a EXCH 3'248'878 0.8 (22'261'289) 07.06.2013 n/a


FORTY TRADERS LTD n/a Research 2'952'200 0.72 925'943 08.03.2013 Unclassified

LEVERAGED EQUITIES F n/a Research 2'842'714 0.7 33'673 08.03.2013 Investment Advisor



TAN CHUNG KING n/a Research 2'034'000 0.5 - 08.03.2013 n/a

ALAMGAMATED DAIRIES n/a Research 1'615'966 0.4 - 16.11.2012 n/a

MEHASU PTY LTD n/a Research 1'400'000 0.34 - 16.11.2012 Other

HUGH GREEN FOUNDATIO n/a Research 1'235'895 0.3 - 16.11.2012 Other




EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

First NZ Capital JASON FAMILTON neutral 3 M 1 Not Provided 09.04.2013


Deutsche Bank GRANT SWANEPOEL hold 3 D 1 12 month 18.02.2013

Goldman Sachs MATTHEW HENRY Buy/Neutral 5 U 1 12 month 21.11.2012

Holdings By:

New Zealand Oil & Gas Ltd ee


05.09.2013

Heartland New Zealand Ltd. is a savings and loan. The company accepts

savings deposits and offers home, rural and commercial loans, term investments,

and foreign exchange services.


LTM as of: 01/yy

52-Week High (07.08.2013) 0.88

52-Week Low (05.09.2012) 0.54

Daily Volume

0.86












HNZ NZ EQUITY YTD Change - Average Volume 30 Day 665'265

HNZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 466'873


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

- - 181.3 226.3 - - - 119.5 124.0 - -

- - 9.53x 9.08x - - - 18.88x 19.04x - -

- - 126.0 152.7 - - - - - - -

- - 13.71x 13.47x - - - - - - -

- - 7.1 23.6 6.9 - - 34.5 36.7 - -

- - 13.80x 8.83x 41.50x - - 9.56x 9.25x - -


EBIT - Long-Term Rating BBB-









EBITDA Margin 67.5%



Asset Turnover 0.10







Fiscal Year Ended

Heartland New Zealand LtdPrice/Volume

Valuation Analysis

213'361.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''''------

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0.0

50.0

100.0

150.0

200.0

250.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


PYNE GOULD CORP LTD n/a EXCH 40'381'685 10.39 17'000'000 07.03.2012 Holding Company

TORCHLIGHT SECURITIE n/a EXCH 37'998'996 9.78 - 16.05.2012 Other

RAYMOND TOMLINSON GR n/a EXCH 36'695'489 9.44 - 18.03.2013 n/a

HARROGATE TRUSTEE LI n/a Co File 36'360'011 9.35 - 14.08.2012 Other


TALLOTT BLAIR n/a EXCH 21'123'239 5.43 (3'930'397) 30.05.2013 n/a

CARTER PHILIP MAURIC n/a Co File 20'973'492 5.4 - 14.08.2012 n/a

PGG WRIGHTSON LTD n/a Co File 13'333'333 3.43 - 14.08.2012 Corporation

OCEANIA & EASTERN LT n/a Co File 12'285'439 3.16 - 14.08.2012 Other

IRVINE BRUCE ROBERTS n/a Co File 7'780'824 2 - 30.06.2012 n/a

GOULD HOLDINGS LTD n/a Co File 7'417'427 1.91 - 14.08.2012 Other

AMP INVESTMENT STR E n/a Co File 7'310'410 1.88 - 14.08.2012 n/a

HEARTLAND TRUST n/a Co File 5'365'007 1.38 - 14.08.2012 n/a


LEVERAGED EQUITIES F n/a Co File 3'094'818 0.8 - 14.08.2012 Investment Advisor

LORIS EQUITIES LTD n/a Co File 2'946'535 0.76 - 14.08.2012 Other

KENNEDY GRAHAM RUSSE n/a EXCH 2'116'225 0.54 (40'758) 12.04.2012 n/a

MAXIMA INVEST LTD n/a Co File 2'066'118 0.53 - 14.08.2012 Other

FCA CORP Multiple Portfolios MF-AGG 1'252'765 0.32 - 30.04.2013 Investment Advisor



Deutsche Bank DENNIS M LEE hold 3 M 1 12 month 05.09.2013

Forsyth Barr JOHN CAIRNS accumulate 4 M 1 12 month 27.08.2013

First NZ Capital GREG MAIN neutral 3 D 1 Not Provided 26.08.2013

Holdings By:

Heartland New Zealand Ltd ee


05.09.2013

The Warehouse Group Limited operates general merchandise and stationery supply

retail stores throughout New Zealand.


LTM as of: 01/yy

52-Week High (08.05.2013) 4.40

52-Week Low (11.09.2012) 2.78

Daily Volume

3.71





1'154.54 1 Yr Total Return 37.11%







WHS NZ EQUITY YTD Change - Average Volume 30 Day 91'523

WHS NZ EQUITY YTD % CHANGE - Average Volume 3 Month 89'373


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

1'735.0 1'720.8 1'672.7 1'667.8 1'732.2 - - 2'258.0 2'590.7 - -

0.78x 0.74x 0.70x 0.74x 0.58x - - 0.59x 0.52x - -

151.0 161.9 159.7 148.4 132.9 - - 156.6 169.0 - -

8.92x 7.88x 7.33x 8.27x 7.62x - - 8.34x 7.73x - -

90.8 76.8 60.2 77.8 89.8 - - 85.4 83.5 - -

13.30x 16.02x 18.10x 14.10x 8.90x - - 13.79x 13.90x - -











EBITDA Margin 7.4%



Asset Turnover 2.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Warehouse Group Ltd/ThePrice/Volume

Valuation Analysis

102'807.00


'--..001122

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!- E

!. E

!0 E

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1'000.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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05.09.2013


TINDALL STEPHEN ROBE n/a Research 84'058'283 27.01 1'000'000 08.03.2013 n/a

THE TINDALL FOUNDATI n/a Research 66'323'220 21.31 - 08.03.2013 Other

WOOLWORTHS LTD n/a Research 30'548'887 9.82 - 16.11.2012 Corporation

GENERAL DISTRIBUTERS n/a Research 30'548'887 9.82 - 08.03.2013 Corporation

CASH WHOLESALERS LTD n/a Research 10'373'363 3.33 - 08.03.2013 Other

WARDELL BROS & COY L n/a Research 10'373'363 3.33 - 08.03.2013 Other

JP MORGAN CHASE BANK n/a Research 3'421'760 1.1 362'053 08.03.2013 Investment Advisor

SRT FAMILY TRUST n/a EXCH 3'389'844 1.09 - 16.04.2012 n/a

TINDALL R G n/a Research 3'100'000 1 - 08.03.2013 n/a

ACCIDENT COMPENSATIO n/a Research 2'343'983 0.75 545'812 08.03.2013 Insurance Company

WAREHOUSE MGMT TRUST n/a EXCH 1'744'851 0.56 - 15.03.2013 Other

SMITH KEITH RAYMOND n/a EXCH 1'741'795 0.56 - 11.06.2013 n/a

POWELL MARK DAVID n/a EXCH 1'741'795 0.56 - 11.06.2013 n/a

MORRICE IAN R n/a Co File 1'000'000 0.32 - 07.09.2012 n/a



BLACKROCK n/a ULT-AGG 836'908 0.27 680 03.09.2013 Investment Advisor

MERANI TRUST n/a EXCH 675'428 0.22 - 16.04.2012 n/a


SELWYN TRUST n/a EXCH 406'928 0.13 - 16.04.2012 n/a



Deutsche Bank CHRIS BYRNE buy 5 U 4 12 month 02.07.2013

Forsyth Barr CHELSEA LEADBETTER reduce 2 M 3 12 month 20.06.2013


JPMorgan SHAUN COUSINS neutral 3 M 4 3 month 10.05.2013

First NZ Capital SARNDRA URLICH underperform 1 M 3 Not Provided 10.04.2013

Goldman Sachs MARCUS CURLEY Sell/Neutral 1 M 3 12 month 08.03.2013

Holdings By:

Warehouse Group Ltd/The ee


05.09.2013

NZX Ltd. operates the New Zealand Stock Exchange, the country's primary

national stock exchange. NZX provides markets that facilitate the raising of

capital and the trading of corporate securities and operates markets for

equities, corporate and government bonds, fixed income securities and

alternative equity investments.


LTM as of: 09/yy

52-Week High (20.05.2013) 1.49

52-Week Low (06.09.2012) 1.04

Daily Volume

1.26












NZX NZ EQUITY YTD Change - Average Volume 30 Day 625'354

NZX NZ EQUITY YTD % CHANGE - Average Volume 3 Month 360'133


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

32.1 42.8 50.2 54.7 56.0 0.0 11.9 62.4 65.1 - -

16.22x 6.26x 3.41x 4.75x 5.38x #DIV/0! 0.00x 4.97x 4.70x - -

18.1 19.9 20.9 25.2 22.0 0.0 0.0 25.5 27.5 - -

28.81x 13.45x 8.19x 10.30x 13.67x 0.00x 0.00x 12.37x 11.48x - -

10.2 38.7 9.3 14.5 9.9 0.0 9.7 14.0 16.1 - -

51.96x 6.69x 20.00x 16.87x 32.61x 0.00x 0.00x 22.91x 19.69x - -











EBITDA Margin 39.4%



Asset Turnover 0.50







Fiscal Year Ended

NZX LtdPrice/Volume

Valuation Analysis

293'708.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

.

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0.0

10.0

20.0

30.0

40.0

50.0

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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05.09.2013



NIGEL BABBAGE AND P n/a Co File 10'541'998 4.13 - 31.01.2012 n/a

WELDON MARK RHYS n/a EXCH 9'500'000 3.72 - 29.06.2012 n/a

ODLIN DAVID MITCHELL n/a Co File 5'885'930 2.3 - 31.01.2012 n/a

JPMORGAN BANK LUXEMB n/a Co File 5'534'056 2.17 - 31.01.2012 Bank

LEVERAGED EQUITIES F n/a Co File 3'890'472 1.52 - 31.01.2012 Investment Advisor

AMP INVES STRAT EQUI n/a Co File 3'491'466 1.37 - 31.01.2012 n/a


NORWICH UNION LIFE I n/a Co File 2'171'225 0.85 - 31.01.2012 Insurance Company

KBC GROUP NV Multiple Portfolios MF-AGG 1'119'929 0.44 20'674 28.06.2013 Investment Advisor


PAVIOUR-SMITH NEIL n/a Co File 500'104 0.2 - 31.12.2011 n/a

HARMOS ANDREW W n/a Co File 387'920 0.15 - 31.12.2011 n/a

HORIZON KINETICS n/a ULT-AGG 359'002 0.14 - 28.03.2013 Investment Advisor


WILLIAMS NIGEL HENRY n/a Co File 192'675 0.08 - 31.12.2011 n/a

GEDULD E E GEDULD E E 13F 157'500 0.06 - 30.06.2013 Hedge Fund Manager

MOLLER CHRISTOPHER n/a Co File 62'580 0.02 - 31.12.2011 n/a


MILLER JAMES BRUCE n/a Co File 40'083 0.02 - 31.12.2011 n/a


EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 02.09.2013

Deutsche Bank STEPHEN RIDGEWELL sell 1 D 1 12 month 20.08.2013


First NZ Capital GREG MAIN underperform 1 M 1 Not Provided 19.08.2013

Holdings By:

NZX Ltd ee


05.09.2013

OceanaGold Corporation is a gold mining and exploration company. The Company

currently owns interests in projects in New Zealand and the Philippines.


LTM as of: 06/yy

52-Week High (23.10.2012) 4.50

52-Week Low (26.06.2013) 1.33

Daily Volume

2.12





622.38 1 Yr Total Return -36.90%







OGC NZ EQUITY YTD Change - Average Volume 30 Day 100'515

OGC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 115'806


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

217.2 237.1 305.6 395.6 385.4 385.3 437.0 505.3 539.3 127.0 152.0

0.77x 1.89x 3.30x 1.61x 2.62x 7.13x 8.57x 1.33x 1.10x 5.43x 4.48x

63.7 106.6 141.1 164.3 144.5 136.5 187.7 165.3 181.7 39.4 60.9

2.62x 4.20x 7.15x 3.88x 7.00x 4.84x 3.08x 4.27x 3.89x 3.46x 3.40x

(54.7) 54.5 44.4 44.2 20.7 22.1 (39.6) 5.0 38.7 (0.6) 15.5

- - - - - 0.00x 0.00x 16.08x 12.87x 16.73x 12.39x











EBITDA Margin 42.9%



Asset Turnover 0.49







Fiscal Year Ended

OceanaGold CorpPrice/Volume

Valuation Analysis

137'900.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

o -. l -. k -. a -. g -0 c -0 j -0 T -0 j -0 g -0 g -0 T -0 o -0!' E

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!3 E

!4 E

!5 E

0.0

50.0

100.0

150.0

200.0

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300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

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'!3'

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05.09.2013


VAN ECK ASSOCIATES C n/a ULT-AGG 23'372'747 7.96 - 04.09.2013 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 - 28.02.2013 Investment Advisor


NEW ZEALAND CENTRAL n/a PROXY 5'005'882 1.71 - 02.04.2013 Government

ROYAL BANK OF CANADA n/a ULT-AGG 3'565'116 1.21 (4'700) 28.03.2013 Bank



US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'930'100 0.66 1'330'100 28.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 1'897'608 0.65 (32'694) 04.09.2013 Investment Advisor



BOND STREET CUSTODIA n/a PROXY 1'289'396 0.44 - 02.04.2013 Other

YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 02.04.2013 Investment Advisor

ASKEW JAMES EDWARD n/a PROXY 1'097'008 0.37 - 12.04.2013 n/a

INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other

SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager

MD MANAGEMENT LTD Multiple Portfolios MF-AGG 816'400 0.28 816'400 30.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 806'705 0.27 (33'657) 31.07.2013 Investment Advisor

SFB INVESTMENTS PTY n/a PROXY 800'000 0.27 - 02.04.2013 Other


Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 30.07.2013

Forsyth Barr ANDREW HARVEY-GREEN hold 3 D 2 12 month 28.07.2013

Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 27.07.2013

BMO Capital Markets BRIAN QUAST market perform 3 M 2 Not Provided 25.07.2013

Holdings By:

OceanaGold Corp ee


05.09.2013

Skellerup Holdings Limited is a specialist manufacturer and distributor of

rubber and foam products and industrial vacuum pumps, for the construction,

mining, roofing, waterproofing, dairy, general agricultural and liquid waste

management industries.


LTM as of: 01/yy

52-Week High (08.10.2012) 1.83

52-Week Low (08.07.2013) 1.27

Daily Volume

1.59












SKL NZ EQUITY YTD Change - Average Volume 30 Day 302'592

SKL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 288'616


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

180.6 180.5 193.4 207.2 189.3 - - 197.7 208.7 - -

0.74x 0.87x 1.26x 1.34x 1.36x - - 1.56x 1.49x - -

24.4 30.2 34.6 41.7 34.0 - - 39.8 42.0 - -

5.50x 5.20x 7.04x 6.66x 7.56x - - 7.76x 7.36x - -

9.2 12.0 20.2 24.7 19.0 - - 22.2 23.5 - -

7.56x 9.99x 11.61x 11.10x 13.37x - - 14.07x 12.93x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Skellerup Holdings LtdPrice/Volume

Valuation Analysis

38'903.00


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-!2 E

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50.0

100.0

150.0

200.0

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013



AMP INVEST STR EQ G n/a Co File 19'119'266 9.92 - 04.09.2012 n/a


MILFORD ASSET MGMT L n/a EXCH 12'373'970 6.42 - 26.08.2013 Investment Advisor

GUARDIANS OF NZ SUPE n/a EXCH 12'028'343 6.24 2'106'804 27.08.2013 Other

H&G LTD n/a Co File 10'616'169 5.51 - 04.09.2012 Other


SK SHARES LTD n/a Co File 3'877'486 2.01 - 04.09.2012 Other

WILLIAM DAVID n/a Co File 2'427'506 1.26 - 04.09.2012 n/a

MAXIMA INVEST LTD n/a Co File 2'000'000 1.04 - 04.09.2012 Other


SEAJAY SECURITIES LT n/a Co File 1'457'642 0.76 - 04.09.2012 Investment Advisor

PGG WRIGHTSON EMPLOY n/a Co File 1'400'000 0.73 - 04.09.2012 n/a

COUTTS ELIZABETH MAR n/a EXCH 581'960 0.3 10'000 11.11.2011 n/a


QUANTEX AG Multiple Portfolios MF-AGG 102'000 0.05 - 31.07.2013 Investment Advisor

PARTON IAN MURRY n/a EXCH 100'000 0.05 30'000 08.05.2013 n/a



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'498 0.01 8'018 30.06.2013 Investment Advisor


EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 02.09.2013

Deutsche Bank DENNIS M LEE buy 5 U 2 12 month 22.08.2013


Forsyth Barr JOHN CAIRNS buy 5 M 2 12 month 02.05.2013

Holdings By:

Skellerup Holdings Ltd ee


05.09.2013

Restaurant Brands New Zealand Limited operates fast food restaurant chains in

New Zealand & Australia. The Company operates close to 300 stores which operate

under the KFC, Pizza Hut and Starbucks restaurant names.


LTM as of: 05/yy

52-Week High (14.05.2013) 3.08

52-Week Low (19.09.2012) 2.17

Daily Volume

2.75












RBD NZ EQUITY YTD Change - Average Volume 30 Day 47'840

RBD NZ EQUITY YTD % CHANGE - Average Volume 3 Month 85'315


28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 08/yy 05/yy 02/14 Y 02/15 Y 11/12 Q3 02/13 Q4

309.1 317.8 324.9 308.9 312.8 0.0 176.3 325.0 344.7 - -

0.33x 0.60x 0.76x 0.66x 0.94x #DIV/0! 0.00x 0.87x 0.81x - -

30.0 42.7 51.7 41.8 38.4 0.0 0.0 42.4 47.1 - -

3.36x 4.43x 4.81x 4.89x 7.63x 0.00x 0.00x 6.69x 6.02x - -

8.3 19.5 24.3 16.9 16.2 0.0 0.0 18.7 21.5 - -

8.12x 8.80x 9.84x 11.32x 17.25x 0.00x 0.00x 13.96x 12.33x - -











EBITDA Margin 12.3%



Asset Turnover 2.89


Quick Ratio 0.03 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Restaurant Brands New Zealand LtdPrice/Volume

Valuation Analysis

27'106.00


'

-

-

.

.

0

0

1

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270.0

280.0

290.0

300.0

310.0

320.0

330.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

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.!''

0!''

1!''

2!''

3!''

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05.09.2013


MILFORD ASSET MGMT L n/a EXCH 12'502'014 12.77 1'185'029 18.07.2013 Investment Advisor

SALT FUNDS MANAGEMEN n/a EXCH 9'710'131 9.92 - 24.05.2013 Other

WESTPAC BANKING CORP n/a EXCH 9'382'863 9.59 (1'100'520) 12.07.2013 Bank

ROBERTSHAWE PAUL n/a EXCH 8'254'140 8.43 (980'142) 11.06.2013 n/a


DIAB DANIEL n/a Research 5'000'000 5.11 - 08.03.2013 n/a

JP Morgan Chase Bank n/a Co File 2'703'929 2.76 - 12.04.2012 Unclassified

JA-HONG KOO n/a Research 641'000 0.65 - 08.03.2013 n/a


GOODSON MATTHEW n/a Research 496'666 0.51 - 08.03.2013 n/a


LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 75'000 0.08 (50'000) 30.06.2013 Investment Advisor

VAN ARKEL FNZ EDUARD n/a Co File 50'000 0.05 - 12.04.2012 n/a





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'982 0.01 - 30.06.2013 Investment Advisor




Forsyth Barr CHELSEA LEADBETTER accumulate 4 U 3 12 month 27.05.2013

Holdings By:

Restaurant Brands New Zealand Ltd ee


05.09.2013

Steel & Tube Holdings Limited produces and distributes steel throughout New

Zealand and its products include steel fasteners, nuts, bolts and screws. The

Company's other activities include steel reinforcing.


LTM as of: 01/yy

52-Week High (28.02.2013) 2.86

52-Week Low (06.11.2012) 2.13

Daily Volume

2.85












STU NZ EQUITY YTD Change - Average Volume 30 Day 252'329

STU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 207'137


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

484.5 380.0 385.8 405.4 393.3 - - 412.0 443.8 - -

0.61x 0.63x 0.71x 0.54x - - - 0.68x 0.63x - -

49.9 22.4 32.5 26.1 - - - 30.4 34.9 - -

5.89x 10.67x 8.43x 8.40x - - - 9.12x 7.93x - -

26.1 5.7 17.0 13.1 15.6 - - 16.9 20.1 - -

9.46x 35.38x 13.76x 13.89x 13.48x - - 14.77x 12.50x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.82







Fiscal Year Ended

Steel & Tube Holdings LtdPrice/Volume

Valuation Analysis

58'785.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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0

0

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

'!''

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0'!''

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05.09.2013


ONESTEEL LTD n/a Co File 44'452'354 50.26 - 10.08.2012 Corporation

ACCIDENT COMPENSATIO n/a EXCH 7'609'922 8.6 1'035'215 19.08.2013 Insurance Company

AMP LTD n/a ULT-AGG 5'415'039 6.12 886'773 15.01.2013 Insurance Company


WESTPAC NZ SHR 2002 n/a Research 1'617'952 1.83 - 08.03.2013 Bank



FORSYTH BARR LTD n/a Co File 424'451 0.48 - 10.08.2012 Bank

ELRICK JANIE n/a EXCH 280'210 0.32 - 16.08.2013 n/a

ANDERSON JOHN ANTHON n/a EXCH 280'210 0.32 - 16.08.2013 n/a

PLENZLER DOROTHY IZA n/a Co File 212'225 0.24 - 10.08.2012 n/a

GRINDELL DAVID n/a Co File 168'012 0.19 - 30.06.2012 n/a

TAYLOR DAVID WILLIAM n/a EXCH 104'210 0.12 - 16.08.2013 n/a

CANDY ANTHONY CHARLE n/a EXCH 22'185 0.03 - 16.08.2011 n/a


URLWIN ANNE n/a EXCH 10'000 0.01 - 24.06.2013 n/a

SMITH JANINE LAUREL n/a Co File 10'000 0.01 - 30.06.2012 n/a

PRITCHARD DEAN ANTHO n/a Co File 10'000 0.01 - 30.06.2012 n/a


WARNOCK ROSEMARY n/a Co File 2'500 0 - 30.06.2012 n/a


Macquarie STEPHEN HUDSON underperform 1 M 2 12 month 21.08.2013

Forsyth Barr JAMES BASCAND accumulate 4 M 3 12 month 19.08.2013


First NZ Capital KAR YUE YEO outperform 5 M 3 Not Provided 16.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 N #N/A N/A Not Provided 26.07.2013

Holdings By:

Steel & Tube Holdings Ltd ee


05.09.2013

Michael Hill International Limited manufactures, wholesales and distributes

jewellery. The Company's products consist of rings, bracelets, watches and

other items. Michael Hill operates stores in New Zealand, Australia, Canada and

the United Staes.


LTM as of: 01/yy

52-Week High (18.04.2013) 1.48

52-Week Low (05.09.2012) 1.10

Daily Volume

1.39












MHI NZ EQUITY YTD Change - Average Volume 30 Day 76'798

MHI NZ EQUITY YTD % CHANGE - Average Volume 3 Month 81'360


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

412.0 443.3 489.1 511.2 549.3 - - 577.7 627.7 - -

0.65x 0.70x 0.78x 0.77x - - - 0.95x 0.88x - -

37.9 44.9 58.0 57.5 - - - 70.2 78.4 - -

7.03x 6.89x 6.57x 6.88x - - - 7.88x 7.05x - -

66.8 26.0 34.5 36.5 40.0 - - 43.3 45.4 - -

3.44x 10.15x 9.98x 10.27x 12.48x - - 12.87x 11.88x - -











EBITDA Margin 11.0%



Asset Turnover 1.49







Fiscal Year Ended

Michael Hill International LtdPrice/Volume

Valuation Analysis

5'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

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-

-

-

-

-

.

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.!' E

0!' E

1!' E

2!' E

3!' E

0.0

100.0

200.0

300.0

400.0

500.0

600.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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05.09.2013


HILL RICHARD MICHAE n/a Research 202'644'452 52.93 - 08.03.2013 n/a

PETERS LESLIE WAYNE n/a EXCH 18'521'000 4.84 (3'700'000) 09.05.2013 n/a

PARSELL MICHAEL ROBI n/a Research 10'019'364 2.62 - 08.03.2013 n/a

EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 7'946'000 2.08 - 31.07.2013 Investment Advisor

PETERS MACGREGOR PTY n/a Research 7'000'000 1.83 - 08.03.2013 Other

DOUBLE DRAGON SUPER n/a Research 2'370'000 0.62 - 08.03.2013 Other

TAYLOR PHILIP ROY n/a Research 2'000'000 0.52 - 08.03.2013 n/a


GWYNNE GARY J n/a Research 1'922'000 0.5 - 08.03.2013 n/a

BUTLER WK & CK & ULR n/a Research 1'823'640 0.48 - 08.03.2013 n/a


HILL EMMA J n/a Research 1'524'750 0.4 - 08.03.2013 n/a


STOCK KEVIN n/a Research 1'010'000 0.26 - 16.11.2012 n/a

MCKINNON ROSS n/a EXCH 500'000 0.13 (82'170) 23.05.2013 n/a


BAGNALL NICHOLAS n/a EXCH 10'000 0 - 14.05.2012 n/a


EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 04.09.2013


Forsyth Barr CHELSEA LEADBETTER buy 5 M 2 12 month 19.08.2013

First NZ Capital SARNDRA URLICH outperform 5 M 2 Not Provided 12.08.2013

Holdings By:

Michael Hill International Ltd ee


05.09.2013

AMP Limited provides life insurance, superannuation, asset management products,

pensions, retirement planning and other diversified financial services

throughout Australia and New Zealand. The Company services individual

customers, small businesses, corporations and associated superannuation funds.


LTM as of: 01/yy

52-Week High (15.05.2013) 6.95

52-Week Low (03.07.2013) 4.93

Daily Volume

5.4





15'900.65 1 Yr Total Return 2.10%

Total Debt 12'493.00 YTD Return -6.33%






AMP NZ EQUITY YTD Change - Average Volume 30 Day 68'950

AMP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 111'722


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

(10'966.0) 10'742.0 7'462.0 5'436.0 16'882.0 - - 7'578.0 15'899.0 - -

- 2.21x 2.52x 3.54x 1.32x - - 2.88x 1.37x - -

- - - - - - - - - - -

- - - - - - - - - - -

580.0 739.0 775.0 688.0 704.0 - - 856.6 939.5 - -

- - - - - - - 15.83x 14.64x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AMP LtdPrice/Volume

Valuation Analysis

54'560.00


'

-

.

0

1

2

3

4

5

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-15'000.0

-10'000.0

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15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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05.09.2013


HARRIS ASSOCIATES LP n/a EXCH 179'159'581 6.08 29'790'007 12.08.2013 Investment Advisor





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 37'284'092 1.27 (7'997'296) 03.09.2013 Investment Advisor



AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 20'665'000 0.7 - 29.06.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 15'782'655 0.54 1'254'657 28.06.2013 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 12'068'681 0.41 - 30.06.2011 Investment Advisor

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 5'894'102 0.2 - 21.09.2012 Holding Company

UBS n/a ULT-AGG 5'597'958 0.19 (421'812) 28.06.2013 Unclassified

DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 5'518'000 0.19 - 30.06.2011 Investment Advisor

ABERDEEN n/a ULT-AGG 5'380'700 0.18 (263'700) 31.07.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'346'624 0.18 (2'301'317) 30.06.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'456'390 0.15 (6'172'492) 31.12.2012 Investment Advisor


LEGG MASON ASSET MAN Multiple Portfolios MF-AGG 4'316'498 0.15 - 20.09.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 4'295'933 0.15 (2'764'302) 30.06.2013 Investment Advisor


Bell Potter LAFITANI SOTIRIOU buy 5 M 7 12 month 02.09.2013

EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 26.08.2013

Macquarie TIM LAWSON underperform 1 M 5 12 month 16.08.2013

Deutsche Bank KIEREN CHIDGEY hold 3 M 6 12 month 15.08.2013

Morgan Stanley DANIEL TOOHEY Overwt/Attractive 5 M 6 12 month 15.08.2013

Goldman Sachs RYAN FISHER neutral/neutral 3 M 6 12 month 15.08.2013

Credit Suisse ANDREW ADAMS neutral 3 M 6 Not Provided 15.08.2013

CIMB RICHARD COLES neutral 3 M 5 12 month 15.08.2013

BBY Limited BRETT LE MESURIER underperform 1 M 5 12 month 15.08.2013

Commonwealth Bank ROSS CURRAN underweight 1 M 5 12 month 15.08.2013

Nomura TOBY LANGLEY neutral 3 M 6 Not Provided 15.08.2013

Shaw Stockbroking DAVID SPOTSWOOD hold 3 M 6 Not Provided 15.08.2013

UBS JAMES COGHILL sell 1 M 5 12 month 24.06.2013

Holdings By:

AMP Ltd ee


05.09.2013

TOWER Limited provides risk insurance and wealth management products and

services. The Company operates in general insurance, health & life insurance,

and investments and funds management.


LTM as of: 01/yy

52-Week High (03.07.2013) 2.04

52-Week Low (21.08.2013) 1.65

Daily Volume

1.77












TWR NZ EQUITY YTD Change - Average Volume 30 Day 216'704

TWR NZ EQUITY YTD % CHANGE - Average Volume 3 Month 285'662


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

453.4 481.8 564.2 331.9 422.2 - - 15.1 31.2 - -

0.81x 0.75x 0.63x 0.69x 0.91x - - 12.93x 6.19x - -

- - - - - - - - - - -

- - - - - - - - - - -

40.5 49.5 57.6 33.1 55.3 - - 35.4 27.2 - -

8.72x 6.87x 8.20x 15.60x 11.47x - - 10.86x 12.38x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15







Fiscal Year Ended

Tower LtdPrice/Volume

Valuation Analysis

80'782.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

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0!2 E

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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05.09.2013


GUINNESS PEAT GROUP n/a EXCH 69'614'763 33.6 - 02.07.2012 Holding Company

DEVON FUNDS MANAGEME n/a EXCH 17'797'143 8.59 - 22.05.2013 Investment Advisor





WESTPAC NZ SHR 2002 n/a Research 1'196'910 0.58 - 08.03.2013 Bank



FCA CORP Multiple Portfolios MF-AGG 169'723 0.08 (1) 30.04.2013 Investment Advisor

STIASSNY MICHAEL PET n/a EXCH 102'919 0.05 100'000 10.06.2013 n/a


WOOD DENIS MICHAEL n/a EXCH 61'823 0.03 (38'461) 24.05.2012 n/a

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 43'254 0.02 (1) 30.04.2013 Investment Advisor

PIONEER n/a ULT-AGG 39'558 0.02 - 28.03.2013 Unclassified



SPENCER JOHN L n/a EXCH 17'247 0.01 (5'174) 05.04.2013 n/a

FLEXSHARES TRUST Multiple Portfolios MF-AGG 16'924 0.01 3'076 31.05.2013 Investment Advisor

SMITH STEPHEN n/a EXCH 11'538 0.01 - 05.04.2013 n/a


Goldman Sachs ADRIAN ALLBON Buy/Neutral 5 M 2 12 month 04.09.2013

EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 11.06.2013

Forsyth Barr JOHN CAIRNS hold 3 D 2 12 month 19.05.2013

Holdings By:

Tower Ltd ee


05.09.2013

Hallenstein Glasson Holdings Limited owns and operates retail stores that sell

men's, women's, and young men's apparel products and sportswear. The stores are

located throughout New Zealand and Australia.


LTM as of: 01/yy

52-Week High (09.04.2013) 5.85

52-Week Low (18.09.2012) 4.42

Daily Volume

4.67












HLG NZ EQUITY YTD Change - Average Volume 30 Day 29'226

HLG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 45'662


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

193.7 198.2 207.1 205.5 215.6 - - 220.8 231.4 - -

0.77x - 0.88x 0.91x 1.02x - - 1.16x 1.11x - -

28.3 23.9 34.4 28.7 33.5 - - 32.7 35.8 - -

5.30x - 5.29x 6.51x 6.55x - - 7.71x 7.04x - -

15.9 12.8 19.6 18.3 21.0 - - 19.0 21.0 - -

10.68x 12.81x 11.21x 11.58x 11.80x - - 14.59x 13.34x - -











EBITDA Margin 16.0%



Asset Turnover 2.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hallenstein Glasson Holdings LtdPrice/Volume

Valuation Analysis

20'148.00


'

-

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0

1

2

3

4

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!. E

!1 E

!3 E

!5 E

-!' E

-!. E

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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1!''

3!''

5!''

-'!''

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05.09.2013


GLASSON TIMOTHY CHAR n/a Research 11'950'588 20.03 - 21.06.2013 n/a

FORSYTH BARR CUSTODI n/a Co File 1'116'801 1.87 - 01.08.2012 n/a

TEA CUSTODIANS LTD n/a Co File 859'384 1.44 - 01.08.2012 Other

ONEPATH WHOLESALE AU n/a Co File 737'807 1.24 - 01.08.2012 n/a

INVESTMENT CUST SERV n/a Co File 687'781 1.15 - 01.08.2012 Investment Advisor

JP MORGAN CHASE BANK n/a Research 602'425 1.01 - 21.06.2013 Investment Advisor

ACCIDENT COMPENSATIO n/a Research 586'593 0.98 - 21.06.2013 Insurance Company

PHP BAYLY LTD n/a Research 450'000 0.75 - 21.06.2013 Other


POPPLEWELL GRAEME JA n/a EXCH 156'576 0.26 - 16.11.2012 n/a

HUMPHRIES DIANE HELE n/a Co File 147'000 0.25 - 01.08.2012 n/a

DUNEDIN CITY COUNCIL n/a Research 124'000 0.21 - 03.08.2012 Other

BELL WARREN JAMES n/a Co File 20'143 0.03 - 01.08.2012 n/a

DONOVAN MICHAEL JOHN n/a Co File 10'000 0.02 - 01.08.2012 n/a







Forsyth Barr ANDREW BOWLEY hold 3 M 5 12 month 13.06.2013


Holdings By:

Hallenstein Glasson Holdings Ltd ee


05.09.2013

Pumpkin Patch Limited retails a wide range of children's apparel products, as

well as maternity clothing. The Company operates stores in New Zealand,

Australia, and the United Kingdom along with providing mail order and internet

retail services.


LTM as of: 01/yy

52-Week High (14.01.2013) 1.48

52-Week Low (28.06.2013) 0.75

Daily Volume

1.05





177.53 1 Yr Total Return -11.02%







PPL NZ EQUITY YTD Change - Average Volume 30 Day 50'851

PPL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 151'734


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

399.5 412.3 362.9 291.5 300.6 - - 288.3 298.3 - -

0.84x 0.69x 0.92x 0.81x 0.69x - - 0.80x 0.72x - -

53.9 44.3 54.2 37.3 30.0 - - 26.6 31.4 - -

6.20x 6.42x 6.14x 6.36x 6.93x - - 9.15x 7.74x - -

17.1 (26.7) 25.5 (1.9) (27.5) - - 10.2 14.8 - -

13.10x 145.45x 10.89x 10.82x 14.68x - - 16.15x 11.80x - -











EBITDA Margin 10.0%



Asset Turnover 1.89







Fiscal Year Ended

Pumpkin Patch Ltd/New ZealandPrice/Volume

Valuation Analysis

736'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

'

'

-

-

-

-

-

.

o -. l -. k -. a -. g -0 c -0 j -0 T -0 j -0 g -0 g -0 T -0 o -0!' E!2 E-!' E-!2 E.!' E.!2 E0!' E0!2 E1!' E1!2 E

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

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0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0 0-!'4!.'-0



05.09.2013


NIGEL P SMITH & WYNA n/a Co File 20'000'000 11.83 - 31.08.2012 Other

DUKE RODNEY ADRIAN n/a Co File 16'674'086 9.86 - 31.08.2012 n/a

CAMERON JANET HEATHE n/a Co File 16'086'181 9.51 - 31.08.2012 n/a

ACCIDENT COMPENSATIO n/a EXCH 15'499'880 9.17 2'171'800 12.07.2013 Insurance Company

PRENDERGAST MAURICE n/a EXCH 10'570'000 6.25 (500'000) 09.05.2013 n/a

SYNNOTT SALLY R n/a Co File 9'506'800 5.62 - 31.08.2012 n/a



WALKLEY BRUCE M n/a EXCH 1'165'000 0.69 - 23.06.2013 n/a

WASHINGTON MATTHEW n/a EXCH 722'633 0.43 - 23.06.2013 n/a


THESING ZARINA n/a EXCH 546'542 0.32 - 23.06.2013 n/a

COWIE NEIL n/a EXCH 196'885 0.12 - 23.06.2013 n/a

TATTERSFIELD KATE n/a EXCH 167'574 0.1 - 23.06.2013 n/a

HOFFMAN GLENYS n/a EXCH 141'589 0.08 - 10.12.2012 n/a

CARDWELL CHRIS n/a EXCH 128'767 0.08 - 23.06.2013 n/a

ROBERTSHAWE PAUL n/a EXCH 60'000 0.04 - 12.07.2013 n/a

JACKSON DAVID ALEXAN n/a Co File 50'000 0.03 - 31.07.2012 n/a

GREGORY BRIAN DE n/a EXCH 45'000 0.03 - 10.12.2012 n/a

JACOBSEN BRONNY n/a EXCH 41'774 0.02 - 23.06.2013 n/a




Forsyth Barr ANDREW BOWLEY accumulate 4 M 1 12 month 01.07.2013

Goldman Sachs ROHAN KOREMAN-SMIT neutral/neutral 3 M 1 12 month 28.06.2013


Holdings By:

Pumpkin Patch Ltd/New Zealand ee


Documents

Fundamental Equity Analysis - NZX 50 Index of the top 50 companies - New Zealand Exchange