Queensland Treasury Corporation Annual Investor …Page 1 Report to Parliament Queensland Treasury Corporation Annual Investor Roadshow 30 August – 10 September 2015 The Honourable

Page 1

Report to Parliament

Queensland Treasury Corporation

Annual Investor Roadshow 30 August – 10 September 2015

The Honourable Curtis Pitt MP Treasurer

Minister for Employment and Industrial Relations Minister for Aboriginal and Torres Strait Islander Partnerships

Page 2

Overview

Since its establishment in 1988, QTC has conducted an annual program to meet with institutional

investors in both domestic and offshore markets.

The principal objectives of this program are to build trusted relationships with existing investors so that

they continue to invest in QTC’s debt securities and to diversify QTC’s investor base by meeting with

new investors so that QTC can continue to fund the State at the lowest possible cost.

QTC’s investors include central banks, sovereign wealth funds, domestic and international banks, fund

managers and asset managers.

New investors may choose to invest in QTC if the credit quality, currency and debt instruments fit with

their investment mandate, or following the meeting, make internal requests to change their mandate,

which will allow for future investment.

The meetings provide the opportunity for investors to understand the credit quality of the State,

Queensland’s fiscal and economic outlook, and obtain first-hand information about QTC’s funding

programs and expected borrowing requirements. Investors will be interested in gaining an

understanding of their return on investment over the medium- to long-term, and how the Government’s

policies will help to minimise any impact to the volatility in returns.

Meetings are also held with the banks that are members of QTC’s Fixed Income Distribution Group

(FIDG) and other funding facility panels, given their key intermediary role in distributing QTC debt to

investors.

The Treasurer, supported by the Under Treasurer and QTC, participated in a series of high level

investor meetings and financial intermediary meetings from 31 August – 10 September 2015.

Destinations focused on the global financial markets in which QTC undertakes a large proportion of its

offshore business, including Singapore, Tokyo, Seoul, Hong Kong, London and New York. In addition,

a number of meetings and functions were organised by Trade and Investment Queensland with

organisations interested in investing in Queensland.

An outline of all meetings held during the Roadshow and matters discussed is provided in this

document.

At the meetings, a presentation of the key 2015-16 Budget highlights ― including economic overview,

budget outlook and information about the Government’s Debt Action Plan ― was provided to

investors, along with a QTC update of the previous year in review and QTC’s 2015-16 borrowing

program. In addition, QTC used the Roadshow as an opportunity to launch its video targeted for

institutional fixed income investors.

Page 3

Participants

The Hon Curtis Pitt MP, Treasurer

Minister for Employment and Industrial Relations

Minister for Aboriginal and Torres Strait Islander Partnerships

Mr Jim Murphy, Under Treasurer of Queensland

Mr Gerard Bradley, Chairman, Queensland Treasury Corporation (Hong Kong, London only)

Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation (Singapore, Tokyo,

New York only)

Mr Richard Jackson, Executive General Manager, Queensland Treasury Corporation

Mr Lachlan Smith, Principal Advisor, Office of the Treasurer

Summary of key findings

Investors were positive about the government’s strategy to manage the State’s finances and the

Debt Action Plan.

Investors in QTC’s fixed income securities were also positive about the government’s proposed

lower borrowings now and in the future.

Investors were pleased with the Government’s policies to manage its government-owned

corporations more commercially.

Investors viewed the lower AUD as impacting positively on the State’s fiscal position, and

recognised that although resource prices had dropped since the Budget was released, it was

largely offset against the drop in the AUD against the USD.

Investors were encouraged by the State’s economic growth forecasts and that Queensland is

forecast to have the strongest growth of any Australian State or Territory in both 2015-16 and

2016-17

Investors were interested to learn more about the outlook of Queensland’s LNG exports, as a key

contributor to the State’s future growth.

Investors recognised that Queensland has a diverse economy, and that natural resources only

account for 10 per cent of economic output. They were interested in the Government’s approach

to further diversify and grow the State’s economy, especially in the areas of tourism and education

exports.

Investors were positive about the Government’s strategy to balance the State’s export growth,

while ensuring the environment is protected for future generations.

Investors were very interested to hear about the Northern Australia strategy and how that is likely

to positively impact Queensland’s economy.

Investors were encouraged to hear about further opportunities to further diversify and grow the

Queensland economy, notably the Advance Queensland initiative and investment in the

knowledge-based industries of the future, such as biotechnology.

Page 4

SUNDAY 30 AUGUST

ALL FLY TO SINGAPORE

1740 TRANSFER: Singapore airport to Mandarin Oriental

1900 DINNER: Queensland delegation dinner / pre-roadshow briefing

O/N SINGAPORE – Mandarin Oriental

5 Raffles Ave, Marina Square, 039797, Singapore

MONDAY 31 AUGUST

MEETINGS IN SINGAPORE

0830

TRANSFER: Mandarin Oriental Singapore to meetings

0900-1000

INVESTOR MEETING: Swiss National Bank (SNB)

Location: Asia Square Tower 1, Singapore

1030-1130

INVESTOR MEETING: Bank Indonesia (BI)

Location: The Arcade, 11 Collyer Quay No.08-07, Singapore

1200-1400

LUNCH – FIXED INCOME DISTRIBUTION GROUP

The China Club, Singapore

1500-1600

INVESTOR MEETING: Brahman Capital

Location: BEA Building

60 Robinson Road, Singapore 068892

1630-1730

INVESTOR MEETING: ASPIAL Corporation

Location: Mandarin Oriental

1900-2100

DINNER: CBA Singapore Global Markets Team

Restaurant: ALBA 1836 Bar and Restaurant

O/N SINGAPORE – Mandarin Oriental

TUESDAY 1 SEPTEMBER

MEETINGS IN SINGAPORE / FLY TO TOKYO

0830 TRANSFER: Hotel to first meeting

0900-1000

INVESTOR MEETING: United Overseas Bank (UOB)

Location: UOB Plaza 1, Raffles Place

1015-1100

INVESTOR MEETING: Westpac

Location: 12 Marina View, Asia Square Tower 2, Singapore 018961

1115-1215

INVESTOR MEETING: GIC

Location: 168 Robinson Rd, #37-01 Capital Tower

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1230 TRANSFER: Final meeting to airport

1355-2150 Fly Singapore to Tokyo Haneda

2150 TRANSFER: Tokyo Haneda Airport to Imperial Hotel

O/N

TOKYO – The Imperial Hotel

1-1, Uchisaiwai-cho 1-chome,

Chiyoda-ku, Tokyo 100-8558, Japan

WEDNESDAY 2 SEPTEMBER

MEETINGS IN TOKYO / FLY TO SEOUL

0900 TRANSFER: The Imperial Hotel, Tokyo to first meeting

0930-1000

INVESTOR MEETING: Government Pension Investment Fund

Location: 1-4-1 Kasumigaseki, Chiyoda-ku, Tokyo Japan

1000 TRANSFER: GPIF meeting back to Imperial Hotel

1130-1315


Location: The Imperial Hotel

1400-1530

TOKYO INVESTOR GROUP FORUM

Location: The Imperial Hotel

1600 TRANSFER: The Imperial Hotel to Tokyo Narita airport

1900-2130

Fly Tokyo Narita to Seoul ICN

2130 TRANSFER: Seoul Incheon airport to The Shilla

O/N SEOUL – The Shilla Seoul

202 Jangchung-Dong 2-GA, Seoul KR 100-856

THURSDAY 3 SEPTEMBER

MEETINGS IN SEOUL / FLY TO HONG KONG

0700 Pre-event briefing – TIQ Location: The Shilla

0730-0900

TIQ business breakfast roundtable

Location: The Shilla

0940 TRANSFER: The Shilla Hotel to meetings

1030-1130

INVESTOR MEETING: Bank of Korea (BOK)

Location: Bank of Korea, 39, Namdaemun-ro, Jung-gu,

Seoul, 100-794, Korea

1200-1300 LUNCH: Westpac

Page 6

1300-1430

INVESTOR MEETING: Korea Investment Corporation (KIC)

Location: State Tower Namsan,

100 Toegye-ro Jung-gu, Seoul, 100-052, Korea

1530-1600

INVESTOR MEETING: National Pension Service (NPS)

Location: 4-15 Nonhyun-Dong Kangnam Gu, Seoul, Korea

1600 TRANSFER: Final meeting to Seoul Incheon airport

1945-2230 Fly Seoul – Hong Kong

2230 TRANSFER: Hong Kong airport to Mandarin Oriental hotel

O/N HONG KONG – Mandarin Oriental Hotel

5 Connaught Road, Central, Hong Kong

FRIDAY 4 SEPTEMBER

MEETINGS IN HONG KONG / FLY TO LONDON

0740 Pre-event briefing – TIQ Location: Mandarin Oriental Hotel

0800-0930

TIQ: Australian Chamber of Commerce Hong Kong and Macau Business Breakfast (sponsored by KPMG, NAB & CBA)

Venue: The Hong Kong Club

1 Jackson Road, Central

0930-1030

TIQ MEETING: Small group discussion hosted by TIQ Commissioner

Location: Hong Kong Club

1115 TRANSFER: Mandarin Oriental to China Club

1200-1400


Location: The China Club, Hong Kong

1430-1530

INVESTOR MEETING: Metlife Investments

Location: Cityplaza Phase 3, 14 Tai Koo Wan Rd

Quarry Bay, Hong Kong

1600-1700

TIQ MEETING: Australian Consul General Hong Kong

Location: Australian Consulate-General, 25 Harbour Road

Wan Chai, Hong Kong

1700 TRANSFER: Meeting to Mandarin Oriental

1830 DINNER: Hosted by Bank of America Merrill Lynch

2130 TRANSFER: Mandarin Oriental to airport

2345-0535

(+1) Fly Hong Kong – London Heathrow

https://en.wikipedia.org/wiki/Connaught_Road

https://en.wikipedia.org/wiki/Central,_Hong_Kong

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SATURDAY 5 SEPTEMBER

0535 ARRIVE London Heathrow (Terminal 5)

0700 TRANSFER: London Heathrow Terminal 5 – Savoy Hotel

0900 Review domestic material – policy and media

1900 Dinner – Roadshow attendees

O/N

LONDON – Fairmont Savoy

The Strand

London B WC2R 0EU

SUNDAY 6 SEPTEMBER

1800 Dinner – TIQ Agent General and Roadshow attendees

O/N


The Strand

London B WC2R 0EU

MONDAY 7 SEPTEMBER

MORNING - MEETINGS IN LONDON

0830-0930

TIQ MEETING: KPMG – Briefing UK City Deals program

Location: Queensland House, The Strand, London

1030-1130

TIQ MEETING: UK Trade and Investment – Sirius & Innovate UK’s Catapult Programs

Location: Queensland House The Strand, London

1200-1400

TIQ QUEENSLAND BUSINESS RECEPTION

Location: Downer Room, Australia House

1530-1630

MEETING: United Kingdom Cabinet Office – Centre for Social Impact Bonds

Location: HM Treasury Building, 1 Horse Guards Rd, SW1A 2HQ

1745-2100

DINNER – FIXED INCOME DISTRIBUTION GROUP

The Savoy Hotel

The Strand, London

O/N


The Strand

London B WC2R 0EU

TUESDAY 8 SEPTEMBER

MEETINGS IN LONDON / FLY TO NEW YORK

Page 8

0730 TRANSFER: Hotel to Moody’s (Canary Wharf)

0900-1000

RATING AGENCY MEETING: MOODY’S

Location: One Canada Square, Canary Wharf,

London, E14 5FA

1215-1400

GROUP INVESTOR LUNCH: London

Location: Grange St. Paul’s Hotel

10 Godliman Street, London EC4V 5AJ

1400 TRANSFER: Grange St Pauls to London City Airport

1600-2015 Fly London City to New York JFK

2015 TRANSFER: New York (JFK) to The New York Palace Hotel

O/N NEW YORK PALACE

455 Madison Avenue New York NY 10022

WEDNESDAY 9 SEPTEMBER

MEETINGS IN NEW YORK

0900 TRANSFER: New York Palace to Brooklyn for first meeting

0915 Visit – 9/11 Memorial

1130-1230 QIC MEETING: Forest City Commercial Group

Location: One Metrotech LLC, 1 MetroTech Roadway, Brooklyn

1345-1445 QLD MEETING: Ziff Brothers Investments Location: 350 Park Avenue, 2nd Floor, New York

1500-1545 QIC MEETING: Accomplice (Atlas Ventures)

Location: 250 Park Avenue, New York

1600-1630

QTC: Blackrock Investments

Location: Park Avenue Plaza, 55 East 52nd St, New York

1830-

DINNER: Fixed Income Distribution Group

Location: 50 Rockerfeller Plaza, New York

O/N NEW YORK PALACE HOTEL

Location: 455 Madison Avenue, New York

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THURSDAY 10 SEPTEMBER

MEETINGS IN NEW YORK / FLY TO BRISBANE

0730 TRANSFER: NY Hotel to Wall Street

0915-0945 New York Stock Exchange briefing

Location: 11 Wall St, New York

1030-1130 RATING AGENCY MEETING: STANDARD & POOR’S Location: 55 Water Street, New York

1230-1400 QTC - INVESTOR LUNCH EVENT Location: 240 Central Park South, New York

1530 TRANSFER: Investor Lunch to JFK airport

1845-2140

2345-0640 (+2)

Fly JFK New York to Los Angeles Fly Los Angeles to Brisbane

Page 10

Monday 31 August (Singapore)

QTC investor meeting – Swiss National Bank

Attendees Mr Bjoern Griesbach, Head of AUD Portfolio

Ms Shirley Ong, Head of South Asia Rates Distribution, UBS Investment

Bank (Host)

The Hon Curtis Pitt MP, Treasurer of Queensland


Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation

Mr Richard Jackson, Executive General Manager, Queensland Treasury

Corporation


Meeting Summary:

The Swiss National Bank (SNB) conducts the country’s monetary policy as

an independent central bank. QTC has an existing relationship with SNB.

The meeting was an opportunity to discuss Queensland as an investment

portfolio opportunity with SNB’s incoming Head of AUD Portfolio.

Matters discussed included:

Queensland’s economic growth forecasts and its diverse economy

The Budget and Queensland’s strong fiscal outlook

The Advance Queensland policy

Queensland Treasury Corporation’s 2015-16 borrowing program

and the reduced debt on issue compared to previous year

forecasts as a result of the Government’s Debt Action Plan

QTC investor meeting – Bank Indonesia

Attendees Feby Widyatantri, Portfolio Manager, Bank Indonesia Representative Office

Aditya Rachman, Assistant Manager, Investment Management Division 1,

Reserve Management Department

Ibrahim, Deputy Director, Macroprudential Policy DepartmentMs Shirley

Ong, Head of South Asia Rates Distribution, UBS Investment Bank (Host)





Corporation


Meeting summary:

Bank Indonesia is the central bank of the Republic of Indonesia. Bank

Indonesia operates 37 offices across Indonesia, and four representative

offices in New York, London, Tokyo and Singapore. QTC has an existing

relationship with Bank of Indonesia.

Page 11

The meeting was an opportunity to discuss Queensland as an investment

portfolio opportunity.


The change in Government and the Debt Action Plan introduced

in the 2015-16 Budget

Queensland’s export profile including LNG and commodities in

general

Queensland’s fiscal and economic outlook




QTC Fixed Income Distribution Group update (Singapore)

Attendee list As at 28 August 2015

First name Surname Job title Organisation

David Teeters Managing Director BNP Paribas

Julia Raiskin Managing Director--Head of G10

Rates Sales, Asia Citi

Peter Welsh Head of Markets (Asia) Commonwealth Bank of Australia

Bill Andrikopoulos Director - Asia, NAB Income &

Investment Solutions National Australia Bank

Jessica Tilton Head of Markets, Asia National Australia Bank, Hong

Kong

Sean Mulvahill Director, Financial Institutions National Australia Bank

Oliver Holt Head of AUD Fixed Income

Syndicate Nomura

Julian Allan Head of Institutional Sales, Fixed

Income, Asia Westpac Banking Corporation

Meeting summary:

QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic

and international banks that are responsible for providing investors with

two-way pricing in the secondary market, as well as supporting primary

issuance activity. They play a key role as QTC’s intermediary in the market

and therefore it is important they have a strong understanding of QTC’s

funding programs and strategies, as well as Queensland’s economic and

fiscal position and outlook.


Presentation by Treasurer of Queensland’s fiscal and economic

outlook as a result of the 2015-16 Budget.

Overview by Queensland Treasury Corporation of 2015-16

borrowing program and the reduced debt on issue compared to

previous year forecasts as a result of the Government’s Debt

Action Plan

Page 12

QTC investor meeting – Brahman Capital

Attendees Ashley Feuerheerdt, Director, Brahman Capital





Corporation


Meeting summary:

Brahman Capital Management (BCM) was established in Singapore by

Ashley Feuerheerdt and Andrew Hoffman in 2011. BCM is regulated by

the Monetary Authority of Singapore (MAS) as a Registered Fund

Management Company. QTC has an existing relationship with Brahman

Capital.




Queensland’s export profile including LNG and commodities in

general





Investor meeting – Aspial Corporation

Attendees Mr Koh (Koh Wee Seng), Chief Executive, Aspial Corporation

Mr David Ng, Partner, World Class Land Pte Ltd




Meeting summary:

Aspial is a diversified Corporation with interests in property development,

financial services and jewellery. Aspial, through its World Class Land

business, has significant property interests in Queensland, including the

Nova 8 Towers development in Cairns and Brisbane CBD properties in

Margaret Street and Albert Street. Aspial is also developing the Australia

108 skyscraper in Melbourne, which will be the tallest residential building in

the southern hemisphere when completed in 2019.


Aspial’s significant and welcomed investment in Queensland

through the development of its Cairns and Brisbane properties

Page 13

The strength of Queensland’s planning regime and low levels of

regulatory burden.

Potential for future investment in Queensland

QTC meeting – CBA Global Markets Team

Attendees

Mr Greg Williams, Country Head for the Commonwealth Bank of Australia,

Singapore.

Mr Peter Welsh, Head of Markets (Asia)

Mr Niel Shepherd, Head of Asian Rates

Mr Mark Pang, Head of Asian Rates Trading

Mr Tien Leong Tan (Leong), Director, Head of Energy Trading

Mr Mitchell Grosser, Executive Director Interest Rate Options and Inflation





Corporation


Meeting summary: The Commonwealth Bank of Australia is one of QTC’s Fixed Income

Distribution Group (FIDG) and are responsible for providing investors with


issuance activity.



Australia’s fiscal and economic outlook, including tax reform

Global markets overview, particularly Asia and commodities




Page 14

Tuesday 1 September (Singapore)

QTC investor meeting – United Overseas Bank

Attendees Mr Fred Chin, Managing Director & Head of Group Wholesale Banking

Mr Ian Wong , Managing Director & Head of International Division





Corporation


Meeting summary

United Overseas Bank (UOB) is a leading bank in Singapore with an

international network of over 500 offices in 19 countries and territories in

Asia-Pacific, Western Europe and North America. QTC has an existing

relationship with UOB.



Queensland’s export profile and lower AUD$



Queensland’s investment attraction regime, including competitive

taxation and Market-Led Proposals initiative.

Opportunities for international investment in the Queensland

industries of the future, including; education exports, tourism,

agribusiness and bio-technology




Page 15

QTC investor meeting – Westpac

Attendees Mr David Koh, Head of Corporate and Institutional Banking, Asia

Mr Ananth Ramachandran, Head of Financial Institutions, Asia

Mr Craig Manning, Head of Energy & Resources, Asia

Mr Ravi Manchanda, Senior Banker and CEO Designate, Singapore

Mr Julian Allan, Head of Institutional Fixed Income Sales





Corporation


Meeting summary


Overview of Westpac’s operations in Singapore




LNG exports and the exciting opportunities associated with the

CSG-LNG industry

Opportunities for new tourism construction and refurbishment

The Advance Queensland initiative and opportunities for smart

exports into Asia, including tropical expertise, noting James Cook

University’s Singapore campus has recently launched.

Opportunities for growing education exports

Diversity of the Queensland economy

QTC investor meeting – Government Investment Corporation

Attendees Boon Chin Hau, Senior Vice President, GIC

Ms Oi-Yee Choo, Managing Director, Head of Singapore Investment

Banking, UBS





Corporation


Meeting summary

The Government Investment Corporation of Singapore is one of the

world’s largest global investors, with well over US$100 billion of assets in

more than 40 countries worldwide.

Page 16



GIC’s approach to investment in infrastructure

The Queensland Government’s Market-led Proposals initiative

The Queensland State Infrastructure Plan currently under

preparation.

Page 17

Wednesday 2 September (Tokyo)

Meeting Government Pension Investment Fund

Attendees Mr Hiromichi Mizuno, Executive Managing Director (Business Operation)

and Chief Investment Officer

Mr Takashi Jimba, Director General, Investment Department

Mr Kenichi Matsumoto, Director, Public Markets, Investment Department

Mr Tak Adachi, Commissioner – Japan, Trade & Investment Queensland





Corporation


Meeting summary The Government Pension Investment Fund (GPIF) is an incorporated

administrative agency established by the Japanese government. It is also is

the second largest pool of retirement savings in the world and the largest in

Asia*.(*Source: Sovereign Wealth Fund Institute ranking March 2015)



State-wide Queensland Infrastructure Plan and opportunities for

private sector investment in Queensland




QTC Fixed Income Distribution Group update (Tokyo)



Hiroyuki Takahara Head of Rates Sales Japan ANZ Bank Japan

Ayumi Kinney Rates Sales

Australia and New Zealand

Banking Group Limited

Takamasa Koba Associate BNP Paribas

Nana Sato Vice President

BNP Paribas Securities Japan

Limited

James Arnold Director - Syndicate Citi

Issei Kubota International Fixed-Income Sales Citigroup Global Markets Japan

Page 18

Kimiko Nakayama Vice President Deutsche Bank

Shinichi Inagaki Head of Non-Yen Fixed Income

Sales, Japan JP Morgan Securities, Japan

Shotaro Nakata Vice President Merrill Lynch Japan Securities

Takaomi Tahara Senior Officer, International

Syndicate Nomura Securities Co., Ltd.

Motoki Koike Associate Nomura Securities Co., Ltd.

Hidetoshi Hikawa Managing Director RBC Capital Markets (Japan) Ltd.

Tak Adachi Commissioner - Japan Trade & Investment Queensland

Japan Office

Tsuyoshi Iida Executive Director UBS Securities Japan Co., Ltd

Meeting summary





(QTC does not deal directly with investors) and therefore it is important

they have a strong understanding of QTC’s funding programs and

strategies, as well as Queensland’s economic and fiscal position and

outlook.



Global market conditions, including currency and commodities

Opportunities for investment growth in Queensland – tourism,

agriculture, LNG




Page 19

QTC investor group forum (Tokyo)



Shinya Yamasaki Head of Non-Yen rates sales Citi (Host)

Issei Kubota AUD specialist sales Citi

James Arnold Director AUD Syndicate Citi

Takemiya Makoto Fund Manager Mitsui Life

Naganuma Shinobu Fund Manager Meiji Yasuda AM

Mitsui Takaya Senior Fund Manager Daiwa AM

Ishide Yoshisada Fund Manager Daiwa SBI

Kuriyama Takahiro Fund manager Daiichi Life

Hak Pheara Fund Manager DIAM

Tanaka Hikaru Fund manager Mizuho AM

Yoshinaga Kayo Fund Manager Mitsubishi UFJ Kokusai AM

Hashikawa Jun Fund Manager Nippon Life

Hanashima Tomoaki Senior Portfolio Manager NN Investment Partners

Fan Jiang Assistant Manager Asahi Life

Ozaki Mayumi Fund Manager BNP AM

Wada Ibuki Fund Manager MU Investments

Takei Akira

Manager of Foreign Bond

investment Mizuho AM

Meeting summary

Citi, as a member of QTC’s Fixed Income Distribution Group, hosted a

group of fixed income investors to learn about opportunities for investing in

Queensland Treasury Corporation’s portfolio.





agriculture, LNG




Page 20

Thursday 3 September (Seoul)

Trade and Investment Queensland – business breakfast



Daniel Kim Commissioner Trade & Investment Queensland

Jung-Hee Kwon Business Development Manager Trade & Investment Queensland

Charley Hyun Business Development Manager Trade & Investment Queensland

Bill Paterson Australian Ambassador to Korea Australian Embassy Seoul

Paul Schofield Counsellor (Economic) Australian Embassy Seoul

Brett Cooper Senior Trade Commissioner Austrade

Soo-Hyun Kim Director CJ Cheil Jedang

Han-Seung Song Director Daelim Energy

Il-Joo Kim Vice President

Daewoo Engineering &

Construction

Yeon-Seop Jung Senior Manager

Daewoo Engineering &

Construction

Graham Dodds

President & Lead Country Manager

(Korea) ExxonMobil Korea

Jason Lee Vice President GS E&R

Jee-Hoon Kim General Manager GS Engineering & Construction

Ellie Yang Assistant Manager GS Engineering & Construction

Jay Han CEO Ingeus

Chang-Ha Lee Deputy General Manager KDB Bank

Joseph (YJ) Son Deputy Director KDB Daewoo Securities

Eun-Joo Yang Director

KEXIM (Korea Export Import

Bank)

Choong-Ho Je Vice President KOGAS

Ki-Deok Park Managing Director Korea Zinc

Aron Zo Managing Director KTB Private Equity

Ji-Hoon Yoo Manager LG International

Byung-Soo Kim Team Head Lotte International

Se-ryon Kim Manager Lotte International

Page 21

Sang-Hun Lee Director Mirae Asset Management

Edward Kim Senior Partner Samjong KPMG

Chang-Ho Lee

Chief of Business Development

Team Samtan

Gordon Lee Manager Samtan

Jong-Chun Kim General Manager Seoul City Gas

Chul-Wook Lee General Manager SK Networks

Yoon Lee Associate Director Westpac Banking Corporation

Jung-Hoon Park Team Leader Woori Bank

Sung-Min Ahn Manager Woori Bank

Meeting summary

This Trade and Investment Queensland function provided an opportunity to

promote Queensland as an ideal investment destination and outline the

Palaszczuk Government’s commitment in attracting business investment

into the state, including its plan to expand Queensland’s economic base by

supporting the growth in knowledge based industries.

The objective of the function was to help secure the ongoing support from

Korean companies who have already invested in Queensland and identify

new areas for collaboration, as well as to generate interest from Korean

companies that do not yet have investments or a presence in Queensland,

increase trade and attract new investment


Presentation from the Treasurer on Queensland’s fiscal and

economic outlook and opportunities for investment growth in

Queensland, in particular:

o Advance Queensland and the knowledge-intensive

industries of the future

o Queensland’s commitment to deliver new infrastructure,

through the State-wide Infrastructure Plan and Building

Queensland

o Exciting new developments, including the Queens Wharf

integrated resort development and Herston Quarter

project

o Potential for more partnerships through the Market-Led

Proposals initiative

Page 22

QTC investor meeting – Bank of Korea

Attendees

Mr. Tae Hyun Kim, AUD Portfolio Manager

Mr Yoon Lee, Associate Director, Westpac Banking Corporation

Kwang Suk Park, Head, Global Treasuries Portfolio Team, Reserve

Management Group

Taehyun Kim, Portfolio Manager, Global Rates & SSAs, Reserve

Management Group

Kyunghoon Yoo, Senior Manager, Global Treasuries Portfolio Team,

Reserve Investment Division The Hon Curtis Pitt MP, Treasurer of

Queensland



Corporation


Meeting summary

The Bank of Korea is the central bank of South Korea and QTC has had a

relationship with BOK for more than a decade.





agriculture, LNG




Page 23

QTC investor meeting – Korea Investment Corporation

Attendees Mr Hank Ahn, Chairman and CEO

Andrew Kim, Managing Director, Fixed Income

Ms Yeonji Kim, AUD Portfolio Manager

Mr Taehwan Lee, AUD Portfolio Manager

Mr Vince Lee, AUD Portfolio Manager




Corporation


Meeting summary

KIC was established in 2005 under the Korea Investment Corporation Act

to enhance sovereign wealth and contribute to the development of the

financial industry in Korea by efficiently managing assets entrusted by the

Government and the Bank of Korea. It manages assets entrusted by the

Government, the Bank of Korea and other public funds.




Opportunities associated with the Northern Australia White Paper

and Advance Queensland initiative




It was noted that Queensland Investment Corporation (QIC) and

KIC have a strong relationship and that the Memorandum of

Understanding between both Corporations will continue. This will

include an ongoing exchange of staff and the ability to consider

co-investment between QIC and KIC when in each other’s mutual

interest.

Page 24

QTC investor meeting – National Pension Service

Attendees Mr. Hosun Lee, Senior Portfolio Manager

Yoon Lee, Associate Director at Westpac Banking Corporation




Corporation


Meeting summary

National Pension Service (NPS) was established in 1987, pursuant to the

National Pension Act. NPS invests to secure the finances necessary for the

implementation of the National Pension Scheme and to accordingly make

payments of pension benefits.






Page 25

Friday 4 September (Hong Kong)

Trade and Investment Queensland – business breakfast

Attendees

Ms. Janaline Oh, Deputy Consul-General, Australian Consulate-General

Hong Kong and Macau

Mr James R.F. Shipton, Executive Director, Securities and Futures

Commission

Mr. Drew Waters, Chief Executive, The Australian Chamber of Commerce

Hong Kong and Macau

Mr. David Thorn, Global Head of Consumer Sectors and Head of

Institutional Banking, Asia, National Australia Bank Limited

Mr. Michael Ball, Global Head of Healthcare (Institutional Banking),

National Australia Bank Limited

Mr. Patrick Vizzone, Regional Head of Food and Agribusiness, Asia,


Ms. Eliza Lin, Head of Institutional Fixed Income Sales, Asia, National

Australia Bank Limited

Mr. Joshua Sife, Associate Director, Debt Syndicate and Origination, Asia,


Mrs. Ayesha Lau, Partner in Charge, Tax Services, KPMG

Mr. Julian Vella, AsPac Regional Head - Global Infrastructure, KPMG

Mr. Sebastian Leotta, Director, Private Equity, KPMG

Mr. Michael Camerlengo, Senior Manager, Deal Advisory, KPMG

Mr. Ramsey Yu, Manager, Deal Advisory, KPMG

Mr. Kenneth Chen, Divisional President - Greater China / Founding Partner

CPA Australia / Zhonglei Specialish Advisory Services

Mr. Jeffrey Chan, Divisional Deputy President - Greater China / Finance

Director CPA Australia / Triumph International Services

Mr. Bernard Poon, Divisional Councillor - Greater China, CPA Australia

Mr. Albert Yip, Chairperson of Financial Services Committee, CPA

Australia

Mr. Ronald Yam, Divisional Councillor – Greater China, CPA Australia

Ms. Joanna D'Ettorre Leung, Director, ACE Study Abroad HK

Mr. David Richards, Senior Banker, ANZ

Ms. Min Yeung, Chairman, ASF Group

Mr. Thomas So, Managing Director, ASF Group

Mr. Andrew Steadson, Immediate Past Chairman / Executive Chairman,

Australia Chamber of Commerce Hong Kong and Macau / MadePartners

Limited

Mr. Ian Robinson, Co-Founder / Director, Australia Chamber of Commerce

Hong Kong and Macau / Robinson Management Limited

Ms. Amy Cheng, Managing Director - Executive Head of Global Coverage

& Vice-Chair of Investment Banking Division, Bank of China International

(BOCI)

Page 26

Mr. Caius Ng, Deputy Managing Director & Head of Taxation, Finance

Division, China Construction Bank International (CCBI)

Mr. Justine Woo, Associate Director, China Construction Bank

International (CCBI)

Ms. Michelle Ho, Manager, China Construction Bank International (CCBI)

Mr. Conrad Cheng, Investment Director, Chow Tai Fook Enterprises

Limited

Mr Sam Fagan, Director of International Operations Asia, Commonwealth

Bank

Ms. Flora Mok, Senior Tax Manager, Deloitte Touche Tohmatsu

Mr. Chris Hoong, Managing Director, Far East Consortium International

Group

Mr. Gavin Norris, Director, FDI Limited

Mr. Rahul Goel, Vice President - Projects & Planning, General Nice

Resources (HK) Group

Mr. Freddy Yip, Chairman, Goldjoy Holidays (Hong Kong) Group

Ms. Kwang Sok Inn, Consultant, Hastings & Co.

Mr. Kwang Theng Kian, Consultant, Hastings & Co.

Mr. Alan Dashwood, Principal, Heidrick & Struggles

Mr. Apollo Ng, President, Hong Kong Racehorse Owners Association

Ms. Nixie Lam, Tsuen Wan District Councillor / Past President, Hong Kong

Tsuen Wan District Council / University of Queensland Alumni Association

- Hong Kong

Mr. John Davison, Partner, Kao Lee & Yip

Mr. Steven Yip, Senior Partner, Minter Ellison

Mr. Terry Wong, General Manager, Corporate Finance & Development,

MTR Corporation Limited

Mr. Michael Madigan, Company Secretary, OBE Organic

Mr. Brosnan Gai, Project Manager, Pacific Risk Ltd

Mrs. Lynette Tiong, Director, RH Mining Resources Ltd / Port Guald

Mr. Eugene Leung, Vice President (Investment), Sino Group

Prof. Allen Wong, Vice President - Global / Founding President & Chief

Executive – Greater China,The Institute of Certified Management

Accountants

Ms. Shirley Kwan, Marketing Manager Hong Kong & Southern China,

Tourism & Events Queensland

Ms. Isabella Zarb, Director,Trade Cord International

Mr. Joseph Kwan, Managing Director, UDA Consultants Limited

Mr. Benjamin Wong, Vice President - Projects & Planning, Wells Fargo

Mr. Michael Kang, Director – DCM, Westpac Banking Corporation

Meeting summary







Hong Kong companies who have already invested in Queensland and

Page 27

identify new areas for collaboration, as well as to generate interest from

Hong Kong companies that do not yet have investments or a presence in

Queensland, increase trade and attract new investment









Queensland



project



o Opportunities for trade and investment between

Queensland and Hong Kong in the particular fields of

premium food and beverage, agriculture, tourism and

property development.

Page 28

QTC Fixed Income Distribution Group update (Hong Kong)



Richard Cheng HK Investor Sales ANZ

Kaipin Shan Vice President, FICC Sales Bank of America Merrill Lynch

Anan Shi Director BNP Paribas Hong Kong Branch

Phoebe Hung Fixed Income Sales Citibank

Choon Lang Tan Vice President Citibank

Stephenni Xie Director Citigroup Global Markets Asia Ltd

Eliza Lin Head of Institutional Fixed Income

Sales, Asia National Australia Bank Limited

Andrew Loo Managing Director Nomura International (HK) Ltd.

Desmond Fennell Director, Debt Capital Markets RBC Capital Markets

Tim Wade Vice President Royal Bank of Canada

Angela To Queensland Trade and Investment

Commissioner

TIQ - Queensland Government

Office Hong Kong & Macau

Anson Ko Associate Director UBS

Meeting summary








outlook.







Page 29

QTC investor meeting – MetLife

Attendees Mr. David Richter, Director, MetLife



Mr Gerard Bradley, Chairman, Queensland Treasury Corporation


Corporation


Meeting summary

MetLife is a leading global provider of insurance, annuities and employee

benefit programs, serving 90 million customers in over 50 countries.

Through its subsidiaries and affiliates, MetLife holds leading market

positions in the United States, Japan, Latin America, Asia Pacific, Europe

and the Middle East. MetLife has been providing life insurance for 140

years.







Trade and Investment Queensland meeting – Consul General

Attendees Mr. Paul Tighe, Consul-General for Hong Kong and Macau

Ms Yvonne Chan, Deputy Consul General and Senior Trade Commissioner

Ms Angela To, Trade and Investment Queensland Commissioner–Hong

Kong




Meeting summary


Opportunities for trade growth in high-end Queensland products

such as organic beef and seafood, as well as tourism and

education exports and property development

Importance of marketing Queensland successfully within the

context of Australia and promoting strengths in natural attractions,

tropical products and tropical expertise

Opportunities associated with Northern Australia White Paper

Opportunities associated with the Integrated Resort Development

initiative

Page 30

Dinner with Bank of America Merrill Lynch

Attendees Ms Adrienne Bloom, Managing Director

Financial Institutions, Bank of America Merrill Lynch, Australia

Ms Helen Li, Director Resources, Asia, Bank of America Merrill Lynch,

Hong Kong

Alex To, Managing Director, Head of Infrastructure, Power & Utilities, Asia

Bank of America Merrill Lynch, Hong Kong




Corporation


Meeting summary



Change of Government and the Debt Action Plan





Page 31

Monday 7 September (London)

Trade and Investment Queensland – meeting with KPMG

Attendees Dr Said Hirsh, Associate Director, Deal Advisory, Infrastructure

Mr Ken Smith, Queensland Agent General



Meeting summary

Meeting was an opportunity to discuss the operations of the UK City Deals

and impact on various regions outside London following a meeting in

London with the Deputy Premier of Queensland, the Honourable Jackie

Trad MP, on 26 June 2015.


Roles of Treasury and local authorities in financing and economic

assessment of infrastructure priorities at a regional and local level.

The benefits of City Deals in prioritising infrastructure in local and

regional areas to maximise economic benefit from government

investment.

TIQ meeting with UK Trade & Investment – Sirius Program and

Innovate UK

Attendees Mrs Paola Cuneo, Sirius Campaign Director

Mr Matthew Toombs, Deputy Director - Corporate Finance, Business,

Innovation & Skills – HM Treasury

Mr Harry Robinson, HM Treasury




Meeting summary

Meeting was an opportunity to understand policy framework, objectives,

funding models and future plans for the UK Sirius and Catapult programs

and explore synergies and relevance to the Queensland Government’s

Advance Queensland policy.

Page 32


UK Trade and Investment (UKTI) ‘Sirius’ program –

o Sirius aims to attract the brightest and best student and

recent graduate entrepreneurs to set up their businesses

in the UK. Individuals with an early idea or an

established business plan can apply to this programme.

o Sirius is a two year programme and it supports global

graduate talent by helping young people from around the

world develop and make their business ideas a reality in

the UK.

o The programme is for recent graduates or final year

university students that have followed BA/BSc level,

Master or Research degree programmes.

o The successful graduates receive a £12 000 financial

contribution, a place in one of the best business

accelerator programmes, mentoring as well as support to

gain clients and funding. Winners also gain expertise

through working in a great ecosystem and interacting

with other entrepreneurs as well as investors and

mentors.

Innovate UK ‘Catapult’ program –

o Catapult was established 5 years ago to provide

institutional support for new technologies, align

businesses with research strengths and capitalise on

future industry trends.

o It is a ‘challenge-led’ proposition – gives industry an

opportunity to solve major challenges via partnerships.

o There are ‘clusters’ of Catapults based on identified

priority areas – i.e. Advanced Medicines, Future Cities,

High Value Manufacturing, Digital, Cell Therapy. There is

a separate ‘FinTech’ program @ Canary Wharf which

also provides government incentives for growth of

technology associated with financial services sector.

o Each Catapult is based in a different regional centre

o In some cases Catapults provide assistance for diffusing

proven new technologies. This provides the base tech for

SMEs to realise competitive advantage

Page 33

Trade and Investment Queensland – lunch reception

Attendees

Mr Aldo Pennini, Chief of Staff, AngloAmerican

Mr Matthew Cameron, Institutional Banking, ANZ Bank

Mr Hans Holmen, Principal Consultant, Infrastructure and Private Equity,

AON

Ms Catherine Batterby, Managing Director, Australian Business

Mr Andrew Todd, Deputy High Commissioner, Australian High Commission

Brigadier, Bill Sowry CSC, Head, Australian Defence Staff and Defence

Advisor UK, Australian High Commission

Mr Nick Allen, Group Executive and Chief Executive Non-Ferrous

BHP Billiton

Mr Julius Brookman, Family Law Solicitor, Brookman Lawyers

Mr James Swinburn, Director, Infrastructure, CBA

Mr David Hunter, Partner, First Avenue Partners

Mr John Pryce, CEO - IDF Beverages, Indo Direct Foods

Mr Michael Dinham, Managing Director, ING - Infrastructure Finance

Mr Scott Lucas, Executive Director, J.P Morgan

Mr Said Hirsh, Associate Director, KPMG LLP

Mr Matthew Custance, Partner, Corporate Finance, KPMG LLP

Mr Rob Mudie, Client Service Director, Literacy Planet

Mr Dhaval Gore, Head of Asia Pacific Established markets

London and Partners

Mr Adam Cramp, Commercial Banking Representative, Metro Bank

Ms Nicola Hooper, Divisional Director - Transport Management

Consultancy, Mott MacDonald,

Mr Nick Woolfitt, Director, NAB

Mr, Huw Williams, Partner, Oury Clark

Mr Andrew Dell, Managing Consultant, Pcubed (MEI Book)

Mrs Leanne Kemp, CEO, Phenix Jewellery

Mr Eric Jelinek, Regional General Manager, Qantas Airways Limited

Mr Scott Cornfoot, Director, Client and Consultant Relationships

QIC European Investment Services Ltd

Ms Rachel Fisher, Fixed Income Team, QIC European Investment

Services Ltd

Ms Cathi Taylor, Trustee, Royal Flying Doctors

Mr Francesco Norante, Business Development Manager, Selex ES

Mr Andrew Dempster, Executive Manager, International Investor Relations

Suncorp Group

Ms Jane Nicholson, International Director, UK, Ireland & Nordic Region

Tourism and Events Queensland

Mr Ken Smith, Agent General for Queensland, Trade and Investment

Queensland

Page 34

Mr Warren Bartlett, Deputy Trade and Investment Commissioner

Trade and Investment Queensland

Ms Pauline Shearman, Business Development Manager, Trade and

Investment Queensland

Ms Cindy Callander, Business Development Officer, Trade and Investment

Queensland

Mr Jacob Broman-Minish, Trainee, Trade and Investment Queensland

Ms Lauren-Lee, London Office Manager, Trade and Investment

Queensland

Ms Krystel Hewett, Accounts Officer, Trade and Investment Queensland

Ms Nicole Bisson, Global Business Development Manager, Turner &

Townsend

Mrs Paola Cuneo, Sirisu Campaign Director, UKTI

Mr Chris Bannister, General Manager, Europe and America

Westpac

Mr John Dawson AM, Former Agent General Queensland

The Hon Ros Kelly AO, Former Federal Cabinet Member and Board

Member

Ms Rhian Evans, Director, Ninja Hub

Mr Ben Russell, Ninja Hub

Meeting summary







UK companies who have already invested in Queensland and identify new

areas for collaboration, as well as to generate interest from UK companies

that do not yet have investments or a presence in Queensland, increase

trade and attract new investment









Queensland



project



Page 35

Meeting with Centre for Social Impact Bonds, UK Cabinet

Attendees Tamsyn Roberts, Head of the Centre for Social Impact Bonds, UK Cabinet




Meeting Summary The Centre for Social Impact Bonds is a team within the Cabinet Office that

promotes the development of more and better SIBs.

Following the announcement of the Queensland Government’s initiative to

pilot social benefit bonds, this meeting enabled the Treasurer to

understand the lessons learned from the UK experience.

The Centre spoke about the challenges and opportunities in the

development of this type of investment vehicle.

QTC Fixed Income Distribution Group update (London)

Attendee list

As at 4 September 2015


David Ryan Senior Dealer, Capital Markets ANZ

Paul Johnson Co-Head, Syndicate, Europe, Debt

Syndicate ANZ

Adam Mayne Rates Trader ANZ

Ben Stewart BAML

Anis Younes AUD Rates Product Manager in Europe BNP Paribas

David Starke FICC Sales BofA Merrill Lynch

Kevin Atwill Head FI Sales Europe & Americas CBA

Jon Hale Head High Grade Bonds Europe &

Americas CBA

Russell Harris Global Head of High Grade Trading CBA

Maggie Liao Rates Sales Citi

Shane Dallmann Director Fixed Income Trading Citi

Alistair Holland Director Deutsche Bank

Lorimer Director -

Rates

Trading

National Australia Bank

James

Paolo Giambrone AUD and NZD Rates Trader JP Morgan

Jeffrey Johnson AUD Bond Trading Nomura

Page 36

Ricky Dhanoa AUD Trader RBC

Hill Director,

Fixed

Income

sales

National Australia Bank

Richard

Ken Smith Agent General for Queensland Trade and Investment

Queensland

Paul Pickering UBS

Chandos Fleming

Smith

Director, Bond Trading

Westpac

Jodie Tilley Institutional Sales Westpac Institutional Bank

Meeting summary








outlook.







Page 37

Tuesday 8 September (London)

Rating agency meeting Moody’s Investor Services

Attendees David Rubinoff, Global Head of Sub Sovereign

Roshana Arasaratnam, Vice President Senior Credit Officer at Moody's

Investors Service



Mr Gerard Bradley, Chairman, Queensland Treasury Corporation


Corporation


Meeting summary

Moody's is an essential component of the global capital markets, providing

credit ratings, research, tools and analysis that contribute to transparent

and integrated financial markets.


Queensland’s fiscal and economic outlook and in particular the

Debt Action Plan delivered in the 2015-16 Budget

Queensland’s enhanced fiscal principles and ongoing commitment

to 100% fully funded long-term liabilities


Page 38

QTC – investor group update

Attendee list As at 4 September 2015


David Starke AUD/NZD FICC Sales BofA Merrill Lynch (host)

Ben Stewart Director, DCM BofA Merrill Lynch

Matthew Squires AUD/NZD Swaps/Bond Trader BofA Merrill Lynch

Andrew Murray DCM CBA

Patrick Moore Syndicate CBA

Jonathan Hale High Grade Trading CBA

Kevin Atwill

Head of FI Sales, Europe &

Americas CBA (host)

Russell Harris Head of High Grade Trading CBA

Tammay Nguyen FI Sales CBA

Peter Johnson Portfolio Manager Chubb Investment Services

Hassan Behbehani Portfolio Manager Kuwait Investment Office

Simon Bell Portfolio Manager

Legal and General Investment

Management

Joshua Gordon-Carr Senior Manager Macquarie Bank

Nan Wu Portfolio Manager Nomura Asset Management

Niall Moten Portfolio Manager QBE Management

Halvor Wood Portfolio Manager Swisscanto

Meeting summary

Bank of America Merrill Lynch and the Commonwealth Bank of Australia,

as members of QTC’s Fixed Income Distribution Group, jointly hosted a

group of fixed income investors to learn about opportunities for investing in

Queensland Treasury Corporation’s portfolio.







Page 39

Wednesday 9 September (New York)

Meeting with Forest City Commercial Group

Attendees Mr Bill Ross, Executive Vice President, Asset Management, Forest City





Corporation


Meeting summary

Forest City and Queensland Investment Corporation’s strategic real estate

partner in the United States and focus on partnerships with QIC to deliver

retails malls across the United States that have a high return on

investment.


QIC relation and potential for future expansion

Strong growth prospects in retail malls across second tier US

cities

Future opportunities to improve value proposition through

technology improvements

Meeting with Ziff Brothers Investments

Attendees Mr Robert Ziff, Co-Chairman, Ziff Brothers Investments





Corporation


Meeting summary

New York-based Ziff Brothers Investments is the owner of Queensland

Energy Resources (QER). QER holds exploration and mining tenements in

Queensland including the Stuart Oil Shale project and other oil shale

deposits including the McFarlane deposit near Proserpine.


Asian market conditions, including currency and commodities

History of QER

Future opportunities to deliver science-based, viable projects

using the right technology

Page 40

Meeting with Accomplice (formerly Atlas Venture)

Attendees Mr Jeff Fagnan, Founder, Accomplice

Mr Ryan Moore, Partner, Accomplice





Corporation


Meeting summary Accomplice is an early-stage venture capital firm that invests

in technology startup companies. Queensland Investment Corporation has

an existing relationship with Accomplice.

The meeting was an opportunity to learn more about how the micro/seed

landscape is developing and the role of venture capital in regard to the

Business Development Fund that QIC will manage on behalf of

Government under the Advance Queensland initiative.

https://en.wikipedia.org/wiki/Venture_capital

https://en.wikipedia.org/wiki/Technology

https://en.wikipedia.org/wiki/Startup_company

Page 41

Meeting with Blackrock

Attendees Rick Rieder, Managing Director, Chief Investment Officer of Fundamental

Fixed Income





Corporation


Meeting summary BlackRock, Inc. is a publicly owned investment manager. The firm primarily

provides its services to institutional, intermediary, and individual investors.

It also manages accounts for corporate, public, union and industry pension

plans, insurance companies, third-party mutual funds, endowments,

foundations, charities, corporations, official institutions, and banks.


Queensland’s fiscal and economic outlook, including strongest

forecast growth in the nation in 2015-16

Infrastructure and Market-Led Proposals





Page 42

QTC Fixed Income Distribution Group update (New York)



Ann Varalli Senior Vice President ANZ Securities, Inc

Grant England Director ANZ Securities, Inc.

Morgan Griffiths Vice President ANZ

Jennifer Liu Vice President BNP Paribas

Sabina Veksler Vice President BNP Paribas

David Murray Director, Fixed Income Sales CBA

Eric Bouchard Director, Fixed Income Sales CBA

Honor McFadyen Managing Director Deutsche Bank

James Fleming Vice President Deutsche Bank

Sarah Finn AUD NZD Fixed Income Sponsor J.P. Morgan

Mat Dennis Director NAB New York

Meeting summary QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic







outlook.







Page 43

Thursday 10 September (New York)

Rating agency meeting Standard & Poor’s

Attendees

Dominic Crawley, Executive Managing Director, Financial Services,

Sovereigns and International Public Finance Ratings

Jayan Dhru, Executive Managing Director Corporate & Infrastructure

Ratings

Roberto Sifon-Arevalo, Managing Director, Sovereign and International

Public Finance Ratings





Corporation


Meeting summary With 26 offices around the world and a history that dates back more than

150 years, Standard & Poor's Ratings Services provides high-quality

market intelligence in the form of credit ratings, research, and thought

leadership.


Queensland’s fiscal and economic outlook and in particular the

Debt Action Plan delivered in the 2015-16 Budget

Queensland’s enhanced fiscal principles and ongoing commitment

to 100% fully funded long-term liabilities


Page 44

QTC investor group update



Honor McFadyen Managing Director, ICG Deutsche Bank. (Host)

John Kenyon Deutsche Bank

Structuring

Deutsche Bank

Gary Beyer Deutsche Bank

Relationship

Management

Deutsche Bank

James Fleming Deutsche Bank Debt

Capital Markets

Deutsche Bank

Yvette Klevan Managing Director and

Portfolio Manager

Lazard Asset Management

Asaf Gola Senior Trader Argonaut Capital Management

Lynn Chen Head of Core Plus Aberdeen Asset Management

Scott Mitchell

Portfolio Manager NAB Treasury

Stewart Tim Fortress Investment Group

Jessica Zarzycki TIAA

Meeting summary Deutsche Bank, as a member of QTC’s Fixed Income Distribution Group,

hosted a group of fixed income investors to learn about opportunities for

investing in Queensland Treasury Corporation’s portfolio.







Documents

Queensland Treasury Corporation Annual Investor …Page 1 Report to Parliament Queensland Treasury Corporation Annual Investor Roadshow 30 August – 10 September 2015 The Honourable