Fundamental Equity Analysis - NZX 50 Index of the top 50 companies - New Zealand Exchange by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations NZX 50 Index The New Zealand Exchange 50 Gross Index is a modified market capitalization weighted index. This index consists of the top 50 companies by free float adjusted market capitalization that are listed on the New Zealand Exchange.

September 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15145788

2013.182

1117

203

220

104.18

110.45

15.87

14.97

18.56

Euro Stoxx 50 Pr

EUR

2744155

5716.706

4623

753

780

222.37

295.72

21.72

19.08

16.33

20.91

NIKKEI 225

JPY

2714150

192.9293

195

6.04

7.97

0.23

0.18

0.11

FTSE 100 INDEX

GBP

2804877

32183.27

11159

1938

2633

531.15

805.13

30.03

22.77

19.81

27.69

SWISS MARKET INDEX

CHF

1065719

10927.68

4135

936

850

441.18

559.04

20.40

17.37

16.10

23.63

S&P/TSX COMPOSITE INDEX

CAD

1649440

17200.25

7296

1819

1934

719.71

797.38

16.13

14.56

23.82

S&P/ASX 200 INDEX

AUD

1296356

6254.839

2636

529

673

206.48

315.52

20.82

22.91

13.63

19.33

HANG SENG INDEX

HKD

1725755

3209.477

1662

369

391

281.28

269.79

1.34

1.44

1.39

2.94

MSCI EM

USD

7023096

1306.372

964

186

175

85.07

86.75

11.02

1.29

10.81

19.22

FLETCHER BUILDING LTD

NZD

5095

4519

686

6.52

6721

7306

7789

601

0.37

0.38

0.43

0.53

15.60

13.50

11.02

2.75

1.05

-1.28

7.06

TELECOM CORP OF NEW ZEALAND

NZD

3162

12440

1817

3.84

3149

3173

3116

690

813

0.14

0.10

0.14

13.36

9.57

9.78

9.51

-6.43

-3.59

-14.50

-10.18

17.30

A-

11.11.2011

17.02.2009

RYMAN HEALTHCARE LTD

NZD

2670

449

498

2.85

142

220

252

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

4.10

336

374

393

259

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

2.12

683

720

748

264

290

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

2.18

678

711

777

232

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

1.68

400

511

554

135

0.11

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

4.04

1976

1997

2078

466

461

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

1.52

107

144

160

105

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

3.35

1066

1205

1231

367

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

3.15

1873

1846

2014

399

382

424

0.12

0.09

0.13

16.96

16.83

11.67

6.43

0.69

7.71

16.11

XERO LTD

NZD

1672

128

115

1.61

-9

-14

-0.10

-0.11

-0.17

-0.12

80.11

-52.54

-22.26

CHORUS LTD

NZD

909

1111

389

2.28

825

838

823

526

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

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

1.53

157

115

123

102

0.07

0.08

0.05

8.42

14.51

13.63

-3.39

1.88

-7.62

0.98

47.93

GOODMAN PROPERTY TRUST

NZD

985

277

1202

1.54

119

107

113

0.05

0.06

10.75

10.34

2.83

3.24

1.84

2.59

55.23

BBB

04.11.2009

PORT OF TAURANGA LTD

NZD

1566

134

1.69

193

214

229

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

1.22

1438

3680

3740

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

1.01

1487

1554

1671

102

108

115

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

1.16

101

104

0.12

0.05

5.00

15.06

12.94

12.73

2.68

1.77

48.64

ARGOSY PROPERTY LTD

NZD

592

824

688

0.85

0.06

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

17.36

15601

15054

15878

17616

1133

1235

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

0.26

823

832

874

900

0.01

16.27

12.65

-1.19

-3.41

-69.84

-25.13

VECTOR LTD

NZD

2122

3.94

1009

982

994

500

511

455

0.16

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

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

154

0.64

320

336

354

0.18

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

198

0.66

1314

1359

1433

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

0.54

274

289

305

337

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

0.52

0.10

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

0.56

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

0.56

0.14

0.07

6.97

7.01

13.60

-1.12

20.48

-0.28

16.35

62.05

DILIGENT BOARD MEMBER SVCS

NZD

350

254

0.25

0.06

0.07

0.13

47.06

37.02

20.59

113.19

628.74

23.96

AIR NEW ZEALAND LTD

NZD

1232

377

1095

1.61

3456

3752

3910

574

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

19.06.2008

A2 CORP LTD

NZD

380

178

559

0.36

0.01

84.63

40.24

METLIFECARE LTD

NZD

531

207

0.65

102

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

0.59

0.09

0.07

9.52

12.52

21.30

18.35

59.48

TRUSTPOWER LTD

NZD

1749

314

2.47

629

631

692

233

235

0.32

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

0.14

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

1.69

179

120

0.02

0.07

33.93

7.54

7.30

53.23

BBB-

04.01.2011

WAREHOUSE GROUP LIMITED/THE

NZD

911

103

310

1.03

1367

1502

1782

2044

105

111

0.23

0.36

0.21

6.38

10.88

10.97

3.05

2.69

-8.27

-4.00

5.81

NZX LTD

NZD

254

294

254

0.25

0.03

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

0.56

304

345

399

426

114

148

0.08

0.10

12.70

10.16

-2.03

17.43

-9.50

52.94

33.89

SKELLERUP HOLDINGS LTD

NZD

242

193

0.24

149

156

165

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

0.22

247

256

272

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

0.22

310

325

350

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

383

0.44

433

456

495

0.08

0.09

10.48

10.16

9.38

5.88

5.68

4.27

8.67

AMP LTD

NZD

12548

18.21

13322

14736

5980

12547

0.23

0.25

12.49

11.55

166.16

TOWER LTD

NZD

289

269

0.15

333

234

0.12

0.03

0.13

0.11

34.07

8.57

9.77

21.47

-3.53

14.03.2007

HALLENSTEIN GLASSON HOLDINGS

NZD

220

0.20

170

176

174

183

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

0.19

237

231

227

235

0.05

0.04

0.05

0.07

14.64

12.75

9.31

2.46

-3.45

-15.42

-8.83

7.93

1000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-3.17

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

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

2.14

1.97

2.31

1.48

1.42

1.36

1.48

10.54

9.79

10.16

10.54

9.16

8.46

7.91

9.16

14.97

13.50

12.20

14.97

2.13

2.31

2.47

2.13

1843.0

11.5%

Euro Stoxx 50 Pr

1.22

1.16

1.09

1.22

0.79

0.77

0.74

0.79

6.18

5.67

5.13

6.18

7.33

6.92

6.54

7.33

12.36

10.97

9.85

12.35

4.14

4.37

4.72

4.14

3008.9

8.8%

NIKKEI 225

1.51

1.41

1.32

1.51

0.72

0.70

0.68

0.72

8.93

8.22

7.04

8.93

8.78

8.06

7.59

8.78

17.68

15.74

14.17

17.68

1.65

1.81

1.96

1.65

15109.2

7.4%

FTSE 100 INDEX

1.78

1.66

1.54

1.78

0.91

0.87

0.83

0.91

8.52

7.78

6.57

8.52

12.23

11.01

16.80

12.23

12.65

11.51

10.57

12.65

3.81

4.20

4.49

3.81

7055.0

8.5%

SWISS MARKET INDEX

2.41

2.24

2.08

2.41

2.04

1.95

1.86

2.04

12.79

11.51

10.28

12.79

12.86

11.91

11.11

12.86

15.08

13.66

12.41

15.08

3.26

3.64

4.12

3.26

8660.9

9.7%

S&P/TSX COMPOSITE INDEX

1.72

1.61

1.52

1.72

1.67

1.54

1.52

1.67

8.79

7.99

6.71

8.79

8.89

7.92

7.35

8.89

15.26

13.56

12.27

15.26

3.15

3.28

3.40

3.15

14254.9

11.7%

S&P/ASX 200 INDEX

1.88

1.78

1.70

1.88

1.78

1.68

1.61

1.78

10.73

9.85

9.23

10.73

9.29

8.45

7.89

9.29

14.90

13.52

12.45

14.90

4.59

4.89

5.27

4.59

5308.9

3.2%

HANG SENG INDEX

1.34

1.24

1.17

1.34

1.75

1.62

1.51

1.75

7.97

7.55

6.97

7.97

8.22

7.52

6.87

8.22

10.80

10.01

9.13

10.80

3.57

3.84

4.15

3.57

24916.5

10.3%

MSCI EM

1.35

1.23

1.04

1.35

0.97

0.91

0.85

0.97

6.99

6.35

5.32

6.99

7.48

6.78

6.26

7.48

10.81

9.67

8.84

10.81

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

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

12.05

12.39

7.44

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

1.61

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

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

3.43

3.27

3.68

0.2%

CONTACT ENERGY LTD

1.15

1.14

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

10.91

9.96

8.95

8.16

7.57

20.87

19.04

16.93

15.76

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%

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

78.35

24.35

0.00

1.60

2.44

14.60

INFRATIL LTD

1.47

1.40

1.33

0.60

0.55

0.51

XERO LTD

15.02

16.38

19.17

22.81

52.33

29.35

17.09

10.65

CHORUS LTD

1.71

1.62

1.46

1.29

1.25

1.10

1.09

1.10

1.15

2.37

2.36

2.56

2.74

2.79

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

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

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

13.80

17.31

15.53

14.79

14.12

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

EBOS GROUP LTD

4.02

3.79

3.40

6.78

0.89

0.31

0.22

0.21

17.37

15.54

14.41

13.85

25.96

9.87

9.47

7.00

MAINFREIGHT LTD

3.22

2.46

2.21

1.98

0.55

0.53

0.50

0.46

11.97

9.98

8.93

8.11

9.22

8.79

7.84

7.09

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

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

1.92

1.88

1.80

0.55

0.50

0.49

0.47

8.87

9.55

8.18

14.43

13.58

11.98

11.21

0.37

0.36

0.35

0.27

1.94

7.21

6.71

3.72

3.32

2.87

2.56

2.28

2.09

2.16

2.13

2.06

2.02

6.62

7.61

7.34

7.89

8.67

8.52

8.20

8.45

4.69

4.13

4.22

3.99

3.77

13.25

12.47

11.79

11.05

12.95

12.27

11.29

10.40

10.46

10.05

9.29

8.63

6.51

6.02

5.46

5.14

FONTERRA SHAREHOLDERS FUND

43.95

10.00

4.41

7.83

4.45

4.59

4.80

2.82

17.0%

14.60

-19.0%

7.18

7.75

9.08

10.57

8.78

7.80

7.77

3.08

3.9%

15.33

14.21

13.79

13.26

12.53

5.26

5.95

5.96

6.03

6.28

36.34

-0.2%

12.48

18.69

18.39

17.27

17.01

16.52

5.88

5.53

5.79

6.32

1.16

1.8%

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%

25.00

24.46

23.13

22.09

3.02

3.14

3.30

3.47

13.57

-8.3%

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%

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%

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%

14.55

14.77

16.84

15.74

14.33

6.15

6.25

1.01

5.1%

16.06

16.44

13.48

11.56

4.59

4.73

5.32

5.88

7.25

4.1%

10.69

20.61

16.03

11.10

8.24

2.08

2.43

9.36

0.65

14.0%

12.98

17.20

17.42

16.36

15.88

5.56

5.74

5.85

4.81

2.84

5.2%

13.62

12.86

12.28

11.66

11.06

4.90

5.35

5.66

5.95

6.31

35.30

2.9%

16.71

15.89

14.18

12.84

4.51

4.75

5.34

5.94

4.22

0.1%

4.74

11.31

10.26

9.14

8.42

7.90

6.56

6.94

7.50

8.13

3.34

4.4% -5.7%

GUINNESS PEAT GROUP PLC

0.85

0.93

0.86

0.80

VECTOR LTD

1.25

1.22

AUST AND NZ BANKING GROUP

1.97

1.89

1.78

1.69

FREIGHTWAYS LTD

3.63

3.36

3.16

2.96

1.59

1.52

1.45

1.38

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

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

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

17.14

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

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

16.70

15.73

5.56

5.62

5.74

9.58

5.29

3.97

3.19

2.57

45.38

32.11

18.55

13.25

27.62

17.17

9.45

6.69

4.95

50.91

46.90

26.09

18.55

13.47

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

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

16.24

16.05

15.86

15.51

14.98

14.43

14.39

13.89

16.05

15.86

15.51

15.68

5.80

5.94

6.01

6.09

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

5.99

6.27

3.70

4.08

4.61

18.89

17.71

21.79

20.73

30.36

7.18

6.71

6.24

4.94

13.44

9.56

9.25

8.43

7.48

5.58

7.33

8.26

9.19

1.60

16.03

47.25

10.84

0.98

0.97

0.96

16.70

10.44

6.96

0.88

0.82

0.77

0.72

0.34

0.33

0.31

0.30

METLIFECARE LTD

0.98

0.87

0.81

0.75

6.09

5.79

5.22

4.94

VITAL HEALTHCARE PROPERTY TR

1.36

1.33

1.32

1.29

8.18

7.88

7.86

7.61

TRUSTPOWER LTD

1.44

1.45

1.40

1.39

2.74

2.77

2.53

2.41

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

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

WAREHOUSE GROUP LIMITED/THE

3.95

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

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

OCEANAGOLD CORP

0.81

0.82

0.79

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

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

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

STEEL & TUBE HOLDINGS LTD

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

MICHAEL HILL INTL LTD

2.57

2.40

2.19

1.92

0.98

0.92

0.85

0.79

9.03

7.88

7.05

6.39

AMP LTD

1.84

1.76

1.74

1.69

1.75

1.81

0.86

0.82

TOWER LTD

0.96

0.70

0.69

6.78

24.29

11.75

11.28

4.28

4.20

4.10

1.26

1.20

1.15

4.57

3.68

3.09

0.62

0.60

0.58

DILIGENT BOARD MEMBER SVCS AIR NEW ZEALAND LTD

4.85

9.82

6.81

1.75

7.7%

6.90

30.4%

1.84

28.9%

4.00

25.0%

A2 CORP LTD

HALLENSTEIN GLASSON HOLDINGS PUMPKIN PATCH LTD

7.50

1.64

3.96 0.54

8.05

0.80

6.19

1.35

-1.8%

8.14

15.3%

2.35

1.00

18.2%

10.35

0.89

3.9%

6.87

3.88

4.6%

32.22

1.30

2.9%

2.56

20.6%

6.10

1.53

-3.5%

7.27

2.85

3.6%

6.49

7.37

2.69

-5.6% 13.4%

9.93

8.69

8.18

8.69

14.04

12.87

11.88

10.94

10.30

4.60

5.32

5.61

5.90

5.83

1.58

11.98

10.91

9.92

14.68

15.83

14.64

13.05

13.08

5.31

5.03

5.52

6.02

5.55

2.8%

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%

10.54

9.73

9.34

7.19

7.28

7.71

6.85

4.89

4.7%

9.13

6.18

5.53

0.00

1.52

3.62

7.71

1.12

6.7%

9.63

18.31 8.63

6.71

6.16

11.33

1.27

8.18

15.45

7.71

7.04

6.71

7.87

14.15

14.59

13.34

12.42

13.23

9.15

7.74

7.06

3.83

18.75

16.15

11.80

10.00

7.50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1.24

05.09.2013

Fletcher Building Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.01.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FBU NZ EQUITY YTD Change FBU NZ EQUITY YTD % CHANGE

06/2013 01/yy 9.52 6.47 4'518'613.00 9.41 -1.16% 45.44% 96.72% 686.1 6'456.17 1'899.00 0.0 35.0 123.00 8'267.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2009 7'103.0 0.75x 652.0 8.21x (46.0) -

10 9 8 7 6 5 4 3 2 1 0 s-12

30.06.2010 30.06.2011 6'799.0 7'416.0 0.87x 1.05x 699.0 729.0 8.43x 10.64x 272.0 283.0 17.48x 19.16x Profitability

30.06.2012 8'873.0 0.68x 752.0 7.98x 185.0 21.58x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2013 8'517.0 0.89x 762.0 9.97x 326.0 17.71x 762.00 542.00 6.36% 4.95% 4.47% 9.20% 8.11% 1.17% 25.5% 8.9% 6.4% 3.8% 1.89 0.97 26.74% 53.96% 6.90 4.55

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.61 1.77 681.00 51.86% 14.45% 1.771 12 2.500 3'630'452 2'195'640 2'091'653 FY+2

06/14 Y 06/15 Y 9'259 9'870 0.89x 0.83x 870.8 993.4 9.49x 8.32x 380.5 470.9 17.11x 13.96x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

FQ+1

FQ+2

5.18 3.60 2.33 2.49 54.0% 34.8% 1.17 3.70 52.86 80.15 60.33 72.68

Sales/Revenue/Turnover

14.00

10'000.0 9'000.0

12.00

8'000.0 7'000.0

10.00

6'000.0

8.00

5'000.0

6.00

4'000.0 3'000.0

4.00

2'000.0 2.00 0.00 02.07.2010

1'000.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Fletcher Building Ltd Holdings By:

All

Holder Name JP MORGAN CHASE BANK CAPITAL GROUP COMPAN INCOME FUND OF AMERI PERPETUAL LTD AMP LIMITED ACCIDENT COMPENSATIO SCHRODER INVESTMENT BLACKROCK VANGUARD RBC DEXIA INVESTOR S FORSYTH BARR LTD NORGES BANK FLETCHER BUILD SHARE FUNDHOST LIMITED SUMITOMO MITSUI ASSE ARGO INVESTMENTS LTD SMARTSHARES LIMITED DIMENSIONAL FUND ADV GRANTHAM MAYO VAN OT CREDIT SUISSE AG

Firm Name EVA Dimensions Morgan Stanley Forsyth Barr Deutsche Bank UBS JPMorgan Macquarie CIMB First NZ Capital Goldman Sachs

Portfolio Name n/a n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a ELEY GRIFFITHS GROUP Multiple Portfolios n/a SMARTENZ n/a Multiple Portfolios n/a

Analyst TIMOTHY STANISH JAMES RUTLEDGE ANDREW BOWLEY EMILY BEHNCKE DAVID LEITCH JASON HARLEY STEED STEPHEN HUDSON ANDREW G SCOTT KAR YUE YEO MATTHEW HENRY

Source Research ULT-AGG EXCH EXCH EXCH Research EXCH ULT-AGG ULT-AGG Co File Co File MF-AGG Co File MF-PART MF-AGG Co File MF-PART ULT-AGG MF-AGG ULT-AGG

Recommendation underweight Underwt/In-Line hold buy neutral underweight neutral neutral underperform neutral/neutral

Amt Held 93'603'360 42'945'596 34'239'000 34'075'038 33'917'697 23'276'176 17'534'762 12'911'610 9'708'477 8'737'528 6'908'612 6'564'436 2'679'775 2'183'847 2'115'457 1'350'701 1'319'002 1'148'721 1'095'030 1'038'694

% Out 13.64 6.26 4.99 4.97 4.94 3.39 2.56 1.88 1.42 1.27 1.01 0.96 0.39 0.32 0.31 0.2 0.19 0.17 0.16 0.15

Weighting

Change 1 1 3 5 3 1 3 3 1 3

D M D M M M M M D D

Latest Chg (7'545'000) (243'431) (412'082) (17'598'492) 9'032 265'981 (8'400) (13'761) 13'765 (28'827) (12'801)

Target Price #N/A N/A 8 9 10 9 7 8 9 9 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 11.07.2013 18.10.2012 02.09.2013 22.03.2013 21.06.2013 06.12.2012 03.09.2013 30.06.2013 31.07.2012 31.07.2012 31.12.2012 31.07.2012 30.06.2013 18.02.2013 31.07.2012 31.07.2013 30.04.2013 31.05.2012 31.05.2013

Date Not Provided 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Corporation Bank Government Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 08.02.2013

05.09.2013

Telecom Corp of New Zealand Ltd 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.

Price/Volume

30.0 M 25.0 M 20.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (13.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEL NZ EQUITY YTD Change TEL NZ EQUITY YTD % CHANGE

06/2013 12/yy 2.74 2.14 12'439'607.00 2.205 -19.53% 3.04% 13.33% 1'817.1 4'006.68 976.00 0.0 6.0 118.00 4'870.68

15.0 M

10.0 M

5.0 M

0 s-12

30.06.2010 30.06.2011 5'029.0 4'760.0 1.12x 1.37x 1'635.0 1'210.0 3.44x 5.37x 380.0 164.0 9.45x Profitability

LTM-4Q 30.06.2012 4'345.0 1.21x 1'072.0 4.92x 1'155.0 14.94x

30.06.2013 3'991.0 1.24x 875.0 5.66x 236.0 17.31x 875.00 336.00 8.42% 8.54% 6.59% 15.59% 11.00% 1.11% 21.9% 8.4% 5.9% 0.77 0.43 27.94% 69.37% 10.61 -

Price/ Cash Flow

12/yy 5'181.0 5.47x 1'630.0 4.25x 478.0 9.43x

n-12

d-12

j-13

f-13 m-13

LTM 12/yy 4'971.0 4.78x 1'620.0 3.79x 302.0 14.28x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

7.26 1.37 1'815.86 -2.63% 0.30% 1.366 12 2.833 4'531'451 5'786'588 6'662'912 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 03/13 Q3 06/13 Q4 4'021.1 3'948.3 1.22x 1.22x 1'030.5 1'037.1 4.73x 4.70x 328.0 337.1 12.39x 12.05x S&P Issuer Ratings

11.11.2011 ASTABLE 11.11.2011 A-2 14.11 7.84 0.98 1.12 69.4% 40.9% 1.11 2.79 34.39 -

Sales/Revenue/Turnover

6.00

6'000.0

5.00

5'000.0

4.00

4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 02.07.2010

o-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

35.0 M

3 2

Valuation Analysis

30.06.2009 5'340.0 1.40x 1'630.0 4.60x 398.0 12.41x

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Telecom Corp of New Zealand Ltd Holdings By:

All

Holder Name JP MORGAN CHASE BANK BLACKROCK AMP LTD SCHRODER INVESTMENT ACCIDENT COMPENSATIO BANK OF NEW YORK MEL NEW ZEALAND SUP FUND JP MORGAN VANGUARD HENDERSON GLOBAL INV FIL LIMITED INVESCO LTD ALLIANCE TRUST PLC/U GRANTHAM MAYO VAN OT LAZARD LTD NORGES BANK KEMPEN CAPITAL MANAG PRINCIPAL FINANCIAL ROBECO INVESTOR SERV UBS

Firm Name JPMorgan Deutsche Bank Forsyth Barr Macquarie Goldman Sachs UBS CIMB First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios HENDERSON FAR EAST I Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst PAUL BRUNKER ARIE DEKKER BLAIR GALPIN ANDREW LEVY ADRIAN ALLBON RICHARD EARY IAN MARTIN GREG MAIN ANDREW S ZAMFOTIS

Source Research ULT-AGG ULT-AGG EXCH Research MF-AGG Co File ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-PART MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation neutral hold hold neutral neutral/neutral neutral underperform outperform buy

Amt Held 210'187'319 128'978'201 109'981'249 91'743'368 67'429'655 53'490'415 46'871'583 36'117'556 22'364'362 15'871'424 15'792'673 11'945'733 9'157'736 8'155'405 7'911'477 7'885'947 7'586'800 6'694'066 6'505'274 6'112'481

% Out 11.57 7.1 6.05 5.05 3.71 2.94 2.58 1.99 1.23 0.87 0.87 0.66 0.5 0.45 0.44 0.43 0.42 0.37 0.36 0.34

Weighting

Change 3 3 3 3 3 3 1 5 5

M M M M M U M M U

Latest Chg (23'944'661) 3'962'246 1'741'168 4'728'841 (12'469'070) 2'152'838 (3'919'524) (214'692) 368'502 1'371'800 3'986'299 (386'653) (595'971)

Target Price 2 2 2 2 2 2 2 2 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.05.2013 03.09.2013 30.06.2012 16.02.2012 03.05.2013 03.09.2013 13.08.2012 30.06.2013 30.06.2013 31.03.2013 28.02.2013 04.09.2013 31.05.2013 31.05.2012 31.07.2013 31.12.2012 30.06.2013 31.07.2013 30.04.2013 28.06.2013

Date 9 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor Insurance Company Investment Advisor Insurance Company Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Government Unclassified Investment Advisor Investment Advisor Unclassified

Date 04.09.2013 26.08.2013 26.08.2013 24.08.2013 23.08.2013 23.08.2013 23.08.2013 23.08.2013 25.07.2013

05.09.2013

Ryman Healthcare Ltd 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.

Price/Volume 8

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RYM NZ EQUITY YTD Change RYM NZ EQUITY YTD % CHANGE

03/2013 01/yy 7.24 3.83 449'490.00 6.8 -6.08% 77.55% 88.56% 497.6 3'383.54 225.99 0.0 0.0 0.53 3'609.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

3 2

2.0 M

1.0 M

0 s-12

31.03.2010 31.03.2011 109.1 129.1 10.73x 10.35x 29.4 35.5 39.81x 37.66x 78.4 100.2 13.10x 11.79x Profitability

31.03.2012 154.1 11.34x 41.3 42.32x 120.8 12.72x

31.03.2013 180.4 15.15x 48.3 56.58x 136.7 18.33x

48.31 39.92 22.13% 83.32% 6.64% 19.79% 15.70% 0.09% 26.8% 22.1% 75.8% 1.06 1.02 10.26% 30.77% 1.87 -

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

1.47 0.59 331.70 80.08% 50.70% 0.595 7 3.143 482'526 426'610 520'436 FY+2

03/14 Y 03/15 Y 278.5 319.8 12.96x 11.28x 161.0 183.6 22.42x 19.66x 139.2 159.2 25.95x 22.82x S&P Issuer Ratings

FQ+1

FQ+2

4.27 -12.07 4.67 4.68 30.8% 23.5% 0.09 0.09 195.19 -

Sales/Revenue/Turnover

18.00

200.0

16.00

180.0

14.00

160.0 140.0

12.00

120.0

10.00 8.00

100.0 80.0

6.00

60.0

4.00

40.0

2.00

20.0

0.00 02.04.2010

o-12

Fiscal Year Ended 31.03.2009 91.5 9.22x 20.9 40.29x 66.1 10.60x

4.0 M

Valuation Analysis

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Ryman Healthcare Ltd Holdings By:

All

Holder Name CUMMING GEOFFREY A HICKMAN KEVIN J NGAI TAHU CAPITAL LT ONEPATH (NZ) LIMITED JP Morgan Chase Bank ACCIDENT COMPENSATIO WILLIAM BLAIR & COMP FMR LLC MFL MUTUAL FUND LTD YOVICH WALTER VANGUARD CHALLIES SIMON BLACKROCK DIMENSIONAL FUND ADV CLEMENTS ANDREW J THRIVENT FINANCIAL F SMARTSHARES LIMITED REYNEN BARBARA SMARTSHARES LIMITED MACLEOD GORDON

Firm Name Deutsche Bank Macquarie EVA Dimensions First NZ Capital Forsyth Barr Goldman Sachs UBS

Portfolio Name n/a n/a n/a n/a n/a n/a WILLIAM BLAIR & COMP n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios SMARTENZ n/a SMARTFONZ n/a

Analyst STEPHEN RIDGEWELL DANIEL FROST TIMOTHY STANISH JAMES SCHOFIELD JEREMY SIMPSON MATTHEW HENRY WADE GARDINER

Source Co File EXCH Co File EXCH Co File Co File 13F ULT-AGG Co File Co File ULT-AGG EXCH ULT-AGG ULT-AGG Co File MF-AGG MF-PART EXCH MF-PART EXCH

Recommendation hold outperform sell outperform accumulate neutral/neutral sell

Amt Held 50'949'900 35'834'955 30'000'000 24'637'020 15'879'834 13'746'548 9'918'624 8'489'507 5'982'133 4'278'680 2'537'698 2'169'226 2'080'974 1'897'233 1'600'000 1'249'289 961'303 937'244 794'308 480'786

% Out 10.24 7.2 6.03 4.95 3.19 2.76 1.99 1.71 1.2 0.86 0.51 0.44 0.42 0.38 0.32 0.25 0.19 0.19 0.16 0.1

Weighting

Change 3 5 1 5 4 3 1

M M M M D M M

Latest Chg 1'809'862 9'918'624 15'977 (3'066'500) 1'019'452 (5'980) 6'072 (9'740) (34'075) -

Target Price 6 7 #N/A N/A 8 7 7 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.05.2013 07.06.2013 28.05.2013 06.06.2013 28.05.2013 28.05.2013 30.06.2013 31.07.2013 28.05.2013 28.05.2013 30.06.2013 16.07.2013 03.09.2013 30.04.2013 15.05.2013 30.04.2013 31.07.2013 16.07.2013 31.07.2013 16.07.2013

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type n/a n/a Other Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Other n/a Unclassified n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 05.08.2013 14.06.2013 06.06.2013 21.05.2013 19.05.2013 16.05.2013 16.05.2013

05.09.2013

Auckland International Airport Ltd 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.

Price/Volume 4

120.0 M

100.0 M

80.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIA NZ EQUITY YTD Change AIA NZ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

20.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 30.06.2009 350.3 8.60x 276.8 10.89x 41.7 47.21x

60.0 M

06/2013 01/yy 3.30 2.56 3'093'486.00 3.115 -5.61% 21.68% 76.35% 1'322.8 4'120.38 1'141.95 0.0 0.0 69.15 5'193.17

30.06.2010 30.06.2011 346.2 378.5 10.13x 10.52x 274.8 296.9 12.76x 13.41x 29.7 100.8 77.92x 29.09x Profitability

30.06.2012 405.8 10.58x 317.6 13.51x 142.3 22.68x

30.06.2013 426.1 11.74x 328.0 15.24x 178.0 22.07x 328.02 265.96 62.42% 55.52% 4.56% 7.16% 6.32% 0.11% 77.0% 62.4% 41.8% 0.48 0.35 28.99% 45.69% 121.29 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.85 0.85 1'026.57 26.63% 19.10% 0.848 10 2.800 6'917'743 4'444'358 2'806'383 FY+2

06/14 Y 06/15 Y 473.5 497.9 11.10x 10.62x 354.6 375.4 14.65x 13.83x 169.2 181.3 24.15x 22.57x S&P Issuer Ratings

FQ+1

FQ+2

29.05.2009 APOS 29.05.2009 A-2 4.76 3.49 3.27 3.48 45.7% 31.4% 0.11 0.12 3.01 -

Sales/Revenue/Turnover

25.00

450.0 400.0

20.00

350.0 300.0

15.00

250.0 200.0

10.00

150.0 100.0

5.00

50.0 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Auckland International Airport Ltd Holdings By:

All

Holder Name AUCKLAND CITY COUNCI MANUKAU CITY COUNCIL UBS JP MORGAN CHASE BANK ACCIDENT COMPENSATIO BLACKROCK VANGUARD NORGES BANK SUMITOMO MITSUI ASSE COHEN & STEERS CAPIT MASFEN SECURITIES LI NUVEEN ASSET MANAGEM DIMENSIONAL FUND ADV BESSEMER GROUP INCOR PRUDENTIAL FINANCIAL COLUMBIA WANGER ASSE CHARLES SCHWAB INVES SMARTSHARES LIMITED AMERIPRISE FINANCIAL SMARTSHARES LIMITED

Firm Name UBS Forsyth Barr Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Macquarie CIMB First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios SMARTENZ Multiple Portfolios SMARTFONZ

Analyst LANCE REYNOLDS ANDREW BOWLEY GRANT SWANEPOEL SCOTT KELLY MARCUS CURLEY CAROLYN HOLMES WARREN DOAK MICHAEL NEWBOLD PAUL TURNBULL TIMOTHY STANISH

Source Co File Co File ULT-AGG Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-PART MF-AGG MF-PART

Recommendation neutral hold hold Equalwt/In-Line neutral/neutral neutral neutral neutral neutral sell

Amt Held 165'501'630 130'419'384 109'596'816 69'531'810 48'354'820 16'682'323 11'094'041 8'797'386 5'530'557 5'417'318 4'437'919 3'946'842 3'687'306 3'210'865 2'682'616 2'253'666 2'065'398 1'973'796 1'928'876 1'678'870

% Out 12.51 9.86 8.29 5.26 3.66 1.26 0.84 0.67 0.42 0.41 0.34 0.3 0.28 0.24 0.2 0.17 0.16 0.15 0.15 0.13

Weighting

Change 3 3 3 3 3 3 3 3 3 1

M D M M M M M M M M

Latest Chg 44'600 105'000 1'118'160 (30'000) (55'244) 12'852 (104'988) 2'253'666 160'570 (20'062) 184'392 (73'006)

Target Price 3 3 3 3 3 3 3 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.08.2012 15.08.2012 28.06.2013 15.08.2012 15.08.2012 03.09.2013 30.06.2013 31.12.2012 18.02.2013 30.06.2013 15.08.2012 30.06.2013 30.04.2013 30.04.2013 31.07.2013 31.07.2013 03.09.2013 31.07.2013 31.07.2013 31.07.2013

Date 12 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided

Inst Type Other Other Unclassified Investment Advisor Insurance Company Investment Advisor Unclassified Government Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 31.07.2013 06.06.2013

05.09.2013

Sky Network Television Ltd 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.

Price/Volume 7 6 5 4

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (19.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKT NZ EQUITY YTD Change SKT NZ EQUITY YTD % CHANGE

06/2013 01/yy 5.90 4.50 978'546.00 5.71 -3.22% 26.89% 85.71% 389.1 2'221.99 483.79 0.0 7.4 20.68 2'692.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 s-12

30.06.2010 30.06.2011 725.1 777.0 3.13x 3.31x 271.1 302.1 8.38x 8.51x 102.9 120.1 17.75x 18.02x Profitability

30.06.2012 824.2 2.83x 317.4 7.36x 123.7 15.20x

30.06.2013 865.8 2.98x 334.2 7.73x 137.2 15.40x 334.19 199.63 23.06% 21.83% 7.10% 11.36% 8.95% 0.45% 38.6% 23.1% 15.8% 0.74 0.48 25.46% 41.19% 13.34 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.20 0.88 360.47 27.48% 21.80% 0.885 10 4.000 2'642'457 1'610'837 1'818'232 FY+2

06/14 Y 06/15 Y 912.6 947.8 2.89x 2.74x 367.6 380.8 7.32x 7.07x 156.5 170.0 14.17x 12.92x S&P Issuer Ratings

FQ+1

FQ+2

11.73 8.84 1.39 1.45 41.2% 29.0% 0.45 2.59 27.37 -

Sales/Revenue/Turnover

9.00

1'000.0

8.00

900.0

7.00

800.0 700.0

6.00

600.0

5.00 4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 02.07.2010

o-12

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 30.06.2009 677.9 2.81x 247.2 7.72x 88.4 18.32x

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M s-13

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Sky Network Television Ltd Holdings By:

All

Holder Name ACCIDENT COMPENSATIO JCP INVESTMENT PARTN HYPERION ASSET MANAG BNP PARIBAS INV PART LAZARD ASSET MANAGEM UBS PERPETUAL LTD JP MORGAN CHASE BANK ONEPATH (NZ) LIMITED VANGUARD AMP LTD NORGES BANK BLACKROCK DIMENSIONAL FUND ADV AGF INVESTMENTS INC SMARTSHARES LIMITED SMARTSHARES LIMITED BANK OF NEW YORK MEL ING INVESTMENT MANAG PARVEST INVESTMENT M

Firm Name Macquarie UBS EVA Dimensions Forsyth Barr Morgan Stanley Deutsche Bank Goldman Sachs JPMorgan First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios SMARTFONZ SMARTENZ Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst WARREN DOAK TRISTAN JOLL CRAIG STERLING ROB MERCER MARK GOODRIDGE ARIE DEKKER ADRIAN ALLBON JARROD MCDONALD GREG MAIN

Source EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG EXCH Co File Research ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-PART MF-PART MF-AGG MF-AGG MF-AGG

Recommendation outperform neutral buy buy Equalwt/Cautious buy neutral/neutral neutral neutral

Amt Held 28'512'384 25'001'234 24'031'977 21'331'708 19'453'594 19'090'483 18'878'791 10'133'840 9'170'013 3'755'455 3'446'493 2'465'018 1'712'484 1'305'914 1'238'772 1'027'252 748'728 628'122 586'669 560'874

% Out 7.33 6.42 6.18 5.48 5 4.91 4.85 2.6 2.36 0.97 0.89 0.63 0.44 0.34 0.32 0.26 0.19 0.16 0.15 0.14

Weighting

Change 5 3 5 5 3 5 3 3 3

M D U M U M M M M

Latest Chg (6'086'396) 3'928'362 (49'441) (750'000) 2'107'329 74'630 (10'500) (45'398) (6'735) (80'868) 70'000

Target Price 6 6 #N/A N/A 7 5 6 6 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.04.2013 16.08.2013 02.05.2013 20.06.2013 30.08.2013 05.06.2013 28.03.2013 13.08.2012 16.11.2012 30.06.2013 13.08.2012 31.12.2012 03.09.2013 30.04.2013 28.03.2013 31.07.2013 31.07.2013 03.09.2013 30.06.2013 31.01.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 9 month Not Provided

Inst Type Insurance Company Investment Advisor Investment Advisor Investment Advisor Unclassified Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.09.2013 04.09.2013 28.08.2013 26.08.2013 25.08.2013 23.08.2013 23.08.2013 23.08.2013 19.06.2013

05.09.2013

SKYCITY Entertainment Group Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (12.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKC NZ EQUITY YTD Change SKC NZ EQUITY YTD % CHANGE

06/2013 01/yy 4.58 3.56 1'265'907.00 3.82 -16.59% 7.30% 25.49% 577.0 2'203.98 615.23 0.0 0.0 51.13 2'768.08

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2010 30.06.2011 769.9 803.1 2.84x 3.27x 283.6 290.3 7.70x 9.04x 102.0 123.0 18.51x 16.92x Profitability

30.06.2012 851.5 3.03x 295.6 8.74x 138.5 14.17x

30.06.2013 859.5 3.58x 293.9 10.48x 127.3 19.73x 293.88 217.09 25.26% 19.54% 7.56% 15.71% 11.49% 0.51% 34.2% 25.3% 14.8% 1.12 0.59 37.24% 75.68% 68.59 -

Price/ Cash Flow

7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

5.24 0.98 543.27 4.77% 3.41% 0.979 12 3.667 1'380'492 1'474'029 1'330'195 FY+2

06/14 Y 06/15 Y 901.4 985.1 3.12x 3.00x 314.2 347.7 8.81x 7.96x 143.2 159.7 15.47x 13.79x S&P Issuer Ratings

FQ+1

FQ+2

13.07.2008 BBBSTABLE 5.69 3.52 1.92 2.09 75.7% 43.1% 0.51 0.80 5.32 -

Sales/Revenue/Turnover

16.00

1'000.0

14.00

900.0 800.0

12.00

700.0

10.00

600.0

8.00

500.0 400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 02.07.2010

8.0 M

Fiscal Year Ended 30.06.2009 762.3 2.87x 296.3 7.37x 115.3 11.31x

5 5 4 4 3 3 2 2 1 1 0 s-12

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

SKYCITY Entertainment Group Ltd Holdings By:

All

Holder Name BLACKROCK JP MORGAN CHASE BANK LAZARD ASSET MANAGEM INVESTORS MUTUAL LTD AMP LTD ACCIDENT COMPENSATIO COOPER INVESTORS PTY ONEPATH (NZ) LIMITED VANGUARD WESTPAC NZ SHR 2002 NORGES BANK MASFEN SECURITIES LI DIMENSIONAL FUND ADV MORRISON NIGEL BARCL SUMITOMO MITSUI ASSE INVESCO LTD BESSEMER GROUP INCOR BT FUNDS MANAGEMENT CHARLES SCHWAB INVES SMARTSHARES LIMITED

Firm Name EVA Dimensions Macquarie Forsyth Barr Deutsche Bank Goldman Sachs UBS JPMorgan Commonwealth Bank Bell Potter First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios BT INVESTMENT FUNDSMultiple Portfolios SMARTFONZ

Analyst CRAIG STERLING WARREN DOAK JEREMY SIMPSON ARIE DEKKER MARCUS CURLEY SAM THEODORE MATTHEW RYAN BEN BROWNETTE LAFITANI SOTIRIOU PAUL TURNBULL

Source ULT-AGG Research ULT-AGG EXCH ULT-AGG EXCH EXCH Research ULT-AGG Research MF-AGG Research ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-PART MF-AGG MF-PART

Recommendation overweight neutral buy hold Buy/Neutral neutral neutral underweight buy neutral

Amt Held 42'061'564 38'689'334 29'761'766 29'545'487 28'799'163 28'512'384 21'858'783 9'873'859 6'384'141 5'764'753 5'167'522 4'956'260 3'606'133 2'586'054 2'351'890 2'226'408 2'004'525 1'462'879 1'425'539 1'163'470

% Out 7.29 6.71 5.16 5.12 4.99 4.94 3.79 1.71 1.11 1 0.9 0.86 0.63 0.45 0.41 0.39 0.35 0.25 0.25 0.2

Weighting

Change 5 3 5 3 5 3 3 1 5 3

U M M M M M M M M M

Latest Chg (81'039) (534'422) (375'000) (1'379'871) (127'980) 2'351 (114'517) 238'933 (49'220)

Target Price #N/A N/A 4 5 4 5 4 4 3 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.09.2013 Investment Advisor 08.03.2013 Investment Advisor 26.04.2013 Unclassified 15.08.2013 Hedge Fund Manager 04.04.2013 Insurance Company 12.04.2013 Insurance Company 16.08.2013 Hedge Fund Manager 08.03.2013 Investment Advisor 30.06.2013 Unclassified 08.03.2013 Bank 31.12.2012 Government 08.03.2013 Other 30.04.2013 Investment Advisor 28.05.2013 n/a 18.02.2013 Investment Advisor 04.09.2013 Investment Advisor 30.04.2013 Investment Advisor 31.03.2013 Investment Advisor 03.09.2013 Investment Advisor 31.07.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 12 month 9 month 12 month 12 month Not Provided

Date 23.08.2013 15.08.2013 15.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013 14.08.2013

05.09.2013

Fisher & Paykel Healthcare Corp Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (14.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FPH NZ EQUITY YTD Change FPH NZ EQUITY YTD % CHANGE

03/2013 01/yy 3.72 2.11 249'896.00 3.67 -1.34% 73.93% 98.14% 546.6 2'006.17 134.53 0.0 0.0 7.71 2'132.99

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.03.2009 485.5 3.55x 143.5 12.03x 62.2 25.90x

31.03.2010 31.03.2011 474.8 467.7 3.71x 3.69x 87.5 80.2 20.16x 21.50x 71.6 52.5 23.43x 30.78x Profitability

31.03.2012 466.7 2.77x 63.0 20.54x 64.1 18.36x

31.03.2013 507.3 3.05x 90.1 17.16x 77.1 18.32x

90.14 63.73 12.56% 21.56% 12.94% 21.39% 16.61% 0.85% 51.0% 17.8% 12.6% 15.2% 2.36 0.88 21.75% 36.14% 7.20 2.86

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.38 0.92 513.45 78.02% 51.70% 0.921 8 3.250 1'330'389 1'038'690 1'131'605 FY+2

03/14 Y 03/15 Y 647.0 701.5 3.27x 2.99x 171.0 172.8 12.47x 12.34x 94.7 95.6 21.21x 20.85x S&P Issuer Ratings

FQ+1

FQ+2

18.38 6.44 1.41 1.49 36.1% 26.5% 0.85 1.54 50.72 127.50 31.47 146.74

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 02.04.2010

100.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Fisher & Paykel Healthcare Corp Ltd Holdings By:

All

Holder Name CAPITAL GROUP COMPAN ACCIDENT COMPENSATIO AMP LTD SUN LIFE FINANCIAL I T ROWE PRICE ASSOCIA VANGUARD NORGES BANK FIDANTE PARTNERS LTD MASFEN SECURITIES LI BLACKROCK DIMENSIONAL FUND ADV GLOBAL X MANAGEMENT EVANS NIGEL THOMAS WOOLF FISHER TRUST I SMARTSHARES LIMITED STATE STREET WILLIAMS JOHN JULIAN PAYKEL GARY ALBERT SMARTSHARES LIMITED FIL LIMITED

Firm Name EVA Dimensions Deutsche Bank Goldman Sachs Macquarie First NZ Capital Forsyth Barr UBS

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a SMARTFONZ n/a n/a n/a SMARTENZ n/a

Analyst TIMOTHY STANISH STEPHEN RIDGEWELL MARCUS CURLEY DANIEL FROST SARNDRA URLICH JOHN CAIRNS TRISTAN JOLL

Source ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG Co File ULT-AGG ULT-AGG MF-AGG EXCH Co File MF-PART ULT-AGG Co File Co File MF-PART ULT-AGG

Recommendation hold buy neutral/neutral outperform neutral hold neutral

Amt Held 46'666'600 27'200'396 27'083'276 11'422'541 6'137'434 5'164'464 4'725'484 4'544'800 4'308'805 3'705'203 3'440'550 3'342'651 1'569'034 1'542'415 1'435'241 1'262'362 1'135'160 1'095'125 1'042'717 852'804

% Out 8.54 4.98 4.95 2.09 1.12 0.94 0.86 0.83 0.79 0.68 0.63 0.61 0.29 0.28 0.26 0.23 0.21 0.2 0.19 0.16

Weighting

Change 3 5 3 5 3 3 3

D M M M D D M

Latest Chg (638'326) (1'155'924) 48'765 (424'886) 1'499'301 (233'240) 417 (60'684) (10'560) 99'359

Target Price #N/A N/A 4 4 4 4 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.06.2013 13.08.2013 06.08.2013 30.06.2013 30.06.2013 30.06.2013 31.12.2012 30.06.2013 23.05.2013 03.09.2013 30.04.2013 30.08.2013 05.07.2013 23.05.2013 31.07.2013 04.09.2013 23.05.2013 31.03.2013 31.07.2013 31.10.2012

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month

Inst Type Investment Advisor Insurance Company Insurance Company Investment Advisor Investment Advisor Unclassified Government Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor

Date 02.09.2013 27.08.2013 27.08.2013 27.08.2013 27.08.2013 11.08.2013 31.07.2013

05.09.2013

Contact Energy Ltd 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.

Price/Volume 6

4.0 M 3.5 M

3.0 M 4

Latest Fiscal Year: LTM as of: 52-Week High (15.04.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEN NZ EQUITY YTD Change CEN NZ EQUITY YTD % CHANGE

06/2013 01/yy 5.82 4.85 464'966.00 5.22 -10.31% 7.63% 37.11% 733.3 3'827.84 1'370.00 0.0 0.0 80.00 5'117.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M 1.5 M

1.0 M 1

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 2'200.1 2.04x 425.3 10.54x 115.6 29.28x

2.5 M

Valuation Analysis

30.06.2010 30.06.2011 2'143.0 2'209.3 2.20x 2.16x 405.6 419.9 11.65x 11.35x 154.7 150.3 22.24x 22.44x Profitability

30.06.2012 2'683.0 1.77x 491.0 9.70x 190.0 17.92x

30.06.2013 2'504.0 2.01x 591.0 8.54x 199.0 18.82x 591.00 396.00 15.81% 10.50% 3.23% 5.72% 5.20% 0.41% 23.6% 15.8% 7.9% 0.47 0.22 22.11% 38.73% 14.26 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.79 1.01 348.83 10.54% 5.22% 1.010 10 4.400 214'107 305'468 370'810 FY+2

06/14 Y 06/15 Y 2'531.0 2'632.8 2.05x 1.98x 584.3 628.4 8.76x 8.14x 206.9 229.0 18.45x 16.68x S&P Issuer Ratings

FQ+1

FQ+2

28.06.2006 BBB STABLE 12.02.2003 A-2 5.28 2.71 2.18 2.32 38.7% 27.9% 0.41 0.49 25.59 -

Sales/Revenue/Turnover

18.00

3'000.0

16.00

2'500.0

14.00

2'000.0

12.00 10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Contact Energy Ltd Holdings By:

All

Holder Name ORIGIN ENERGY LTD COMMONWEALTH BANK OF JP MORGAN CHASE BANK ACCIDENT COMPENSATIO NZ SUPERANNUATION FU AMP INVESTMENTS STRA ORIGIN ENERGY UNIVER VANGUARD BLACKROCK NORGES BANK MASFEN SECURITIES LI SMARTSHARES LIMITED SMARTSHARES LIMITED CREDIT SUISSE AG DIMENSIONAL FUND ADV CAISSE DE DEPOT ET P PICTET FUNDS FMR LLC INVESCO LTD SEI INVESTMENT MANAG

Firm Name Forsyth Barr Deutsche Bank Goldman Sachs JPMorgan Macquarie First NZ Capital EVA Dimensions UBS Woodward Partners Group Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a SMARTFONZ SMARTENZ n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst ANDREW HARVEY-GREEN GRANT SWANEPOEL MATTHEW HENRY CHRIS LAYBUTT STEPHEN HUDSON NEVILL GLUYAS DOUG WALTERS WADE GARDINER NICK R LEWIS

Source Co File ULT-AGG Co File Co File Co File Co File Co File ULT-AGG ULT-AGG MF-AGG Co File MF-PART MF-PART ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation buy buy Buy/Neutral neutral outperform neutral overweight buy buy

Amt Held 384'150'707 33'904'485 23'843'433 19'889'366 12'222'912 7'587'987 4'767'919 3'887'164 3'556'037 3'160'360 3'099'330 919'968 706'992 550'939 500'870 483'789 479'762 358'793 257'403 235'158

% Out 52.39 4.62 3.25 2.71 1.67 1.03 0.65 0.53 0.48 0.43 0.42 0.13 0.1 0.08 0.07 0.07 0.07 0.05 0.04 0.03

Weighting

Change 5 5 5 3 5 3 5 5 5

M M M M M M M U N

Latest Chg 236'434 (126'643) (38'657) (7'993) (4'738) 4'864 400 -

Target Price 6 6 6 5 6 6 #N/A N/A 6 6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.08.2012 10.05.2011 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 30.06.2013 03.09.2013 31.12.2012 14.08.2012 31.07.2013 31.07.2013 31.05.2013 30.04.2013 31.12.2012 30.04.2013 31.07.2013 04.09.2013 30.04.2013

Date 12 month 12 month 12 month 9 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation Bank Investment Advisor Insurance Company n/a n/a Holding Company Unclassified Investment Advisor Government Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.08.2013 20.08.2013 20.08.2013 20.08.2013 20.08.2013 19.08.2013 06.06.2013 22.05.2013 12.11.2012

05.09.2013

Trade Me Group Ltd 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.

Price/Volume 6

250.0 M

200.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (07.01.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TME NZ EQUITY YTD Change TME NZ EQUITY YTD % CHANGE

06/2013 01/yy 5.45 3.85 1'207'535.00 4.57 -16.15% 18.70% 36.25% 396.3 1'811.14 165.86 0.0 0.0 48.86 1'928.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M

50.0 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

Fiscal Year Ended 30.06.2009 96.0 73.7 55.3 -

150.0 M

Valuation Analysis

30.06.2010 30.06.2011 114.4 104.2 86.5 98.1 63.6 69.7 Profitability

30.06.2012 116.3 13.79x 106.6 15.04x 75.6 19.53x

30.06.2013 135.2 15.14x 122.6 16.70x 78.6 24.55x 122.57 113.84 84.20% 80.97% 9.44% 12.13% 10.29% 0.16% 90.7% 84.2% 58.1% 3.13 2.95 19.71% 25.24% 28.10 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.46 327.17 22.32% 17.53% 15 3.067 1'426'202 1'887'413 1'371'431 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/12 Q1 12/12 Q2 181.9 202.4 10.51x 9.35x 132.9 147.3 14.51x 13.09x 85.0 95.2 21.26x 19.20x S&P Issuer Ratings

17.06 16.57 0.95 1.35 25.2% 20.2% 0.16 27.62 12.99 -

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0 120.0

25.00

100.0 20.00

80.0 15.00

60.0

10.00

40.0

5.00

20.0

0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Trade Me Group Ltd Holdings By:

All

Holder Name HYPERION ASSET MANAG BAILLIE GIFFORD OVER BNP PARIBAS INV PART JP MORGAN CHASE BANK WESTPAC BANKING CORP AMP LTD GOLDMAN SACHS GROUP PERPETUAL LTD BANK OF AMERICA CORP ELLERSTON CAPITAL LT UBS ACCIDENT COMPENSATIO NORGES BANK NZ SUPERANNUATION FU VANGUARD HYPERION ASSET MANAG BLACKROCK HYPERION ASSET MANAG MORGAN SAMUEL GARETH ING FUNDS MANAGEMENT

Firm Name Evans & Partners Pty Ltd First NZ Capital Forsyth Barr Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse UBS Macquarie CIMB Commonwealth Bank EVA Dimensions

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a HYPERION AUSTRALIAN n/a HYPERION SMALL GROWT n/a ONEPATH ONEANS PS-IN

Analyst PETER STAMOULIS JAMES SCHOFIELD BLAIR GALPIN STEPHEN RIDGEWELL ANDREW MCLEOD ROBBIE AITKEN SAMANTHA CARLETON RICHARD EARY DANIEL FROST ALAN STUART ALICE BENNETT CRAIG STERLING

Source EXCH EXCH EXCH Co File EXCH ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG Co File MF-AGG Co File ULT-AGG MF-PART ULT-AGG MF-PART EXCH MF-PART

Recommendation Positive underperform hold buy Overwt/Cautious Buy/Neutral underperform neutral neutral outperform underweight sell

Amt Held 49'550'653 31'475'406 24'930'329 23'034'251 20'883'017 19'753'816 19'713'592 19'687'539 19'388'866 18'758'359 18'340'426 8'478'463 6'921'647 3'359'047 3'294'776 2'506'682 2'446'351 1'617'961 1'564'668 1'108'659

% Out 12.5 7.94 6.29 5.81 5.27 4.98 4.97 4.97 4.89 4.73 4.63 2.14 1.75 0.85 0.83 0.63 0.62 0.41 0.39 0.28

Weighting

Change 4 1 3 5 5 5 1 3 3 5 1 1

M D M M M M D U M U M D

Latest Chg 4'112'969 3'953'366 (5'020'000) (930'619) (120'537) (2'730'847) (1'648'175) (1'730'708) (2'087'748) 419'109 156'435 -

Target Price #N/A N/A 4 5 5 5 5 4 4 5 5 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.05.2013 20.05.2013 29.08.2013 31.08.2012 21.05.2013 09.08.2013 28.12.2012 15.07.2013 04.01.2013 13.03.2013 09.05.2013 31.08.2012 31.12.2012 31.08.2012 30.06.2013 30.06.2013 03.09.2013 30.06.2013 02.03.2012 30.06.2013

Date Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Insurance Company Government n/a Unclassified Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 26.08.2013 23.08.2013 22.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 21.08.2013 25.03.2013

05.09.2013

Mighty River Power Ltd 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.

Price/Volume 3

80.0 M 70.0 M

60.0 M 2

Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (26.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MRP NZ EQUITY YTD Change MRP NZ EQUITY YTD % CHANGE

06/2013 01/yy 2.73 2.16 2'969'397.00 2.22 -18.68% 2.78% 15.79% 1'400.0 3'108.00 1'181.37 0.0 0.3 38.30 4'251.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

40.0 M 30.0 M

20.0 M 1

10.0 M

0 m-13

.0 M j-13

j-13

a-13

Fiscal Year Ended 30.06.2009 1'799.5 742.7 266.2 -

50.0 M

Valuation Analysis

30.06.2010 30.06.2011 1'541.4 1'142.7 467.1 443.1 120.6 127.1 Profitability

30.06.2012 1'479.3 465.6 67.8 -

30.06.2013 1'351.5 114.7 27.07x 465.56 307.16 20.76% 7.37% 1.20% 2.29% 2.83% 0.26% 31.5% 20.8% 8.5% 0.61 0.55 20.10% 39.20% 5.73 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.85 659.70 7 4.000 1'388'035 2'319'291 2'783'028 FY+2

06/14 Y 06/15 Y 1'527.3 1'559.8 2.74x 2.65x 499.7 503.8 8.51x 8.44x 167.3 172.0 18.81x 18.20x S&P Issuer Ratings

FQ+1

FQ+2

25.03.2004 BBB+ STABLE 30.03.2012 A-2 5.19 1.71 2.46 2.54 39.2% 28.2% 0.26 0.30 63.83 -

Sales/Revenue/Turnover

2'000.0 1'800.0

1.00

1'600.0 1'400.0

0.80 0.60 0.40

1'200.0 1'000.0 800.0 600.0 400.0

0.20

200.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Mighty River Power Ltd Holdings By:

All

Holder Name HER MAJESTY THE QUEE THORNBURG INVESTMENT SMARTSHARES LIMITED SMARTSHARES LIMITED BARING INTERNATIONAL WHINERAY FRASER MEEK WILLIAM HEFFERNAN DOUG TRIGG MARK MUNRO JAMES SELENIUM CORPORATION PRUDENTIAL FINANCIAL WITHERS JOAN JANES TREVOR DAVID OLDE MATTHEW FLACKS PRUDENCE NATIXIS ASSET MANAGE SMITH KEITH RAYMOND MILLER JAMES BRUCE STRAWSON MARLENE

Firm Name EVA Dimensions Forsyth Barr JPMorgan Deutsche Bank Macquarie Goldman Sachs UBS

Portfolio Name n/a Multiple Portfolios SMARTFONZ SMARTMIDZ Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst DOUG WALTERS ANDREW HARVEY-GREEN CHRIS LAYBUTT GRANT SWANEPOEL STEPHEN HUDSON MATTHEW HENRY WADE GARDINER

Source EXCH MF-AGG MF-PART MF-PART MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH

Recommendation overweight accumulate neutral hold outperform neutral/neutral buy

Amt Held 739'122'254 14'800'000 1'747'505 1'400'709 486'738 205'680 203'680 179'900 170'900 139'360 90'400 76'972 39'900 34'200 26'300 23'474 19'512 17'368 16'200 16'080

% Out 52.79 1.06 0.12 0.1 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0 0 0

Weighting

Change 5 4 3 3 5 3 5

D U M M M N N

Latest Chg 7'522'000 486'738 (55'440) (55'440) (39'600) (39'600) 12'500 (9'900) 19'512 2'000 (7'920)

Target Price #N/A N/A 2 2 3 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.05.2013 30.06.2013 31.07.2013 31.07.2013 31.05.2013 24.06.2013 24.06.2013 14.05.2013 24.06.2013 24.06.2013 28.05.2013 28.06.2013 16.05.2013 28.05.2013 24.06.2013 14.05.2013 31.05.2013 14.05.2013 28.05.2013 24.06.2013

Date Not Provided 12 month 9 month 12 month 12 month 12 month 12 month

Inst Type Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a n/a Corporation Investment Advisor n/a n/a n/a n/a Investment Advisor n/a n/a n/a

Date 04.09.2013 29.08.2013 28.08.2013 08.08.2013 15.07.2013 18.06.2013 13.05.2013

05.09.2013

Infratil Ltd Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

Price/Volume 3

14.0 M

12.0 M 10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (30.01.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IFT NZ EQUITY YTD Change IFT NZ EQUITY YTD % CHANGE

03/2013 06/yy 2.52 2.09 240'095.00 2.41 -4.37% 15.31% 74.42% 586.2 1'412.83 1'794.10 0.0 931.1 144.30 3'993.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1'576.4 2.37x 199.3 18.72x (191.0) -

8.0 M

Valuation Analysis

31.03.2010 31.03.2011 1'860.1 1'985.6 1.70x 1.81x 387.5 423.8 8.15x 8.49x 29.0 64.5 33.08x 10.19x Profitability

LTM-4Q 31.03.2012 2'194.9 1.65x 500.6 7.23x 51.6 12.70x

31.03.2013 2'373.8 1.68x 505.0 7.89x 3.4 21.50x

505.00 7.02% 6.88% 0.06% 0.33% 2.08% 0.44% 20.4% 0.1% 32.98% 178.62% -

Price/ Cash Flow

09/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 45.9 0.00x

FY+1

.0 M s-13

3.42 0.88 451.33 19.96% 8.90% 0.884 5 4.000 332'526 342'051 446'274 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 09/12 Q2 12/12 Q3 2'339.7 2'552.7 1.68x 1.47x 537.3 609.7 7.43x 6.55x 66.4 95.2 21.33x 14.79x S&P Issuer Ratings

3.40 3.70 178.6% 48.1% 0.44 0.60 -

Sales/Revenue/Turnover

8.00

2'500.0

7.00

2'000.0

6.00 5.00

1'500.0

4.00

1'000.0

3.00 2.00

500.0

1.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Infratil Ltd Holdings By:

All

Holder Name UTILICO INVESTMENT T ACCIDENT COMPENSATIO AMP LTD LLOYD MORRISON TRUST DIXIELAND TRUST WOODWARD FUNDS MGMT PETAGNA LIBERATO JML CAPITAL LTD BLACKROCK NORGES BANK VANGUARD DIMENSIONAL FUND ADV HEATLEY CRAIG & BENJ NANCY HOLDINGS LTD SMARTSHARES LIMITED MORRISON HUGH RICHMO SMARTSHARES LIMITED SNS INVESTMENT FUND BANK OF NEW YORK MEL FRANK RUSSELL TRUST

Firm Name UBS First NZ Capital EVA Dimensions Forsyth Barr Deutsche Bank Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a SMARTFONZ n/a SMARTENZ Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst WADE GARDINER ROBERT BODE DOUG WALTERS ANDREW HARVEY-GREEN GRANT SWANEPOEL MATTHEW HENRY

Source EXCH Co File ULT-AGG EXCH EXCH Research EXCH Research ULT-AGG MF-AGG ULT-AGG ULT-AGG Research Research MF-PART Research MF-PART MF-AGG MF-AGG MF-AGG

Recommendation buy restricted sell accumulate buy Buy/Neutral

Amt Held 73'038'296 46'391'547 42'013'037 40'348'730 40'348'730 36'348'730 5'765'503 5'765'503 3'975'431 3'205'036 3'127'342 2'781'099 2'162'443 1'893'953 1'541'372 1'456'860 1'122'410 779'757 772'500 582'665

% Out 12.46 7.91 7.17 6.88 6.88 6.2 0.98 0.98 0.68 0.55 0.53 0.47 0.37 0.32 0.26 0.25 0.19 0.13 0.13 0.1

Weighting

Change

5 #N/A N/A 1 4 5 5

M M M M M M

Latest Chg (5'000'000) (1'000'000) 230 178'491 (66'974) (10'047) 589 (586'486)

Target Price 3 #N/A N/A #N/A N/A 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.03.2013 15.05.2012 15.05.2012 13.12.2012 13.12.2012 21.06.2013 13.12.2012 21.06.2013 03.09.2013 31.12.2012 30.06.2013 30.04.2013 21.06.2013 21.06.2013 31.07.2013 21.06.2013 31.07.2013 28.03.2013 03.09.2013 31.05.2012

Date 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type Investment Advisor Insurance Company Insurance Company n/a n/a Other n/a Other Investment Advisor Government Unclassified Investment Advisor n/a Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 19.07.2013 05.07.2013 06.06.2013 15.05.2013 14.05.2013 29.01.2013

05.09.2013

Xero Ltd 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.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.07.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance XRO NZ EQUITY YTD Change XRO NZ EQUITY YTD % CHANGE

Price/Volume

03/2013 01/yy 18.90 4.82 128'431.00 18.02 -4.66% 273.86% 91.26% 117.6 2'119.26 0.00 0.0 0.0 78.24 2'041.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.03.2009 1.0 (6.8) -

20 18 16 14 12 10 8 6 4 2 0 s-12

31.03.2010 31.03.2011 3.2 9.3 38.79x 22.34x (8.1) (7.5) (8.5) (7.5) Profitability

31.03.2012 19.4 19.59x (6.6) (7.9) -

31.03.2013 39.0 30.57x (11.0) (14.4) -11.01 -15.56 -39.85% -36.24% -17.17% -18.65% 0.46% -28.2% -39.9% -37.0% 10.83 10.34 0.00% 0.00% 22.54 -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.74 46.57 266.26% 137.11% 0.737 2 1.500 67'163 64'041 137'059 FY+2

03/14 Y 03/15 Y 72.2 124.0 28.74x 17.02x (17.8) (3.5) (23.8) (16.0) S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

0.00 0.0% 0.0% 0.46 6.81 16.19 -

Sales/Revenue/Turnover

45.0 40.0

1.00 0.80

35.0 30.0 25.0

0.60

20.0 15.0

0.40 0.20

10.0 5.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Xero Ltd Holdings By:

All

Holder Name DRURY RODNEY KENNETH GIVIA PTY LTD EDWARDS HAMISH CRAIG MORGAN SAMUEL GARETH NEW ZEALAND CENTRAL VALAR VENTURES LP BANK OF NEW ZEALAND SHAW GRAHAM JOHN FNZ CUSTODIANS LTD GRIGG ALASTAIR W5 LTD BAILLIE GIFFORD AND WALKER CRAIG GEORGE GAVIN SPENCE CORP TRUSTEE NORMAN PHILIP JOHN RAVERE PTY LTD KNOWLES IAN SAMUEL BLACKROCK JENKINS ROSS

Firm Name Forsyth Barr EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a

Analyst ANDREW HARVEY-GREEN ANDREW S ZAMFOTIS

Source EXCH EXCH EXCH EXCH Co File Co File Co File Co File Co File EXCH Co File MF-AGG Co File Co File Co File Co File Co File EXCH ULT-AGG EXCH

Recommendation reduce sell

Amt Held 21'719'779 18'454'545 5'792'298 5'122'609 4'458'640 4'135'870 2'177'778 1'336'010 1'201'531 1'199'115 965'561 750'400 738'898 630'915 630'915 505'546 503'636 469'191 416'756 362'228

% Out 18.47 15.69 4.93 4.36 3.79 3.52 1.85 1.14 1.02 1.02 0.82 0.64 0.63 0.54 0.54 0.43 0.43 0.4 0.35 0.31

Weighting

Change 2 1

D M

Latest Chg (833'334) (1'045'455) (333'334) (1'000'000) 4'688 750'400 (100'000) (34'843)

Target Price 15 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.11.2012 30.11.2012 30.11.2012 20.12.2012 16.03.2012 16.03.2012 16.03.2012 31.03.2012 16.03.2012 09.07.2013 16.03.2012 28.06.2013 16.03.2012 16.03.2012 16.03.2012 31.03.2012 16.03.2012 29.05.2013 03.09.2013 09.07.2013

Date 12 month Not Provided

Inst Type n/a Corporation n/a n/a Government Venture Capital Unclassified n/a Investment Advisor n/a Corporation Investment Advisor n/a n/a Other n/a Corporation n/a Investment Advisor n/a

Date 04.08.2013 15.01.2013

05.09.2013

Chorus Ltd 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.

Price/Volume 4

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (07.09.2012) 52-Week Low (21.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CNU NZ EQUITY YTD Change CNU NZ EQUITY YTD % CHANGE

06/2013 01/yy 3.57 2.26 1'110'652.00 2.96 -17.09% 30.97% 53.44% 389.3 1'152.33 1'820.00 0.0 0.0 80.00 2'892.33

30.06.2010 -

6.0 M

2 1

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

Valuation Analysis

Profitability

30.06.2011 1'050.0 606.0 128.0 -

30.06.2012 595.0 4.70x 400.0 7.00x 102.0 12.08x

30.06.2013 1'045.0 2.55x 667.0 4.00x 171.0 5.43x 667.00 344.00 32.92% 22.58% 5.46% 29.71% 10.79% 0.33% 63.8% 32.9% 16.4% 1.11 0.91 54.61% 291.67% 5.74 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

8.61 1.07 364.91 -7.36% 4.20% 1.071 10 3.400 868'173 1'121'436 1'126'632 FY+2

06/14 Y 06/15 Y 1'061.4 1'043.1 2.89x 3.02x 650.4 630.1 4.45x 4.59x 149.4 128.1 7.75x 9.08x S&P Issuer Ratings

FQ+1

FQ+2

01.12.2011 BBB STABLE 5.56 -0.12 2.61 2.73 291.7% 74.5% 0.33 0.40 63.57 -

Sales/Revenue/Turnover

4.50

1'200.0

4.00

1'000.0

3.50

800.0

3.00 2.50

600.0

2.00

400.0

1.50 1.00

200.0

0.50 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Chorus Ltd Holdings By:

All

Holder Name JP MORGAN CHASE BANK SCHRODER INVESTMENT AMP LTD BANK OF NEW YORK MEL ACCIDENT COMPENSATIO NEW ZEALAND SUPERANN VANGUARD DUFF & PHELPS INVEST AMP INV STRATEGIC EQ WESTPAC NZ SHR 2002 NORGES BANK BLACKROCK SCHRODERS ASIA LIMIT GRANTHAM MAYO VAN OT ANALYTIC INVESTORS L TRANSAMERICA INVESTM SMARTSHARES LIMITED JOHN HANCOCK INVESTM JP MORGAN PRINCIPAL FINANCIAL

Firm Name CIMB EVA Dimensions Forsyth Barr Deutsche Bank UBS JPMorgan Macquarie Goldman Sachs First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios ANALYTIC INVESTORS L Multiple Portfolios SMARTMIDZ Multiple Portfolios n/a n/a

Analyst IAN MARTIN ANDREW S ZAMFOTIS BLAIR GALPIN ARIE DEKKER RICHARD EARY PAUL BRUNKER ANDREW LEVY ADRIAN ALLBON GREG MAIN

Source Co File EXCH ULT-AGG EXCH EXCH Co File ULT-AGG MF-AGG Co File Co File MF-AGG ULT-AGG MF-AGG MF-AGG 13F MF-AGG MF-PART MF-AGG ULT-AGG ULT-AGG

Recommendation outperform hold buy sell buy overweight neutral neutral/neutral neutral

Amt Held 41'216'955 38'288'978 30'679'376 28'681'648 24'046'750 9'111'766 7'923'643 7'315'000 6'826'199 5'618'511 3'450'243 2'985'685 2'108'846 1'530'376 982'313 843'628 826'299 493'461 480'620 435'923

% Out 10.59 9.84 7.88 7.37 6.18 2.34 2.04 1.88 1.75 1.44 0.89 0.77 0.54 0.39 0.25 0.22 0.21 0.13 0.12 0.11

Weighting

Change 5 3 5 1 5 5 3 3 3

M D M M M M M M M

Latest Chg (2'157'710) (4'507'222) 5'414'706 778'817 340 (353'982) 982'313 (95'684) 435'923

Target Price 4 #N/A N/A 3 3 3 4 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.08.2012 04.02.2013 06.12.2012 28.12.2012 18.07.2013 28.08.2012 30.06.2013 30.04.2013 28.08.2012 28.08.2012 31.12.2012 03.09.2013 31.01.2013 31.05.2012 30.06.2013 30.06.2013 31.07.2013 31.07.2013 30.04.2013 31.03.2013

Date 12 month Not Provided 12 month 12 month 12 month 9 month 12 month 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Insurance Company Investment Advisor Insurance Company n/a Unclassified Investment Advisor n/a Bank Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.09.2013 02.09.2013 27.08.2013 26.08.2013 26.08.2013 26.08.2013 26.08.2013 07.08.2013 07.08.2013

05.09.2013

Westpac Banking Corp 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.

Price/Volume 45

1.2 M

1.0 M

35 30

.8 M

09/2012 01/yy 41.37 29.91 298'263.00 36.4 -12.02% 21.71% 60.55% 3'103.7 112'975.74 174'646.00 0.0 1'970.0 24'644.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.4 M

.2 M

5 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.09.2008 33'007.0 3'859.0 -

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WBC NZ EQUITY YTD Change WBC NZ EQUITY YTD % CHANGE

30.09.2009 30.09.2010 35'313.0 39'173.0 3'446.0 6'346.0 Profitability

30.09.2011 42'969.0 6'991.0 -

30.09.2012 42'308.0 5'970.0 50.04% 49.41% 0.95% 14.32% 2.87% 0.06% 33.3% 25.87% 394.69% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.97 3'040.04 26.18% 13.99% 0.967 10 3.800 95'494 127'833 125'203 FY+2

09/13 Y 09/14 Y 18'865.3 19'640.1 4.16x 3.96x 7'027.8 7'282.2 14.21x 13.79x S&P Issuer Ratings

.0 M s-13

FQ+1

FQ+2

01.12.2011 AASTABLE 11.09.1996 A-1+ 394.7% 79.1% 0.06 36.52 -

Sales/Revenue/Turnover

50'000.0 45'000.0

1.00

40'000.0 35'000.0

0.80 0.60 0.40

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0

0.20

5'000.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Westpac Banking Corp Holdings By:

All

Holder Name NATIONAL AUSTRALIA B WESTPAC BANKING CORP COMMONWEALTH BANK OF VANGUARD BLACKROCK NORGES BANK AUSTRALIAN FOUNDATIO PERENNIAL INVESTMENT FMR LLC MILTON CORP LTD CAPITAL GROUP COMPAN ARGO INVESTMENTS LTD MACQUARIE GROUP DB PLATINUM ADVISORS PERPETUAL INVESTMENT SUN LIFE FINANCIAL I CREDIT SUISSE AG BT INVESTMENT MANAGE PERPETUAL INVESTMENT PERENNIAL INVESTMENT

Firm Name Nomura Bell Potter Commonwealth Bank Goldman Sachs BBY Limited Macquarie Shaw Stockbroking EVA Dimensions Evans & Partners Pty Ltd

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios PERENNIAL VALUE SHAR n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios PERPETUAL WHOLESALE n/a n/a Multiple Portfolios PERPETUAL WHOLESALE PERENNIAL GROWTH SHA

Analyst VICTOR GERMAN T S LIM ROSS CURRAN ANDREW LYONS BRETT LE MESURIER MICHAEL WIBLIN DAVID SPOTSWOOD DOUG WALTERS LOU CAPPARELLI

Source ULT-AGG EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-PART ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-PART ULT-AGG ULT-AGG MF-AGG MF-PART MF-PART

Recommendation neutral buy overweight Sell/Neutral buy outperform hold hold neutral

Amt Held 137'126'097 60'312'493 58'192'816 54'818'364 33'514'733 29'644'754 18'476'000 17'646'487 13'108'376 10'417'683 10'176'077 9'146'851 7'255'337 7'099'537 7'046'220 5'548'058 4'669'874 4'566'344 4'337'627 4'273'227

% Out 4.42 1.94 1.87 1.77 1.08 0.96 0.6 0.57 0.42 0.34 0.33 0.29 0.23 0.23 0.23 0.18 0.15 0.15 0.14 0.14

Weighting

Change 3 5 5 1 5 5 3 3 3

M M M M M U M M M

Latest Chg (81'301'352) 4'631'708 (212) 1'311'684 33'623 362'000 241'347 (316'718) (36'309) -

Target Price 38 40 37 32 36 37 34 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 22.11.2012 31.05.2013 30.06.2013 03.09.2013 31.12.2012 29.06.2012 31.07.2013 31.07.2013 30.06.2012 30.06.2013 30.06.2011 31.08.2011 31.07.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.07.2013 31.07.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Bank Bank Bank Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.09.2013 05.09.2013 26.08.2013 19.08.2013 08.08.2013 25.07.2013 16.07.2013 06.06.2013 04.06.2013

05.09.2013

Kiwi Income Property Trust 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.

Price/Volume 1

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.05.2013) 52-Week Low (25.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KIP NZ EQUITY YTD Change KIP NZ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.0 M

0 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.03.2009 182.7 7.26x 121.5 10.92x (168.9) -

3.0 M

03/2013 01/yy 1.23 1.05 568'978.00 1.14 -6.94% 8.57% 51.43% 1'006.2 1'147.02 799.95 0.0 0.0 12.03 1'934.94

31.03.2010 31.03.2011 188.6 196.4 6.68x 8.27x 122.8 129.4 10.26x 12.56x (8.5) (26.4) Profitability

31.03.2012 207.6 8.44x 133.6 13.12x 89.2 11.93x

31.03.2013 198.7 9.83x 120.7 16.19x 109.8 11.67x

120.68 120.68 34.91% 59.20% 5.12% 9.96% 5.82% 0.09% 60.7% 55.3% 37.62% 70.66% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.79 0.65 998.32 9.13% 1.95% 0.648 6 2.667 470'961 759'136 1'092'850 FY+2

03/14 Y 03/15 Y 145.5 156.2 13.06x 12.26x 129.7 140.0 14.92x 13.82x 61.8 67.9 18.39x 17.27x S&P Issuer Ratings

FQ+1

FQ+2

1.91 0.46 6.53 6.63 70.7% 41.4% 0.09 -

Sales/Revenue/Turnover

18.00

250.0

16.00

200.0

14.00 12.00

150.0

10.00 8.00

100.0

6.00

50.0

4.00 2.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Kiwi Income Property Trust Holdings By:

All

Holder Name ONEPATH (NZ) LIMITED CBRE GROUP INC BLACKROCK STATE STREET VANGUARD BOULDER INVESTMENT A NOMURA KIWI INCOME PROP LTD DIAM SUMITOMO MITSUI ASSE GOLDMAN SACHS JBWERE INVESCO LTD HAOCHEN INV LTD SMARTSHARES LIMITED CROXEN INVESTMENTS L NORTHERN TRUST CORPO EURO PACIFIC ASSET M CREDIT SUISSE AG CHARLES SCHWAB INVES ARROW INVESTMENT ADV

Firm Name Forsyth Barr Deutsche Bank Goldman Sachs UBS Macquarie EVA Dimensions First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a SMARTMIDZ n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JEREMY SIMPSON CHRIS BYRNE ROBBIE AITKEN LANCE REYNOLDS NICK MAR DOUG WALTERS JASON LINDSAY

Source EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Research ULT-AGG MF-AGG MF-AGG ULT-AGG Co File MF-PART Research MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation hold hold not rated neutral underperform overweight underperform

Amt Held 66'533'040 27'667'800 15'490'160 11'505'108 10'140'102 9'807'826 9'143'360 6'054'933 3'752'708 3'000'000 2'879'632 2'033'429 2'002'135 1'920'197 1'672'241 1'150'049 846'152 829'385 614'020 507'287

% Out 6.61 2.75 1.54 1.14 1.01 0.97 0.91 0.6 0.37 0.3 0.29 0.2 0.2 0.19 0.17 0.11 0.08 0.08 0.06 0.05

Weighting

Change

3 3 #N/A N/A 3 1 5 1

M M M M M M M

Latest Chg 25'951 1'903'534 (4'779'336) (530'000) 119'559 (223'878) 99'303 (56'200) (39'729)

Target Price 1 1 #N/A N/A 1 1 #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.06.2013 23.07.2012 03.09.2013 04.09.2013 30.06.2013 31.05.2013 21.01.2013 21.06.2013 21.01.2013 18.07.2012 17.07.2012 04.09.2013 20.04.2012 31.07.2013 21.06.2013 30.06.2013 31.05.2013 31.05.2013 03.09.2013 28.06.2013

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 29.07.2013 24.07.2013 24.07.2013 24.06.2013 14.06.2013 06.06.2013 13.05.2013

05.09.2013

Goodman Property Trust 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (18.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GMT NZ EQUITY YTD Change GMT NZ EQUITY YTD % CHANGE

03/2013 01/yy 1.17 1.00 277'308.00 1.035 -11.54% 4.02% 31.43% 1'206.5 1'248.75 701.20 0.0 0.0 3.10 1'946.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

31.03.2010 31.03.2011 132.7 137.5 10.58x 10.52x 95.9 101.1 14.63x 14.31x 2.8 36.7 303.03x 22.46x Profitability

31.03.2012 145.1 11.13x 102.8 15.71x 40.5 24.58x

31.03.2013 150.3 13.00x 105.2 18.58x 77.9 14.32x

105.20 105.20 55.56% 61.01% 4.18% 7.35% 4.57% 0.08% 70.0% 51.8% 34.17% 59.13% -

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

6.38 0.58 1'070.31 9.36% 5.56% 0.575 7 2.429 631'006 708'441 714'730 FY+2

03/14 Y 03/15 Y 135.7 142.7 14.53x 13.88x 125.3 131.7 15.53x 14.79x 88.1 91.9 13.62x 13.10x S&P Issuer Ratings

FQ+1

FQ+2

17.03.2011 BBB STABLE 2.16 1.56 6.64 6.67 59.1% 37.2% 0.08 -

Sales/Revenue/Turnover

18.00

160.0

16.00

140.0

14.00

120.0

12.00

100.0

10.00

80.0

8.00

60.0

6.00

40.0

4.00

20.0

2.00 0.00 02.04.2010

o-12

Fiscal Year Ended 31.03.2009 129.6 9.43x 96.4 12.68x (74.1) -

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Goodman Property Trust Holdings By:

All

Holder Name ACCIDENT COMPENSATIO FISHER HIGHBROOK LTD COLONIAL FIRST STATE MFL MUTUAL FUND LTD WILLIAMS ALLAN GEORG STATE STREET CBRE GROUP INC VANGUARD BLACKROCK DIAM SMARTSHARES LIMITED SMITH KEITH RAYMOND DAKIN JOHN ARROW INVESTMENT ADV FCA CORP NOMURA WELLS FARGO CHARLES SCHWAB INVES PATERSON SUSAN MARIE SIMMONDS PETER

Firm Name EVA Dimensions Goldman Sachs UBS Forsyth Barr Macquarie First NZ Capital Deutsche Bank

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a SMARTMIDZ n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a

Analyst DOUG WALTERS ROBBIE AITKEN LANCE REYNOLDS JEREMY SIMPSON NICK MAR JASON LINDSAY CHRIS BYRNE

Source Research Research MF-AGG Research Research ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-PART EXCH EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH EXCH

Recommendation hold Sell/Cautious sell hold outperform underperform hold

Amt Held 66'290'962 55'989'374 30'123'493 16'448'107 11'734'694 11'710'874 9'050'000 6'973'441 6'672'486 3'240'374 1'983'677 835'724 737'208 560'878 364'809 346'700 337'987 256'147 230'509 188'981

% Out 5.49 4.64 2.5 1.36 0.97 0.97 0.75 0.58 0.55 0.27 0.16 0.07 0.06 0.05 0.03 0.03 0.03 0.02 0.02 0.02

Weighting

Change 3 1 1 3 5 1 3

D M M M M D M

Latest Chg 1'118'801 732'459 885 (233'255) (44'436) 5'850 (40'000) 1'931 570

Target Price #N/A N/A 1 1 1 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 21.06.2013 08.05.2013 21.06.2013 21.06.2013 04.09.2013 31.12.2012 30.06.2013 03.09.2013 21.01.2013 31.07.2013 12.08.2013 30.08.2013 28.06.2013 30.04.2013 21.01.2013 30.06.2013 03.09.2013 21.03.2013 21.03.2013

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Insurance Company Other Investment Advisor Other n/a Investment Advisor Corporation Unclassified Investment Advisor Unclassified Investment Advisor n/a n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a n/a

Date 02.09.2013 10.07.2013 24.06.2013 20.06.2013 14.06.2013 16.05.2013 15.05.2013

05.09.2013

Port of Tauranga Ltd 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.

Price/Volume 18 16 14 12 10 8

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.04.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POT NZ EQUITY YTD Change POT NZ EQUITY YTD % CHANGE

06/2013 01/yy 15.74 12.37 22'713.00 14.8 -5.97% 19.64% 72.11% 134.1 1'984.92 196.04 0.0 (0.1) 9.24 2'138.71

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4 2 0 s-12

30.06.2010 30.06.2011 132.1 167.6 8.25x 8.19x 65.0 77.3 16.77x 17.75x 38.0 58.4 23.42x 20.30x Profitability

30.06.2012 207.4 8.06x 94.8 17.64x 73.6 20.22x

30.06.2013 244.0 112.1 16.63x 94.81 77.71 37.47% 46.91% 11.01% 15.34% 13.61% 0.21% 46.0% 38.2% 46.0% 1.25 1.07 18.96% 26.71% 6.46 -

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.18 0.81 44.50 23.19% 14.12% 0.805 7 2.143 16'886 25'195 30'209 FY+2

06/14 Y 06/15 Y 271.4 290.0 8.29x 7.78x 137.5 147.7 15.55x 14.48x 81.1 85.7 24.46x 23.13x S&P Issuer Ratings

FQ+1

FQ+2

21.11.2001 BBB+ STABLE 21.11.2001 A-2 6.81 4.03 1.51 1.90 26.7% 21.1% 0.21 0.25 56.68 -

Sales/Revenue/Turnover

30.00

300.0

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 02.07.2010

o-12

Fiscal Year Ended 30.06.2009 129.6 7.96x 63.9 16.14x 45.2 18.25x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M s-13

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Port of Tauranga Ltd Holdings By:

All

Holder Name QUAYSIDE SECURITIES NEW ZEALAND CENTRAL DIMENSIONAL FUND ADV MASFEN SECURITIES LI NUVEEN ASSET MANAGEM GPERRY AND D A THOMP FRANK RUSSELL TRUST LLOYD JAMES CHRISTIE PENSABENE KAREN MAUR FORSYTH BARR LTD F G MCKENZIE AND D A SMARTSHARES LIMITED BANK OF NEW YORK MEL PARKER JOHN SUFFIELD BESSEMER GROUP INCOR FCA CORP SMITH MICHAEL JOHN SEI INVESTMENT MANAG SPRING DRYDEN THOMAS REYNISH ANTHONY PETE

Firm Name Forsyth Barr Macquarie Deutsche Bank Goldman Sachs First NZ Capital UBS EVA Dimensions

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a SMARTMIDZ Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst ANDREW BOWLEY STEPHEN HUDSON ARIE DEKKER MARCUS CURLEY KAR YUE YEO LANCE REYNOLDS TIMOTHY STANISH

Source Research Research ULT-AGG Research MF-AGG Research MF-AGG Research Research Research Research MF-PART MF-AGG Co File MF-AGG MF-AGG Co File MF-AGG Co File EXCH

Recommendation hold underperform hold neutral/neutral underperform sell hold

Amt Held 73'687'536 13'815'793 633'811 545'000 413'734 350'000 330'402 307'000 260'000 242'646 200'306 128'058 68'598 68'450 56'739 50'000 40'000 37'108 33'500 26'712

% Out 54.94 10.3 0.47 0.41 0.31 0.26 0.25 0.23 0.19 0.18 0.15 0.1 0.05 0.05 0.04 0.04 0.03 0.03 0.02 0.02

Weighting

Change 3 1 3 3 1 1 3

M M M M M M M

Latest Chg (23'252) (31'032) (15'040) 4'000

Target Price 14 13 15 14 14 12 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.08.2012 29.08.2012 30.04.2013 29.08.2012 30.06.2013 29.08.2012 31.05.2012 29.08.2012 29.08.2012 29.08.2012 29.08.2012 31.07.2013 03.09.2013 30.06.2011 30.04.2013 30.04.2013 30.06.2011 30.04.2013 30.06.2011 27.02.2009

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Other Government Investment Advisor Other Investment Advisor n/a Investment Advisor n/a n/a Bank n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor n/a n/a

Date 25.08.2013 23.08.2013 22.08.2013 22.08.2013 22.08.2013 11.06.2013 06.06.2013

05.09.2013

Ebos Group Ltd 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.

Price/Volume 12 10 8 6

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.07.2013) 52-Week Low (12.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EBO NZ EQUITY YTD Change EBO NZ EQUITY YTD % CHANGE

06/2013 01/yy 10.62 7.05 2'115.00 9.9 -6.78% 40.52% 77.90% 146.6 1'451.48 141.75 0.0 0.0 52.65 1'547.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 30.06.2009 1'340.9 0.22x 37.8 7.76x 19.7 13.14x

30.06.2010 30.06.2011 1'315.1 1'341.0 0.24x 0.24x 39.1 39.1 8.06x 8.11x 23.4 31.6 15.57x 15.20x Profitability

30.06.2012 1'426.5 0.34x 45.0 10.79x 27.9 14.20x

30.06.2013 1'822.0 28.2 18.15x 45.00 41.23 2.89% 2.53% 4.82% 15.02% 10.80% 2.30% 11.4% 3.6% 3.3% 1.5% 1.31 0.75 21.54% 67.95% 8.27 7.94

Price/ Cash Flow

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M s-13

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.34 0.56 131.98 40.96% 39.60% 0.557 4 4.000 29'239 78'774 167'473 FY+2

06/14 Y 06/15 Y 4'663.3 4'739.7 0.37x 0.36x 156.8 163.4 9.87x 9.47x 75.2 82.1 15.23x 14.14x S&P Issuer Ratings

FQ+1

FQ+2

6.44 5.89 1.80 2.59 68.0% 40.5% 2.30 67.06 44.26 46.08 76.19 12.54

Sales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0

20.00

1'400.0 15.00

1'200.0

10.00

1'000.0 800.0 600.0 400.0

5.00

200.0 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Ebos Group Ltd Holdings By:

All

Holder Name WHYTE ADDER NO3 LTD MILFORD ASSET MGMT L ACCIDENT COMPENSATIO TALLOTT BLAIR JP MORGAN CHASE BANK HERPA PROPERTIES LTD PETER MILES MERTON&C DIMENSIONAL FUND ADV SMARTSHARES LIMITED DOHERTY DENNIS CONDO BANK OF NEW YORK MEL FCA CORP BESSEMER GROUP INCOR PRINCIPAL FINANCIAL FLEXSHARES TRUST

Firm Name Forsyth Barr First NZ Capital EVA Dimensions Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a SMARTMIDZ n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst JOHN CAIRNS SARNDRA URLICH TIMOTHY STANISH STEPHEN RIDGEWELL

Source Research EXCH Research EXCH Research Research Co File ULT-AGG MF-PART EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation hold outperform overweight hold

Amt Held 4'946'561 4'268'009 4'185'191 3'856'029 1'015'639 936'902 540'947 219'178 187'772 172'791 61'352 32'828 14'390 6'176 918

% Out 3.37 2.91 2.85 2.63 0.69 0.64 0.37 0.15 0.13 0.12 0.04 0.02 0.01 0 0

Weighting

Change 3 5 5 3

M M U M

Latest Chg 606'823 12'116 761 6'176 -

Target Price 10 11 #N/A N/A 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 11.12.2012 21.06.2013 26.02.2013 21.06.2013 21.06.2013 31.07.2012 30.04.2013 31.07.2013 16.11.2012 03.09.2013 30.04.2013 30.04.2013 31.03.2013 31.05.2013

Date 12 month Not Provided Not Provided 12 month

Inst Type Other Investment Advisor Insurance Company n/a Investment Advisor Corporation Corporation Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.08.2013 10.07.2013 08.07.2013 14.11.2012

05.09.2013

Mainfreight Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.02.2013) 52-Week Low (27.05.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MFT NZ EQUITY YTD Change MFT NZ EQUITY YTD % CHANGE

03/2013 09/yy 12.20 9.21 37'962.00 10.63 -12.87% 15.42% 47.83% 99.0 1'052.62 280.34 0.0 0.0 48.09 1'284.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

.6 M

.5 M

.4 M

.3 M

.2 M

.1 M

0 s-12

31.03.2010 31.03.2011 1'131.1 1'339.9 0.63x 0.69x 70.1 84.7 10.09x 10.96x 36.4 25.7 17.17x 34.24x Profitability

LTM-4Q 31.03.2012 1'812.0 0.66x 130.4 9.13x 80.5 11.80x

31.03.2013 1'884.7 0.72x 129.7 10.42x 65.9 16.98x

129.74 99.30 5.27% 5.10% 7.08% 17.84% 11.12% 2.03% 7.3% 5.7% 3.5% 1.33 1.16 29.73% 72.02% 8.05 -

Price/ Cash Flow

09/yy 1'587.9 2.65x 114.2 10.64x 38.3 25.28x

n-12

d-12

j-13

f-13 m-13

LTM 09/yy 1'855.4 2.62x 127.3 9.90x 79.1 12.71x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

2.45 0.96 75.04 12.92% -7.89% 0.961 7 4.000 72'966 65'587 83'523 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 12/12 Q3 03/13 Q4 1'968.7 2'117.7 0.66x 0.61x 146.2 163.8 8.79x 7.84x 71.5 80.1 14.50x 12.85x S&P Issuer Ratings

13.40 7.68 1.69 2.04 72.0% 41.9% 2.03 5.31 45.35 -

Sales/Revenue/Turnover

18.00

2'000.0

16.00

1'800.0

14.00

1'600.0 1'400.0

12.00

1'200.0

10.00 8.00

1'000.0 800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 02.04.2010

o-12

Fiscal Year Ended 31.03.2009 1'264.5 0.41x 73.2 7.16x 35.5 11.41x

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Mainfreight Ltd Holdings By:

All

Holder Name PLESTED BRUCE G FISHER FUNDS MANAGEM HARBOUR ASSET MANAGE ONEPATH (NZ) LIMITED GRAHAM NEIL L ALLIANZ ASSET MANAGE BLACKROCK HEPWORTH JOHN ROWLANDS DONALD D DIMENSIONAL FUND ADV VANGUARD NEWMAN MARK NORGES BANK HOWARD-SMITH CARL G MOGRIDGE BRYAN WILLI SMARTSHARES LIMITED HOBBS EMMET JOHN PREBBLE RICHARD W BANK OF NEW YORK MEL STATE STREET

Firm Name UBS Macquarie EVA Dimensions Forsyth Barr Deutsche Bank Goldman Sachs First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a SMARTMIDZ n/a n/a Multiple Portfolios n/a

Analyst WADE GARDINER WARREN DOAK TIMOTHY STANISH ANDREW BOWLEY CHRIS BYRNE MARCUS CURLEY KAR YUE YEO

Source EXCH EXCH Co File Co File Research ULT-AGG ULT-AGG EXCH Research ULT-AGG ULT-AGG EXCH MF-AGG Co File Co File MF-PART Co File Co File MF-AGG ULT-AGG

Recommendation neutral neutral buy accumulate buy neutral/neutral outperform

Amt Held 16'715'562 6'020'675 5'473'687 5'017'032 5'000'517 1'827'745 1'006'937 600'787 569'482 494'693 494'536 454'092 365'404 220'000 200'000 172'346 90'000 88'274 62'959 60'363

% Out 16.88 6.08 5.53 5.07 5.05 1.85 1.02 0.61 0.58 0.5 0.5 0.46 0.37 0.22 0.2 0.17 0.09 0.09 0.06 0.06

Weighting

Change 3 3 5 4 5 3 5

D D M M U M U

Latest Chg 26'000 170 100'000 29'425 (20'230) -

Target Price 11 11 #N/A N/A 11 11 11 13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 03.05.2013 18.06.2013 01.06.2012 01.06.2012 08.03.2013 30.04.2013 03.09.2013 24.06.2011 16.11.2012 30.04.2013 30.06.2013 30.05.2013 31.12.2012 31.03.2012 31.03.2012 31.07.2013 31.03.2012 31.03.2012 03.09.2013 04.09.2013

Date 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided

Inst Type n/a Investment Advisor Corporation Investment Advisor n/a Investment Advisor Investment Advisor n/a n/a Investment Advisor Unclassified n/a Government n/a n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor

Date 31.07.2013 31.07.2013 06.06.2013 30.05.2013 29.05.2013 29.05.2013 29.05.2013

05.09.2013

Precinct Properties New Zealand Ltd Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

Price/Volume 1

7.0 M

6.0 M 5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PCT NZ EQUITY YTD Change PCT NZ EQUITY YTD % CHANGE

06/2013 06/yy 1.12 0.97 1'462'424.00 1 -10.71% 3.63% 22.58% 997.1 997.07 346.50 0.0 0.0 0.70 1'473.07

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 30.06.2009 133.7 7.20x 89.1 10.80x (192.8) -

4.0 M

Valuation Analysis

30.06.2010 30.06.2011 138.1 137.2 7.01x 8.23x 91.2 92.1 10.61x 12.27x (43.0) 10.4 81.73x Profitability

LTM-4Q 30.06.2012 127.5 10.02x 79.5 16.08x 45.1 20.64x

30.06.2013 157.5 6.52x 79.50 79.50 45.88% 45.96% 3.52% 5.51% 3.87% 0.10% 61.6% 35.4% 25.66% 39.50% -

Price/ Cash Flow

06/yy 138.1 29.78x 91.2 10.61x (43.0) 0.00x

LTM 06/yy 137.2 31.07x 92.1 12.27x 10.4 80.95x

FY+1

.0 M s-13

6.34 0.42 636.83 8.24% 4.73% 0.417 6 2.833 655'808 625'932 717'521 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 118.8 123.5 13.18x 12.72x 107.0 111.7 13.77x 13.19x 64.2 66.6 16.39x 16.13x S&P Issuer Ratings

3.79 -0.91 5.85 5.92 39.5% 28.3% 0.10 -

Sales/Revenue/Turnover

30.00

160.0 140.0

25.00

120.0 20.00

100.0 80.0

15.00

60.0

10.00

40.0 5.00 0.00 02.07.2010

20.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Precinct Properties New Zealand Ltd Holdings By:

All

Holder Name HAUMI COMPANY LTD ACCIDENT COMPENSATIO AMP LTD FORSYTH BARR LTD JP MORGAN CHASE BANK MFL MUTUAL FUND LTD STATE STREET NORGES BANK VANGUARD BLACKROCK INVESCO LTD SMARTSHARES LIMITED ALBERT D MASON HORSLEY GRAEME WELLS FARGO HUSE DONALD WILLIAM MACKENZIE FINANCIAL HANSAINVEST LUX SA ALASKA PERMANENT FUN CHARLES SCHWAB INVES

Firm Name UBS Deutsche Bank Goldman Sachs Macquarie Forsyth Barr First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a SMARTMIDZ ALBERT D MASON n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst LANCE REYNOLDS CHRIS BYRNE ROBBIE AITKEN NICK MAR JEREMY SIMPSON STEPHEN REID DOUG WALTERS

Source EXCH EXCH ULT-AGG Co File Co File Co File ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-PART 13F Co File ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral hold neutral/cautious restricted accumulate neutral underweight

Amt Held 198'524'814 76'876'378 60'697'290 23'431'141 19'741'983 12'961'908 9'087'650 6'027'231 5'880'343 5'876'523 2'801'120 1'652'365 1'580'600 310'000 288'927 250'000 165'923 132'000 116'726 105'880

% Out 19.91 7.71 6.09 2.35 1.98 1.3 0.91 0.6 0.59 0.59 0.28 0.17 0.16 0.03 0.03 0.03 0.02 0.01 0.01 0.01

Weighting

Change

3 3 3 #N/A N/A 4 3 1

U M M M M N M

Latest Chg (10'093'515) 11'662'194 216'992 1'055 927'041 (197'120) (12'000) 12'168 132'000 -

Target Price 1 1 1 #N/A N/A 1 1 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.11.2010 08.05.2013 21.07.2011 31.08.2012 31.08.2012 31.08.2012 04.09.2013 31.12.2012 30.06.2013 03.09.2013 04.09.2013 31.07.2013 30.06.2013 31.08.2012 30.06.2013 31.08.2012 31.05.2013 31.07.2013 31.03.2013 03.09.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Other Insurance Company Insurance Company Bank Investment Advisor Other Investment Advisor Government Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Government Investment Advisor

Date 05.09.2013 03.09.2013 03.09.2013 03.09.2013 22.08.2013 20.08.2013 06.06.2013

05.09.2013

Argosy Property Ltd Argosy Property Limited invests in and manages retail, commercial and industrial properties in New Zealand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.05.2013) 52-Week Low (10.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARG NZ EQUITY YTD Change ARG NZ EQUITY YTD % CHANGE

03/2013 01/yy 1.06 0.86 823'831.00 0.96 -9.29% 11.56% 55.34% 781.3 750.00 326.05 0.0 0.0 2.27 1'073.78

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.03.2009 108.7

31.03.2010 96.6

64.1

67.3

(63.1)

(59.0)

31.03.2011 92.0 8.68x 63.3 12.61x 26.3 15.05x

31.03.2012 99.8 8.52x 45.1 18.84x 1.9 240.00x

31.03.2013 88.3 11.27x 63.1 15.76x 39.2 14.72x

LTM-4Q

LTM

01/yy

01/yy -

Profitability EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

63.11 63.11 44.67% 43.79% 4.07% 7.19% 4.36% 0.09% 71.5% 44.4% 32.84% 54.22% -

Price/ Cash Flow

FY+1 -

6.18 0.26 695.75 16.82% 9.95% 0.264 5 3.400 344'785 661'032 800'594 FY+2

03/14 Y 03/15 Y 81.6 91.3 14.08x 12.74x 75.3 84.9 14.27x 12.66x 49.1 44.5 14.77x 16.84x S&P Issuer Ratings

FQ+1

FQ+2

2.27 1.71 5.13 5.17 54.2% 35.2% 0.09 -

Sales/Revenue/Turnover

50.00

120.0

45.00

100.0

40.00 35.00

80.0

30.00

60.0

25.00 20.00

40.0

15.00 10.00

20.0

5.00 0.00 02.04.2010

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Argosy Property Ltd Holdings By:

All

Holder Name ACCIDENT COMPENSATIO MFL MUTUAL FUND LTD AMP LTD ONEPATH (NZ) LIMITED STATE STREET WHITING PETER JOHN UNV OF OTAGO FOUNDAT SOUTHERN CAPITAL LIM ESSEX CASTLE LTD REGUS HANSEN TRUSTEE SMARTSHARES LIMITED FORHOMES INVESTMENTS WINSTON BARRY SCOTT TREVOR DONALD VANGUARD ARROW INVESTMENT ADV FRASER SMITH HOLDING WELLS FARGO BLACKROCK SEI INVESTMENT MANAG

Firm Name Forsyth Barr Macquarie Goldman Sachs Deutsche Bank First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a SMARTMIDZ n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst JEREMY SIMPSON NICK MAR ROBBIE AITKEN CHRIS BYRNE JASON LINDSAY

Source EXCH EXCH ULT-AGG EXCH ULT-AGG Co File Co File Co File Co File Co File MF-PART Co File Co File EXCH ULT-AGG MF-AGG Co File ULT-AGG ULT-AGG MF-AGG

Recommendation hold neutral neutral/cautious buy neutral

Amt Held 76'900'212 69'239'791 44'678'051 28'527'443 8'809'481 4'010'700 3'961'509 3'500'000 2'700'000 1'708'828 1'666'027 1'614'162 1'597'912 1'508'778 1'035'870 604'888 504'389 248'707 215'328 181'940

% Out 9.84 8.86 5.72 3.65 1.13 0.51 0.51 0.45 0.35 0.22 0.21 0.21 0.2 0.19 0.13 0.08 0.06 0.03 0.03 0.02

Weighting

Change 3 3 3 5 3

Latest Chg (7'212'680) 1'666'027 396'095 (47'838) 18'568 -

Target Price

M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.08.2013 25.06.2013 07.01.2013 20.11.2012 04.09.2013 09.05.2012 09.05.2012 09.05.2012 09.05.2012 09.05.2012 31.05.2013 09.05.2012 09.05.2012 31.03.2012 30.06.2013 28.06.2013 31.03.2012 30.06.2013 03.09.2013 30.04.2013

Date 1 1 1 1 1

12 month 12 month 12 month 12 month Not Provided

Inst Type Insurance Company Other Insurance Company Investment Advisor Investment Advisor n/a n/a Corporation Corporation Corporation Investment Advisor Corporation n/a n/a Unclassified Investment Advisor Private Equity Investment Advisor Investment Advisor Investment Advisor

Date 05.08.2013 15.07.2013 11.07.2013 01.07.2013 16.01.2013

05.09.2013

Fonterra Cooperative Group Ltd 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.

Price/Volume 9

70.0 M

60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.05.2013) 52-Week Low (05.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FSF NZ EQUITY YTD Change FSF NZ EQUITY YTD % CHANGE

07/2012 01/yy 8.09 6.37 511'135.00 6.97 -13.84% 9.41% 36.60% 1'597.8 11'136.90 4'991.00 5'690.0 35.0 1'033.00 22'001.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

30.0 M

20.0 M

10.0 M

1 0 n-12

.0 M d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.07.2008

31.07.2009 31.07.2010 16'035.0 16'726.0 1'399.0 1'398.0 599.0 669.0 Profitability

31.07.2011 19'871.0 1'555.0 754.0 -

31.07.2012 19'769.0 1'436.0 609.0 -

1'436.00 944.00 4.78% 3.42% 4.25% 71.05% 8.62% 1.13% 15.4% 8.2% 5.5% 3.1% 1.62 0.77 33.02% 536.67% 7.43 3.22

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

2.24 101.98 1.27% 7 3.286 559'866 1'166'951 868'464 FY+2

07/13 Y 07/14 Y 20'121.0 22'323.1 1.05x 0.96x 1'524.9 1'620.4 14.43x 13.58x 697.9 689.9 16.06x 16.44x S&P Issuer Ratings

FQ+1

FQ+2

03.11.2006 A+ STABLE 03.11.2006 A-1 3.95 2.10 2.90 3.24 536.7% 42.9% 1.13 4.22 49.25 113.57 34.61 88.74

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00 6.00

10'000.0

4.00

5'000.0 2.00 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

31.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Fonterra Cooperative Group Ltd Holdings By:

All

Holder Name LOCKUP SHARES PERPETUAL LTD CALEDONIA PRIV INV P COMMONWEALTH BANK OF MACLEOD DAVID COLONIAL FIRST STATE BLACKROCK NORGES BANK WILSON JOHN NEW CAPITAL FUND MAN SMARTSHARES LIMITED BARING INTERNATIONAL JUBAK ASSET MANAGEME T ROWE PRICE GLOBAL SHEWAN JOHN HEYDEN HENRY

Firm Name Deutsche Bank Forsyth Barr UBS Ord Minnett Goldman Sachs Macquarie First NZ Capital

Portfolio Name #N/A N/A n/a #N/A N/A n/a n/a #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios SMARTMIDZ Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst ARIE DEKKER ANDREW BOWLEY WADE GARDINER STEPHEN SCOTT MARCUS CURLEY STEPHEN HUDSON KAR YUE YEO

Source EXCH EXCH EXCH ULT-AGG Co File EXCH ULT-AGG MF-AGG Co File MF-AGG MF-PART MF-AGG MF-AGG MF-AGG EXCH EXCH

Recommendation hold sell sell hold Buy/Neutral outperform outperform

Amt Held 1'492'534'917 12'081'057 10'124'281 8'942'504 2'393'694 1'692'482 1'361'806 594'323 469'299 312'625 224'355 176'141 50'580 18'637 13'828 4'500

% Out 93.41 0.76 0.63 0.56 0.15 0.11 0.09 0.04 0.03 0.02 0.01 0.01 0 0 0 0

Weighting

Change 3 1 1 3 5 5 5

Latest Chg 1'348'686 889'943 (50'922) 25'625 (14'460) 42'021 -

Target Price

M D D M M M U

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 05.09.2013 Other 21.08.2013 Investment Advisor 29.08.2013 Hedge Fund Manager 02.09.2013 Bank 25.09.2012 n/a 02.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 25.09.2012 n/a 28.03.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 24.04.2013 n/a 24.04.2013 n/a

Date 7 7 7 7 8 7 8

12 month 12 month 12 month Not Provided 12 month 12 month Not Provided

Date 05.08.2013 01.08.2013 31.07.2013 30.07.2013 25.07.2013 25.07.2013 25.07.2013

05.09.2013

Guinness Peat Group PLC 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.

Price/Volume 1

80.0 M

70.0 M

60.0 M 50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2013) 52-Week Low (31.05.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GPG NZ EQUITY YTD Change GPG NZ EQUITY YTD % CHANGE

12/2012 01/yy 0.61 0.42 398'672.00 0.57 -6.56% 35.71% 76.32% 1'407.2 802.08 305.00 0.0 24.0 332.00 328.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

30.0 M

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.12.2008 1'139.0 0.69x 58.0 13.48x (50.0) -

40.0 M

31.12.2009 31.12.2010 1'172.0 1'066.0 0.64x 0.68x 66.0 170.0 11.36x 4.24x (36.0) 53.0 Profitability

31.12.2011 1'059.0 0.48x 87.0 5.80x 1.0 -

31.12.2012 1'043.0 0.46x 10.0 47.46x (3.0) 10.00 -24.00 -2.30% -6.33% 3.95% 12.51% 0.68% 27.6% 4.6% -0.3% 2.87 1.40 21.36% 70.28% 3.39

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.73 1'367.64 12.87% -4.20% 0.728 6 3.333 22'052'490 6'767'052 4'341'664 FY+2

12/13 Y 12/14 Y 1'108.0 1'141.0 0.33x 0.30x 98.8 114.3 3.32x 2.87x 12.4 26.1 20.61x 16.03x S&P Issuer Ratings

FQ+1

FQ+2

0.20 -0.35 70.3% 40.0% 0.68 4.22 107.81 80.79

Sales/Revenue/Turnover

1'600.0 1'400.0 1'200.0

0.80 0.60

1'000.0 800.0 600.0

0.40 0.20

400.0 200.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Guinness Peat Group PLC Holdings By:

All

Holder Name BLACKROCK SOROS FUND MANAGEMEN QUANTUM STRATEGIC PA JP MORGAN CHASE BANK AMP LTD MSDC MANAGEMENT LP ACCIDENT COMPENSATIO ONEPATH (NZ) LIMITED DEUTSCHE PRIVATE BAN BT FUNDS MANAGEMENT( WESTPAC BANKING CORP SALT FUNDS MANAGEMEN ORBIS HOLDINGS LIMIT DIRECTOR & RELATED H HARWOOD CAPITAL LLP SCHRODER INVESTMENT LONGLEAF MANAGEMENT NIXON BLAKE ANDREW PRIVATE INDIVIDUALS BRIERLEY RONALD ALFR

Firm Name Forsyth Barr Deutsche Bank First NZ Capital Macquarie EVA Dimensions Goldman Sachs

Portfolio Name n/a Multiple Portfolios n/a n/a n/a n/a #N/A N/A n/a Multiple Portfolios n/a #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios NORTH ATLANTIC SMALL Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst JOHN CAIRNS DENNIS M LEE GREG MAIN STEPHEN HUDSON DOUG WALTERS ADRIAN ALLBON

Source ULT-AGG REG RNS-MAJ Research ULT-AGG RNS-MAJ RNS-MAJ Co File REG RNS-MAJ RNS-MAJ EXCH REG REG MF-PART MF-AGG MF-AGG Research REG Research

Recommendation hold buy neutral outperform sell neutral/neutral

Amt Held 138'593'602 133'201'970 133'201'970 99'264'789 94'484'202 79'606'443 75'681'960 69'836'986 59'751'177 55'537'555 54'652'186 54'599'146 42'846'850 40'969'214 40'651'300 25'209'892 21'704'625 17'811'406 10'598'366 9'067'792

% Out 9.85 9.47 9.47 7.05 6.71 5.66 5.38 4.96 4.25 3.95 3.88 3.88 3.04 2.91 2.89 1.79 1.54 1.27 0.75 0.64

Weighting

Change 3 5 3 5 1 3

M M M M M D

Latest Chg 5'011'637 (1'446'765) (9'446'927) (6'680'553) (9'020'000) 13'162'683 334'461 -

Target Price 1 1 1 1 #N/A N/A 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.06.2013 Investment Advisor 03.06.2013 Hedge Fund Manager 11.03.2013 Investment Advisor 21.06.2013 Investment Advisor 03.06.2013 Insurance Company 25.07.2013 Investment Advisor 30.08.2013 Insurance Company 31.12.2012 Investment Advisor 03.06.2013 Unclassified 09.08.2013 Investment Advisor 02.09.2013 Bank 30.08.2013 Other 03.06.2013 Investment Advisor 03.06.2013 Other 24.01.2013 Hedge Fund Manager 31.12.2012 Investment Advisor 31.07.2013 Investment Advisor 21.06.2013 n/a 03.06.2013 Other 21.06.2013 n/a

Date 12 month 12 month Not Provided 12 month Not Provided 12 month

Date 29.08.2013 28.08.2013 28.08.2013 14.06.2013 06.06.2013 08.05.2013

05.09.2013

Vector Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.04.2013) 52-Week Low (04.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.03.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VCT NZ EQUITY YTD Change VCT NZ EQUITY YTD % CHANGE

06/2013 01/yy 2.97 2.58 97'159.00 2.7 -9.09% 4.65% 33.33% 995.8 2'688.54 2'457.54 0.0 16.6 81.59 4'992.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 1'173.9 3.95x 594.2 7.81x 370.5 12.36x

30.06.2010 30.06.2011 1'185.8 1'194.7 3.90x 4.06x 582.8 543.1 7.94x 8.93x 193.5 201.4 11.13x 12.57x Profitability

30.06.2012 1'252.2 4.05x 634.2 8.00x 198.8 13.40x

30.06.2013 1'279.2 203.3 13.14x 634.23 460.79 36.80% 22.62% 3.73% 9.85% 7.25% 0.23% 50.3% 36.8% 15.9% 1.17 0.99 43.75% 115.29% 7.82 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.46 0.51 222.91 4.19% 4.80% 0.506 7 3.714 145'798 185'470 239'157 FY+2

06/14 Y 06/15 Y 1'244.0 1'260.2 4.24x 4.23x 576.0 586.0 8.67x 8.52x 155.5 152.8 17.20x 17.42x S&P Issuer Ratings

FQ+1

FQ+2

16.08.2005 BBB+ STABLE 30.04.2004 NR 3.56 2.10 3.53 3.73 115.3% 53.4% 0.23 0.35 46.80 -

Sales/Revenue/Turnover

8.00

1'400.0

7.00

1'200.0

6.00

1'000.0

5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Vector Ltd Holdings By:

All

Holder Name AUCKLAND ENERGY CONS ACCIDENT COMPENSATIO JP MORGAN CHASE BANK VECTOR LIMITED INVESCO LTD VANGUARD NORGES BANK FORSYTH BARR LTD DIMENSIONAL FUND ADV NUVEEN ASSET MANAGEM AXA ROSENBERG INTL M A JANSSEN LTD GIBBS ANTHONY IAN AMUNDI JAPAN BOWLER RONALD VICTOR KERSHAW INV LTD BANK OF NEW YORK MEL TOKIO MARINE ASSET M LEGAL & GENERAL ALLIANZ GLOBAL INVES

Firm Name Forsyth Barr Deutsche Bank Goldman Sachs UBS Macquarie First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREW HARVEY-GREEN GRANT SWANEPOEL MATTHEW HENRY WADE GARDINER STEPHEN HUDSON GREG MAIN DOUG WALTERS

Source Research Research Research Research ULT-AGG ULT-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG Co File Co File MF-AGG Co File Co File MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation accumulate buy neutral/neutral neutral outperform underperform overweight

Amt Held 751'000'000 14'125'577 4'862'117 4'244'923 2'907'541 2'528'070 2'505'728 1'804'713 1'252'296 999'683 798'586 619'200 552'460 511'019 500'000 475'000 321'750 179'000 125'035 114'856

% Out 75.42 1.42 0.49 0.43 0.29 0.25 0.25 0.18 0.13 0.1 0.08 0.06 0.06 0.05 0.05 0.05 0.03 0.02 0.01 0.01

Weighting

Change 4 5 3 3 5 1 5

U M M M M M U

Latest Chg 921'041 2'900'009 2'054'433 299'587 -

Target Price 3 3 3 3 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.03.2013 08.03.2013 08.03.2013 08.03.2013 04.09.2013 30.06.2013 31.12.2012 31.07.2012 30.04.2013 30.06.2013 31.12.2012 31.07.2012 31.07.2012 27.08.2012 31.07.2012 31.07.2012 03.09.2013 15.11.2012 31.07.2013 21.06.2012

Date 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Unclassified Insurance Company Investment Advisor Corporation Investment Advisor Unclassified Government Bank Investment Advisor Investment Advisor Investment Advisor Other n/a Investment Advisor n/a Other Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 25.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 22.08.2013 04.07.2013

05.09.2013

Australia & New Zealand Banking Group Ltd 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.

Price/Volume

09/2012 03/yy 39.20 29.86 6'178.00 34.3 -12.50% 14.87% 52.89% 2'743.6 94'105.97 118'987.00 871.0 49.0 55'159.00 -

Price/ Cash Flow

1.20 1.00

.7 M .6 M .5 M .4 M

.3 M

.2 M

.1 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended

.8 M

30 20

Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (26.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANZ NZ EQUITY YTD Change ANZ NZ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

35 25

Valuation Analysis

30.09.2008 36'622.0 3'319.0 -

30.09.2009 30.09.2010 29'836.0 31'324.0 2'943.0 4'501.0 Profitability

LTM-4Q 30.09.2011 35'602.0 5'355.0 -

30.09.2012 35'968.0 5'661.0 45.92% 45.58% 0.88% 14.17% 3.42% 0.05% 32.3% 18.53% 295.25% -

LTM

03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

0.80 2'669.22 16.70% 11.53% 0.796 19 3.421 15'088 61'162 60'445 FY+2

FQ+1

FQ+2

09/13 Y 09/14 Y 03/13 Q2 06/13 Q3 19'699.3 19'297.0 0.39x 0.32x 6'424.2 6'778.7 12.86x 12.28x S&P Issuer Ratings

01.12.2011 AASTABLE 11.09.1996 A-1+ 295.3% 74.3% 0.05 16.65 -

Sales/Revenue/Turnover

40'000.0 35'000.0 30'000.0

0.80 0.60

25'000.0 20'000.0 15'000.0

0.40 0.20

10'000.0 5'000.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Australia & New Zealand Banking Group Ltd Holdings By:

All

Holder Name NATIONAL AUSTRALIA B COMMONWEALTH BANK OF VANGUARD BLACKROCK AMP LTD FMR LLC AUSTRALIA & NEW ZEAL PERENNIAL INVESTMENT NORGES BANK ANZEST PTY LTD RANCHLAND HOLDINGS P DB PLATINUM ADVISORS JP MORGAN AUSTRALIAN FOUNDATIO ARGO INVESTMENTS LTD BANK OF NEW YORK MEL EQUITY TRUSTEES LTD PERPETUAL INVESTMENT BLUEKNIGHT CORP PTY PERPETUAL TRUSTEE CO

Firm Name Nomura Bell Potter CIMB Commonwealth Bank Credit Suisse Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Macquarie BBY Limited Shaw Stockbroking S&P Capital IQ UBS EVA Dimensions Evans & Partners Pty Ltd Paterson Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a PERENNIAL VALUE SHAR Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios ARNHEM CONCENTRATED PERPETUAL WHOLESALE n/a n/a

Analyst VICTOR GERMAN T S LIM JOHN BUONACCORSI ROSS CURRAN JARROD MARTIN JAMES FREEMAN RICHARD E WILES ANDREW LYONS SCOTT MANNING MICHAEL WIBLIN BRETT LE MESURIER DAVID SPOTSWOOD SITI RUDZIAH SALIKIN JONATHAN MOTT DOUG WALTERS LOU CAPPARELLI TONY FARNHAM

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH MF-PART MF-AGG Co File EXCH MF-AGG ULT-AGG Co File Co File MF-AGG MF-PART MF-PART EXCH Co File

Recommendation neutral hold outperform neutral neutral buy Underwt/In-Line neutral/neutral underweight outperform buy buy hold buy underweight neutral hold

Amt Held 113'925'737 48'957'362 48'481'898 29'266'130 28'834'656 27'351'155 23'949'166 22'032'929 21'707'393 17'899'078 17'051'442 12'078'524 11'687'086 8'187'710 7'902'915 7'898'710 7'482'155 7'120'183 7'000'000 6'936'856

% Out 4.15 1.78 1.77 1.07 1.05 1 0.87 0.8 0.79 0.65 0.62 0.44 0.43 0.3 0.29 0.29 0.27 0.26 0.26 0.25

Weighting

Change 3 3 5 3 3 5 1 3 1 5 5 5 3 5 1 3 3

M M M M M M M M D M M M M U M M M

Latest Chg (94'977'033) 400 1'083'201 (818'139) (32'535) (11'504) 2'714'560 995 -

Target Price 36 37 35 36 35 38 29 33 35 40 35 34 36 34 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.07.2013 31.05.2013 30.06.2013 03.09.2013 31.07.2013 31.07.2013 14.08.2013 31.07.2013 31.12.2012 12.10.2012 31.01.2013 31.07.2013 31.07.2013 12.10.2012 12.10.2012 03.09.2013 30.06.2013 30.06.2013 29.01.2013 12.10.2012

Date Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 3 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Bank Bank Unclassified Investment Advisor Insurance Company Investment Advisor Bank Investment Advisor Government Other Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Corporation

Date 05.09.2013 05.09.2013 03.09.2013 26.08.2013 19.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 16.08.2013 13.06.2013 06.06.2013 04.06.2013 08.11.2011

05.09.2013

Freightways Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.03.2013) 52-Week Low (05.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRE NZ EQUITY YTD Change FRE NZ EQUITY YTD % CHANGE

06/2013 09/yy 4.60 3.95 29'262.00 4.21 -8.48% 6.58% 44.62% 154.0 648.33 161.00 0.0 0.0 3.48 805.84

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2010 30.06.2011 328.5 352.5 1.76x 1.83x 63.4 66.8 9.12x 9.67x 23.2 29.9 18.36x 16.41x Profitability

1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M o-12

LTM-4Q 30.06.2012 382.5 1.97x 72.3 10.44x 37.0 15.77x

30.06.2013 406.1 2.08x 76.8 10.99x 40.3 17.02x 76.80 64.66 15.92% 13.23% 9.27% 22.38% 14.31% 0.93% 18.9% 15.9% 9.9% 1.06 0.92 37.16% 85.96% 8.02 -

Price/ Cash Flow

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

n-12

d-12

j-13

f-13 m-13

LTM 09/yy 185.3 0.00x 0.0 0.00x 16.0 0.00x

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

4.45 0.75 138.01 9.55% 1.03% 0.751 7 3.000 257'525 213'045 239'718 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 12/12 Q2 03/13 Q3 425.8 448.0 1.89x 1.77x 80.2 86.8 10.05x 9.29x 40.8 45.4 15.89x 14.18x S&P Issuer Ratings

5.90 5.02 2.05 2.10 86.0% 46.2% 0.93 4.52 45.49 -

Sales/Revenue/Turnover

18.00

450.0

16.00

400.0

14.00

350.0

12.00

300.0

10.00

250.0

8.00

200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 02.07.2010

1.8 M

Fiscal Year Ended 30.06.2009 339.5 1.73x 66.5 8.81x 34.6 10.84x

5 5 4 4 3 3 2 2 1 1 0 s-12

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Freightways Ltd Holdings By:

All

Holder Name FISHER FUNDS MANAGEM HARRIS ASSOCIATES LP JP MORGAN CHASE BANK AMP LTD ACCIDENT COMPENSATIO NZ SUPERANNUATION FU PORT DEVON LTD BRACEWELL DEAN BLACKROCK FORSYTH BARR LTD INVESCO LTD LUCERNE ROAD INVESTM NORGES BANK CARTREF PORTFOLIO PT VANGUARD DIMENSIONAL FUND ADV WELLS STEVE MITCHELL-LOWE RICHAR SMARTSHARES LIMITED TROUGHEAR MARK

Firm Name Forsyth Barr Macquarie Deutsche Bank Goldman Sachs EVA Dimensions UBS First NZ Capital

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a SMARTMIDZ n/a

Analyst ANDREW BOWLEY WARREN DOAK DENNIS M LEE MARCUS CURLEY TIMOTHY STANISH WADE GARDINER KAR YUE YEO

Source EXCH EXCH Research ULT-AGG Research Co File Research EXCH ULT-AGG Co File ULT-AGG Research MF-AGG Research ULT-AGG ULT-AGG EXCH EXCH MF-PART EXCH

Recommendation hold neutral hold neutral/neutral overweight neutral underperform

Amt Held 14'327'703 11'547'501 8'031'674 7'719'866 6'924'667 4'775'569 3'453'469 2'530'737 2'105'224 1'815'096 1'770'681 1'652'896 1'203'581 1'167'227 918'434 862'303 570'944 515'920 364'893 354'495

% Out 9.3 7.5 5.22 5.01 4.5 3.1 2.24 1.64 1.37 1.18 1.15 1.07 0.78 0.76 0.6 0.56 0.37 0.34 0.24 0.23

Weighting

Change 3 3 3 3 5 3 1

U M M M U M M

Latest Chg 6'450'458 4'218'857 (1'107'007) (350'000) (140) 77'499 1'860 (25'790) -

Target Price 4 4 4 4 #N/A N/A 4 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.04.2013 30.08.2013 21.06.2013 04.12.2012 21.06.2013 31.07.2012 21.06.2013 05.04.2012 03.09.2013 31.07.2012 31.03.2013 21.06.2013 31.12.2012 21.06.2013 30.06.2013 30.04.2013 13.09.2011 13.09.2011 30.06.2013 13.09.2011

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided

Inst Type Investment Advisor Investment Advisor Investment Advisor Insurance Company Insurance Company n/a Other n/a Investment Advisor Bank Investment Advisor Other Government Other Unclassified Investment Advisor n/a n/a Investment Advisor n/a

Date 14.08.2013 13.08.2013 12.08.2013 12.08.2013 10.07.2013 05.07.2013 04.07.2013

05.09.2013

Nuplex Industries Ltd 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.

Price/Volume

3.0 M

2.5 M 2.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (06.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NPX NZ EQUITY YTD Change NPX NZ EQUITY YTD % CHANGE

06/2013 01/yy 3.55 2.70 53'091.00 3.2 -9.86% 18.52% 62.35% 198.1 634.00 289.60 0.0 7.4 91.79 839.17

1.5 M

2 1

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

4 3

Valuation Analysis

30.06.2009 1'493.7 0.28x 83.1 5.10x 16.7 5.36x

30.06.2010 30.06.2011 1'459.9 1'575.0 0.42x 0.42x 136.4 132.5 4.55x 4.94x 64.2 66.5 8.26x 8.53x Profitability

30.06.2012 1'615.9 0.45x 127.2 5.65x 62.5 7.81x

30.06.2013 1'664.9 0.47x 115.2 6.77x 42.9 13.18x 115.24 82.11 4.93% 3.73% 3.46% 7.72% 6.83% 1.34% 21.1% 6.9% 4.9% 2.6% 1.94 1.14 23.02% 52.14% 5.16 5.56

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

6.56 1.22 196.91 16.00% 4.27% 1.216 7 3.857 314'427 343'679 312'958 FY+2

06/14 Y 06/15 Y 1'722.2 1'815.8 0.51x 0.48x 139.3 153.7 6.02x 5.46x 61.8 69.4 10.26x 9.14x S&P Issuer Ratings

FQ+1

FQ+2

6.50 3.77 1.72 2.51 52.1% 34.0% 1.34 5.33 70.71 65.65 83.21 53.15

Sales/Revenue/Turnover

14.00

1'800.0

12.00

1'600.0 1'400.0

10.00

1'200.0

8.00

1'000.0

6.00

800.0 600.0

4.00

400.0

2.00 0.00 02.07.2010

200.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Nuplex Industries Ltd Holdings By:

All

Holder Name ORBIS HOLDINGS LIMIT ACCIDENT COMPENSATIO DELTA LLOYD NV AMP LTD DELTA LLOYD FUND MAN MASFEN SECURITIES LI FMR LLC NZ SUPERANNUATION FU JP MORGAN CHASE BANK DIMENSIONAL FUND ADV AXA ROSENBERG INTL BLACKROCK NORGES BANK VANGUARD BRAZIL FARMING PTY L TWEEDY BROWNE COMPAN BANK OF NEW YORK MEL SEVERIN EMERY STEPHE AITKEN ROBERT MURRAY STATE STREET

Firm Name EVA Dimensions Macquarie Forsyth Barr Deutsche Bank UBS First NZ Capital Goldman Sachs

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a

Analyst TIMOTHY STANISH DANIEL FROST JOHN CAIRNS DENNIS M LEE TRISTAN JOLL GREG MAIN ADRIAN ALLBON

Source EXCH EXCH ULT-AGG ULT-AGG MF-AGG Research ULT-AGG Co File Co File ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG Research MF-AGG MF-AGG EXCH Co File ULT-AGG

Recommendation buy neutral hold buy neutral neutral Buy/Neutral

Amt Held 23'355'187 17'382'304 12'092'683 12'016'331 10'025'944 4'772'039 3'682'663 3'653'778 3'643'609 3'572'023 1'479'200 1'390'486 1'108'436 1'105'436 550'000 455'000 312'294 240'000 152'424 143'299

% Out 11.79 8.77 6.1 6.06 5.06 2.41 1.86 1.84 1.84 1.8 0.75 0.7 0.56 0.56 0.28 0.23 0.16 0.12 0.08 0.07

Weighting

Change 5 3 3 5 3 3 5

U M M M M M M

Latest Chg (2'072'601) 2'015'000 1'830'600 (1'000'000) 133'267 85 27'546 455'000 -

Target Price #N/A N/A 3 3 4 3 3 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.09.2012 12.10.2012 31.05.2013 29.04.2013 31.05.2013 08.03.2013 30.04.2013 30.06.2012 30.06.2012 30.04.2013 31.12.2012 03.09.2013 31.12.2012 30.06.2013 03.08.2012 31.03.2012 03.09.2013 13.06.2013 30.06.2012 04.09.2013

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month

Inst Type Investment Advisor Insurance Company Bank Insurance Company Investment Advisor Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Unclassified Corporation Investment Advisor Investment Advisor n/a n/a Investment Advisor

Date 28.08.2013 20.08.2013 18.08.2013 15.08.2013 15.08.2013 15.08.2013 15.07.2013

05.09.2013

Kathmandu Holdings Ltd Kathmandu Holdings Ltd. provides clothing and equipment for the travel and adventure market. The Company operates retail locations throughout Australia and New Zealand.

Price/Volume 4

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.08.2013) 52-Week Low (21.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KMD NZ EQUITY YTD Change KMD NZ EQUITY YTD % CHANGE

07/2012 01/yy 3.10 1.64 132'420.00 3 -3.23% 82.93% 91.78% 200.2 600.65 53.74 0.0 0.0 1.81 681.69

3.0 M

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.07.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

31.07.2009 31.07.2010 215.6 245.8 1.89x 48.7 37.9 12.28x 14.9 9.4 Profitability

31.07.2011 306.1 1.58x 72.0 6.71x 39.1 11.28x

31.07.2012 347.1 1.07x 67.3 5.50x 34.9 9.14x

67.34 57.81 16.65% 14.73% 10.34% 14.89% 12.13% 0.97% 63.3% 19.4% 16.6% 10.0% 2.03 0.05 14.41% 19.22% 92.31 1.67

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

3.33 1.34 185.71 68.85% 52.43% 1.335 10 4.000 1'078'493 478'847 433'824 FY+2

07/13 Y 07/14 Y 386.8 427.5 1.68x 1.51x 74.0 83.1 9.21x 8.20x 40.9 45.6 14.63x 13.27x S&P Issuer Ratings

FQ+1

FQ+2

15.76 11.57 1.14 1.15 19.2% 16.1% 0.97 8.88 3.97 219.17 68.21 161.88

Sales/Revenue/Turnover

25.00

400.0 350.0

20.00

300.0 250.0

15.00

200.0 10.00

150.0 100.0

5.00

0.00 31.07.2009

50.0 0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

31.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Kathmandu Holdings Ltd Holdings By:

All

Holder Name COMMONWEALTH BANK OF NATIONAL AUSTRALIA B ELEY GRIFFITHS GROUP ACCIDENT COMPENSATIO MILFORD ASSET MGMT L FMR LLC AUSBIL DEXIA LIMITED HARBOUR ASSET MANAGE AMP LTD AUSTRALIAN SUPER PTY TRIBECA INV PARTNERS VANGUARD MACQUARIE GROUP HALKETT PETER THOMAS FIDANTE PARTNERS LTD FIL LIMITED TRANSAMERICA INVESTM MANULIFE FUNDS DIREC TODD MARK ARCHIBALD MUNDER CAPITAL MANAG

Firm Name Bell Potter EVA Dimensions Deutsche Bank RBS Morgans Macquarie Forsyth Barr Goldman Sachs Moelis & Company First NZ Capital Octa Phillip Securities Ltd

Portfolio Name n/a n/a n/a #N/A N/A #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a NOVAPORT SMALLER COM n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst SAM HADDAD CRAIG STERLING WASSIM KISIRWANI JOSEPHINE LITTLE ADAM SIMPSON CHELSEA LEADBETTER GEORGE BATSAKIS TODD W GUYOT SARNDRA URLICH KEN WAGNER

Source ULT-AGG ULT-AGG Co File EXCH EXCH ULT-AGG Co File EXCH ULT-AGG EXCH EXCH ULT-AGG ULT-AGG EXCH MF-PART ULT-AGG MF-AGG MF-AGG EXCH MF-AGG

Recommendation buy underweight buy outperform outperform hold Buy/Neutral buy neutral hold

Amt Held 16'609'706 13'050'566 12'066'312 11'970'983 11'698'194 11'287'339 10'512'000 10'341'542 10'113'837 10'110'349 9'810'674 2'313'893 2'086'884 1'485'518 1'122'805 978'135 883'700 600'000 370'480 363'730

% Out 8.3 6.52 6.03 5.98 5.84 5.64 5.25 5.17 5.05 5.05 4.9 1.16 1.04 0.74 0.56 0.49 0.44 0.3 0.19 0.18

Weighting

Change 5 1 5 5 5 3 5 5 3 3

M D M M M D M M M M

Latest Chg 2'132'238 2'023'212 (2'037'056) (3'075'883) (649'850) 1'114'789 (128'071) 55'686 3'705 114'300 9'062 (127'634)

Target Price 3 #N/A N/A 3 3 3 3 3 2 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.04.2013 Bank 09.07.2013 Bank 07.09.2012 Investment Advisor 04.09.2013 Insurance Company 03.09.2013 Investment Advisor 11.04.2013 Investment Advisor 07.09.2012 Investment Advisor 27.02.2013 Corporation 04.09.2013 Insurance Company 05.07.2013 Pension Fund (ERISA) 22.08.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2011 Investment Advisor 18.12.2012 n/a 30.06.2013 Investment Advisor 31.10.2012 Investment Advisor 30.06.2013 Investment Advisor 31.12.2012 Unclassified 18.12.2012 n/a 30.06.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided

Date 03.09.2013 02.09.2013 30.08.2013 07.08.2013 26.07.2013 06.06.2013 31.05.2013 02.05.2013 17.04.2013 28.03.2013

05.09.2013

Property for Industry Ltd 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.

Price/Volume 2

7.0 M

6.0 M

5.0 M

Latest Fiscal Year: LTM as of: 52-Week High (19.07.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PFI NZ EQUITY YTD Change PFI NZ EQUITY YTD % CHANGE

12/2012 06/yy 1.44 1.15 159'656.00 1.32 -8.01% 14.78% 64.91% 411.5 543.18 114.20 0.0 0.0 0.17 657.21

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M

1 0

2.0 M

1.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 32.6 10.60x 28.2 12.23x (31.9) -

4.0 M

Valuation Analysis

31.12.2009 31.12.2010 30.9 32.5 11.03x 26.9 28.6 12.56x (12.5) 10.0 24.57x Profitability

LTM-4Q 31.12.2011 30.8 11.58x 27.5 12.95x 16.3 15.53x

31.12.2012 29.4 13.02x 25.3 15.12x 26.9 9.97x 25.33 25.33 68.18% 108.71% 7.25% 11.05% 7.65% 0.08% 86.1% 91.6% 29.69% 45.66% -

Price/ Cash Flow

03/yy 40.6 27.13x 35.8 0.00x (19.6) 0.00x

LTM 06/yy 22.5 48.39x 19.3 0.00x 13.3 0.00x

FY+1

.0 M s-13

5.00 0.43 397.63 20.04% 12.61% 0.429 5 1.400 162'048 378'045 454'443 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/12 Q3 12/12 Q4 47.4 64.4 18.12x 13.33x 41.2 56.5 15.96x 11.62x 22.4 30.6 18.86x 17.84x S&P Issuer Ratings

4.80 -0.39 4.50 4.51 45.7% 31.3% 0.08 -

Sales/Revenue/Turnover

25.00

35.0 30.0

20.00

25.0 15.00

20.0 15.0

10.00

10.0 5.00

0.00 01.01.2010

5.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Property for Industry Ltd Holdings By:

All

Holder Name ACCIDENT COMPENSATIO MASFEN PETER HANBURY ONEPATH (NZ) LIMITED PMG TRUST LIMITED LYON CLIFFORD STUART UNI OF OTAGO FOUNDAT FORHOMES INVESTMENTS DUNEDIN CITY COUNCIL H B WILLIAMS TURANGA FRIMLEY FOUNDATION FIRST STATE INVESTME VANGUARD ROLLESTON HUMPHREY J BLACKROCK

Firm Name First NZ Capital Macquarie Forsyth Barr Deutsche Bank Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst STEPHEN REID NICK MAR JEREMY SIMPSON CHRIS BYRNE ROBBIE AITKEN

Source Research Research Research Research Research Research Research Research Research Research MF-AGG ULT-AGG Co File ULT-AGG

Recommendation underperform underperform hold sell Sell/Cautious

Amt Held 4'118'056 4'000'905 1'655'707 1'502'148 1'047'750 1'008'739 543'231 536'100 500'000 500'000 438'610 335'395 119'057 48'336

% Out 1 0.97 0.4 0.37 0.25 0.25 0.13 0.13 0.12 0.12 0.11 0.08 0.03 0.01

Weighting

Change 1 1 3 1 1

Latest Chg 180 438'610 217'623 -

Target Price

M D M D M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.03.2013 08.03.2013 16.11.2012 08.03.2013 16.11.2012 16.11.2012 16.11.2012 16.11.2012 16.11.2012 16.11.2012 31.05.2013 30.06.2013 31.12.2011 03.09.2013

Date 1 1 1 1 1

Not Provided 12 month 12 month 12 month 12 month

Inst Type Insurance Company n/a Investment Advisor n/a n/a n/a Corporation Other n/a Other Investment Advisor Unclassified n/a Investment Advisor

Date 28.08.2013 06.08.2013 06.08.2013 05.08.2013 10.07.2013

05.09.2013

Summerset Group Holdings Ltd 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.

Price/Volume 4

80.0 M

70.0 M 60.0 M

50.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.05.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUM NZ EQUITY YTD Change SUM NZ EQUITY YTD % CHANGE

12/2012 01/yy 3.25 1.85 143'702.00 2.96 -8.92% 60.00% 81.43% 215.9 639.12 78.21 0.0 0.0 2.79 714.24

30.0 M

20.0 M

10.0 M

0 s-12

31.12.2009 31.12.2010 17.8 22.4 (8.7) 7.2 0.4 (1.9) Profitability

31.12.2011 24.9 13.99x 4.9 71.69x 4.3 56.07x

31.12.2012 27.3 20.35x 5.6 99.40x 14.8 32.18x 5.60 4.02 14.71% 52.70% 2.25% 6.15% 0.04% 20.5% 14.7% 54.2% 0.51 0.17 11.14% 31.43% 31.17 -

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

0.00 0.92 74.97 60.74% 33.47% 0.925 6 3.500 210'662 295'197 378'131 FY+2

12/13 Y 12/14 Y 52.5 62.5 14.11x 11.98x 29.0 34.9 24.60x 20.47x 21.7 26.4 29.31x 24.26x S&P Issuer Ratings

FQ+1

FQ+2

0.89 -11.04 13.47 13.97 31.4% 23.9% 0.04 0.04 11.74 -

Sales/Revenue/Turnover

12.00

30.0

10.00

25.0

8.00

20.0

6.00

15.0

4.00

10.0

2.00

5.0

0.00 01.01.2010

o-12

Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Summerset Group Holdings Ltd Holdings By:

All

Holder Name SUMMERSET GRP HOLDIN QPE FUNDS MANAGEMENT ACCIDENT COMPENSATIO FIRST NZ CAPITAL SEC MORRIS PAUL BARLOW NORAH KATHLEE BLACKROCK COOK JULIAN OGDEN JAMES HAROLD SAUNDERS TRISTAN CATTO RICHARD SEI INVESTMENT MANAG FMR LLC VANGUARD CAMPBELL ROBERT JAME

Firm Name Deutsche Bank UBS Macquarie Forsyth Barr First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst STEPHEN RIDGEWELL WADE GARDINER DANIEL FROST JEREMY SIMPSON JAMES SCHOFIELD TIMOTHY STANISH

Source EXCH EXCH EXCH EXCH EXCH Co File ULT-AGG EXCH EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG Co File

Recommendation hold neutral outperform accumulate outperform sell

Amt Held 124'097'647 50'000'000 12'135'908 10'453'900 1'690'239 1'231'413 1'197'140 850'000 365'000 315'897 230'028 69'427 56'010 45'189 35'000

% Out 57.47 23.16 5.62 4.84 0.78 0.57 0.55 0.39 0.17 0.15 0.11 0.03 0.03 0.02 0.02

Weighting

Change 3 3 5 4 5 1

M M M M M M

Latest Chg (30'761'132) (28'002'511) 6'375 (19'972) 534 28'425 -

Target Price 3 3 4 4 4 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.11.2011 17.05.2013 17.05.2013 17.05.2013 01.11.2011 31.12.2011 03.09.2013 22.03.2012 19.03.2013 28.05.2013 26.02.2013 30.04.2013 30.04.2013 30.06.2013 31.12.2011

Date 12 month 12 month 12 month 12 month Not Provided Not Provided

Inst Type Unclassified Investment Advisor Insurance Company Investment Advisor n/a n/a Investment Advisor n/a n/a n/a n/a Investment Advisor Investment Advisor Unclassified n/a

Date 13.08.2013 13.08.2013 13.08.2013 13.08.2013 13.08.2013 06.06.2013

05.09.2013

DNZ Property Fund Ltd DNZ Property Fund Ltd is a New Zealand property investment company. The Company is a Portfolio Investment Entity (PIE) in which investors hold shares.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.04.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DNZ NZ EQUITY YTD Change DNZ NZ EQUITY YTD % CHANGE

03/2013 01/yy 1.80 1.54 190'263.00 1.62 -10.00% 5.19% 44.23% 292.8 474.39 246.37 0.0 0.0 8.60 712.16

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.03.2009 47.9 33.1 (19.2) -

2 2 2 1 1 1 1 1 0 0 0 s-12

31.03.2010 31.03.2011 61.9 59.1 9.36x 39.9 8.5 65.46x (15.5) (35.1) Profitability

31.03.2012 60.2 9.91x 46.8 12.74x 20.8 16.21x

31.03.2013 59.3 11.29x 46.7 14.36x 45.5 9.41x

46.66 46.66 51.84% 90.21% 6.71% 11.54% 6.99% 0.09% 78.6% 76.7% 36.02% 60.33% -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.56 0.34 259.51 10.35% 6.44% 0.338 6 2.833 173'692 294'592 322'504 FY+2

03/14 Y 03/15 Y 56.1 58.5 12.88x 12.35x 48.2 50.4 14.79x 14.13x 26.4 27.4 17.23x 17.23x S&P Issuer Ratings

FQ+1

FQ+2

2.94 1.39 5.10 5.28 60.3% 37.6% 0.09 -

Sales/Revenue/Turnover

25.00

70.0 60.0

20.00

50.0 15.00

40.0 30.0

10.00

20.0 5.00

0.00 02.04.2010

10.0 0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

DNZ Property Fund Ltd Holdings By:

All

Holder Name ACCIDENT COMPENSATIO WESTPAC BANKING CORP SALT FUNDS MANAGEMEN DUFFY PAUL JOHN HAYPHIL INVESTMENTS HASELL ALASTAIR MFL MUTUAL FUND LTD ONEPATH (NZ) LIMITED ROSE STAR INV LTD MORRIS ANTONY TREVOR DIAM VANGUARD BROWN PHIL STATE STREET BLACKROCK HARVEY EDWARD JOHN STOREY TIMOTHY STIASSNY MICHAEL PET NOMURA NIKKO ASSET MANAGEME

Firm Name Goldman Sachs Macquarie EVA Dimensions Forsyth Barr Deutsche Bank First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH Co File EXCH Co File EXCH Co File Co File ULT-AGG ULT-AGG EXCH ULT-AGG ULT-AGG EXCH EXCH EXCH ULT-AGG ULT-AGG

Analyst ROBBIE AITKEN NICK MAR DOUG WALTERS JEREMY SIMPSON CHRIS BYRNE JASON LINDSAY

Recommendation neutral/cautious underperform overweight accumulate hold underperform

Amt Held 28'670'538 16'069'918 16'069'918 8'908'363 7'411'244 5'946'036 5'150'720 2'973'783 2'200'000 1'750'000 926'150 415'011 317'081 248'359 110'523 104'557 104'557 104'557 103'000 52'797

% Out 9.79 5.49 5.49 3.04 2.53 2.03 1.76 1.02 0.75 0.6 0.32 0.14 0.11 0.08 0.04 0.04 0.04 0.04 0.04 0.02

Weighting

Change 3 1 5 4 3 1

M M U M M M

Latest Chg (2'401'459) (188'731) (18'015'133) 85'914 1'464 1'464 1'464 (10'000) -

Target Price 2 2 #N/A N/A 2 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.08.2013 24.05.2013 24.05.2013 13.12.2012 31.05.2012 16.08.2010 31.05.2012 17.01.2013 31.05.2012 31.05.2012 13.11.2012 30.06.2013 10.06.2013 04.09.2013 03.09.2013 13.12.2012 13.12.2012 13.12.2012 21.01.2013 15.08.2012

Date 12 month 12 month Not Provided 12 month 12 month Not Provided

Inst Type Insurance Company Bank Other n/a Other n/a Other Investment Advisor Corporation n/a Unclassified Unclassified n/a Investment Advisor Investment Advisor n/a n/a n/a Unclassified Unclassified

Date 10.07.2013 14.06.2013 11.06.2013 26.05.2013 22.05.2013 16.01.2013

05.09.2013

Diligent Board Member Services Inc 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.

Price/Volume 9

3.5 M

3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (31.05.2013) 52-Week Low (24.10.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DIL NZ EQUITY YTD Change DIL NZ EQUITY YTD % CHANGE

12/2012 03/yy 8.20 3.50 254'292.00 5.29 -35.49% 51.14% 34.89% 83.8 443.18 2.22 4.9 0.0 33.31 320.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.5 M

1.0 M

.5 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 2.9 2.28x (11.5) (17.6) -

31.12.2009 31.12.2010 5.0 8.3 3.65x 5.50x (4.3) (1.9) (3.9) 2.1 Profitability

LTM-4Q 31.12.2011 18.0 6.65x 1.5 79.33x 3.3 75.29x

31.12.2012 43.7 8.04x 13.5 26.02x 9.1 56.49x 13.51 12.30 28.11% 28.42% 26.91% 85.37% 1.47% 77.0% 30.4% 27.6% 20.9% 1.67 1.60 5.10% 15.79% 19.69 -

Price/ Cash Flow

03/yy 23.2 20.51x 3.7 55.86x 5.4 53.60x

LTM 03/yy 50.7 24.37x 15.4 26.55x 9.3 74.66x

FY+1

.0 M s-13

0.00 0.73 45.60 37.40% -3.29% 0.735 2 5.000 393'278 289'306 275'122 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 06/13 Q2 09/13 Q3 66.1 88.0 4.63x 3.19x 18.7 33.9 17.17x 9.45x 10.0 19.4 2.7 46.90x 26.09x S&P Issuer Ratings

-2.23 0.14 15.8% 10.5% 1.47 14.36 18.54 -

Sales/Revenue/Turnover

35.00

50.0 45.0

30.00

40.0

25.00

35.0 30.0

20.00

25.0 20.0

15.00

15.0

10.00

10.0 5.00 0.00 01.01.2010

5.0 0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Diligent Board Member Services Inc Holdings By:

All

Holder Name DANIELS SHARON KAY WASATCH ADVISORS INC ACCIDENT COMPENSATIO HULJICH PETER SPRING STREET PARTNE HENRY BRIAN JP MORGAN CARROLL CAPITAL HOLD MILFORD ASSET MGMT L FMR LLC SODI ALESSANDRO LAWLER KEVIN RUSE STEVEN BLACKROCK BURKE TRICIA NORTON JR ROBERT E CANTALUPPI FAMILY TR MEISNER DON RUSSELL MARK WELDON MARK RHYS

Firm Name Deutsche Bank First NZ Capital

Portfolio Name n/a n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst STEPHEN RIDGEWELL JAMES SCHOFIELD

Source Co File EXCH EXCH PROXY EXCH EXCH ULT-AGG PROXY EXCH ULT-AGG PROXY EXCH PROXY ULT-AGG EXCH PROXY PROXY PROXY PROXY PROXY

Recommendation buy outperform

Amt Held 6'868'666 6'279'960 6'186'563 5'823'697 5'507'403 4'927'096 4'235'861 4'105'641 4'105'116 2'499'550 2'167'915 1'005'000 673'350 527'340 270'000 165'500 150'000 100'000 85'957 75'000

% Out 8.2 7.5 7.38 6.95 6.57 5.88 5.06 4.9 4.9 2.98 2.59 1.2 0.8 0.63 0.32 0.2 0.18 0.12 0.1 0.09

Weighting

Change 5 5

Latest Chg 867'437 1'335'000 (340'314) 811'872 145'000 58'650 -

Target Price

M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.03.2011 n/a 27.03.2013 Investment Advisor 30.08.2013 Insurance Company 01.05.2013 n/a 21.12.2012 Hedge Fund Manager 14.05.2010 n/a 16.08.2013 Investment Advisor 01.05.2013 Corporation 15.05.2013 Investment Advisor 31.07.2013 Investment Advisor 01.05.2013 n/a 03.08.2010 n/a 01.05.2013 n/a 03.09.2013 Investment Advisor 27.11.2009 n/a 01.05.2013 n/a 01.05.2013 n/a 01.05.2013 n/a 01.05.2013 n/a 01.05.2013 n/a

Date 7 7

12 month Not Provided

Date 30.08.2013 06.08.2013

05.09.2013

Air New Zealand Ltd 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.

Price/Volume 2

12.0 M

10.0 M

1 1

8.0 M

06/2013 01/yy 1.55 1.07 376'886.00 1.425 -8.06% 33.18% 70.83% 1'095.2 1'560.60 1'629.00 0.0 1.0 1'150.00 2'040.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

2.0 M

0 0 s-12

30.06.2010 30.06.2011 3'882.0 4'132.0 0.30x 0.39x 439.0 543.0 2.64x 2.98x 82.0 81.0 14.08x 14.93x Profitability

30.06.2012 4'248.0 0.38x 585.0 2.76x 71.0 13.23x

30.06.2013 4'379.0 0.48x 728.0 2.89x 182.0 8.95x 728.00 317.00 7.24% 5.85% 3.29% 10.40% 7.23% 0.79% 16.6% 7.2% 4.2% 1.09 0.85 29.03% 89.75% 14.38 -

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

5.61 1.14 276.60 38.91% 12.29% 1.139 7 4.714 494'919 358'635 678'210 FY+2

06/14 Y 06/15 Y 4'754.0 4'955.3 0.42x 0.47x 781.2 825.7 2.61x 2.47x 220.5 232.2 7.05x 6.79x S&P Issuer Ratings

FQ+1

FQ+2

19.06.2008 NR 18.12.2003 NR 8.00 3.80 0.66 2.24 89.8% 47.3% 0.79 1.45 25.38 -

Sales/Revenue/Turnover

4.50

5'000.0

4.00

4'500.0

3.50

4'000.0 3'500.0

3.00

3'000.0

2.50 2.00

2'500.0 2'000.0

1.50

1'500.0

1.00

1'000.0

0.50

500.0

0.00 02.07.2010

o-12

Fiscal Year Ended 30.06.2009 4'439.0 0.15x (12.0) 21.0 45.00x

6.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AIR NZ EQUITY YTD Change AIR NZ EQUITY YTD % CHANGE

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Air New Zealand Ltd Holdings By:

All

Holder Name GOVT OF NEW ZEALAND ORBIS HOLDINGS LIMIT ACCIDENT COMPENSATIO JP MORGAN CHASE BANK DIMENSIONAL FUND ADV AMP INVEST S E G T F AIR NEW ZEALAND LTD NZ SUPERANNUATION FU PRUDENTIAL FINANCIAL BLACKROCK ROYAL BANK OF CANADA LORD ABBETT & CO LLC VANGUARD BARFOOT GARTH NORGES BANK FYFE ROBERT IAN BANK OF NEW YORK MEL MCDONALD ROBERT S SCHRODER INVESTMENT STODDART VANESSA

Firm Name EVA Dimensions UBS Forsyth Barr Macquarie Deutsche Bank Goldman Sachs First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst TIMOTHY STANISH WADE GARDINER ROB MERCER RUSSELL SHAW CHRIS BYRNE MARCUS CURLEY PAUL TURNBULL

Source Co File EXCH Co File Co File ULT-AGG Co File EXCH Co File ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG Co File MF-AGG EXCH MF-AGG EXCH MF-AGG EXCH

Recommendation overweight buy buy outperform buy Buy/Neutral neutral

Amt Held 804'191'058 54'779'590 25'383'819 17'024'728 11'218'064 9'795'503 8'552'702 7'157'372 5'561'432 4'025'892 3'574'337 2'880'373 2'763'518 1'942'241 1'685'101 1'449'809 1'068'421 405'189 349'170 336'412

% Out 73.43 5 2.32 1.55 1.02 0.89 0.78 0.65 0.51 0.37 0.33 0.26 0.25 0.18 0.15 0.13 0.1 0.04 0.03 0.03

Weighting

Change 5 5 5 5 5 5 3

D M U M M M D

Latest Chg 173'973 130'000 284'330 48'856 2'880'373 705'120 257'488 41'054 -

Target Price #N/A N/A 2 2 2 2 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.08.2012 17.09.2012 01.08.2012 01.08.2012 30.04.2013 01.08.2012 19.12.2012 01.08.2012 31.07.2013 03.09.2013 28.03.2013 28.06.2013 30.06.2013 01.08.2012 31.12.2012 21.12.2012 03.09.2013 12.06.2013 30.06.2013 22.03.2013

Date Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided

Inst Type Government Investment Advisor Insurance Company Investment Advisor Investment Advisor n/a Corporation n/a Investment Advisor Investment Advisor Bank Investment Advisor Unclassified n/a Government n/a Investment Advisor n/a Investment Advisor n/a

Date 04.09.2013 02.09.2013 01.09.2013 30.08.2013 29.08.2013 29.08.2013 29.08.2013

05.09.2013

A2 Corp Ltd 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.

Price/Volume 1

180.0 M

160.0 M

140.0 M 120.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATM NZ EQUITY YTD Change ATM NZ EQUITY YTD % CHANGE

06/2013 01/yy 0.77 0.49 178'224.00 0.74 -3.90% 51.02% 89.29% 650.1 481.05 4.46 0.0 0.0 6.57 462.11

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

80.0 M

60.0 M

40.0 M

20.0 M

0 s-12

30.06.2010 30.06.2011 0.0 42.2 1.58x (3.2) 2.6 25.45x (2.2) 2.1 35.00x Profitability

30.06.2012 62.5 4.26x 3.9 67.93x 4.4 64.86x

30.06.2013 94.3 4.1 91.43x 3.92 3.49 5.58% 6.59% 3.32% 4.19% 1.40% 33.5% 3.0% 4.4% 2.03 1.89 8.98% 11.94% 4.49 125.31

Price/ Cash Flow

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

.0 M s-13

0.00 1.16 397.38 51.02% 39.62% 1.160 1 1.000 2'043'651 908'400 823'141

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

06/14 Y

06/15 Y

S&P Issuer Ratings

FQ+2 -

19.21 -26.15 11.9% 10.7% 1.40 7.98 81.52 2.92 50.12 52.97

Sales/Revenue/Turnover

4'500.00

100.0

4'000.00

90.0

3'500.00

80.0 70.0

3'000.00

60.0

2'500.00 2'000.00

50.0 40.0

1'500.00

30.0

1'000.00

20.0

500.00

10.0

0.00 02.07.2010

o-12

Fiscal Year Ended 30.06.2009 0.4 (3.5) -

100.0 M

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

A2 Corp Ltd Holdings By:

All

Holder Name FREEDOM FOODS GROUP AMP LTD MILFORD ASSET MGMT L MOUNTAIN ROAD INVEST GUARDIANS OF NZ SUPE EGI FUND 08 10 INV L CHILD HEALTH RESEARC ACCIDENT COMPENSATIO HINTON GREG P MCLACHLAN ULRIKE FMR LLC NZ PERMANENT TRUSTEE IDEA SPHERE INC HINTON PETER BRUCE AMP CAPITAL NZ EQ OP PHIPPS JOHN GORDON QUINN DRACY FREDERIC INDEXIQ ADVISORS LLC DIMENSIONAL FUND ADV BESSEMER GROUP INCOR

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH Co File Co File EXCH Co File ULT-AGG Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG MF-AGG

Recommendation sell

Amt Held 116'536'129 71'033'546 57'903'520 57'558'701 33'605'576 30'000'000 13'915'962 13'660'743 8'101'872 7'178'563 5'307'650 4'500'000 4'000'000 3'293'064 2'421'745 2'000'000 2'000'000 323'908 66'528 30'797

% Out 17.93 10.93 8.91 8.85 5.17 4.61 2.14 2.1 1.25 1.1 0.82 0.69 0.62 0.51 0.37 0.31 0.31 0.05 0.01 0

Weighting

Change 1

Latest Chg (39'500'000) (1'975'378) 7'622'705 (80'000'000) (20'000'000) (5'000'000) 307'650 30'797

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.12.2012 05.03.2013 18.07.2013 11.12.2012 15.04.2013 12.12.2012 06.09.2012 06.09.2012 07.12.2012 06.09.2012 31.03.2013 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 03.09.2013 30.04.2013 30.04.2013

Date Not Provided

Inst Type Holding Company Insurance Company Investment Advisor Corporation Other n/a Other Insurance Company n/a n/a Investment Advisor n/a Corporation n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor

Date 04.07.2013

05.09.2013

Metlifecare Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MET NZ EQUITY YTD Change MET NZ EQUITY YTD % CHANGE

06/2013 01/yy 3.78 2.78 56'442.00 3.2 -15.34% 15.11% 46.00% 210.5 673.48 68.78 0.0 0.0 9.22 820.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 58.4 6.75x 8.7 45.27x (115.7) -

30.06.2010 30.06.2011 62.8 65.0 6.36x 5.96x 8.5 8.9 47.19x 43.67x 67.5 20.8 3.45x 12.65x Profitability

30.06.2012 63.4 5.72x 5.5 66.19x (141.7) -

30.06.2013 90.8 120.3 4.94x 5.47 3.92 6.18% -163.63% -3.91% -10.36% 0.05% 5.1% 2.8% 132.5% 1.60 0.82 5.61% 15.67% 5.16 -

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.31 0.67 123.47 14.64% 3.54% 0.668 4 3.750 96'793 147'417 195'863 FY+2

06/14 Y 06/15 Y 116.3 129.1 6.15x 5.56x 53.1 61.5 15.44x 13.33x 49.0 59.1 13.91x 11.31x S&P Issuer Ratings

FQ+1

FQ+2

0.83 -0.76 37.63 38.22 15.7% 13.5% 0.05 0.05 70.88 -

Sales/Revenue/Turnover

120.00

140.0

100.00

120.0 100.0

80.00

80.0 60.00

60.0

40.00

40.0

20.00

20.0

0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Metlifecare Ltd Holdings By:

All

Holder Name RETIREMENT VILLAGES ONEPATH (NZ) LIMITED AMP LTD ACCIDENT COMPENSATIO GOLDMAN SACHS TRANSDEVON FUNDS MANAGEME MFL MUTUAL FUND LTD AMP INVESTMENTS STRA ARROW INTERN GROUP L WESTPAC NZ SHR 2002 JP MORGAN CHASE BANK SPECIAL MANAGED INV FCA CORP DIMENSIONAL FUND ADV AIKEN CHRISTOPHER RYAN ALISTAIR BRUCE EDWARDS WYNTON ALAN FLEXSHARES TRUST

Firm Name Forsyth Barr UBS EVA Dimensions Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios

Analyst JEREMY SIMPSON WADE GARDINER TIMOTHY STANISH MATTHEW HENRY

Source Co File EXCH ULT-AGG EXCH EXCH EXCH Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG EXCH EXCH EXCH MF-AGG

Recommendation accumulate buy underweight Buy/Neutral

Amt Held 79'393'043 18'589'919 14'287'578 10'563'500 9'831'906 9'004'183 6'590'101 5'430'660 3'140'878 2'461'273 2'243'213 1'970'478 120'385 22'467 9'051 6'676 6'551 2'740

% Out 37.72 8.83 6.79 5.02 4.67 4.28 3.13 2.58 1.49 1.17 1.07 0.94 0.06 0.01 0 0 0 0

Weighting

Change 4 5 1 5

D M N M

Latest Chg 2'007'971 752'775 400'000 (960'390) 60'385 47 5'000 676 4'051 -

Target Price 4 4 #N/A N/A 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.08.2012 25.01.2013 22.08.2012 05.08.2013 06.06.2013 05.12.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 22.08.2012 30.04.2013 30.04.2013 12.07.2013 12.07.2013 12.07.2013 31.05.2013

Date 12 month 12 month Not Provided 12 month

Inst Type Unclassified Investment Advisor Insurance Company Insurance Company n/a Investment Advisor Other n/a Other Bank Investment Advisor Other Investment Advisor Investment Advisor n/a n/a n/a Investment Advisor

Date 26.08.2013 23.08.2013 04.07.2013 30.05.2013

05.09.2013

Vital Healthcare Property Trust Vital Healthcare Property Trust is a property trust that invests in and manages healthcare facilities in New Zealand and Australia.

Price/Volume 2

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (13.05.2013) 52-Week Low (18.12.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 18.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VHP NZ EQUITY YTD Change VHP NZ EQUITY YTD % CHANGE

06/2013 01/yy 1.44 1.20 670'653.00 1.38 -4.16% 15.32% 79.46% 337.7 466.09 244.47 0.0 0.0 1.33 743.24

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

1 0

20.0 M

10.0 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 26.7 10.35x 19.0 14.53x (2.2) -

40.0 M

Valuation Analysis

30.06.2010 30.06.2011 28.5 42.8 9.48x 12.49x 20.9 32.1 12.92x 16.69x 18.2 7.4 9.48x 35.33x Profitability

30.06.2012 56.2 10.64x 40.9 14.63x 9.0 39.29x

30.06.2013

LTM-4Q

LTM

01/yy

34.7 11.90x 40.87 40.87 43.82% 14.79% 3.10% 6.14% 3.36% 0.10% 75.4% 16.0% 42.09% 85.05% -

Price/ Cash Flow

FY+1 -

4.16 0.48 157.29 18.98% 13.47% 0.480 4 2.500 187'071 181'770 209'444 FY+2

06/14 Y 06/15 Y 59.1 59.3 11.95x 11.85x 51.5 51.7 14.43x 14.39x 28.5 28.8 15.86x 15.86x S&P Issuer Ratings

FQ+1

FQ+2

2.39 -1.73 6.04 6.06 85.1% 46.0% 0.10 -

Sales/Revenue/Turnover

18.00

60.0

16.00

50.0

14.00

40.0

12.00 10.00

30.0

8.00

20.0

6.00 4.00

10.0

2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Vital Healthcare Property Trust Holdings By:

All

Holder Name LANA PAUL DALLA NORTHWEST VALUE PART MACQUARIE GROUP ONEPATH (NZ) LIMITED MFL MUTUAL FUND LTD ACCIDENT COMPENSATIO VANGUARD MANSELL JAMES HARVEY DIAM FCA CORP HORSLEY GRAEME EVANS ANDREW HARDWIC BLACKROCK NOMURA NIKKO ASSET MANAGEME SUMITOMO MITSUI TRUS CARR DAVID MITSUB UFJ FINANCIAL HIGGINS CLAIRE DIMENSIONAL FUND ADV

Firm Name First NZ Capital Forsyth Barr Macquarie Deutsche Bank

Portfolio Name n/a #N/A N/A n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst STEPHEN REID JEREMY SIMPSON NICK MAR CHRIS BYRNE

Source EXCH EXCH ULT-AGG EXCH Research Research ULT-AGG Co File ULT-AGG MF-AGG EXCH EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG EXCH ULT-AGG EXCH ULT-AGG

Recommendation underperform hold neutral hold

Amt Held 76'616'382 76'616'382 61'406'812 22'743'923 3'203'724 2'582'894 1'374'716 1'232'050 935'996 564'063 337'165 262'706 122'548 115'000 57'050 55'900 45'244 28'000 15'232 12'195

% Out 22.68 22.68 18.18 6.73 0.95 0.76 0.41 0.36 0.28 0.17 0.1 0.08 0.04 0.03 0.02 0.02 0.01 0.01 0 0

Weighting

Change 1 3 3 3

Latest Chg 11'000 2'114'982 (363'148) 880'171 8'468 172'627 (14'143) 22'974 183

Target Price

M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.08.2013 27.08.2013 27.08.2013 16.09.2011 08.03.2013 08.03.2013 30.06.2013 31.08.2012 13.11.2012 30.04.2013 17.12.2012 17.12.2012 03.09.2013 21.01.2013 15.08.2012 17.08.2012 17.12.2012 28.01.2013 17.12.2012 30.04.2013

Date 1 1 1 1

Not Provided 12 month 12 month 12 month

Inst Type n/a Corporation Investment Advisor Investment Advisor Other Insurance Company Unclassified n/a Unclassified Investment Advisor n/a n/a Investment Advisor Unclassified Unclassified Bank n/a Holding Company n/a Investment Advisor

Date 02.09.2013 25.08.2013 23.08.2013 22.08.2013

05.09.2013

TrustPower Ltd 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.

Price/Volume 9

.3 M

8 .2 M

7 6

.2 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (26.10.2012) 52-Week Low (19.04.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 05.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TPW NZ EQUITY YTD Change TPW NZ EQUITY YTD % CHANGE

03/2013 12/yy 8.75 7.00 15'650.00 7.06 -19.31% 0.86% 4.00% 313.9 2'216.47 965.41 0.0 0.0 53.97 3'127.90

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

1 0 s-12

31.03.2010 31.03.2011 755.7 760.2 3.98x 4.03x 274.5 274.5 10.97x 11.15x 119.4 112.4 19.15x 20.17x Profitability

LTM-4Q 31.03.2012 799.2 3.80x 302.7 10.04x 131.7 17.30x

31.03.2013 797.3 4.18x 295.8 11.26x 123.4 19.64x

295.80 229.82 28.82% 20.12% 4.27% 7.90% 7.09% 0.28% 37.1% 28.8% 15.5% 0.98 0.65 32.44% 62.21% 10.54 -

Price/ Cash Flow

12/yy 513.4 13.13x 147.7 0.00x 68.7 0.00x

n-12

d-12

j-13

f-13

LTM 12/yy 312.0 18.88x 97.9 0.00x 56.9 0.00x

m-13

a-13

m-13

j-13

a-13

FY+1

.0 M s-13

5.67 0.69 48.76 -5.41% -14.07% 0.687 7 3.714 27'588 22'183 21'376 FY+2

FQ+1

FQ+2

03/14 Y 03/15 Y 03/13 Q4 06/13 Q1 799.7 876.7 4.19x 3.67x 297.2 341.3 10.53x 9.16x 123.8 141.8 17.78x 15.52x S&P Issuer Ratings

4.29 1.41 3.08 3.26 62.2% 38.4% 0.28 0.30 34.61 -

Sales/Revenue/Turnover

20.00

900.0

18.00

800.0

16.00

700.0

14.00

600.0

12.00

500.0

10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 02.04.2010

o-12

Fiscal Year Ended 31.03.2009 778.2 3.76x 261.3 11.20x 105.1 21.17x

.1 M

0.0 02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

TrustPower Ltd Holdings By:

All

Holder Name INFRATIL LTD TECT HOLDINGS LIMITE ACCIDENT COMPENSATIO ACCRUED EQUITIES INC HART BRETT ANTHONY DIMENSIONAL FUND ADV HARKER BRUCE JAMES BESSEMER GROUP INCOR SWIER GEOFFREY FCA CORP KNOWLES IAN SAMUEL COONEY MICHAEL JAMES AITKEN RICHARD HAMMO BOGOIEVSKI MARKO WELLS FARGO HAWKSWORTH VINCENT J ALASKA PERMANENT FUN PRINCIPAL FINANCIAL

Firm Name Deutsche Bank Forsyth Barr Macquarie EVA Dimensions UBS First NZ Capital Goldman Sachs

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst GRANT SWANEPOEL ANDREW HARVEY-GREEN STEPHEN HUDSON DOUG WALTERS WADE GARDINER JASON LINDSAY MATTHEW HENRY

Source Co File Co File Co File MF-AGG Co File ULT-AGG Co File MF-AGG Co File MF-AGG Co File Co File Co File Co File ULT-AGG EXCH MF-AGG ULT-AGG

Recommendation buy accumulate neutral hold buy neutral neutral/neutral

Amt Held 159'215'388 103'878'838 1'490'790 500'000 440'000 137'222 44'946 41'749 38'565 30'000 24'515 22'880 11'418 10'160 7'603 6'700 5'985 3'356

% Out 50.71 33.09 0.47 0.16 0.14 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 0 0

Weighting

Change 5 4 3 3 5 3 3

M M M M U M M

Latest Chg 30'000 (1) 3'356

Target Price 8 8 8 #N/A N/A 9 8 8

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.04.2013 30.04.2013 30.04.2013 28.06.2013 30.04.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 30.04.2013 31.03.2013 31.03.2013 31.03.2013 31.03.2013 30.06.2013 31.07.2013 31.03.2013 31.03.2013

Date 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type Holding Company Holding Company Insurance Company Investment Advisor n/a Investment Advisor n/a Investment Advisor n/a Investment Advisor n/a n/a n/a n/a Investment Advisor n/a Government Investment Advisor

Date 08.08.2013 01.08.2013 14.06.2013 06.06.2013 15.05.2013 15.05.2013 10.05.2013

05.09.2013

New Zealand Oil & Gas Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.02.2013) 52-Week Low (20.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.04.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NZO NZ EQUITY YTD Change NZO NZ EQUITY YTD % CHANGE

06/2013 01/yy 0.96 0.78 57'522.00 0.85 -11.46% 8.97% 33.33% 407.3 346.16 46.80 0.0 0.0 209.22 175.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 138.7 3.16x 62.5 7.01x 53.2 11.53x

1 1 1 1 1 1 0 0 0 0 0 s-12

30.06.2010 30.06.2011 99.4 106.5 4.23x 2.29x 33.1 52.6 12.70x 4.64x (3.9) (76.5) Profitability

30.06.2012 116.4 1.47x 67.2 2.55x 19.9 16.60x

30.06.2013 99.3 25.9 13.33x 67.21 39.10 33.60% 27.82% 5.39% 7.36% 6.84% 0.23% 54.7% 51.5% 28.1% 26.1% 6.28 6.04 9.65% 13.18% 7.64 21.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

10.59 0.78 327.54 8.08% 0.42% 0.785 7 4.000 194'607 246'283 294'609 FY+2

06/14 Y 06/15 Y 92.6 87.8 2.01x 2.04x 47.3 42.9 3.70x 4.08x 19.7 16.0 17.71x 21.79x S&P Issuer Ratings

FQ+1

FQ+2

22.84 19.54 -3.03 0.67 13.2% 11.6% 0.23 0.50 47.88 17.06 118.11 30.88

Sales/Revenue/Turnover

12.00

250.0

10.00

200.0

8.00

150.0

6.00

100.0 4.00

50.0

2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

New Zealand Oil & Gas Ltd Holdings By:

All

Holder Name JP Morgan Chase Bank ZETA RESOURCES LTD ACCIDENT COMPENSATIO RESOURCES TRUST LTD AMP INV STR E G FUND SIK ON CHOW CHOW SIK-ON DIMENSIONAL FUND ADV RIUO HAURAKI LTD RADFORD A R UTILICO INVESTMENTS BLACKROCK FORTY TRADERS LTD LEVERAGED EQUITIES F NORGES BANK VANGUARD TAN CHUNG KING ALAMGAMATED DAIRIES MEHASU PTY LTD HUGH GREEN FOUNDATIO

Firm Name Forsyth Barr Macquarie EVA Dimensions First NZ Capital UBS Deutsche Bank Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a

Analyst ANDREW HARVEY-GREEN STEPHEN HUDSON DOUG WALTERS JASON FAMILTON WADE GARDINER GRANT SWANEPOEL MATTHEW HENRY

Source Co File EXCH EXCH Research Co File Co File Research ULT-AGG Research Co File EXCH ULT-AGG Research Research MF-AGG ULT-AGG Research Research Research Research

Recommendation accumulate outperform buy neutral neutral hold Buy/Neutral

Amt Held 40'366'191 32'588'122 24'423'374 10'472'932 7'203'683 5'500'000 5'500'000 4'201'281 4'009'792 3'332'768 3'248'878 3'185'174 2'952'200 2'842'714 2'803'627 2'294'409 2'034'000 1'615'966 1'400'000 1'235'895

% Out 9.91 8 6 2.57 1.77 1.35 1.35 1.03 0.98 0.82 0.8 0.78 0.72 0.7 0.69 0.56 0.5 0.4 0.34 0.3

Weighting

Change 4 5 5 3 3 3 5

M M M M M D U

Latest Chg 1'974'259 181'500 (22'261'289) 26'435 925'943 33'673 182'801 -

Target Price 1 1 #N/A N/A 1 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 22.08.2012 07.06.2013 26.11.2012 08.03.2013 22.08.2012 22.08.2012 08.03.2013 30.04.2013 08.03.2013 22.08.2012 07.06.2013 03.09.2013 08.03.2013 08.03.2013 31.12.2012 30.06.2013 08.03.2013 16.11.2012 16.11.2012 16.11.2012

Date 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month

Inst Type Unclassified Corporation Insurance Company n/a n/a n/a n/a Investment Advisor Other n/a n/a Investment Advisor Unclassified Investment Advisor Government Unclassified n/a n/a Other Other

Date 04.08.2013 14.06.2013 06.06.2013 09.04.2013 06.03.2013 18.02.2013 21.11.2012

05.09.2013

Heartland New Zealand Ltd 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.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (07.08.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HNZ NZ EQUITY YTD Change HNZ NZ EQUITY YTD % CHANGE

06/2013 01/yy 0.88 0.54 213'361.00 0.86 -2.27% 59.79% 97.07% 388.7 334.29 1'939.49 0.0 0.0 89.69 2'143.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.06.2010 -

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009

1 1 1 1 1 1 0 0 0 0 0 s-12

Profitability

30.06.2011 181.3 9.53x 126.0 13.71x 7.1 13.80x

30.06.2012 226.3 9.08x 152.7 13.47x 23.6 8.83x

30.06.2013

LTM-4Q

LTM

01/yy

6.9 41.50x 152.67 27.98% 8.98% 1.06% 7.03% 1.07% 0.10% 67.5% 10.4% 82.60% 517.48% -

Price/ Cash Flow

FY+1 -

0.00 0.80 195.56 64.02% 27.96% 0.797 3 3.333 3'116'722 665'265 466'873 FY+2

06/14 Y 06/15 Y 119.5 124.0 18.88x 19.04x 34.5 36.7 9.56x 9.25x S&P Issuer Ratings

FQ+1

FQ+2

04.01.2011 BBBSTABLE 04.01.2011 A-3 12.12 12.70 517.5% 83.8% 0.10 22.47 -

Sales/Revenue/Turnover

50.00

250.0

45.00

200.0

40.00 35.00

150.0

30.00 25.00

100.0

20.00 15.00

50.0

10.00 5.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Heartland New Zealand Ltd Holdings By:

All

Holder Name PYNE GOULD CORP LTD TORCHLIGHT SECURITIE RAYMOND TOMLINSON GR HARROGATE TRUSTEE LI ACCIDENT COMPENSATIO TALLOTT BLAIR CARTER PHILIP MAURIC PGG WRIGHTSON LTD OCEANIA & EASTERN LT IRVINE BRUCE ROBERTS GOULD HOLDINGS LTD AMP INVESTMENT STR E HEARTLAND TRUST NZ SUPERANNUATION FU LEVERAGED EQUITIES F LORIS EQUITIES LTD KENNEDY GRAHAM RUSSE MAXIMA INVEST LTD FCA CORP DIMENSIONAL FUND ADV

Firm Name Deutsche Bank Forsyth Barr First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst DENNIS M LEE JOHN CAIRNS GREG MAIN

Source EXCH EXCH EXCH Co File EXCH EXCH Co File Co File Co File Co File Co File Co File Co File Co File Co File Co File EXCH Co File MF-AGG ULT-AGG

Recommendation hold accumulate neutral

Amt Held 40'381'685 37'998'996 36'695'489 36'360'011 23'351'310 21'123'239 20'973'492 13'333'333 12'285'439 7'780'824 7'417'427 7'310'410 5'365'007 3'776'134 3'094'818 2'946'535 2'116'225 2'066'118 1'252'765 747'075

% Out 10.39 9.78 9.44 9.35 6.01 5.43 5.4 3.43 3.16 2 1.91 1.88 1.38 0.97 0.8 0.76 0.54 0.53 0.32 0.19

Weighting

Change 3 4 3

Latest Chg 17'000'000 (3'930'397) (40'758) -

Target Price

M M D

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.03.2012 16.05.2012 18.03.2013 14.08.2012 13.02.2013 30.05.2013 14.08.2012 14.08.2012 14.08.2012 30.06.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 14.08.2012 12.04.2012 14.08.2012 30.04.2013 30.04.2013

Date 1 1 1

12 month 12 month Not Provided

Inst Type Holding Company Other n/a Other Insurance Company n/a n/a Corporation Other n/a Other n/a n/a n/a Investment Advisor Other n/a Other Investment Advisor Investment Advisor

Date 05.09.2013 27.08.2013 26.08.2013

05.09.2013

Warehouse Group Ltd/The The Warehouse Group Limited operates general merchandise and stationery supply retail stores throughout New Zealand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.05.2013) 52-Week Low (11.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance WHS NZ EQUITY YTD Change WHS NZ EQUITY YTD % CHANGE

07/2012 01/yy 4.40 2.78 102'807.00 3.71 -15.68% 33.45% 58.02% 311.2 1'154.54 228.98 0.0 0.2 16.29 1'306.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.07.2009 31.07.2010 1'720.8 1'672.7 0.74x 0.70x 161.9 159.7 7.88x 7.33x 76.8 60.2 16.02x 18.10x Profitability

31.07.2011 1'667.8 0.74x 148.4 8.27x 77.8 14.10x

31.07.2012 1'732.2 0.58x 132.9 7.62x 89.8 8.90x

132.88 91.25 5.27% 6.64% 16.74% 39.23% 26.78% 2.24% 35.9% 7.4% 5.1% 5.2% 1.42 0.13 31.19% 72.20% 68.17 3.10

Price/ Cash Flow

.7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13

m-13

a-13

m-13

j-13

a-13

FY+1 -

.0 M s-13

5.93 0.90 64.92 37.11% 29.39% 0.898 8 2.375 52'737 91'523 89'373 FY+2

07/13 Y 07/14 Y 2'258.0 2'590.7 0.59x 0.52x 156.6 169.0 8.34x 7.73x 85.4 83.5 13.79x 13.90x S&P Issuer Ratings

FQ+1

FQ+2

14.17 3.36 1.08 1.25 72.2% 41.9% 2.24 5.91 5.34 117.26 45.74 67.83

Sales/Revenue/Turnover

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 07.08.2009

.8 M

Fiscal Year Ended 31.07.2008 1'735.0 0.78x 151.0 8.92x 90.8 13.30x

5 5 4 4 3 3 2 2 1 1 0 s-12

0.0 07.02.2010

07.08.2010

07.02.2011

07.08.2011

07.02.2012

07.08.2012

07.02.2013

07.08.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Warehouse Group Ltd/The Holdings By:

All

Holder Name TINDALL STEPHEN ROBE THE TINDALL FOUNDATI WOOLWORTHS LTD GENERAL DISTRIBUTERS CASH WHOLESALERS LTD WARDELL BROS & COY L JP MORGAN CHASE BANK SRT FAMILY TRUST TINDALL R G ACCIDENT COMPENSATIO WAREHOUSE MGMT TRUST SMITH KEITH RAYMOND POWELL MARK DAVID MORRICE IAN R VANGUARD NORGES BANK BLACKROCK MERANI TRUST DIMENSIONAL FUND ADV SELWYN TRUST

Firm Name EVA Dimensions Deutsche Bank Forsyth Barr Macquarie JPMorgan First NZ Capital Goldman Sachs

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a

Analyst CRAIG STERLING CHRIS BYRNE CHELSEA LEADBETTER WARREN DOAK SHAUN COUSINS SARNDRA URLICH MARCUS CURLEY

Source Research Research Research Research Research Research Research EXCH Research Research EXCH EXCH EXCH Co File ULT-AGG MF-AGG ULT-AGG EXCH ULT-AGG EXCH

Recommendation underweight buy reduce neutral neutral underperform Sell/Neutral

Amt Held 84'058'283 66'323'220 30'548'887 30'548'887 10'373'363 10'373'363 3'421'760 3'389'844 3'100'000 2'343'983 1'744'851 1'741'795 1'741'795 1'000'000 993'106 958'839 836'908 675'428 646'866 406'928

% Out 27.01 21.31 9.82 9.82 3.33 3.33 1.1 1.09 1 0.75 0.56 0.56 0.56 0.32 0.32 0.31 0.27 0.22 0.21 0.13

Weighting

Change 1 5 2 3 3 1 1

D U M M M M M

Latest Chg 1'000'000 362'053 545'812 289'868 680 -

Target Price #N/A N/A 4 3 4 4 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.03.2013 08.03.2013 16.11.2012 08.03.2013 08.03.2013 08.03.2013 08.03.2013 16.04.2012 08.03.2013 08.03.2013 15.03.2013 11.06.2013 11.06.2013 07.09.2012 30.06.2013 31.12.2012 03.09.2013 16.04.2012 30.04.2013 16.04.2012

Date Not Provided 12 month 12 month 12 month 3 month Not Provided 12 month

Inst Type n/a Other Corporation Corporation Other Other Investment Advisor n/a n/a Insurance Company Other n/a n/a n/a Unclassified Government Investment Advisor n/a Investment Advisor n/a

Date 02.09.2013 02.07.2013 20.06.2013 14.06.2013 10.05.2013 10.04.2013 08.03.2013

05.09.2013

NZX Ltd 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.

Price/Volume 2 1 1 1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (06.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NZX NZ EQUITY YTD Change NZX NZ EQUITY YTD % CHANGE

12/2012 09/yy 1.49 1.04 293'708.00 1.26 -15.44% 21.15% 48.89% 255.5 321.99 8.97 0.0 0.0 15.24 315.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 0 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 31.12.2008 32.1 16.22x 18.1 28.81x 10.2 51.96x

31.12.2009 31.12.2010 42.8 50.2 6.26x 3.41x 19.9 20.9 13.45x 8.19x 38.7 9.3 6.69x 20.00x Profitability

LTM-4Q 31.12.2011 54.7 4.75x 25.2 10.30x 14.5 16.87x

31.12.2012 56.0 5.38x 22.0 13.67x 9.9 32.61x 22.03 15.30 27.32% 26.00% 8.84% 14.26% 13.76% 0.50% 39.4% 27.3% 17.6% 1.04 0.49 8.88% 17.77% 7.88 -

Price/ Cash Flow

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M s-13

12/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 09/yy 11.9 0.00x 0.0 0.00x 9.7 0.00x

FY+1

2.98 0.69 215.69 24.67% 7.11% 0.689 4 2.000 1'177'098 625'354 360'133 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 62.4 65.1 4.97x 4.70x 25.5 27.5 12.37x 11.48x 14.0 16.1 22.91x 19.69x S&P Issuer Ratings

54.67 51.62 -0.28 0.41 17.8% 15.1% 0.50 39.22 46.45 -

Sales/Revenue/Turnover

20.00

60.0

18.00

50.0

16.00 14.00

40.0

12.00

30.0

10.00 8.00

20.0

6.00 4.00

10.0

2.00 0.00 01.01.2010

0.0 01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

NZX Ltd Holdings By:

All

Holder Name ACCIDENT COMPENSATIO NIGEL BABBAGE AND P WELDON MARK RHYS ODLIN DAVID MITCHELL JPMORGAN BANK LUXEMB LEVERAGED EQUITIES F AMP INVES STRAT EQUI FORSYTH BARR LTD NORWICH UNION LIFE I KBC GROUP NV DIMENSIONAL FUND ADV PAVIOUR-SMITH NEIL HARMOS ANDREW W HORIZON KINETICS BANK OF NEW YORK MEL WILLIAMS NIGEL HENRY GEDULD E E MOLLER CHRISTOPHER BESSEMER GROUP INCOR MILLER JAMES BRUCE

Firm Name EVA Dimensions Deutsche Bank Forsyth Barr First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a GEDULD E E n/a Multiple Portfolios n/a

Analyst DOUG WALTERS STEPHEN RIDGEWELL JOHN CAIRNS GREG MAIN

Source Co File Co File EXCH Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG Co File Co File ULT-AGG MF-AGG Co File 13F Co File MF-AGG Co File

Recommendation hold sell hold underperform

Amt Held 19'904'698 10'541'998 9'500'000 5'885'930 5'534'056 3'890'472 3'491'466 3'194'898 2'171'225 1'119'929 937'613 500'104 387'920 359'002 342'390 192'675 157'500 62'580 45'243 40'083

% Out 7.79 4.13 3.72 2.3 2.17 1.52 1.37 1.25 0.85 0.44 0.37 0.2 0.15 0.14 0.13 0.08 0.06 0.02 0.02 0.02

Weighting

Change 3 1 3 1

D D M M

Latest Chg 20'674 -

Target Price #N/A N/A 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.01.2012 Insurance Company 31.01.2012 n/a 29.06.2012 n/a 31.01.2012 n/a 31.01.2012 Bank 31.01.2012 Investment Advisor 31.01.2012 n/a 31.01.2012 Bank 31.01.2012 Insurance Company 28.06.2013 Investment Advisor 30.04.2013 Investment Advisor 31.12.2011 n/a 31.12.2011 n/a 28.03.2013 Investment Advisor 03.09.2013 Investment Advisor 31.12.2011 n/a 30.06.2013 Hedge Fund Manager 31.12.2011 n/a 30.04.2013 Investment Advisor 31.12.2011 n/a

Date Not Provided 12 month 12 month Not Provided

Date 02.09.2013 20.08.2013 20.08.2013 19.08.2013

05.09.2013

OceanaGold Corp OceanaGold Corporation is a gold mining and exploration company. The Company currently owns interests in projects in New Zealand and the Philippines.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (26.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OGC NZ EQUITY YTD Change OGC NZ EQUITY YTD % CHANGE

12/2012 06/yy 4.50 1.33 137'900.00 2.12 -52.89% 59.40% 30.60% 293.6 622.38 266.87 0.0 0.0 96.50 706.35

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

.8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 31.12.2008 217.2 0.77x 63.7 2.62x (54.7) -

5 5 4 4 3 3 2 2 1 1 0 s-12

31.12.2009 31.12.2010 237.1 305.6 1.89x 3.30x 106.6 141.1 4.20x 7.15x 54.5 44.4 Profitability

LTM-4Q 31.12.2011 395.6 1.61x 164.3 3.88x 44.2 -

31.12.2012 385.4 2.62x 144.5 7.00x 20.7 144.50 53.12 13.78% 8.37% -4.46% -7.66% 0.49% 17.7% 42.9% 15.7% 5.4% 0.93 0.56 25.87% 43.76% 25.76 4.66

06/yy 385.3 7.13x 136.5 4.84x 22.1 0.00x

LTM 06/yy 437.0 8.57x 187.7 3.08x (39.6) 0.00x

FY+1

.0 M s-13

1.30 283.39 -36.90% -37.65% 1.298 4 4.000 89'176 100'515 115'806 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 505.3 539.3 127.0 152.0 1.33x 1.10x 5.43x 4.48x 165.3 181.7 39.4 60.9 4.27x 3.89x 3.46x 3.40x 5.0 38.7 (0.6) 15.5 16.08x 12.87x 16.73x 12.39x S&P Issuer Ratings

5.98 -6.04 1.15 1.24 43.8% 30.4% 0.49 0.66 14.17 78.35 55.03 17.15

Sales/Revenue/Turnover

450.0 400.0

1.00 0.80

350.0 300.0 250.0

0.60

200.0 150.0

0.40 0.20

100.0 50.0 0.0

0.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

OceanaGold Corp Holdings By:

All

Holder Name VAN ECK ASSOCIATES C AMP LTD UNITED SERVICES AUTO DIMENSIONAL FUND ADV NEW ZEALAND CENTRAL ROYAL BANK OF CANADA FMR LLC BLACKROCK US GLOBAL INVESTORS INVESCO LTD VANGUARD NORGES BANK BOND STREET CUSTODIA YANDAL INVESTMENTS P ASKEW JAMES EDWARD INTERNATIONAL MINING SPROTT INC MD MANAGEMENT LTD DEUTSCHE BANK AG SFB INVESTMENTS PTY

Firm Name Cormark Securities Inc. Forsyth Barr Macquarie BMO Capital Markets

Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a

Analyst MIKE KOZAK ANDREW HARVEY-GREEN MICHAEL SIPERCO BRIAN QUAST

Source ULT-AGG ULT-AGG MF-AGG ULT-AGG PROXY ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG PROXY PROXY PROXY SEDI MF-AGG MF-AGG ULT-AGG PROXY

Recommendation buy hold outperform market perform

Amt Held 23'372'747 14'660'107 8'700'000 5'252'926 5'005'882 3'565'116 3'202'300 2'592'750 1'930'100 1'897'608 1'796'918 1'486'726 1'289'396 1'123'653 1'097'008 1'097'008 900'000 816'400 806'705 800'000

% Out 7.96 4.99 2.96 1.79 1.71 1.21 1.09 0.88 0.66 0.65 0.61 0.51 0.44 0.38 0.37 0.37 0.31 0.28 0.27 0.27

Weighting

Change 5 3 5 3

Latest Chg (1'119'773) (4'700) (3'629) 1'330'100 (32'694) 154'100 10'000 816'400 (33'657) -

Target Price

M D M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 04.09.2013 Investment Advisor 21.01.2013 Insurance Company 28.02.2013 Investment Advisor 30.04.2013 Investment Advisor 02.04.2013 Government 28.03.2013 Bank 31.07.2013 Investment Advisor 03.09.2013 Investment Advisor 28.03.2013 Investment Advisor 04.09.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 02.04.2013 Other 02.04.2013 Investment Advisor 12.04.2013 n/a 30.12.2012 Other 31.12.2012 Hedge Fund Manager 30.04.2013 Investment Advisor 31.07.2013 Investment Advisor 02.04.2013 Other

Date 3 2 3 2

12 month 12 month 12 month Not Provided

Date 30.07.2013 28.07.2013 27.07.2013 25.07.2013

05.09.2013

Skellerup Holdings Ltd 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.

Price/Volume 2

4.0 M

3.5 M

3.0 M

2.5 M

Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 52-Week Low (08.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKL NZ EQUITY YTD Change SKL NZ EQUITY YTD % CHANGE

06/2013 01/yy 1.83 1.27 38'903.00 1.59 -13.11% 25.20% 58.93% 192.8 306.56 12.95 0.0 0.0 10.78 308.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1 0

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 180.6 0.74x 24.4 5.50x 9.2 7.56x

2.0 M

Valuation Analysis

30.06.2010 30.06.2011 180.5 193.4 0.87x 1.26x 30.2 34.6 5.20x 7.04x 12.0 20.2 9.99x 11.61x Profitability

30.06.2012 207.2 1.34x 41.7 6.66x 24.7 11.10x

30.06.2013 189.3 1.36x 34.0 7.56x 19.0 13.37x 33.96 26.79 14.15% 14.07% 10.61% 15.47% 1.05% 40.0% 14.2% 10.1% 2.05 1.10 7.03% 10.38% 5.28 3.19

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

5.03 0.94 143.87 1.24% 2.04% 0.944 4 4.000 426'525 302'592 288'616 FY+2

06/14 Y 06/15 Y 197.7 208.7 1.56x 1.49x 39.8 42.0 7.76x 7.36x 22.2 23.5 14.07x 12.93x S&P Issuer Ratings

FQ+1

FQ+2

58.15 44.35 10.4% 9.4% 1.05 4.47 69.09 114.57 33.33 149.89

Sales/Revenue/Turnover

14.00

250.0

12.00

200.0

10.00

150.0

8.00 6.00

100.0

4.00

50.0 2.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Skellerup Holdings Ltd Holdings By:

All

Holder Name AMP LTD AMP INVEST STR EQ G ACCIDENT COMPENSATIO MILFORD ASSET MGMT L GUARDIANS OF NZ SUPE H&G LTD NZ PERMANENT TRUSTEE SK SHARES LTD WILLIAM DAVID MAXIMA INVEST LTD JP MORGAN CHASE BANK SEAJAY SECURITIES LT PGG WRIGHTSON EMPLOY COUTTS ELIZABETH MAR DIMENSIONAL FUND ADV QUANTEX AG PARTON IAN MURRY BESSEMER GROUP INCOR PRUDENTIAL FINANCIAL SCHRODER INVESTMENT

Firm Name EVA Dimensions Deutsche Bank Macquarie Forsyth Barr

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst TIMOTHY STANISH DENNIS M LEE DANIEL FROST JOHN CAIRNS

Source ULT-AGG Co File EXCH EXCH EXCH Co File Co File Co File Co File Co File Co File Co File Co File EXCH ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG

Recommendation hold buy neutral buy

Amt Held 32'885'201 19'119'266 14'437'770 12'373'970 12'028'343 10'616'169 4'010'000 3'877'486 2'427'506 2'000'000 1'814'776 1'457'642 1'400'000 581'960 331'983 102'000 100'000 48'111 27'563 23'498

% Out 17.06 9.92 7.49 6.42 6.24 5.51 2.08 2.01 1.26 1.04 0.94 0.76 0.73 0.3 0.17 0.05 0.05 0.02 0.01 0.01

Weighting

Change 3 5 3 5

D U M M

Latest Chg (2'203'032) 2'106'804 10'000 30'000 8'018

Target Price #N/A N/A 2 1 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.04.2013 04.09.2012 17.05.2013 26.08.2013 27.08.2013 04.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 04.09.2012 11.11.2011 30.04.2013 31.07.2013 08.05.2013 30.04.2013 28.06.2013 30.06.2013

Date Not Provided 12 month 12 month 12 month

Inst Type Insurance Company n/a Insurance Company Investment Advisor Other Other n/a Other n/a Other Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 22.08.2013 22.08.2013 02.05.2013

05.09.2013

Restaurant Brands New Zealand Ltd 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.

Price/Volume 4

1.6 M

1.4 M

1.2 M 1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.05.2013) 52-Week Low (19.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RBD NZ EQUITY YTD Change RBD NZ EQUITY YTD % CHANGE

02/2013 05/yy 3.08 2.17 27'106.00 2.75 -10.71% 26.73% 62.64% 97.9 269.15 14.90 0.0 0.0 0.80 283.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

.4 M

.2 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Fiscal Year Ended 28.02.2009 309.1 0.33x 30.0 3.36x 8.3 8.12x

.8 M

28.02.2010 28.02.2011 317.8 324.9 0.60x 0.76x 42.7 51.7 4.43x 4.81x 19.5 24.3 8.80x 9.84x Profitability

LTM-4Q 29.02.2012 308.9 0.66x 41.8 4.89x 16.9 11.32x

28.02.2013 312.8 0.94x 38.4 7.63x 16.2 17.25x

38.38 23.74 7.59% 7.00% 14.92% 26.91% 22.63% 2.89% 17.5% 12.3% 7.6% 5.2% 0.15 0.03 13.33% 24.70% 139.39

Price/ Cash Flow

08/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x

LTM 05/yy 176.3 0.00x 0.0 0.00x 0.0 0.00x

FY+1

.0 M s-13

5.82 0.79 83.43 28.36% 7.69% 0.787 3 3.333 15'322 47'840 85'315 FY+2

FQ+1

FQ+2

02/14 Y 02/15 Y 11/12 Q3 02/13 Q4 325.0 344.7 0.87x 0.81x 42.4 47.1 6.69x 6.02x 18.7 21.5 13.96x 12.33x S&P Issuer Ratings

41.86 17.42 0.37 0.39 24.7% 19.8% 2.89 3.82 2.62 17.00 -

Sales/Revenue/Turnover

9.00

330.0

8.00

320.0

7.00

310.0

6.00 5.00

300.0

4.00

290.0

3.00 2.00

280.0

1.00 0.00 05.03.2010

270.0 05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Restaurant Brands New Zealand Ltd Holdings By:

All

Holder Name MILFORD ASSET MGMT L SALT FUNDS MANAGEMEN WESTPAC BANKING CORP ROBERTSHAWE PAUL ACCIDENT COMPENSATIO DIAB DANIEL JP Morgan Chase Bank JA-HONG KOO DIMENSIONAL FUND ADV GOODSON MATTHEW BANK OF NEW YORK MEL LLB FONDSLEITUNG AG VAN ARKEL FNZ EDUARD PRINCIPAL FINANCIAL SEI INVESTMENT MANAG BESSEMER GROUP INCOR PRUDENTIAL FINANCIAL SCHRODER INVESTMENT

Firm Name First NZ Capital Macquarie Forsyth Barr

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst SARNDRA URLICH WARREN DOAK CHELSEA LEADBETTER

Source EXCH EXCH EXCH EXCH EXCH Research Co File Research ULT-AGG Research MF-AGG MF-AGG Co File ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation underperform outperform accumulate

Amt Held 12'502'014 9'710'131 9'382'863 8'254'140 8'104'140 5'000'000 2'703'929 641'000 581'292 496'666 189'280 75'000 50'000 22'690 21'157 19'670 16'718 9'982

% Out 12.77 9.92 9.59 8.43 8.28 5.11 2.76 0.65 0.59 0.51 0.19 0.08 0.05 0.02 0.02 0.02 0.02 0.01

Weighting

Change 1 5 4

Latest Chg 1'185'029 (1'100'520) (980'142) (50'000) 22'690 -

Target Price

M M U

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 18.07.2013 24.05.2013 12.07.2013 11.06.2013 11.06.2013 08.03.2013 12.04.2012 08.03.2013 30.04.2013 08.03.2013 03.09.2013 30.06.2013 12.04.2012 31.03.2013 30.04.2013 30.04.2013 28.06.2013 30.06.2013

Date 2 3 3

Not Provided 12 month 12 month

Inst Type Investment Advisor Other Bank n/a Insurance Company n/a Unclassified n/a Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.06.2013 14.06.2013 27.05.2013

05.09.2013

Steel & Tube Holdings Ltd 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.

Price/Volume 3

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M s-13

3 2 2

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (06.11.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 02.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STU NZ EQUITY YTD Change STU NZ EQUITY YTD % CHANGE

06/2013 01/yy 2.86 2.13 58'785.00 2.85 -0.35% 33.80% 94.52% 88.4 252.07 40.00 0.0 0.0 3.68 276.67

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

a-13

Market Data

Fiscal Year Ended 30.06.2009 484.5 0.61x 49.9 5.89x 26.1 9.46x

30.06.2010 30.06.2011 380.0 385.8 0.63x 0.71x 22.4 32.5 10.67x 8.43x 5.7 17.0 35.38x 13.76x Profitability

30.06.2012 405.4 0.54x 26.1 8.40x 13.1 13.89x

30.06.2013 393.3 15.6 13.48x 26.14 19.93 4.92% 4.50% 6.35% 9.22% 7.94% 1.82% 20.0% 5.3% 4.0% 2.15 0.96 17.36% 26.20% 6.84 3.55

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.56 0.76 29.44 32.34% 19.68% 0.755 5 4.000 101'933 252'329 207'137 FY+2

06/14 Y 06/15 Y 412.0 443.8 0.68x 0.63x 30.4 34.9 9.12x 7.93x 16.9 20.1 14.77x 12.50x S&P Issuer Ratings

FQ+1

FQ+2

15.14 12.56 26.2% 20.8% 1.82 8.27 53.50 103.08 31.06 133.34

Sales/Revenue/Turnover

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0 30.00

200.0 20.00

100.0

10.00 0.00 02.07.2010

0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Steel & Tube Holdings Ltd Holdings By:

All

Holder Name ONESTEEL LTD ACCIDENT COMPENSATIO AMP LTD MILFORD ASSET MGMT L WESTPAC NZ SHR 2002 JP MORGAN CHASE BANK DIMENSIONAL FUND ADV FORSYTH BARR LTD ELRICK JANIE ANDERSON JOHN ANTHON PLENZLER DOROTHY IZA GRINDELL DAVID TAYLOR DAVID WILLIAM CANDY ANTHONY CHARLE BESSEMER GROUP INCOR URLWIN ANNE SMITH JANINE LAUREL PRITCHARD DEAN ANTHO PRINCIPAL FINANCIAL WARNOCK ROSEMARY

Firm Name Macquarie Forsyth Barr Deutsche Bank First NZ Capital EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a

Analyst STEPHEN HUDSON JAMES BASCAND DENNIS M LEE KAR YUE YEO TIMOTHY STANISH

Source Co File EXCH ULT-AGG EXCH Research Research ULT-AGG Co File EXCH EXCH Co File Co File EXCH EXCH MF-AGG EXCH Co File Co File ULT-AGG Co File

Recommendation underperform accumulate buy outperform overweight

Amt Held 44'452'354 7'609'922 5'415'039 4'694'279 1'617'952 1'016'054 433'800 424'451 280'210 280'210 212'225 168'012 104'210 22'185 12'028 10'000 10'000 10'000 7'361 2'500

% Out 50.26 8.6 6.12 5.31 1.83 1.15 0.49 0.48 0.32 0.32 0.24 0.19 0.12 0.03 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change 1 4 5 5 5

M M M M N

Latest Chg 1'035'215 886'773 7'361 -

Target Price 2 3 3 3 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.08.2012 19.08.2013 15.01.2013 26.08.2013 08.03.2013 08.03.2013 30.04.2013 10.08.2012 16.08.2013 16.08.2013 10.08.2012 30.06.2012 16.08.2013 16.08.2011 30.04.2013 24.06.2013 30.06.2012 30.06.2012 31.03.2013 30.06.2012

Date 12 month 12 month 12 month Not Provided Not Provided

Inst Type Corporation Insurance Company Insurance Company Investment Advisor Bank Investment Advisor Investment Advisor Bank n/a n/a n/a n/a n/a n/a Investment Advisor n/a n/a n/a Investment Advisor n/a

Date 21.08.2013 19.08.2013 16.08.2013 16.08.2013 26.07.2013

05.09.2013

Michael Hill International Ltd 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.

Price/Volume 2

6.0 M

5.0 M

1 4.0 M

1 1

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.04.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MHI NZ EQUITY YTD Change MHI NZ EQUITY YTD % CHANGE

06/2013 01/yy 1.48 1.10 5'000.00 1.39 -6.08% 26.36% 71.05% 382.8 532.16 33.06 0.0 0.0 12.06 552.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

0 1.0 M

0 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 30.06.2009 412.0 0.65x 37.9 7.03x 66.8 3.44x

3.0 M

30.06.2010 30.06.2011 443.3 489.1 0.70x 0.78x 44.9 58.0 6.89x 6.57x 26.0 34.5 10.15x 9.98x Profitability

30.06.2012 511.2 0.77x 57.5 6.88x 36.5 10.27x

30.06.2013 549.3 40.0 12.48x 57.55 45.22 8.85% 8.22% 10.58% 18.88% 17.10% 1.49% 61.9% 11.0% 8.6% 7.3% 3.07 0.25 10.21% 17.01% 27.94 0.99

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

4.32 0.73 133.89 32.45% 15.04% 0.729 4 4.500 29'361 76'798 81'360 FY+2

06/14 Y 06/15 Y 577.7 627.7 0.95x 0.88x 70.2 78.4 7.88x 7.05x 43.3 45.4 12.87x 11.88x S&P Issuer Ratings

FQ+1

FQ+2

14.20 9.73 0.35 0.58 17.0% 14.5% 1.49 10.66 13.10 371.37 115.15 283.35

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 02.07.2010

100.0 0.0 02.01.2011

02.07.2011

02.01.2012

02.07.2012

02.01.2013

02.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Michael Hill International Ltd Holdings By:

All

Holder Name HILL RICHARD MICHAE PETERS LESLIE WAYNE PARSELL MICHAEL ROBI EIM CAPITAL MANAGERS PETERS MACGREGOR PTY DOUBLE DRAGON SUPER TAYLOR PHILIP ROY NZ PERMANENT TRUSTEE GWYNNE GARY J BUTLER WK & CK & ULR DIMENSIONAL FUND ADV HILL EMMA J JP MORGAN CHASE BANK STOCK KEVIN MCKINNON ROSS BANK OF NEW YORK MEL BAGNALL NICHOLAS

Firm Name EVA Dimensions Macquarie Forsyth Barr First NZ Capital

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst CRAIG STERLING WARREN DOAK CHELSEA LEADBETTER SARNDRA URLICH

Source Research EXCH Research MF-AGG Research Research Research Co File Research Research ULT-AGG Research Co File Research EXCH MF-AGG EXCH

Recommendation overweight neutral buy outperform

Amt Held 202'644'452 18'521'000 10'019'364 7'946'000 7'000'000 2'370'000 2'000'000 1'983'599 1'922'000 1'823'640 1'606'452 1'524'750 1'433'503 1'010'000 500'000 21'656 10'000

% Out 52.93 4.84 2.62 2.08 1.83 0.62 0.52 0.52 0.5 0.48 0.42 0.4 0.37 0.26 0.13 0.01 0

Weighting

Change 5 3 5 5

U M M M

Latest Chg (3'700'000) (82'170) -

Target Price #N/A N/A 1 2 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.03.2013 09.05.2013 08.03.2013 31.07.2013 08.03.2013 08.03.2013 08.03.2013 31.07.2012 08.03.2013 08.03.2013 30.04.2013 08.03.2013 31.07.2012 16.11.2012 23.05.2013 03.09.2013 14.05.2012

Date Not Provided 12 month 12 month Not Provided

Inst Type n/a n/a n/a Investment Advisor Other Other n/a n/a n/a n/a Investment Advisor n/a Investment Advisor n/a n/a Investment Advisor n/a

Date 04.09.2013 19.08.2013 19.08.2013 12.08.2013

05.09.2013

AMP Ltd 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.

Price/Volume 8

3.0 M

2.5 M

6 2.0 M

5 4

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.05.2013) 52-Week Low (03.07.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMP NZ EQUITY YTD Change AMP NZ EQUITY YTD % CHANGE

12/2012 01/yy 6.95 4.93 54'560.00 5.4 -22.30% 9.53% 19.31% 2'944.6 15'900.65 12'493.00 0.0 97.0 4'207.00 23'075.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

1.0 M

2 .5 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.12.2008 (10'966.0) 580.0 -

1.5 M

31.12.2009 31.12.2010 10'742.0 7'462.0 2.21x 2.52x 739.0 775.0 Profitability

31.12.2011 5'436.0 3.54x 688.0 -

31.12.2012 16'882.0 1.32x 704.0 18.14% 8.20% 0.60% 9.40% 5.35% 0.16% 4.2% 10.52% 168.05% -

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

1.03 2'810.94 2.10% -6.33% 1.028 14 2.571 13'963 68'950 111'722 FY+2

12/13 Y 12/14 Y 7'578.0 15'899.0 2.88x 1.37x 856.6 939.5 15.83x 14.64x S&P Issuer Ratings

FQ+1

FQ+2

168.1% 62.4% 0.16 -

Sales/Revenue/Turnover

25'000.0 20'000.0 15'000.0

0.80 0.60 0.40

10'000.0 5'000.0 0.0 -5'000.0

0.20 0.00

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

-10'000.0 -15'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

AMP Ltd Holdings By:

All

Holder Name HARRIS ASSOCIATES LP NATIONAL AUSTRALIA B CAPITAL GROUP COMPAN VANGUARD AMP LTD BANK OF NEW YORK MEL BLACKROCK NORGES BANK AUSTRALIAN FOUNDATIO MACQUARIE GROUP ARGO INVESTMENTS LTD DAIWA SECURITIES GRO UBS DJERRIWARRH INVESTME ABERDEEN SCHRODER INVESTMENT CI INVESTMENTS INC CREDIT SUISSE AG LEGG MASON ASSET MAN MORGAN STANLEY

Firm Name Bell Potter EVA Dimensions Macquarie Deutsche Bank Morgan Stanley Goldman Sachs Credit Suisse CIMB BBY Limited Commonwealth Bank Nomura Shaw Stockbroking UBS

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst LAFITANI SOTIRIOU DOUG WALTERS TIM LAWSON KIEREN CHIDGEY DANIEL TOOHEY RYAN FISHER ANDREW ADAMS RICHARD COLES BRETT LE MESURIER ROSS CURRAN TOBY LANGLEY DAVID SPOTSWOOD JAMES COGHILL

Source EXCH ULT-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation buy underweight underperform hold Overwt/Attractive neutral/neutral neutral neutral underperform underweight neutral hold sell

Amt Held 179'159'581 90'851'830 85'146'691 52'290'488 41'034'891 37'284'092 29'623'614 26'081'614 20'665'000 15'782'655 12'068'681 5'894'102 5'597'958 5'518'000 5'380'700 5'346'624 4'456'390 4'393'921 4'316'498 4'295'933

% Out 6.08 3.09 2.89 1.78 1.39 1.27 1.01 0.89 0.7 0.54 0.41 0.2 0.19 0.19 0.18 0.18 0.15 0.15 0.15 0.15

Weighting

Change 5 1 1 3 5 3 3 3 1 1 3 3 1

M U M M M M M M M M M M M

Latest Chg 29'790'007 (74'443'778) 1'212'209 2'424'016 (7'997'296) 77'331 1'254'657 (421'812) (263'700) (2'301'317) (6'172'492) (48'645) (2'764'302)

Target Price 7 #N/A N/A 5 6 6 6 6 5 5 5 6 6 5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.08.2013 11.09.2012 30.06.2013 30.06.2013 28.08.2013 03.09.2013 03.09.2013 31.12.2012 29.06.2012 28.06.2013 30.06.2011 21.09.2012 28.06.2013 30.06.2011 31.07.2013 30.06.2013 31.12.2012 31.05.2013 20.09.2012 30.06.2013

Date 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month

Inst Type Investment Advisor Bank Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Holding Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 26.08.2013 16.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 15.08.2013 24.06.2013

05.09.2013

Tower Ltd 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.

Price/Volume 3

3.5 M 3.0 M

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.07.2013) 52-Week Low (21.08.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.05.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TWR NZ EQUITY YTD Change TWR NZ EQUITY YTD % CHANGE

09/2012 01/yy 2.04 1.65 80'782.00 1.77 -13.24% 7.27% 17.95% 207.2 366.73 81.99 0.0 1.4 186.48 194.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

1.5 M 1.0 M

.5 M

0 s-12

30.09.2009 30.09.2010 481.8 564.2 0.75x 0.63x 49.5 57.6 6.87x 8.20x Profitability

30.09.2011 331.9 0.69x 33.1 15.60x

30.09.2012 422.2 0.91x 55.3 11.47x

18.84% 17.05% 3.96% 15.28% 13.61% 0.15% 13.1% 4.17% 16.49% -

Price/ Cash Flow

n-12

d-12

LTM-4Q

LTM

01/yy

01/yy -

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

FY+1 -

6.21 0.83 122.36 7.18% -2.26% 0.826 4 3.000 472'636 216'704 285'662 FY+2

09/13 Y 09/14 Y 15.1 31.2 12.93x 6.19x 35.4 27.2 10.86x 12.38x S&P Issuer Ratings

FQ+1

FQ+2

NR 16.5% 14.1% 0.15 -

Sales/Revenue/Turnover

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00 02.10.2009

o-12

Fiscal Year Ended 30.09.2008 453.4 0.81x 40.5 8.72x

0.0 02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Tower Ltd Holdings By:

All

Holder Name GUINNESS PEAT GROUP DEVON FUNDS MANAGEME ACCIDENT COMPENSATIO DIMENSIONAL FUND ADV JP MORGAN CHASE BANK NORGES BANK WESTPAC NZ SHR 2002 VANGUARD BANK OF NEW YORK MEL FCA CORP STIASSNY MICHAEL PET PRINCIPAL FINANCIAL WOOD DENIS MICHAEL BESSEMER GROUP INCOR PIONEER CHARLES SCHWAB INVES BLACKROCK SPENCER JOHN L FLEXSHARES TRUST SMITH STEPHEN

Firm Name Goldman Sachs EVA Dimensions Forsyth Barr

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst ADRIAN ALLBON DOUG WALTERS JOHN CAIRNS

Source EXCH EXCH EXCH ULT-AGG Research MF-AGG Research ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG EXCH

Recommendation Buy/Neutral sell hold

Amt Held 69'614'763 17'797'143 14'998'606 3'892'376 2'313'924 1'215'388 1'196'910 808'989 290'481 169'723 102'919 87'277 61'823 43'254 39'558 36'652 21'880 17'247 16'924 11'538

% Out 33.6 8.59 7.24 1.88 1.12 0.59 0.58 0.39 0.14 0.08 0.05 0.04 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.01

Weighting

Change 5 1 3

M D D

Latest Chg 674'359 (1) 100'000 87'277 (38'461) (1) (5'174) 3'076 -

Target Price 2 #N/A N/A 2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 02.07.2012 22.05.2013 01.05.2013 30.04.2013 08.03.2013 31.12.2012 08.03.2013 30.06.2013 03.09.2013 30.04.2013 10.06.2013 31.03.2013 24.05.2012 30.04.2013 28.03.2013 03.09.2013 03.09.2013 05.04.2013 31.05.2013 05.04.2013

Date 12 month Not Provided 12 month

Inst Type Holding Company Investment Advisor Insurance Company Investment Advisor Investment Advisor Government Bank Unclassified Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 04.09.2013 11.06.2013 19.05.2013

05.09.2013

Hallenstein Glasson Holdings Ltd 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.

Price/Volume 7

1.2 M

1.0 M

.8 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.04.2013) 52-Week Low (18.09.2012) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HLG NZ EQUITY YTD Change HLG NZ EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

.2 M

1 0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended 31.07.2008 193.7 0.77x 28.3 5.30x 15.9 10.68x

.6 M

07/2012 01/yy 5.85 4.42 20'148.00 4.67 -20.17% 5.66% 19.58% 59.6 278.56 0.00 0.0 0.0 25.97 252.36

31.07.2009 31.07.2010 198.2 207.1 0.88x 23.9 34.4 5.29x 12.8 19.6 12.81x 11.21x Profitability

31.07.2011 205.5 0.91x 28.7 6.51x 18.3 11.58x

31.07.2012 215.6 1.02x 33.5 6.55x 21.0 11.80x

33.55 26.44 12.26% 13.59% 27.45% 34.82% 34.82% 2.73% 58.6% 16.0% 12.7% 9.8% 2.23 1.21 0.00% 0.00% 181.24 6.56

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

7.49 0.73 44.13 9.21% -8.39% 0.725 5 2.600 15'712 29'226 45'662 FY+2

07/13 Y 07/14 Y 220.8 231.4 1.16x 1.11x 32.7 35.8 7.71x 7.04x 19.0 21.0 14.59x 13.34x S&P Issuer Ratings

FQ+1

FQ+2

-0.73 0.00 0.0% 0.0% 2.73 5.94 2.02 55.77 49.59 51.35

Sales/Revenue/Turnover

16.00

250.0

14.00

200.0

12.00 10.00

150.0

8.00

100.0

6.00 4.00

50.0

2.00 0.00 07.08.2009

0.0 07.02.2010

07.08.2010

07.02.2011

07.08.2011

07.02.2012

07.08.2012

07.02.2013

07.08.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Hallenstein Glasson Holdings Ltd Holdings By:

All

Holder Name GLASSON TIMOTHY CHAR FORSYTH BARR CUSTODI TEA CUSTODIANS LTD ONEPATH WHOLESALE AU INVESTMENT CUST SERV JP MORGAN CHASE BANK ACCIDENT COMPENSATIO PHP BAYLY LTD DIMENSIONAL FUND ADV POPPLEWELL GRAEME JA HUMPHRIES DIANE HELE DUNEDIN CITY COUNCIL BELL WARREN JAMES DONOVAN MICHAEL JOHN BESSEMER GROUP INCOR PRINCIPAL FINANCIAL

Firm Name Deutsche Bank Macquarie Goldman Sachs Forsyth Barr First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a

Analyst CHRIS BYRNE WARREN DOAK MARCUS CURLEY ANDREW BOWLEY SARNDRA URLICH

Source Research Co File Co File Co File Co File Research Research Research ULT-AGG EXCH Co File Research Co File Co File MF-AGG ULT-AGG

Recommendation hold neutral neutral/neutral hold underperform

Amt Held 11'950'588 1'116'801 859'384 737'807 687'781 602'425 586'593 450'000 260'106 156'576 147'000 124'000 20'143 10'000 6'326 3'370

% Out 20.03 1.87 1.44 1.24 1.15 1.01 0.98 0.75 0.44 0.26 0.25 0.21 0.03 0.02 0.01 0.01

Weighting

Change 3 3 3 3 1

Latest Chg 3'370

Target Price

M M M M M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 21.06.2013 01.08.2012 01.08.2012 01.08.2012 01.08.2012 21.06.2013 21.06.2013 21.06.2013 30.04.2013 16.11.2012 01.08.2012 03.08.2012 01.08.2012 01.08.2012 30.04.2013 31.03.2013

Date 5 5 5 5 5

12 month 12 month 12 month 12 month Not Provided

Inst Type n/a n/a Other n/a Investment Advisor Investment Advisor Insurance Company Other Investment Advisor n/a n/a Other n/a n/a Investment Advisor Investment Advisor

Date 05.08.2013 14.06.2013 13.06.2013 13.06.2013 13.06.2013

05.09.2013

Pumpkin Patch Ltd/New Zealand 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.

Price/Volume 2

4.5 M

4.0 M

3.5 M 3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (28.06.2013) Daily Volume Current Price (9/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PPL NZ EQUITY YTD Change PPL NZ EQUITY YTD % CHANGE

07/2012 01/yy 1.48 0.75 736'200.00 1.05 -29.05% 40.00% 30.14% 169.1 177.53 60.00 0.0 0.0 5.34 243.27

31.07.2008 399.5 0.84x 53.9 6.20x 17.1 13.10x

2.0 M

1.5 M

1.0 M

.5 M

0 s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

.0 M s-13

a-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

31.07.2009 31.07.2010 412.3 362.9 0.69x 0.92x 44.3 54.2 6.42x 6.14x (26.7) 25.5 145.45x 10.89x Profitability

31.07.2011 291.5 0.81x 37.3 6.36x (1.9) 10.82x

31.07.2012 300.6 0.69x 30.0 6.93x (27.5) 14.68x

30.00 19.09 6.35% 4.75% 4.62% 20.16% 10.11% 1.89% 54.4% 10.0% 6.4% -9.2% 0.93 0.13 38.57% 179.33% 19.70 1.93

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy -

FY+1 -

0.00 0.69 83.58 -11.02% -21.64% 0.689 5 2.800 47'391 50'851 151'734 FY+2

07/13 Y 07/14 Y 288.3 298.3 0.80x 0.72x 26.6 31.4 9.15x 7.74x 10.2 14.8 16.15x 11.80x S&P Issuer Ratings

FQ+1

FQ+2

6.57 5.44 2.24 2.28 179.3% 64.2% 1.89 6.48 18.58 189.94 56.53 160.81

Sales/Revenue/Turnover

25.00

450.0 400.0

20.00

350.0 300.0

15.00

250.0 200.0

10.00

150.0 100.0

5.00

50.0 0.00 31.07.2009

0.0 31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

31.07.2013

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

05.09.2013

Pumpkin Patch Ltd/New Zealand Holdings By:

All

Holder Name NIGEL P SMITH & WYNA DUKE RODNEY ADRIAN CAMERON JANET HEATHE ACCIDENT COMPENSATIO PRENDERGAST MAURICE SYNNOTT SALLY R AMP LTD MILFORD ASSET MGMT L WALKLEY BRUCE M WASHINGTON MATTHEW DIMENSIONAL FUND ADV THESING ZARINA COWIE NEIL TATTERSFIELD KATE HOFFMAN GLENYS CARDWELL CHRIS ROBERTSHAWE PAUL JACKSON DAVID ALEXAN GREGORY BRIAN DE JACOBSEN BRONNY

Firm Name EVA Dimensions Macquarie Forsyth Barr Goldman Sachs First NZ Capital

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source Co File Co File Co File EXCH EXCH Co File ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH Co File EXCH EXCH

Analyst CRAIG STERLING WARREN DOAK ANDREW BOWLEY ROHAN KOREMAN-SMIT SARNDRA URLICH

Recommendation underweight outperform accumulate neutral/neutral underperform

Amt Held 20'000'000 16'674'086 16'086'181 15'499'880 10'570'000 9'506'800 9'321'674 5'638'962 1'165'000 722'633 644'130 546'542 196'885 167'574 141'589 128'767 60'000 50'000 45'000 41'774

% Out 11.83 9.86 9.51 9.17 6.25 5.62 5.51 3.34 0.69 0.43 0.38 0.32 0.12 0.1 0.08 0.08 0.04 0.03 0.03 0.02

Weighting

Change 1 5 4 3 1

D M M M M

Latest Chg 2'171'800 (500'000) -

Target Price #N/A N/A 1 1 1 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2012 31.08.2012 31.08.2012 12.07.2013 09.05.2013 31.08.2012 31.08.2012 05.06.2013 23.06.2013 23.06.2013 30.04.2013 23.06.2013 23.06.2013 23.06.2013 10.12.2012 23.06.2013 12.07.2013 31.07.2012 10.12.2012 23.06.2013

Date Not Provided 12 month 12 month 12 month Not Provided

Inst Type Other n/a n/a Insurance Company n/a n/a Insurance Company Investment Advisor n/a n/a Investment Advisor n/a n/a n/a n/a n/a n/a n/a n/a n/a

Date 02.09.2013 15.07.2013 01.07.2013 28.06.2013 28.06.2013