1. November 2013 TAE Advice & Support Retreat

2. 2 Agenda  Business Background  Reporting  Communication  Investment Style, Philosophy and Beliefs  Investment Team and Process  Performance  Appendices –Appendix 1 - Team and Sector Responsibility –Appendix 2 - Investment Team Profiles

3. Business - Snapshot 3 Aligned  Brisbane based boutique fund manager (19 staff, approx. $754.6m in FUM as at 30 September 2013)  Pioneer in managed accounts (direct mandates)  Employee owned and independent (no conflicted interests)  Signatory to the United Nations based Principles for Responsible Investment Proven  10 year track record (proven and repeatable process)  Average team investment experience is 14 years  Focus on quality investments provides unique investment insights Recognised  Nominated for the Golden Calf Award by Australian Fund Manager Foundation in 2011  Won the Australian S&P SMA Sector Award in 2010

4. 4 Business – Why does it work? We are established  Proven, repeatable and institutionally tested investment process  Highly rated for our ability to integrate socially responsible considerations into the investment process  Have dealt with HNW and Family Office clients since inception. It’s in the DNA of the business We remain true to label  Core philosophy and process has remained unchanged since inception  We have provided complete portfolio transparency since inception  We have a unique Independent Investment Committee Member structure We never waiver from improving the client experience  Concentrated portfolios give clients the best opportunity to outperform  Low turnover provides a better after tax outcome  We are employee owned. Investment team remuneration is aligned to client outcomes and there are no conflicted interests or institutional alignment (we don’t clip brokerage or pay commissions)  We continually communicate with our clients regarding the market and our portfolio changes

5. Business - Value Propositions 5  Active professional investment management.  Flexibility – Accounts can be funded by transfer of an existing portfolio. Transition to an IMA portfolio over time in a tax-sensitive manner.  Efficient – Client’s aren’t bothered every time a change is made to their portfolio – ideal for clients who are comfortable with outsourcing portfolio management.  Tax effective – do not inherit embedded capital positions like managed funds, all tax outcomes are only influenced by your portfolio movements.  Hassle free ownership – all portfolio administration is looked after, including corporate actions, dividends, tax record keeping and reporting.  Transparent – online reporting 24/7 and 6 monthly performance reporting.  Scalable service offering, especially for a direct equities solution: -No need for client consent to trade -No need for advice document -No need to place and manage trades -No admin hassles of direct equities -Compliant  Increases focus, enabling advisers to -focus on high-value add activities such as bringing in new business and providing advice to existing clients -spend much less time on low- value and administrative tasks.  Opportunity to capture off-platform direct equities FUM.  Ideal service solution, especially for direct equities: -Scaleable -Compliant -Outsourced administration -Focuses advisers on what they do best and maximises their client-facing time  Reduced risk and compliance burden – rebalancing, dealing and administration done by DNR.  Financial benefits via -Reduced cost (via functions outsourced to DNR) -Increased revenue via uplift in adviser productivity  Attractive offering to prospective advisers and practices looking to join the practice. Benefits to Clients Benefits to AdvisersBenefits to the Practice

6. 6 Portfolio Australian Equities Listed Property International Equities Fixed Interest/ Hybrids Cash Business – Investment Coverage

7. Business – Mandate Flexibility  We manage three Australian equity portfolios; High Conviction (growth focus), Socially Responsible (growth focus) and Income (yield focus).  You can alter the investment composition of a portfolio at the following levels: –Asset class level –Stock level –GICS classification level 7

8. Investment analysis Portfolio and Blend Construction Transition Management Execution Risk Control Corporate Actions Custody and Fees Performance reporting 24/7 Web Reporting / Data feed Portfolio updates 8 Business – The Solution Investment Management & Administration

9. 9 Business – IMA Structure Client Custodian (Legal Title) Dalton Nicol Reid Advice & Investment Program Reporting and Data feeds MDA Agreement, Investment Program and Reporting  IMAs under a Dalton Nicol Reid MDA Contract are audited in accordance with ASIC Class Order 04/194  All client investment assets are held with an external Custodian  Clients have beneficial ownership of investments  Dalton Nicol Reid has no legal title or beneficial claim to a clients investments  Client portfolios are individually segregated in the Dalton Nicol Reid portfolio accounting and administration system Client Security Financial Planner

10. 10 Reporting Daily  Portfolio valuation  Cash statement  Transaction history Weekly  Income and expenses  Unrealised gains  Realised gains Quarterly Statements Performance reporting Annual Tax Statements Daily EPI data feeds

11. 11 Communication  Monthly podcast updates via Boardroom Radio  Portfolio change analysis and notification  Financial market updates  Boardroom seminars for economic/market updates  Dedicated BDM’s providing adviser services Australia-wide  Meet the manager sessions  Client services desk

12. 12 Style Quality defined Beliefs Inefficiency Investment Style and Beliefs  Quality stocks at attractive valuations  Fundamental bottom up with top down overlay  High conviction  After tax aware  Companies with earnings strength – improving return  Superior industry position  Sound balance sheet  Strong management  Low ESG risk  Quality companies can successfully reinvest capital  Pricing power enables growth above inflation  High quality balance sheets ride out cycles  Quality needs to be overlaid with valuation  Markets can be short term focused causing prices to move away from inherent value

13. Investment Team and Committee 13 Jamie Nicol Chief Investment Officer Ben Clayton Investment Analyst Mark Sedawie Investment Analyst Cindy Esterhuizen Quantitative Analyst Sam Seow Investment Analyst Justine Hickey Independent IC Member Mark Hancock IC Member and Consultant Scott Bender Portfolio Manager Experienced and Stable Team - 14 yrs. average investment experience - 7 yrs. average experience with DNR

14. Investment Process – High Conviction portfolio 14 Stock Research  Phase 1 - Quality Web assessment ─Strength of management, balance sheet, earnings, industry structure and ESG review  Phase 2 - Fundamental bottom up valuation and thesis 1.Ideas Generation 2.Stock Research 3. Portfolio Construction 4.Portfolio Management Idea Generation  Quantitative and quality screening  Company and industry contacts  Daily meetings to discuss findings and allocate tasks Portfolio Construction Recommended stocks considered given:  Top down considerations  Portfolio characteristic impacts  Stock and sector correlation analysis  After tax consideration  Monthly ICM review provides strong oversight of process Portfolio Management  Conclusions constantly retested  Sell decisions based on: ─Reach target valuation ─Deterioration of quality characteristics / inv. thesis

15. 15 Gross Performance Australian Equities High Conviction as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

16. 16 Holdings – Australian Equities High Conviction as at 30 September 2013

17. Investment Process – Socially Responsible portfolio 1. Ideas Generation 2.Stock Research 3.Portfolio Construction 4. Portfolio Management 17 Idea Generation  Quantitative and quality screening  Company and industry contacts  Daily meetings to discuss findings and allocate tasks Portfolio Construction Recommended stocks considered given:  Top down considerations  Portfolio characteristic impacts  Stock and sector correlation analysis  After tax consideration  Positive and negative SRI screening  Monthly ICM and Socially Responsible IC review Portfolio Management  Conclusions constantly retested  Sell decisions based on: ─Reach target valuation ─Deterioration of quality characteristics / inv. thesis ─Change in SRI screening outcomes. Stock Research  Phase 1 - Quality Assessment ─Strength of management, balance sheet and earnings. ─Industry structure and ESG review  Phase 2 - Fundamental bottom up valuation and thesis

18. 18 Gross Performance – Australian Equities SRI as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

19. 19 Holdings – Australian Equities Socially Responsible as at 30 September 2013

20. 1. Idea Generation 2. Stock Research 3. Portfolio Construction Portfolio Management Investment Process – Income portfolio 20 Idea Generation and Quantitative Screen  Quantitative and quality screening  Company and industry contacts  Daily meetings to discuss findings and allocate tasks Portfolio Construction  Top down considerations  Portfolio characteristic impacts  Stock and sector correlation analysis  After tax consideration  Monthly ICM review  Positive and negative income screening Control Risk & Retest Conclusions  Conclusions constantly retested  Sell decisions based on: ─Reach target valuation ─Deterioration of quality characteristics / inv. thesis ─Change in income screening outcomes Stock Research  Phase 1 - Quality Assessment ─Strength of management, balance sheet and earnings. ─Industry structure and ESG review  Phase 2 - Fundamental bottom up valuation

21. 21 Gross Performance – Australian Equities Income as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

22. 22 Holdings – Australian Equities Income as at 30 September 2013

23. Qualitative Screen and Valuation Process (10-20 stocks)  Bottom up valuation of business. Key preferences sought: ─Low to medium debt levels ─High quality management with strong record ─Stable portfolio investment strategy ─Solid yield with distribution growth  Competitive dynamics (company level)  Alternative valuation techniques  ESG Investment Process – Australian LPT’s 23 Idea Generation and Quantitative Screen (30+ stocks)  Quantitative and quality screening  Company and industry contacts  Daily meetings to discuss finding and allocate tasks.  Derive PE relative / div yield, valuation for each year, 3 years out. Portfolio Construction (4-8 stocks)  Top down considerations  Portfolio characteristic impacts  Stock and sector correlation analysis  After tax consideration  Monthly ICM review Control Risk & Retest Conclusions  Conclusions constantly retested  Sell decisions based on: ─Reaching target valuation ─Deterioration of quality characteristics / inv. thesis Screening Process (25+ stocks) Stock Research (10-20 stocks) Stock Selection (4-8 stocks) Portfolio Management

24. 24 Performance – Australian Listed Property Trusts as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

25. 25 Holdings – Australian Listed Property Trusts as at 30 September 2013

26. Qualitative Review of Manager, including:  People  Process  Quality of portfolio managers  Depth and stability of team  Investment style Investment Process – International Equities 26 Qualitative Business Review, including:  Size  Business record  Key person risk  Operational risk  Credit rating  Ownership structure Quantitative Evaluation of Risk and Return, including:  Past performance  Tracking error  Volatility  Information and sharpe ratio Portfolio Construction and Management, including:  Portfolio diversification  Portfolio blend of styles  Total portfolio risk  Sector exposures  Stock selection criteria  Performance  Portfolio construction methodology  Turnover Qualitative Business Review Qualitative Manager Assessment Quantitative Evaluation Portfolio Construction / Management

27. 27 Performance – International Equities as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

28. 28 Holdings – International Equities as at 30 September 2013

29. Valuation Process  Credit ratios (interest coverage and leverage ratio)  Liquidity screen  Bond or hybrid term and structure  Yield comparisons Investment Process – Fixed Interest / Hybrid 29 Idea Generation and Quantitative Screen  Quantitative and quality screening  Company and industry contacts  Daily meetings to discuss findings and allocate tasks Portfolio Construction  Duration of portfolio  Fixed verse floating issues Control Risk and Retest Conclusions  Conclusions constantly retested  Sell decisions based on: ─Reach targeted levels ─Margin offered not compensating holders for risks ─Deterioration of quality characteristics, (increased debt levels and poor management decisions) Screening Process Valuation Process Portfolio Construction Portfolio Management

30. 30 Performance – Fixed Interest /Hybrids as at 30 September 2013 Please note: Past performance is not an indication of future performance. No allowance has been made for taxation and fees are not taken into account

31. 31 Holdings – Fixed Interest/Hybrids as at 30 September 2013

32. 32 Dalton Nicol Reid in a Nutshell Dalton Nicol Reid are:  Australian Managed Account pioneers  Not Financial Advisers or Accountants, purely investment and administration specialists Key features:  Independent. A private independent portfolio manager that gets paid for managing clients investments (receive an asset based fee, don’t accept commissions or clip brokerage)  Robust Investment Capabilities. Top Quartile Australian share manager with a purpose built managed account administration system  Transparency of portfolios  Tax efficiencies  Customisation

33. 33 Appendix 1 - Sector Responsibility Financials (ex Property), Materials, Industrials B. Econ., B. Bus., CA.242012 Scott Bender B. Com., CFA17 11 Ben Clayton Construction Materials, DealerB. Econ.15 8 Mark Sedawie Energy, Infrastructure, Retail, Utilities, IT, Socially Responsible B. Com., CFA, B. Fin.75 Cindy Esterhuizen Sam Seow Quantitative AnalystM.B.A., B. Com. B. Com, CA. 7 4 7 <1 5 Justine Hickey B. Com.25218 IC Member, Income Portfolio Adviser B.A., F.I.A.A.27 TOTAL AVERAGE 1614 55 7 NameSector CoverageQualificationsYears of Corporate Experience Years of Investment Experience Years with Dalton Nicol Reid Jamie Nicol Property, Consumer Staples, Healthcare, Cons.Disc, Telecommunications 5 Independent Investment Committee Member Mark Hancock 326 131113 Chemicals, Containers & Packaging, Cons. Serv. (ex gaming)

34. 34 Appendix 2 - Investment Team Profiles Jamie Nicol – Chief Investment Officer & Director Jamie has over 20 years experience in the financial services industry. He is a senior member of the Dalton Nicol Reid Investment Committee and is also responsible for investment strategy, portfolio construction and stock selection, investment process enhancement and management of the investment team. His sector responsibilities include Financials (ex Property), Materials, Industrials and IT. As a founding member of Dalton Nicol Reid in 2001, Jamie led the development of the investment philosophy and process and the establishment of the investment team. He has been actively involved in the portfolio management of client’s funds since the company’s inception. Prior to establishing the Dalton Nicol Reid business, Jamie held senior roles in company research and analysis for two major stock broking firms, as well as for Westpac, Mergers and Acquisitions (Australia and South Pacific). He commenced his career at Price Waterhouse Coopers (formerly Coopers & Lybrand), in the areas of audit and tax. Jamie has a Bachelor of Business - Accounting (Distinction) from Queensland University of Technology, Bachelor of Economics from the University of Queensland and is a member of the Australian Institute of Chartered Accountants.

35. 35 Scott has over 15 years experience in the funds management industry. He joined Dalton Nicol Reid in 2002 and is a senior member of the Investment Committee. He is responsible for the investment research of the Property, Consumer Staples, Consumer Discretionary and Healthcare sectors. He is also actively involved in the portfolio management decision making process. Scott has a specialist understanding of the property sector having sole responsibility for managing the property trust portfolio for the past seven years. Scott has also been actively involved in the development and refinement of the investment process and in particular the development of the quantitative models used to screen stocks. Prior to joining Dalton Nicol Reid, Scott worked as an associate equity analyst with Deutsche Bank in the UK and has also held roles both domestically and in the UK as an equity analyst and trading representative for institutions including JP Morgan and Macquarie. Scott has a Bachelor of Commerce from the University of Queensland, a Graduate Diploma in Applied Finance and Investment, and is a CFA charter holder. Scott Bender – Portfolio Manager Appendix 2 - Investment Team Profiles (cont.)

36. 36 Appendix 2 - Investment Team Profiles (cont.) Ben has over 12 years experience in the financial services industry. He joined Dalton Nicol Reid in 2004 and is responsible for dealing and contributes to company research for Telecommunication and Construction Materials stocks. Prior to joining Dalton Nicol Reid, Ben worked as an analyst in the UK with leading stock broking and investment management firm, Charles Stanley. He began his career at Ord Minnett, where he worked in varied roles within the firm and leaving as a research analyst. Ben has a Bachelor of Economics from the University of Queensland. Ben Clayton – Investment Analyst and Dealer

37. 37 Appendix 2 - Investment Team Profiles (cont.) Mark joined Dalton Nicol Reid in 2008 and is responsible for the investment research and analysis of the Energy, Retail, Utilities and Infrastructure sectors. He also oversees the Socially Responsible portfolio. Prior to joining Dalton Nicol Reid, Mark was a Senior Consultant with the Advisory division of PricewaterhouseCoopers. The focus of this role was to deliver commercial and technical advice to a diverse group of blue chip companies, including asset valuations and strategic corporate transactions. Mark’s skills in financial modeling and analysis are highly regarded within the Dalton Nicol Reid Investment Team. Mark has a Bachelor of Commerce and Bachelor of Finance from Bond University and is a CFA charter holder. Mark Sedawie – Investment Analyst

38. 38 Appendix 2 - Investment Team Profiles (cont.) Cindy Esterhuizen – Quantitative Analyst Cindy joined Dalton Nicol Reid in 2008. She is responsible for performance attribution analysis, performance modelling, and development of a Forecast Investment Modelling System. Cindy has also held various roles within the portfolio management area which included portfolio construction and portfolio reviews. Prior to joining Dalton Nicol Reid, Cindy’s career began as a graduate research analyst in corporate finance, property analysis and project management. Cindy has a Master of Business Administration (Distinction) from Griffith University, a Bachelor of Commerce (Honours) and a Bachelor of Commerce degree from University of Cape Town.

39. 39 Appendix 2 - Investment Team Profiles (cont.) Sam joined Dalton Nicol Reid in 2012 and will take responsibility for covering the Chemicals, Consumer Services (ex gaming) and Containers & Packaging sectors. Sam contributes his broad commercial experience, and joins the Investment Team from Flight Centre's Corporate Finance division where he held the role of Analyst. Prior to Flight Centre Sam held positions in the QR National Treasury team and also at BDO. Sam has a Bachelor of Commerce and is also a member of the Australian Institute of Chartered Accountants. Sam Seow – Investment Analyst

40. 40 Appendix 2 - Investment Team Profiles (cont.) Justine has over 20 years experience in investment and funds management as an equities portfolio manager and in senior management. She has been involved with Dalton Nicol Reid since 2005 and sits on the Investment Committee and the Ethical Investment Committee. She also chairs the corporate Advisory committee. Justine is a professional director and currently sits on the boards of Australian Ethical Investment Ltd, Rio Tinto Staff Super Fund, RSPCA QLD and chairs the Evolve Foundation. She is also a member of the investment management committee of the University of Melbourne. In previous roles, Justine was Head of Equities at Suncorp Investment Management in Brisbane until 2004 and prior to that a Portfolio Manager at Flemings Investment Management (now JP Morgan) in the UK. Justine has a Bachelor of Commerce from University of Queensland, is a Graduate, Australian Institute of Company Directors; Senior Associate, FinSIA (Financial Services Institute of Australasia); and Associate, CFA Institute. Justine Hickey – Consultant and Investment Committee Member

41. 41 Appendix 2 - Investment Team Profiles (cont.) Mark has over 20 years experience in the securities and funds management industry. As Managing Director of Precept Investment Actuaries Pty Ltd, he is the principal investment consultant to Dalton Nicol Reid for the Australian Equities Income portfolio. His qualifications and valuable experience see him retained in a number of advisory roles by major Australian investment firms and financial services entities. He specialises in the assessment of listed businesses in the financial services industry. His previous experience includes 8 years as principal consultant with Loftus Capital Partners Limited and 5 years with NRMA as investment manager. Mark is a qualified actuary and has been a Fellow of the Institute of Actuaries of Australia since 1987. He has a Bachelor of Arts majoring in Actuarial Studies. Mark is a guest lecturer in Finance at Macquarie University. Mark Hancock – Consultant and Investment Committee Member

42. 42 Disclaimer This document has been prepared by Dalton Nicol Reid Pty Ltd, AFS Representative - 294844 of DNR AFSL Pty Ltd ABN 39 118 946 400, AFSL 301658. It is general information only and is not intended to be a recommendation to invest in any product or financial service mentioned above. Whilst, Dalton Nicol Reid has used its best endeavours to ensure the information within this document is accurate it cannot be relied upon in any way and recipients must make their own enquiries concerning the accuracy of the information within. The general information in this document has been prepared without reference to your objectives, financial situation or needs. Before making any financial investment decisions we recommend you obtain legal and taxation advice appropriate to your particular needs. Investment in a Dalton Nicol Reid individually managed account can only be made on completion of all the required documentation. Past performance is not an indication of future performance. Total returns shown are based on Dalton Nicol Reid’s model portfolio and have been calculated before taking Dalton Nicol Reid’s fees into account as actual performance on managed accounts is dependant on a number of factors including, but not limited to, timing of investment, non-managed stocks and portfolio execution. No allowance has been made for taxation.