andrew look presentation

UBS Investment Research

Hong Kong Market Strategy

Andrew Look

UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of UBS in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such r e s e a r c h i s a v a i l a b l e . C u s t o m e r s c a n a c c e s s t h i s i n d e p e n d e n t r e s e a r c h a t

www.ubs.com/independentresearch

or may call +1 877-208-5700 to request a copy of this research.

This report has been prepared by UBS Securities Asia Ltd, an affiliate of UBS AG (UBS).

1

Key themesSub-prime fallout continues in 2009

—

Low-high-low trend confirmed; investors’

expectations now completely trashed

—

Credit market not taking the bait

—

Lower cost of capital just short term “pain killer”; not “surgical removal of tumor”

Key risks for 2009—

Rising equity risk premiums + deteriorating earning growth momentum

—

Share prices are never wrong; analysts may be wrong –

earning downgrades just beginning

Taking a first glimpse on 2009E index fair value after the latest round of result announcements

Negative real mortgage rates in sight hence supporting asset prices

—

Don’t bank on it

—

It was a good story two years ago

Take a closer look at developers, landlords, industrials/exporters, financials and Macau plays in search of value propositions

2

The impact of the recent US sub-prime fallout1.

The sub-prime problem is both a financial and a moral issue

2.

Rising volatility means uncertainty and risks

3.

Government led rescue package can only reduce but not eliminate the pain

4.

The EU/UK rescue package is far better than the US rescue package

5.

Time and patience the only medicine but government can help alleviate the pain of the adjustment process

6.

The only solution: change of spending habits and repair the household balance sheets

10%15%20%25%30%35%40%45%50%55%60%

Jan-

07

Feb-

07

Mar

-07

Apr-0

7

May

-07

Jun-

07

Jul-0

7

Aug-

07

Sep-

07

Oct-0

7

Nov-

07

Dec-

07

Jan-

08

HSI v olatility (annualised)Source: UBS estimates

3

Drastic cut in Fed Funds Rate but….

Source: CEIC

Pace of rate cut similar to year 2000 when TMT bubble burst, this shows how severe the credit crunch is

The property bubble saved the TMT fallout last time; do we have another bubble in sight?

4

Credit market not taking the bait; at least for now

Source: Bloomberg

5

US mortgage rates rise despite lower cost of capital

Source: FreddieMac

Provisions/losses reported and capital raised since Feb-07

6

US$ bln

US$ 470 bln

of provisions and losses reported

while US$ 436 bln

of new capital has been raised

Source: Company data

Is this the beginning of competitive devaluation? Is deflation imminent?

Impact on Hong Kong’s economy surfacing in 2009

7

Four pillars of Hong Kong’s economic growth: Finance, property, trade and tourism

Source: CEIC

A rapidly slowing property market affects more than just 33,000 property agents

Re-export / trade –

into a long cold winter

8

Source: CEIC

Trade and trade related businesses employ 1 million of Hong Kong’s 3.5 million labour force

Baltic freight index is a good indicator of trade volume growth

Macro tightening measures in China filtered through into tourism

9

Source: CEIC

Tourists account for at least 20% of Hong Kong retail sales

10

More downside risks?More than 15 IPOs cancelled/postponed YTD – negative impact on loan growth

Nearly half of 2007’s 19% loan growth came from IPO financing and analysts are expecting loan growth to be 15%+ in 08

IPO pipeline in 08, even if all go public, will be 15% less than 07’s US$ 87 bln

4 7 0 %

4 6 %1 5 % 1 0 % 6 % 1 2 % 1 7 % 2 %

0 %5 0 %

1 0 0 %1 5 0 %2 0 0 %2 5 0 %3 0 0 %3 5 0 %4 0 0 %4 5 0 %5 0 0 %

Stoc

kbro

kers

Over

seas

Tota

l

Trad

e

SME

Com

mer

cial p

pt

Unse

cure

d co

nsum

er

Mor

tgag

es

J a n - S e p 0 7 lo a n g r o w th

Domestic loans by economic sector

11

Source: HKMA

The “financial tsunami”

hits Hong Kong

12Source: HKMA

Recent chaos seen in the industrials / exporters universe was due primarily to liquidity crunch rather than US economic woes

Rising loan-to-deposit ratio as deposits leave the system

13

Source: HKMA

100% deposit guaranteed by government until 2010;

possibly just opened another can of worms…..

14

More downside risks?Warrants and structured product origination fell 90% YTD on a YOY basis as market lacked direction; average daily turnover also failed to impress; we expect 40% growth in warrant T/O in 08.

+131% YOY in 03, +98% in 04, +64% in 05, +108% in 06, +161% in 07, +40% YTD in 08 (HK$ 30 bln per day)

0%

5%

10%

15%

20%

25%

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Warrants as % of Total (rolling 12 mths)

Latest earning announcements give little visibility

15

Source: Company data; Bloomberg

Code StockInterim / Final Vs consensus

1 Cheung Kong Interim Above

2 CLP Hldgs Interim Above

4 Wharf Interim Below

5 HSBC Interim Below

6 HongKong

Electric Interim In line

11 Hang Seng

Bank Interim In line

13 Hutchison Whampoa Interim Above

19 Swire Pacific 'A' Interim Below

23 Bank of E Asia Interim Below

66 MTR Corporation Interim Above

101 Hang Lung Prop Final Above

144 China Mer

Hldgs Interim In line

267 CITIC Pacific Interim Below

291 China Resources Interim In line

293 Cathay Pac Air Interim Below

330 Esprit Hldgs Interim Below

386 Sinopec Corp Interim Above

388 HKEx Interim Below

494 Li & Fung Interim Below

688 China Overseas Interim Above

700 Tencent Interim In line

762 China Unicom Interim In line

857 PetroChina Interim In line

883 CNOOC Interim Above

906 China Netcom Interim Below

939 CCB Interim In line

941 China Mobile Interim Above

1088 China Shenhua Interim In line

1199 COSCO Pacific Interim In line

1398 ICBC Interim In line

2038 FIH Interim Below

2318 Ping An Interim In line

2388 BOCHK Interim Below

2600 CHALCO Interim Below

2628 China Life Interim Above

3328 BoCom Interim Above

3988 Bank of China Interim In line

16

Hong Kong remains under-leveragedBig swing after Asian Financial Crisis in 1997

Over HK$ 6 trillion record high deposit and total LDR at just 60%

19%+ loan growth in 07, US “surprised” rate cut, rising RMB – all pointing to a pendulum swing in the making

Source: HKMA

0%

50%

100%

150%

200%

250%

Mar-8

9Ma

r-90

Mar-9

1Ma

r-92

Mar-9

3Ma

r-94

Mar-9

5Ma

r-96

Mar-9

7Ma

r-98

Mar-9

9Ma

r-00

Mar-0

1Ma

r-02

Mar-0

3Ma

r-04

Mar-0

5Ma

r-06

Mar-0

7Ma

r-08

-2,500

-1,500

-500

500

1,500

2,500

3,500

Net Deposit (HKD bn) Total LDR (LHS)

17

Bull market always end with financial implosion

Bull market only ends with 1) financial implosion and 2) secular

earning decline –

we don’t see that happening anytime soon

Source: CEIC

-80%-60%-40%-20%

0%20%40%60%80%

100%120%

Sep-

82Se

p-83

Sep-

84Se

p-85

Sep-

86Se

p-87

Sep-

88Se

p-89

Sep-

90Se

p-91

Sep-

92Se

p-93

Sep-

94Se

p-95

Sep-

96Se

p-97

Sep-

98Se

p-99

Sep-

00Se

p-01

Sep-

02Se

p-03

Sep-

04Se

p-05

Sep-

06

-10%

0%

10%

20%

30%

40%

50%

Hang Seng Index (YoY% change, RHS) HK: Loans: HK$

18

UBS HK coverage universe ex-financials

15%

20%

25%

30%

35%

40%

2000 2001 2002 2003 2004 2005 2006 2007E 2008E

UBS Hong Kong non-financial coverage universe gearing ratio

Suboptimal capital

structure with under-

utilisation

of debt

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

2000 2001 2002 2003 2004 2005 2006 2007E 2008E

ROESource: Company data, UBS estimates

19

The changing landscape; impact on valuation & volatility?

Red & H a/c for 18.4% of listco

but 50% of total market capitalisation

Red and H a/c for 43% of pre-x 07E index earnings

Source: Bloomberg, Hang Seng

Index Services Limited, UBS estimates

0%

10%

20%

30%

40%

50%

60%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Jan-

08

Red + H as % of Total Mkt Cap

0%2%4%6%8%

10%12%14%16%18%20%

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Jan-

08

Red + H as % of Total ListCo

20%25%30%35%40%45%50%55%60%

Jan-

01

Jul-0

1

Jan-

02

Jul-0

2

Jan-

03

Jul-0

3

Jan-

04

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

China shares (Red and H) turnover as pct of mkt turnover

20

Index composition changes result in change in correlation

9 Red Chips and 6 H-shares account for 49% of Hang Seng

Index weighting today and 43% of index pre-exceptional earnings

Correlation between HSI and DJI fell from 0.8 to 0.5 but correlation between HSI and HSCEI improved from 0.4 to 0.9

0%10%20%30%40%50%60%70%80%90%

100%

Dec-9

7

Dec-9

8

Dec-9

9

Dec-0

0

Dec-0

1

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

Dec-0

7

HSI vs DJ Ind HSI vs HSCEI

21

After a >50% correction and 08E and 09E EPS growth downgrades

Source: UBS estimates

The upside risks are far exceeding the downside risks at this point in time

22

Rising NAV

10,000

15,000

20,000

25,000

30,000

35,000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

E

2007

E

2008

E

2009

E

T + 4 Construction starts (i.e.lagged 4 years) Actual completions

31,386

21,557

17,830

21,321

26,77028,264

15,00017,00019,00021,00023,00025,00027,00029,00031,00033,000

1998 1999 2000 2001 2002 2003

# of units sold in presale launches average (24,521 units)

HK absorbed on average 24,521

units per year during the

recession years of 98 -

03

Source: R & V Dept; Lands Dept, UBS estimates

Delivery of 12,000 residential

units in 2009E on a T + 4 basis

23

Developers no smarter than market

Source: Midland Realty

24

Monthly mortgage payment to median household income ratio

Affordability ratio now near late 1980s level when negative real

interest rates began to happen

Source: CEIC, UBS estimates

0

20

40

60

80

100

120

80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

25

The reality between RMB and properties

Source: Datastream, Hang Seng

Index Services Limited

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

Dec-9

8

Dec-9

9

Dec-0

0

Dec-0

1

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

Dec-0

7

RMB

NDF

(1yr

)8000

13000

18000

23000

28000

33000

38000

43000

HS P

rope

rties

RMB NDF (1Yr) HS PropertiesCoefficient of correlation at 0.71 indicating a close and linear

relationship between RMB appreciation and Hong Kong residential property prices

26

Smart moneys on the move -

improving in volume

Source: Government Statistics, Midland Realty,

Land Registry

Premium pricing of presale due to lack of inventory and difficulty with respect to replenishment

4,0005,0006,0007,0008,0009,000

10,00011,00012,000

Sep-

05

Dec-

05

Mar

-06

Jun-

06

Sep-

06

Dec-

06

Mar

-07

Jun-

07

Sep-

07

Dec-

07

Leftov er units (launched but unsold)

Loan-to-value ratio at comfortable level

27Source: HKMA

28

Smart moneys on the move –

confirmor

activities rising

Residential confirmor

transaction volume spiked up but still just 1.8% of total S & P in Sep-08 Vs 9.4% seen in May-97


29

Return of negative real deposit rates

Source: CEIC, UBS estimates

Negative real deposit rate is positive for asset prices but one should not equate current situation with that seen in the late 1980s/early 1990s; drastic cut in US rates will help

-10-8-6-4-202468

10

Oct-8

1

Oct-8

3

Oct-8

5

Oct-8

7

Oct-8

9

Oct-9

1

Oct-9

3

Oct-9

5

Oct-9

7

Oct-9

9

Oct-0

1

Oct-0

3

Oct-0

5

Real deposit rate

Nominal passbook saving rate equals CPI today and real deposit rate should turn negative before the end of the year

Real mortgage rate is still near 3% but much lower than 15% seen in 2000 -

2001

-3-113579

111315

Jan-

86

Jan-

87

Jan-

88

Jan-

89

Jan-

90

Jan-

91

Jan-

92

Jan-

93

Jan-

94

Jan-

95

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Real mortgage rate (%)

30

Property price Vs jobless rate and savings ratio

40

60

80

100

120

140

160

180

Dec-

89

Dec-

90

Dec-

91

Dec-

92

Dec-

93

Dec-

94

Dec-

95

Dec-

96

Dec-

97

Dec-

98

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

20

25

30

35

40

45

HK residential property price index Sav ings ratio - 12m rolling av g (RHS - inv erted)

-60%-40%-20%

0%20%40%60%80%

Mar-8

3

Sep-

84

Mar-8

6

Sep-

87

Mar-8

9

Sep-

90

Mar-9

2

Sep-

93

Mar-9

5

Sep-

96

Mar-9

8

Sep-

99

Mar-0

1

Sep-

02

Mar-0

4

Sep-

05

Mar-0

7

1%2%3%4%5%6%7%8%9%

Property price index (YOY % change)Unemployment rate (seasonally adjusted) (inverted) RHS

Source: CEIC

Rising jobless rate is -ve

A hgh

saving ratio is +ve

Capital flows dictate short-term price movements

31

This is likely to be like 1994/1995 and not like 1997/1998Source: CEIC

Don’t be fooled by rising rents or a favourable

mortgage-yield gap

32


Rents will fall faster than expected

33


Residential completion to be “normalised”

by 2011 the earliest

34

Source: Lands Department

35

ROE matters more than NAV in the long run

-15%-5%5%

15%25%35%45%55%

FY91

FY92

FY93

FY94

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

E

FY07

E

Cheung Kong SHKP Henderson LandNew World Hang Lung Properties Sino Land

0%

5%

10%

15%

20%

25%

FY91

FY92

FY93

FY94

FY95

FY96

FY97

FY98

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

E

FY07

EWharf Hysan Great Eagle Swire Pacific


Peak ROE seen not when

property or rent being

highest but when negative

real deposit rates most severe

The big players are getting bigger

36


37

Office demand on the rise again

38,258

46,55450,049

65,558

73,359

30,00035,00040,00045,00050,00055,00060,00065,00070,00075,00080,000

2001 2002 2003 2004 2005# of new companies registered in Hong Kong

Source: Hong Kong Statistical Department

Office demand growth is gaining momentum

500600700800900

1,0001,1001,2001,300

1991 19921993 1994 19951996 1997 19981999 2000 20012002 2003 200420050

500

1,000

1,500

2,000

2,500

3,000

New regional HQ New regional offices (RHS)

Hong Kong is always a preferred place due to low tax rate (16.5% Vs 33% in mainland China)

38

New prime retail space –

Kowloon Bay and TST

2007 District GFA Developer Completion

Megabox Kowloon Bay 1,100,000 Kerry Properties 2007

E-Max Kowloon Bay 900,000 Hopewell 2007

VisionCity Tsuen Wan 245,000 Sino Land 2007

Hanoi Road Redevelopment Tsimshatsui 346,000 NWD / URA Q307

Elements Kowloon Station 1,000,000 MTRC End 2007

Ex-Marine Police Headquarter Tsimshatsui 110,000 Cheung Kong Early 2008

I-Square (Hyatt Regency Redevelopment) Tsimshatsui 570,000 Tian Teck Land / AIH 2008

Hennessy Centre Redevelopment Causeway Bay 500,000 Hysan Development 2009

Tung Ying Building Tsimshatsui 400,000 Chinese Estates 2010

Total 5,171,000

1.

TST will see a near 1.5 mln

sq. ft increase in retail space or a

20% increase while Elements at Kowloon Station will compete with TST as well as Mongkok

2.

2 mln

sq. ft. new space in Kowloon Bay to compete with

apm

but not likely to offer much of a challenge

Source: JLL

Industrial/exporters have seen significant de-rating

39


Reliance on US consumers

40

Source: Company data

Consumer spending cooling off rapidly

41

Source: Datastream

US residential property foreclosures continue to rise

42

Source: Mortgage bankers association

Consumer confidence deteriorating rapidly

43

Source: University of Michigan

Relationship between US property prices and GDP

44

Source: Datastream

Residential property prices follow economic growth in the long run

Raw material prices also negatively affecting margins

45

Source: Datastrteam

Strong correlation between OECD economic growth and HK/China exports

46

Source: Datastream

Prime-HIBOR spreads tell an interesting story

47

Source: CEIC

48

Macau –

impressive numbers

Source: Government statistics

142,800

181,600195,200

230,900

292,200

100,000

150,000

200,000

250,000

300,000

350,000

2003 2004 2005 2006 2007

GDP per capita (MOP)

205,400219,100

237,500

265,100

300,400

200,000

220,000

240,000

260,000

280,000

300,000

320,000

2003 2004 2005 2006 2007

Employment

0

5,000

10,000

15,000

20,000

25,000

30,000

1991

1993

1995

1997

1999

2001

2003

2005

2007

-20%

-10%

0%

10%

20%

30%

40%

50%

Visitor arriv als ('000) y oy %

4,672 4,8015,167

5,773

6,701

7,8008,200

4,0004,5005,0005,5006,0006,5007,0007,5008,0008,500

2002

2003

2004

2005

2006

2007

Q108

Median wage (MOP/ month)

49

But please focus on the supply side of the equation

Gaming tables to rise7 fold from 04 to 09

Slot machines will see a near 13 fold increase from 04 to 09

01,0002,0003,0004,0005,0006,0007,0008,0009,000

2004 2005 2006 2007E 2008E 2009EGalaxy SJM LVS Wynn PBL/Melco MGM

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2004 2005 2006 2007 2008 2009Galaxy LVS SJM Wynn MGM Grand PBL/Melco

Source: Government statistics; UBS estimates

50

Similar story for properties

113,000

2,183,646

3,012,190 2,943,025

2,247,525

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

2006 2007 2008 2009 Beyond 2009Lettable GFA (sq. ft.)

Five fold increase in prime retail space

Up to 21,000 units of new supply in 08 - 10

Source: Government statistics, Savills, UBS estimates

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

E

2009

E

2010

E

Units for Completion Serv ice Apartments (not in gov 't figures)

51

Property prices reflecting blue sky scneario

5,000

10,000

15,000

20,000

25,000

30,000Ap

r/02

Jul/0

2Oc

t/02

Jan/

03Ap

r/03

Jul/0

3Oc

t/03

Jan/

04Ap

r/04

Jul/0

4Oc

t/04

Jan/

05Ap

r/05

Jul/0

5Oc

t/05

Jan/

06Ap

r/06

Jul/0

6Oc

t/06

Jan/

07Ap

r/07

Jul/0

7Oc

t/07

Jan/

08

Overall Mid-size units Large units

MoP psm

Source: Government statistics

52

Concentration of supply of retail space also a worry

Project name Timing Net lettable space (sq. ft.)

Wynn Phase Two Q3 2007 28,000

Venetian + Four Seasons Q3 2007 1,200,000

Ponte 16 End-07 350,000

Galaxy Mega Resort Q3 2008 80,000

City of Dreams 2008 50,000

Site 5 & 6 (beneath St Regis / Shangri-La) 2008 700,000

Site 7 & 8 (beneath Fairmont / Raffles) 2008 - 2009 700,000

One Central 2008-2009 266,000

Macao Studio City Phase One Q1 09 700,000

Far East Consortium 2009 250,000

Macao Studio City Phase Two 2011 280,000

Total 4,604,000

Total - Cotai 3,960,000

Source: Company data, press reports, UBS estimates

Retail space in Cotai

by end 2009 to be bigger than Pacific Place + IFC

Mall + Hongkong

Land Central + Times Square + Festival Walk

53

We have already incorporated a benign outlook

-10,00020,00030,00040,00050,00060,00070,00080,00090,000

100,000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

E

2007

E

2008

E

2009

E

Mln

MOP

VIP Mass Market Slot

06 - 09: 18% CAGR

03 - 06: 25% CAGR

0%

20%

40%

60%

80%

100%

Jan-

04Fe

b-04

Mar-0

4Ap

r-04

May-0

4Ju

n-04

Jul-0

4Au

g-04

Sep-

04Oc

t-04

Nov-0

4De

c-04

Jan-

05Fe

b-05

Mar-0

5Ap

r-05

May-0

5Ju

n-05

Jul-0

5Au

g-05

Sep-

05Oc

t-05

Nov-0

5De

c-05

Jan-

06Fe

b-06

Mar-0

6Ap

r-06

May-0

6Ju

n-06

Jul-0

6Au

g-06

Sep-

06Oc

t-06

Nov-0

6De

c-06

Mainland China Hong Kong Other

0%10%20%30%40%50%60%70%80%90%

100%

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

E

2007

E

2008

E

2009

E

VIP Mass Market Slot

We are already quite bullish

on CAGR and revenue mix

Source: Government statistics; UBS estimates

54

Statement of Risk

Stock markets are influenced by several factors, internal and external, that make predictions of market direction inherently difficult. Our stock ratings are based on earnings estimates, which are also subject to changes as a result of shifts in the operating environment of the respective companies.

55

External Consultant to UBSAndrew Look

Contact information

56

Disclaimer

"Mr Look

is not an employee, partner, agent or representative of UBS. Accordingly this material has been prepared for information and discussion purposes only. This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It should not be construed as an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Any information and opinions expressed in this material and during any consultation with Mr Look (the "Consultation")are

subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS AG, or an affiliate thereof("UBS"). UBS is under no obligation to update or keep current the information contained herein or during the Consultation. UBS, its directors, officers and employees' or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein or during the Consultation and may at any time make purchases and/or sales in them as principal or agent. UBS may act or have acted as market-maker in the securities or other financial instruments discussed

during the Consultation. Furthermore, UBS may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither UBS nor any of its affiliates, nor any of UBS' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage

arising out of the use of all or any part of any material used during the Consultation or in this

material. Past performance is not necessarily indicative of future results. Foreign currency rates

of exchange may adversely affect the value, price or income of any security or related instrument

mentioned in this presentation. You are advised to seek your own independent legal, tax and financial advice before you make a commitment to purchase any investment product."

andrew look presentation

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