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NB MONTHLY INCOME TRUST
JANUARY 2016
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INTRODUCING NEUBERGER BERMAN
Source: Neuberger Berman, Factset. All information as of December 31, 2015, using an A$:US$ exchange rate of 0.707 as at February 1, 2016. Firm data reflects the collective data for the various subsidiaries of Neuberger Berman Group LLC. 1. Employee assets include current and former employees and their family members.2. The list of global clients has been objectively selected on the basis they are all large multinational corporations with a strong global presence and global brand. Please refer to the
Appendix for a representative list of Neuberger Berman’s institutional clients worldwide.
AUSTRALIA
• Based in Melbourne since 2004• Oversee A$3.6B in FUM for Australia
based clients across equities, fixed income and alternatives
OUR CLIENTS2
• Global clients, include:– Adobe Systems Integrated– Alcoa, Inc.– AT&T, Inc.– Caterpillar Inc.
• Australia based clients include:– Sunsuper– IOOF– MLC– HOSTPLUS
97%
97%
2,150
34 19~US$3BN
US$240BN 25+ YRS 1,657
OF CLIENTS’ ASSETSMANAGED BY LEADPORTFOLIO MANAGERS WHO HAVE 20+ YRSINDUSTRY EXPERIENCE
ANNUALIZED RETENTION RATE OF INVESTMENT PROFESSIONALS AT SVP AND MD LEVEL SINCE 2009
NUMBER OF EMPLOYEES WORLDWIDE
INVESTED BY NBEMPLOYEES AND THEIR FAMILIES IN NB STRATEGIES/ ACCOUNTS1
PORTFOLIO MANAGERSAVERAGE INDUSTRYEXPERIENCE
RESEARCH MEETINGS WITHCOMPANY MANAGEMENTTEAMS AT OUR OFFICES IN 2015
TOTAL ASSETSUNDERMANAGEMENT
COUNTRIESOFFICES
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• OPPORTUNITY: Tightened regulation in America has created an attractive opportunity to invest in home loans
• INCOME: Forecast distribution of 6% p.a. (net) on the Subscription Price, paid monthly over the Forecast Period1
• STABILITY : Aims to maintain stable and moderately accretive NTA per Unit2 over the long term
• DIVERSIFICATION: From Australian assets to US assets
• SECURITY: Investments secured against US real estate assets
• CURRENCY: Fully hedged to AUD
• INVESTMENT MANAGER SUPPORT : Lead investor and underwriting certain Offer costs
FUND HIGHLIGHTS
How can we achieve our forecast distribution? By investing in the US home loan marketQ: A:1. For the first full Australian tax year of NB MIT ending 30 June 2017, the forecast annualised distribution amount per Unit is 6% p.a. (net of fees and expenses) on the Subscription Price
(“Forecast Distribution”). This Forecast Financial Information is based on assumptions and accounting policies set out in the Product Disclosure Statement (“PDS”) for NB MIT, and is subject to risks including those set out in the PDS. There is no guarantee that the Forecast Distribution can or will be achieved. If the actual outcome differs from the assumptions, the actual return may not be as forecast. The forecast is not indicative of the return before and after the Forecast Period. Regular monthly distributions will not commence until 1 July 2016.
2. A Unit is a fully paid class of unit in NB MIT and the Subscription Price is the amount payable by investors for the issue of Units under the Offer, being $1.10.
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• Team of 13 investment professionals - 5 portfolio managers and 8 analysts
• Managing ~ A$30B in FUM across all strategies
NB INVESTMENT TEAM
11,000Outstanding home loans 2
A$3.4bn
worth of property 3
Managing US home loans and related assets since 1992
Current FUM includes home loan assets across all 50 states1
Source: Neuberger Berman. All information as at December 31, 2015, using an A$:US$ exchange rate of 0.707 as at February 1, 2016.
Source; Neuberger Berman1. Related to a residential home loans strategy principally investing in non-performing
home loans implemented in 2012 through four funds2. Approximate number of outstanding home loans as at December 31, 20153. Approximate value of underlying real estate as at December 31, 2015
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LARGEST DEBT MARKET IN THE WORLD
WHAT IS THE US HOME LOAN MARKET?
*The above figures are approximate figures for reference purpose only1. Source: IRESS, as oat February 1, 2016. 2. Source: Australian Prudential Regulation Authority , Statistics, Quarterly Authorised Deposit Taking Institution Property Exposures as at 30 September 2015. 3. Source: RBA, as at 31 December 2015. 4. Source: The Bureau of The Fiscal Service, as at 31 December, 2015. Total marketable value. 5. Debt outstanding. Source: Federal Reserve, as at 31 December, 2015.
A$44B
US Home Loan Market 5
US Treasury Market 4
Aus. Hybrids
Market 1 A$1.4T
Aus. Home
Loan Market 2
A$18T
A$19T
A$3T
Aus. Bond & Share
Market 3
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ECONOMIC OUTLOOK: AUSTRALIA & USHouse prices in the US appear to be good value and fundamentals are improving
AUSTRALIA AND US UNEMPLOYMENT RATE 2
1. Source: DataStream. For US, S&P/Case-Shiller National Home Price Index; For Australia, Index-Eight Capital Cities(weighted Average). Rebased to 100. As at 31 December 2015.2. Source: Australian Bureau of Statistics, US Bureau of Labor Statistics. As at 31 January 2016.
AUSTRALIA & US HOUSE PRICE INDICES SINCE 1980 1
100
300
500
700
900
1,100
1,300
1,500
US House Price Index Australia House Price Index
AUS: 12.5x growth
US: 4x growth
4.9%
5.8%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
US Unemployment Rate Australia Unemployment Rate
Despite recovering economic fundamentals, why has the US housing market recovery not been faster?
We believe that ordinary US residents are being prevented from borrowing due to overly-restrictive bank lending criteria
Q: A:
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LENDING STANDARDS IN THE US
Criteria US Banks 1
Lender max. LVR < 90%
Lend to self-employed Rarely
Consecutive time employed Min. 2 years
Rental income counted as income Yes, at 50%
Overtime counted as income No
1. Reflects Neuberger Berman’s belief of general lending standards of large US national banks and conventional loans that may be insured by applicable government sponsored enterprises.2. Urban Institute, as of January 28, 2016. http://www.urban.org/urban-wire/tight-credit-standards-prevented-52-million-mortgages-between-2009-and-
2014?utm_source=iContact&utm_medium=email&utm_campaign=Housing%20Finance%20Update&utm_content=HFPC+Update+-+2%2F2%2F2016
We believe that bank lending criteria is overly
strict in the US
“Tight credit standards prevented 5.2m US home loans between 2009–2014 2”
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INVESTMENT PHILOSOPHY
Acquire home loans originated for creditworthy US homeowners1
Acquire home loans secured by property 2 where borrowers have positive equity2
Acquire home loans diversified by borrower type and property location3
1. The investment philosophy relates to the Underlying Fund’s acquisition of Home Loans. The Underlying Fund will also invest in residential mortgage-backed securities (“RMBS”) and may, over time, invest in other US real estate-related assets in the US home loan market.
2. The Fund may invest in Home Loans secured by subordinate liens; it is not exclusively focused on first lien priority.
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� “Sub-prime”
� Poor credit history
� History of unemployment
� Multiple previous bankruptcies
� Older properties
� Properties in disrepair
� Poorly maintained properties
� History of natural disasters
� Middle-income family households
� Self-employed entrepreneurs
� Recent college graduates
� Professionals
� $300,000 – $1,000,000 valuation
� Single family homes
� Good surrounding facilities
� Strong community environment
LENDING PREFERENCES
PROPERTY TYPES
BORROWER TYPES
1. “Lending Preferences” reflect some of the loan assessment criteria applied by the Investment Manager in assessing Home Loans for acquisition by the Fund. The Fund will not directly lend to US borrowers or originate Home Loans.
WE PREFER… WE AVOID…
PROPERTY TYPES
BORROWER TYPES
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PROPOSED PORTFOLIO1
Cash~2%
Fund will seek out high quality income-generating opportunities in the US home loan market
Residential Mortgage-Backed Securities ~36%Residential Mortgage-
Backed Securities ~36%Home Loans ~62%Home Loans ~62%
• Private market home loans
• Income-generating
• Screened for credit quality
• Secured by property
• Return expectation:~6% p.a.2
• Private market home loans
• Income-generating
• Screened for credit quality
• Secured by property
• Return expectation:~6% p.a.2
• Liquid, short-dated
• Income-generating
• Secured by home loans
• Return expectation:3 – 4% p.a.2
• Liquid, short-dated
• Income-generating
• Secured by home loans
• Return expectation:3 – 4% p.a.2
Source: Neuberger Berman. 1. The Underlying Fund may, over time, as more fully described in the PDS, invest in other US real estate-related assets in the US home loan market.2. The chart above represents the proposed approximate asset allocation of the Proposed Portfolio post-gearing. The return expectations for both Home Loans and Residential Mortgage-
Backed Securities (“RMBS”) are based on the Investment Manager’s experience of managing such investments and form the basis of the specific assumptions to the Forecast Financial Information set out in Section 6 of the PDS. However, the Forecast Financial Information disclosed in the PDS has been provided by the Manager, not the Investment Manager.
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INCREASE TOTAL RETURN THROUGH GEARING
GEARING INCREASES FUND PURCHASING POWER
Why is this asset class suitable for gearing?
• Secured by high quality, tangible assets which are conservatively valued
• Homeowner with “positive equity” provides equity buffer
Terms of gearing
• Up to 4x Net Asset Value
• Multiple lending counterparties for diversification
$100m $100m $100mClient equity capital earns
5% p.a.
1x gearing earns5% minus 2.5%
borrowing costs
2.5% p.a.
1x gearing earns5% minus 2.5%
borrowing costs
2.5% p.a.
Total invested capital $300m
10%p.a. gross
Hypothetical Example of 2x gearing
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RISK MANAGEMENT
• US$ exposure hedged using FX forwards
• Forward maturity of three months or less
• Low transaction costs as only the major liquidity providers are utilized
US$ exposure will be hedged back to A$Currency Risk1
Use US Treasury futures & interest rate swapsInterest Rate Risk2
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FUND KEY TERMS
Trust Name NB Monthly Income Trust
Responsible Entity Equity Trustees Limited
Investment Manager Neuberger Berman Australia Pty Limited
Gearing Up to 4x NAV of Underlying Fund
General Offer Closes: 14 April 2016
ASX listing: 26 April 2016
Target Offer Raise A$75m – A$250m
Expenses Cap on Offer costs Total costs of the Offer capped in order to achieve Day 1 NTA.
Subscription Price A$1.10
Day 1 NTA A$1.085
Distributions Monthly, with effect from 1 July 2016
Unit buybacks At the discretion of the Responsible Entity
NTA valuation Monthly
Management Fee 1.00% p.a. 1
Performance Fee None
1. Please refer to the PDS for NB MIT for full details of the fees and costs that apply
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SUMMARY
• INCOME: Forecast distribution of 6% p.a. (net) on the Subscription Price, paid monthly over the Forecast Period1
• STABILITY : Aims to maintain a stable and moderately accretive NTA per Unit 2 over the long term
• DIVERSIFICATION: From Australian assets to US assets
• RISK MANAGEMENT : Credit, interest rate and currency risks to be managed and mitigated actively
• SECURITY: Fund investments secured against US real estate assets
• EXPERIENCE: Managed by experienced team of portfolio managers, credit analysts and traders
• INVESTMENT MANAGER SUPPORT : Lead investor and underwriting certain Offer costs
1. For the first full Australian tax year of NB MIT ending 30 June 2017, the forecast annualised distribution amount per Unit is 6% p.a. (net of fees and expenses) on the Subscription Price (“Forecast Distribution”). This Forecast Financial Information is based on assumptions and accounting policies set out in the Product Disclosure Statement (“PDS”) for NB MIT, and is subject to risks including those set out in the PDS. There is no guarantee that the Forecast Distribution can or will be achieved. If the actual outcome differs from the assumptions, the actual return may not be as forecast. The forecast is not indicative of that return before and after the Forecast Period. Regular monthly distributions will not commence until 1 July 2016.
2. A Unit is a fully paid class of unit in NB MIT and the Subscription Price is the amount payable by investors for the issue of Units under the Offer, being $1.10.
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SHAREHOLDER COMMUNICATION
Regular shareholder emails
Website www.nb.com/MIT
Half yearly national investor
presentations
Media
Monthly NTA announcement
Industry conferences
Half & full year financial results
Independent research
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CONTACT DETAILS
Other Joint Lead Managers
Neuberger Berman
Corporate Adviser – Seed Partnerships
Arranger and Joint Lead Manager
Nick HoarNeuberger Berman Tel: +852 3664 [email protected]
Adam GrotzingerNeuberger Berman Tel: +65 6645 [email protected]
Angelia TonkinNeuberger Berman Tel: +61 3 9649 [email protected]
Michael DyerNeuberger Berman Tel: +852 3664 [email protected]
Mary-Ann BaldockSeed PartnershipsTel: +61 2 9527 [email protected]
Chris DonohoeSeed PartnershipsTel: +61 413 315 [email protected]
Will SpraggettSeed PartnershipsTel: + 61 400 535 [email protected]
Trevor FranzCBA EquitiesTel: +61 406 882 [email protected]
Co-Lead Managers
Matthew WigzellPatersons SecuritiesTel: +61 3 9242 [email protected]
Emmanuel VergaraCBA EquitiesTel: +61 2 9117 [email protected]
Ross BaildonOrd MinnettTel: +61 7 3214 [email protected]
Tim GriffinBell PotterTel: +61 2 8224 [email protected]
John MurrayLonsec StockbrokingTel: +61 2 8651 [email protected]
Nick MorrisOrd MinnettTel: +61 7 3214 [email protected]
Hamish NairnTaylor CollisonTel: +61 8 8217 [email protected]
Steve AnagnosShaw and PartnersTel: +61 2 9238 1513 [email protected]
Cameron Duncan Shaw and PartnersTel: +61 2 9238 1544 [email protected]
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APPENDIX
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HOW WE ACQUIRE HOME LOANS1
1. SOURCING
• Investment Manager will establish relationships with regional banks, mortgage banks and
independent originators
• The establishment of a working relationship with a bank and/or originator is subject to Investment
Manager’s strict vendor management process and due diligence
2. SCREENING• Home loans will be screened in accordance with Investment Manager’s loan investment criteria
• Target high quality Home Loans with yields of 4.5 - 8% p.a.
3. APPROVAL & INVESTMENT
• Investment Manager has discretion to approve or reject home loans for purchase in Fund
• Home Loans will be purchased on a loan-by-loan, pool-by-pool and mini-bulk basis
• Portfolio of Home Loans to be diversified by borrower type and property location
1. A FICO score is a credit rating for borrowers in the US used by lenders to assess credit risk .The general range for a FICO score is between 300 and 850. Subprime borrowers are often defined as those with a FICO score under 640.
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MANAGING CURRENCY
DAILY HEDGE RATIO MONITORING
• US$ exposure hedged using FX forwards and options
• Forward maturity of three months or less
• Low transaction costs as only the major liquidity providers are utilized
• Currency interest rate differential to be reflected in NTA
Daily R
eview
US$ Hedge
Does Hedge Ratio Breach Threshold?
AdjustReview
Next Day
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SENIOR INVESTMENT TEAM
Terrence Glomski• Senior Portfolio Manager• 38 years of experience• Joined Neuberger Berman in 1992• University of Illinois at Chicago
Dmitry Gasinsky, CFA• Senior Portfolio Manager• 12 years of experience• Joined Neuberger Berman in 2005• Cornell University
Source: Neuberger Berman, as of September 30, 2015.
Daniel Stump, CFA• Senior portfolio manager• 8 years of experience• Joined Neuberger Berman in 2008• University of Wisconsin at Madison,
University of Chicago (MBA)
Peter Raith• Portfolio Manager• 22 years of experience• Joined Neuberger Berman in 2010• University of Kansas,
Loyola University of Chicago (MBA)
Bliss McMahon• Portfolio manager• 18 years of experience• Joined Neuberger Berman in 2001• George Washington University,
University of Chicago (MBA),
Illinois Institute of Technology (MS)
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NEUBERGER BERMAN REPRESENTS MORE THAN 1,500 INSTITUTIONAL CLIENTS WORLDWIDE
As of December 31, 2015. The above clients represent institutional clients of Neuberger Berman LLC, Neuberger Berman Investment Advisers LLC and various Neuberger Berman entities in Europe, Asia and South America who have not objected to being listed as clients for marketing purposes. This is the only criteria that has been used in selecting clients to be listed herein. It is not known whether the listed clients approve or disapprove of the firm or the advisory services provided.
CORPORATIONSAdobe Systems IncorporatedAlcoa, Inc.Altria Client Services, Inc.American Steamship Owners P&I Assn. Inc.Amerisure Mutual Insurance CompanyAT&T, Inc.BJ's Restaurants Inc.The Canadian Medical Protective AssociationCapital Advantage Assurance CompanyCaterpillar Inc.Congregation of St. JosephCredem International (Lux) S.A.CSX CorporationFirstEnergy Corp.Modine ManufacturingNational Rural Electric Cooperative AssociationNortheast UtilitiesOccidental Petroleum CorporationUnited Technologies CorporationThe Westervelt CompanyWespath Investment ManagementWisconsin Energy Corporation
PUBLIC FUNDS/TAFT HARTLEY/MULTI EMPLOYERAFP Capital (Chile)AFP Cuprum (Chile)AFP Proteccion (Colombia)AFP Provida (Chile)Alberta Teachers' Retirement Fund BoardBuilding Laborers Local No. 310 Pension FundCity of Bristol, CTElectrical Pension Trust - IBEW #134Electrical Workers Local No. 26 Pension Trust FundIndiana Public Retirement SystemIron Workers District Council of New England Pension FundJoint Industry Board of the Electrical IndustryLos Angeles County Employees Retirement AssociationMaryland-National Capital Park & Planning CommissionMaryland State Retirement AgencyMetropolitan Water Reclamation District of ChicagoMinnesota State Board of InvestmentMunicipal Employees' Annuity and Benefit Fund of ChicagoNew Hampshire Retirement SystemNew Mexico Educational Retirement BoardNew York City Employees' Retirement SystemNew York City Fire Department Pension FundNew York City Police Pension FundNew York State TeamstersNorth Carolina Department of State TreasurerOhio Police and Fire Pension FundPlumbers & Pipefitters National Pension FundSacramento County Employees’ Retirement SystemSheet Metal Workers' Local 73Sheet Metal Workers Local Union No. 80 Pension Trust FundStamford Fireman's PensionState Board of Administration of FloridaState of Montana Board of InvestmentsTacoma Employee Retirement SystemTeacher Retirement System of TexasTeachers' Retirement System of the City of New YorkTennessee Consolidated Retirement SystemUnited Federation of Teachers Welfare FundWyoming State Treasurer
FOUNDATION/ENDOWMENTAmerican Bible SocietyAmerican College of PhysiciansAmerican Medical AssociationHarry Kay Charitable FoundationHelena Rubinstein FoundationIowa State UniversityJewish Federation of Palm Beach CountyLocal Initiatives Support CorporationMassachusetts Medical SocietyMissionary Oblates of Mary ImmaculateMs. Foundation for WomenNew York Women’s FundReligious Order of the Sacred Heart of MaryRensselear Polytechnic InstituteScenic Hudson Land TrustState University of IowaThe Wallace FoundationWells College
GOVERNMENT/GOVERNMENT AGENCIESFlorida Prepaid College BoardNational Council for Social Security FundOhio Water Development AuthorityPeralta Community College District
HEALTH CARE/INSURANCEAAA Life Insurance CompanyAcuity Mutual InsuranceAustin Mutual Insurance CompanyBlue Cross & Blue Shield of Florida, Inc.Blue Cross & Blue Shield of MississippiBurke Rehabilitation Hospital, Inc.Canopius ReinsuranceJackson NationalLifespan CorporationMIG Assurance (Cayman) Ltd.Milford HospitalNew York Presbyterian HospitalNorth Broward Hospital DistrictNuclear Electric Insurance LimitedWest Bend Mutual Insurance Company
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DISCLOSURE
Equity Trustees Limited (“EQT”) (ABN 46 004 031 298, AFSL 240975) is the Responsible Entity and issuer of Units in the NB Monthly Income Trust (ARSN 609 728 645) (“NB MIT”). Neuberger Berman Australia Pty Ltd (ACN 146 033 801, AFSL 391401) (“NB Australia ”) is the Investment Manager of NB MIT.
This document has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. No recommendation or advice is being given as to whether any investment or strategy referred to in this document is suitable for you. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results and no guarantee of future returns is implied or given. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before you act on the information in this document, consider its appropriateness, having regard to your investment objectives, financial situation and needs.
EQT has no relationships or associations with any other related body corporate or product issuer that might reasonably be expected to influence EQT in providing financial services to you other than being the responsible entity of NB MIT. Neither EQT, nor any related body corporate nor any associate is paid an amount for the provision of any financial services to you (which may be the provision of general financial product advice) other than the fee it receives for being responsible entity of NB MIT as described in the Product Disclosure Statement ("PDS"). EQT can be contacted on +61 2 8623 5000.
This document, and the information contained herein, is not, and does not constitute, directly or indirectly, a public or retail offer or invitation to buy or sell, or a public or retail solicitation or recommendation of an offer to buy or sell, any fund, units or shares of any fund or trust, security or other instrument (“Securities ”), or to participate in any investment strategy. This document is made available for informational and discussion purposes only. This document is not a prospectus, product disclosure statement or other offer document under Australian law or under any other law. This document has not been filed, registered or approved by regulatory authorities in any jurisdiction. By reading this document, you agree to be bound by the limitations set out in this document.
The invitation to acquire Units in NB MIT is made through, and subject to, the PDS, which is issued by EQT. A copy of the PDS is available in electronic form on the following website: www.nb.com/MIT. A paper copy of the PDS is available for Australian and New Zealand residents free of charge by calling the NB MIT Offer Information Line on 1300 080 814 (within Australia) or +61 2 8016 2882 (outside Australia) (between 8:30am to 5:30pm AEDT, Monday to Friday). You should obtain a copy of the PDS and consider its contents carefully before making a decision about whether to acquire or continue to hold units in NB MIT.
Statements, opinions and information in this document are current only as at 2nd March 2016 and are subject to change without notice. The information contained in this document is for information purposes only and is an overview and does not contain all information necessary to make an investment decision or that would be required in a product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). The information contained in this document is of a general nature and does not purport to be complete or verified by EQT, NB Australia or any other person. EQT, NB Australia and their respective officers, employees and affiliates and their advisers (“Limited Person ”), do not represent that such information is accurate or complete, and it should not be relied upon as such. Certain information contained in this document (including any forward-looking statements and economic and market information) has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated through the date of this document. While such sources are believed to be reliable, the Limited Persons do not assume any responsibility for the accuracy or completeness of such information. Any views or opinions expressed may not reflect those of the Limited Persons as a whole. In addition, nothing in this document constitutes legal, accounting or tax advice. None of the Limited Persons have any responsibility or obligation to inform you of any matter arising or coming to their notice after the date of this document, which may affect any matter referred to in this document.
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DISCLOSURE
None of the Limited Persons, make any guarantee, representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information, opinions, forecasts, reports, estimates and conclusions contained in this document (including, but not limited to, information obtained from unrelated third parties). Each Limited Person expressly disclaims any and all responsibility or liability for any loss arising from the use or reliance on information contained in this document, or in relation to the accuracy or completeness of the information contained in, arising out of or derived from, or omissions from, this document, including, without limitation, any estimates or projections or implied representation or warranty with respect to such information.
Certain statements in this document constitute forward looking statements and comments about future events, including NB Australia’s expectations about the performance of NB MIT’s investments. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of NB Australia and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law or any relevant listing rules of the ASX, the Limited Persons disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of NB MIT. No Limited Person makes any representation, or gives any assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this document will occur.
Distribution of this document outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. No action has been taken to register any securities outside Australia.
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NOTES
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