Welcome to 2015 ... already it feels different doesn’t it? The choppy start to the year has been something of a rude awakening for investors who enjoyed a relatively smooth 2014. In our December newsletter last year we talked about sitting back and doing nothing because markets looked set to keep on keeping on. This wasn’t a glib comment – barring a few tumultuous weeks, last year was relatively calm (apparently some 20% calmer than “normal” according to statisticians). Yet here we are in the early weeks of 2015 and already we’ve faced a market that has been just as choppy as the worst weeks of last year.

Markets are in a state of flux because we have started the year, as indeed we do every year, with a variety of things we feel we should be nervous about. On top of the usual worries (like geopolitical tension, terrorism and low economic growth) January featured two surprising developments – divergent behaviour by policy makers (such as the Swiss central bank’s surprise decision to stop pegging the franc’s exchange rate to the Euro) and the end of the commodity super-cycle.

Monetary policy divergence is an interesting one. For years, markets have focused on the US Federal Reserve’s policy, with every decision analysed and responded to by market participants around the globe. This fixation was understandable because every one of the Fed’s policy decisions impacted the Holy Grail or anchor of asset valuations, the risk-free rate.

Uncertainty about movements in the risk-free rate had implications across the universe of fixed interest assets and shares (not to mention property, gold, and indeed all assets) as well as the global economy at large. While the Fed’s quantitative easing (QE) programme dominated markets for a long time, and only history will confirm for sure whether it was successful, it at least brought calm to investors because the policy and its economic impact became relatively predictable. Now of course, the Fed has put an end to QE and is relying on the economy to maintain its own momentum.

Meantime, the European Central Bank is embarking on its own QE programme in order to avoid deflation, and the Bank of Japan and central banks in China, India and Turkey are following suit or expected to in the coming year. The divergent monetary policies are causing havoc with currency

Expect the unexpected!markets which makes it even harder than usual to know where to invest for optimal returns.

The other big contributor to volatility year-to-date has been the slump in commodity prices. We’ve all heard lots about the oil price which has actually been falling for a long time now as the world’s economy has lost momentum. It’s not just that demand for oil and other commodities has fallen, in part because China is consuming less than it used to; there has been significant investment in commodity production in recent years and as fresh supply comes on the market, it is serving to keep a lid on commodity prices.

What does the end of the commodity cycle mean to markets? Well, as always there are winners and losers. Obviously commodity exporters will have to find other ways to make money. But consumers will benefit from lower prices for all manner of products and services, and manufacturers will enjoy lower input prices so will either be able to increase profitability or sell their products cheaper, both positive outcomes. Meantime, commodity prices will likely remain volatile – oil prices can bounce just as easily as they fall – and markets will react accordingly.

While markets have encountered a few new uncertainties at the start of this year, they are still just risks to be managed rather than fundamental game-changers for economies or markets. The US economy is doing better than most expected, and elsewhere economies are generally growing at a fairly good rate. There are pockets, namely Japan and Europe, which are doing less well and they of course will get all the attention. But the base case scenario for 2015 remains positive.

Yes, we should expect the unexpected, but to quote an unnamed philosopher I stumbled on recently, we will also do well to “believe the unbelievable and aim to achieve the unachievable”.

Carmel Fisher Managing Director

Nest Egg NewsFebruary 2015

Your KiwiSaver Portfolios

FISHER FUNDS NEST EGG NEWS2

Highlights and Lowlights » European share markets rebounded strongly over the month in response to the European

Central Bank announcement of a quantitative easing programme.

» The negative impact of a strengthening US dollar on US corporate earnings is starting to be felt. Both Plantronics and UPS guided earnings expectations down due to US currency strength and we expect this to be a common theme over the reporting period.

» The unabating global hunt for yield continued to give strong support to bond prices, property and utilities companies and those companies with a strong dividend yield.

» The majority of our Australian companies did well over January led by outstanding performances from Credit Corp (+20%) as its consumer lending business ramped up and ResMed (+16%) as it won share on successful new product launches. Sharp recoveries in the shares of Tox (+22%) and Flight Centre (+16%) also helped.

» Closer to home, Summerset (+11.9%) was rewarded by investors for achieving record sales of occupation rights during the December quarter and Delegat’s Group (+4.8%) rose on the back of a weaker NZ dollar positively impacting its export earnings. Kathmandu has continued to struggle in Australia, where sales have been weak. This has had a significant adverse effect on margins, particularly over the key Christmas period, and we are reviewing our position in the company.

Postcard from BeijingBy Roger Garrett Senior Portfolio Manager, International Equities

David McLeish, Ashley Gardyne and I travelled to China in early January to get an “on-the-ground” update on China, meeting with a range of current and potential portfolio companies. While poor air quality and traffic congestion remain a regular feature of the Chinese landscape, a more downbeat view by many commentators on the outlook for Chinese growth contributed to the grey atmosphere. After a sustained period of slowdown there is now a growing realisation that the Chinese economy is permanently transitioning to a lower growth rate. The days of reading about 12% growth are over; albeit that with growth forecast at 6.8% in 2015, China still has enviable momentum. What interests us most though is the changing face of Chinese growth.

Chinese President Xi Jinping’s aggressive anti-corruption campaign appears to be gathering momentum with corruption charges being laid against very senior Communist party members. Whether it is an attempt to strengthen his power base or is a bona-fide programme to eliminate corrupt practices in China, this climate of fear has paralysed local government infrastructure spending with the money flow all but dried up. Many significant projects are well behind schedule and you only need to look back a few years to recall how much infrastructure spending stimulated the Chinese economy post-GFC.

This logjam has had a flow-on effect to the business models of local banks and financial institutions that we visited. Over the last 12 months, they have significantly increased their

lending to retail clients which has encouraged leveraged investment in the local share market (no coincidence the local market was so strong in 2014, rising over 50%) and also helped fuel consumption.

Adjusting to slower growth is always challenging but there are pockets of growth, especially in the technology and retail sectors, that we’re excited about and following closely. Consumption is heralded as an important growth driver as investment spending wanes and Chinese consumers are embracing the digital trend. Online retail is expected to grow in excess of 25% p.a over the next three years, over three times faster than overall retail growth. This is being driven by the increasing use of mobile to undertake transactions with China expected to become the largest m-commerce market in the world in 2015. The digital ecosystem (product research, discovery, transaction and feedback) is maturing in China with consumers heavily influenced by feedback through social media. This system continues to be dominated by three players – Baidu in internet search, Alibaba in distribution and Tencent in social media and these companies remain potential investments for us.

FISHER FUNDS NEST EGG NEWS 3

What does it mean for investors when consumer prices are falling?By Mark Brighouse (Chief Investment Officer) and David McLeish (Senior Portfolio Manager, Fixed Interest)

Over the final three months of last year the price of petrol notably fell and miscellaneous items like shampoo, men’s socks and cling food wrap also declined in price. These are just some of the selected items that make up the Consumer Price Index (CPI) which saw a 0.2% decline over the quarter and is likely to also show a decline over the early part of 2015.

Falling consumer prices are termed “deflation” and this has become a global trend with many countries showing falling CPI numbers (especially in Europe). On the face of it, lower prices should be a good thing but many experts are concerned that it is potentially a greater evil for the broader economy than rising prices.

The fear is that genuine, broad-based deflation would cause consumers to delay all kinds of spending. As demand slows, businesses would strike difficulties and some may default on their loans, lay off staff orpostpone capital spending.

However, it seems that consumers are not that keen to delay spending even when faced with a high likelihood of lower prices in future. The queues to buy new digital devices are

testament to the consumer desire to have things now even if future prices are almost certain to be lower.

For share market investors, selecting the right companies becomes more important. Deflation affects companies differently and those with the strongest pricing power are able to grow their businesses even when prices are declining. In share portfolios we consider the long-term trends in an industry and look for companies with growing businesses and resilient prices.

For fixed interest investors, falling consumer prices can cause dramatic changes in the investing landscape. When we look at the yields on government bonds we can find at least ten countries whose bonds are trading on negative yields. That is to say, those who buy these bonds and hold them to maturity will get back less than they paid for them, even after taking into consideration the interest they receive. It seems strange that investors would be lining up to get less money back than they put in, but this is what negative yields mean. One possible reason is that investors are so cautious that they are prepared to pay have the government safeguard their savings. However, the gradual improvements we are seeing in confidence about the economy suggest that pessimism is not the reason for negative yields.

Instead it looks as though deflation concerns may very well be driving investors’ decisions. In the world where the price of goods and services are getting cheaper day by day the purchasing power of your money is improving even for those investors buying bonds on negative yields. After all, in an environment where prices are falling, you are able to buy more with each dollar tomorrow than you could have today.

An Apple a day By Carmel Fisher - Managing Director

Forget the debate over whether iPhones are better than androids – that argument will continue for years. The real debate is whether there will ever be a time when selling your Apple shares makes sense. There have been so many potential catalysts to end Apple’s dream run – the death of Steve Jobs, the plateauing of iPad sales, the increasing popularity of Samsung products, criticism over Apple’s pricing, the security breach targeting celebrities, and the bendy iPhone 6 – but the company and its shares keep performing. The analyst who in 2013 said “Apple is not a viable business model: it is, like Jobs, an unrepeatable corporate freak show” must want to eat his words.

Apple Inc’s latest quarterly results surpassed even the most optimistic expectations. The company reported record-breaking earnings of US$18 billion for the three months to December 2014, on revenue of US$74.6 billion. Analysts had expected Apple to achieve revenue of US$67.69 billion, and many were skeptical the company would get there. The company’s performance was especially impressive in China, where it was the top smartphone seller during the quarter, with revenue from greater China, which includes Taiwan and Hong Kong, rising 70% during the quarter, to $16.1 billion. That means that the region is close to overtaking Europe as Apple’s second-biggest market.

For a successful company that already has a significant market share to achieve increased sales, at a higher price and with a larger profit margin on those sales is seriously

impressive. Many companies would kill to have Apple’s commercial footprint - 74.5m iPhones sold in three months, which equates to more than 34,000 phones an hour, 567 per minute or 9.4 units a second!

The Apple share price has rallied 40% in the past year and lifted a further 7% after the result. You’d think that some investors would want to take some money off the table after its incredible run. But a quick Google search of “Buy Apple shares” yielded 104 million results versus just 50 million for “Sell Apple shares”. And most of the Sell Apple results were from a few years back. This company and stock seem, at least for the moment, to be able to keep on keeping on.

For those of you wanting a small piece (or should that be slice) of the Apple, we have an exposure to the company through our Investment Series range. Do contact us if you would like to know more.

This month, we’d like to introduce a recent addition to our International portfolios, Adidas AG.

Adidas is a company that requires little introduction (not least because it sponsors the All Blacks). It is the largest manufacturer of sportswear and sporting equipment in Europe and the second largest globally with 12% market share, just behind Nike (15%) but well above the next tier of companies such as Under Armour and Puma which have less than 5% market share.

Its major brands include Adidas, Reebok and TaylorMade. The core Adidas brand includes Sports Performance which is focussed on football, basketball and running and whose key sponsorships include Lionel Messi and Manchester United. Reebok was acquired in 2006 by Adidas, who have subsequently focussed on refreshing and repositioning it as an American inspired fitness and training brand with particular focus on women, youth and casual sportswear. TaylorMade is a leading golf club manufacturer, specialising in metal woods and irons and encompassing apparel (includes Ashworth), footwear and accessories.

Why is Adidas an interesting opportunity?Adidas is a global brand and well managed company with good underlying growth, but the share price has plummeted (down 37% in 2014) due to a perfect storm of factors which we believe are largely outside management’s control.

Firstly, the Ukrainian conflict and subsequent sanctions on Russia have materially impacted their Eastern European operations, which make up 13% of revenue and 15% of operating profit. Secondly, simultaneous product launches in golfing equipment by TaylorMade and its peers caused temporary overstocking and subsequent price discounting. Finally, the strength of the Euro against the USD and emerging market currencies similarly provided a significant earnings headwind. Some of these factors have now started to reverse, while Adidas have signalled a more aggressive marketing approach in the lucrative US market.

A resolution in the Ukrainian conflict is unforecastable in our opinion but conditions are gradually improving in the golfing market and the recent Euro weakness will provide a meaningful boost to earnings. Despite Adidas’ underlying business strengths, and a gradual reversal of the temporary headwinds we believe the current share price assumes no recovery in Adidas profitability. This is overly pessimistic. While Adidas still faces a number of challenges, at the current price it presents a compelling long-term investment opportunity and we have been very happy to initiate a holding on weakness.

A bird’s eye view

FISHER FUNDS NEST EGG NEWS4

FISHER FUNDS NEST EGG NEWS 5

KiwiSaver classroomJargon busterWhile we try and keep our communications simple to understand, sometimes investment lingo can sneak in. We continue our series breaking down some of that jargon. This month, we write about diversification.

As a fundamental investing concept, diversification is a word that is regularly mentioned in articles or commentary relating to investing. The idea behind diversification can be simply explained as “not putting all of your eggs in one basket”. Diversification lessens the impact of poor performance by any one part of your investment portfolio, potentially providing smoother returns.

While that explanation sounds understandable enough, there can be a tendency for diversification to be considered too simplistically.

Diversification needs to be thought about as relating to different sorts of investments, rather than just a whole bunch of investments. Six rental properties do not make a diversified property portfolio, even if they are in different suburbs.

Successful investors will aim for geographical, sector and asset class diversification and this is the approach that we take when investing your KiwiSaver savings.

While we invest in New Zealand companies that you are familiar with, we also invest in Australia and all over the world. By investing outside of New Zealand we are able to access investment opportunities for you that don’t exist here and we can access much larger markets. For example, our KiwiSaver Growth Fund invests across companies located in 15 different countries – you can learn more about them here https://kiwisaver.fisherfunds.co.nz/kiwisaver-portfolio.

The Global Industry Classification Standards identifies 10 sectors in the share market. They are financials, information technology, health care, consumer discretionary, industrials, consumer staples, energy, materials, utilities, and telecommunication services. Owning shares in Mighty River Power and Meridian may have generated great returns in 2014 but provided exposure to only one of the 10 sectors. Had they performed badly in 2014, owning shares in one of the other nine sectors might have helped mitigate the risk.

Lastly, there is asset class diversification which refers to the mix of risk and return you are exposed to. Your portfolio should have a mix of lower risk but lower return assets such as cash and bonds and higher risk but potentially higher return assets such as shares and property. Our KiwiSaver Funds have a different combination of these assets that reflect the different investing timeframes and appetite for risk of members.

The current geographical and asset class mix of your KiwiSaver funds are regularly updated in our quarterly disclosure statements which can be viewed here https://kiwisaver.fisherfunds.co.nz/periodic-reporting.

Getting to know ...Every now and again we come across ordinary Kiwis doing truly awesome things that inspire us. On the 7th of February 2015 Kiwi adventurer Mal Law set out on an epic challenge of unprecedented proportions. His twin goals were to:

» Climb 50 peaks and run the equivalent of 50 off-road marathons in the space of just 50 days; and

» Raise at least $250,000 for the Mental Health Foundation of NZ

Fisher Funds is excited to be part of this journey with Mal and are pleased to be the sponsor for Day 48 of the High Five-0 Challenge on March 26, 2015 in the Waitakere Ranges.

Three of the Fisher Funds team (Frank Jasper, James Paterson and Michael Raynes – seen training in the picture) are running alongside Mal to help get him through the day.

The cause Mal is supporting, The Mental Health Foundation of New Zealand, is one that truly deserves our support. Everyone knows someone who has been affected by mental health issues - it is a problem that will touch all of us in some way at some stage in our lives. This is a chance to do something meaningful to help.

Please help us help this inspiring Kiwi to pull off the unthinkable. If you’d like to lend a hand, or learn more about this epic challenge and the man himself, visit our website www.fisherfunds.co.nz/community. Fisher Funds will match all donations up to a total of $5,000.

We really appreciate your support!

an inspirational Kiwi, Mal Law

Fund Performance to 31 January 2015 Fund After fees & before-tax returns

Unit price ($)

1 month 3 months 12 months 2 years* 3 years* 5 years*Since fund inception*

Date of inception

Growth 1.5802 3.1% 3.7% 9.9% 13.0% 14.3% 8.6% 6.4% 1/10/2007

Balanced** 2.8% 3.5% 9.3% 10.0% 10.9% 7.4% 8.1% 12/06/2009

Conservative 1.3689 2.5% 3.4% 8.7% 7.7% 7.9% 6.4% 5.7% 1/06/2009

* Annualised return before tax and after fees

** The Fisher Funds KiwiSaver Scheme does not have a separate Balanced Fund. A Balanced investment strategy is available and reflects a 55% weighting in our Conservative KiwiSaver Fund and a 45% weighting in our Growth KiwiSaver Fund. This option has only been available since the launch of the Conservative KiwiSaver Fund in June 2009.

The above returns are based on the percentage change in the unit price of the fund for the period specified, they are not the returns individual investors will receive as this will depend on the prices at which units are purchased on the date of each individual contribution. Changes in the unit prices reflect changes in the market value of the assets of the fund. The above returns exclude government contributions and no allowance has been made for monthly administration fees. Returns displayed are after management fees but before tax.

Biggest Holdings as at 31 December 2014

Fund Facts

Growth Fund

Mainfreight 3.7%

F & P Healthcare 3.1%

Ryman Healthcare 3.0%

Top 10 holdings 24.4%

Conservative Fund

NZ Govt 2020 3% bonds 6.5%

Cash Deposit (ANZ) 4.5%

NZ Govt 2019 5% bonds 4.1%

Top 10 holdings 30.7%

with you all the way...Fisher Funds Management Limited

Registered Office | Fisher Funds Management Limited, Level 1, Crown Centre, 67-73 Hurstmere Road, Takapuna, Auckland 0622

Investor Enquiries | Level 1, Crown Centre, 67-73 Hurstmere Road, Takapuna, Auckland 0622 Postal Address Private Bag 93502, Takapuna, Auckland 0740 | Freephone 0800 FFKIWI (0800 335 494) Telephone 09 445 3377 | Facsimile 09 489 7139 | Email kiwisaver@fisherfunds.co.nz | Website http://kiwisaver.fisherfunds.co.nz

The information and any opinions herein are based upon sources believed reliable, but the Company, its officers and directors make no representations as to its accuracy or completeness. All opinions reflect our judgement on the date of this report and are subject to change without notice. The information contained in this publication should not be used as a basis for making an investment decision about any particular company. Professional investment advice should be taken before making an investment. Past performance is not a reliable guide to future performance. For an investment statement on any of our funds, please go to our website or call us on 0508 FISHER (0508 347437).

Further information about your KiwiSaver portfolios (including a full breakdown of the portfolio holdings, investment team profiles and current fund fact sheet) can be found at http://kiwisaver.fisherfunds.co.nz.

ww fisherfunds.co.nz

KiwiSaver Account Asset Allocation Summary

as at 30 June 2012

This page shows in what type of assets and where in the world your KiwiSaver funds have been invested.

How Your Money Is Invested

How Y

Shares

88.40%

Cash

11.60%

Your A

28.05%

NZ Shares 21.61%

Aus Shares

Growth Fund Assets

Security Type

Market ValueFund Wei

NZ Shares

$5,128.18

28.

Aus Shares

$3,952.15

21

International Shares

$7,083.15

38.

Cash

$2,121.03

11

Total of Growth Fund Assets$18,284.51

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August was a busy month for our investment team dissecting

the profit results reported by a large number of our companies

with June 30 reporting periods. Our New Zealand and

Australian company results were generally well received

while there were a few disappointments from some of our

international portfolio holdings which are detailed in the

Investment Insights section below. In this month’s issue we

revisit unit pricing following a few queries from members

during August. We also share with you the development

of an Investor Profile tool that is now available on our

KiwiSaver website. Read on ...

Unit Prices ($)

Conservative $1.1346

Growth $1.1205

At a Glance as at 31 August 2012

Nest Egg NewsSeptember 2012

Performance

(August 2012)

Investment Insights

developments have caused us to re-evaluate our original

investment theses. Our decision to exit Torishima Pump is

an example of the results of this process.

On a positive note, our new International Portfolio Manager

will be starting with us at the end of September, and we

look forward to providing full details in coming weeks. We

have not announced his details yet, out of sensitivity to his

previous UK employer. Suffice to say, Roger (we’ll tell you

his surname soon!) is an investment veteran, a Kiwi who has

d h UK for 18 years specialising in emerging and

Both the Conservative Fund and the Growth Fund turned

in positive performances for the month lifting 1.03% and

1.90% respectively. Financial markets were less volatile in

August buoyed by the announcement early in the month by

the European Central Bank (ECB) President Mario Draghi

that the ECB “would do whatever it takes” to save the euro.

Obviously a lot of ducks need to “get in a row” for this to

happen so we are not holding our breath. Instead we are

focussed on what matters right now - our portfolio holdings.

As mentioned in the introduction, our New Zealand and

Australian investments on the whole delivered a very

satisfactory set of profit results. The New Zealand reporting

season was characterised by higher than expected dividends

being declared, reflecting strong company balance sheets

and a more comfortable earnings outlook. The forecast

earnings growth for the next year for the companies in our

New Zealand portfolio is 16%.

Over the ditch in Australia, the results posted by McMillan

Shakespeare, Austbrokers and Bravura Solutions were

particularly pleasing. Our portfolio is focussed on the

industrial side of the market which has proved a good place

to be of late. Australia has enjoyed a long commodity-

fuelled boom but there are clear signs this is coming to

an end which is a view we’ve held for some time. Iron ore

h l t three months as China’s

Conservative + 1.03%

Balanced Strategy + 1.46%

Growth + 1.90%

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Fisher Funds Management Limited Level 1, 67-73 Hurstmere Rd, P O Box 33549, Takapuna, Auckland 0740, New Zealand p +09 445 3377 f 09 489 7139 w www.fi sherfunds.co.nzKiwiSaver Enquiries 0800 FFKIWI (0800 335494) KiwiSaver Withdrawals 0800 772837 KiwiSaver Email kiwisaver@fish f d

Fund Portfolio Holdings as at 30 June 2012This page provides a full breakdown of the percentage held in each investment by the Fund/s your KiwiSaver money is invested in.

Growth Fund WeightingNew Zealand SharesAbano Healthcare Group Ltd 0.43%Acurity Health Group 0.47%Delegats Group Limited 0.60%Fisher & Paykel Healthcare Corporatio 1.42%Freightways Limited 2.59%Infratil Limited 1.98%Kathmandu Holdings Limited 0.72%Metlifecare 1.49%Mainfreight Limited 3.96%Michael Hill International Ltd 1.10%New Zealand Exchange Limited 2.46%Opus International Consultants Limite 0.97%Port Of Tauranga 0.50%Pumpkin Patch Ltd 0.48%Ryman Healthcare 4.20%Sky Network Television Limited 1.09%Summerset Group Ltd 0.83%Trade Me Group Limited 1.07%Tower Limited 1.14%Direct Capital Iv NZ 0.55%Total New Zealand Shares 28.06%Australian SharesAsciano Group 0.45%Austbrokers Holdings 1.42%Bravura Solutions 1.12%Credit Corp Group Limited 1.54%Centrebet Litigation Claim Rights 0.17%Centrebet Litigation Claim Unit Trust 0.00%CSG Limited 0.74%Dart Energy Limited 0.45%DWS Advanced Business Solutions Limit 1.43%McPhersons Limited 0.39%McMillan Shakespeare Limited 1.75%Nanosonics Limited 0.60%Nick Scali Limited 0.22%Nextdc Limited 1.43%Opus Group Limited 0.06%Origin Energy Limited 1.06%QR National Limited 0.77%Retail Food Group Limited 1.23%Ramsay Health Care 0.16%Reckon Limited 0.89%Resmed Inc 0.41%

Growth Fund WeightingSedgman Limited 0.48%Tox Free Solutions Limited 1.88%Treasury Group Limited 0.17%The Reject Shop Ltd 0.62%Universal Biosensors Inc. 0.39%WHK Group Limited 1.77%

Wirecard Ag 1.54%Zodiac Aerospace 1.27%Total International Shares 38.73%Cash

NZ Cash10.10%

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Your KiwiSaver Account Movement SummaryThis page summarises the movement in your account balance since you joined the Fisher Funds KiwiSaver

Scheme. You can see how much the change in your account value was due to contributions and

withdrawals, changes in the value of your investment and expenses and tax. If you have transferred from

another KiwiSaver Scheme, all contributions to that Scheme include any investment returns (positive or

negative), fees and taxes with that Scheme. Additionally, any employer contributions made to your previous

scheme(s) may be included below as ‘Contributions from your Salary and Wages’ if your previous scheme

provider(s) transferred your employee and employer contributions as one amount.Opening Balance (2 July 2007)

$0.00

Your ContributionsContributions from your Salary anVoluntary ContributionsTotal Member ContributEmployer ContributionsE ployer Contr

IntereTotal Govern

Total Contr

$16,408.29

WIR Refun

-$37.45

AdmiAccount Fee

-$114.00

Portfol

.72

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$18,284.51

Unit PriceValue

16,641.9523$1.0987

$18,284.51*Excludes any Portfolio Investment Entity Tax accrued for the current tax year

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Your KiwwiiiSSSSaSaavavSSa er Account Movement SummaryThis page summmaararrisees iise tthe movement in your account balance since you joined the Fisher Funds KiwiSaver

Scheme. You caann sseseeee hhesee ow much the change in your account value was due to contributions and

withdrawals, chaanangeees gnggg inin the value of your investment and expenses and tax. If you have transferred from

another KiwiSavveverer r r SScSchr SSSc eeme, all contributions to that Scheme include any investment returns (positive or

negative), fees as aannndnd d ttd axexes with that Scheme. Additionally, any employer contributions made to your previous

scheme(s) may y bbebee inncle in uuded below as ‘Contributions from your Salary and Wages’ if your previous scheme

provider(s) trannssffeferererrrerfesf rredd your employee and employer contributions as one amount.Opening Balancncce (2(2 2 e c July 2007)

$0.00

Your Contribuuttiiiiooonono sssContributionss ffrfrrooommm yyour SalaVoluntary Cononttttttrrrriibbuutbbu iionsTotal Membeerr CCCoCoonCCo ttributEmployer Coonntttro trrnt ibbubutionsE ployer CoConntntrtrrtrr

IntereTotal Goveerrnnn

Total Contt

$16,408.29

WIR Refu

-$37.45

AdmiAccount

-$114.00

Portfol

.72

Inve

.39

Inve

67

$18,284.51

Unit PriceValue

16,641.9523$1.0987

$18,284.51*Excluuddddddeeeesss anny Portfolio Investment Entity Tax accrued for the current tax year

Your KiwiSaveraccount summary

As at 30 June 2012

Joe SampleSample AddressSample City 3210

5 November 2012

Date:Account Number: FIXXXXXCurrent PIR:

17.50%

How your KiwiSavercontributions are currently investedFund

ValueSplit %

Growth$18,284.51

100.00%

Total

$18,284.51How your future KiwiSavercontributions will be investedFund

Split %

Growth

100.00%

Contributions summary

0

$1,900

$3,800

$5,700

$7,600

$9,500

$11,400

$13,300

$15,200

$17,100

$19,000

-$1,900

.$6,840

.$4,259

.$5,309

.-$37

.$1,914

Currentbalance

Your contributionsEmployer contributions

Government contributions Withdrawals

Investment Earnings afterFees and Tax

Growth in your KiwiSaver account

$0

$2,111

$4,222

$6,333

$8,444

$10,556

$12,667

$14,778

$16,889

$19,000

07 07 08 08 8 8 8

Do you know where your KiwiSaver money goes?

If you don’t, we can help shed some light. Our monthly online reporting let’s you see where

your savings are invested to the last cent.

Check out our sample reports at http://kiwisaver.fisherfunds.co.nz/kiwisaver-reporting