Product Assessment. APN A-REIT Fund. Report data as at 30 Apr 2012 Rating issued on 28 May APIR Code. Asset Class.

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1 Report data as at 30 Apr 2012 Rating issued on 28 May 2012 Product Assessment APN A-REIT Fund Highly Recommended Recommended Approved Not Approved Redeem VIEWPOINT & RATING The APN A-REIT Fund (the Fund) provides investors with a benchmark unaware, income-focused exposure to Australian listed property trusts that is consistent with their long standing and successful approach to maximising tax effective income returns. The Fund is managed by the Melbourne based APN Property Group (APN). Based on APN's investment style and the team's long standing track record within the domestic real estate market, Zenith rates the FundHIGHLY RECOMMENDED. APIR Code APN0008AU Asset Class Property Sub-Asset Class Australian Securities Investment Style Active Investment Objective The Fund aims to provide investors with a relatively high level of income, combined with capital growth that matches at least the increase in the consumer price index (CPI). Zenith Assigned Benchmark S&P / ASX 300 Property (Accum) Key People Michael Doble CEO Real Estate Securities Net Returns (% p.a.) 3 yrs 2 yrs 1 yr Fund Benchmark Median APN Property Group are a specialist boutique real estate investment manager that is listed on the Australian Securities Exchange. Founded by its directors in 1996, APN has approximately $2 billion (as at 31 December 2011) of funds under management. The investment team is led by Michael Doble, the CEO of Real Estate Securities and Fund Manager for the A-REIT Fund. Doble heads up the listed property trusts segment of the business, reporting to Howard Brenchley, the Chief Investment Officer. Both Doble and Brenchley are regarded highly by Zenith. APN places greater emphasis on income generation rather than capital growth, aiming to provide a gross income level that equates to at least 110% of the average yield of the S&P/ASX 200 Property Trusts Dividend Yield Series. The internal use of a yield benchmark differentiates the Fund from its peer set. With the enhanced income generated by the Fund, APN seek to pay tax effective monthly distributions. APN aims to smooth out monthly distributions by retaining a portion of dividends in months when the dividend payments are high, and then dividing the amount more evenly over subsequent months. Zenith views monthly distributions as a positive and is pleased with APN's innovation in delivering this feature to retail investors. The team employs a fundamentally based research process, constructing NAV and DCF models to determine the fair value of each security. Zenith has viewed APN's research models, and we are impressed with the high level of attention to detail, the rigour of the process and how consistently it is applied. APN charge a management fee of 0.85% p.a. with no performance fee applied. Zenith views this as reasonable given the active investment approach employed. FUND FACTS: Yield focused investment approach Expected portfolio turnover 10% to 20% The portfolio will typically hold 20 to 30 stocks Income (% p.a.) Income Total FY to 30 Jun FY to 30 Jun Fees (% p.a.) Management Fee: 0.85% Performance Fee: None Analyst Jonathan Baird Investment Analyst (03) Jonathan.Baird@zenithpartners.com.au ABSOLUTE RISK (SECTOR) VERY HIGH HIGH MODERATE LOW VERY LOW INCOME DISTRIBUTIONS PER MONTH QUARTER 6 MONTH ANNUM RELATIVE RISK (FUND WITHIN SECTOR) Geared Active - Long Short Active - High Conviction Active - Benchmark Aware Index - Enhanced/Fundamental Index INVESTMENT TIMEFRAME 1-2 YRS 3-4 YRS 5-6 YRS 7+ YRS Page 1 of 8

2 APPLICATIONS OF INVESTMENT SECTOR CHARACTERISTICS The Zenith Property Australian Security sector consists of all long only funds investing in the listed Australian property market. The sector incorporates both benchmark aware and benchmark unaware strategies but the funds focus predominantly on large capitalisation stocks. The sector has shrunk considerably following the global financial crisis, based on the number of managers and strategies available to investors. The listed Australian property market has historically been a difficult sector for active management with the median active manager underperforming a passive index over the longer term. Zenith benchmarks all funds in this space against the S&P/ASX 300 A-REIT Index, which corresponds with the benchmark employed by the majority of funds in this space. The index is market-capitalisation weighted, resulting in those companies with the largest market capitalisations receiving the heaviest weightings. The listed Australian property market, as represented by the S&P/ASX 300 A-REIT Index, consists of 25 stocks and is highly concentrated. Owing to the market capitalisation weighting methodology the top 10 stocks represent almost the entire weighting of the index. The largest constituents, Westfield Group and Westfield Retail Trust, represent almost 45% of the index. PORTFOLIO APPLICATIONS In general, compared to most other asset classes, A-REITs offer investors the opportunity for higher income with some capital growth over the longer term. However, the total return expectation of A-REITs has historically been associated with higher volatility. Therefore, it's recommended that investors adopt a longer time frame when in investing in equities. Investors should also be cognisant of the fact that the Australian REIT market is fairly concentrated, with a number of large REITs (i.e. Westfield, Stockland and GPT) dominating the index, on a market capitalization basis. Furthermore, the domestic REIT market represents approximately 10% of global REIT market (in terms of market capitalisation). Therefore, to mitigate this concentration risk it is highly recommended that investors diversify their investments across both domestically and globally listed REITs. RISKS OF THE INVESTMENT SECTOR RISKS Funds within the Domestic Property sector are exposed to the following broad risks: MARKET & ECONOMIC RISK: As is the case with all Australian property funds, the biggest risk to performance is a sustained downturn in the domestic share market. In addition,changes in economic, social, technological or political conditions, as well as market sentimentcould also lead to negative fund performance. This risk can be significantly reduced by investors adhering to the Fund's prescribed investment timeframe. SPECIFIC SECURITY RISK: This is the risk associated with an individual security. The price of shares in a company may beaffected by unexpected changes in that company s operations such as changes inmanagement or the loss of a significant customer. LIQUIDITY RISK: This is the risk that a security or asset cannot be traded quickly enough in the market to prevent a loss (or make the necessary profit). When trading volumes are low, sellers can significantly impact the price of a security when attempting to quickly exit a material position. SECTOR RISK: There are a number of factors which may affect the real estate sector, which include the cyclical nature of real estate values, overbuilding and increased competition, increases in property taxes and operating expenses, demographic trends and variations in rental income, changes in the appeal of properties to tenants, increases in interest rates, the level of gearing in the property market, and other real estate capital market influence. FUND RISKS Zenith has identified the following key risks associated with the Fund; this is not intended to highlight all possible risks: BUSINESS RISK: As at 31 December 2011, APN Group had around A$2 Billion in funds under management in both domestic and global direct and listed property assets. APN has disclosed it's intention to open the Property Income Fund to redemptions and close a number of funds across its suite, with increased focus on the remaining products including this Fund. While Zenith is aware the groups level of FUM will likely decrease, we remain confident the firm will be profitable at the lower level of FUM. KEY PERSON RISK: A low level key person risk is associated with Michael Doble (CEO/Portfolio Manager). Zenith would consider the departure of Doble as a material loss to the team; however, the presence of Howard Brenchley, CIO and former Portfolio Manager significantly reduces any associated risk. CAPACITY RISK: The Fund currently has assets under management valued at approximately AUD$187 million (as at 31 Jan 2012). Overall, Zenith is currently comfortable with the current level of FUM, as well as the manager's judgement of it's capacity constraint. QUALITATIVE DUE DILIGENCE ORGANISATION APN Property Group is a specialist boutique real estate investment manager that is listed on the Australian Securities Exchange. Founded by it's directors in 1996, APN has approximately $2 billion (as at 31 December 2011) of funds under management. With offices in Melbourne, Singapore and London, they employ approximately 65 people. Howard Brenchley established APN Funds Management, the asset management arm of APN Property Group, in 1998 and has 25 years experience in the property and investment industries. Page 2 of 8

3 INVESTMENT PERSONNEL Name Title Tenure Howard Brenchley Chief Investment Officer 15 Yr(s) Michael Doble CEO Real Estate Securities 9 Yr(s) Damian Diamantopoulos Fund Manager 10 Yr(s) Pete Morrissey Fund Manager 5 Yr(s) Steve Chai Fund Analyst 3 Yr(s) The APN investment team consists of four members, including Michael Doble, the CEO of Real Estate Securities. Doble joined APN in June 2003 as Director, Retail Funds, and has portfolio management responsibility of the APN A-REIT Fund. Doble has 24 years experience in funds management, property valuation and consultancy roles across both the listed and direct property markets. Prior to joining APN, Doble was Head of Property at ANZ Funds Management. Doble is also involved in the investment management functions of a number of APN's other products and heads up the listed property trusts (LPTs) segment of the business. Since the appointment of Doble, Howard Brenchley has relinquished a number of investment management responsibilities. While Brenchley still plays a critical role in the peer review function within the bottom-up investment process, his primary input is now from a top-down macroeconomic view and overall investment strategy perspective. Both Doble and Brenchley are highly regarded by Zenith, with each displaying a thorough understanding of the key risks of property investments and a focus on the cash flow generation potential of all investments. Doble is the key decision maker for this Fund; however, property sector allocation decisions are generated by the investment team and overseen by an investment committee. The committee must approve stock holdings when the portfolio exposure exceeds the limits set by the Fund's investment mandate. Doble remains involved in research of listed and unlisted property trusts. Doble is well supported by portfolio managers; Pete Morrissey and Damian Diamantopoulos, along with Fund Analyst Steven Chai. The team has experienced the departure of two investment team members in the past 12 months, with analyst Cheng Yeoh being made redundent in August 2011 and Andrew Smith departing in November Zenith does not believe the departure of either impacts the team's capacity to cover their investment universe. In addition to the research generated by this team, the Investment Committee also provides a key source of input into the Fund's portfolio construction process. The members of the Investment Committee include Howard Brenchley (Chair), Michael Doble, Pete Morrissey, Damian Diamantopoulos, Steve Lawford (Direct Property) and John Freemantle (Chief Financial Officer). The committee meets weekly to discuss market intelligence and review compliance. Whilst Zenith views the presence of a committee favourably, we would prefer to see a smaller number of personnel to increase efficiency of the decision making process. Zenith believes the team is well resourced to cover the Fund's investment universe which focuses primarily on the S&P/ASX 200 Property Index. The introduction of the single portfolio manager for each of APN's funds is viewed positively by Zenith as it highlights the manager's ability and provides a greater level of accountability. INVESTMENT PROCESS APN's investment philosophy places greater emphasis on income generation rather than capital growth. The quality and reliability of the income stream within an investment is viewed as paramount. The investment process primarily focuses on the underlying fundamentals of a security, aiming to select quality A-REITs at a reasonable price. APN employs a combined top-down and bottom-up investment approach. From a bottom-up perspective, APN considers the quality and sustainability of income streams, which it derives through it's focus on the quality of tenants, the abilities of property managers and the term and structure of property lease agreements. The top-down overlay incorporates the influence of macro economic factors on the property cycle including; interest rates, retail trade, unemployment levels and consumer sentiment. SECURITY SELECTION APN's security selection process employs a combination of different fundamental valuation techniques, completing a full detailed valuation on all 27 individual AREITs within their universe. Emphasis is placed on different valuations depending on the individual security and the current market conditions. Forecasts and Valuations Discounted Cash Flow Valuation (DCF) Each security is assigned a Beta within APN's Asset Beta Model. The Beta is adjusted to reflect APN's views on management, debt, hedging, currency exchange management and corporate style earnings. Qualitative factors are not formally scored but are intuitively measured and incorporated into the Beta calculations. In conjunction with the stock's Beta, a five year distribution forecast is constructed for all potential investments, with a discounted cash flow approach used to determine the fair value of each security. Forecasts are based on stockbroker models and internally generated data for poorly covered AREITs. APN filters broker consensus forecasts and data as a form of quality assurance. When a broker forecast exhibits outlying parameters, brokers are contacted for further information regarding their models and assumptions. While consensus broker estimates are used within the DCF process, APN do not rely on these for internal valuations. APN then run DCF valuations on dividends, earnings and adjusted funds from operations (AFFO) to derive the net present value of all stocks. Given the diversity of corporate earnings within property trust securities, these metrics help to ensure a more accurate overall valuation of potential investments. As is the case with distribution forecasts, corporate earnings information is sourced primarily from broker consensus data and from APN models. Page 3 of 8

4 Net Asset Valuation (NAV) APN determines a current market capitalisation rate (cap rate) for each asset in each security. The cap rate is determined with reference to current market conditions, outlook and information available from the last external or independent valuation. A weighted average cap rate is then applied to current net operating income to determine a net asset value, after allowing for other assets and liabilities. Securities Filtering Using the S&P/ASX 200 Property Trust Dividend Yield series, APN aims to satisfy it's investment objective of generating 110% of the index yield. The stock selection model identifies those securities that as standalone investments will satisfy the 110% yield objective over the next 5 years. With the investment universe narrowed to those stocks delivering the 110% of index yield objective, the next step is to filter out those that are considered overvalued according to APN's fair value assumptions. The remaining list of securities are expected to achieve the 110% yield objective and are trading at or below fair value which allows for a degree of capital growth. Despite being removed in the initial filter, lower yielding stocks that are trading significantly below the determined fair value may still be considered for the portfolio if the overall portfolio yield objectives are met. PORTFOLIO CONSTRUCTION APN s portfolio construction process is primarily based on the security selection process. Securities that have been identified to meet the Fund s 110% yield objective and are trading at a discount to their intrinsic value are initially flagged for inclusion in the portfolio. However, the Fund may invest in lower yielding securities trading at a significant discount to fair value if the overall portfolio yield objective is met. While Doble is primarily responsible for portfolio construction, the Investment Committee (IC) provides both a top-down perspective with regards to sector allocations, as well as compliance oversight. The IC has the capacity to approve increased exposures that exceed the Fund s soft limits, to take advantage of attractive opportunities. Stocks trading above fair value are considered for sale after careful consideration of: transaction cost, asset allocation requirements and the premium to fair value. Zenith believes APN s portfolio construction process is a natural extension of the detailed security analysis employed. The resulting portfolio is expected to hold between 20 and 30 securities, with a bias towards higher yielding stocks. Zenith regards APN s portfolio construction process highly, viewing the risk constraints as adequate, whilst allowing for the Fund to achieve its objectives. OPERATIONAL DUE DILIGENCE RISK MANAGEMENT Portfolio Constraints Description A-REIT Exposure 90% - 100% Cash 0% - 10% Income growth objective 110% of Index Stock - corporate earnings exposure 20-30% Stock - International asset exposure Up to 100% Portfolio - International assets Portfolio - Corporate earnings Max. 50% of index Max. 15% of portfolio income APN's approach to risk management is significantly different to most of its peers. While many of its competitors measure their risk in terms of volatility against the benchmark (Tracking Error), APN has an absolute focus. They concentrate primarily on the stock specific risk of each investment and the implications this has on overall portfolio volatility. As a result, APN will generally avoid or hold underweight positions in securities that have significant corporate or international earnings, regardless of their benchmark weight. This approach is expected to lead to a Tracking Error well above the median manager; however it should also result in an absolute volatility below the median and the benchmark. The manager has risk management constraints in place to limit exposure to international assets and corporate earnings at 50% of the benchmark and a maximum 15% of income from corporate earnings. Zenith is very positive on the risk management approach employed by APN. The manager's proactive approach to minimising corporate and international earnings exposure should reduce absolute volatility and assist in maintaining a high portfolio yield. INVESTMENT FEES The sector average is based on the average management fee of all flagship Australian equity funds surveyed by Zenith. The Fund charges a management fee of 0.85% p.a. with no performance fee applied. While this is higher than some of it's peers, Zenith believes this is reasonable given the truly active investment approach employed. In addition the Fund applies a buy/sell spread of 0.25% on all applications and redemptions. Fees Type Fund Sector Average (Wholesale Funds) Management Fee 0.85% p.a. 0.69% p.a. Performance Fee Description None Buy Spread Sell Spread Buy / Sell Spread 0.25% 0.25% Page 4 of 8

5 PERFORMANCE ANALYSIS Report data: 30 Apr 2012, product inception: Jan 2009 Monthly Performance History (%) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC FUND YTD BENCHMARK YTD Yr % Rolling Excess Return ABSOLUTE PERFORMANCE ANALYSIS Return Incpt. 3 yr 2 yr 1 yr Fund (% p.a.) Benchmark (% p.a.) Median (% p.a.) Ranking within Sector Incpt. 3 yr 2 yr 1 yr Fund Ranking 3 / 28 5 / 28 4 / 28 3 / 30 Quartile 1st 1st 1st 1st Standard Deviation Incpt. 3 yr 2 yr 1 yr Fund (% p.a.) Yr % Rolling Return Range (Date range as above) Median (% p.a.) Downside Deviation Incpt. 3 yr 2 yr 1 yr Fund (% p.a.) Median (% p.a.) Risk/Return Incpt. 3 yr 2 yr 1 yr Sharpe Ratio - Fund Sortino Ratio - Fund Minimum and Maximum Returns (% p.a.) Readers should note that for consistency purposes Zenith benchmarks all Australian listed property funds against the S&P / ASX 300 Property Accumulation index. All performance, consistency and Risk/Return data is referenced to the Zenith assigned benchmark. Internally APN benchmark this Fund against the S&P / ASX 200 Property Trust Yield series. The Fund has a return objective to provide a distributable income level which has an annual gross yield that is equivalent to at least 110% of its internal benchmark. In addition the Fund seeks to provide a level of capital growth which at least matches increases in CPI over a 5 to 7 year time frame. This return objective is expected to be achieved with lower than market volatility. As at 31 March 2012, the Fund had outperformed both the Zenith applied benchmark and the median manager over all time periods. APN have consistently achieved a top quartile return ranking whilst maintaining a low level of volatility (Standard Deviation). Zenith views the Fund's performance as exceptional and we believe it will continue to outperform over the long term. Page 5 of 8

6 RELATIVE PERFORMANCE ANALYSIS Alpha Statistics Incpt. 3 yr 2 yr 1 yr Excess Return (% p.a.) % Monthly Excess (All Mkts) % Monthly Excess (Up Mkts) % Monthly Excess (Down Mkts) Beta Statistics Incpt. 3 yr 2 yr 1 yr Beta R-Squared Tracking Error (% p.a.) Risk/Return Incpt. 3 yr 2 yr 1 yr Information Ratio Zenith seeks to identify funds that can achieve an outperformance ratio above 50% of months in all market conditions. As at 31 March 2012, the Fund had achieved an outperformance ratio well above 50% through all market conditions. The Fund has experienced a high Tracking Error relative to many managers within this sector, which is not surprising given the active approach employed. Monthly Return Scattergram The following Monthly Return Scattergram Chart provides an insight into the skill of the manager, the risk profile of the manager (both absolute and relative) and the market conditions which favour the manager. The dot points represent the monthly returns of the fund (y-axis) and benchmark (x-axis) since inception or the past five years for funds with long histories. As a guide: INCOME/GROWTH ANALYSIS Income / Growth Returns Income Growth Total FY to 30 Jun % 1.00% 10.00% FY to 30 Jun % 14.00% 25.00% Given the nature of the Listed Property Sector, Zenith expects income to be a large portion of the Fund's total return outcome. Investors should be aware APN aim to generate an enhanced level of income yield that is at least equivalent to 110% of the average yield of the S&P / ASX 200 Property Trusts Dividend Yield series. As listed in the table above, APN has generated strong levels of income returns relative to capital growth. Investors should be cognisant of the impact their personal tax level has on income based returns. i.e. those investors who have a higher marginal tax rate may desire the tax benefits of higher levels capital appreciation relative to income. A green dot point indicates the fund has outperformed in that month. A red dot indicates the fund has underperformed in that month. The blue line is a line of best fit of the fund returns and the red line is the breakeven line or benchmark line of best fit. The blue line crossing the y-axis above zero indicates investment outperformance (and vice versa) The slope of these lines provides an indication of the beta (market risk) of the investment and benchmark. The greater the slope the greater the risk. Often the blue line will cross with the red line at some point and this indicates that investment outperformance is better in certain market conditions (and vice versa). Page 6 of 8

7 METHODOLOGIES & DISCLAIMER Ratings Methodology Zenith s ratings are based on the output of a proprietary scoring model. This model and its broad factors are shown in the following diagram. Please note we do not disclose the weightings of factors and sub-factors change for each sector. This information should be used as a guide only. Ratings Bands Based on the scores assigned by Zenith s analysts for the above mentioned proprietary scoring model, a rating of Highly Recommended, Recommended, Approved or Not Approved is applied to all funds that have undergone full due diligence by the Zenith research team. As shown in the following table the ratings are determined based on the overall score out of 100. Funds may also be screened prior to conducting full due diligence based on qualitative or quantitative concerns as Zenith s research model aims to focus on the best investments in each sector. Rating Scoring Output (%) Zenith View of Standing within Peer Group (guide only) Confidence in Meeting Objectives Zenith Recommended List Highly Recommended > 80 Top Decile Very High YES Recommended > Top Quartile High YES Approved > Above Median Moderate NO Redeem =< 55 Below Median Low NO Other Ratings Not Approved Under Review In most cases these funds have failed a preliminary quantitative or qualitative screen which leads us to believe the fund will not achieve the minimum threshold required to receive a Recommended rating or above. In some cases funds may have passed the filter but managers declined the opportunity to be rated. The fund rating has temporarily been placed under review due to qualitative and/or quantitative issues that need to be addressed by the Zenith Research Team. Page 7 of 8

8 ABSOLUTE RISK RATING The Absolute risk rankings should be viewed as a guide to potential capital volatility (in both gains and losses) of the relevant investment strategy (Zenith Asset Class / Sub Asset Class classification) of this product. A number of factors have been considered in setting this risk level. For liquid asset classes, we have typically used the underlying historical return volatility of the product s benchmark if the benchmark is a reasonable proxy for returns for this strategy. Where the risk of an investment cannot be reasonably estimated by historical benchmark return analysis, we have made a qualitative assessment of absolute risk and considered factors such as illiquidity risk, transparency, strategy risk, operational risk etc. VERY HIGH HIGH MODERATE LOW VERY LOW Funds classified as Very High risk are exposed to sectors with very high historical absolute volatility (16+% p.a. plus standard deviation over 20 years to June 30, 2011). Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Very High absolute risk level. Funds classified as High risk are exposed to sectors with high historical absolute volatility (8-16% p.a. standard deviation over 20 years to June 30, 2011). Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a High absolute risk level. Funds classified as Moderate risk are exposed to sectors with moderate historical absolute volatility (4-8% p.a. standard deviation over 20 years to June 30, 2011). Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Moderate absolute risk level. Funds classified as Low risk are exposed to sectors with low historical absolute volatility (2-4% p.a. standard deviation over 20 years to June 30, 2011). Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Low absolute risk level. Funds classified as Very Low risk are exposed to sectors with very low historical absolute volatility (<2% p.a. standard deviation over 20 years to June 30, 2011). Where the risk of an investment cannot be reasonably estimated by historical return analysis, we have considered a range of qualitative risks in assigning a Very Low absolute risk level. RELATIVE RISK RATING The relative risk rankings should be viewed as a guide to the relative risk of a product within its sector. The relative risk levels are listed from high to low and are intended to provide some insight into the potential divergence of the investment s return profile relative to its assigned benchmark. RATING & REPORT DISCLAIMER The Zenith Investment Partners ( Zenith ) ABN rating referred to in this document is limited to General Advice (as defined by section 766B of Corporations Act 2001) and based solely on the assessment of the investment merits of the financial product on this basis. It is not a specific recommendation to purchase, sell or hold the relevant product(s), and Zenith advises that individual investors should seek their own independent financial advice before investing in this product. The rating is subject to change without notice and Zenith has no obligation to update this document following publication. Zenith usually receives a fee for rating the fund manager and product against accepted criteria considered comprehensive and objective. This report is prepared exclusively for clients of Zenith Investment Partners (Zenith). The report contains recommendations and advice of a general nature and does not have regard to the particular circumstances or needs of any specific person who may read it. Each client should assess either personally or with the assistance of a licensed financial adviser whether the Zenith recommendation or advice is appropriate to their situation before making an investment decision. The information contained in the report is believed to be reliable, but its completeness and accuracy is not guaranteed. Opinions expressed may change without notice. Zenith accepts no liability, whether direct or indirect arising from the use of information contained in this report. No part of this document is to be construed as a solicitation to buy or sell any investment. The performance of the investment in this report is not a representation as to future performance or likely return. The material contained in this report is subject to copyright and may not be reproduced without the consent of the copyright owner. A copy of Zenith's Financial Services Guide can be viewed at. ANALYST CERTIFICATION & DISCLOSURE Analyst remuneration is not linked to the rating outcome. Analysts do not own investment products unless disclosed. Any interests held must be disclosed and insufficiently material to compromise the rating. The Analyst certifies that the views expressed in the Product Assessment accurately reflect their personal, professional opinion about the financial product to which this Product Assessment refers. Page 8 of 8