TEST BANK For Corporate Finance, 13th Edition By Stephen Ross, Randolph Weste...
Ashburton Investments rmb
1. A part of the FirstRand Group
RMB Global Markets Fund Solutions
Brought to you by Ashburton Investments
2. Ashburton Investments – giving investors access to more
2
Ashburton Investments is the FirstRand
Group’s investment management business
Brings together the investment capabilities of
RMB and Ashburton to create a new and
innovative investment proposition
Unique ability to leverage the skills, platforms
and product origination capabilities within the
FirstRand Group enables us to give investors
access to an investment universe not
previously available to them
Over R115 billion* in assets under
management
*As at June 2014
FirstRand Group
About Ashburton Investments
A new generation investment manager
Our view
Financial
markets
Portfolio
management
Solutions
Access
Listed instruments:
equities, cash, bonds
Unlisted instruments:
Real economy origination
Single managers
Multi managers
Segregated portfolios
Alternatives
Passives
Guaranteed products
Multiple investment styles
Risk profiles
Institutions
Individual investors
Broad retail market
+
+
+
+
A view
Asset and
liability solutions
3. GLOBAL MARKETS
February 2014
GLOBAL MARKETS
Fund Solutions
GLOBAL MARKETS
Fund Solutions
GLOBAL MARKETS
Fund Solutions
Emile Linde
emile.linde@rmb.co.za │ June 2014
4. Strictly Private and Confidential
Retail and commercial
banking
Corporate and
investment banking
Instalment
finance
Investment
management
FirstRand Bank Limited
FirstRand Investment
Management
Overview — organisational structure
4
• RMB provides guaranteed, alternative and passive solutions to private and professional investors
• RMB provides investment solutions to IFAs / private investors via Ashburton Investments
5. Strictly Private and Confidential
RMB non-traditional investment solutions include a combination of the following:
Overview — GMFS summary
Out-of-the-ordinary (alternative) assets
• Not equities, bonds or cash
• Low correlation to traditional asset classes
• Improved risk adjusted returns
• Relaxation of regulation 28 of the Pension Funds Act
Mirror of market performance (passive / rules-based /
Beta)
• Mainly derived from mathematical equations
• Include ETFs, ETNs, CISs, etc.
Downside risk protection
• Applied to many of our investment strategies
• Risk reduction compounds positively over time
• Can be overlaid within a solution
5
5
RMB boutique products
RMB customised solutions
RMB Fusion funds
RMB ETFs
5
6. Strictly Private and Confidential
Conservative range
RMB Cash Enhancer
RMB Structured Plus 100
RMB Inflation-X ETF
RMB Protected Equity
RMB Cautious Fusion Fund
Balanced range
RMB Structured Plus 90
RMB Protected Flexible 80
RMB Protected Equity
RMB Moderate Fusion Fund
Growth range
RMB Top40 ETF
RMB MidCap ETF
RMB Select
RMB Protected Equity
RMB Growth Fusion Fund
Aggressive range
Customised solutions (e.g. RMB Bespoke)
Overview — RMB investment range by client risk profile
Conservative
Balanced
Growth
Aggressivegrowth
Potentialreturn
Risk
6
66
8. Strictly Private and Confidential
RMB Cash Enhancer
RMB Dynamic Yield Series
RMB Cash Enhancer
Performance linked investment account
8
9. Strictly Private and Confidential
Indicator Details
Target market Private investors seeking above average returns
Product structure • Combine FSR cash deposits and investment grade corporate credit
• Invest alongside FSR’s own high quality corporate credit portfolio
• 60-75% FSR cash deposits, 25-40% corporate credit
• Client earns the rate pick-up from the corporate credit portfolio
• Returns accrue daily and are capitalised quarterly
Guarantee None
Liquidity • Weekly investment dates
• 45 calendar days’ notice
Investment horizon > One year
Benchmark The average large Money Market Collective Investment Scheme (MM CIS)
Minimum investment R1 000 000
Fees (excl. VAT) TER: 0.15%
Reporting Top ten credit holdings available monthly, full list available on request
RMB Cash Enhancer (cont.)
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10. Strictly Private and Confidential
Credit portfolio exposure (top 10)
Growthpoint Properties Ltd.
Emira Property
BMW Financial Services RSA (Pty) Ltd.
Tongaat-Hulett Ltd.
Mercedes-Benz RSA (Pty) Ltd.
Transnet Ltd.
Engen Ltd.
Steinhoff International Holdings Ltd.
Pick ‘n Pay Retailers (Pty) Ltd.
Discovery Holdings Ltd.
High quality credit assets strictly limited by a
mandate:
The credit assets must also comply with the
following:
• Investment grade only:
- Listed companies or metros
- Government guaranteed exposure / parastatals
- Subsidiaries/branches of multinational companies
• Maximum average duration of portfolio of 3 years
• Only local currency exposures
• No geared exposure
• Originated via the FirstRand Credit Process
• Originated by a division of FirstRand Bank
• Credit counterpart is a client of FirstRand Bank
• FirstRand Bank is similarly invested into the credit
counterparty
RMB Cash Enhancer (cont.)
10
10
11. Strictly Private and Confidential
RMB Cash Enhancer (cont.)
Monthly performance versus benchmark1
Source: RMB
Note 1. Returns are net of fees
11
11
4.50%
5.00%
5.50%
6.00%
6.50%
May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14
Cash Enhancer
Benchmark
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12. Strictly Private and Confidential
RMB Structured Plus 100
RMB Multiple Asset Series
RMB Structured Plus 100
Performance linked investment account
1212
13. Strictly Private and Confidential
Indicator Details
Target market Private investors seeking low volatility real returns
Product structure
• Broadly diversified local asset mix
• Absolute return fund with explicit guarantee
• Only absolute return fund managed by a bank
Guarantee 100% explicit 12-month rolling FSR capital guarantee
Liquidity
• Annual liquidity
• 1 calendar month notice
• No monthly distribution
Investment horizon > One year
Benchmark CPI + 2%
Minimum investment R250 000
Fees (excl. VAT)
• Advice fee: 0.50%
• Management fee: 0.50%
• Performance fee: 25% of outperformance above benchmark
Reporting Monthly performance and holdings available
RMB Structured Plus 100
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14. Strictly Private and Confidential
80
100
120
140
160
180
200
220
240
260
280
Dec-04 Nov-05 Oct-06 Aug-07 Jul-08 May-09 Apr-10 Feb-11 Jan-12 Nov-12 Oct-13
SP 100
CPI plus 2%
RMB Structured Plus 100 (cont.)
Strategic asset allocation
• 35% defensive hedge
• 20% growth hedge
• 30% secure growth 100
• 15% cash or equivalent
Source: RMB, Stats SA
Note 1. Simulated returns, net of management fees, gross of performance fee
Performance vs CPI + 2%1
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14
15. Strictly Private and Confidential
RMB Structured Plus 90
RMB Multiple Asset Series
RMB Structured Plus 90
Performance linked investment account
15
16. Strictly Private and Confidential
RMB Structured Plus 90 (cont.)
Indicator Details
Target market Private investors seeking low volatility real returns
Product structure • Broadly diversified local asset mix
• Absolute return fund with explicit guarantee
• Only absolute return fund managed by a bank
Guarantee 90% explicit 12-month rolling FSR capital guarantee
Liquidity • Annual liquidity
• 1 calendar month notice
• No monthly distribution
Investment horizon > One year
Benchmark CPI + 3.5%
Minimum investment R250 000
Fees (excluding VAT) • Advice fee: 0.50%
• Management fee: 0.50%
• Performance fee: 25% of outperformance above the benchmark
Reporting Monthly performance and holdings available
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16
17. Strictly Private and Confidential
75
100
125
150
175
200
225
250
275
300
325
Dec-04 Nov-05 Oct-06 Aug-07 Jul-08 May-09 Apr-10 Feb-11 Jan-12 Nov-12 Oct-13
SP 90
CPI plus 3.5%
RMB Structured Plus 90 (cont.)
Performance vs CPI + 3.5%
Source: RMB, Stats SA
Note 1. Simulated returns, net of management fees, gross of performance fee
Strategic asset allocation
• 30% defensive hedge
• 30% growth hedge
• 35% secure growth 95
• 5% cash or equivalent
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19. Strictly Private and Confidential
Indicator Details
Target market Private investors seeking high exposure to equities and alternative assets with
a level of guarantee
Product structure • Formulaic allocation between asset classes according to market conditions
• Asset allocation managed daily to maximise returns (and for guarantee
purposes)
Guarantee Explicit FSR guarantee of 80% of the highest month-end value achieved
Liquidity and interest • 1 calendar month notice
• No monthly distribution
• Total return paid out on redemption
Investment horizon > One year
Benchmark CPI + 5%
Minimum investment R250 000
Fees (excluding VAT) • Advice fee: 0.50%
• Management fee: 1.25%
Reporting Monthly performance and holdings available
RMB Protected Flexible 80 (cont.)
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19
23. GLOBAL MARKETS
February 2014
GLOBAL MARKETS
Fund Solutions
GLOBAL MARKETS
Fund Solutions
GLOBAL MARKETS
Fund Solutions
RMB customised solutions 23
24. Strictly Private and Confidential
RMB Bespoke Series
Performance linked investment account
24
RMB Bespoke
24
24
25. Strictly Private and Confidential 25
RMB Bespoke (continued)
All in one multi-purpose, multi-asset class portfolio
• ZAR financial assets only
Listed equity (Top 100)
Exchange Traded Funds (ETFs)
Hedge funds and fund of funds
Collective Investment Schemes (House View portfolios)
RMB Structured Products
• Cost
0.65% p.a.
27
25
26. Strictly Private and Confidential 26
The South African mystery
3
Question: Would you consider gearing into a growth investment?
Answer: Average South African will say that is too high risk.
The mystery: Growth assets have the highest probability of outperforming the cost of funding over time.
Low Volatility
Growth Assets
26
27. Strictly Private and Confidential
RMB Bespoke (continued)
27
Gearing offering
Limited to approved Growth assets with low volatility strategies
• Assets only available through the Balance Sheet
Responsible gearing
• Ranges from 0.1x to 1x
• Non recourse
• Risk management via Constant Proportion Portfolio Insurance (CPPI)
• Currently prime interest rate linked
28. Strictly Private and Confidential 28
RMB Bespoke (continued.)
Guarantees
Various reference assets can be guaranteed
• Independent Solutions
• Dependent on risk (liquidity, volatility, correlation etc.)
Cost effective
• 0.60% p.a. ‘pay-as-you-go’
Flexibility
• Lock-in returns by resetting guarantee
• Remove guarantee (no penalties)
Features
• 5 year term
• Typically 100% allocation to risky reference asset at inception
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29. Strictly Private and Confidential
Liquidity Enhancer on guaranteed products
Issue Details
Term Same term as the guaranteed product (minimum of 1-year)
Loan value 85% of Present Value of guarantee
Loan size Minimum of R500 000
Interest rate Prime - 1%
Cash flows
• One cash flow per month (not a transactional account)
• Full application amount paid out
Turnaround time Approximately 5 working days
Benefit
Best of both worlds i.e. explicit guarantee plus liquidity
No redemption i.e. maintain exposure to growth assets
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30. Strictly Private and Confidential 30
RMB Bespoke summary
FSR credit
Innovative
Flexible
Bespoke
Cost
efficient
Tax
Transparent Any SA
tradable
financial
asset can
be linked to
the RMB
Structured
Note!
Evolution
of
the
financial
advice
industry
33
30
31. Strictly Private and Confidential
RMB Global Markets Fund SolutionsRMB Protected Equity
RMB Single Asset Series
RMB Protected Equity
Performance linked investment account
31
32. Strictly Private and Confidential
RMB Protected Equity: terminology
Term Description
Term The time to the contractual maturity of the product
Cap A ceiling of the potential return
Participation A percentage of participation to the performance of the underlying asset
Guarantee
A percentage (generally around 100%) of the initial investment that is guaranteed at
maturity
Strike The price from which the investor participates in the upside of the underlying asset
Average out
At maturity the average value over a predefined period is used to protect against
sudden downturn
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32
33. Strictly Private and Confidential
RMB Protected Equity: building blocks
Building blocks
Term, cap, participation and guarantee can be customised on certain products
Explicit FirstRand Bank Limited capital guarantee
All product payoffs are defined at maturity
1-, 3- or 5-year investment term
48-hour liquidity at market rates
All products are accessed directly via FirstRand Bank acting through it Rand Merchant Bank Division
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34. Strictly Private and Confidential
Underlying asset choices
An Equity Linked Note (ELN) is an investment where the return is
linked to the performance of an underlying asset
Indices Unit trusts Single stocks ETFs
Top40
Top40
stocks
(liquidity
dependent)
Top40 Index
Unit trusts
subject to
RMB
approval
MidCap
Equity Linked Note
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34
35. Strictly Private and Confidential
RMB Protected Equity ― uncapped participation, 5 year example
Investor’s view that the market is going to increase
• 100% capital guarantee after 5 years
• 105% equity participation to Top40 index
• Monthly average out over last 12 months
Profit
Loss
Market return
Participation to Top40
Top40
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35
36. Strictly Private and Confidential
RMB Protected Equity ― guarantee vs. participation
Investor’s view that the market is going to increase
• Increase in guarantee = decrease in participation
Profit
Loss
Market return
36
36
Participation to Top40
Top40
37. Strictly Private and Confidential
RMB Protected Equity ― capped version, 3 year example
Investor’s view that the market is going to increase
• 100% capital guarantee after 3 years
• 175% capped return for Top40 index
• Monthly average out over last 6 months
Profit
Loss
Market return
37
37
Capped Return
Top40
38. Strictly Private and Confidential
RMB Protected Equity ― guarantee vs. cap
Investor’s view that the market is going to increase
• Increase in guarantee = decrease in cap
Profit
Loss
Market return
Capped return
Top 40
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39. Strictly Private and Confidential
RMB Protected Equity: summary
Capital protection plus potential equity upside
100% capital guarantee after 1, 3 or 5 years depending on the term
1. Equity upside capped: 100% participation up to a max % (the Cap)
2. Equity upside participation: quoted as % participation, but uncapped
Term, participation and cap can be customised subject to RMB’s approval
Average-out applicable, minimum deal size R250 000
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40. Strictly Private and Confidential
RMB Protected Equity: 100/110 Geared Equity
Capital protection plus potential geared equity return
100% capital guarantee after 5 years
Positive equity return capped at 110%
Payout at maturity: {Investment amount × positive equity return × participation % (subject to the cap)} +
100% capital guarantee at maturity
Average-out applicable, minimum deal size R250 000
40
40
41. Strictly Private and Confidential
• Cap of 110% is sensible —Top40 returned lower than10% less than 10 times in 14 years
• Very high probability that the investor will make a good return on this product
RMB Protected Equity: 100/110 Geared Equity
41
Note 1. Historic returns are not a guarantee of future performance
Top40 historic
5-year rolling returns
Number of
observations at
each return
Top40 historic rolling 5 year returns
Less than 10 historic observations based
on 5-year rolling historic returns from 2000
to 2014 were less than 10%
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42. Strictly Private and Confidential
RMB Protected Equity: 100/110 Geared Equity example
Example
Investment term 5 years
Investment amount R1million (for illustrative purposes)
Capital guarantee 100% of Investment amount applicable at maturity
Underlying JSE Top40 Index (Bloomberg Code: Top40 Index)
Cap 110% of underlying equity price
Participation 550% of underlying equity price
Scenario 3 Market returns 20% after 5 years
Return R1,550,000 {R1m + R1m × 550% × 10%}
Per annum return 9.16%
Scenario 4 Market returns -10% after 5 years
Return R1,000,000 {R1m + R1m × 550% × 0%}
Per annum return 0%
Scenario 1 Market returns 10% after 5 years
Return R1,550,000 {R1m + R1m × 550% × 10%}
Per annum return 9.16%
Scenario 2 Market returns 5% after 5 years
Return R1,275,000 {R1m + R1m × 550% × 5%}
Per annum return 4.98%
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44. Strictly Private and Confidential
Passive trends globally
Global ETP assets and number of ETPs by year• Accurate proxy for
passive investing globally
• Global AUM US$2.2
trillion = US$2.200 000
000 000!
5 000
4 000
3 000
2 000
1 000
0
# of
ETPs
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Sep-13
$2,200
$2,000
$1,800
$1,600
$1,200
$1,400
$1,000
$800
$600
$400
$200
$0
Assets($bn)
2.2261.944
1.5251.4831.156
772851
598
428
31921814610979
106 219
297 300
357
524
883
1541
2220
2694
2543
4311
4759
4937
Source: Blackrock report, September 2013
Number of funds
Assets under management
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45. Strictly Private and Confidential
Passive vs active strategies
Percentage of actively managed general equity unit trusts that outperformed the FTSE/JSE All Share Index1
Source: Fundsdata.co.za
Note 1. Data based on Total Return after fees, fund performances versus the total return performance of FTSE/JSE All Share Index for period ending 31 Dec 2013
• Majority of SA active
managers do not
outperform the market
• Becomes harder to
outperform the longer
the term
1-year 2-years 3-years 5-years 7-years 10-years 20-years
39.5%
26.4%
30.1%
15.3%
22.9%
24.1%
20.0%
0.0%
25.0%
35.0%
45.0%
5.0%
10.0%
15.0%
20.0%
30.0%
40.0%
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46. Strictly Private and Confidential
Passive — what the experts are saying
• New legislation in the South African savings industry is coming into effect
• Local National Treasury is prompting structural changes by prescribing that
“Low cost passive based product will form the basis of compulsory savings going
forward”
46
47. Strictly Private and Confidential
Delivery mechanisms
e.g. Top40 index
ETFs Unit trusts
• Caters for real-time dealing
• For DIY clients trading via the JSE
• Caters for daily dealing
• Aimed at the traditional savings market
• Ideal for being sold via LISPs and
advice
channels
Passive vs active investing — ETFs vs unit trusts
• ETFs were traditionally the only entry to passive products in
SA
• ETFs can only be purchased via a stockbroker who charges
fees
• ETFs typically offer single asset class investing
But…
Segregated portfolios
• Caters for institutional clients
• Can be created for bespoke
needs
• Large minimum investment
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48. Strictly Private and Confidential
Index tracking analysis — TER and tracking error comparison vs competitors• Well established
reputation
• Proven track record in
many asset classes
• RMB Inflation-X voted
best Bond Fund in SA in
2013 by Morningstar —
across all funds
• RMB offers the only
Midcap ETF in SA
(tracking error of 0.12%)
Why RMB passive?
23.00%
22.50%
22.00%
21.50%
21.00%
20.50%
20.00%
RMB Top
40 Portfolio
Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7
Tracking Efficiency 0.15% 0.23% 0.10% 0.25% 0.43% 0.38% 0.45% 0.40%
TER 0.20% 0.45% 0.60% 0.48% 0.59% 0.72% 0.70% 1.14%
Performance 22.42% 22.09% 22.07% 22.04% 21.75% 21.67% 21.62% 21.23%
Source: Fundsdata.co.za
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49. Strictly Private and Confidential
RMB Fusion Series Portfolios Return expectation (p.a.) Term
RMB Cautious Fusion Fund Low equity CPI + 2% Rolling 3-years
RMB Moderate Fusion Fund Medium equity CPI + 3.5% Rolling 5-years
RMB Growth Fusion Fund High equity CPI + 5% Rolling 7-years
RMB Fusion Series — portfolios, return expectations and terms
4949
50. Strictly Private and Confidential
Asset
class
Description
RMB Cautious Fusion
Fund
RMB Moderate Fusion
Fund
RMB Growth Fusion
Fund
SA equity
RMB Top 60 Capped
Index
25% (within 5%) 40% (within 5%) 55% (within 5%)
SA bonds
Government Nominal
Bond issuance weighted
33% (within 5%) 22% (within 5%) 11% (within 3%)
SA
property
The FTSE/JSE SA
Property Listed Index
10% (within 2.5%) 10% (within 2.5%) 10% (within 2.5%)
SA cash Overnight cash 10% (within 2.5%) 7.5% (within 2%) 5% (within 1.5%)
SA ILB
Government Inflation-
linked Bonds issuance
weighted
12% (within 3%) 8% (within 2%) 4% (within 1%)
Global
equity
MSCI World Index 0% (within 3%) 5% (within 1.5%) 10% (within 2.5%)
Global
bonds
The Citigroup World
Government Bond Index
10% (within 2.5%) 7.5% (within 2%) 5% (within 1.5%)
Total 100% 100% 100%
RMB Fusion Series — range of unit trusts
5050
51. Strictly Private and Confidential
RMB Fusion Series — summary
Inflation-linked
performance benchmarks
Three risk profiled funds with different
investment horizons
These funds in the true definition of fusion,
combine the best of passive,
with an active overlay
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53. Strictly Private and Confidential
InflationX vs CPI
90
110
130
150
170
190
210
230
250
270
290
310
Feb-04
Aug-04
Feb-05
Aug-05
Feb-06
Aug-06
Feb-07
Aug-07
Feb-08
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
CPI InflationX
53
• Tracks index of SA’s nine largest Government Issued inflation-linked
bonds
• Fund was voted Best Bond Fund in SA 2013 by Morningstar
• Funds pay distribution four times per year. The CPI portion of the
fund is rolled up into the asset price
• 0.36% management fee (equates to a fund TER of 43bps)
Performance1 RMB Inflation-X ETF
3-month -2.72%
6-month -2.17%
12-month -3.21%
3-year 8.91%
1. RMB Inflation-X ETF
RMB Inflation-X ETF vs CPI1
Financial ratios1
Real yield going forward (over CPI) 2.2%pa
12-month historical distribution yield 2.4%pa
Note 1. Data for end January 2014
CPI
Inflation-X
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54. Strictly Private and Confidential 54
2. RMB Top40 ETF
• Tracks index of SA’s 40 largest and most liquid shares
• 0.1% management fee (equates to a fund TER of 21bps)
Performance1 RMB Top40 ETF
3-month -0.06%
6-month 11.73%
12-month 15.46%
3-year (annualised) 16.06%
RMB top 10 sectors1
Note 1. Data for end January 2014
Financial ratios1
PE ratio 19.79
12-month historical distribution yield 2.46%pa
Mining 24.93%
Personal goods 10.38%
Beverages 9.8%
Media 8.88%
Mobile Telecomms 7.84%
Banks 6.81%
Oil & Gas Producers 5.84%
Life Insurance 5.2%
Tobacco 3.25%
General Industrials 1.79%
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55. Strictly Private and Confidential 55
3. RMB MidCap ETF
• Tracks index of 60 of SA’s midcap stocks which are the next
biggest outside of the Top 40
• 0.5% management fee (equates to a fund TER of 86bps)
RMB top 10 holdings1
Note 1. Data for end January 2014
Financial ratios
PE ratio 16.39
12-month historical distribution yield 2.39%pa
Performance RMB MidCap ETF
3-month 5.67%
6-month 10.77%
12-month 12.99%
3-year (annualised) 15.27%
5-year (annualised) 22.04%
Netcare Limited 4.29%
Mr Price Group Ltd. 4.12%
Gold Fields Ltd. 3.96%
Reinet Inv Soc Anon 3.33%
Redefine Properties Ltd 3.33%
Lonmin plc 3.18%
MMI Holdings Ltd. 3.15%
Barloworld Ltd 2.86%
Coronation Fund Mgrs 2.77%
The Spar Group 2.7%
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56. Strictly Private and Confidential
FNB Share Saver
• Share Saver gives you access to the Top 100 shares listed on the JSE by investing in the RMB Top40 and RMB MidCap
Exchange Traded Funds (ETFs)
• Most cost effective exposure to the equity market in SA
• Invest from R300 per month via FNB Online Banking www.fnb.co.za/share-investing
756
70
80
90
100
110
120
130
140
Apr13 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14
A return of 25.9% since inception
Source: RMB Global Markets
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58. Strictly Private and Confidential
Strictly Private & Confidential
This presentation has been prepared by FirstRand Bank Limited, acting through Rand Merchant Bank (“RMB”).
The information contained in this presentation is confidential and intended solely for the use of the intended recipient. This presentation may contain information proprietary to RMB
and accordingly may not be reproduced, acted upon or disseminated in whole or in part without RMB’s prior written consent. By attending this presentation, the intended recipient
undertakes to keep the information contained in the presentation confidential and not to do any act or allow same to be done on his behalf which is in breach of the above mentioned
prohibition.
This presentation contains information which has not been independently verified by RMB. RMB and its directors, officers, employees and agents make no representation and give no
warranty with respect to, and assume no responsibility for:
the correctness, accuracy and completeness or otherwise of the information contained in this presentation; or
the correctness or otherwise of the Advisers’ conclusions based on such information.
Any liability of whatsoever nature and howsoever arising on the part of RMB, their directors, officers, employees and agents relating to the contents of this presentation is hereby
expressly disclaimed.
This presentation is intended for discussion purposes only and does not represent a commitment, proposal, recommendation, offer open for acceptance or agreement to enter into a
transaction. Any transaction is subject to the agreement of final terms to be set out in a separate written agreement. The decision to enter into any transaction and to assume the risks
associated with the transaction rests solely with the intended recipient.
July 2012
Disclaimer
5858
59. A part of the FirstRand Group
2014/07/07
Client Name (change in footer)
59
THANK YOU
For more information please visit
www.ashburtoninvestments.com