Elevation Capital Value Fund - Introduction

ELEVATION CAPITAL MANAGEMENT LIMITED: INTRODUCTION TO ELEVATION CAPITAL

IMPORTANT DISCLOSURE AND DISCLAIMERS PART I This presentation was published in February 2016.

DISCLAIMER This presentation has been prepared by Elevation Capital Management Limited (“Elevation Capital”) for distribution to clients of Elevation Capital in New Zealand and other jurisdictions to whom, under relevant law, this presentation lawfully may be distributed. It may not be distributed in any other jurisdiction or to any other persons.

The information, investment views and recommendations in this presentation are provided for general information purposes only. To the extent that any such information, views, and recommendations constitute advice, they do not take into account any person’s particular financial situation or goals and, accordingly, do not constitute personalised financial advice under the Financial Advisers Act 2008, nor do they constitute advice of a legal, tax, accounting or other nature to any person. Elevation Capital recommends that recipients seek advice specific to their circumstances from their adviser before making any investment decision or taking any action.

NON-RELIANCE, NO WARRANTIES, NO LIABILITY This presentation does not, and does not attempt to, contain all material or relevant information about all companies/stocks referred to in this Presentation or other matters referred to in this presentation. The presentation is published in good faith and is based on publicly a vailable information. Information and opinions contained in this presentation reflect a judgment at the date of publication by Elevation Capital and are subject to change without notice. Elevation Capital is under no obligation to update or keep current any of the information in this publication.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information, assumptions, views, opinions, statements, data or conclusions contained, referred to, or reflected in, or supplied or communicated orally or in writing to any person in connection with, this presentation (together, the “Information”), or as to the reasonableness of such Information. Nothing in this presentation should be construed as a solicitation to buy or sell any security or other product, or to engage in or refrain from doing so or engaging in any other transaction.

To the maximum extent permitted by law, neither Elevation Capital nor any of Elevation Capital’s directors, employees, shareholders, subsidia ries, agents, advisers or any other person shall have any liability to any person for any loss (including, without limitation, any liability arisin g from any fault or negligence on the part of Elevation Capital or any of Elevation Capital’s directors, employees, shareholders, subsidiaries, agents, advisers or any other person) arising in respect of or in relation to this presentation or any of the Information.

Certain Information used in this presentation has been derived or obtained from filings made with the Securities and Exchange Commission ("SEC") or other regulatory authorities and from other third party sources. Elevation Capital has not sought or obtained consent from any third party to use any such Information. The use of any such Information should not be viewed as indicating the support of such third party for the views expressed in this presentation by Elevation Capital or Elevation Capital’s endorsement of such third party Information. No warranty is made that any Information, whether derived or obtained from filings made with the SEC, any other regulatory agency, from any third party or otherwise, is accurate. Past performance is not an indication of future results. No audit or review has been undertaken by an independent third party of this presentation or the Information.

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IMPORTANT DISCLOSURE AND DISCLAIMERS PART II FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements contained in this presentation that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “potential,” “opportunity,” “estimate,” “plan,” and similar e xpressions a re generally intended to identify forward-looking statements. Forward-looking statements a re subject to various risks and uncertainties. Nothing in this presentation is a promise or representation as to the future. Statements or assumptions in this presentation as to future matters ma y prove to be incorrect. Neither Elevation Capital nor any of Elevation Capital’s directors, employees, shareholders, subsidiarie s, agents, advisers or any other person makes any repre sentation or warranty as to the accuracy of such statements or assumptions. Circumstances may change and the contents of this presentation may become outdated as a result. No audit or review has been undertaken by an independent third party of the assumptions, data, results, calculations and forecasts contained in or referred to in this presentation.

CONCERNING INTELLECTUAL PROPERTY All registered or unregistered service ma rks, trade ma rks and trade na mes referred to in this presentation are the property of their respective owners, and Elevation Cap ital’s use in this presentation does not imply an affiliation with, or endorsement by, the owners of these service marks, trade marks and trade names.

CONCERNING ELEVATION CAPITAL Elevation Capital is registered as a financial service provider in New Zealand under the Financial Service Providers (Registration and Disputes Resolution) Act 2008 (FSP# 9601). Christopher Swasbrook is also registered under that Act (FSP# 110649); however, he is not an authorised financial adviser for the purposes of the Financial Advisers Act 2008. Despite such registration, neither Elevation Capital nor Mr Swasbrook is providing any personalised financial advice to any person as a result of this presentation.

Elevation Capital is the manager of the Elevation Capital Value Fund (“Fund”). A copy of the Investment Statement in respect of the Fund is available on request from: Mail: PO Box 911145, Victoria Street West, Auckland 1142, New Zealand; Email: info@elevationcapital.co.nz Phone: +64 9 307 6741 At the date of this presentation, Elevation Capital, its employees, the Funds and accounts managed by Elevation Capital and other persons associated with Elevation Capital may own (legally, beneficially or both) and/or have an interest (economic or otherwise) in securities of the Issuer.

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ELEVATION CAPITAL: WHO WE ARE

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: WHO WE ARE

Auckland, New Zealand

CHRISTOPHER SWASBROOK – PRINCIPAL (MANAGING DIRECTOR) CRAIG STOBO – PRINCIPAL (NON-EXECUTIVE CHAIRMAN) ANDREW HARMOS – PRINCIPAL (NON-EXECUTIVE DIRECTOR) RICHARD MILSOM – PRINCIPAL JOHN TSAI – PRINCIPAL BEN FRIEDLANDER 5

ELEVATION CAPITAL: FUNDS UNDER MANAGEMENT

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: FUNDS UNDER MANAGEMENT

USA 11% OF FUM ASIA PACIFIC 89% OF FUM FUNDS UNDER MANAGEMENT NOW APPROXIMATELY NZ$ 260 MILLION AS AT 31 JANUARY 2015

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: FUNDS UNDER MANAGEMENT

FUM: Value Fund vs. Separate Accounts

FUM: Value Fund vs. Institutional vs. Private Accounts

Elevation Capital Value Fund Separate Accounts Elevation Capital Value Fund

Separate Accounts

Institutional

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ELEVATION CAPITAL: INVESTMENT PHILOSOPHY

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: INVESTMENT PHILOSOPHY

INDEPENDENT THINKING [In-de-pend-ent Think-ing] ində’pendənt THiNkiNG verb Is essential to long-term investment success. We are often contrarian and do not pay attention to index compositions when making investment decisions. We believe that when you’re several thousand miles away from Wall Street in a different nation, it’s easier to be independent and buy the things that other people are selling, and sell the things that other people are buying. We also believe that cash is sometimes the most attractive investment.

DISCIPLINED INVESTING [Dis-ci-plined In-vest-ing] disciplinəd inves’ting verb The market presents opportunities every day, but disciplined investing is as much about the opportunities you do not take. Our investments are premised on the concept of “Margin of Safety” which we believe reduces risk.

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ELEVATION CAPITAL: INVESTMENT PROCESS

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: THREE FACTORS

1.

2.

3.

HOW DOES ELEVATION CAPITAL INVEST?

WHAT DOES ELEVATION CAPITAL LOOK FOR IN A BUSINESS?

WHAT ARE THE FEATURES OF ELEVATION CAPITAL’S FUNDS / SEPARATE ACCOUNTS?

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR PART ONE: HOW DOES ELEVATION CAPITAL INVEST?

VALUE INVESTING Value Investing is the art and science behind buying a fractional interest in a business for less than its intrinsic worth.

If you buy something for less than its intrinsic value you are afforded a “Margin of Safety”. A “Margin of Safety” allows an investment to be made with reduced downside risk because the price the business (share) is selling for is well below what we believe to be its true intrinsic value.

1.

GLOBAL INVESTING Elevation Capital is a Global Investor. It seeks to buy fractional interests in businesses all over the world. Investing globally allows you to seek opportunity on an unconstrained basis while at the same time diversifying your assets.

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR PART TWO: WHAT DOES ELEVATION CAPITAL LOOK FOR IN A BUSINESS?

2.

=

A DISCOUNT TO NET ASSET VALUE / INTRINSIC VALUE*

LOW DEBT LEVELS**

A CONSISTENT DIVIDEND PAYMENT / CAPITAL RETURN HISTORY

*Net Asset Value / Intrinsic Value – is also referred to as “Private Market Value”. Collectively we define them as the value an informed industrialist/acquirer would pay to purchase assets with similar characteristics. We measure Net Asset Value / Intrinsic Value or Private Market Value by scrutinising on and off balance sheet assets, liabilities and free cash flow. We also examine valuations and transactions in the public domain to formulate our view of possible future value. **Low Debt Levels – can be assessed relative to tangible and/or intangible assets, free cash flow, the industry in which a company operates, or versus peers within an industry.

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR

PART THREE: WHAT ARE THE FEATURES OF ELEVATION CAPITAL’S FUNDS / SEPARATE ACCOUNTS?

GLOBAL

Elevation Capital invests in companies around the world .

TRANSPARENT

We have made everything from the underlying investments to the fee structures as transparent as possible.

CONTRARIAN

MARGIN OF SAFETY

COMMON INTEREST

BENCHMARK AGNOSTIC

It is impossible to produce superior performance unless you do something different. The investments in our Fund are often against prevailing sentiments.

We are in this together – everyone that works at Elevation Capital is invested in our funds or the underlying stocks we select for our clients.

NO PERFORMANCE FEE There is no Performance Fee of any kind.

Buying shares in companies for less that their intrinsic value reduces risk.

Our portfolio in no way resembles an index. We are focused on absolute returns not relative returns. You can’t spend relative returns.

3.

VALUE INVESTING

Has proven over time to be the most consistent investment methodology to provide positive long-term investment returns.

CASH BALANCE

The fund operates with a net cash balance. Cash provides optionality, ballast against volatility and reduces the risks of permanent loss. *Separate accounts operate to the terms stipulated by the underlying client.

PROPRIETARY RESEARCH We conduct our own thorough and independent research.

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ELEVATION CAPITAL: PROPRIETARY RESEARCH

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: PROPRIETARY RESEARCH

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INVESTMENT PRESENTATION – COACH INC

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INVESTMENT PRESENTATION – MONDELEZ INTERNATIONAL INC

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INVESTMENT PRESENTATION – PENTAL LIMITED

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INVESTMENT PRESENTATION – SKYLINE LIMITED

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ELEVATION CAPITAL – PROPRIETARY RESEARCH ANNUALS

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ELEVATION CAPITAL VALUE FUND: PERFORMANCE & PORTFOLIO DATA

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO (AS AT 31 JANUARY 2016)

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO Domicile*

% of Portfolio

# of Shares

Year First Purchased

Discovery Communications Inc

US

4.02

22,500

Procter & Gamble Co

US

3.99

Coach Inc

US

3.84

Pental Ltd

Asset

Asset

Domicile*

% of Portfolio

# of Shares

Year First Purchased

2015

The Swatch Group

Switzerland

2.64

1,125

2014

7,500

2015

Remy Cointreau

17,500

2015

Nestlé SA

Australia

3.72

1,250,000

2014

Time Inc

Edgewell Personal Care Co

US

3.41

6,500

2015

Kering

Mondelēz International

US

3.38

11,250

2012

Guinness Anchor Bhd

Scholastic Corp

US

3.36

13,000

2013

Arcos Dorados Holdings Inc (ADR)

Germany

3.28

5,000

2014

Tod's Spa

Time Warner Inc

US

3.25

7,500

2015

SGS SA

Philip Morris International

US

3.09

5,250

2015

Glaxosmithkline Plc

Tiffany & Co

US

3.07

6,000

2012

Diageo Plc

UK

3.03

16,500

2014

Tribune Media Co

US

2.95

13,000

2015

Viacom, Inc

US

2.95

10,000

2014

Givaudan SA

Switzerland

2.87

235

Heineken Holdings NV

Netherlands

2.84

5,500

UK

2.83

65,000

adidas AG

De La Rue Plc

France

2.40

5,000

2014

Switzerland

2.37

4,750

2011

US

2.36

22,500

2014

France

2.30

2,000

2015

Malaysia

2.17

105,000

2013

US

2.08

100,100

2014

Italy

1.99

3,750

2014

Switzerland

1.98

155

2015

UK

1.36

10,000

2013

Chesapeake Energy Corp

US

1.28

42,500

2012

Skyline Enterprises

NZ

1.08

15,000

2009

Liberty Media

US

1.05

4,000

2015

Anglo American Plc

UK

0.98

33,000

2011

2015

San Juan Basin Royalty Trust

US

0.57

20,500

2016

2010

MSG Networks Inc

US

0.04

300

2015

2015

Cash

17.48

Total Number of Holdings = 33, Total Number of Countries = 10 * Domicile = Primary Listing

As at 31 December 2015

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ELEVATION CAPITAL VALUE FUND: EC ESTIMATED INTRINSIC VALUE Market Price / EC Estimated Intrinsic Value MDLZ.US PM.US LMCA.US SCHL.US GUIN.MK NESN.VX PG.US ADS.GR TWX.US KER.FP COH.US MSGN.US RCO.FP DGE.LN TOD.IM UHR.VX DLAR.LN EPC.US TRCO.US TIF.US SLE.NZ DISCA.US PTL.ASX TIME.US VIA.US ARCO.US CHK.US SGSN.VX HEIO.NA GSK.LN GIVN.VX AAL.LN

40%

ECVF is Trading Estimated Intrinsic Value

Reassessing Reassessing Reassessing Reassessing Reassessing

0.00

0.20

0.40

0.60

0.80

1.00

1.20

NOTE: AS AT 11 DECEMBER 2015

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ELEVATION CAPITAL VALUE FUND: FINANCIAL YEAR RETURNS

Elevation Capital Value Fund - Financial Year Annual Returns (NZD) 40%

35.55%

35%

31.20%

30% 25% 20% 15%

27.61%

25.21%

16.19%

14.85% 12.45% 9.49%

10%

15.68%

14.53% 12.49%

12.04% 6.37%

8.34%

7.39%

9.55%

5% 0% -5% -10%

2010

2011

2012 -5.24% Fund Returns (Net)

2013

2014

2015

-3.35%

Fund Returns (Gross)

Average Cash Balance

Fund - Audited by 27

ELEVATION CAPITAL VALUE FUND: PERFORMANCE DATA SINCE INCEPTION VALUE OF NZ$ 10,000 INVESTED (INCLUDING DISTRIBUTIONS)

Value Value Value Value

Fund - 3 Year Return = +10.83% Annualised (NZD Return) Fund - 5 Year Return = +6.46% Annualised (NZD Return) Fund - 7 Year Return = +6.81% Annualised (NZD Return) Fund - Since Inception = +6.75% Annualised (NZD Return)

NOTE: AS AT 31 JANUARY 2016 28

ELEVATION CAPITAL VALUE FUND: KEY PORTFOLIO DATA TOP 10 HOLDINGS

KEY PORTFOLIO DATA

As at 31 January 2015

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO DATA PORTFOLIO BY COUNTRY

PORTFOLIO BY INDUSTRY

PORTFOLIO BY MARKET CAPITALISATION

PORTFOLIO BY HOLDING PERIOD Global Large Capitalisation Companies

As at 31 January 2015

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO DATA

27.96% AVERAGE CASH BALANCE HIGHLIGHTS LOW RISK / CONSERVATIVE STRATEGY

NOTE: BASED ON MONTHLY BALANCES SINCE INCEPTION AS AT 31 JANUARY 2016

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO DATA

+3.07% GROSS FORECAST DIVIDEND YIELD OF THE CURRENT PORTFOLIO IT IS REASONABLE TO EXPECT THE ANNUAL DISTRIBUTION TO CONTINUE TO GROW OVER TIME

DISTRIBUTIONS

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO ACTIVE SHARE

* 97.0% “A 2009 study ("How Active Is Your Fund Manager? A New Measure That Predicts Performance”) found that, between 1990 and 2003, funds with active share of at least 90% -meaning that no more than 10% of their portfolios mimicked the benchmark -- outperformed by 1.13 percentage points after fees. Funds with active share below 60% consistently underperformed by 1.42 percentage points a year, after accounting for fees. The researchers have since independently updated the results, with findings consistent with the initial study.”**

* AS AT 31 JANUARY 2016, IT IS THE PROPORTION OF SECURITY HOLDINGS IN THE FUND’S COMPOSITION THAT WAS DIFFERENT FROM THE COMPOSITION FOUND IN ISHARES MSCI ACWI ETF FUND (DATA SOURCE: THOMSON REUTERS PORTFOLIO ANALYTICS) ** HTTP://ONLINE.BARRONS.COM/NEWS/ARTICLES/SB50001424052748703792204578221972943824046

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ELEVATION CAPITAL VALUE FUND: PORTFOLIO BATTING AVERAGE Total Number of Exited Positions*:

179 Batting Average (Local Currency**):

Batting Average (NZD***):

85.5%

81.2%

* SINCE INCEPTION, AS AT 31 JANUARY 2016 ** THE OVERALL % OF INVESTMENTS THAT HAVE DELIVERED POSITIVE RETURNS FOR THE FUND (SINCE INCEPTION) IN LOCAL CURRENCY TERMS *** THE OVERALL % OF INVESTMENTS THAT HAVE DELIVERED POSITIVE RETURNS FOR THE FUND (SINCE INCEPTION) IN NZD TERMS ****SINCE INCEPTION, OUR BATTING AVERAGE HAS DELIVERED GROSS GAINS OF NZ$ 5,918,305 VERSUS LOSSES OF NZ$ 1,156,974 ON MEDIAN FUNDS UNDER MANAGEMENT OF NZ$ 12,114,404 - BASED ON ELEVATION CAPITAL MANAGEMENT LIMITED DATA.

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ELEVATION CAPITAL: PORTFOLIO LOGIN & ACCESS

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MYEC: YOUR PORTFOLIO LOGIN Test Account Website: my.elevationcapital.co.nz Username: testaccount Password: elevationdemo

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EC APP: ACCESS ON iPHONE

SEPARATE ACCOUNTS

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ELEVATION CAPITAL: GROWING RECOGNITION

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: RECENT HEADLINES

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: RECENT HEADLINES

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ELEVATION CAPITAL - GLOBAL VALUE INVESTOR: RECENT HEADLINES

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‘INDEPENDENT THINKING – DISCIPLINED INVESTING’ INDEPENDENT THINKING [In-de-pend-ent Think-ing] ində’pendənt THiNkiNG verb Is essential to long-term investment success. We are often contrarian and do not pay attention to index compositions when making investment decisions. We believe that when you’re several thousand miles away from Wall Street in a different nation, it’s easier to be independent and buy the things that other people are selling, and sell the things that other people are buying. We also believe that cash is sometimes the most attractive investment.

DISCIPLINED INVESTING [Dis-ci-plined In-vest-ing] disciplinəd inves’ting verb The market presents opportunities every day, but disciplined investing is as much about the opportunities you do not take. Our investments are premised on the concept of “Margin of Safety” which we believe reduces risk.

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