Investment Statement

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ELEVATION CAPITAL VALUE FUND

18 SEPTEMBER 2015

INVESTMENT STATEMENT

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IMPORTANT INFORMATION(The information in this section is required under the Securities Act 1978)Investment decisions are very important. They often have long-term consequences. Read all documents carefully.Ask questions. Seek independent advice before committing yourself.

CHOOSING AN INVESTMENTWhen deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below:

CONTENTS PAGE

1. Elevation Capital Management Limited 4

2. Elevation Capital Management Limited - Directors 6

3. Elevation Capital Value Fund 7

4. What sort of investment is this? 8

5. Who is involved in providing it for me? 9

6. How much do I pay? 11

7. What are the charges? 12

8. What returns will I get? 14

9. What are my risks? 17

10. Can the investment be altered? 18

11. How do I cash in my investment? 19

12. Who do I contact with enquiries about my investment? 20

13. Is there anyone to whom I can complain if I have problems with the investment? 21

14. What other information can I obtain about this investment? 22

15. Privacy Policy & Electronic Correspondence 23

16. Glossary 24

17. How to invest and complete the Application Forms 26

18. Application Form/s 30

19. Direct Debit Authority Form 40

20. Redemption Form 42

21. Notes 43

In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus free of charge on request.

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THE FINANCIAL MARKETS AUTHORITY REGULATES CONDUCT IN FINANCIAL MARKETSThe Financial Markets Authority regulates conduct in New Zealand’s financial markets. The Financial Markets Authority’s main objective is to promote and facilitate the development of fair, efficient, and transparent financial markets.For more information about investing, go to www.fma.govt.nz

FINANCIAL ADVISERS CAN HELP YOU MAKE INVESTMENT DECISIONSUsing a financial adviser cannot prevent you from losing money, but it should be able to help you make better investment decisions.

Financial advisers are regulated by the Financial Markets Authority to varying levels, depending on the type of adviser and the nature of the services they provide. Some financial advisers are only allowed to provide advice on a limited range of products.

When seeking or receiving financial advice, you should check:• the type of adviser you are dealing with;• the services the adviser can provide you with;• the products the adviser can advise you on.

A financial adviser who provides you with personalised financial adviser services may be required to give you a disclosure statement covering these and other matters. You should ask your adviser about how he or she is paid and any conflicts of interest he or she may have.

Financial advisers must have a complaints process in place and they, or the financial services provider they work for, must belong to a dispute resolution scheme if they provide services to retail clients. So if there is a dispute over an investment, you can ask someone independent to resolve it.

Most financial advisers, or the financial services provider they work for, must also be registered on the financial service providers register. You can search for information about registered financial service providers at www.business.govt.nz/fsp.

You can also complain to the Financial Markets Authority if you have concerns about the behavior of a financial adviser.

This Investment Statement is dated 18 September 2015 and was prepared for the purposes of the Securities Act 1978 pursuant to the election made in the Prospectus for the purposes of clause 6 of Schedule 3 of the Financial Markets Conduct Act 2013.

Prospective Investors are encouraged to consult an Authorised Financial Advisor (AFA) before investing in the Elevation Capital Value Fund.

Please note that none of Elevation Capital Management Limited or its directors are financial advisers and that the issue and distribution of this Investment Statement does not constitute the provision of financial advice.

This offer is only open to persons resident in, and receiving this investment statement in, New Zealand. This document does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised, or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such an offer or solicitation. No action has been taken that would permit a public offering in any jurisdiction where action for that purpose would be required.

NO GUARANTEESNone of the Manager, the Trustee, the Administration Manager, any of their directors, or any other person guarantees the Units, or any return from the Units, offered in the Fund detailed in this Investment Statement.

GLOSSARYA glossary of defined terms that appear in this Investment Statement is on page 24.

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ELEVATION CAPITAL MANAGEMENT LIMITED

Elevation Capital Management Limited (“Elevation Capital”, the “Manager”, “we”, “us” or “our”) - is a New Zealand domiciled and registered Financial Service Provider (“FSP”) FSP#9601. You can search for information about registered financial service providers at www.business.govt.nz/fsp.

Elevation Capital is the Manager of the Elevation Capital Value Fund (the “Fund”).

Elevation Capital was established by Christopher Swasbrook, a former partner of Goldman Sachs JBWere Pty Limited, in late 2006. The founding directors and shareholders of Elevation Capital are Andrew Harmos, Craig Stobo and Christopher Swasbrook.

As at the date of this Investment Statement, we manage over NZ$240 million on a global basis for both institutional and retail investors.

WE ARE DRIVEN BY OUR CORE INVESTMENT VALUES OF

“INDEPENDENT THINKING – DISCIPLINED INVESTING”.

INDEPENDENT THINKING - 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 things that other people are selling, and sell things that other people are buying. We also believe that cash is sometimes the most attractive investment.

DISCIPLINED INVESTING - 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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1MARGIN OF SAFETYIn the simplest terms, value investing is attempting to buy an asset for less than its estimated worth (which may or may not in fact be the case). At Elevation Capital it is about finding a well-run company with sound long-term prospects and investing at a time when its shares are selling at a discount. And if the shares aren’t selling at a discount, it’s about having the discipline and patience to wait until the price comes our way.

The term “Margin of Safety” was coined by Benjamin Graham, regarded as the father of value investing. He considered it to be the guiding principle to investing. This margin is the difference between the company’s estimated intrinsic value and the current price of the shares. As value investors, we measure what an informed buyer might pay for a whole business, and determine if the share price reflects that appraisal. We buy shares that are trading at an appreciable discount to our esti-mates of underlying value. Margin of Safety also leaves room for imprecision, error, bad luck or the vicissitudes of markets and economies.

We seek to build portfolios of securities and special situations that provide our investors with a “Margin of Safety” which it is reasonable to expect will generate positive absolute returns over the long term (that is a period of at least 3 - 5 years).

The Fund seeks absolute returns over the long term, utilising this value investment philosophy, while seeking to minimise investment risk.

Please carefully read this Investment Statement. Pay particular attention to the Section – “What are my risks?” (page 17). It is important you understand what the Fund is about before you consider investing.

Please do not invest with Elevation Capital on a short-term basis. Our value based investment philosophies require patience. If you feel uncomfortable with an investment time horizon of at least 3 - 5 years, you ought to think carefully before you consider an investment in the Fund.

Additionally, one of the main principles of investing money is to have a diversified portfolio of investments. You should carefully consider the size of your applica-tion (if any) in the Fund relative to your other investments. Prospective investors are encouraged to consult an Authorised Financial Advisor (AFA) before investing in the Fund.

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ELEVATION CAPITAL MANAGEMENT LIMITED – DIRECTORS 2CRAIG STOBOCraig Stobo is Chairman and a shareholder of the Manager.He has worked as a diplomat, economist, investment banker, and was formerly the Chief Executive Officer of BT Funds Management Limited in New Zealand. He has authored reports for the NZ Government on “The Taxation of Investment Income” in 2004; for the Taupo Group on “Creating Wealth for New Zealanders” in 2008; and chaired the Government’s International Fund Services Development Group in 2010/11. Craig is currently an independent Chairman of Precinct Properties New Zealand Limited (NZX Listed), Fli-way Group Limited (NZX Listed), AIG Insurance New Zealand Limited and the NZ Local Government Funding Agency. He also is a shareholder and director of a number of other private companies including Appello Services Limited and Saturn Portfolio Management Limited. Craig Stobo graduated from Otago University in 1981 with a BA (Hons) in Economics and Wharton Business School in 2004.

ANDREW HARMOSAndrew Harmos is a Non-Executive Director and shareholder of the Manager.He is a founding partner of Harmos Horton Lusk Limited, a specialist corporate legal advisory firm, established in 2002. Prior to the formation of Harmos Horton Lusk Limited, Andrew was a partner of Russell McVeagh from 1986 to 2002. Andrew is a Director of ASX Listed Scentre Group Limited which owns and operates major shopping centres throughout Australia and New Zealand, AMP Life Limited & National Mutual Life Association of Australasia (providers of life insurance and investment services in Australia and New Zealand) and Pascaro Investments Limited, a dairy farming investment company and was formerly Chairman of NZX Limited (the company which operates New Zealand’s listed debt and equity security markets). Andrew graduated from the University of Auckland with a BCom LLB (Hons) in 1981.

CHRISTOPHER SWASBROOKChristopher Swasbrook is Managing Director and a shareholder of the Manager.He was previously a Partner of Goldman Sachs JBWere Pty Limited and Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ) Limited. Christopher is a member of the NZX Listing Sub-Committee and a member of the NZ Markets Disciplinary Tribunal. He is also Acting Chairman of NZX listed Bethunes Investments Limited and a Director of Peter Webb Galleries Limited (Webb’s).

Christopher graduated from The University of Auckland with a BCom (Economics) in 1995.

All directors and investment management executives of Elevation Capital are also investors in the Fund, which Elevation Capital manages to ensure a common interest

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ELEVATION CAPITALVALUE FUND 3The Fund is a Portfolio Investment Entity (PIE) that seeks to provide investors with long-term capital growth and income by directly investing in equities on a global basis, while at the same time adhering to a “Margin of Safety” investment philosophy.

The strategy of the Fund is to primarily invest in equity securities trading at a discount in relation to their net asset value/intrinsic value*, with low debt levels**, and which have a consistent history of paying dividends and/or returning capital to shareholders.

The Fund must invest in Authorised Investments (refer page 8) in accordance with the investment policy described below.

The Fund invests according to the following criteria:• the principal investments will be global equity securities (listed and unlisted) and cash may be held in lieu;• the maximum exposure to any equity security listed on a recognised exchange is limited to 5% of the Net Asset Value of the Fund;• the Fund will not utilise borrowings (leverage);• the Fund will not utilise derivatives (excluding foreign currency forward contracts and currency options for hedging purposes);• the Fund will not undertake short-selling;• investments in unlisted shares (i.e. companies not listed on the primary stock exchange in any country) are restricted to a maximum total exposure of 10% of the Net Asset Value of the Fund with each individual position capped at 5% of the Net Asset Value of the Fund (this excludes fully fungible ADR’s or ADS’s); the Fund may seek to hedge any single foreign currency exposure greater than or equal to 10% of the Net Asset Value of the Fund.

Our bottom-up, proprietary research may lead the Fund to investment opportunities in medium and smaller capitalisation companies in out-of-favour or overlooked industries and sectors. The Fund invests long only and is indifferent to index compositions. “Long only” means we look to buy well-priced securities – we do not look to take “short” positions in overvalued securities, hoping to profit when they decline in price. Indifference to index composition means that we do not pay attention to companies solely on the basis that they might be a member of a certain index. The Manager is primarily focused on finding attractive long-term investments based on the outlined investment strategy. Given our value discipline, the Fund may hold a portion of assets in cash during periods when attractive investments cannot be found. We view cash as an integral component of our investment strategy alongside patience as it affords us the opportunity to acquire what we assess to be discounted assets at potentially an attractive price based on a long-term investment horizon. As detailed above, the Fund has the ability to hedge foreign currency exposures at our discretion. As at the date of this Investment Statement, the Fund is currently unhedged.

The Fund began investing on 9 December 2008 and this is referenced as the Fund’s inception date on our Fund Fact Sheet.

* 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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WHAT SORT OF INVESTMENT IS THIS? 4Matters required to be disclosed by the Securities Act 1978

An investment made under this Investment Statement is an investment in units in the Fund. The Fund is a unit trust established under the Unit Trust Act 1960 and under a Master Trust Deed and an Establishment Deed. The Master Trust Deed is dated 20 November 2006 as amended and restated on 6 November 2007 and 12 September 2013. The Establishment Deed is dated 28 October 2008 as amended and restated on 30 September 2011, 19 September 2014 and 19 March 2015. The Deeds are made between The New Zealand Guardian Trust Company Limited, as trustee, and Elevation Capital Management Limited (referred to as “the Manager”) as manager. The term “Trust Deed” means the Master Trust Deed (as amended) together with the Establishment Deed.

The Fund is a Portfolio Investment Entity (PIE) for tax purposes. For more information about the PIE taxation regime, please refer to the section “What returns will I get?” on page 14.

Investors’ money is held on trust in the name of the Trustee or its nominee, pooled in the Fund and invested in Authorised Investments for the Fund, as detailed in the Establishment Deed.

Authorised Investments for the Fund are “any interest of any nature in any real or personal property of any nature whatsoever including foreign exchange contracts and currency options entered into to hedge an exposure to foreign exchange held by the Fund, but does not include other derivatives or other treasury products or any option to acquire or take up any such interest”.

The Fund is managed by Elevation Capital and since inception the Fund has invested in Authorised Investments and in accordance with its investment policy (described on page 7).

Details of how to invest are set out on page 11 under “How much do I pay?”. Details of how to cash in your investment are set out on page 19 under “How do I cash in my investment?”. Listing of the Fund on any securities exchange is not being sought.

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The name of the Fund is the Elevation Capital Value Fund.

The Manager of the Fund is Elevation Capital Management Limited.The address of the Manager is:

Elevation Capital Management LimitedC/- Harmos Horton Lusk LimitedLevel 37Vero Centre48 Shortland StreetAuckland 1010, orPO Box 28Shortland Street Auckland 1140

The Directors of the Manager are:Craig StoboAndrew HarmosChristopher Swasbrook

The Manager has the powers of investment, administration and management of the Fund under the Trust Deed.The Manager has delegated certain administrative functions to an administration manager.

The Administration Manager of the Fund is MMC Limited.The address of MMC Limited is:

MMC LimitedLevel 1323 Customs StreetAuckland 1010, orP O Box 106039Auckland 1143

The Administration Manager is responsible for all unit pricing calculations, monthly financial reporting and unit registry for the Fund.

Please note the Manager may remove the Administration Manager and appoint a replacement.

The Trustee of the Fund is The New Zealand Guardian Trust Company Limited.The address of the Trustee is:

The New Zealand Guardian Trust Company LimitedLevel 14, 191 Queen StreetAuckland 1010, orP O Box 1934Auckland 1140

WHO IS INVOLVEDIN PROVIDING IT FOR ME? 5

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The New Zealand Guardian Trust Company Limited is licensed to act as trustee of unit trusts, as well as other financial products.

The Trustee has been granted a licence by the Financial Markets Authority under section 16(1) of the Financial Markets Supervisors Act 2011 to act as a Supervisor in respect of a debt security and as a supervisor in respect of Kiwisaver schemes. Non-fund schemes, specified managed funds and superannuation schemes for a term expiring on 16 March 2018. Conditions on the licence include a requirement on the Trustee to certify to the Financial Markets Authority every six months that, among other certifications, it has adequate insurance, financial resources and independence to support and develop its supervisor business and that it holds adequate professional indemnity insurance for its supervisor business.

A copy of the Trustee’s licence, including the conditions on the licence, can be obtained at the Financial Markets Authority’s website at fma.govt.nz. The Trustee is required to supervise what the Manager does to administer and manage the Fund. The law requires the Trustee to act with the care, diligence, and skill of a prudent person whose job is to act as a trustee.

You can contact the Trustee at the address shown on page 21.

The Trustee’s address may change from time to time.Find out the current address at business.govt.nz/companies or by calling the Trustee on 09 909 5100.

The Custodian of the Fund is Public Trust.The address of Public Trust is:

Public TrustLevel 10141 Willis StreetWellington 6011

The Fund also has a global sub-custodian appointed by Public Trust.The address of sub-custodian is:

BNP ParibasLevel 13, PWC Tower,113-119 The TerraceWellingtonNew Zealand

The custodian and sub-custodian are responsible for holding the assets of the Fund on behalf of the trustee and underlying investors.

Please note the Trustee may remove the custodian (and as a result sub-custodian) and appoint a replacement.

Changes to directors or addressesThe directors and the addresses of the Manager, Administration Manager or Trustee may change after the date of this Investment Statement. Names of the current directors can be found on the file of the Manager, Administration Manager or Trustee (as appropriate) on the Companies Office website, www.business.govt.nz/companies. The current address of the Manager, Administration Manager or Trustee can be obtained by contacting us. Contact details are set out on page 21.

ActivitiesThe Fund was established in Auckland on 28 October 2008.

The principal activity of the Fund is investment in Authorised Investments that meet the Fund’s investment policy. In particular, the Fund seeks to provide investors with long-term capital growth and income by directly investing in shares and equity securities (both domestic and international), while at the same time adhering to a “Margin of Safety” investment philosophy (see page 5).

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Applications for investment may be made on the application form enclosed with this Investment Statement or on our website - www.elevationcapital.com. The instructions for completing the application form are set out on page 26.

The minimum initial investment for the Fund, which we can change at any time, is NZ$5,000 with minimum subsequent investments of NZ$100. We may vary such minimum initial and subsequent investment amounts from time to time at our discretion. Regular contributions can be made by completing the direct debit form enclosed with this Investment Statement. The minimum regular contribution is NZ$100. If you wish to invest in the Fund you must pay the applicable minimum investment amount.

Units are issued only on, or with effect from, a date on which the value of the Fund is calculated (a “Valuation Day”), which, at the date of this Investment Statement, is the last Business Day of each month. We have discretion whether to accept or refuse any application without giving any reason.

The amount to be invested must be paid to: “NZGT - Elevation Capital Applications” and sent to the Administration Manager at the following address:

MMC LimitedLevel 1323 Customs StreetAuckland 1010, orP O Box 106039Auckland 1143

All subscription amounts will be held on trust for subscribers in the bank account referred to above until the Units are issued. Any interest earned in the bank ac-count will be credited to the Manager to cover the costs of administering this bank account. The number of Units that you will receive when you subscribe for Units will depend on the Issue Price on the Issue Date. The Issue Price for the Fund is the Net Asset Value per Unit.

The Net Asset Value per Unit is determined on the Valuation Day on which, or with effect from which, the relevant Unit is issued by dividing the Net Asset Value of the Fund by the number of Units on issue.

Units will be issued on the Valuation Day following receipt of application moneys or, if application moneys are received by 5pm on a Valuation Day, Units will be issued on that Valuation Day. If application moneys are received later than 5pm on a Valuation Day, the application will be processed on the next Valuation Day. There is no “cooling off ” period for this investment.

We may in our absolute discretion redeem or treat as void the issue of Units, including fractions of a Unit, which could result in the Fund losing its status as a PIE if remedial action was not taken. Where Units are redeemed, we must request the Trustee to pay the Redemption Price for such Units. Where Units are voided, subscription moneys are refunded but any compensation is at the discretion of the Trustee in consultation with the Manager.

Other than in relation to personal tax obligations, there are no circumstances in which you will be obliged to pay any further amounts. For more information on tax obligations, please refer to the section “What returns will I get?” on page 14.

HOW MUCH DO I PAY? 6Minimum Regular Contribution

Minimum Initial Investment NZ$ 5,000

NZ$ 100

NZ$ 100

Minimum Subsequent Investment

Direct Credit Payment DetailsAccount Name: NZGT – Elevation Capital ApplicationsAccount Number: 03-0104-0587862-000Bank: WestpacBranch: 79 Queen Street, Auckland

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MANAGERThe management fee payable to the Manager is 1.25% per annum of the Net Asset Value of the Fund calculated at each month end. The management fee is paid monthly in arrears. We plan to reduce the annual management fee as the Net Asset Value of the Fund increases on the following basis:

There are no performance fees payable to the Manager of the Fund.

ADMINISTRATION MANAGERThe fees payable to the Administration Manager out of the Fund for carrying out its administrative functions are up to 0.17% per annum of the Gross Asset Value of the Fund, subject to a minimum fee of NZ$25,000 plus GST per annum, as set out in the table below. The Administration Manager’s fee is calculated and paid at each month end in arrears.

WHAT ARE THE CHARGES? 7NET ASSET VALUE OF THE FUND (NZ$)

ADMINISTRATION FEE (% PA OF THE GROSS ASSET VALUE OF THE FUND)

GROSS ASSET VALUE OF THE FUND RANGE (NZ$)

GROSS ASSET VALUE OF THE FUND (NZ$)

MANAGEMENT FEE (% PA OF THE NET ASSET VALUE OF THE FUND)

Up to $25m 1.25

Over $25m up to $30m 1.20





Over $50 0.95

First $100m $0 - $100m 0.17

Next $100m $100 - $200m 0.15

Next $100m $200 - $300m 0.13

Next $100m $300- $400m 0.11

Next $100m $400 - $500m 0.10

Balance > $500m 0.09

Minimum fee $25,000

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The Manager may remove the Administration Manager and appoint a replacement without notice to Unitholders.

TRUSTEEThe Trustee’s remuneration is an annual fee of up to 0.10% of the Gross Asset Value of the Fund, subject to a minimum fee of NZ$5,000 each quarter.

The Trustee’s fee is calculated and paid every three months in arrears out of the Fund.

In addition, the Trustee is entitled to charge special fees for services of an unusual or onerous nature outside the Trustee’s regular services. There is no limit to the amount of special fees.

GSTGST will be added to any fees, if applicable. GST is currently levied at 15% on the trustee’s fee, the sub-custodian fees and on 10% of the management fee. The fees in respect of which GST will be levied and the GST rate remain subject to review and change by the Inland Revenue in its discretion at any time.

CUSTODIAN FEESThe custodial services fee is 0.025% per annum of the Gross Asset Value of the Fund (and any other funds which we manage in the future), subject to a minimum NZ$5,000 per annum in total per fund.

The custodian’s fee is calculated and paid monthly in arrears out of the Fund.

The Fund is also subject to sub-custodian, NZ Clear and bank charges which are based on Fund transaction volumes. These fees are difficult to estimate given they are based on Fund transaction volumes on a monthly basis (by way of example, in the year to 31 March 2014 the sub-custodian fees totaled NZ$ 11,850.82 including GST and in the year to 31 March 2015 the sub-custodian fees totaled NZ$ 12,153.51 including GST). These charges are calculated and paid monthly in arrears out of the Fund.

EXPENSESThe Manager and the Trustee are also entitled to recover from the Fund, expenses incurred by them in performing their duties. There is no limit on the amount of expenses that are recoverable by the Manager and the Trustee. No expenses of the Administration Manager may be recovered from the Fund – the Administration Manager pays all of its expenses out of its administration fees.

TOTAL EXPENSE RATIOA common way for people to compare the expenses of different unit trusts is to use the Total Expense Ratio (“TER”). The TER is not a separate fee, but a means of showing all fees and expenses that Unitholders pay when investing into the Fund (based on average fund size). To check our historical TERs please refer to the Prospectus or the Fund Fact Sheet, which are available on our website – www.elevationcapital.co.nz.

TRANSFER FEESThe Registrar may charge a fee in respect of any transfer or class of transfers. Such fee is an amount agreed between the Manager and the Registrar and paid by the Unitholder acquiring the Units. There is no limit on this fee.

ENTRY FEESThe Master Trust Deed provides that the Manager may charge an entry fee on the issuance of Units to a Unitholder to the extent it is provided for in the Establishment Deed. At the date of this Investment Statement the Establishment Deed does not provide for entry fees to be charged. However, the Establishment Deed can be amended by the Trustee and the Manager in accordance with the Master Trust Deed (see page 18).

PERFORMANCE FEESThe Master Trust Deed provides that the Manager may charge a performance fee to the extent it is provided for in the Establishment Deed. At the date of this Investment Statement the Establishment Deed does not provide for performance fees to be charged. However, the Establishment Deed can be amended by the Trustee and the Manager in accordance with the Master Trust Deed (see page 18).

EXIT FEESThe Master Trust Deed provides that the Manager may charge an exit fee on the redemption of any Units to the extent it is provided for in the Establishment Deed. At the date of this Investment Statement the Establishment Deed does not provide for exit fees to be charged. However, the Establishment Deed can be amended by the Trustee and the Manager in accordance with the Master Trust Deed (see page 18).

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CHANGES TO FEESTwo months’ notice to all Unitholders of the Fund is required for any change to the basis of the Administration Manager’s fees and Manager’s fees for the Fund within the maximum fees detailed. Three months’ notice to all Unitholders of the Fund is required for any change to the basis of the Trustee’s fees for the Fund within the maximum fees detailed. Any change outside of the maximum fees requires the consent of Unitholders of the Fund by Extraordinary Resolution.

WHAT RETURNS WILL I GET? 8THE NATURE OF THE RETURNSYour returns from an investment in Units in the Fund will be derived from a combination of:

• Any distributions from the Fund; and• Any increase or decrease in the value of the Units in the Fund (reflecting changes in the value of the underlying assets) that is realised by you redeeming or selling Units.

As a general rule, the Trustee, The New Zealand Guardian Trust Company Limited, is legally liable to make payment of any returns from the Fund calculated by the Manager, to the extent of the available assets of the Fund, whether a distribution of profits from the Fund or on redemption of your Units. If you sell your Units to us or to a third party, that person will be legally liable to pay that portion of the return that represents the sale price. No particular return has been promised, and no person guarantees the payment of returns in respect of the Fund.

KEY FACTORS THAT DETERMINE YOUR RETURNSDISTRIBUTIONSThe Fund has paid distributions of 2.5 cents per unit on 31 March 2013, 2.625 cents per unit on 31 March 2014 and 3.5 cents per unit on 31 March 2015. In each case Unitholders have been given the option to reinvest their distributions in new Units. We intend, where circumstances permit, to continue to provide distributions to Unitholders in the Fund on an annual basis. However, we provide no guarantee (and the Trustee provides no guarantee) with regard to future size or frequency of distributions by the Fund. We may make a deduction from any distribution to you on account of PIE Tax attributable to income allocated to you.

CHANGES IN UNIT PRICEThe value of Units in the Fund will change with movement in the value of the underlying assets of the Fund.Units in the Fund are issued and redeemed at the Issue Price and Redemption Price respectively. The methodology for calculating the Issue Price is set out on page 12. The Redemption Price for the Fund is the Net Asset Value per Unit in the Fund at the relevant time. Pricing is gross of PIE tax. If you want to know the current Issue Price or Redemption Price at any time, contact us or visit our website for such information - www.elevationcapital.co.nz. The realisable value of your investment at any time is the number of Units you hold multiplied by the Redemption Price. This will be subject to any adjustment for PIE tax on income allocated to you. The Redemption Price may fall as well as rise, and the performance of the Fund may vary over time. We are responsible for the selection and ongoing management of the Fund’s Investments. Our ability to select quality assets for the Fund will therefore have an impact on any returns. Other factors that determine your returns include the fees and expenses deducted from the Fund (please refer to section “What are the charges?” set out on page 12) and any applicable taxes (as set out below). Neither the Trustee nor the Manager promises or guarantees any investment return amount in the Fund.

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TAXATIONThe following statements in relation to taxation are of a general nature only and are based on current New Zealand tax legislation, which may change, and are provided for the benefit of New Zealand tax resident investors only. Investors who are not resident in New Zealand should note that these statements will not necessarily apply to them. The impact of taxation will vary depending upon each person’s individual circumstance. You are encouraged to seek professional tax advice. The Manager and the Trustee do not take any responsibility for your taxation liabilities. Your returns are likely to be affected by taxation. The taxation rules applying to the Fund are set out below. The explanation is based on the Fund remaining a Portfolio Investment Entity (PIE). Should the Fund cease to be a PIE, the taxation rules applied to the Fund may alter. The Fund has elected to become a PIE. As a PIE, the Fund will allocate all its taxable income (or losses) between its Unitholders based on the number of Units held by them. We will then calculate tax payable on such income allocated to you at your nominated Prescribed Investor Rate. Tax is then paid as described under the “Tax-paying investors” heading below.

PRESCRIBED INVESTOR RATE RULESYou must notify us of your IRD number and applicable Prescribed Investor Rate when you first invest in the Fund, and when these details change. If you do not notify both your IRD number and Prescribed Investor Rate, you will be taxed on income allocated to you by the Fund at the default rate of 28%. We will seek reconfirmation of these details annually.

The Prescribed Investor Rates are as follows:

• 10.5% and 17.5%: New Zealand resident individual investors have the following Prescribed Investor Rates dependent on their taxable and PIE income in one of the two previous income years:

New Zealand resident trusts (excluding unit trusts and charitable trusts) can elect to be taxed at 17.5%. Some New Zealand resident trusts (i.e. testamentary trusts other than charitable trusts) can elect to be taxed at 10.5%.

• 28%: This rate applies for all other New Zealand individuals, all non-residents and all New Zealand resident trusts (excluding unit trusts and charitable trusts) who have elected to be taxed at this rate.

• 0% (or “zero-rated”): This rate applies to New Zealand resident entities such as companies, unit trusts, other PIEs, charities, and superannuation funds and trusts that have not elected the 10.5%, 17.5% or 28% rates, and nominees and wrap providers that elect to become PIE proxies (such as Custodial Services). An individual cannot elect a 0% rate.

We are required to provide you with an annual tax certificate, which will include the PIE income allocated to you and the amount of tax paid at your nominated Prescribed Investor Rate. This information will be necessary when determining if a rate of lower than 28% can be selected in future.

TAX-PAYING INVESTORSUnitholders with a nominated Prescribed Investor Rate of greater than 0% are referred to as “tax-paying investors”. The Fund’s tax liability on PIE income allocated to its tax-paying investors will be deducted at the earliest of the following times in respect of each income year. Tax will be deducted by canceling Units, (but we reserve the right to also deduct from distributions if need be) equal to the value of the tax liability:

• At the end of the income year (following 31 March);• Upon a full or partial withdrawal, Units will be canceled to pay tax the following month;• If at any time, the value of your Units is, or could potentially become, insufficient to cover the Fund’s accrued tax liability on income allocated to you, this will be deemed a full withdrawal and tax will be deducted on account of the accrued liability. We will consider potential market movements when determining whether the remaining Units are of sufficient value to cover the tax liability.

A refund of tax will be provided to the Fund to compensate for PIE tax losses or excess tax credits relating to tax-paying investors, which is then allocated to such investors by issuing additional Units. If the correct tax rate has been elected, based on the Prescribed Investor Rate rules, the tax paid on income allocated to tax-paying investors will be a final tax and no obligation to file a tax return (in respect of this investment) will arise to such investors as a consequence. PIE income may however impact on your family assistance entitlements, as well as your student loan repayment obligations and any child support payment obligations. Taxpaying investors must advise us if their Prescribed Investor Rate changes. Failure to advise will result in tax being assessed at an incorrect tax rate. Nominating a lower rate than that applicable, will mean that you are personally liable to pay any resulting tax shortfall including penalties and interest and may be required to file a tax return. Similarly, tax-paying investors should advise us if their Prescribed Investor Rate has fallen. No credit or refund is available if tax has been paid at a higher rate than your correct Prescribed Investor Rate. Where the value of a tax-paying investor’s Units is not regarded as sufficient, or likely to be sufficient, to fund the PIE tax liability on income allocated to that investor, the Units held by that investor will be redeemed to fund that liability. Where Units are transferred, the transferor will bear the cost of PIE tax on income allocated to those units from the beginning of the Income Year to the date of transfer.

TAXABLE INCOME TAXABLE + PIE INCOME PRESCRIBED INVESTOR RATE

$0 - $14,000

$0 - $14,000

$14,001 - $48,000

$0 - $48,000

$48,001 - $70,000

$0 - $70,000

10.5%

17.5%

17.5%

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NEW RESIDENTSSpecial rules apply for Unitholders (who are individuals) that have newly become New Zealand tax resident. If this applies to you, it is likely that you will not have had any New Zealand taxable income in one of the two income years prior to the income year in which you became New Zealand tax resident. However, you must take into account your non-resident foreign sourced income when calculating your Prescribed Investor Rate. The exception is where you reasonably expect that your actual income (in the first income year you become New Zealand tax resident or the following income year) will be less than your total non-resident foreign sourced income (in the income year prior to becoming resident). If you choose to apply this exception, any PIE income allocated to you will need to be included in your tax return.

TRANSITIONAL RESIDENTSSpecial rules also apply for investors who meet the definition of a transitional resident (in the Income Tax Act 2007). If this applies to you, you must include all foreign sourced income (which may include amounts that are not New Zealand taxable income) when calculating your Prescribed Investor Rate.

ZERO-RATED INVESTORSUnitholders with a nominated Prescribed Investor Rate of 0% are referred to as “zero-rated investors”. If this applies to you, you must return the PIE income/(loss) and pay tax yourself. You will have a tax liability in respect of the PIE income allocated to you by the Fund, regardless of whether the Fund makes any distributions to you. The Fund will not cancel any Units or otherwise adjust your interests for PIE tax, as the Fund does not pay tax on the income allocated to you. You will be entitled to claim your share of excess credits or PIE tax losses in your tax return. You may also claim as a credit any PIE tax paid by the Fund on income allocated to you.

JOINT INVESTORSFor joint New Zealand resident individual investors, income is allocated based on notification with respect to the first named person in the register only. Any joint investor can be selected if the nominated Prescribed Investor Rates are the same, but if they are different joint investors must select the investor with the highest nominated Prescribed Investor Rate. If no notice of election is received income will be allocated to the first named person at the default rate of 28%.

DISTRIBUTIONS TO INVESTORSRedemption gains and distributions (if any) from the Fund will not be taxable to an investor. Any redemption losses on Units will not be deductible. Withdrawals will be made by way of redemption of Units.

CALCULATION OF INCOMEGains or losses made by the Fund on the disposal of shares in New Zealand resident companies or Australian resident listed companies on an Australian Stock Exchange approved index with franking accounts (excluding certain debt-like shares and stapled securities– i.e. two or more equity/debt securities which are sold as a combined security) will not be taxable or deductible. The PIE regime is designed to ‘pass through’ these benefits to investors, including where the Fund invests in unit trusts that are also PIEs. Dividends received from New Zealand resident and Australian resident listed companies, described above, will be taxable to the Fund. Foreign equities (including units/shares in offshore funds but excluding the Australian listed equities described above) held by the Fund will generally be taxed under the Fair Dividend Rate (FDR) method in New Zealand’s Foreign Investment Fund (FIF) Rules. Under this method, the Fund is deemed to derive taxable income equal to 5% of the average daily opening market value of its offshore equity investments for the relevant tax year. Dividends and any gains on the foreign equities will not be taxed separately. Equally, losses on foreign equities will not be deductible but any foreign tax credits attached to dividends may be available for offset against tax payable. Foreign equities offering guaranteed or fixed rate returns; or which are non-redeemable preference shares; or interests in a foreign entity that has assets of 80% or more invested in financial arrangements or fixed rate foreign equities either denominated in or hedged to New Zealand dollars (including where the hedging is undertaken by the Fund); or determined by Inland Revenue to be debt in economic terms, are taxed under the comparative value method, i.e. annual change in market value plus distributions received less costs incurred. Debt securities, derivatives, foreign exchange contracts, CFD’s (contracts between two parties, typically described as “buyer” and “seller”, stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time), swaps and energy contracts held directly by the Fund are taxed under the financial arrangement rules. PIEs have restrictions on the percentage of Units in the Fund that any one investor, and associated parties (if the parties each hold interests of 5% or more) can hold. We may redeem or void Units exceeding the permitted threshold so as to ensure PIE status of the Fund can be maintained. If Units are voided, you will receive a refund of subscription moneys but any additional compensation is at the discretion of the Trustee in consultation with the Manager.

PROMISED RETURNSAt the date of this Investment Statement no amount of returns have been promised to Unitholders.

SUSPENSION AND DEFERRAL OF REDEMPTIONSWe may suspend redemptions in the Fund if, by reason of:

• the suspension of trading on any securities exchange; or• financial, political or economic conditions applying in respect of any financial market; or the nature of any Investment of the Fund; or• a Redemption Request is received or a series of Redemption Requests have been received within a period of three months that in aggregate relate to more than 5% of the number of Units on issue in the Fund; or

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• the occurrence or existence of any other circumstance or event relating to the Fund or generally, we shall in good faith form the opinion that it is not practicable, or would be materially prejudicial to the interests of any Unitholders in the Fund for us to give effect to Redemption Requests in the Fund, then we may give a notice to that effect to any Unitholder who gives or has given a Redemption Request in respect of the Fund and suspend the operation of all Redemption Requests for the Fund. We may then determine that Units in the Fund may be progressively repurchased or redeemed by instalments with effect from one or more Valuation Days falling in a period that we determine or in total at the expiration of a period that we determine and in any such case the Redemption.

Price is to be calculated at the Valuation Day or Days on which Units are repurchased or redeemed. If a Redemption Request is received or a series of Redemption Requests have been received within a period of three months that in aggregate relate to more than 20% of the Number of Units on Issue in the Fund, we may suspend the right of the Unitholders in the Fund to make Redemption Requests on the following conditions:

• we must notify the Trustee of our intention to suspend the right of Unitholders to make Redemption Requests; and• we must immediately call a meeting of the Unitholders in the Fund to consider the winding up of the Fund or such other action as the Unitholders deem appropriate.

In the above circumstances, there is no express limit on the period of deferral or suspension.

WHAT ARE MY RISKS? 9No investment is risk-free and the Fund is no exception. The principal risks faced by you of not recovering in full the money paid for your Units and/or not receiving any returns on your Units are as follows:

• Market Conditions Risk: Markets are affected by a number of factors, including economic and regulatory conditions, market sentiment, political events, and environmental and technology issues.• Investment Specific Risks: Individual investments can be affected by unexpected changes in the issuing entity, its operations or its business environment.• Investment Strategy Risks: The investment strategy of the Fund may result in the Fund’s returns being different from any sharemarket index and from competing investments / investment products.• Liquidity Risks: The Fund may hold a proportion of its assets in cash. However, if securities are required to be sold to fund redemptions of Units in excess of the amount of the cash held, the lack of a liquid secondary market in some securities may mean those securities are sold at a discount to fair value. This may reduce the Net Asset Value of the Fund and therefore the Redemption Price.• Currency Risks: The Fund will generally invest in investments denominated in other currencies. This will expose the Fund to movements in foreign currencies, which can have an effect on the New Zealand dollar value of the investments or foreign exchange contracts, or the income from those investments or foreign exchange contracts.• Redemption Risks: A number of Unitholders may seek to withdraw from the Fund at the same time, requiring the Fund to realise investments that may be illiquid and only able to be sold at a discount. This may result in a reduction in the Net Asset Value of the Fund and therefore the Redemption Price. In certain circumstances we are able to suspend redemptions – see “Suspension and Deferral of Redemptions” on page 16.• Valuation Risks: It is reasonably foreseeable that, on termination of any security at any time, a Unitholder will have received, in total, less than the amount paid to us or the Administration Manager for Units in the Fund. This is due to the nature of investment return and the principal value of an investment in the Fund. We note that current performance detailed on the Fund Fact Sheet and on the website (www.elevationcapital.co.nz) may be lower or higher than the performance data quoted.

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CAN THE INVESTMENT BE ALTERED? 10INSOLVENCY OF THE FUNDMoney invested in the Fund is held separately from the Manager’s and the Trustee’s assets, and would be unaffected by any insolvency of the Manager or the Trustee. If the Manager becomes insolvent, is put into liquidation or has a receiver appointed, the Trustee is able to remove the Manager if the Manager does not retire, and may appoint another Manager. Unitholders in the Fund will not be liable to pay money to any person as a result of the insolvency of the Fund. In the event of the Fund being wound up or put into liquidation, any tax assets created may need to be written off. The creditors of the Fund (including the Administration Manager, Manager and the Trustee) will rank ahead of the claims of Unitholders. Unitholders in the Fund will rank equally amongst each other.

CHANGES TO INVESTMENT POLICYThe Manager and the Trustee may change the investment policy for the Fund where the Unitholders have been given one month’s prior notice and the opportunity to withdraw their Units before the variation takes effect. The investment policy change may only take effect once all such Redemption Requests have been actioned. Alternatively, the Manager may change the investment policy for the Fund where the variation has been approved by an Extraordinary Resolution of the Unitholders of the Fund.

CHANGES TO FEES AND CHARGESTwo months’ notice to all Unitholders of the Fund is required for any change to the basis of the Administration Fees and Management Fees for the Fund within the maximum fees and three months’ notice to all Unitholders of the Fund is required for any change to the basis of the Trustee’s fees for the Fund within the maximum fees, as detailed on page 12. Any change outside of the maximum fees requires the consent of the Unitholders of the Fund by Extraordinary Resolution.

CHANGES TO THE TRUST DEED AND ESTABLISHMENT DEEDThe Trustee and Manager may make an amendment to the Trust Deed for the Fund where such an amendment is:

• in the Trustee’s opinion necessary to correct a manifest error or the amendment is of a formal or technical nature;• in the Trustee’s opinion is necessary or desirable for the more convenient, economical or advantageous working, management or administration of the Fund or to safeguard or enhance the interests of the Fund or the Unitholders of the Fund, and is not, or not likely to become materially prejudicial to the general interests of all Unitholders of the Fund;• authorised by an Extraordinary Resolution of Unitholders of the Fund;• after a change in any law affecting unit trusts, required to the Trust Deed to make any provision of the Trust Deed consistent with such law; or• in the opinion of the Manager and the Trustee, necessary to enable the Fund to remain a PIE.

An Extraordinary Resolution can only be passed by a 75% majority of the relevant Unitholders voting at a meeting.

In addition, the Manager can amend the definition of “Authorised Investments” for the Fund where the Manager determines that it is in the interests of the Unitholders in the Fund to do so, it gives notice of its intention to vary the definition and Unitholders holding 10% or more of the total Units on issue have not given notice that they disapprove of the proposed amendment within 21 days of the Manager’s notice to vary the definition.

If Unitholders holding 10% or more of the total Units on issue in the Fund disapprove the proposed amendment and require a meeting, no amendment shall be made and the Manager shall forthwith convene a meeting of Unitholders to consider the amendment, which will only be made if it is authorised by an Extraordinary Resolution.

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OTHER CHANGESWe may change the minimum investment amount, the minimum amount or value of Units that must be held by a Unitholder, or the minimum value of Units that can be redeemed. See the “How do I cash in my investment?” section set out on page 19 for details. We may also change the frequency of Valuation Days and the period of notice before a Valuation Day for giving Redemption Requests or for applying for Units.

TERMINATION OF THE FUNDThe Fund will terminate on 18 November 2086. The Fund may be terminated earlier by the relevant Unitholders passing an Ordinary Resolution or where we give not less than thirty days’ notice to the Trustee and the relevant Unitholders.

HOW DO I CASH IN MY INVESTMENT? 11REDEMPTION OF UNITSYou can invest for any period although Units are only redeemable on a Valuation Day.

If you wish to withdraw from the Fund, you must give us written notice or electronic communication of your wish to withdraw (a “Redemption Request”). There is a Redemption Form enclosed with this Investment Statement and a copy is also available on our website – www.elevationcapital.co.nz. The Redemption Request, which is irrevocable, will be actioned with effect from the first Valuation Day following the day on which we receive the Redemption Request. We may in our sole discretion redeem Units on an earlier Valuation Day.

After redeeming your Units, we must pay you the Redemption Price of your Units within 7 Business Days of the relevant Valuation Day, but subject to our right to defer redemption in certain circumstances (refer to “Suspension and Deferral of Redemptions” under the heading “What Returns Will I Get?” set out on page 14). Redemptions will only be paid to the bank account that you nominate on your application form, unless you have otherwise advised us in writing. We may fix the minimum number or value of Units that may be redeemed. At the date of this Investment Statement, the minimum value of Units which can be redeemed is NZ$1,000 for the Fund (providing the balance remains above the minimum investment value of NZ$5,000). We may vary the minimum value of Units that may be redeemed from time to time at our discretion.

UNITHOLDERS CAN TRANSFER THEIR INVESTMENTSubject to our consent, you can transfer all or part of your investment to another party free of any charge. The minimum value of Units that can be transferred is NZ$1,000 providing the balance remains above the minimum investment value of NZ$5,000. We may vary the minimum value of Units that may be transferred from time to time at our discretion. To transfer Units, you must use a security transfer form or a form that we have approved. The transferee may be required to provide identification under the Financial Transactions Reporting Act 1996.

A transfer is complete as soon as the new investor is recorded on the register of Unitholders. There is no established secondary market for the trade of Units. This means that if you want to sell your Units, we will be the most likely buyer. It will be difficult for you to find a third party who wishes to purchase Units without first contacting us. A transfer may be treated as a withdrawal for PIE tax purposes. We have the right to decline a transfer of Units in the Fund if it would result in the loss of PIE status for the Fund.

TERMINATIONIf the Fund is terminated (as detailed above), all the Investments of the Fund will be liquidated and, after payment of all creditors of the Fund, the remaining moneys will be distributed to the Unitholders pro rata to the number of Units they hold.

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WHO DO I CONTACT WITH ENQUIRIES ABOUT MY INVESTMENT? 12Enquiries about your investment, can be made by writing to:

Administration ManagerElevation Capital Management LimitedC/- Harmos Horton Lusk LimitedLevel 37Vero Centre48 Shortland StreetAuckland 1010, orPO Box 28Shortland Street Auckland 1142

Telephone +64 9 307 6741Email [email protected]

For Unit price enquiries, phone +64 9 309 8926 Monday to Friday between 8.30 am and 5.00 pm (excluding public holidays).

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Complaints about your investment can be made to any of the below:

The Chairman The New Zealand Guardian Trust Elevation Capital Management Limited Company Limited C/- Harmos Horton Lusk Limited Level 14 Level 37 191 Queen Street Vero Centre Auckland 1010 48 Shortland Street Telephone +64 9 909 5100 Auckland 1010, or Attention: Relationship Manager, PO Box 28 Corporate Client Services. Shortland Street Auckland 1142 Telephone +64 9 307 6741 If you are not satisfied with the outcome of your complaint to the Manager or the Trustee, you may refer your complaint to the Insurance and Savings Ombudsman.

We are a member of an approved dispute resolution scheme operated by the Insurance and Savings Ombudsman and approved by the Ministry of Consumer Affairs, for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008. You can contact the Insurance and Savings Ombudsman on the details below:

Insurance & Savings OmbudsmanPO Box 10-845Wellington 6143New ZealandTelephone +64 4 499 7612Freephone: 0800 888 202Email: [email protected]

IS THERE ANYONE TO WHOM I CAN COMPLAIN IF I HAVE PROBLEMS WITH THE INVESTMENT? 13

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WHAT OTHER INFORMATION CAN I OBTAIN ABOUT THIS INVESTMENT? 14All of the currently available material information relating to the Fund and an investment in Units is contained in this Investment Statement, in the registered prospectus containing the offer to which this Investment Statement relates, in the financial statements of the Manager, and in the Trust Deed.

Other information about the Units, the Fund and the Manager is contained in the financial statements for the Fund. Further information about the Fund and an investment in Units is available by writing to the Manager c/- Harmos Horton Lusk Limited at PO Box 28, Shortland Street, Auckland 1142.

The registered prospectus, the Trust Deed and the most recent annual financial statements of the Fund are filed on a public register at the Companies Office of the Ministry of Business, Innovation and Employment, and are available for public inspection, on request and payment of the relevant fee, by telephoning the Ministry of Business, Innovation and Employment Service Centre on 0508 266 726. The documents are also available on the Companies Office’s website www.business.govt.nz/companies under the Manager’s file reference (1873282), and the Fund’s file reference (2217505).

Following the issue of Units we will send you a confirmation of your investment setting out the details of your investment within 28 days. You may make a written request for the Issue or Redemption Price at the last Valuation Day. This will be provided within seven days.

At the end of each financial year for the Fund, we must prepare the financial statements of the Fund, which must be audited and sent to Unitholders and the Trustee. Alternatively, we may send you a notice informing you how you may obtain a copy of such information.

Unitholders have the right to inspect the Unit Register. Unitholders also have the right to inspect a copy of the Trust Deed at our registered office, which is located at Harmos Horton Lusk Limited, Level 37, Vero Centre, 48 Shortland Street, Auckland 1010. Unitholders may also request from the Manager, free of charge, a copy of this Investment Statement, the registered prospectus, the Trust Deed and the most recent annual financial statements of the Fund. These documents are also available by visiting: www.elevationcapital.co.nz.

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PRIVACY POLICYThe Manager collects and holds personal information about applicants for Units for the purposes of administering the investment. Unitholders may request access to any personal information the Manager holds about them, by writing to the Manager c/- Harmos Horton Lusk Limited at PO Box 28, Shortland Street, Auckland 1142. You may also request correction of any personal information we hold about you. Depending on the nature of your request, we may impose a charge for providing you with or correcting any personal information. Failure to provide the requested information could cause your application for Units to be declined.

ELECTRONIC CORRESPONDENCEWe encourage applicants to supply their email address/es. By supplying your email address, your investor correspondence will be delivered to you electronically. This is much more environmentally friendly, cost effective and timely, than paper based investor communications.

PRIVACY POLICY & ELECTRONIC CORRESPONDENCE 15

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GLOSSARY 16The following terms used in this Investment Statement have the following meanings. Some of these terms are summaries of definitions in the Trust Deed. For complete definitions, reference should be made to the Trust Deed.

Administration Manager MMC Limited (as at the date of this Investment Statement).

ADR American depositary receipt (ADR) is a stock that trades in the United States but represents a specified number of shares in a foreign corporation. ADRs are bought and sold on American markets just like regular stocks, and are issued/sponsored in the U.S. by a bank or brokerage.

ADS A U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange. American Depositary Shares (ADS’s) are issued by depository banks in the U.S. under agreement with the issuing foreign company; the entire issuance is called an American Depositary Receipt (ADR) and the individual shares are referred to as ADSs. Depending on the level of compliance with U.S. securities regulations the foreign company wishes to follow, the company may either list its shares over-the-counter (OTC) with low reporting requirements or on a major exchange like the NYSE or NASDAQ. Listings on the latter exchanges generally require the same level of reporting as domestic companies, and also require adherence to GAAP accounting rules.

Auditor The auditor of the Fund.

Authorised Investments The category of investments which may be included by the Fund as specified in the Establishment Deed.

Business Day A day (other than a Saturday or Sunday) on which banks are open in Auckland for business.

Derivatives A type of investment that allows individuals to buy or sell the option on a security is called a derivative. Derivatives are types of investments where the investor does not own the underlying asset, but he/she makes a bet on the direction of the price movement of the underlying asset via an agreement with another party. There are many different types of derivative instruments, including options, swaps, futures and forward contracts.

Dividend The part of a company’s post-tax profits that is distributed to shareholders.

Elevation Capital, Manager, we, us or our Elevation Capital Management Limited.

Establishment Deed The Establishment Deed for the Fund dated 28 October 2008 as amended and restated on 30 September 2011, 19 September 2014 and 19 March 2015, between the Manager and the Trustee.

Extraordinary Resolution A resolution passed by Unitholders by a majority of 75% or more.

FDR Fair Dividend Rate.

FIF A FIF is a foreign company, a foreign unit trust, a foreign superannuation scheme and/or an insurer under a life insurance policy (and the policy is not offered or entered into in New Zealand). Gross Asset Value In respect of the Fund, the aggregate of the market value of its Investments, any income accrued or payable in respect of the Fund but not included in such market value and, if the Manager so determines, any deferred tax assets of the Fund.

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Investment Each investment or other asset held by the Fund.

Issue Date The date at which the Units are issued.

Issue Price The price on which Units are issued.

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.

Manager Elevation Capital Management Limited.

Margin of Safety Investing in securities trading at an appreciable discount from the estimate of underlying value as determined by the Manager.

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.

Net Asset Value (NAV) In respect of the Fund, the Gross Asset Value less all liabilities of the Fund determined on an accruals basis and such other provisions as the Manager or the Trustee thinks necessary or desirable for accrued or contingent liabilities or losses, including a provision for the costs of realisation of any Investments and redemption or repurchase of Units.

Ordinary Resolution A resolution passed by majority of more than 50% of the votes cast at the meeting.

Over-The-Counter An Over-The-Counter (OTC) security is traded in some context other than on a formal exchange such as the NYSE, AMEX, NASDAQ, NZX or ASX, etc. The phrase “over-the-counter” can be used to refer to stocks that trade via a dealer network as opposed to on a centralized exchange. It also refers to debt securities and other financial instruments such as derivatives, which are traded through a dealer network.

PIE A Portfolio Investment Entity as defined in the Income Tax Act 2007.

PIE Tax Tax payable by the Fund, the Trustee, or the Manager (whether deferred or current) which is determined by reference to nominated Prescribed Investor Rates of Unitholders in the Fund or is otherwise determined by the Trustee or the Manager to be attributable to income allocated to the Unitholders.

Prescribed Investor Rate (PIR) The rate a Unitholder may elect under the Income Tax Act 2007 in relation to income allocated to them by a PIE.

Redemption Price The price at which Units are redeemed.

Redemption Request A Unitholder’s written request to withdraw from the Fund.

Short / Short-Selling The selling of a security that the seller does not own, or any sale that is completed by the delivery of a security borrowed by the seller.

Total Expenses Ratio (TER) A measure of the total cost associated with managing and operating the Fund. These costs consist primarily of management fees and additional expenses such as trading fees, legal fees, auditor fees, regulatory fees, filing fees and other operational expenses. The total costs are divided by the Fund's year end funds under management to arrive at a percentage amount, which represents the TER.

Trust Deed The Master Trust Deed dated 20 November 2006 as amended and restated on 6 November 2007 and 12 September 2013 and the Establishment Deed.

Trustee The New Zealand Guardian Trust Company Limited.

Unit A unit in the Fund.

Unit Register The register of Unitholders of the Fund.

Unitholder The registered holder of a Unit.

Valuation Day The last Business Day of each month.

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HOW TO INVEST AND COMPLETE THE APPLICATION FORMS17If you need help with understanding the application process or the documents you need to provide, please contact us on +64 9 307 6741 or by email at [email protected]

INVESTMENT INSTRUCTIONSThe Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) came into force on 30 June 2013. The following application forms and requests for documentation comply with the requirements of this legislation, however in certain circumstances we may need to collect extra information from you and anyone who is acting on your behalf for the purposes of the AML/CFT Act.

The Parliament of New Zealand enacted the AML/CFT Act 2009 for the following purposes:

• to detect and deter money laundering and the financing of terrorism; and• to maintain and enhance New Zealand’s international reputation; and• to contribute to public confidence in the financial system.

The AML/CFT Act applies to banks and most financial institutions, and it is essential that we comply. Sometimes this may mean that we won’t be able to complete your investment instructions or meet your needs until all of the necessary information is obtained. We are committed to protecting the privacy of your information and we will continue to ensure all identity and other personal information you provide will be used and managed in accordance with the Privacy Act 1993.

If you have any questions or concerns in respect of the new requirements under the AML/CFT Act please feel free to contact us.

LUMP SUMIf you are an existing client, please supply your account name and Unit Holder number as a reference when crediting funds.

To invest, complete, sign and return the application form attached to this Investment Statement. You can pay by:

• Personal Cheque made out to “NZGT - Elevation Capital Applications” and crossed ‘Not Transferable’. If it is not a personal cheque from a NZ registered bank we may have additional identification requirements.• Direct credit (from a New Zealand registered bank only) payment details: Account Name: NZGT – Elevation Capital Applications Account Number: 03-0104-0587862-000 Bank: Westpac Branch: 79 Queen Street, Auckland

We will not be held liable for insufficiently referenced payments.

Cash will not be accepted.

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REGULAR CONTRIBUTIONSPlease complete the application form and direct debit form. The initial contribution should be entered as the lump sum, with subsequent contributions entered as regular contributions. The NZ$5,000 minimum applies for the initial contribution and NZ$100 minimum per month, a quarter or annually for subsequent regular payments.

Please post your completed application form and your cheque (if paying by cheque) to:

Elevation Capital Management Limitedc/- MMC Fund AdministrationP O Box 106039Auckland 1143

IDENTIFICATIONWe are required to verify your identity and your address by law.

If you are over 18 years, we will need certified photocopies of acceptable forms of identification to verify your identity which will include:

• Current New Zealand passport; OR• Current international passport; OR• New Zealand firearms licence; OR• New Zealand driver’s licence or international driver’s permit PLUS one of the following:• New Zealand birth certificate; OR• Overseas birth certificate; OR• New Zealand certificate of citizenship; OR• Certificate of citizenship issued by a foreign Government; OR• Current credit card, debit card, or eftpos card signed by you and issued by a registered New Zealand bank and a bank statement issued by a registered New Zealand bank dated within the previous 12 months (New Zealand driver’s licence only).

Please refer to the section “Certification of Documents” on page 28 for an explanation of what is required and will be accepted.

ADDRESS VERIFICATIONTo verify your address, certified photocopies of acceptable documents, which set out your name and current address and are dated within the previous six months include:

• Power or home phone bill; OR• Rates bill; OR• Bank account statements; OR• IRD statements.

IDENTIFICATION OF A MINORIf you are under 18 years of age, we will require identity verification for both you and your parent(s)/guardian(s). If you are aged 15 or under, both parents/all legal guardians will be required to sign the Application Form on your behalf and provide proof of their identity. You will also be required to provide proof of your identi-ty. This means you will need to provide a certified photocopy of documents that contain the following information:

• Your identity and address. This document must set out the minor’s name and current address and be dated within the previous six months (for example a bank statement); AND• Both of your parents/all of your guardians identity and address. These documents must set out your parents/guardians names and current address/es and be dated within the previous six months and could include:• Bank statement; OR• Power or home phone bill; OR• Rates bill; OR• IRD statement; OR• Car registration documents.• PLUS proof of guardianship which can include:• Your birth certificate; OR• Guardianship order; OR• Deceased parents death certificate and a will appointing these people as your guardian; OR• If all of the above is not possible, a statutory declaration confirming that these people are your guardians.

28 28

If you are aged 16 or 17 years, you will be required to sign the Application Form and provide proof of your identity and address. One parent/guardian will also be required to sign the Application Form and provide proof of identity and address. If you are aged 16 or 17 years and you are married, in a de facto relationship or a civil union, then you will be required to sign the Application Form. We do not need your parent/guardian to provide identification or to sign the Application Form, but we will need you to provide a copy of your marriage or civil union licence (or proof of the de facto relationship).

CERTIFICATION OF DOCUMENTSWe will accept photocopied documents certified by someone who is over 16 years of age and is one of the following:

• Commonwealth representative (as defined in the Oaths and Declarations Act 1957); OR• An employee of the Police who holds the office of constable (as defined in section 4 of the Policing Act 2008); OR• Justice of the peace; OR• Registered medical doctor; OR• Kaumatua; OR• Registered teacher; OR• Minister of religion; OR• Lawyer (as defined in the Lawyers and Conveyancers Act 2006); OR• Notary public; OR• New Zealand Honorary consul; OR• Member of Parliament; OR• Chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996).

The person certifying your document must not be:

• related to you; for example, your parent, child, brother, sister, aunt, uncle or cousin; OR• your spouse or partner; OR• a person who lives at the same address as you.

The trusted referee must sight the original documentary identification, and make a statement to the effect that the documents provided are a true copy and repre-sent the identity of the named individual (link to the presenter).

Certification must include the name, occupation and signature of the trusted referee and date of the certification.

Certification must have been carried out in the three months preceding the presentation of the copied documents.

If sufficient identification and address verification is not provided your application will be rejected and your payment returned. Payments returned to investors will not be eligible to accrue any interest.

DISTRIBUTION INSTRUCTIONSPlease mark the distribution method. If no choice is made, distributions will be automatically re-invested.

Your bank account and branch number may be found on your bank statement.

NOTE: The Manager has an absolute discretion whether to accept or refuse any application without giving any reason.

Companies, Partnerships, Limited Partnerships and Co Operatives

Individual

INVESTOR PLEASE COMPLETE

Form 1

Form 1 and Form 2

Form 1 and Form 3

Trusts

29

APPLICATION FORM CHECKLISTHave you:

☐ Completed all of your contact details.

☐ Provided your bank account details if you nominated to receive your distributions direct to your bank account.

☐ Signed and dated the signature declaration section.

☐ If paying by personal cheque, included your cheque crossed ‘Not Transferable’ made payable to: NZGT - Elevation Capital Applications

☐ If paying by direct credit, please send funds electronically to: NZGT - Elevation Capital Applications account number 03-0104-0587862-000

☐ Completed your Prescribed Investor Rate

☐ Provided your proof of identification together with other documentation as outlined below.

DOCUMENTATION CHECKLIST

Please use this checklist to ensure you provide the correct documentation with your application form. Refer to ‘How to Invest and Complete the Application Form’ set out on pages 26 to 28 for acceptable forms of identification.

INDIVIDUAL OR JOINT ACCOUNT

☐ Bank encoded deposit slip, bank statement or confirmation from your bank verifying the account name and number.

☐ Certified forms of identification and address verification for each applicant.

☐ Original certified Power of Attorney and Certificate of Non-revocation (applicable if your Authorised Representative has been granted authority by virtue of a Power of Attorney).

☐ Copy of resident withholding tax exemption certificate (if applicable).

☐ Completed Form 1.

COMPANY ACCOUNT


☐ Certified forms of identification and address verification for each Company Director/Authorised Representative.

☐ Copy of authority to act. ☐ Copy of the Certificate of Incorporation.


☐ Completed Form 1 and Form 3.

PARTNERSHIP ACCOUNT


☐ Certified forms of identification and address verification for Partner.

☐ Original certified copy of Partnership Deed.



TRUST ACCOUNT


☐ Certified forms of identification and address verification for each Trustee.


☐ Original certified copy of Trust Deed.


ESTATE ACCOUNT


☐ Certified forms of identification and address verification for each executor.

☐ Original certified copy of Probate.


☐ Completed Form 1.

30

Applications – All Applications FORM 1

Single lump sum investment(minimum $5,000)$

This is an application to invest inthe Elevation Capital Value

Regular investment amount(minimum $100)$

Regular investment(start date)

Existing Elevation Capital Customer No Yes (please provide your investor number)

Company IFD number

Company Name

Trust IFD number

Trust Name

PIR Rate (please tick one)

(please complete form 3)(please list names of Companies in Form 3)

0% 10.5% 17.5% 25%

PIR Rate (please tick one) 0% 10.5% 17.5% 25%

Companies, Partnerships, Limited Partnerships and Trusts please go to Form 1 section 2

Individual 1

Title

Residential Address (must not be P.O. Box)

First names

Surname

Date of birth

IRD number

PIR number (please tick one)

10.5% 17.5% 25%

Country of Residence

Countries of Citizenship

Occupation

Home phoneEmail address

Income range Less than $50,000– $100,000

Less than $100,000– $200,000

$200,000+

Work phone Mobile phoneEvidence of identity and address provided

(please refer to page 29for our requirements)

Individual 2

Title


First names

Surname

Date of birth

IRD number


10.5% 17.5% 25%



Occupation



Less than $100,000– $200,000

$200,000+



Individual 3

Title


First names

Surname

Date of birth

IRD number


10.5% 17.5% 25%



Occupation



Less than $100,000– $200,000

$200,000+



1. Investor details

Need Assistance? Phone +64 9 307 6741

31

2. Postal address

Applications – All Applicants FORM 1 continued

☐ Please tick this box if your address for service is through your advisor

Name

Postal address

Home phone

Email address

Work phone Mobile phone

Note: By signing this application you agree to receive all communication from Elevation Capital Management Limited via email☐ Please tick if you would like to receive communication via the post instead of email

3. Advisor details

☐ Please tick this box if your address for service is through your advisor

Name

Company

Work phone

Email address

Mobile phone

Postal address

Postcode

4. Distribution instructions

☐ Reinvest distributions in additional units OR ☐ Direct credit to account below

Name of financial institution

Address of financial institution

Account name with financial institution

Postcode

NB: Distributions can only be paid to a New Zealand bank account

– – –Account number

5. Authorised Person / Investment on behalf of a minor

Physical Address

First namesTitle

Surname

Date of birth

Relationship of Applicant

IRD number


PIR Rate (please tick one) 10.5% 17.5% 28%

Company name (if applicable)

Company name (if applicable)

Home phone

Email address


Evidence of identity ss provided (please refer to page 29for our requirements)

Date signed

32

6. Authorised Person / Investment on behalf of a minor


Please include any person with a direct or indirect ownership of greater than 25% and/or any person with effective control (including but not limited to trustees). If the customer has more than two beneficial owners, please provide their details on a separate sheet of paper marked with the names of the customer and (if applicable) it’s company number

Individual 1

Title First names

Surname

Date of birth

IRD number

PIR number (please tick one)Occupation

Home phone

Email address


Less than $100,000– $200,000

$200,000+


Evidence of identity and address provided


Residential Address

Director Effective owner Beneficial owner (please tick one)

10.5% 17.5% 28%



Individual 2

Title First names

Surname

Date of birth

IRD number

PIR number (please tick one)Occupation

Home phone

Email address


Less than $100,000– $200,000

$200,000+




Residential Address


10.5% 17.5% 28%



7. The Privacy Act

This statement relates to the personal information that you are providing to the Manager by way of the application and any subsequent personal informationwhich you may provide in the future. The personal information you have supplied maybe used by the Manager and the Trustee (and related entities thereof) for the purpose of enabling the Manager to arrange and manage your investment, and to contact you in relation to your investment. The Manager will provide you (on request) with the name and address of any entity to which information has been disclosed. You have the right to request and be provided with all personal infor-mation held about you by the Manager. If any of the information is incorrect, you have the right to have it corrected. You acknowledge that you are authorised to provide personal information on behalf of the application and evidence of this authority is provided (in the case of a parent / guardian providing information about the application). You agree that your / each of your names and addresses may be used by Elevation Capital Management Limited to provide you with newsletters and other information about the Fund’s and other products and services either via traditional mail or electronic communication.

☐ Check the box if you have read and agreed to the above Privacy Policy

33

8. Declaration


I / We have read, understood and retained a copy of the attached Investment Statement and agree to be bound by the terms and conditions of the Trust Deed. I / We agree to the terms outlined above in relation to the Privacy Act 1993 and the supply of personal information. I / We understand that the Manager, Administration Manager or the Trustee may disclose certain information to the New Zealand Government, Market Regulation or a Foreign Government due to either New Zea-land or foreign laws. I / We consent to the receipt in electronic form of any information to be forwarded to me / us by Elevation Capital Management Limited or the Fund Administrator. I / We undertake to advise Elevation Capital Management Limited immediately should the Prescribed Investor Rate change at anytime. I / We acknowledge that failure to advise a Rate or the provision of an incorrect Rate will mean that I / We will be personally liable to pay any resulting shortfall and must also file a tax return. I / We understand that the Fund is a vehicle for long term investments and as the Fund invests in shares, the value of my / our investment is liable to fluctuations and may rise and fall from time to time. I / We understand the manner in which fees will be deducted from my / our investment. I / We understand that the application cannot be withdrawn or revoked by the applicant and that the Manager reserves the right to reject any application in whole or in part without giving any reason. This Investment Statement and the offer of securities has been made to me / us in New Zealand and the expressions defined in the Investment Statement have the same meaning in the Application Form.

Signature of applicant trustee or director Date signed






Please mail this Application Form, together with your cheque (if paying my cheque) and other relevant documentation to:

Elevation Capital Management Limitedc/- MMC LimitedFund AdministrationP O Box 106039Auckland 1143

Trusts, please complete Form 2 accompanying this applicationCompanies, Partnerships and Limited Partnerships, please complete Form 3 accompanying this application

34

Trustee details

Full name of Trust

Type of Trust (e.g., family, unit, charitable, estate)

Address of Trust

PostcodeCountry where Trust was established

Date of establishment

Work phone

Email address

Mobile phone



Please provide details of the major source(s) of funds used for this investments (e.g., business activity, personal employment, financial investments, inheritance or gif)

Inherited family wealth Accumulated business earnings Funds from sale of property Other (please describe)

Trustees and beneficial ownership

Please include any person with a direct or indirect ownership of greater than 25% and / or any person with effective control (including but not limited to trust-ees). If the customer has more than two beneficial owners, please provide their details on a separate sheet of paper marked with the name of the customer and (if applicable) its company number. Please note all beneficial ownersmust be a natural person.

Individual 1

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address

Independent Trustee Effective owner Beneficial owner (please tick one)

10.5% 17.5% 28%



Individual 2

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address


10.5% 17.5% 28%



Trust Certificates FORM 2Need Assistance? Phone +64 9 307 6741

35

Trustees and beneficial ownership continued

Applications – Trust Certificate FORM 2 continued

Individual 3

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address


10.5% 17.5% 28%



Individual 4

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address


10.5% 17.5% 28%



Individual 5

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address


10.5% 17.5% 28%



36

Trustees and beneficial ownership continued

Individual 6

Title First names

Surname

Date of birth

IRD number


Occupation

Home phone

Email address




Residential Address


10.5% 17.5% 28%



Declaration

I / We, the Trustees of the above named Trust, properly constituted by a Trust Deed, do hereby solemnly acknowledge and certify that: 1. Current Trustees. Each of the above named Trustees is a current and validly appointed trustee of the Trust and there are no other trustee(s) of the Trust. 2. Power to Transact. The Trustees have the power to apply to invest in the Fund and to enter into any related documentation. 3. Trustee Resolutions. All trustee resolutions and authorities required by law and necessary pursuant to the above mentioned Trust Deed have been passed or given to enable the Trustees to invest in the Fund on behalf of the Trust. 4. Trustee Compliance. The Trustee(s) in approving any transactions have actedin compliance with the duties imposed on the Trustee(s) at law. 5. Alteration to Trustees, Trustee Power and Trust Deed. Where there is any alteration to the Trustee(s) named above or any change to the Trust Deed or any trustee power the Trustee(s) will notify Elevation Capital Management Limited in writing immediately and forward a new Trustee Certificate with required identification docu-mentation. 6. Validity of Transactions. The investment instructions provided by the Trustees and the terms and conditions of investing in the Fund in any related documentation are binding on the Trustees. 7. Execution of Documents. The Application Form, Trust Certificate and Direct Debit Authority (if applicable) have been properly signed by the Trustees. 8. No invalidity. There are no circumstances, which would invalidate any of the transactions or the Application Form, Trust Certificate and Direct Debit form.

Signature of 1st trustee

Date signed Signature of 2nd trustee

Date signed

Signature of 3rd trustee

Date signed Signature of 4th trustee

Date signed

Signature of 5th trustee

Date signed Signature of 6th trustee

Date signed

Please mail this Trust Certificate, together with your cheque (if paying by cheque) and other relevant documentation to:

Elevation Capital Management Limitedc/- MMC LimitedFund AdministrationP.O. Box 106039Auckland 1143


37

Application – Companies, Partnerships and limited Partnerships FORM 3

Details


1. Name of entity(is registered with the Companies Off)

2. Trading name(if different)

3. Company number(if applicable)

4. FSPA number(if applicable)

5. Is the company: A listed issuer (within the meaning of the Financial Markets Conduct Act 2013) that is the issuer of quoted voting products (within the meaning of that Act)*

A government department named in Schedule 1 of the State Sector Act 1988*

A local authority as defined in Section 5 of the Local Government Act 2002*

The New Zealand Police*

The New Zealand Security Intelligence Service*

No

If you ticked Yes to any of the above, please go to question 12

If you ticked No, please go to question 6

Supporting documentation required

6. Principal business address

Postal address

Postcode

Registered office(if different)

Postcode

7. Phone

9. Date of establishment

11. Entity’s business and industry of operation (please be as specific as possible)

8. Email

10. Jurisdiction of establishment

12. Is the company a vehicle for holding personal assets and does not have nominee shareholders or shares in bearer form

If yes, please provide details of the major sources(s) of funds used for this investments:

Yes No

Accumulated business earnings Funds from sale of property Other (please describe)

13. Beneficial ownership (please include any person with a direct or indirect ownership of greater than 25% AND/OR any effective controller including Directors, Partners)

Individual 1

Title First names

Surname

Date of birth

IRD number

PIR number (please tick one)Home phone

Email address




Residential Address


10.5% 17.5% 28%



38

Application – Companies, Partnerships and limited Partnerships FORM 3 continuedIndividual 2

Title First names

Surname

Date of birth

IRD number


Email address




Residential Address


10.5% 17.5% 28%



Individual 3

Title First names

Surname

Date of birth

IRD number


Email address




Residential Address


10.5% 17.5% 28%



Individual 4

Title First names

Surname

Date of birth

IRD number


Email address




Residential Address


10.5% 17.5% 28%



Individual 5

Title First names

Surname

Date of birth

IRD number


Email address




Residential Address


10.5% 17.5% 28%



Individual 6

Title First names

Surname

Date of birth

IRD number


Email address




Residential Address


10.5% 17.5% 28%



39

Declaration


I / We, of the above entity, do hereby solemnly acknowledge and certify that 1. Authority. I / We are authorised to apply to invest on behalf of the entity. 2. Author-ity to invest in the Fund. The above mentioned have the authority to invest in the Fund on behalf of the entity and their instructions are binding on the entity. 3. Alteration to representatives.Where there is any alteration to the representatives named above or any change to the entity, the representatives warrant that they will notify Elevation Capital Management Limited in writing immediately with required identification.

Please mail this Trust Certificate, together with your cheque (if paying by cheque) and other relevant documentation to:

Elevation Capital Management Limitedc/- MMC LimitedFund AdministrationP.O. Box 106039Auckland 1143

Signature of Company/Partner/Director/Authorised person

Date signed Signature of Company/Partner/Director/Authorised person

Date signed



Date signed



Date signed

40

Direct Debit Authority

Information to appear on my / our bank statements


I / We acknowledge that we have read, understood and retail need a copy of the Investment Statement and agree to be bound by the terms and conditions of the Trust Deed

Name of account to be debited

Unit holder number (if an existing client)

Monthly Quarterly AnnualyFrequency

Elevation Capital Value Fund NZs Start Date

Name of account to be debited

Account details

Bank Branch Number Account Number Suffix

Bank

Branch

Address

AUTHORITY TO ACCEPTDIRECT DEBITS

(not to operate as an assignment or an agreement)

AUTHORISATION CODE03116915

Payer particulars

Payer code

Payer reference

Client Instructions

I / We authorise you, until further notice in writing to debit my / our account with you with all amounts Elevation Capital Management <__> Fund Administra-tion (herein after referred to as the initiator) may initiate by direct debitI / We acknowledge and accept that the Bank accepts this authority only upon the conditions listed on the reverse of this forms.

Account holder

Name of account holder(s)

Signature Date signed

Signature Date signed

Account holder

Approved

0763

05 13

For Bank Use OnlyDate received: Recorded by: Checked by:

Original – Retain at BranchCopy – Forward to initiator if requested

Bank stamp

E L E V A T I O N

C A P I T A L

C O N T R I B U T I O N

41

Conditions of this authority to accept Direct Debits

1. The Initiator:a) Has agreed to send notice of the net amount of each DirectDebit

no later than the day the Direct Debit is initiated.This notice will be provided either:i. in writing; orii. by electronic mail where the Customer has providedprior

written consent to the InitiatorThe notice will include the following message: “The amount$……............, was direct debited to your Bank account on(initiating date).”

b) May, upon the relationship which gave rise to thisAuthority being terminated, give notice to the Bank thatno further Direct Debits are to be initiated under theAuthority. Upon receipt of such notice the Bank mayterminate this Authority as to future payments by noticein writing to me/us.

2. The Customer may:a) At any time, terminate this Authority as to futurepayments

by giving written notice of termination to theBank and to the Initiator.

b) Stop payment of any Direct Debit to be initiated under thisAu-thority by the Initiator by giving written notice to theBank prior to the Direct Debit being paid by the Bank.

c) Where a variation to the amount agreed between theInitiator and the Customer from time to time to be directdebited has been made without notice being given interms of 1(a) above, request the Bank to reverse or alterany such Direct Debit initiated by the Initiator by debitingthe amount of the reversal or alteration of the DirectDebit back to the Initiator through the Initiator’s Bank,PROVIDED such request is made not more than 120 daysfrom the date when the Direct Debit was debited to my/our account.

The Customer acknowledges that:a. This authority will remain in full force and effect in respect

of all Direct Debits passed to my/our account in good faith notwithstanding my/our death, bankruptcy or other revocation of this authority until actual notice of such event is received by the Bank.

b. In any event this authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account.

c. Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct Debit has not been paid in accor-dance with this authority.Any other disputes lies between me/us and the Initiator.

d. Where the Bank has used reasonable care and skill in acting in accordance with this authority, the Bank accepts no responsibil-ity in respect of:− the accuracy of information about Direct Debits on Bank

statements− any variations between notices given by the Initiator and the

amounts of Direct Debitse. The Bank is not responsible for, or under any liability in respect

of the Initiator’s failure to give written advance notice correctly nor for the non-receipt or late receipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator.

3. The Bank may:a. In it’s absolute discretion conclusively determine the order of

priority of payment by it of any monies pursuant to this or any other authority, cheque or draft properly executed by me/us and given to or drawn on the Bank.

b. At any time terminate this authority as to future payments by notice in writing to me/us.

c. Charge its current fees for this service in force from time-to-time.

42

Redemption – All Applicants

This is redemption for theElevation Capital Value Fund

Amount:(minimum redemption $1000)

Units:(minimum redemption $1000)

$ or

1. Investor Details

Title First names Surnames

Trust

Company

Other

(investor number)

2. Payment Instructions

Bank Account to be credited:

Account Name

Account Number

Bank Branch

3. Reason for Redemption

I / We understand that Units in the Elevation Capital Value Fund are only redeemable on a Valuation Day. I / We understand this redemption request is irrevocable and will be actioned with affect from the first Valuation Day following the date on which the Redemption Request is received by the Manager. I / We understand the Manager may in its sole discretion redeem units on an earlier Valuation Day. I / We understand the proceeds from my / our redemption will only be paid to the bank account nominated by me / us on my / our application form or as advised subsequently to the Manager or Fund Administration Manager in writing. I / We understand payments to third party bank accounts will not be made. I / We understand that the Manager and Fund Administration Manager may return a Redemption Request should I / We have failed to provide all signatures to the account. The expressions defined in the Investment Statement have the same meaning in this Redemption Form.

Declaration

Signature of applicant, trustee, director or authorized person Date signed






Please mail this Redemption Form, together with other relevant documentation to:

Elevation Capital Management LimitedFund AdministrationPO Box 106039Auckland 1143

43

NOTES

21

44

“INDEPENDENT THINKING - DISCIPLINED INVESTING”

Independent Thinking [In-de-pend-ent Think-ing] ind pend nt 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] disciplin d 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.

e e ’

’e

R

Investment Statement

Documents

Transcript of Investment Statement