pp khl

Slide1: 

Financial Issues for a Director Kylie Hill Goldman Sachs JBWere 19 April 2004 For important information relating to Goldman Sachs JBWere’s interests in companies or trusts the subject of this presentation, please see the final pages of this presentation.

Introduction: 

Introduction Financial Expertise on a board Accounting vs Investment Specific duties 3 myths of Investment Investment Rules of Thumb Economic Forecasts Public vs Private vs Not for Profit

4 Main Professions to befriend: 

4 Main Professions to befriend Accounting - strategy and structure Investment - equities, property Banking- fixed interest and loans Risk - insurance Where to learn more? - ASX - SIA - AICD

Directors Duties: 

Directors Duties Fiduciary Duties Financing Share Transactions Insider Trading

3 Myths of Investment: 

3 Myths of Investment 1. PROPERTY VALUES NEVER FALL 2. FIXED INTEREST INVESTMENTS ARE NOT VOLATILE 3. STOCKMARKET INVESTMENTS ARE TOO RISKY

Slide8: 

Client Adviser Real Estate Investment Trusts Cash Fixed Interest Securities International Alternative

Australian Share PricesIn its major swings the market has neverfailed, following a fall, to rise abovethe previous high point: 

Australian Share Prices In its major swings the market has never failed, following a fall, to rise above the previous high point

The Economy: 

The Economy Macro vs Micro Crucial to understand your business’ sensitivities to changes Australia vs the World Commodities Interest rates Exchange rates Inflation Unemployment Consumer + Business + Govt = Economy Basis of all investment decisions - why? Rational decision making

Forecasts: 

Forecasts

It is all about ROI: 

It is all about ROI Public Private Not for Profit

Slide15: 

“He or she who wishes to be rich in a day will be hanged in a year” Leonardo Da Vinci c1500

Slide16: 

GOLDMAN SACHS is a registered trademark of Goldman, Sachs & Co. and is used under license from Goldman, Sachs & Co. Disclosure of Interest: Offers of units in the JBWere Cash Trust are made in the prospectus for the Trust. Anyone wishing to apply for units will need to complete the application form in the prospectus (or in the case of New Zealand investors, the application form attached to the current Investment Statement). Goldman Sachs JBWere Managed Funds Limited manages the Cash Trust and will receive fees as set out in the prospectus. For applications lodged through Goldman Sachs JBWere, Goldman Sachs JBWere Managed Funds Limited may pay to Goldman Sachs JBWere a trailing commission of up to 0.275% p.a. while the investment remains in existence. Goldman Sachs JBWere will pay up to 45% of this amount to your adviser. Offers of unsecured JBWere Deposit Notes by Goldman Sachs JBWere Capital Markets Limited are made in the prospectus for the offer. Anyone wishing to apply for unsecured JBWere Deposit Notes will need to complete the application form in the prospectus. For applications lodged through a Goldman Sachs JBWere Pty Ltd adviser, Goldman Sachs JBWere Capital Markets Limited will pay to Goldman Sachs JBWere a trailing commission of 0.275% p.a., while the investment remains in existence. Goldman Sachs JBWere will pay up to 45% of this amount to your adviser. Goldman Sachs JBWere Managed Funds Limited (GSJBWMF) is the issuer of units in the JBWere range of managed funds. Offers of units are made in the relevant Product Disclosure Statement. Before investing, investors should read the PDS, a copy of which is available at www.gsjbwere.com. . GSJBWMF manages the Funds and will receive management fees as set out in the PDS. An entry fee of up to 4% (subject to any rebate arrangements) is payable in connection with all Funds except the JBWere Wholesale Funds and the JBWere Nil Entry Fee Funds. For applications for units lodged through Goldman Sachs JBWere Limited (GSJBW), GSJBWAM may pay GSJBW an upfront fee of up to 2.2% and a trailing commission of up to 0.55% while the investment remains in existence. GSJBW will pay up to 45% of these amounts to your adviser. Offers of units in the JBWere Multi-Strategy Fund are made in the Information Memorandum for the Fund. Anyone wishing to apply for units in the Fund will need to complete the application form in the Information Memorandum. Goldman Sachs JBWere Managed Funds Limited manages the Fund and Goldman Sachs JBWere Investment Management Limited is the Investment Manager for the Fund. These entities will receive fees as set out in the Information Memorandum. For applications for units in the Fund lodged through Goldman Sachs JBWere, Goldman Sachs JBWere Managed Funds will pay Goldman Sachs JBWere Pty Ltd a trailing commission of up to 0.55% p.a. while the investment remains in existence. Goldman Sachs JBWere will pay your adviser up to 45% of this amount. Offers of units in the JBWere Enhanced Income Fund are made in the prospectus for the Fund. Anyone wishing to apply for units will need to complete the application form in or accompanying the prospectus. Goldman Sachs JBWere Managed Funds Limited manages the Fund and will receive management fees as set out in the prospectus. A once-only entry fee of up to 1% (subject to any rebate arrangements) is payable in connection with the Fund. For applications for units lodged through Goldman Sachs JBWere, Goldman Sachs JBWere Managed Funds Limited will pay to Goldman Sachs JBWere a trailing commission of up to 0.66% p.a. while the investment remains in existence. Goldman Sachs JBWere will pay up to 45% of this amount to your adviser. Offers of units in the JBWere Global Trading Strategies Fund are made in the information memorandum for the Fund. Anyone wishing to apply for units will need to complete the application form in the information memorandum. Goldman Sachs JBWere Managed Funds Limited, an associate of Goldman Sachs JBWere, manages the Fund and will receive fees as set out in the information memorandum. For applications lodged through Goldman Sachs JBWere, Goldman Sachs JBWere Managed Funds may pay to Goldman Sachs JBWere a trailing commission of 0.66% p.a. while the investment remains in existence. Goldman Sachs JBWere will pay up to 45% of this amount to your adviser. Out of the fees you pay Goldman Sachs JBWere (as set out in your Client Agreement), Goldman Sachs JBWere will pay your adviser a trailing commission of up to 30% per annum of the total fee paid, for as long as your investment remains in the Service. Goldman Sachs JBWere Pty Ltd (which trades as Goldman Sachs JBWere) and its related entities distributing this document and each of their respective directors, officers and agents ("Goldman Sachs JBWere Group") believe that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) or other information contained in this document and, to the maximum extent permitted by law, Goldman Sachs JBWere Group disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. This document is for the intended recipient only and is provided on the condition that you keep it confidential and do not copy or circulate it in whole or in part. No part of this document may be reproduced without the permission of Goldman Sachs JBWere Group. Copyright in this document is owned by Goldman Sachs JBWere Pty Ltd. Important Notice: In preparing this presentation, Goldman Sachs JBWere did not take into account the investment objectives, financial situation and particular needs ('financial circumstances') of any particular person. Accordingly, before acting on any advice contained in this presentation, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your Goldman Sachs JBWere adviser. Goldman Sachs JBWere Pty Ltd (which trades as Goldman Sachs JBWere) and its related entities distributing this document and each of their respective directors, officers and agents ("Goldman Sachs JBWere Group") believe that the information contained in this document is correct and that any estimates, opinions, conclusions or recommendations contained in this document are reasonably held or made as at the time of compilation. However, no warranty is made as to the accuracy or reliability of any estimates, opinions, conclusions, recommendations (which may change without notice) or other information contained in this document and, to the maximum extent permitted by law, Goldman Sachs JBWere Group disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. © 2003 Goldman Sachs JBWere Pty Ltd ABN 21 006 797 897 All rights reserved.

Slide17: 

Goldman Sachs JBWere Offices Melbourne 101 Collins Street, Melbourne, Victoria, 3000 Tel: +61 3 9679 1111 Fax: +61 3 9679 1493 Sydney Level 42, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW, 2000 Tel: +61 2 9321 8777 Fax: +61 2 9321 8500 Brisbane 37th Floor, Riverside Centre, 123 Eagle Street, Brisbane, Queensland, 4000 Tel: +61 7 3258 1111 Fax: +61 7 3258 1112 Perth Level 44, BankWest Tower, 108 St George’s Terrace, Perth, Western Australia, 6000 Tel: +61 8 9422 3333 Fax: +61 8 9422 3399 Canberra 60 Marcus Clarke Street, Canberra, ACT, 2600 Tel: +61 2 6218 2000 Fax: +61 2 6218 2001 Gold Coast 65-67 Thomas Drive, Chevron Island, Gold Coast, Queensland, 4217 Tel: +61 7 5582 2444 Fax: +61 7 5582 2400 Adelaide 45 Pirie Street, Adelaide, South Australia, 5000 Tel: +61 8 8407 1111 Fax: +61 8 8407 1112