AGM Presentations and Addresses

CHAIRMAN’S ADDRESS – BRUCE COTTERILL

It’ s my pleasure to present the Chairman’s address for Asset Plus for the 2022 financial year.

I’ll start by saying that, in an increasingly uncertain economic environment, the Board and Management
of Asset Plus have, as always, been focused on securing opportunities and managing our portfolio to
deliver the best outcome for our shareholders.

As we all know, the continuing effects of the Covid-19 pandemic have created a great deal of
uncertainty in property and investment markets, with widespread impacts resulting from government
mandated lockdowns.

The consequences for the property sector have been significant, with workers forced to work from
home for extended periods, retailers closing and companies deferring major property decisions given
the wider economic uncertainty.

The construction sector has also been profoundly impacted by supply chain interruptions and
associated cost escalations.

The arrival of inflation and, as a result, a changing interest rate environment has further complicated
matters, with central banks moving with increasing urgency to combat the unprecedented inflation we
are all seeing in our daily lives.

We noted last year that the scale of potential development opportunities before us required a prudent
capital management strategy given the size of the company’s balance sheet.

With this changing environment, we have elected to take up opportunities to restructure the portfolio
with a view to substantially de-risking the company going forward.

You will recall the first such decision came with the opportunity to sell Eastgate Shopping Centre in
Christchurch in early 2021 with an extended settlement date. We later elected to defer the scheduled
settlement date further to facilitate a subdivision application by the purchaser. That decision has
bolstered short term earnings for the company, and also allowed a full year depreciation claim to be
made to 31 March 2022.

As an update, the property was due to settle on August 12
th
– however an unforeseen issue with the
title has caused that settlement to be delayed. Stephen will update you all further on this matter
shortly. However, at this point in time we remain confident that the issue can be resolved within the
timeframe, and that we will be able to provide clear title to enable settlement to occur on or before the
final date as dictated by the settlement notice which is 31
st
August.

Subsequently, an opportunity arose to sell our property at 35 Graham Street in Auckland came about
as a result of us receiving an unsolicited offer. Again, we have a delayed settlement – at either of
December 2023 or December 2024

These sales outcomes mitigate the balance sheet constraints that may have hampered the Company
in this changing environment. It sets the company on a pathway back to a very conservative gearing
position of circa 10% once Graham Street is settled (that’s against a sector average of approximately
30%).

The Graham Street sale also removes all leasing and development risk for the property, in what is a
currently very challenging leasing and development environment. With a sale price of $65 million, the
transaction will realise capital above the 31 March 2022 independent valuation undertaken by JLL of
$56 million. As many of you will recall, shareholders approved this sale at a Special Meeting held on 3
June 2022.

The company’s focus in the near term is now on the successful completion of the Munroe Lane
development. Munroe Lane will add to the portfolio a brand new sustainable building with a 5 star
Green-Star design rating and with a blue chip tenant covenant across two thirds of the property.
Construction activity continues to progress well, albeit delayed as a result of Covid-19.

We do have some leasing yet to complete at Munroe Lane. The leasing market has remained
challenging. However, leasing interest is building as the property continues to take shape.
Those of you who have driven past lately will see that the main structure is rather impressive, and
having visited the site recently, I was impressed by the shape of the floorplates and the natural light
that has been created by the unique design. We therefore remain confident that the fundamentals of
the property remain attractive, and tenants will be secured in time.

It seems that demand for high quality, long dated income producing assets continues to have some
appeal, and the as-complete fully leased valuation increased as at 31 March 2022, from $146.85m to
$147.50m.

Covid-19 continues to impact on investment portfolios, and we have not been spared with further rental
abatement and relief provided to our tenants to ensure their longevity. Pleasingly, we’ve now renewed
the majority of leases across the portfolio for the year.

The Stoddard Road Centre continues to operate well and enjoys 100% occupancy with contract
income increasing by $80,000 over the past financial year.

We’ve continued to work closely with the company’s funder, BNZ, throughout the year to navigate the
changing environment and they have been supportive of our divestment decisions. We are now
working with BNZ to extend the debt facilities ahead of their expiry in September 2023.

In that regard, we have agreed an amendment to our banking facilities, meaning that the Interest Cover
Ratio (ICR) will not be tested for the period from 1 April 2022 until 31 March 2023 inclusive. The need
for this is primarily driven by the upcoming divestment of Eastgate – meaning a reduction in income,
while the Munroe Lane property remains under development.

Dividends equating to 97% of AFFO were paid throughout the year. This reflected a change in
strategy from that articulated in the September 2020 capital raise, whereby we undertook to fund any
shortfall in dividends from capital. However, as shareholders know, during the year we paused
dividend payments as the changing environment and capital constraints on the company meant that a
more prudent approach was appropriate at this point in time. The dividend remains subject to quarterly
review. However it currently remains suspended until sufficient operating earnings are generated to
support a policy that is sustainable going forward.

Finally, on behalf of the Board, we acknowledge that this is a challenging time for many investors and
we thank our shareholders for their ongoing support.

I’ll now pass over to Stephen Brown-Thomas who will give the Manager’s presentation, providing a
more detailed update on the financial result, portfolio metrics, and outlook.

THE MANAGER’S PRESENTATION – STEPHEN BROWN-THOMAS

Thank you, Bruce, and good afternoon everyone – great to see you here in person after the past few
meetings have been virtual only. I am Stephen Brown-Thomas, the Asset Plus Fund Manager from
Centuria NZ, the external manager of Asset Plus.
The challenges we faced last financial year as a result of Covid-19 have carried over into the FY22
year. Despite those challenges we have delivered a stable result, with total profit for the year of $2.93m
versus the prior year of $15.95m. The prior year result was driven through revaluation gains, post the
FY20 loss on the back of the pandemic and market uncertainty. Adjusted funds from operation or
AFFO has reduced from $5.82m to $4.22m as a result of the Council lease at Graham St coming to an
end in December 2021.
The Munroe Lane development continues to progress well, albeit it is delayed as a result of Covid-19
impacts. We’ll discuss this in further detail shortly.
An opportunity arose to divest the 35 Graham Street property, which was approved by Shareholders at
a special meeting in early June. Given the challenging market conditions and risks associated with
delivery of the proposed redevelopment this was a prudent step to take.
The settlement of Eastgate was deferred to allow the Purchaser to complete a proposed subdivision,
with new titles now issued. However, a Building Act Certificate issue has arisen preventing settlement
from occurring that we are working our way through now. Again, I will speak to this in further detail
shortly.
As noted, a Building Act Certificate issue was identified just ahead of settlement when our lawyers
lodged the pre-validation of the transfer of titles with Land Information New Zealand, or LINZ. That pre-
validation was rejected on the basis that there was a Building Act Certificate on the adjoining
McDonalds restaurant title that binds it to Eastgates titles. Our titles do have a certificate on them,
however they are not bound to the adjoining McDonalds title.
This isn’t a straightforward issue to explain, however in short, the Eastgate titles cannot be transferred
until they are decoupled from the McDonalds title through removal of the Building Act Certificate on the
McDonalds title.
In theory this situation should never have eventuated, as the sole purpose of the Certificate is to
prevent transfer of the parcels of land with the certificate on them to separate ownership. However,
after investigation it appears the issue materialised back in 2005/2006 when the company completed a
land swap with McDonalds.
The only way this issue could have been identified by us earlier would be if we ordered and reviewed a
copy of the McDonalds title, which we had no need to do given the property is not owned by the
Company. The Purchaser also did not identify this issue in their due diligence on the property.
We have made an application to Council to remove the certificate in question, and we need to
demonstrate how the area the certificate covers, complies and meets Building Act requirements. Minor
fire protection works are required to achieve this, and we’ve lodged a Building Consent exemption with
Council. They have agreed to remove the certificate on the basis we provide a cash bond to secure our
obligations, with that agreement currently being drafted and expected to be executed by the end of the
week. This would then allow settlement to occur by 31 August.
Given we could not complete settlement as originally scheduled on the 12
th
of August, the Purchaser
has issued a settlement notice which gives us until the 31
st
of August to settle the transaction before
they can cancel the agreement or sue for specific performance.
Given the agreement with Council, which now only remains subject to entering the documentation we
remain confident that the issue can be resolved ahead of 31 August, allowing settlement to occur.

Naturally we’ve had ongoing dialogue with BNZ to keep them updated on the matter, they remain
supportive and understand it’s an unprecedented issue that was outside of our control. If Eastgate
does not settle it will not impact on our ability to draw under the Munroe Lane development facility.
Given the pending refinance any restructuring required as a result of settlement not occurring could be
dealt with as part of that process.
Once settlement does occur the revised portfolio metrics are as shown here. The portfolio value
reflects the movement in cost at Munroe Lane since 31 March 2022 in addition to the reduction as a
result of the Eastgate divestment.
Turning to Munroe Lane now, you can visually see the progress made with the external façade now
progressing as shown with this photo from early August. Construction as at the end of July is 68%
complete, with $43.5 million cost to complete.
We received the NZ Green Building Council 5 Star Green Star Design and Built rating during the year.
The project budget has now been reset on the back of the impacts of Covid-19 on delivery costs,
delays, assumed increase in incentives and associated funding costs due to the prolongation of the
delivery timeframe and increasing interest rates. The total project budget has increased up to $137.6m.
The as-complete and fully leased valuation also increased by $650,000 during the period up to
$147.5m, which was up from the $142.0m at the September 2020 capital raise. The committed
occupancy as-complete valuation reflecting the lease commitment of Auckland Council only is
$139.0m.
As a result of the reset budget, the forecast development margin will reduce from 9.8% to 7.2%, and
yield on cost reduces from 5.9% to 5.5%.
Our committed occupancy at Munroe Lane remains at 63%, through the Auckland Council lease. The
impacts of Covid-19 have been fairly profound for the office market in the area, with available space on
the North Shore increasing from effectively nothing when we entered the ADL with Council, to peaking
at around 35,000m2 of available space. Wider macroeconomic conditions are now also changing with
tenant confidence remaining somewhat muted.
We are aware of a number of substantial tenant mandates on the horizon, with IRD currently
undertaking a market sounding exercise for occupation from late 2024. There is also another
substantial tenant who we’ve worked with that pushed out their required occupation target until late
2024, given current market uncertainty.
The fundamentals of the space remain attractive and we are confident that these will attract and secure
tenants in time, there may just be a disconnect between when the building is complete and ready to
occupy versus leases commencing. All feedback on the property and product to date has been
extremely positive from both agents, and prospective tenants.
We continue to maintain our excellent working relationship with Auckland Council, with their team
excited about the pending move into the soon to be completed premises.
35 Graham Street has been unconditionally sold for $65.0m to Mansons TCLM. Settlement is
scheduled for December 2023, however Mansons have an option to extend this to December 2024 if
they pay an additional $3.0m consideration and increase the deposit to $13.6m.
The initial $6.5m deposit has been received and has been used to retire debt.
We are working on short term leasing opportunities to bolster holding income, given the uncertainty of
tenure available these are predominantly storage and car parking related as opposed to office-based
accommodation.
Stoddard Road continues to perform well, with the valuation increasing from $41.5m to $43.5m on the
back of market demand for similar product.

We maintain 100% occupancy with 14.7% of the centre’s income secured for the year. We did continue
to support our tenants through rental abatement and relief during the Auckland regional lockdowns in
the period.
Looking forward the anchor tenant, The Warehouse, has an initial lease expiry in February 2025 which
will mean the WALE will continue to reduce until a renewal is secured.
We’ve already covered off the current status of the delay in settlement for Eastgate, however once
settled the majority of the proceeds will be utilised to repay debt, with the balance retained as working
capital.
We’ve continued to manage the Eastgate centre to bolster income ahead of settlement, with two new
tenants secured in the period and 11 lease renewals or extensions obtained during the year.
Of note was the Taco Bell opening in June 2021 which was the 5
th
largest opening week for any Taco
Bell globally.
The centre is continuing to be managed by our team until settlement occurs.
Moving to Kamo now. The property has been unconditionally sold for $2.7m with settlement scheduled
for 30 November 2022.
Those proceeds will be utilised to repay debt, however the facility limit will be retained providing further
undrawn capability.
Set out here is a breakdown of the current debt facilities the company has with BNZ. We have
sufficient headroom to complete the Munroe Lane development in conjunction with working capital
reserves.
Once Eastgate settles the facility limit will decrease by $40.0m.

As noted the facilities are expiring in September 2023, with the company starting discussions on
refinancing with BNZ at present.
There is no hedging in place at present, given the changing nature of the portfolio including the timing
of the 35 Graham Street settlement.,
Our immediate focus is on resolving the issue at Eastgate to provide clear title and allow settlement to
occur prior to the 31
st
of August. We remain confident that we will have resolution of this issue within
the required timeframe.
Our main focus continues to be the successful delivery of the Munroe Lane development and leasing
the residual space within that development. As noted, we remain confident that the fundamental
aspects of this property remain attractive, and that tenant commitment will be secured in time.
Management are commencing negotiations on the refinancing of the company’s debt facilities ahead of
expiry in September 2023.
Options for the company remain limited until we complete and lease the balance of the Munroe Lane
development. The settlement of Eastgate in the near term, and 35 Graham Street in either December
2023, or December 2024 are also key drivers in driving balance sheet capability.
The dividend remains subject to quarterly review by the Board but is currently suspended until the
company has sufficient operating earnings to support any ongoing dividend.
That now concludes the manager’s presentation, I’ll hand back over to Bruce now to facilitate any
shareholder questions.

---

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Annual Meeting
2022

Registering to vote
Click on the ‘Get a voting card’ box at
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virtual presentation and webcast.
Asking questions
Only shareholders are eligible to ask
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Virtual meeting information
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3.Fill out your voting card for
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4.Click “Submit Vote” or
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*Not all questions are guaranteed to be answered during the Annual General Meeting,
but we will do our best to address your concerns and each question submitted.
Voting virtually
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01
04
Manager's
presentation
02
05
03
Chairman’s
address
Outlook
ResolutionsShareholder
questions
Agenda
Assetplusnz.co.nz

Chairman’s address
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Manager’s presentation
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•FY22 Total Profit net of tax of $2.93 million(FY21 profit of $15.95 million).
•FY22 Adjusted Funds From Operations
1
of $4.22 million (FY21 AFFO of
$5.82m).
•Munroe Lane development progressing (68% complete), however delayed
by COVID-19 impacts. Now expect completion mid-2023.
•Unconditional sale of 35 Graham Street for $65.0 million with settlement
to occur in December 2023, or December 2024.
•Eastgate settlement delayed – Building Act certificate issue identified and
currently working towards resolution. Settlement expected to occur by 31
August 2022.
Overview
7
Assetplusnz.co.nz
1. AFFO stands for ‘Adjusted Funds From Operations’, and is non-GAAP financial information, calculated based on guidance issued by the Property Council of Australia.
Asset Plus considers that AFFO is a useful measure for shareholders and management because it assists in assessing the Company’sunderlying operating performance.
This non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information
prescribed by other entities.

•Delay arises from a Building Act certificate on the adjoining McDonald's restaurant title
that binds it to Eastgate’s title(s). Whilst Eastgate’s title(s) have the certificate on them,
that certificate is not linked to the adjoining owned McDonald's.
•As a result, Eastgate’s titles are unable to be transferred and settlement cannot be
completed until the Building Act certificate on McDonald’s title is removed.
•After investigation, this appears to bea historical errorarising fromwhen the company
completed a land swap with McDonald's in 2005/2006.
•An application was made to Christchurch City Council to remove the certificate.
•An agreement has now been reached with Council to complete minor fire protection
works to the opening facing McDonald’s. A cash bond is to be provided to secure
Asset Plus’obligation to complete those works.
•This agreement is currently being drafted, and once executed the certificate will be
removed from the McDonald’s title. It is anticipated this process to be completed by
the end of this week.
Eastgate settlement delay
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•Purchaser has issued a Settlement Notice, whereby if Asset Plus is unable to settle
by 5pm on 31 August 2022, they can sue for specific performance or cancel the
agreement, have the deposit and net interest returned, and are entitled to penalty
interest.
•Given the anticipated timing for entering the agreement with Council, it is expected
that settlement can occur prior to the expiry of the Settlement Notice on 31 August.
•The required physical works have also commenced, and may potentially be
completed prior to settlement occurring.
•If Eastgate does not settle, the company will need to further restructure the future
loan facility covenants as part of the upcoming loan refinance. BNZ are aware of the
situation and remain supportive. Failure to settle will not impact on the ability to
draw on the Munroe Lane development facility.
Eastgate settlement delay (continued)
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Key metrics
10Assetplusnz.co.nz
31 March 2022Post-Eastgate settlement
Portfolio value
$216.4m$197.3m
Number of properties
54
Number of tenants
7322
Occupancy
58.0%42.0%
Weighted Average Lease
2.21 years1.40 years
Loan-to-Value ratio
25.7%21.3%
Net Tangible Assets
0.440 cps0.440 cps
%

•As complete (fully-leased) valuation increased from $146.85 million to $147.50
million.
•Construction 68% complete as at 31 July 2022. Total cost to complete is
$43.5million.
•Development delayed as a result of COVID-19 impacts, now expect completion by
mid 2023 (original completion date was December 2022).
•5 Star Green Star Design and Built rating obtained from NZ Green Building Council.
•Project budget has been re-set on the back of COVID-19 costs, delays, increased
forecast leasing incentives, and associated funding cost increases due to extensions
of time and interest rates increases (+$6 million total costs, with funding
representing 50% of this).
•Cost to complete to be funded from committed development loan facility
$41.5million undrawn and working capital.
•Target development margin (fully-leased) now 7.2% (down from 9.8%) and yield on
cost of 5.5% (down from 5.9%).
Munroe Lane, Albany
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•Actively targeting government tenants, and large corporate
occupiers given building's credentials, potential synergies for co-
locating with, and emulating Auckland Council’s ‘hub & spoke’
model.
•COVID-19 created an abundance of surplus office space on the
North Shore, and with macroeconomic conditions now changing
tenant confidence remains muted.
•A number of substantial mandates are on the horizon with
occupation required in the latter part of 2024 – potential timing
disconnect between building completion and possible occupation by
tenant(s).
•Fundamentals of the space remain attractive – CBD grade premises
in de-centralisedlocation, proximity to transport networks, campus
style floor plates, sustainability credentials, affordable rentals.
Munroe Lane, Albany (continued)
Assetplusnz.co.nz
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FloorArea
Ground183m
2
of F&B
Level 1240m
2
of F&B/retail/office
Level 21,951m
2
of office
Level 62,737m
2
of office
Remaining space to be leased

•Shareholders approved the divestment of 35 Graham Street on 3
June 2022 for $65.0 million to MansonsTCLM.
•Settlement is scheduled for 1 December 2023, however Mansons
have a right to extend to 1 December 2024 with purchase price
increasing to $68.0 million and deposit increasing to $13.6 million.
•The $6.5 million initial deposit has been used to retire debt. The
balance of sale proceeds will also be utilisedto repay debt once
settlement occurs.
•Working on short-term leasing opportunities to bolster income
ahead of settlement.
35 Graham Street, Auckland
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•Valuation increased from $41.5 million to $43.5 million.
•Lease renewals reflecting 14.7% of the centre’s income secured during the
year, centre maintains 100% occupancy.
•Modest rental abatement and relief was provided to ensure tenants’ ongoing
viability.
•WALE of 3.5years, which will continue to reduce leading up to theanchor
tenant’s next renewal date (The Warehouse).
Stoddard Road, Auckland
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•Unconditionally sold for $43.45 million, with settlement currently delayed but
expected to occur by 31 August 2022.
•$40.0 million of the sale proceedswill be applied towardsdebt repayment
with the balance retained as working capital.
•Taco Bell opened in June 2021– fifth largest opening week for Taco Bell
globally, and largest trading week ever in APAC region.
•Two new tenants secured during the period – Caroline Eve and Techpro.
•11 lease renewals or extensions secured during the year.
Eastgate, Christchurch
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•Unconditionally sold for $2.7 million, with settlement
scheduled for 30 November 2022
•Sale proceeds will be utilisedto repay debt, but the facility
limit is to be retained.
Kamo, Whangarei
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Funding update
17
•Sufficient development facility headroom to complete the Munroe Lane
development alongside working capital.
•Totalbankfacilitylimitis $123.5 millionwhich is to reduce to $83.5 million on
settlement of Eastgate.
•All facilities expire on 30 September 2023 and APL is working on refinancing
in the near term with a focus on the ICR servicing post the development
period.
•Asset Plus has no hedging at present.
•The effective interest rates includes the base rate plus the margin on drawn
debt. Line fees are payable on the total limit in addition.
•The current base rate is 3.42%. Therefore, including the margin of 1.80% the
current effective interest rate is 5.22% on the investment and working capital
facilities (excluding line fees). The effective interest rate on the development
facility is 5.67% (excluding line fees).
•Interest on the development facility, which funds the balance of the Munroe
Lane development, is capitalised.
LVR at all timesICR to Mar 23ICR to Sep 23
Working Capital
& Investment
45%Not tested
>1.0x to 30 Jun 23
then increases to
>1.5x to 30 Sep 23
DevelopmentN/AN/AN/A
Total Facility
50%N/AN/A
Limit
$m
Drawn
$m
Margin
%
Line Fee
%
To t a l
%
Working Capital12.612.61.801.203.00
Investment44.744.71.801.203.00
Development66.224.72.251.453.70
Total facility123.582.0
Assetplusnz.co.nz
Loan facilities
Loan covenants

•Immediate priority is resolution of the Building Act certificate
issue at Eastgate, ensuring settlement can take place by 31
August 2022.
•Going forward, focus continues to be leasing the balance of
Munroe Lane, and successfully completing the development.
•Moving to refinance the company’s current debt facilities which
expire in September 2023.
•Options remain limited until the Munroe Lane development is
completed and fully leased, and settlements of Eastgate and 35
Graham Street occur.
•Dividend remains subject to quarterly review but is currently
suspended until sufficient operating earnings are generated to
support an ongoing sustainable dividend.
Outlook
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1.Click the “Ask a Question”
buttonat either the top
or bottom of the page.
2.Click “Text Question”,
select the item of
business from the drop-
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3.Click “Submit Question”
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Shareholder questions
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Resolutions
Assetplusnz.co.nz

Re -election of Paul Duffy as a Director
Paul Duffy retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election
as a Director of the Company.
“That Paul John Duffy be re-elected
as a Director of the Company.”
Resolution 1
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Re -election of Bruce Cotterill as a Director
Bruce Cotterill retires under NZX Listing Rule 2.7.1
and, being eligible, offers himself for re-election as
a Director of the Company.
“That Donald Bruce Cotterill be re-elected
as a Director of the Company.”
Resolution 2
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Auditors’ fees and expenses
“That the Board be authorised to fix the
auditors’ fees and expenses from time to
time.”
Resolution 3
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•Will be conducted via a poll.
•Link will have provided you with a
voting form on your entry to the
meeting.
•Please complete and any shares that
you may be acting as proxy for.
•Pass the form to Link who will move
through the room to collect.
In Room
•To vote, you will need to click
“Get Voting Card” within the online
meeting platform.
•You will be asked to enter your
Shareholder or Proxy Number to
validate.
•Please then mark your voting card in
the way you wish to vote by clicking
“FOR”,“AGAINST” or "ABSTAIN" on the
voting card.
•Click “Submit Vote” on the bottom of
the card to lodge you vote.
OnlineResults
•Will be published on Asset Plus’
website and will be announced to
the NZX this afternoon as soon as
they are available.
Voting instructions
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Important Notice
Thispresentationcontainsnotonlya reviewofoperations,butmayalsocontainsomeforwardlookingstatements(includingforecastsand
projections)aboutAssetPlusLimited(APL)andtheenvironmentinwhichAPLoperates. Becausethesestatementsareforwardlooking,APL’s
actualresultscoulddiffermaterially. PleasereadthispresentationinthewidercontextofmaterialpreviouslypublishedbyAPLandannounced
throughNZXLimited.
Norepresentation,warrantyorundertaking,expressorimplied,ismadeastothefairness,accuracy,completenessorcorrectnessofthe
informationcontained,referredtoorreflectedinthispresentationorsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisersor
associatedpersons)inconnectionwithit,astowhetheranyforecastsorprojectionswillbemet,orastowhetheranyforwardlooking
statementswillprovecorrect.Youwillberesponsibleforformingyourownopinionsandconclusionsonsuchmatters.
Nopersonis underanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyou.
Tothemaximumextentpermittedbylaw,noneofAPL,CenturiaFundsManagement(NZ)Limited(CFM)noranyoftheirdirectors,officers,
employeesoragentsoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,anyliability
arisingfromanyfaultornegligenceonthepartofAPL,CFM,theirdirectors,officers,employeesoragentsoranyotherperson)arisingfromthis
presentationoranyinformationcontained,referredtoorreflectedinit orsuppliedorcommunicatedorallyorinwritingtoyou(oryouradvisers
orassociatedpersons)inconnectionwithit.
AcceptanceofthispresentationconstitutesacceptanceofthetermssetoutaboveinthisImportantNotice.
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