This presentation provides a brief overview and analysis of the range and dispersion of KiwiSaver Fund risks and returns for the 5 years to end June 2015.

1. 1
Analysis of 94 KiwiSaver Funds for
5 years to end June 2015
Using the KnowRisk Kiwisaver Ranking Tool
Intended Audience – Wholesale / Broker Intermediary IFA /
AFA’s
KnowRisk Consultingwe crunch the numbers so you don't have to

2. 2
KiwiSaver Returns (CAGR) versus Losses ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class No Show Specific Fund No
Show Medians No Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Drawdown
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

3. 3
KiwiSaver Returns (CAGR) versus Losses ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class No Show Specific Fund No
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Drawdown
-5.17
9.28
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

4. 4
KiwiSaver Returns (CAGR) versus Losses ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund No
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Drawdown
-5.17
9.28
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

5. 5
KiwiSaver Returns (CAGR) versus Losses ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Drawdown
-5.17
9.28
-23.42
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

6. 6
Aggressive KiwiSaver (CAGR) versus ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Aggressive
Fund XYZ
Aggressive Kiwisaver Funds CAGR v.s.Drawdown
-15.47
12.08
-23.42
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

7. 7
Growth KiwiSaver (CAGR) versus ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Growth Chosen fund is not shown because Aggressive
Fund XYZ
Growth Kiwisaver Funds CAGR v.s.Drawdown
-7.35
11.76
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
-18.00 -16.00 -14.00 -12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

8. 8
Balanced KiwiSaver (CAGR) versus ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Balanced Chosen fund is not shown because Aggressive
Fund XYZ
Balanced Kiwisaver Funds CAGR v.s.Drawdown
-4.67
9.51
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
-12.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

9. 9
Conservative KiwiSaver (CAGR) versus ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Conservative Chosen fund is not shown because Aggressive
Fund XYZ
Conservative Kiwisaver Funds CAGR v.s.Drawdown
-1.766.76
0.00
2.00
4.00
6.00
8.00
10.00
12.00
-4.50 -4.00 -3.50 -3.00 -2.50 -2.00 -1.50 -1.00 -0.50 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

10. 10
Defensive KiwiSaver (CAGR) versus ( Drawdown )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Defensive Chosen fund is not shown because Aggressive
Fund XYZ
Defensive Kiwisaver Funds CAGR v.s.Drawdown
0.00
3.18
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
-6.00 -5.00 -4.00 -3.00 -2.00 -1.00 0.00
Drawdown
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

11. 11
KiwiSaver 5yr Returns (CAGR) versus Drawdown length (Months)
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Drawdown Length
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Drawdown Length
4.00
9.28
8.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00
Drawdown Length
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

12. 12
KiwiSaver Returns (CAGR) versus % Positive
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis % Pos
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.% Pos
0.77
9.28
0.58
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 0.20 0.40 0.60 0.80 1.00 1.20
% Pos
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

13. 13
KiwiSaver Returns (CAGR) versus Dispersion ( Norm Entropy )
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Normalized Entropy
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Normalized Entropy
0.98
9.28
0.96
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.96 0.96 0.97 0.97 0.98 0.98 0.99 0.99 1.00 1.00 1.01
Normalized Entropy
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

14. 14
KiwiSaver Returns (CAGR) versus Downside Volatility
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Downside Volatility
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Downside Volatility
1.25
9.28
3.24
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50
Downside Volatility
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

15. 15
KiwiSaver 5yr Returns (CAGR) versus 2011
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis 2011
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.2011
1.84
9.28
-20.79
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-25.00 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00
2011
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

16. 16
KiwiSaver 5yr Returns (CAGR) versus 2012
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis 2012
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.2012
11.95
9.28
19.20
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00
2012
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

17. 17
KiwiSaver 5yr Returns (CAGR) versus 2013
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis 2013
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.2013
10.30
9.28
-5.34
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-10.00 -5.00 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00
2013
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

18. 18
KiwiSaver 5yr Returns (CAGR) versus 2014
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis 2014
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.2014
10.30
9.28
1.39
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00
2014
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

19. 19
KiwiSaver 5yr Returns (CAGR) versus 2015 YTD (June)
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis 2015
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.2015
4.96
9.28
8.45
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
-5.00 0.00 5.00 10.00 15.00 20.00 25.00
2015
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

20. 20
KiwiSaver 5yr Returns (CAGR) versus Sorted Total Fees
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Sorted Total Fees
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.Sorted Total Fees
1.29
9.28
1.59
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50
Sorted Total Fees
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

21. 21
Balanced KiwiSaver Returns (CAGR) versus Sorted Total Fees
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis Sorted Total Fees
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show Balanced Chosen fund is not shown because Aggressive
Fund XYZ
Balanced Kiwisaver Funds CAGR v.s.Sorted Total Fees
1.24
9.51
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
0.00 0.50 1.00 1.50 2.00 2.50
Sorted Total Fees
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting Based on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015 www.knowrisk.biz

22. 22
KiwiSaver 5yr Returns (CAGR) versus Ann Mgt Fees
Y - ( Vertical ) Axis CAGR X - ( Horizontal ) Axis p_annMgtFee
Colour code Sorted Class Yes Show Specific Fund Yes
Show Medians Yes Fund to Show
Class to Show All
Fund XYZ
All Kiwisaver Funds CAGR v.s.p_annMgtFee
0.84
9.28
1.02
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0.00 0.50 1.00 1.50 2.00 2.50
p_annMgtFee
CAGR
Growth Balanced Conservative Defensive Aggressive All Median Median Fund
Source: KnowRisk Consulting www.knowrisk.bizBased on pre tax return data for 94 KiwiSaver funds with 5 years data to end June 2015

23. 23
Know
C O N S U L T I N G +27 76 483 3919 peter.urbani@knowrisk.biz

24. 24
C O N S U L T I N G +27 76 483 3919 peter.urbani@knowrisk.biz
KnowRisk Consultingwe crunch the numbers so you don't have to