hunter hall global value limited - australian ... 5, 20 bridge street sydney nsw 2000 hunter hall...

HUNTER HALL GLOBAL VALUE LIMITED ACN 107 462 966

GPO Box 3955, Sydney NSW 2001, Australia Telephone: +61 2 8224 0300 Email: [email protected] Website: www.hunterhallglobalvalue.com.au

16 November 2016

Market Announcements Office ASX Limited Level 5, 20 Bridge Street Sydney NSW 2000

HUNTER HALL GLOBAL VALUE LIMITED ANNUAL GENERAL MEETING

CHAIRMANS ADDRESS AND INVESTMENT MANAGERS PRESENTATION 16 November 2016

Please find attached:

a. a copy of an address and slides to be delivered by Mr Paul Jensen, Chairman of Hunter Hall Global Value Limited at the 2016 AGM today; and

b. slides to be presented by Peter Hall, Chief Investment Officer, Hunter Hall Investment Management Limited.

Yours faithfully

Christina Seppelt Company Secretary

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HUNTER HALL GLOBAL VALUE LIMITED ACN 107 462 966

GPO Box 3955, Sydney NSW 2001, Australia Telephone: +61 2 8224 0300 Email: [email protected] Website: www.hunterhallglobalvalue.com.au

Hunter Hall Global Value Limited

2016 Annual General Meeting

Chairmans Address

Hello and welcome to the Hunter Hall Global Value Limiteds 2016 Annual General Meeting. Thank you for joining us and for your continued support of the Company.

My name is Paul Jensen, I am the Chairman of the Board of Directors and I will be chairing this mornings meeting. It is now just past 9.30am, the nominated time for the meeting. I have been informed by our Company Secretary that a quorum is present and I am pleased to declare the meeting open.

There will be four components to this mornings meeting. First, I will give a brief address of the performance of the company over the last 12 months. The highlight of the meeting will be a presentation from the Companys Investment Manager, by Peter Hall and James McDonald. I will then open the floor to general questions and then we will then progress to the formal business of the meeting, where the resolutions provided in the Notice of Meeting will be put to the members.

Following the conclusion of the meeting, I invite you to join with us for morning tea.

I would like to introduce my fellow directors Peter Hall and Julian Constable (and Peters alternate director David Groves). I would also like to introduce our Company Secretary Christina Seppelt and our audit partner from Grant Thornton, Grant Layland, who will be available to address any questions relating to the Companys financial statements. We also have representatives here from the proposed new auditors, Ernst & Young

I would also like to acknowledge the contribution of the directors that retired during the course of the year Mr Philip Clark and Mr Alex Koroknay.

Hunter Hall Global Value Limited

Hunter Hall Global Value Limited is a global equities listed investment company and it is Australias only ethically screened listed investment company. It provides shareholders with exposure to a concentrated portfolio of ethically screened global equities. Hunter Hall has a value investment philosophy based on fundamental, bottom up, company analysis.

The 2016 financial year has been another successful year for the Company.

In FY2016, the Companys investment portfolio performed strongly increasing by 12.3% after all fees and expenses and it significantly outperformed both the global and Australian equity markets. Outperforming the MSCI World Index by 11.9% and the ASX All Ordinaries Accumulation Index by 10.3% was an outstanding result, during what was a very tough and challenging year for global equity managers.

The Companys investment objective is to generate positive absolute returns in excess of the portfolios benchmark over an investment horizon of five years.

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Hunter Hall Global Value Limited was listed on the Australian stock exchange in March 2004 and since its inception over 12 years ago, and it has consistently met its investment objective. After management fees, all expenses and tax paid It has outperformed its benchmark the MSCI World index across 1,3,10 year and since inception time periods.

It must be noted that the Hunter Hall Global Value Limited publishes its investment performance returns after the deduction of all management fees, company expenses and tax paid and it is noted that not all listed investment companies do this. It is also noted that the comparative benchmark indices returns are non-investable as they do not include any allowance for investment fees or taxes.

The companys performance is equally impressive when viewed against its peer group of ASX listed global equities companies and ASX listed international equities companies.

Hunter Hall Global Value Limited has consistently been a market leading listed investment company in the Global and International equities asset classes, being ranked by Independent Investment Research Ltd as either first or second among its peer group across 1, 3 and 5 year time periods.

Financial Results

For the year end 30 June 2016, the Company made a pre-tax profit of $42.5 million and an after-tax profit of $30.5 million. Under Australian accounting standards, realised profit and losses are added to, or reduced by, changes in the market value of the companys total assets. This can potentially lead to large variations in the recorded statutory profits or losses from one year to the next.

Your Directors suggest a more appropriate measure of the Companys financial results is the change in its post-tax Net Tangible Assets plus any dividends paid during the period. On this measure the post-tax NTA plus dividends increased by 9.0% from $1.34 per share to $1.46 per share, after tax paid during the period.

Any tax paid during the period is recognised in the Companys franking account. Franking is not recognised as a tangible asset, however it is available to be distributed to shareholders by the payment of franked dividends.

Company Expenses: The board is also pleased to report that on a like for like basis the Companys expenses (excluding investment management fees) declined by 6.9% over the corresponding prior period.

Dividends

The Companys dividend policy is to pay a consistent and regular stream of fully franked dividends to our shareholders, provided the Company has sufficient profit reserves and franking credits and it is within prudent business practices.

The board reaffirms the dividend policy and it is pleased to have delivered to shareholders a total fully franked dividend of 6.5 cents per share for the year, representing a cash dividend yield of 4.9% based on yesterdays closing share price.

The Board has implemented an accounting policy, which allows the Company to transfer its retained earnings to a profit reserve, to the extent that any profits are not distributed.

As at 31 October and after the payment of the FY2016 final dividend, the profit reserve is 44.2 cents per share and the franking account balance has increased due to tax paid in FY2017. The Company is in a strong position to pay dividends in the future.

The Companys ability to generate fully franked dividends will continue to be largely dependent on the investment managers ability to generate realised profits in the portfolio and for the company to pay tax. The Directors have and will continue to adopt a conservative approach in managing our franking account balance.

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Share Price and Net Tangible Assets per share

The Company has made significant progress towards meeting its strategic objective of ensuring that our share price appropriately reflects the net tangible asset or NTA per share of the Company and we are focused on consolidating the achievements made to date.

To achieve our strategic objective we have and continue to implement a range of initiatives to ensure that; we communicate clearly and effectively with our shareholders, we deploy value creative capital management strategies and we demonstrate disciplined management of the Companys expenses.

I am pleased to report that the discount that the Companys share price relative to its NTA per share narrowed over the course of the year, from 15.4% to 6.7% at 30 June 2016. Since the year end the discount had continued to contract and in October it was trading slightly below our pre-tax NTA per share, at a discount of around 0.50%. The narrowing of the discount to NTA has returned in excess of $45 million of value to our shareholders.

The board remains focused on ensuring that our share price continues to appropriately reflect our NTA per share and this will require our investment manager to continue developing the broad mix of new initiatives undertaken to date.

Our shareholder communication programs have gained traction and I am pleased to report that that the number of shareholders in the Company has increased by 16.1% or 1,091 net new shareholders since 1 July 2015 and we now have in excess of 7,800 shareholders, the majority of this growth occurring within the last 6 months. Having an active and loyal shareholder base is an important element in ensuring there is liquidity in our shares for our current and potential new shareholders.

Total Shareholder Return

Total Shareholder Return is the measure of the return to our shareholders and it is the combination of the change in the Companys share price and the dividends paid to shareholders during the year.

For the financial year 2016, our total shareholder return was a very pleasing 20% and builds on the 20% plus total shareholder returns in each of the prior 3 years. This year, the Companys share price increased from $1.20 to $1.33 and the Company paid dividends totalling 11 cents per share were paid to shareholders.

Corporate Governance

Hunter Hall Global Value Limiteds capital is managed by Hunter Hall Limited, our investment manager. This relationship is principally governed by the Investment Management Agreement entered into between the Companies. The directors report that they have monitored the performance of the investment manager and its adherence to the Investment Management Agreement with the full and transparent co-operation of Hunter Hall Limited.

I would like to thank Hunter Hall Limited for their ongoing commitment and support of Hunter Hall Global Value Limited, specifically their board chaired by Mr Kevin Eley, their investment team led by Peter Hall and their management team led Paula Ferrao.

I would also like to thank each of my fellow board members Julian, Peter and David for their commitment and their significant contribution throughout the year.

Finally, on behalf of the board, thank you all, our loyal shareholders for your continued support.

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Hunter Hall Global Value Limited (ASX:HHV)

Annual General Meeting9.30am, 16 November 2016Radison Blu Hotel, Pitt Street, Sydney

(ACN 107462966)

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Agenda

Chairmans Address

Investment Manager Update

Q&A Formal Business

1 2 3 4

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Chairmans Address

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Hunter Hall Global Value Limited is Australias only ethically screened global equities listed investment company

Portfolio Characteristics

Tobacco Fossil Fuels Gambling Uranium &Nuclear

WeaponsUnremediatedEnvironmental

Destruction

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Performance is after all fees, charges and tax paid

Portfolio Performance

Source: Hunter Hall, Bloomberg. MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars.

Performance figures refer to the movement in NTA per share after all fees, charges and tax paid and including share buy-backs and the reinvestment of dividends, excluding tax accrued but unpaid.

Performance to 30 June 2016

Hunter Hall Global Value Limited 12.30%

MSCI World1 0.40%

ASX All Ordinaries Accumulation Index 2.0%

MSCI Outperformance 11.90%

ASX All Ordinaries Accumulation Outperformance 10.30%

Outstanding investment performance FY 2016

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Source: Hunter Hall

To generate positive absolute returns

in excess of the portfolios benchmark over an

investment horizon of five years

Investment Objective

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At 31 October 2016

Compound Annual Returns

1 Year

3 Years

5 Years

10Years

Since Inception

2004

Hunter Hall Global Value Limited 6.2% 15.9% 16.4% 6.0% 8.1%

MSCI World1 -5.1% 11.7% 16.5% 4.1% 5.9%

Outperformance 11.3% 4.2% -0.1% 1.9% 2.2%

Outstanding investment performance YTD 2017 since inception

Performance is after all fees, charges and tax paid

Source: Hunter Hall, Bloomberg. MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars.

Performance figures refer to the movement in NTA per share after all fees, charges and tax paid and including share buy-backs and the reinvestment of dividends, excluding tax accrued but unpaid.

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Source: Independent Investment Research (IIR) Listed Investment Company Report, September 2016 & Hunter HallLIC: Listed Investment Company

At 30 September 2016

ASX LIC Category Number of ASX LICs

Hunter Hall Global Value Ltds Ranking Against Peers

1 Year 3 Years 5 Years

ASX Global Equities LICs 6 2nd 1st 2nd

ASX International Equities LICs 16 2nd 1st 2nd

Outstanding Investment Performance vs Peers

Hunter Hall Global Value Limited is a market leader in both the ASX listed investment company Global Equities & International Equities

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Dividend Policy

Source: Hunter Hall

To pay a consistent regular stream of fully franked dividends to our shareholders, provided the Company has sufficient profit reserves and franking credits and it is within prudent business practices

2.5 3.5 3.04.0 4.0 3.0 3.5

4.0

0.0

5.0

10.0

Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16

Cents per share

4.0 3

Fully frankedUnfrankedPartially franked

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Dividend Policy

Source: Hunter Hall

Profit Reserve of 44.2 cents per share (31 October 2016)

Franking Account- FY2017, continued to realise profits in the portfolio- Cyrstallised tax payments and a current tax liability- Building a positive franking account balance

Dividend Coverage Capacity

Hunter Hall Global Value Limited is in a strong position to pay future dividends

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Shareholder Engagement

Source: Hunter Hall

Our strategic objective is to ensure that our share price appropriately reflects our NTA per share

To achieve this we are committed to:

Communicate clearly and effectively with our shareholders

Create value creating capital management strategies

Demonstrate disciplined management of the Companys expenses

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Source: Hunter Hall


$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

04 05 06 07 08 09 10 11 12 13 14 15 16

Discount to NTA

Share Price

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16

Discount to NTA

Share Price

Our share price discount to NTA per share has decreased significantly over the year

Historical share price discount to NTA/share Recent share price discount to NTA/share

Share price Discount to NTA Share price Discount to NTA

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6200

6400

6600

6800

7000

7200

7400

7600

7800

8000

13Source: Hunter Hall


The number of Hunter Hall Global Value Limited shareholders increased by 16.1% since 1 July 2015, 1,091- 780 net new shareholders since May.

NumberNumber

-50

-

50

100

150

200

250

300

Total Number of HHV Shareholders Net Number of New Shareholders

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Initiatives to engage with our shareholders

Shareholder Communication New shareholder welcome pack Shareholder surveys Fortnightly shareholder newsletters

ASX Platform Weekly and monthly NTA

announcements Monthly portfolio performance reports Transparency, continuous disclosure

Financial Performance Half and Full Year Reports AGM attendance and voting

Investment Research HHV Research house reports HHV Stock broker reports

Shareholder Presentations Bi-annual investor roadshows Webinar investment manager updates Participation industry conferences

Investment Manager Commitment Committed marketing budget Dedicated Hunter Hall Executive

resource HHL a significant HHV shareholder

Media and PR Campaigns Industry journalist engagement Partnership marketing programs Digital marketing and social media

programs Print publication advertising programs

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Source: Hunter Hall

Total Shareholder ReturnHunter Hall Global Value Limited has delivered a total shareholder return of 20% or more over the last 4 years

22.5%19.5% 18.8%

10.8%

2.5% 7.1%6.9%

9.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

FY13 FY14 FY15 FY16

Share Price Annual Movement Dividend Paid in Year

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Investment Manager Update

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Hunter Hall Global Value Limited (ASX:HHV)Annual General Meeting

Investment Update

Peter Hall Chief Investment Officer

(ACN 107462966)

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Fiscal stimulus - deficits continued increasing sovereign debt to GDP ratios

Monetary stimulus - balance sheets of major central banks have increased by US$10 trillion since 2008

Interest rates driven down to 5000 year lows* Which has had the consequences that all three major

asset classes are now highly valued 35% of government bonds have negative yields Hot property markets High equities valuations

18

The 2008 2016 Period

* Source: Bank of England, Global Financial Data, Homer and Sylla A History of Interest Rates

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Shiller PE Ratio

Source: Multpl.com

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Deutsche Bank Market cap = 17 billion EUR (-52%) Tangible Book Value = 49.5 billion EUR (US Justice Department

US$14 billion fine) Total Assets = 1689 billion EUR (99x leverage to market value) Gross derivatives exposure 41,940 billion EUR (12 of world total)

Italian banking system Japan China (NPLs as much as 10% of total banking assets) Interest rates have bottomed and are rising Political change

20

Risks F

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The Trump era

21

A distinct break with the post GFC period a new generation of political leaders

A breakdown of balance between interest rates, currency relationships and coordinated fiscal and monetary policy

Geopolitics: isolationism Trade: protectionism Even more aggressive fiscal stimulus Can only be funded by further monetary expansion Rising interest rates and inflation expectations Valuations at risk F

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Sovereign Debt

22Source: Ministry of Finance Japan, Japanese Public Finance Factsheet, December 2015, www.mof.go.jp

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Chinese Yuan to US Dollar (USDCNY)

Source: Bloomberg Website, 15/11/2016

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LIBOR - USD 3 Month


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Germany I/L 10Y -0.850


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Barbell Portfolio Structure

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31 October 2016 CashGold

Shares Equities

Global Value Limited 21.4% 17.0% 61.6%

Source: Hunter Hall

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Valuation of Gold portfolio

27

St Barbara Beadell ResourcesDoray

MineralsBlackham Resources

Market Capitalisation 1427 481 162 205

Net debt/ (cash) 96 36 56 4

Enterprise Value 1523 517 218 210

EBITDA (2017 f) 327 120 93 58

AISC (AU$) 1030 1026 1186 1120

Reserves m oz 4.0 1.5 0.5 0.6

EV/EBITDA 2017 4.7X 4.3X 2.3X 3.6X

EV/Reserves ($/oz) 348 350 466 374

P/E 2017 7.9X 6.5X 6.4X 5.4X

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Buoyant consumer sentiment in the United Kingdom (FTSE100 + 8%), strong economic growth numbers

Pound has dropped by 16% (EUR), 17% (US$) since 23 June An end to austerity and major public works projects announced Longer term Britain will return to its historic role as a

sophisticated and ruthless trader, financier and manufacturer London will boom like it has never boomed before a return to

being the worlds biggest tax haven and party town In Europe political change in France, Germany and Italy Eurozone may collapse, EU powers may shrink

28

Consequences of BrexitF

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Residential property broker and manager (c 50% each) London - focussed with leading 7% market share (Savills

2%) 45% of UK property sales in London, 60% in Greater

London, 87% in South East England Share price has fallen from high of 373p in 2014 to 100p on

24 June Cash machine - return on operating capital of 100% + Dividend yield of 3.3% Purchased on EV/EBITDA of 7.3x Upside to 4 on a five year view

29

Foxtons plc -110pF

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Foxton strategy

25

Planned branch network growth

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Strong competitive position most recognised property brand

Strong results-focussed culture allows higher pricing, variable cost base and worker productivity

2008 2015 market volume + 37% , Foxtons + 111%

Opportunity to increase branch network from 63 to 100 in London, a further 100 in South East England

Changes to stamp duty possible, would increase turnover

Ongoing growth in lettings market (+7.5% pa. since 2004)

Over 5 to 7 years EBITDA to increase from c 46m to 100m

31

Foxtons Positioning and GrowthF

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Top 10 Portfolio Holdings

Hunter Hall Global Value (ASX:HHV)

Source: Hunter Hall

Top 10 Holdings Main Business Country %St Barbara gold producer Australia 7.9Sirtex Medical liver cancer treatments USA 6.7Lumentum optical components USA 4.2Beadell Resources gold producer Brazil 3.7Vocus telecommunications Australia 3.7Prada luxury goods Italy 3.2Foxtons real-estate broker UK 3.2Doray Minerals gold explorer and producer Australia 3.0SRG Ltd engineering services Australia 2.4Blackham Resources gold producer Australia 2.2Other 38.4Cash 21.4

Portfolio holds 56 stocks in total

31 October 2016

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Top 12

Portfolio at6/30/10

Top 12 HoldingsMain BusinessCountry%

Sirtex Medicalliver cancer treatmentsAustralia5.3

Woongjin Thinkbigeducation servicesKorea4.2

Virgin Mediabroadband communicationsUK3.7

Customerselectronic transaction servicesAustralia3.5

AllahabadbankIndia3.3

JDSoptical componentsUSA3.0

GoldgoldGold2.7

NKSJinsurerJapan2.7

Biocompatiblesmedical devicesUK2.3

Samchullyenergy distributorKorea2.1

Indian BankbankIndia2.0

St. Barbaragold explorer and producerAustralia2.0

Other/Cash63.0

The Value Growth Trust holds 89 stocks in total



GoldgoldGold5.8



Proto CorppublishingJapan4.1


NKSJinsurerJapan2.8

Yellow Pagestelephone directories Canada2.6

JDSoptical componentsUSA2.5


AMGspeciality metalsNetherlands2.3

Daiichikoshokaraoke machineryJapan2.1

Other/Cash56.2

The Global Ethical Trust holds 66 stocks in total

Top 12 HoldingsMain Business%

Sirtex Medicalliver cancer treatments6.9

M2 Telecommunicationstelecommunications6.6

Customerselectronic transaction services5.0

RCR Tomlinsonengineering services5.0

Decmilengineering services5.0

St. Barbaragold explorer and producer4.7

Hansen Technologiesbilling systems software3.9

Southern Cross Electricalindustrials3.5

VDM Groupengineering services3.1

Aspen Groupproperty investment and management3.1

Logicammselectrical engineering2.7

Retail Cubeconsumer discretionary2.4

Other/Cash48.0

The Australian Value Trust holds 36 stocks in total



CBD Energyenergy servicesAustralia7.9

Velosiquality controlsUK7.6

Symphonybiodegradable plasticsUK7.2

Catch The Windwind sensor systemsCanada6.5



PureCirclefood and beverage additiveUK2.7

UXCbusiness solutions Australia2.7

Krotoneducational servicesBrazil2.4

Colefaxfurnishing fabricsUK2.2

AMGspeciality metalsNetherlands2.0

Other/Cash40.4

The Global Deep Green Trust holds 23 stocks in total





Customerselectronic transaction servicesAustralia2.9



Proto CorppublishingJapan2.2

Velosiquality controlsUK2.2

St. Barbaragold explorer and producerAustralia2.1

Western Digitalmemory devices USA2.0

Catch The Windwind sensor systemsCanada2.0

NKSJinsurerJapan2.0

Other/Cash65.8

The International Ethical Fund holds 83 stocks in total

31 October 2016


St Barbaragold producerAustralia7.9

Sirtex Medicalliver cancer treatmentsUSA6.7

Lumentumoptical componentsUSA4.2

Beadell Resourcesgold producerBrazil3.7

VocustelecommunicationsAustralia3.7

Pradaluxury goodsItaly3.2

Foxtonsreal-estate brokerUK3.2

Doray Mineralsgold explorer and producerAustralia3.0

SRG Ltdengineering servicesAustralia2.4

Blackham Resourcesgold producerAustralia2.2

Other38.4

Cash21.4

Portfolio holds 56 stocks in total

Performance

30 September 2016VGTMSCI (AUD)Relative Returns MSCI (AUD)30 September 2016VGT (NZD)MSCI (NZD)Relative Returns MSCI (NZD)31 July 2010VGT (USD)MSCI (USD)Relative Returns MSCI (USD)

3 months4.6%2.0%2.5%3 months5.2%2.7%2.5%3 months0.0%300.0%7.5%

6 months12.2%6.5%5.7%6 months6.6%1.1%5.5%6 months0.0%600.0%11.6%

1 year18.3%2.2%16.2%1 year13.4%-2.0%15.4%1 year0.0%1200.0%29.0%

3 years17.7%13.2%4.6%3 years15.2%10.7%4.5%3 years0.0%3600.0%10.1%

5 years16.0%17.1%-1.0%5 years11.7%12.7%-1.0%5 years0.0%6000.0%10.6%



Since inception - compound annual13.8%6.2%7.5%Since inception - compound annual12.9%5.4%7.5%Since inception - compound annual0.0%INCEPTION14.1%

30 September 2016GETMSCI(AUD)Relative Returns MSCI30 September 20160%MSCI (NZD)Relative Returns MSCI (NZD)

3 months7.2%2.0%5.2%3 months0.0%0.0%0.0%

6 months10.4%6.5%3.9%6 months0.0%0.0%0.0%

1 year3.9%2.2%1.7%1 year0.0%0.0%0.0%

3 years9.6%13.2%-3.6%3 years0.0%0.0%0.0%

5 years10.0%17.1%-7.1%5 years0.0%0.0%0.0%

7 years6.5%10.7%-4.2%7 years0.0%0.0%0.0%

10 years1.9%4.2%-2.3%10 years0.0%0.0%0.0%

15 yearsERROR:#REF!ERROR:#REF!ERROR:#REF!15 years0.0%0.0%0.0%

Since inception - compound annual5.4%3.1%2.3%Since inception - compound annual0.0%0.0%0.0%

30 September 2016AVTAll OrdsRelative Returns All Ords31 July 2010AVT (NZD)All Ords (NZD)Relative Returns All Ords (NZD)

3 months13.2%8.5%4.7%3 months0.0%0.0%0.0%

6 months21.9%14.8%7.1%6 months0.0%0.0%0.0%

1 year28.9%29.2%-0.3%1 year0.0%0.0%0.0%

3 years13.3%7.1%6.3%3 years0.0%0.0%0.0%

5 years9.5%5.3%4.3%5 years0.0%0.0%0.0%

7 years6.0%2.8%3.2%7 years0.0%0.0%0.0%

10 years6.3%1.4%4.9%10 years0.0%0.0%0.0%

15 yearsERROR:#REF!ERROR:#REF!ERROR:#REF!15 years0.0%0.0%0.0%

Since inception - compound annual8.8%6.3%2.5%Since inception - compound annual0.0%0.0%0.0%

30 September 2016GDGMSCI (AUD)Relative Returns MSCI31 July 2010GDG (NZD)MSCI (NZD)Relative Returns MSCI (NZD)

3 months9.8%2.0%7.8%3 months300.0%10.5%2.7%

6 months6.6%6.5%0.1%6 months600.0%1.3%1.1%

1 year1.6%2.2%-0.6%1 year1200.0%-2.6%-2.0%

2 years0.3%9.9%-9.7%2 years2400.0%-2.9%6.4%

3 years6.2%13.2%-6.9%3 years3600.0%4.0%10.7%

5 years7.5%17.1%-9.6%5 years6000.0%3.5%12.7%

7 years2.7%10.7%-8.1%7 years8400.0%0.5%8.4%

10 yearsERROR:#REF!ERROR:#REF!ERROR:#REF!10 years12000.0%ERROR:#REF!ERROR:#REF!

15 yearsERROR:#REF!ERROR:#REF!ERROR:#REF!15 years18000.0%ERROR:#REF!ERROR:#REF!

Since inception - compound annual2.1%4.7%-2.5%Since inception - compound annualINCEPTION0.6%3.1%

30 September 2016GVL PRE-TAX EXCL DTA INDEXMSCI (AUD)Relative Returns MSCI

3 months4.1%2.0%2.0%

6 months12.7%6.5%6.2%

1 year19.7%2.2%17.5%

2 years16.6%9.9%6.7%

3 years18.4%13.2%5.3%

5 years17.7%17.1%0.6%

7 years11.4%10.7%0.7%

10 years6.6%4.2%2.4%

15 yearsERROR:#DIV/0!ERROR:#REF!ERROR:#DIV/0!

Since inception - compound annual8.6%6.1%2.5%

30 September 2016IEF (USD)MSCI (USD)Relative Returns MSCI31 July 2010IEF (EUR)MSCI (EUR)Relative Returns MSCI (EUR)

3 monthsERROR:#N/AERROR:#N/AERROR:#N/A3 monthsERROR:#N/AERROR:#N/AERROR:#N/A

6 monthsERROR:#N/AERROR:#N/AERROR:#N/A6 monthsERROR:#N/AERROR:#N/AERROR:#N/A

1 yearERROR:#N/AERROR:#N/AERROR:#N/A1 yearERROR:#N/AERROR:#N/AERROR:#N/A

3 yearsERROR:#N/AERROR:#N/AERROR:#N/A2 yearERROR:#N/AERROR:#N/AERROR:#N/A

5 yearsERROR:#N/AERROR:#N/AERROR:#N/A3 yearsERROR:#N/AERROR:#N/AERROR:#N/A




Since inception - compound annualERROR:#N/AERROR:#N/AERROR:#N/ASince inception - compound annualERROR:#N/AERROR:#N/AERROR:#N/A

30 June 2010IEF (USD)MSCI (USD)Relative Returns MSCI

200344.433.111.3

200417.114.72.4

200510.89.51.3

200622.320.12.2

200722913

2008-54.5-40.7-13.8

200979.23042.9

YTD 2010ERROR:#N/AERROR:#N/AERROR:#N/A

IEF

2003200420052006200720082009YTD 201044.417.10000000000000110.822.322-54.50000000000000779.2#N/AMSCI (USD)

2003200420052006200720082009YTD 201033.114.79.520.1000000000000019-40.69999999999999630#N/A

(%)

Business

31 October 2016

Hunter Hall Value Growth TrustHunter Hall Global Ethical TrustHunter Hall Australian Value TrustHunter Hall Global Deep Green TrustHunter Hall Global Value LimitedHunter Hall International Ethical Fund

(VGT)(GET)(AVT)(GDG)(HHV) (IEF)

Date of Inception2-May-9429-Nov-0129-Nov-0131-Oct-0719-Mar-0431-Dec-02

Investment UniverseInternational & AustraliaInternationalAustralia & New ZealandInternational & AustraliaInternational & AustraliaInternational & Australia

Currency HedgingYesNoNoYesYesNo

Ethical ScreenNegativeNegativeNegativePositiveNegativeNegative

Fund Size (A$)$593$91$40$6$338ERROR:#REF!

Compound Average Annual Returns to 30 September 2016

Fund since inception13.8%5.4%ERROR:#N/AERROR:#N/A8.6%ERROR:#N/A

MSCI World since inception6.2%3.1%- ERROR:#N/A6.1%ERROR:#N/A

All Ords since inception8.8%- 6.3%---

33

Disclaimer

Hunter Hall Investment Management Ltd, including its parent, subsidiaries and/or affiliates (theCompany), their staff or consultants or any individuals preparing this communication, may at any timehave a position in securities or options of any of the companies mentioned in this communication. Anemployee or consultant of the Company may be a director of a company mentioned in this communication.

Although the statements of fact in this communication have been obtained from and are based uponsources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such informationmay be incomplete or condensed. All opinions and estimates included in this communication constitute theCompanys judgement as of the date of this communication and are subject to change without notice.This communication is for informational purposes only and is not intended as an offer or solicitation withrespect to the purchase or sale of any security. This report does not take into account the investmentobjectives, financial situation or particular needs of any particular person. Investors should obtain individualfinancial advice based on their own particular circumstances before making an investment decision on thebasis of the recommendations in this report.Initial applications for units can only be made on an Application Form attached to the current ProductDisclosure Statement and Supplement of the Hunter Hall Trusts. Hunter Hall Investment ManagementLimited or any related entity does not guarantee the repayment of capital or any particular rate of returnfrom the Trust. Past performance is no guarantee of future performance. Investment returns have beencalculated in accordance with normal industry practice utilising movements in unit price and assumingreinvestment of all distribution of income and realised profits.

Hunter Hall Investment Management Ltd, 2016. All rights reserved. Any unauthorised use, duplication ordisclosure is prohibited by law and will result in prosecution.

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Letter to ASX - lodgement of HHV chairman's address AGM 2016HHV chairman's address 2016HHV 2016 AGM Combined V2 161116Hunter Hall Global Value Limited (ASX:HHV)Annual General Meeting9.30am, 16 November 2016Radison Blu Hotel, Pitt Street, SydneyAgendaChairmans AddressPortfolio CharacteristicsPortfolio PerformancePortfolio PerformancePortfolio PerformancePortfolio PerformanceDividend PolicyDividend PolicyShareholder EngagementSlide Number 12Slide Number 13Initiatives to engage with our shareholdersSlide Number 15Investment Manager UpdateHunter Hall Global Value Limited (ASX:HHV)Annual General MeetingInvestment UpdatePeter Hall Chief Investment OfficerThe 2008 2016 PeriodShiller PE RatioRisks The Trump eraSovereign DebtChinese Yuan to US Dollar (USDCNY) LIBOR - USD 3 MonthGermany I/L 10Y -0.850Barbell Portfolio StructureValuation of Gold portfolioConsequences of BrexitFoxtons plc -110pSlide Number 30Foxtons Positioning and GrowthHunter Hall Global Value (ASX:HHV)Disclaimer

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