Most stocks finish higher

ASX SPI Futures up 5 points

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LATEST UPDATE FROM WISE-OWL

Investment Opportunity for Sophisticated Investors Only

CODE COMPANY ANNOUNCEMENTWe have an opportunity for Sophisticated Investors to participate in the expansion plans of an enterprise Softwareas a Service (SaaS) company. I have contacted you a few weeks ago and we are excited to announce that we cannow move forward.

Key Highlights

• AUD$4 million revenue base with 5 year CAGR over 40% - anchored by recurring enterprise SaaScontracts.

• Total Addressable Market of US$100 billion in the mobility, energy management and residential Internetof Things (IOT) markets.

• Game changing platform being commercialised for US$26.5billion residential IOT market.• Scalable business model through channel partners in Australia and New Zealand.• Dual proprietary research and development facilities in Australia and Vietnam enabling low cost and

highly agile technical development.

The opportunity is open to qualified s708 sophisticated investors. In order to be eligible, you need to have either:(a) Net assets of at least AUD$2.5million, or(b) An aggregated gross income for each of the last two (2) financials years of at least AUD$250,000.

Contact admin@wise-owl.com or call 02 8031 9700 if you believe you qualify.

Crude oil dropped below $46 a barrel on concern an OPEC deal tostabilize prices is in jeopardy as major producers disagree on curbingoutput. The dollar retreated, while U.S. equities ended higher afterparing gains.

The S&P 500 rose 0.1 percent to 2,204.66 as all but two main industrygroups climbed. The Dow Jones Industrial Average and NasdaqComposite Index finished higher as well.

A rebound in bank shares helped European stocks recover fromMonday’s drop in more than three weeks, while trading remained thinbefore the upcoming OPEC meeting and the Italian referendum.

The Stoxx Europe 600 Index added 0.3 percent at the close, afterswinging between gains and losses at least nine times. The volume ofshares changing hands was 16 percent lower than the 30-day average,in keeping with the thin trading seen in recent sessions.

Crude Oil Drops below US$46 as Stocks Finish Mostly Higher

YESTERDAY IN THE INTERNATIONAL MARKETS Global Ticker Daily Change

S&P 500 +0.13%

Dow Jones +0.12%

NASDAQ +0.21%

STOXX 600 +0.33%

FTSE 100 -0.40%

DAX30 +0.36%

Crude Oil -3.74%

Gold -0.30%

The ASX hovered above the flat line for most of the day beforeretreating in the final hour of trading to close slightly lower. Australia’sfour largest banks gained while mining and telecommunication sharesdeclined. The ‘telco’ sector was dragged down by VocusCommunications (VOC) after providing a soft trading update andoutlook.

The benchmark S&P/ASX 200 index fell 0.1 per cent while the broaderAll Ordinaries eased 0.2 per cent to finish at 5,457.5 and 5,520.5 pointsrespectively.

Vocus Communications slumped 24.5 per cent after providing earningsguidance that fell short of market expectations. After completion of theacquisitions of Nextgen, M2 Group and Amcon, this was Vocus’ firsttrading update. Sentiment in the sector has already been negativeduring the past few weeks and investors reacted disappointed as Vocusis working towards bringing four businesses under the one umbrella.

ASX Swings Between Gains and Losses as Vocus Shares Fall

THE ASX YESTERDAY IN REVIEW AUS Ticker Change

ASX 200 -0.13%

ALL ORDS -0.22%

CBA +0.61%

BHP -1.36%

NAB +0.49%

WOW -0.86%

MND -0.87%

MLD -2.67%

BPT -3.47%

DAILY PRICE ACTIVITY AUSTRALIA

ASX200 price action yesterday

UPCOMING DIVIDENDS

Courtesy of http://www.morningstar.com.au/Stocks/UpcomingDividends

Tasty dividends & distributions

DATE CODE COMPANY ANNOUNCEMENTCODE COMPANY NAME EX DIVIDEND PAY DATE AMOUNT FRANKING %

GCS Global Construction Services 30 Nov 2016 03 Jan 2017 2.00 100.00

FPH Fisher & Paykel Hlth 06 Dec 2016 21 Dec 2016 7.84 0.00

IANG CBND 3M PER X 06 Dec 2016 15 Dec 2016 100.17 --

MSG MCS Services 07 Dec 2016 16 Dec 2016 0.32 0.00

PPCHA S BND 7.50% 6M 06-21 07 Dec 2016 16 Dec 2016 394.52 --

YTMNA1 -- 07 Dec 2016 21 Dec 2016 200.00 0.00

AMPHA BND 3M 12-23 Q RD T 08 Dec 2016 19 Dec 2016 109.20 --

BTT BT Investment Mgmt 08 Dec 2016 21 Dec 2016 24.00 35.00

GTK Gentrack Group 08 Dec 2016 16 Dec 2016 7.32 0.00

NABHB BND 3M 06-22 Q RD T 08 Dec 2016 19 Dec 2016 111.69 --

YTMMG1 -- 08 Dec 2016 22 Dec 2016 275.00 0.00

WHATS HOT?

DATE CODE COMPANY ANNOUNCEMENT

WHATS NOT?

ISU.asx - steaming hot VOC.asx - cooling down

iSelect Ltd has gained nearly 75 per cent sincethe beginning of the year. During FY16 revenuerose 9 per cent to $171.9 million while statutoryEBITDA increased 16 per cent to $21.5 million.As at 30 August 2016, iSelect had $87.6 millionin cash and no debt. For the past 12 monthsiSelect has been buying back stock which hasprovided support for the stock and helped pushISU to the highest level in 12 months.

Today’s ‘not’ stock is clearly Vocus afterslumping 25 per cent yesterday bringing theyear-to-date loss to over 41 per cent. Thecompany stated that the FY17 result is expectedto be skewed to 2H FY17 as a number of factorswill impact the first half result. Guidance for theNextgen business is well below expectations asinvestors realise that the integration of the fourbusinesses will be harder than expected.

ECONOMIC NEWS

What to look out for:

DATE CODE COMPANY

Australian building approvals due this morning. Building permits are key indicator of demand in the housing market.

German employment data and European inflation to be released tonight

The ADP National Employment Report is a measure of the monthly change in non-farm, private employment.

OPEC meeting to be held overnight

LATEST UPDATE FROM WISE-OWL

Watermark Global Leaders Fund (WGF)

CODE COMPANY ANNOUNCEMENTFloat Watch: Watermark Global Leaders Fund (WGF) Watermark Global Leaders Fund Limited ("Watermark", "the Company") will be aListed Investment Company ('LIC') focused on international securities. The portfoliomanager is Watermark Funds Management Pty Ltd which has funds undermanagement of over $570m, including two ASX listed LICs being the AustralianLeaders Fund (ALF) and Watermark Market Neutral Fund Ltd (WMK). The Companywill employ a market neutral strategy which involves both long and short portfolios.

The Watermark Global Leaders Fund offers diversified exposure to internationalequities. The portfolio manager has demonstrated its capability to deliver long-termshareholder value having outperformed the All Ordinaries Index with its flagshipfund. However, general market risks, short-selling and the risk of poor stock selectionare hurdles. The Company is projected to distribute semi-annual dividends whichmakes the LIC a suitable investment opportunity for investors seeking income whilstincreasing their exposure to international equity markets.

IPO | Price: $1.10 | Listing: 21 December | Rating: 3/5

Click here to view full report | Click here to bid into this IPO

ASX:WGF

LATEST UPDATE FROM WISE-OWL

Deutsche Bank AG (DBK.ETR)

CODE COMPANY ANNOUNCEMENTInternational Equities: Deutsche Bank AG (DBK.ETR) Deutsche Bank AG ("Deutsche Bank", "the Bank") is a multinational banking and financialservices company with a geographical presence in over 70 countries. Deutsche Bank's fourcore businesses are corporate banking & securities, private & business clients, asset &wealth management and global transaction banking. The bank is headquartered inFrankfurt, Germany and is dual listed on the German and U.S. stock exchanges. The stockis trading on the Xetra platform (Frankfurt) with the ticker code DBK.

Deutsche Bank offers speculative exposure to a turnaround in one of the world's largestinvestment banks. We are attracted to its funding position and the progress made onrestructuring the bank. As Deutsche Bank continues to divest non-core assets and reduceits exposure to risk weighted assets, we believe that return on investment may improveover the next 12 months. Hurdles include reputation risks and legal charges. DeutscheBank is exposed to significant risks and faces numerous challenges, however trading at a60% discount to its book value and with new management aiming to restructure the bank,we believe that the balance of risk is attractive. We resume coverage with a 'buy'recommendation.

Buy | Last Price: $4.88 | Target: $6.35 | Stop: $3.90 | Outlook: 12m+ Click here to view full report

ETR:DBK

OUR VIEWS AT A GLANCE

Find below a summary of Wise-owl’s current market views

CODE COMPANY ANNOUNCEMENT

We continue to focus on small-mid cap stocks

There are individual opportunities on the ASX 200

We have recently decided to reduce exposure to the gold sector

We believe there are long-term opportunities in the oil & gas sector

We see little upside for US stocks in the medium-term

A WISE-OWL PUBLICATION

Presented by Simon Herrmann

DATE CODE COMPANY ANNOUNCEMENT

Wise-owl.comDiscovering the Bluechips of Tomorrowwww.wise-owl.com

Wise owl specializes in identifying emerging companies and financial market trends very early in their life cycle. The significant capital growth that often follows has earned wise owl a formidable reputation for discovering ‘the bluechips of tomorrow’. Investors, executives, and institutions harness this expertise through wise owl’s research, and capital market services.

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