25 Oct 2021

NBI Webinar Presentation

1 26 October 2021 This presentation deck accompanies a webinar at 9:00am AEDT on 26 October 2021 To view the full webinar please click here and register for the webinar A replay of this recording will be made available on www.nb.com/nbi For any questions on NBI, please reach out to our Share registry, Boardroom: enquiries@boardroomlimited.com.au The Directors of Equity Trustees Limited have authorised this document be given to the ASX 1 2 3 Year Anniversary | ASX:NBI Highlights Delivering consistent and stable income to investors since listing Source: Neuberger Berman. All information as of September 30, 2021, unless otherwise stated. Past performance is not a reliab le indicator of future performance. As with any investment, there is the possibility of profit as well as the risk of loss. 1. Based on IPO price of $2.00 and total declared distribution of 32.382 cent per Unit. 2. Annualised Performance since 26 September 2018 to September 30, 2021. 3. NTA as of September 30, 2021. 4. Please refer to the ASX Announcement dated 17 June 2021. *The Target Distribution is only a target and may not be achieved. Actual distributions will be monitored against the Target Dis tribution. The Target Distribution will be formally reviewed at least annually (as at the end of each financial year) and an y change in Target Distribution will be notified by way of ASX announcement as required. For FY2022, the Target Distribution am oun t is based on the NTA as of 1 July 2021. INCOME PERFORMANCE ? Exceeded Target Distribution * for 3 consecutive years ? Total Income distributed since listing – 16.2% 1 ? Total Net Investment Performance since listing – 5.77% p.a. 2 ? NTA is $2.01 3 , above its IPO price of $2.00 FY2022 TARGET DISTRIBUTION* ? FY2022 Target Distribution – 4.75% 4 ? Target Distribution based on NTA of $2.03 (as of 1 July 2021) 3 Global Growth Expected To Be Above - Trend Global growth outlook supportive of credit and continued deleveraging Source: Bloomberg. Data as of August 31, 2021. Historical trends do not imply, forecast or guarantee future results. Information is as of the date indicated and subject to cha nge without notice. Nothing herein constitutes a prediction or projection of future events or future market behavior. Bloomberg Aggregated Real GDP Growth Forecasts 6.00 6.20 4.70 8.42 6.56 4.50 4.30 4.40 5.60 5.22 3.40 2.30 2.00 5.50 4.86 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 World US Eurozone China Emerging Economies YoY% 2021 2022 2023 4 For illustrative and discussion purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a r eco mmendation to buy, sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. Portfolio Manager’s views may differ from that of oth er portfolio managers as well as the views of the firm. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. Key High Yield Fixed Income Themes — 2H:2021 Inflation, Interest Rates & Credit Spreads • Growth, inflation pressures and reduction of monetary support driving higher rates • Credit spreads remain tight and unlikely to widen much • Fundamentals: Global growth, deleveraging trends, low default rates support credit markets • Technicals : Strong demand for yield globally Central Bank Policy • Our view: Fed tapering, and reduced ECB bond purchases will occur in 2H • 400k average monthly job gains in the U.S. sufficient to begin tapering, in our view • Main impact should be higher volatility around real and nominal rates, rather than significant impact on yield levels Portfolio Positioning: • Credit spreads could move tighter as high yield is now over 54% BB’s which is higher than in the past • Credit fundamentals improving for both high yield and loans issuers • Higher inflation and strong growth is a favorable back - drop for Non - IG Credit 5 Fewer Opportunities in Long Duration: Maintain Focus on Yield with Minimal Duration Source: Bloomberg. Data as of August 31, 2021. Indices used are Bloomberg Barclays 0 - 5 Year BB - B US High Yield Index for Short D uration High Yield, Bloomberg Barclays US Aggregate Bond Index for US Agg, Bloomberg Barclays Pan - European Aggregate Index for Pan - European Agg, Bloomberg Barclays Asian - Pac Aggregate Index for Asian - Pac Agg, Bloo mberg Barclays Pan - European Aggregate Treasury Index for Pan - European Treasuries, Bloomberg Barclays US Treasuries Aggregate Bond Index for US Treasuries, Bloomberg Barclays US Credit Index for U.S. Credit ( IG) , Bloomberg Barclays EUR Credit IG Aggregate Bond Index for EUR Credit (IG), Bloomberg Barclays US High Yield Aggregate Index for US High Yield, Bloomberg Barclays Pan - European High Yield Aggregate Index for Pan - Eur opean High Yield, JPM EMBI Global Diversified Index for EMBI Global, JPM CEMBI Diversified Index for CEMBI, JPM CLOIE BB Index for CLO BB, Bloomberg Barclays Muni's Aggregate Index for Muni’s, Bloomberg Barclays CMBS Ag gregate Index for CMBS, Bloomberg Barclays Agency MBS Aggregate Bond Index for Agency MBS, S&P LSTA Leveraged Loan Index for Leveraged Loans, ICE BofA Global High Yield Constrained Index for Global High Yield, ICE BofA European Currency High Yield Index for European High Yield, ICE BofA High Yield US Emerging Markets Corporate Plus Index for Emerging Markets Corporates, and 30% CLO BB, 30% Second Lien Loans, 20% Gl oba l High Yield, 20% S&P Leveraged Loans for Private/Public Debt. See definitions of indices at the back of this presentation. Historical trends do not imply, forecast or guarantee future results. Information is as of the date indicated and subject to change without notice. Nothing herein constitutes a prediction or projection of future events or future market behavior . For illustrative and discussion purposes only. Nothing herein constitutes investment, legal, accounting or tax advice, or a re commendation to buy, sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. Investing en tai ls risks, including possible loss of principal. Past performance is no guarantee of future results. Due to a variety of factors, actual events or market behavior may differ significantly from any views expressed. Fixed Income Indices – Unhedged Yields and Duration Short Duration High Yield US Agg Pan - European Agg Asian - Pac Agg US Treasuries Pan - European Treasuries U.S. Credit (IG) EUR Credit (IG) US High Yield Pan - European High Yield EMBI Global CEMBI Muni's Agency MBS Global High Yield European High Yield Emerging Markets Corporates -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 Yield Duration 6 0 400 800 1,200 1,600 2,000 2,400 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021E 2022E Spread (bps) Par - weighted default rate (%) LTM High Yield Default Rate High Yield Spread to Worst 1 2 High Yield Credit Spreads and Default Rates As of August 31, 2021 1 J.P. Morgan Default Monitor. Defaults based on par amounts. 2 High Yield Spread to Worst is represented by the J.P. Morgan U.S. High Yield Index. 3 Annual High Yield return is represented by the ICE Bank of America U.S. High Yield Index (H0A0). 4 Sell off infers any calendar year that produced a negative total return with recovery being the full year immediately followi ng . 5 Long - term average and median, respectively, are represented by the average annual high yield default rate since 1987 provided b y J.P. Morgan. See definitions of indices at the back of this presentation. Past performance is not necessarily indicative of future results . A s with any investment, there is the possibility of profit as well as the risk of loss. Historical trends do not imply, forecast, or guarantee future results. Average Return During Sell Off 4 : - 7.2% Median Return During Sell Off 4 : - 4.5% Average Return During Recovery 4 : 27.9% Median Return During Recovery 4 : 24.3% Average HY Spread to Worst 2 : 590 Bps Median HY Spread to Worst 2 : 538 Bps Long - Term Average Default Rate 5 : 3.92% Long - Term Median Default Rate 5 : 2.82% Recession LTM Default Rate: 1.06% Recession 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 4.5 13.4 2.3 - 4.4 39.2 17.4 16.7 - 1.0 20.5 11.3 13.3 3.0 2.5 - 5.1 4.5 - 1.9 28.1 10.9 2.7 11.8 2.2 - 26.4 57.5 15.2 4.4 15.6 7.4 2.5 - 4.6 17.5 7.5 - 2.3 14.4 6.2 4.6 ANNUAL HIGH YIELD RETURNS (%) 3 High Yield Spreads and Default Rates 1 2 7 Inflation and Rising Rates… Sources: Bloomberg and Neuberger Berman. All information as of M ay 31, 2021, unless otherwise specified. Indices used are the ICE BofAML Global High Yield Index (USD Hedged); Bloomberg Barclays Global Aggregate Bond Index (USD Hedged); Bloomberg Barclays AusBond Composite 0+ Years Index; and S&P U.S. Treasury Bond Current 5 - Year Index. 1 Coupon Payment is represented by Yield - to - Worst 2 Duration is represented by Modified Duration, Global High Yield is represe nted by Effective Duration. WHEN RATES ARE RISING… BEING LESS SENSITIVE TO RISING RATES Higher Coupon Global Investment Grade 1.1% Global High Yield 4.2% Australia Bonds 1.1% COUPON PAYMENT 1 Global High Yield 4 yrs Australia Bonds 6 yrs Global Investment Grade 7 yrs DURATION 2 Shorter Duration HY CORPORATE BONDS GENERALLY PERFORM STRONGLY 0.90% 2.42% - 1.80% 3.07% 1.39% Median U.S. Treasury Yield Increase Global High Yield Global Investment Grade Median Return during periods of rising U.S. Treasury yields (2000 – 2016) 3 months’ return during period Immediate 3 months’ return after period Economy is doing well Growth in earnings Improvement in company fundamentals Decrease in corporate credit risk Strong Return 8 Inflation Impacts on Non - IG Credit Inflation is unlikely to derail improving credit quality over the next 12 months Food/Beverage Consumer Products Food Retail Financials Software/services Cable Telecom Media/Non - cable Healthcare Services Utilities Energy Metals/Mining Transportation Packaging Tech hardware Auto suppliers Retail Leisure Airlines Tech Semis Auto OEMs Industrials Chemicals Homebuilding Pressured Expansionary • Inflation and supply chain issues are more persistent , but solid consumer fundamentals and demand provide a means for most issuers to navigate through without material credit degradation. • Overall healthy economic growth and strong demand has supported the ability for most issuers to pass through higher prices to mitigate inflation and supply chain headwinds. • Management teams still expect input inflation and supply chain issues to be transitory, but the transitory period continues t o b e extended. • Issuers have lower conviction on the path of labor markets and inflation, where some inflation is expected to be structural, particularly at the lower end of the wage scale. • Commodity sectors like Energy and Metals/Mining benefit during times of inflation due to rising commodity prices outpacing co st inflation. • Sectors/issuers of concern are primary business models where price is unable to keep pace with rising input costs (typically sectors with weak demand or situations where supply chain disruptions are reducing volume without the ability to raise price) . Source: Neuberger Berman. For illustrative and discussion purposes only. Nothing herein constitutes investment, legal, accoun tin g or tax advice, or a recommendation to buy, sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an investment decision. Portfolio Manager’s views may differ from that of other portfolio managers as well as the views of the firm. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. 9 U.S. High Yield Default Expectations Based on bottom - up estimates from NB Research, we expect an approximately 1.8% cumulative default rate for 2021 / 2022 Source: Neuberger Berman. Data as of June 30, 2021. Data represented by the ICE Bank of America U.S. High Yield Index. Information is as of the date indicated and subject to change without notice. This material is intended as a broad overview of the Portfolio Manager’s views and is subject to change without notice. Portfolio Manager’s views may differ fr om that of other portfolio managers as well as the views of the firm. Nothing herein constitutes a prediction or projection of future events or future market behavior. For illustrative and discussion purposes only. Nothing h ere in constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. This material is not intended as a formal research report and should not be relied upon as a basis for making an in ves tment decision. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. Historical trends do not imply, forecast or guarantee future results. Due to a variety of factor s, actual events or market behavior may differ significantly from any views expressed. Face Value % Sector Actual 2020 Estimated 2021 Estimated 2022 Estimated 2 - year Total Energy 2.76% 0.12% 0.79% 0.91% Healthcare 0.15% 0.00% 0.36% 0.36% Metals/Mining 0.08% 0.03% 0.10% 0.13% Support - Services 0.23% 0.03% 0.07% 0.10% Printing & Publishing 0.04% 0.00% 0.07% 0.07% Super Retail 0.32% 0.05% 0.00% 0.05% Telecommunications 1.93% 0.04% 0.00% 0.04% Consumer - Products 0.01% 0.00% 0.03% 0.03% Technology & Electronics 0.00% 0.03% 0.00% 0.03% Transportation Excluding Air/Rail 0.00% 0.00% 0.02% 0.02% Gaming 0.00% 0.02% 0.00% 0.02% Steel 0.00% 0.00% 0.00% 0.00% Real Estate & Homebuilders 0.10% 0.00% 0.00% 0.00% Utilities 0.00% 0.00% 0.00% 0.00% Automotive & Auto Parts 0.00% 0.00% 0.00% 0.00% Theaters & Entertainment 0.10% 0.00% 0.00% 0.00% Gas Distribution 0.00% 0.00% 0.00% 0.00% Leisure 0.08% 0.00% 0.00% 0.00% Airlines 0.06% 0.00% 0.00% 0.00% Food Beverage & Tobacco 0.05% 0.00% 0.00% 0.00% Environmental 0.00% 0.00% 0.00% 0.00% Capital Goods 0.00% 0.00% 0.00% 0.00% Diversified Financial Services 0.00% 0.00% 0.00% 0.00% Grand Total 5.90% 0.31% 1.44% 1.75% 10 NB Global Corporate Income Trust (ASX:NBI) Portfolio snapshot as of 30 September 2021 Source: Neuberger Berman, data as of September 3 0 , 2021. 1. Credit quality ratings are based on the Bank of America (" BofA ") Merrill Lynch Master High Yield Index composite ratings. The BofA Merrill Lynch composite ratings are updated once a month on the last calendar day of the month based on information available up to and including the third business day prior to the last business day of the month. The BofA Merrill Lynch composite rating algorithm is based on an average of the ratings of three agencies (to the extent rated). Generally the composite is based on an average of Moody’s, S&P and Fitch. For holdings that a re unrated by the BofA Merrill Lynch Index composite, credit quality ratings are based on S&P’s rating. Holdings that are unrated by S&P may be assigned an equivalent rating by the investment manager. No NRSO has been inv olv ed with the calculation of credit quality and the ratings of underlying portfolio holdings should not be viewed as a rating of the portfolio itself. Portfolio holdings, underlying ratings of holdings and credit quali ty composition may change materially over time. Portfolio Summary Number of Holdings 519 Number of Issuers 355 Yield to Maturity (%) 5. 53 Top 10 Issuer % Sector Portfolio Weight % Altice France Telecommunications 1.79 Carvana Co Retail 1.69 Carnival Corp Leisure 1.61 Calpine Corp Utility 1.44 CSC Holdings LLC Media 1.32 Blackstone CQP Holdco LP Gas - Distribution 1.26 Commscope Holding Co Inc Technology & Electronics 1.19 Assuredpartners Inc Insurance 1.12 MultiPlan Inc Healthcare 1.05 Teva Pharmaceutical Industries Ltd Healthcare 1.00 TOP 10 COUNTRY ALLOCATION CREDIT QUALITY 1 % BBB and Above, 0.8% BB Rated, 25.0% B Rated, 45.9% CCC and below, 28.3% United States, 55.6% Brazil, 5.5% United Kingdom, 4.0% Luxembourg, 3.5% France, 3.4% Germany, 2.9% China, 2.1% Mexico, 1.6% India, 1.6% Netherlands, 1.6% Others, 18.3% 11 Proactive ESG Engagement in Fixed Income Systematic approach with the goal of reducing the credit risk of a portfolio over time 1 Engagements from July 1, 2019 to June 30, 2020. 30% Community/Government Relations 22% Health and Safety 17% Labor Relations 16% Human Capital Management 6% Other 4% Access to Healthcare 3% Cyber Securitiy 2% Pricing of Medicines and Health Services 0% Diversity of Workforce Social 32% of total engagements 56% of engagements with CFO or CEO ESG issues engaged upon 1,835 instances exposure was reduced to zero or where we never invested in the credit 11 Environmental 39% Green Opportunities 30% Climate Change 18% Pollution and Mitigation Management 8% Waste/Water Management 6% Other 22% of total engagements 58% Long-term Business Strategy 19% Risk Management 11% Disclosure and Financial Controls 5% Board Independence and Quality 3% Compensation Structure 3% Other 1% Diversity of Board or Management 1% Corruption Governance 46% of total engagements 1,153 Engagement Meetings 1 CLIMATE CHANGE Growing Areas of Engagement LABOR RELATIONS & HEALTH AND SAFTEY LONG - TERM BUSINESS STRATEGY 12 Altice France SA (SFRFP) Proactive engagement focused on social access to broadband network For illustrative and discussion purposes only. There is no guarantee that other opportunities will have similar characteristi cs or results to the ones described herein Overview • Altice France is the second largest telecommunications operator in France, active in both mobile and fixed services for residential and commercial customers. Engagement Scope and Process • Diligence process included several discussions with the issuer’s management team including the CFO, Treasurer, and IR • Developed engagement priorities aligned with the Sustainable Development Goals with a focus on the following factors: o Discuss the company’s network upgrade plans that will provide improved high - speed broadband access to its subscribers. o Discuss opportunities to expand broadband coverage to unserved and underserved areas, helping bridge the digital divide. Engagement Outcomes • Management has communicated that network expansion remains a priority and has been integrated into a core part of their business strategy in France. • While Covid - 19 initially created some delays (e.g., issues deploying workers to fiber projects, gaining access to conduits, etc.), these delays were temporary and the company was quickly able to continue its upgrade activity at normal levels. • In December, the company (through its majority - owned fiber joint venture) completed the acquisition of Covage , a French fiber infrastructure company with a significant focus on expanding rural broadband coverage in France. As a result, we are confident in the company’s continued commitment to bringing its services to underserved populations. UNITED NATIONS SUSTAINABLE DEVELOPMENT GOAL Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and trans border infrastructure, to support economic development and human well - being, with a focus on affordable and equitable access for all. 13 DIVERSIFICATION • Under - represented in an Australian portfolio • Diversified, by industry, country and credit quality • Diversified portfolio: 250 - 350 companies ATTRACTIVE INVESTMENT • Fundamentals strong and the outlook remains positive • High Yield market today is higher quality compared to history MONTHLY INCOME 4.75% p.a. (net)* CREDENTIALS • 20+ year track record • Over 50 dedicated investment professionals • Managing over $59Bn in FUM ASX:NBI – The Higher Income Solution Source: Neuberger Berman. All information as of December 31, 2020, using an USD(US$):AUD($) exchange rate of 1.2997 as at Dec emb er 31, 2020, unless otherwise specified. *The Target Distribution is only a target and may not be achieved. Actual distributions will be monitored against the Target Dis tribution. The Target Distribution will be formally reviewed at least annually (as at the end of each financial year) and any change in Target Distribution will be notified by way of ASX announcement as required. Investors shou ld review the Risk summary set out in Section 8 of the 2020 PDS. Section 3.3.1 of the 2020 PDS sets out the Manager’s views in relation the interest rate environment and impact on target distributions. For FY2022, the Target Dis tribution amount is based on the NTA as of 1 July 2021. The companies referenced above are examples of the type of companies which NBI holds. 14 Additional Disclosures NEUBERGER BERMAN FIXED INCOME SECTOR VIEWS AND RETURN ESTIMATES Return Estimates May Not Materialize. Neuberger Berman investment views and estimates are formulated by our specialty fixed i nco me teams. For a variety of fixed income sectors we identify a range of outcomes that either may occur or alternatively be anticipated and then priced into the market. For each se ctor we formulate an investment view based on proprietary fundamental research and quantitative analysis which are used to project return estimates and a confidence level ass ociated with the return outlook. Each sector team will establish an independent view based on internal research, and a level of confidence in the outlook. The sector view is formul ate d by identifying various states of the economy and market (i.e. outcomes) estimation typically over a 12 - month horizon. Each state or outcome is probability weighted to determine the overall sector view. View Uncertainty quantifies the confidence of the return estimate by measuring return standard deviation across the “states of the world”. A wider dispersion of the states of the world, represented by a larger standard deviation, indicates a lower degree of confidence, or, a higher degree of uncertainty. The reassessment of sector vi ews is ongoing and formally updated at least monthly. Sector views should not be construed as research or investment advice and do not constitute a recommendation to buy, sell or hold se cur ities in any sector. The return estimates contained herein are being shown to illustrate the investment decision - making process and are not intended to provide any predictions or guarantee about the future returns of any security, asset class or portfolio. Projections or other forward - looking statements regarding future event s, targets or estimations/expectations are only current as of the date indicated. There is no assurance that such events or projections will occur, and may be significantly different than th at shown here. The information in this presentation, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The return estimates presented represent approximate mid - points within a range of targeted yields, spreads and returns and are p resented only as an example of how Neuberger Berman may construct a portfolio based on its views of the credit markets and sub - markets. The returns presented are an economic prediction and are the views of the portfolio manager as of the date hereof and are subject to change. Return estimates are based on qualitative and quantitative analysis of historical and current information. There is no assurance that the returns presented will be realized or that an investment strategy will be successful. Investors should kee p i n mind that markets are volatile and unpredictable. There are no guarantees that the historical performance of an investment, portfolio, or asset class will have a direct correlation wit h its future performance. Generally, our 12 - month and 24 - month views and estimates are an input in our asset allocation decisions. Neuberger Berman believes the return estimates set forth herein is reasonable based on a combination of factors, including th e i nvestment team’s general experience and assessment of prevailing market conditions and investment opportunities. There are, however, numerous assumptions that factor into the retu rn estimates that may not be consistent with future market conditions and that may significantly affect actual investment results. Such assumptions include, but are not limited to, 1) current monetary policy, inflation estimates and other fundamental and technical factors determine interest rate levels in the credit markets, 2) historical data and trends in the fix ed income asset classes presented and 3) anticipated interest rate movements. Neuberger Berman does not make any representation as to the reasonableness of the assumptions or that all th e a ssumptions used in calculating the return estimates have been stated or fully considered. Neuberger Berman’s ability to achieve investment results consistently, in the aggregate or with regard to any particular fixed income sector, with the returns set forth herein depends significantly on a number of factors in addition to the accuracy of its assumptions. The se include Neuberger Berman’s ability to identify a sufficient number and mix of suitable investments. Changes in the assumptions may have a material impact on the targeted returns present ed. All data is shown before fees, transaction costs and taxes and does not account for the effects of inflation. Management fees, transaction costs and potential expenses are not co nsi dered and would reduce returns. Actual results experienced by clients may vary significantly from the illustrations shown. 15 Disclosure References to any securities in the document are for illustrative purposes only and do not constitute a recommendation to inv est ors. This material is intended as a broad overview of the Portfolio Manager’s views and is subject to change without notice. Portf oli o Manager’s views may differ from that of other portfolio managers as well as the views of the firm. See Additional Disclosures at the end of this material, which are an important par t o f this presentation. Nothing herein constitutes a prediction or projection of future events or future market behavior. Due to a variety of factors, actual events or market beh avi or may differ significantly from any views expressed. The Target Distribution is only a target and may not be achieved. Actual distributions will be monitored against the Target D ist ribution. The Target Distribution will be formally reviewed at least annually (as at the end of each financial year) and any change in Target Distribution will be notified by way of ASX an nouncement as required. For FY2022, the target distribution amount is based on the NTA per Unit as at 1 July 2021. Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298, AFSL 240975), is the Responsible Entity for the NB Global Co rpo rate Income Trust (“NBI”). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX : E QT). This publication has been prepared by Neuberger Berman Australia Ltd (ACN 146 033 801) (“NB Australia”) to provide you with g ene ral information only. In preparing this publication, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this publication. Neither NB Australia, Equity Trustees nor any of t hei r related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accept any liability to any person who relies on it. P ast performance should not be taken as an indicator of future performance. You should obtain a copy of NBI’s Product Disclosure Statement before making a decision about whether to invest in this product. The Product Disclosure Statement (the “2020 PDS”) was issued by Equity Trustees. The 2020 PDS was lodged with the Australian Sec urities and Investments Commission on January 21, 2020 and is available on NBI’s website at www.nb.com/NBI. You should obtain a copy of the 2020 PDS and consider its contents car efully before making a decision about whether to acquire or continue to hold units in NBI. Equity Trustees has no relationships or associations with any other related body corporate or product issuer that might reaso nab ly be expected to influence Equity Trustees in providing financial services to you other than being the Responsible Entity of NBI. Neither Equity Trustees, nor any related body corpo rat e nor any associate is paid an amount for the provision of any financial services to you (which may be the provision of general financial product advice) other than the fee it receives fo r being Responsible Entity of NBI as described in the 2020 PDS. Equity Trustees can be contacted on +61 3 8623 5000.
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