The rating issued 09/2021 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2021 Lonsec. All rights reserved.
# Source: Deutsche Bank, data as of March 2021.
1 The Target Distribution is only a target and may not be achieved. Actual distributions will be monitored against the Target Distribution. 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 should review the “Risk Factors” set out in Section 8 of NBI’s product disclosure statement dated 21 January 2020 (“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 FY2019, the Target Distribution amount per unit was based on the initial public offer subscription price of $2.00 per unit. For FY2020, the Target Distribution amount was based on the NTA as of 1 July 2019. For FY2021, the Target Distribution amount is based on the NTA as of 1 July 2020. For FY2022, the Target Distribution amount is based on the NTA as of 1 July 2021.
For illustrative and discussion purposes only.
Source: Neuberger Berman. All information as of March 31, 2020, using an USD(US$):AUD($) exchange rate of 1.6311 as at March 31, 2020.