APN AREIT PIE Fund

The APN AREIT PIE Fund (the Fund) is a PIE-compliant New Zealand-domiciled fund with investments managed by Dexus Asset Management Limited.

Implemented Investment Solutions (IIS) is the issuer and manager of the Fund. The Fund is registered as an offer within a Managed Investment Scheme under the Financial Markets Conduct Act 2013 and is regulated by the FMA.

The APN AREIT PIE Fund provides exposure to a diversified portfolio of Australian commercial property. The Fund invests in listed property, predominantly Australian AREIT shares held through an Australian unit trust.

Investment Manager	Dexus Asset Management Limited
Investment Policy and Objectives	The investment objective is to provide investors with a consistent, relatively high level of income combined with some capital growth, sourced primarily from AREITs listed on the ASX. The Fund aims to: -Have a gross annual income yield (before management fees and expenses) that equates to at least 110% of the average yield of the S&P/ASX 300 A-REIT Index dividend yield, measured annually. -Provide investors with a level of capital growth which at least matches increases in the Consumer Price Index (CPI) over a 5 – 7 year time horizon. -Provide lower than market volatility.
Investment Strategy	To invest in listed property via an Underlying Fund. The Fund will not invest in direct property. The Investment Manager does not intend to use derivatives other than for currency hedging purposes. The Fund targets a position of being fully hedged back to New Zealand Dollars
Benchmark	S&P ASX 300 AREIT Total Return Index – NZD Hedged