ValcRos CiRcuit, dunsboRough
Transcription
ValcRos CiRcuit, dunsboRough
Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy Valcros Circuit, Dunsborough MENT INCE RN NT VE O E HEM SC NA L RE ILI T Y N AT I O National Rental Affordability Scheme NRAS E IV AG Western Australia NT B AL A FF O R DA IMPORTANT NOTICE: This document is not a product disclosure statement or prospectus and should not be read and construed as a disclosure document under the Corporations Act. This document is for information purposes only and prior to completing any contract you must read the Product Disclosure Statement (PDS) to which this offer relates, along with any other contracts that will be made available to you before you proceed to purchase. What is the National Rental Affordability Scheme (NRAS) NRAS is a long term commitment by the Australian Government to invest in affordable rental housing. The Scheme seeks to address the shortage of affordable rental housing by offering financial incentives to build and rent dwellings to low and moderate income households at least 20% below market rates for ten years. The primary focus of NRAS is to: increase the supply of affordable rental dwellings; reduce rental costs for low to moderate income households; and encourage large scale investment and delivery of affordable housing. The National Rental Affordability Scheme Act 2008 and the National Rental Affordability Scheme Regulations 2008 (the Act) passed the Senate in November 2008. NRAS Overview The National Rental Affordability Scheme is an initiative by the Federal and State Governments to encourage the construction of new housing in Australia. The Federal Government has contributed $4.5 billion and State Governments $1.5 billion towards NRAS to create up to 50,000 high quality new affordable rental properties across Australia. The Government Incentives are tax free incentives1, available each year for 10 years to owners of NRAS Approved Properties. For an Investor to be eligible for the Government Incentives, NRAS requires you to rent your Approved MENT INCE RN NT VE O E HEM contribute $10,917 per annum for each Approved NRAS Property. SC NA L RE Under NRAS, the Federal, State and Territory Governments will currently ILI T Y N AT I O National Rental Affordability Scheme NRAS E IV AG NRAS Property to an Eligible Tenant at least 20% below the market rate for a period of 10 years. NT B AL A FF O R DA 1 The State component of NRAS is paid as a non assessable, non exempt income (NANE). ATO rulings have determined that expenditure associated with deriving the NANE is non-deductible. Page 2 Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Investment Benefits Security of Real Property Your Approved NRAS Property may be a house and land package or a completed apartment or townhouse not previously resided in. Questus Funds Management Limited has already made application to the Department of Social Services (DSS) to have approved NRAS properties available for sale and participation in the Questus Residential Investment Fund. Increase in Value of Property Other Taxation Benefits The value of many asset classes is that the Government Incentives are a refundable tax offset and investments may fluctuate over (RTO) and non assessable non exempt income (NANE), which time. Investments in direct property means the income is tax free. A significant taxation benefit of an Approved NRAS Property have generally showed consistent returns and have demonstrated to be less volatile than other asset classes and investments such as listed equities. As your underlying investment is direct real property, you will benefit in any capital growth. Any increase in the value of property has taxation implications. All property investments enable the investor the ability to deduct associated costs with managing their property, including but not limited to property management fees, insurances, rates, interest costs, as well as specific taxation benefits such as depreciation. By owning an Approved NRAS Property all these taxation benefits are available to you. However, recent taxation rulings have determined that expenses associated with deriving the NANE are non-deductible. As a result, the portion of expenses able to be claimed by an investor is limited to the proportion of assessable income. You should seek your own independent tax advice to find out what tax benefits are available to you. No Property Management Hassles Questus has sourced property approvals from the Government to provide an alternative in affordable rental housing. To maintain compliance with NRAS, it is necessary for the Approved NRAS Properties to be managed by an approved Property and Tenancy Manager appointed by Questus Funds Management Limited, so there is no need for you to worry about rent collection or tenancy management. Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 3 Questus Residential Investment Fund The QRIF The QRIF was established as a means to allow investors who acquire an Approved NRAS Property to receive the various Government Incentives provided for under NRAS. Questus recognises the underlying demand and absolute need for affordable in a housing socially Key features developed responsible and For the current 2015/2016 sustainable manner, which allows NRAS for provides for Federal, State complementary integration and within community frameworks. year, the Territory scheme Government incentives of up to $10,917 per By investing in an Approved NRAS annum Property and agreeing to the Approved NRAS Property. to an investor in an terms and conditions contained in the QRIF Product Disclosure The QRIF has been structured to allow investors who want Statement (PDS), you may receive to invest in new residential housing, to also access the the Government Incentives. Once Government Incentives available through NRAS. you have made your decision on which Approved NRAS Property you will acquire, simply complete the application in the QRIF PDS to access the Government Incentives Hassle free investment as your Approved NRAS Property will be managed on your behalf to ensure compliance with the NRAS legislation and regulations. Government Incentives are indexed annually and available for a period of ten years for each Approved NRAS Property available through NRAS. QRIF will receive the Government The Commonwealth Government Incentives are a refundable Incentives for Approved NRAS tax offset. This means that the offset will reduce the amount Properties on behalf of investors of tax you are required to pay in any year. This amount is to ensure compliance with the required to be claimed through your Income Tax Return. NRAS legislation and pass on the Government Incentives to investors. The State Government Incentives are non assessable non exempt income2. This means that the amount is not included in your income in your income tax return (no tax payable). * The PDS issued by Questus Funds Management Limited should be read in its entirety before making any decision to apply for an interest in the QRIF. Approved NRAS Property managed by professional property and tenancy managers (Property and Tenancy Managers). This is a summary of the Key Features. You should read the entire PDS and seek your own independent advice before deciding to invest. 2 The State component of NRAS is paid as a non assessable, non exempt income (NANE). ATO rulings have determined that expenditure associated with deriving the NANE is non-deductible. Page 4 Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA About the Builder BGC BGC is a Western Australian based group of companies with an interest in residential and commercial building, and building and construction products manufacture to name a few. From modest beginnings over 50 years ago, BGC has grown to become one of the most respected companies in Western Australia. For the last ten years, BGC has built more homes than any other builder in Australia, proving that more West Australians trust them with their most important asset – their dream home. BGC has invested heavily to develop integrated building supply and manufacturing businesses, providing a diverse family of new home builder brands with direct access to the top quality products and materials needed to build your new home. From brick makers to window manufacturers, from cement making to roof tiles – sourcing these products from within allows BGC to control the quality of materials and build superior homes, without the potential frustration of supply shortages and delays. All of the building brands within BGC are passionate about sustainable construction. They are consistently looking for innovative materials and construction methods to ensure that modern construction has less impact on the environment, and allows clients to enjoy the benefits of an energy efficient home. Outside of the 30 BGC companies involved in building homes, they always choose local suppliers wherever possible. And because BGC is a West Australian company, they understand the importance of supporting the local economy. Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 5 Dunsborough, Western Australia The Location The coastal town of Dunsborough is located in the South West of Western Australia on Geographe Bay and is less than an hour from the regional city of Bunbury, and an easy two and a half hour drive south from Perth. Nearby towns include Busselton, Yallingup and Margaret River, which along with Dunsborough form the City of Busselton. The City of Busselton had a preliminary estimated resident population of 31,767 in 2010 according to the ABS, however it is estimated that visitors increase this to over 60,000 on any one day during peak tourism periods and prior booking of accommodation is essential at these times. The City of Busselton’s average annual growth rate over the past 20 years has been one of the highest sustained growth rates for a regional area in Australia in excess of 4%. Approximately 67% of the total population is located in the town of Busselton. The Dunsborough urban area has achieved healthy population growth in recent times and has a permanent population of approximately 4,000. The City of Busselton’s current population structure reflects a broadening of the area’s economy and increasing employment opportunities with a corresponding reduction in the significance of the area’s ‘retirement’ function. This is highlighted by the reduction in the percentage of residents aged over 55 from 25.1% in 1996 to 23% in 2001 while the percentage of residents aged 5-54 increased from 67.5% to 69.9% during that time. Extract from the City of Busselton. Dunsborough has grown from its humble 1950’s origins as a series of modest beach shacks, to its present position as a highly desirable lifestyle location, boasting a vibrant arts scene with live music, widely-renowned art galleries and bustling summer markets. It is surrounded by some of the Margaret River region’s 100 plus wineries and the tasting rooms of award-winning boutique breweries. The Dunsborough region is fully serviced and has excellent road access to Perth and surrounding locations. New freeway extensions have reduced travel time between Perth and Dunsborough to approximately two and a half hour. There are bus services connecting Dunsborough with Perth, Bunbury, Busselton and Margaret River. Page 6 Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Dunsborough, Western Australia The Location Dunsborough and neighbouring Margaret River share an international reputation for wine making, beaches and world class surfing. The region is a popular destination for both local and international holidaymakers of all demographics, and the region boasts some of Western Australia’s most impressive natural attractions. To service the holiday market (and to provide the highest possible return for the owners) a significant proportion of Dunsborough accommodation is designed to maximize the number of bedrooms and bathrooms. This has resulted in an ongoing shortage of affordable, suitably configured dwellings to service the local residential rental population. Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 7 Inverness Dual Occupancy Valcros Circuit, Dunsborough (formerly Inverness Avenue) The Inverness Dual Occupancy townhouses will be located on the southern boundary of the Dunsborough Lakes Golf Course, a championship level a 18 hole course with excellent fairways and greens, and attractive water features on most holes. With substantial frontage to the 15th fairway and green, and the adjoining water feature, there will be a discreet access point to the Dual Occupancies with suitable parking and amenities storage for the occupants. Estate masterplan Sports precinct School precinct Dunsborough town centre RIVE Tourist precinct with clubhouse and tavern R O A SE D ES H OU CA V CLUB D Golf Course 1st Hole Retirement living Golf Course 18th Hole CO M M Beach Employment precinct AN AG E RO AD Inverness Dual Occupancy DUNSBOROUGH L A Page 8 Questus K E Residential S Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Inverness Dual Occupancy Valcros Circuit, Dunsborough (formerly Inverness Avenue) DUAL OCCUPANCY HOUSING Dual Occupancy townhouses are double storey dwellings containing two independent apartments and tenancies on one lot and title. The Dual Occupancy NRAS Model is specifically aimed at assisting the Federal and State Government to deal with housing affordability. As the owner of a “Dual Occupancy” NRAS Property, you will receive two NRAS Incentives every year for 10 years. Assuming 4.35CPI per Annum with two NRAS Incentives, this equates to over $250,000 TAX FREE over 10 years. Under the Building Code of Australia, conventional townhouses are classified as either a Class 1a or 1b building. A Dual Occupancy townhouse is considered be two (2) multiple dwellings (apartments), and is therefore classified as a Class 2 Building (a building containing two or more sole-occupancy units each being a separate dwelling) under the Building Code of Australia. NRAS DUAL OCCUPANCY HOUSE AND LAND PACKAGES FEATURES Full ‘Turnkey’ quality designed and built ‘Dual Occupancy’ Townhouses Air-conditioned to Ground Floor and First Floor living areas Fully Landscaped and Fenced Separate covered outdoor living area Each independent apartment includes its own kitchen, bathroom, laundry, living area and bedrooms Fire rated and constructed to Class 2 Building Classification Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 9 . 233 9 21 8. .7 AD RO T UI RC CI OS CR VA L 3. 07 VAL C ROS CIRC UIT 8. 33 10.9 10.1 29 E AG ON 10. 28 5 CO 5 MM 28 10. 98 7.24 6 4.1 5 5. 31 . 1 1 66 28 .8 10. 8 39 11 1 30. 10. 39 2 . 47 49 31.0 6 11. 11.49 89 2. 5.61 75 20. 75 20. 75 20. 75 229m² 2 18. 2.27 77 3. 12 5 5. 4 20 75 .3 4 0.8 21 22 231m² .2 7 20. 309m² 15. C 5 36 23 10.6 9 10.3 10.6 9 31.5 7 2.89 2.5 7 10.9 65.45 UIT IRC 32.6 2. 46 257m² 22 .2 7 24 OS CR L VA 220m² 220m² 220m² 19 216m² 5.4 251m² 34. 7 1 7 19.2 22 7 10.9 IT 9 CU 58.5 7 4 75 12.2 7 7 10.9 2600m² 7 10.9 7 10.9 21 73. CIR 11.3 7 10.9 7 10.9 3.0 287m² OS CR L VA 10.9 61 228m² 18 10.6 7 10.9 7.8 2 3 7 10 .9 9 7.3 228m² 228m² 75 308m² 27 .74 24 .43 8. 5 2 6 1. 1 10.9 8 228m² 228m² 75 4 231m² 3 5 228m² 75 20. 17.2 228m² 6 228m² 75 20. 7 75 20. 7 10.9 10.9 7 20. 7 20. 10.9 9 20. 7 10.9 7 10.9 11 10 12 228m² 13 228m² 75 7 75 2200..75 10.9 20. 2 7 10.9 20. 7 10.9 7 10.9 15 228m² 14 75 20. 75 20. 7 75 20. 10.9 7 10.9 16 17 75 20. 10.6 7 10.9 10.6 2 78 38. 82 89 10.3 10.6 87 scription Valcros Circuit, Dunsborough (formerly Inverness Avenue) 22. NESS Site Plan AV EN UE SCALE 1 : 750 @ A3 - 1 : 375 @ A1 7.5 0 PLANNER'S DESIGN SOURCE for Rev Planner :Received date:File name:- 30 ALL DISTANCES ARE IN METRES ENGINEER'S DESIGN SOURCE for Rev Engineer :Received date:Data purpose:- For a true to scale reproduction of this plan, plot it to A3 with the Paging Scaling set to None. SDW 11/04/2014 WSG Drawn Date Checked Page 10 The contents of this plan are current and correct as of the date stated within the revision panel. All consultants and persons wishing to utilise this data should satisfy themselves of this plans currency by contacting the McMullen Nolan Group. FILES Cogo Job : 93278 mapCOGO:- Plan007 (98412) Ustation:- 98412pr-007a.dgn Questus PRECAL LEGEND 2 7 S ta tio n R o a d M a rga re t R ive r, W .A . 6 2 8 5 T e l: (0 8 ) 9 7 5 7 2 4 9 9 F a x: (0 8 ) 9 7 5 7 3 1 2 0 See below Lot Stats table for further information 15 Stage Boundary Vehicle Access Restriction Potential Dwellings / Lot Residential in fo @ m cm u lle n n o la n .co m .a u w w w .m cm u lle n n o la n .co m .a u ABN 90 009 363 311 H e a d O ffic e : Ja n d a ko t O ffices in : P o rt H e d la n d , B ro o m e , K u n u n u rra Investment D U N SB O R O U G H LA K E S Lo t 1 1 8 0 C o m m o n a g e R o D u n sb o ro u g h All areas and dimensions depicted on this plan are subject to survey and Landgate registration. All cadastral information external to the stage/s which form the subject of this plan are not guaranteed and are supplied as a guide only. Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA CLIENT: Project Mngr. William G Q U E S T U S LIM IT E D 98412 Jo b Num ber Dual Occupancy Design DUAL OCCUPANCY FLOOR PLAN - TYPE DK1 Apartment A (2 bed / 2 bath) GROUND FLOOR PLAN Apartment B (1 bed / 1 bath) FIRST FLOOR PLAN NOTE: Floor plans shown are for illustration purposes only and are subject to change without notice. Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 11 Dual Occupancy Design DUAL OCCUPANCY FLOOR PLAN - TYPE DK2 Apartment A (2 bed / 2 bath) GROUND FLOOR PLAN Apartment B (1 bed / 1 bath) FIRST FLOOR PLAN NOTE: Floor plans shown are for illustration purposes only and are subject to change without notice. Page 12 Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Example Investment - two nras 2 bed / 2 bath PLUS 1 bed / 1 bath Dual Occupancy Unit 11 / Valcros Circuit, Dunsborough Purchase Price $515.000 Fitout & Fittings for depreciation purposes $34,832 Total Investment $515,000 Stamp Duty on Sale $3,705 Settlement Fees & Loan Establishment $2,500 Total Investment & Costs $521,205 Amount of Loan 100% Geared $521,205 Capital Growth 4% YEAR ONE Weekly Rental Income after 20% Discount for NRAS $512 Annual Rental Income (50 weeks) $25,600 Plus Government Incentives $21,834 Gross Income (before tax allowances) $47,434 Property Expenses: Management Fees 10% on Market Rent $3,200 Tenancy Selection Costs $1,210 QRIF Scheme Fee 5.5% on Incentives (includes GST) $1200 Allowance for Rates, Body Corporate Taxes, Insurance & Repairs, etc $3,700 Total Property Expenses $9,311 Interest Payable on Borrowings $38,123 Pre - Tax Cash Flow $9,311 Tax Position Assessable Rental Income (excludes NRAS incentives) $25,600 Less: Interest on Loan $27,363 Depreciation on Building, Fitout & Fittings (DIV 40) $7,713 Capital Works Allowance (DIV 43) $7,257 Property Expenses (less QRIF fee) $8,110 Total Tax Allowances Available $50,443 Less: Proportion of NANE costs ($8,863) Taxable Income (Loss) ($15,980) Tax Benefit $7,830 Net Cash Surplus After Tax $17,141 Capital Growth $14,395 Return on Total Investment - First Year $31,536 The information included in this example is provided as a guide only and all potential investors should consult their professional advisor. Assumptions: Gearing Level on Property 100%. Interest rate at 5.25%. Consumer Price Index 2.5% PA. Capital Growth 4% PA. Market Value Weekly Rent of $350 per week for 2 bed / 2 bath component or 1 bed / 1 bath of $290 (before NRAS discount). Investor Marginal Tax Rate 49% (including Medicare Levy and Temporary Budget Repair Levy). Two Weeks Rental Vacancy. NRAS incentive indexed based on 2015/2016 NRAS year. Note: The State component of NRAS is paid as a non assessable, non exempt income (NANE). ATO rulings have determined that expenditure associated with deriving the NANE is non-deductible which has been included in the calculation above. Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Page 13 General Inclusions EXTERNAL FEATURES BATHROOM/LAUNDRY/WC • BlueScope Custom Orb roof, gutters downpipes and cladding • 200x200mm ceramic floor tiles • 200x100 gloss white wall tiles • Brikmakers facebrick - Contemporary collection • Laminex Square form vanity top • Sand render with painted finish • Laminex Natural finish cupboards • BGC Stratum Duo cladding painted • Stainless steel T Bar door handles • BlueScope Custom Orb Carport • Stylus Symphony Semi Recessed Basin • BlueScope trimdeck boundary fencing • • Pool fencing to golf course boundary Caroma Elegance multi-function showerhead and rail • Ceramic tiles to balcony • Caroma basin, laundry and shower mixer • Pavers to patio, driveway, carport • Clark 42lt Laundry trough unit white • Waterwise Landscaping • Caroma Cameo Viteous China Toilet Suite • Fold down clothesline • Framed glass shower screen with pivot door • Brass garden tap • Caroma Toilet roll holder • Precast Letterbox • Caroma double shower rail • Rinnai continuous flow hot water system • Ceramic soap dish • Electric Meter-box plus sub meter for separate • Framed Vanity Mirror – polished silver upstairs tenancy. INTERNAL FEATURES • Daikin Split Cycle air conditioning to living areas on each floor. • Slimline Venetian Blinds throughout excluding wet areas • Painted throughout • 300x300mm ceramic tiles to living, kitchen, dining • Carpet to bedrooms • Vinyl wrap sliding door robes – White • NBN connection ready KITCHEN FEATURES • Laminex Square form kitchen bench tops • Laminex under counter and overhead cupboards with white melamine internal shelves • Stainless steel T Bar door handles • 200x100mm gloss white tiles to splashback • Stainless steel Technika Electric Oven 600mm • Stainless steel Technika Gas Cooktop 600mm • Stainless steel Technika slideout rangehood 600mm • Clark Vital 1.75 stainless steel kitchen sink • Chrome sink mixer INCLUSION CONDITIONS: Due to the continual development and improvements, the developer reserves the right to alter the specifications at any time without notice. (All alterations and substitutions will be of similar quality and standard.) Page 14 Questus Residential Investment Fund Dunsborough Lakes Dual Occupancy, Dunsborough WA Approved NRAS Property Reservation Form (Request Please for Questus Residential Investment Fund PDS) return completed form via email to: info@questus.com.au PURCHASER CONTACT & ADDRESS DETAILS Proposed Purchaser #1 - Given name(s), Surname, Company or Trustee (i.e. for SMSF) Split % Split % Proposed Purchaser #2 - Given name(s), Surname, Company or Trustee (i.e. for SMSF) Street Number Street Suburb / Town State Business Telephone Mobile Phone Postcode Contact Name Email address RESERVATION OF APPROVED NRAS PROPERTY - DUNSBOROUGH LAKES DUAL OCCUPANCY, DUNSBOROUGH, WA I / We would like to reserve the Approved NRAS property being described as: Purchase Price $ q Option 1 - CHEQUE I / We enclose payment in the amount of $1,000 for the Property Reservation Deposit made payable to “Questus Asset Management Pty Ltd - NRAS Reservation Account” q Option 2 - CREDIT CARD (Mastercard/Visa) I authorise Questus to charge my credit card the Property Reservation Deposit of $1,000.00 Card Type Card Number Expiry Date CVC # q q q q q Mastercard q Visa qqqq qqqq qqqq qqqq Cardholder Name Cardholder Signature / CONDITIONS OF PROPERTY RESERVATION The purchase of an Approved NRAS Property is subject to the purchaser reading and completing the following: 1) 2) 3) Approved NRAS Property Reservation Form (this form). Application Form contained in the Product Disclosure Statement (PDS) for the Questus Residential Investment Fund and payment of the $11 Application Fee. Contract of Sale documents (Sale by Offer and Acceptance and Building Contract as applicable) within 7 days of receipt. SIGNED BY: Purchaser 1 SIGNED BY: Purchaser 2 Signature Signature Date of Signing Date of Signing Adviser Details Solicitor Details Adviser / Agent Name Solicitor Name / Company Name Address Address Questus Limited Questus Limited (Questus) is an Australian Securities Exchange listed funds and investment management company. Questus is one of the largest NRAS Approved Participants and deliverers of NRAS dwellings in the country. Founded in 2003, Questus has a wealth of experience and an established reputation in developing innovative property based investment products for the wholesale and retail investment markets. Questus Funds Management Limited (QFML) holds an Australian Financial Services Licence (No. 286318) and is a wholly owned subsidiary of Questus Limited. QFML is the responsible entity that manages and oversees the Questus Residential Investment Fund (QRIF), a registered managed investment scheme with the Australian Securities and Investments Commission (ARSN 135 720 339). Enquire today: Telephone 1800 234 410 info@questus.com.au 105 Railway Road, Subiaco WA 6008 Tel 08 9489 4444 | Fax 08 9381 4963 Questus Residential Investment Fund ARSN 135 720 339 Managed by Questus Funds Management Limited ABN 52 111 325 556 | AFSL 286318 Issued June 2015 *DISCLAIMER: The particulars contained herein were prepared for the purpose of the sale and do not form part of any agreement. The Government Incentives for the 2015/2016 NRAS year are $8,188 per annum and $2,729 per annum from the Federal, State and Territory Governments respectively. Any information regarding the properties which have or may in the future be made available to the prospective purchaser, have or will be supplied on the clear understanding that whilst every care has been taken with its preparation, no responsibility is accepted by Questus, Questus Funds Management Limited, the developer or the selling agent or any person employed by or engaged by them for the accuracy or completeness of such information. Prospective purchasers are advised to make their own enquiries and to satisfy themselves in all respects. The seller reserves the right to alter the price and specifications at any stage. The information provided in this brochure relates to the various properties which may be available as an Approved NRAS Property. Should you have any questions regarding the PDS contact Questus Funds Management Ltd on 1800 234 410. ** Photographs and plans are shown for illustrative purposes only. Floor plans are subject to change without notice.