LINWAR Securities

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Disclosures and disclaimers

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This report was prepared by LINWAR Securities Pty Limited (LINWAR) ABN 91 103 183 606, Level 23, 68 Pitt Street, Sydney NSW 2000. LINWAR is a Licensed Dealer in Securities, AFSL 228903. To the extent that the distribution in Australia of this report constitutes securities advice, that advice is given by LINWAR. If you would like to discuss this report, please contact the authors mentioned on the front page of this report. The names of the authors of any foreign research reports appear as a matter of record only and the authors are not employed by, or acting for or by arrangement with, LINWAR.

DISCLAIMER: The information and opinions contained in this report have been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. Information and opinions contained in the report are published for the assistance of recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient, and are subject to change without notice. This report is not, and should not be construed as, an offer document or an offer or solicitation to buy or sell any investments. Except to the extent that liability cannot be excluded, LINWAR does not accept any liability for any direct or consequential loss arising from any material contained in this report.

DISCLOSURE: The author and/or associated parties may effect or have effected a transaction for their own account in the investments referred in this report. On the date of this report such parties may hold a position in any of the investments mentioned in this report and may purchase and/or sell the investments at any time in the open market or otherwise, in each case either as principal or as agent.

WARNING: This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient's particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess or seek advice from their advisers on whether any relevant part of this report is appropriate to their individual circumstances. This report may not be reproduced, distributed or published for any purpose without prior approval from the author.

US AND UK CLIENTS: This report is prepared for professional investors and is not intended for Private Customers in the United Kingdom as defined in FSA rules and should not be passed on to any such persons. For purposes of distribution in the United States, this report is prepared for persons who can be defined as "Major Institutional Investors" under US regulations. Any US person receiving this report and wishing to effect a transaction in any security discussed herein, must do so through a US registered broker or dealer.