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 an Australian Financial Services Licensee, (AFS No. 228903). To the extent that the distribution in Australia of this report constitutes financial product 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.

DISCLAIMER: The information in this report has been obtained from sources believed to be reliable. Any opinions, conclusions or recommendations are reasonably held or made based on the information available at the time of its compilation, but no representation or warranty, express or implied, is made that such information is accurate, complete or reliable 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. Unless expressly stated otherwise, all price information is indicative only. 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 or damage arising from the use of all or any part of the material contained in this report. LINWAR is not under any obligation to update or keep current the information contained in this report.

DISCLOSURE: LINWAR is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited ABN 11 005 357 522 ("ANZ"). The author, LINWAR, LINWAR's related bodies corporate and the directors, officers, employees and clients of each of them (as applicable) ("the Group"), 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;
• act or have acted as, market maker in any of the investments mentioned in this report;
• have or have had a relationship with, or may provide or have provided, investment banking, capital markets and/or other services to the companies mentioned in or relevant to this report. Employees of LINWAR and/or of its related bodies corporate may serve or have served as officers or directors of the companies mentioned in or relevant to this report;
• rely on information barriers to control the flow of information contained in one or more business units within the Group into other business units within the Group.

WARNING: This report is intended to provide general financial product advice, and does not purport to make any recommendation that any securities or other financial product, transaction or investment 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.