This is General Financial Advice only for Wholesale clients in Australia. It must not be copied, in part or in whole, or distributed to any other person. If you are not the intended recipient you must not use or disclose this information in any way. This website is not intended as an offer or solicitation for the purchase or sale of any financial instrument. In preparing this research, we did not take into account the investment objectives, financial situation and particular needs of the reader. Before making an investment decision on the basis of this research, the investor or prospective investor needs to consider, with or without the assistance of a securities adviser, whether the advice is appropriate in light of the particular investment needs, objectives and financial circumstances of the investor or prospective investor. There are risks to investing. Prices may fluctuate and investments may become valueless. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character and whilst every attempt is taken to ensure that the assumptions on which forecasts or views are based are reasonable, the forecasts or views may be affected by incorrect assumptions or by known or unknown risks, uncertainties or events. The ultimate outcomes may differ substantially from these forecasts and views.

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The views expressed in this research and presentation accurately reflect the personal views of the analyst about the securities, sectors and asset classes and no part of the compensation of the analyst was, or is, directly related to the inclusion of specific recommendations or views in this research. The analyst may have an interest in the securities/sectors/asset classes mentioned or referred to in this report.