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IMPORTANT NOTICE: The following relate to material presented in this document published by SQ1 Research Co. ("SQ1 Research”) and should be read before making any investment decision.

WARNINGS: Past performance is not a reliable indicator of future performance. Any express or implied recommendation or advice presented in this document is limited to “General Advice” (as defined in the Corporations Act 2001(Cth)) and based solely on consideration of the investment and/or trading merits of the securities alone, without taking into account the investment objectives, financial situation and particular needs (“financial circumstances”) of any particular person. Before making an investment decision based on the recommendation or advice, the reader must consider whether it is personally appropriate in light of his or her financial circumstances and should seek further advice on its appropriateness. This is not “Personal Advice” (as defined in the Corporations Act 2001(Cth)) and does not constitute a recommendation to purchase, hold, redeem or sell any securities or financial product(s), and the reader should seek independent financial advice before investing in any financial product.

DISCLOSURE AS AT THE DATE OF PUBLICATION: SQ1 Research do not receive a fee from the relevant fund manager or product issuer(s) for researching financial products (using objective criteria) which may be referred to in this document. SQ1 Research do not receive a fee from the fund manager or product issuer(s) for subscribing to research content and other SQ1 Research services. SQ1 Research, its directors, officers, representatives, authorised representatives and their respective associates may have or acquire holdings or positions in the securities mentioned in this document, which holdings may change during the life of this document. Details of these holdings, if any, are not known to the Analyst(s). SQ1 Research considers any such holdings not to be sufficiently material to compromise the recommendations or advice.

UPDATE POLICY: The Information prepared by SQ.1 that is accessible through this site is current only as of the date that it was prepared. This information may be incomplete or may have become out of date. SQ.1 makes no commitment and disclaims any duty to update such information.