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JBWere’s advisers and other professionals may provide oral or written market commentary or trading strategies to clients that reflect opinions that are contrary to the opinions expressed in this report, and they may make investment recommendations that are inconsistent with the recommendations or views expressed in this report.

Ownership and material conflicts of interest

JBWere requires all research personnel to disclose to JBWere any material investment position or financial interest in issuers that they review. Research personnel are paid in part based on the profitability of the National Australia Bank Limited group (NAB Group), which includes JBWere.

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In the last twelve months, JBWere has played a role in transactions for certain entities which may be referred to in this report. For details, refer to JBWere’s Deal Flow Participation.

JBWere’s research analysts may from time to time hold financial products that are the subject of a JBWere research report. The Managing Conflicts of Interest and Maintaining the Integrity of Research Policy sets out how JBWere manages these conflicts. Please refer to the list of financial products currently held by JBWere’s research analysts.

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General disclosures

These reports are not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in any report is subject to change without notice. The price and value of the investments referred to in our reports and the income from them may fluctuate. Past performance is not a guide to future performance. Future returns are not guaranteed and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

In producing research reports, members of JBWere’s Investment Strategy Group may attend site visits and other meetings hosted by the entities mentioned in those reports. In some instances the costs of such site visits or meetings may be met in part or in whole by the issuers concerned if JBWere considers it is appropriate and reasonable in the specific circumstances relating to the site visit or meeting.

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Research analyst disclaimer

The information accurately reflects the personal views of the author(s) about the securities, issuers and other subject matters discussed, and is based upon sources reasonably believed to be reliable and accurate. The views of the author(s) do not necessarily reflect the views of JBWere. No part of the compensation of the author(s) was, is, or will be, directly or indirectly, related to any specific recommendations or views expressed in this report.

Other Research Providers

UBS

These reports may contain a restatement, summary or extract of a report prepared by UBS Securities Australia Limited (UBS) or a related body corporate (UBS Report). Please contact your JBWere adviser if you would like a copy of the UBS Report. For information on the ways in which UBS manages conflicts and maintains independence of its research product; historical performance information; and certain additional disclosures concerning UBS research, please visit www.ubs.com/disclosures

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MSCI

MSCI Benchmark

MSCI ESG

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