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The information, opinions, estimates, and forecasts contained in Barrenjoey research are as at the date the research reports and subject to change without prior notice. We seek to update our research at regular intervals as considered appropriate in the research analyst’s judgement, but various regulations and conflicts of interest can prevent us from doing so. The value of income or returns from an investment may vary because of changes in interest rates, foreign exchange rates, changes in the financial and operating conditions of relevant companies and other factors. Investors should be aware that the market price of securities discussed in our research may be volatile. Due to these and other factors a security’s current price and our investment rating may not correspond to a stated price target. Investment carries risk, past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original investment capital may occur.

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The research analysts named in a report may have had discussions from time to time about their research or companies referred to in their research, with clients, Barrenjoey’s sales and trading business and others, or have discussed trading strategies that reference catalysts or events that may have a near-term impact on the market price of securities discussed in their report, or which may impact or be directionally counter to the research analyst’s published price target and expectations for such securities. Any such trading strategies are distinct from and do not affect the research analyst’s fundamental rating for such securities, which is intended to reflect a security’s return potential relative to the coverage universe as described herein. Barrenjoey Markets, its affiliates, officers, directors, and employees, may from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in Barrenjoey research. Barrenjoey research analysts are not permitted to hold securities or derivatives referenced to companies under their coverage. 

In producing research reports, members of Barrenjoey may attend site visits and other meetings hosted by the companies and other entities which are the subject of its research reports. In some instances, the costs of such site visits or meetings may be met in whole or in part by the companies and other entities concerned if considered appropriate and reasonable in the circumstances. Without prior approval from Research management, research analysts may not however, accept from current or potential Corporate Finance clients, the costs of travel, accommodation, or other expenses incurred by research analysts attending site visits, conferences, social events, and the like. The views attributed to third party presenters at Barrenjoey arranged conferences,

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Additional Country Specific Disclaimers and Disclosures

This research is produced by Barrenjoey Markets, and is distributed by either Barrenjoey Markets or a non-affiliated third-party distributor, as set out in the following disclaimers:

Australia, this research is distributed by Barrenjoey Markets to wholesale clients within the meaning of the Corporations Act 2001 (Cth); 

New Zealand, by Barrenjoey Markets to wholesale clients within the meaning of the Financial Markets Conduct Act 2013; 

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