Instant Messaging - Terms and Conditions of Use

This instant message has been prepared by a person in the private wealth management team in JBWere Pty ("JBWere") and is not the product of the Investment Research Group.

JBWere reserves the right to intercept and monitor the content of instant messages. If you are not the intended recipient of this instant message, please delete and destroy all copies immediately. Also, please be aware that instant messaging is not secure, and may be intercepted, altered, delayed, deleted or otherwise affected by unauthorized persons or technical failures without the knowledge of the sender or intended recipient. Appropriate discretion should be exercised regarding the use, content and retransmission of instant messages.

This material should not be construed as 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. We are not soliciting any action based on this material. This instant message is for your general information only and JBWere is not soliciting any action based upon it. It does not take into account the particular investment objectives, financial situation or needs of individual clients. Before acting on any information in any instant message, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisors regarding any potential investment.

Certain transactions - including those involving futures, options, equity swaps, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not available to nor suitable for all investors. If you have any questions about whether you are eligible to enter into these transactions, please contact your sales representative. This material is not for distribution to retail clients, as that term is defined under the Australian Corporations Act 2001 (Cth) and any investments, including derivatives, mentioned in this material will not be made available by us to any such retail client. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk.

This instant message has been prepared based upon information that JBWere believes to be reliable. However, JBWere does not represent that the information in this instant message is accurate, complete and/or up-to-date and accepts no liability if it is not. Any views expressed in this instant message are those of the individual sender except where the sender specifically states them to be the views of JBWere. Opinions expressed are current opinions only as of the date and time indicated. Any historical price(s) or value(s) are also as of the date indicated. JBWere does not accept any responsibility to update any opinions or other information contained in this instant message. Please note that JBWere and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, and buy or sell the securities or derivatives (including options) thereof, and serve as a director of companies mentioned in this instant message. Further information on any of the securities mentioned in this instant message may be obtained upon request.

If you do not wish to receive future instant messages, or if you require any further information regarding our SPAM policy, please email spam-officer@jbwere.com. This instant message is also subject to copyright.

Reproduction and Re-Distribution: No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent. To the extent this communication contains JBWere pricing information, such pricing information is proprietary and/or confidential and is provided solely for the internal use of the intended recipient(s). You are notified that any unauthorized use, dissemination, distribution or copying of this communication or its contents, including pricing information, in whole or in part, is strictly prohibited. Further, unless prohibited by local law, any use, review or acceptance of this information is subject to and manifests your agreement with JBWere to use such information only in accordance with the terms set forth above. JBWere has caused its proprietary information to be delivered to you in reliance upon such agreement.