Disclaimer
and Disclosures.

Issuer

The information and opinions contained within Sandstone Insights Research were prepared by MST Financial Services Pty Ltd (ABN 54 617 475 180, AFSL 500557) ("MST", "us", "our" or "we").

Conflict Policy

Sandstone Insights research is published in accordance with our Conflict Management Policy which is available at our website.

General Advice

Any advice contained within Sandstone Insights Research is general advice only and has been prepared without taking into account any person’s objectives, financial situation or needs. Any person, before acting on any advice contained within Sandstone Insights Research, should first consider consulting with a financial adviser to assess whether that advice is appropriate for their objectives, financial situation and needs. Those acting upon such information without advice do so entirely at their own risk.

Reliance

Whilst we make every effort to use reliable, comprehensive information in the construction of its reports, we make no representation, warranty or undertaking of the accuracy, timeliness or completeness of information in this report. Save for any statutory liability that cannot be excluded, we and our employees, representative and agents shall not be liable (whether in negligence or otherwise) for any error or inaccuracy in, or omission from, this advice or any resulting loss suffered by the recipient or any other person.

Performance and Risks

Past performance is not indicative of future performance, and no representation or warranty, express or implied, is made regarding future performance. Estimates of future performance are based on assumptions that may not be realised. Investments involve risks and the value of any investment or income may go down as well as up. Investors may not get back the full amount invested, and price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments.

Projections

Any projections contained within Sandstone Insights Research are indicative estimates only. Such projections are contingent upon matters outside the control of MST (including but not limited to economic conditions, market volatility and company-specific fundamentals) and therefore may not be realised in the future. It is important to note that while predictions are necessarily influenced by existing data and past events, past performance is not a reliable indication of future performance.

Target Prices

Where Target prices are used, please note that target prices are inherently imprecise and a product of the analyst’s judgment. The financial products discussed in Sandstone Insights Research documents may not be suitable for all investors, and investors must make their own informed investment decisions. Prices and availability of financial products are subject to change without notice, and investment transactions can lead to losses as a result of price fluctuations and other factors.

Currency

The recommendations made in a Sandstone Insights Research report are current as of the publication date. If you are reading a report more than 4 weeks after publication, it is likely that circumstances will have changed and at least some aspects of the analysis may no longer hold.

Not an offer

Sandstone Insights Research never constitutes an offer or invitation to purchase any financial product and should not be relied upon in connection with any contract or commitment whatsoever.

Relationship with the Company

MST always maintains the independence of its investment research, however given the breadth of its service offering and client base it is possible that it may have a broader business relationship with the companies (“Companies”) that it advises on in its Sandstone Insights Research reports. Our research analysts may receive assistance from the Companies in preparing their research which may include attending site visits and/or meetings hosted by the relevant Company. In some instances, the costs of such site visits or meetings may be met in part or in whole by the Companies. MST and its associates may have received and may continue to receive fees from a Company in relation to corporate advisory, underwriting or other professional investment services. If this is the case, this is disclosed in a company-specific report disclaimer. MST and its affiliates may trade financial products in the Companies as principal, but always strictly observes insider trading restrictions and all other laws and regulations. For further information, please refer to the company-specific disclosures that we include on our research reports where applicable.

Distribution

Sandstone Insights Research is not intended for distribution or use by any person or entity located in a jurisdiction where distribution, publication, availability or use would be prohibited. We make no claim that Sandstone Insights Research content may be lawfully viewed or accessed outside of Australia. Access to Sandstone Insights Research content may not be legal for certain persons and in certain jurisdictions. If you access this service or content from outside of Australia, you are responsible for compliance with the laws of your jurisdiction and/or the jurisdiction of the third party receiving such content. Sandstone Insights Research is provided to our clients through our proprietary research portal and distributed electronically by us to its Sandstone Insights clients. Some Sandstone Insights Research products may also be made available to its clients via third party vendors or distributed through alternative electronic means as a convenience. Such alternative distribution methods are at our discretion.

Access and Use

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Coverage

Coverage by Sandstone Insights Research, including whether to initiate, update or cease coverage of an issuer or sector, is at the sole discretion of the Analyst.

Other information

For important stock specific disclosures and stock price charts, please see company-specific reports.

Copyright

Copyright of the information contained within Sandstone Insights Research (including trademarks and service marks) are the property of their respective owners. Sandstone Insights Research, or any portion thereof, may not be reprinted, sold or redistributed without the prior and written consent of us.