Delta Factors Disclaimer

This material, including “Delta Factors” and any values appearing in it, (this ‘Material’) is produced by Delta Research & Advisory Pty Ltd (Delta) as part of its research function and are provided to you solely for informational purposes.

Delta has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. In no circumstances may this Material be used for any of the following purposes:

(i) valuation or accounting purposes;

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(iv) to measure the performance of any financial instrument.

By receiving this Material you will be deemed to represent and warrant to Delta that you will not use this Material for any of the above purposes or otherwise rely upon this Material. Nothing in this Material should be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future performance. The value of any investment or income may go down as well as up, and you may not get back the full (or any) amount invested.

Should any user of this Material wish to trade any of the securities contained herein, they must consult their usual representative or trading contact.

The values generated by this Material do not represent the values or prices at which Delta would be willing to purchase, sell, enter into, assign, terminate or settle transactions in relevant securities. The methodology used in this Material relies on models, empirical data and assumptions, and as such, no representation or warranty, either expressed or implied, is provided as to the accuracy or appropriateness of our methodology and the Material. Any statements contained in this Material attributed to a third party represent Delta’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party.

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Delta will initiate, update and cease coverage solely at its discretion, which will also have sole discretion on the timing and frequency of any published research product. The analysis contained in Delta Factors is based on numerous assumptions. Different assumptions could result in materially different results.

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