Wealth Sales & Research Disclaimer

Limitations and Disclaimers - Sales & Research

This publication has been prepared by Jarden Securities Limited (“Jarden”) for distribution to clients of Jarden and its related bodies corporate and/or associated companies (together, the “Jarden Group”) on the basis that no part of it will be reproduced, altered in any way, transmitted to, copied to or distributed in whole or in part to any other person and further that no derivative work shall be created using this publication or no data may be extracted from this publication without the prior express permission of Jarden.

This publication is for distribution only in New Zealand and other jurisdictions as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject any member of the Jarden Group to any registration or licensing requirement within such jurisdiction.

The information, investment views and recommendations in this publication are provided for general information purposes only, and solely relate to the companies and investment opportunities specified within. It is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The nature and scope of any financial advice included in this publication is limited to generic and investment-specific non-personalised commentary only. Any financial advice included does not take into account any person’s particular financial situation, objectives, goals or appetite for risk. The commentary provided does not constitute advice of a legal, tax, or accounting nature to any person. We recommend that recipients seek advice specific to their circumstances from their adviser before making any investment decision or taking any action.

Jarden holds a licence issued by the Financial Markets Authority to provide a financial advice service. For details of the fees payable for brokerage and other services provided by Jarden, our organisational conflicts of interest, information on our complaints and dispute resolution process, and the duties applicable to us when providing financial advice, please access our publicly available disclosure statement, which is available https://www.jarden.co.nz/our-services/wealth-management/financial-advice-provider-disclosure-statement/ . Please ensure you read this information carefully when considering this research.

This publication does not, and does not attempt to, contain all material or relevant information about the subject companies and securities or markets, developments or other matters herein. The information provided in this publication and contained in any materials to which this publication relates (together, the “Information”) is published in good faith and has been obtained from sources believed to be reliable, accurate and complete at the time of preparation, but the accuracy, completeness and reliability of the Information is not guaranteed (and no warranties or representations, express or implied, are given as to its accuracy, completeness or reliability of the Information). To the fullest extent permitted by law, no Relevant Party accepts any liability or responsibility for any loss or damage arising out of the use of or reliance on the Information including without limitation, any loss of profit or any other damage, direct or consequential. Information, opinions and estimates contained herein reflect a judgement at the date of publication by Jarden and are subject to change without notice. Jarden is under no obligation to update or keep current any of the information on this publication. Research may include material sourced from third party research providers. Any statements contained in this publication attributed to a third party represent Jarden'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. By receiving this publication and the Information, the recipient will be deemed to represent and warrant to Jarden that the recipient will use this publication for information purposes only.

All investment involves risk. The bond market is volatile. Bonds carry interest rate risk (as interest rates rise, bond prices usually fall, and vice versa), inflation risk and issuer and credit default risks. Lower quality and unrated debt securities involve a greater risk of default and/or price changes due to potential changes in the credit quality of the issuer. The price, value and income derived from investments may fluctuate in that values can go down as well as up and investors may get back less than originally invested. Past performance is not indicative of future results, and no representation or warranty, express or implied, is made regarding future performance or investment returns. Reference to taxation or the impact of taxation does not constitute tax advice. The levels and bases of taxation may change. The value of any tax reliefs will depend on investors’ circumstances. Investors should consult their tax adviser in order to understand the impact of investment decisions on their tax position. Where an investment is denominated in a foreign currency, changes in rates of exchange may have adverse effect on the value, price or income of the investment. The market in certain investments may be unavailable and/or illiquid meaning that investors may be unable to purchase, sell or realise their investments at their preferred volume and/or price, or at all. The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Past performance is not necessarily a guide to future performance.

Jarden, any member of the Jarden Group and any of their respective directors, officers, employees, consultants, agents, advisers and any other persons associated with any member of the Jarden Group (each, a “Relevant Party”) do not accept any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information. A Relevant Party may (i) have held or hold securities mentioned in this publication (or related securities) as principal for their own account, (ii) have provided investment advice or other investment services in relation to such securities within the last twelve months, and (iii) have other financial interests, including as a shareholder of the Jarden Group of companies, in the matters mentioned herein. Investors should assume that the Jarden Group does and seeks to do investment banking business with companies covered in its research reports. Specific additional disclosures will be made in relation to companies where Jarden Group has a transaction role and publishes research.