This Analysis has been prepared and issued by the Institute for Energy Economics and Financial Analysis Australia Limited (IEEFA). It sets out information and observations about certain statements made by the organisation(s) which is or are the subject of this Analysis (each an Organisation) concerning its business operations.

This Analysis is supplied personally to the Recipient on the following conditions, which are expressly accepted and agreed to by the Recipient, in part consideration of the supply of the Analysis, as evidenced by the retention by the Recipient of this Analysis. If these conditions are not acceptable the Analysis is to be returned immediately or closed.

1. This Analysis is neither a prospectus nor a product disclosure statement regulated under the Corporations Act, nor is it required to be. A copy is not required to be, and has not been, lodged with the Australian Securities and Investments Commission (ASIC);
2. This Analysis does not purport to contain all or any information that may be required to evaluate any transaction in relation to the Organisation (or would be required if it were a disclosure document which required lodgement with ASIC under the Corporations Act). The Recipient and its advisers should conduct their own independent review, investigations and analysis of the Organisation and of the information contained, or referred to, in this Analysis;
3. This Analysis is for information and educational purposes only. The information provided in this Analysis is derived from publicly available information, and the purpose of publishing this Analysis is to promote action by the Recipient consistent with IEFFA’s sustainability objectives. IEEFA does not provide tax, legal, investment, financial product or accounting advice. This Analysis is not intended to provide, and should not be relied on for, tax, legal, investment, financial product or accounting advice, and it does not take into account any personal objectives, circumstances or financial needs of any particular Recipient. Nothing in this Analysis is intended as investment or financial product advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, opinion, endorsement, or sponsorship of any financial product, class of financial products, security, company, or fund. IEEFA is not responsible for any investment or other decision made by a Recipient and each Recipient is responsible for its own investment research and investment decisions. To the extent that a Recipient is an investor, or is considering investing in the Organisation, the Recipient should obtain its own financial advice in relation to any investment in the Organisation;
4. This Analysis is not meant as a general guide to investing, nor as a source of any specific or general recommendation or opinion in relation to any financial products or the Organisation. Unless attributed to others, any observations or opinions expressed are our current observations or opinions only. Certain information presented may have been provided by third parties. IEEFA believes that such third-party information is reliable, and has checked public records to verify it where possible, but does not guarantee its accuracy, timeliness or completeness; and it is subject to change without notice; and
5. Neither IEEFA, nor its directors, officers, employees, agents, advisers or representatives (referred to collectively as the Beneficiaries) makes any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information contained in this Analysis or previously or subsequently provided to the Recipient by any of the Beneficiaries, and the Beneficiaries shall have no responsibility arising in respect of the information contained in this Analysis or in any other way for errors or omissions (including responsibility to any persons by reason of negligence), except insofar as liability under any law cannot be excluded.