1. The research analyst (or their household members) has a financial or other interest in the securities or related derivatives of this company.
2. As at the start of the month in which this research was first published, KSFCM and/or an affiliate together beneficially owned 1% or more of a class of common equity securities of this company.
3. KSFCM and/or an affiliate act as a market maker or liquidity provider of securities or related derivatives issued by this company.
4. KSFCM and/or an affiliate is party to an agreement with this company to provide investment research.
5. Sections of this report have been submitted to this company solely for purposes of verifying the factual accuracy of information and have been amended following such disclosure before publication of this research.
6. This company is currently, or has been during the past 12 months a client of KSFCM and/or an affiliate and has received compensation from this company in relation to investment banking services or expects to/intends to seek compensation for investment banking services in the next 3 months. KSFCM's corporate broking agreements include a provision that KSFCM may publish research at such times as it considers appropriate.
7. This company is currently or has been during the past 12 months a client of KSFCM and/or an affiliate for non-investment banking related services.
8. KSFCM and/or an affiliate was a lead manager or co-lead manager of a public offering of securities or related derivatives of this company within the past 12 months.
9. KSFCM and/or an affiliate has a financial and or other interest in this company.
10. As at the start of the month in which this research was first published, this company beneficially owned 1% or more of the total issued share capital of KSFCM and/or an affiliate.
11. This company is currently or has been during the past 12 months a client of KSFCM and/or an affiliate for investment banking services.
12. A member of the research analyst's household is an officer, director or advisory board member of the company.

KSFCM and/or an affiliate do and seek to do business with companies covered in its research reports.  As a result, investors should be aware that KSFCM and/or an affiliate may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

This research report has been published and distributed in accordance with KSFCM's policy for Management of Conflicts of Interest in Investment Research, a copy of which is available on KSFCM's research website or by writing to KSFCM for the attention the Compliance Officer.