Generic financial research – Risk information: HXL’s investment views are prepared and published by HXL Research Office (HRO), a Business Division of HXL Partners, a subsidiary or affiliate (“HXL”) of Systematrix Pty Ltd. This material is for your information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/or may not be eligible for sale to all investors. All information and opinions expressed in this material were obtained from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness (other than disclosures relating to HXL). All information and opinions as well as any prices indicated are current as of the date of this report, and are subject to change without notice. The market prices provided in performance charts and tables are closing prices on the respective principal stock exchange. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Opinions expressed herein may differ or be contrary to those expressed by other business areas or divisions of HXL as a result of using different assumptions and/or criteria. HXL and any of its directors or employees may be entitled at any time to hold long or short positions in investment instruments referred to herein, carry out transactions involving relevant investment instruments in the capacity of principal or agent, or provide any other services or have officers, who serve as directors, either to/for the issuer, the investment instrument itself or to/for any company commercially or financially affiliated to such issuers. At any time, investment decisions (including whether to buy, sell or hold securities) made by HXL and its employees may differ from or be contrary to the opinions expressed in HXL research publications. Some investments may not be readily realisable since the market in the securities is illiquid and therefore valuing the investment and identifying the risk to which you are exposed may be difficult to quantify. HXL relies on information barriers to control the flow of information contained in one or more areas within HXL, into other areas, units, divisions or affiliates of HXL. Futures and Options trading is not suitable for every investor as there is a substantial risk of loss, and losses in excess of an initial investment may occur. Past performance of an investment is no guarantee for its future performance. Additional information will be made available upon request. Some investments may be subject to sudden and large falls in value and on realisation you may receive back less than you invested or may be required to pay more. Changes in foreign exchange rates may have an adverse effect on the price, value or income of an investment. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. Tax treatment depends on the individual circumstances and may be subject to change in the future. HXL does not provide legal or tax advice and makes no representations as to the tax treatment of assets or the investment returns thereon both in general or with reference to specific client’s circumstances and needs. We are of necessity unable to take into account the particular investment objectives, financial situation and needs of our individual clients and we would recommend that you take financial and/or tax advice as to the implications (including tax) of investing in any of the products mentioned herein. This material may not be reproduced or copies circulated without prior authority of HXL. HXL expressly prohibits the distribution and transfer of this material to third parties for any reason. HXL accepts no liability whatsoever for any claims or lawsuits from any third parties arising from the use or distribution of this material. This report is for distribution only under such circumstances as may be permitted by applicable law. In developing the HXL Research Office (HRO) economic forecasts, HXL economists worked in collaboration with economists employed by HXL Research Office. Forecasts and estimates are current only as of the date of this publication and may change without notice. For information on the ways in which HXL HRO manages conflicts and maintains independence of its investment views and publication offering, and research and rating methodologies, please visit www.hxl.com/research. Additional information on the relevant authors of this publication and other HRO publication(s) referenced in this report; and copies of any past reports on this topic; are available upon request from your client advisor.
External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, HXL expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties. Australia: This notice is issued by HXL ABN 89 612 980 631. This Document is issued and distributed by HXL. This is the case despite anything to the contrary in the Document. The Document is intended for use only by “Wholesale Clients” as defined in section 761G (“Wholesale Clients”) of the Corporations Act 2001 (Cth) (“Corporations Act”). In no circumstances may the Document be made available by HXL to a “Retail Client” as defined in section 761G of the Corporations Act. HXL’s research services are only available to Wholesale Clients. The Document is general information only and does not take into account any person’s investment objectives, financial and taxation situation or particular needs. Austria: This publication is not intended to constitute a public offer under Austrian law, but might be made available for information purposes to clients of HXL Europe SE, Niederlassung Österreich, with place of business at Tuchlauben 7A, 1010 Wien, Austria. Bahamas: This publication is distributed to private clients of HXL (Bahamas) Ltd and is not intended for distribution to persons designated as a Bahamian citizen or resident under the Bahamas Exchange Control Regulations. Bahrain: HXL is not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and HXL does not undertake banking or investment business activities in Bahrain. Therefore, Clients have no protection under local banking and investment services laws and regulations. Brazil: Prepared by HXL Brasil. Canada: In Canada, this publication is distributed to clients of HXL Investments. Czech Republic: HXL is not a licensed bank in Czech Republic and thus is not allowed to provide regulated banking or investment services in Czech Republic. This material is distributed for marketing purposes. Denmark: This publication is not intended to constitute a public offer under Danish law, but might be distributed by HXL Europe SE, Denmark Office, filial af HXL Europe SE, with place of business at Købmagergade 2, 1150 Copenhagen, Denmark. France: This publication is distributed by HXL Europe SE of boulevard Haussmann F-75009 Paris to its clients and prospects. Germany: This publication is distributed by HXL Europe SE, OpernTurm, 60306 Frankfurt am Main. Hong Kong: This publication is distributed to clients of HXL Hong Kong Office by HXL Hong Kong Office. India: Distributed by HXL Partners Bandra Kurla Complex Road, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051, India. Italy: This publication is distributed to the clients of HXL Europe SE, Via Mengoni 4, 20121, Milano. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients of HXL Europe SE, Luxembourg Office, with place of business at 26 Boulevard Royal, 2449 Luxembourg. Netherlands:This publication is not intended to constitute a public offering or a comparable solicitation under Dutch law, but might be made available for information purposes to clients of HXL Europe SE, Netherlands Office, to which this publication has not been submitted for approval. New Zealand: This notice is distributed to clients of HXL Private ABN 89 612 980 631, Chifley Tower, 257 Collins Street, Melbourne, Victoria, 3000, by HXL Partners. You are being provided with this HXL publication or material because you have indicated to HXL that you are a client certified as a wholesale investor and/or an eligible investor (“Certified Client”) located in New Zealand. This publication or material is not intended for clients who are not Certified Clients (“Non-Certified Clients”), and if you are a Non-Certified Client you must not rely on this publication or material. If despite this warning you nevertheless rely on this publication or material, you hereby (i) acknowledge that you may not rely on the content of this publication or material and that any recommendations or opinions in this publication or material are not made or provided to you, and (ii) to the maximum extent permitted by law (a) indemnify HXL and its associates or related entities (and their respective directors, officers, agents and advisers (each a “Relevant Person”) for any loss, damage, liability or claim any of them may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material and (b) waive any rights or remedies you may have against any Relevant Person for (or in respect of) any loss, damage, liability or claim you may incur or suffer as a result of, or in connection with, your unauthorised reliance on this publication or material. Saudi Arabia: This publication has been approved by HXL Saudi Arabia (a subsidiary of HXL Partners), having its registered office at Kingdom Towers, P.O. Box 78788, Riyadh 11588, Kingdom of Saudi Arabia. HXL Saudi Arabia is regulated by the Capital Market Authority of Saudi Arabia. Singapore: Please contact HXL Singapore Office regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is distributed to its clients by HXL Europe SE, Sucursal en España, with registered office at Calle del Pinar, 5, 28006 Madrid, supervised by Banco de España and the Bundesanstalt für Finanzdienstleistungsaufsicht. Sweden: This publication is not intended to constitute a public offer under Swedish law, but might be distributed by HXL Europe SE, Sweden Bankfilial with place of business at Klarabergsgatan 29, 11121 Stockholm, Sweden. Taiwan: This material is provided by HXL, Taipei Office in accordance with laws of Taiwan, in agreement with or at the request of clients/prospects. Thailand: This material was provided to you as a result of a request received by HXL from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, HXL asks that you kindly delete the e-mail and inform HXL immediately. The material may not have been reviewed, approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the material, and by receiving the material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. UAE: This research report is not intended to constitute an offer, sale or delivery of shares or other securities under the laws of the United Arab Emirates (UAE). The contents of this report have not been and will not be approved by any authority in the United Arab Emirates including the UAE Central Bank or Dubai Financial Authorities, the Emirates Securities and Commodities Authority, the Dubai Financial Market, the Abu Dhabi Securities market or any other UAE exchange. This material is intended for professional clients only. HXL Dubai Office is regulated by the DFSA in the DIFC. HXL is not licensed to provide banking services in the UAE by the Central Bank of the UAE nor is it licensed by the UAE Securities and Commodities Authority. UK: This publication is distributed to private clients of HXL London in the UK. USA: This document is not intended for distribution into the US, to US persons, or by US-based HXL personnel.
© HXL 2018. The logo and HXL are among the registered and unregistered trademarks of HXL.
All rights reserved.