Australian Banks. Pre-Reporting Form Guide AUSTRALIA. Event. Impact. Outlook

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1 AUSTRALIA MRE vs Consensus MQG FY15 Consensus FY15 Date Profit EPS DPS Profit EPS DPS BEN 10-Aug CBA 12-Aug 9, , Source: Factset, Macquarie Research, August 2015 CBA A$5b in capital required Mortgage RWA Conglomerates Total $b bp Source: Macquarie Research, August 2015 BEN Homesafe Earnings Homesafe Contribution ($m) Source: ABS, Macquarie Research, August 2015 HPA 1H % 2H % 1H % 2H % 1H % 2H % Pre-Reporting Form Guide Event BEN (10 August) kicks off the upcoming reporting season followed by CBA (12 August). The market will be focused on the quality of CBA s result (margins, impairment) particularly given ANZ s attempt to speak for the other banks on asset quality post its capital raise. Impact Solid result from CBA, although some softness on margins likely to be used as cover for recent repricing moves Underwritten DRP likely We expect CBA to deliver cash EPS of 557cps (6% growth YOY) and a FY15 dividend of 420cps (222cps 2H15). The result should be solid with a slight decline in margins (3bp HOH) offset by reasonable loan growth. We expect some pressure on costs as evidenced in the 3Q update although CBA has more than once had timing issues in this space so it is an area of upside surprise as well. Key focus points for investors will be whether CBA addresses short term (mortgage risk weight) and/or longer term (conglomerates changes) capital issues at the result. Addressing both would require an outright capital raise (which we think unlikely) while addressing short term issues only would require an underwritten DRP. We also expect CBA to talk to measures undertaken to slow growth in the investor market. BEN result likely to be reasonable with some margin improvement, stronger credit growth and lower impairment We expect BEN to deliver cash EPS of 92cps (6% growth YOY) and a FY15 dividend of 67cps (34cps 2H15). We expect modest margin improvement driven by recent repricing. We anticipate that credit growth is likely to have improved marginally as well. Finally, we expect some moderation of impairment at the group. Key issues for investors remain the progress on Great Southern as well as an update on likely moves in the investor space given recent competitor repricing moves. Quarterlies possible downside surprise this time around for NAB We expect NAB to deliver A$1.7b in 3Q. Unlike many in the market, we believe quarterlies are not a waste of time, as shown by the disappointing ANZ quarterly. This reporting season is likely to show this, where we believe there remains downside surprise risk from NAB (softer SME margin, higher costs). Outlook This reporting season is likely to address some of the markets concerns about the perceived capital hole at least at CBA. It is also likely to give some clarity around the rebased margin environment, post repricing, that s coming next year and the state of the impairment environment (with softness likely to be solely an ANZ issue in our view). Both of these should give the short sellers/underweight investors something to think about. 7 August 2015 Macquarie Securities (Australia) Limited Please refer to page 7 for important disclosures and analyst certification, or on our website

2 Analysis BEN kicks off reporting season on 10 August (Cash NPAT: A$439m, DPS: 67cps) followed by CBA on 12 August (Cash NPAT: A$9,289m, DPS: 420cps). NAB will report their quarterlies on 10 August (cash profit of ~A$1.7b) with ANZ providing some additional detail around their trading update. Fig 1 Macquarie estimates vs. consensus MQG FY15 Consensus FY15 Difference Date Profit $m EPS (c) DPS (c) Profit$m EPS (c) DPS (c) Profit$m EPS(c) DPS(c) BEN 10 Aug CBA 12 Aug 9, , Source: Factset, Macquarie Research, August 2015 We discuss key themes below. Solid result from CBA, although some softness on margins likely to be used as cover for May repricing moves Underwritten DRP likely We expect CBA to deliver cash EPS of 557cps (6% growth YOY) and a FY15 dividend of 420cps (222cps 2H15). The result should be solid with a slight decline in margins (3bp HOH) offset by reasonable loan growth. We expect some pressure on costs as evidenced in the 3Q update although CBA has more than once had timing issues in this space so it is an area of upside surprise as well. Fig 2 Cost growth 2H15 higher than in recent history a source of surprise? 5,200 5,000 4,800 4,600 4,400 4,200 4,000 2H11 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15F 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% Costs (LHS) Cost Growth (HoH) Key focus points for investors will be whether CBA addresses short term (mortgage risk weight) and/or longer term (conglomerates changes) capital issues at the result. Addressing both would require an outright capital raise (which we think unlikely) while addressing short term issues only would require an underwritten DRP. Fig 3 CBA Capital required A$5b will remove all know imposts Mortgage RWA Conglomerates Total $b bp August

3 Fig 4 CBA Financial Summary Commonwealth Bank of Australia Year Ending 30 June H14 2H H15 2H Outperform PER SHARE DATA Cash EPS (AUD) - Macquarie Basis Current Price Target Price Cash EPS Growth (%) 9% 6% 3% 11% 4% 1% 6% 7% 6% A$81.30 $ DPS (AUD) Total Shareholder Return 34.5% BVPS (AUD) NTA PS (AUD) Bloomberg: CBA AU Shares on issue (m) 1,612 1,612 1,621 1,621 1,621 1,628 1,628 1,642 1,656 Reuters: CBA.AX VALUATION METRICS Macquarie Equities P/E (Cash) Analyst(s) Contact(s) P/B (Stated) Michael Wiblin P/NTA Anita Stanley RoE (%) - Cash 17.1% 18.4% 18.3% 18.3% 18.4% 18.3% 18.4% 18.9% 18.6% Brendan Carrig RoA (%) 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% 1.1% Dividend Yield (%) 4.5% 4.5% 5.4% 4.9% 4.9% 5.5% 5.2% 5.5% 5.6% Dividend Payout (%) 77.3% 71.2% 82.0% 76.7% 71.5% 79.3% 75.4% 75.7% 72.6% Margins & Volumes Cost of Equity (%) 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% 9.5% Net Interest Margin (%) GLAA growth (%) 8.0% 2.30% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% H14 2H H15 2H Efficiency Cost / Income Ratio (%) Cost growth (%) 2.20% 2.10% 2.00% 1.90% 1.80% 45.0% 44.0% 43.0% 42.0% 41.0% 40.0% PROFIT & LOSS (AUDm) Net Interest Income 13,944 7,444 7,647 15,091 7,891 8,080 15,971 17,296 18,253 Non-Interest Income 7,556 3,704 3,606 7,310 3,836 4,031 7,867 8,167 8,538 Fees & Commissions 3,043 1,618 1,595 3,213 1,655 1,737 3,392 3,523 3,694 Financial Markets ,067 1,063 1,106 Life and Funds 3,181 1,389 1,363 2,752 1,386 1,480 2,866 2,993 3,111 Other Revenue Total Operating Income 21,500 11,148 11,253 22,401 11,727 12,111 23,838 25,463 26,790 Total Operating Costs 9,605 4,751 4,748 9,499 4,914 5,121 10,035 10,428 10,834 Employee Costs 5,148 2,785 2,757 5,542 2,906 2,964 5,870 6,107 6,354 Other Costs 4,457 1,966 1,991 3,957 2,008 2,157 4,165 4,320 4,480 Pre-Provision Operating Profit 11,895 6,397 6,505 12,902 6,813 6,990 13,803 15,036 15,956 Impairment Charge 1, ,202 1,164 Pre-Tax Profit 10,813 5,940 6,009 11,949 6,373 6,497 12,870 13,834 14,792 Tax Expense 2,977 1,662 1,588 3,250 1,740 1,821 3,561 3,845 4,089 Minority Shareholders Other Post Tax Items Stated Net Profit 7,678 4,207 4,424 8,631 4,535 4,666 9,201 9,969 10,683 Extraordinary & Other Items Hybrid Distributions Derivatives & Hedging Revaluation Macquarie Cash Profit 7,780 4,268 4,412 8,680 4,623 4,666 9,289 9,969 10, % 125% 120% 115% 110% 105% H14 2H H15 2H Asset Quality Impairment Charge / GLAA (bp) Coverage (%) 39.0% BALANCE SHEET & CAP AD (AUDm) Risk Weighted Assets 329, , , , , , , , ,994 Interest Earning Assets 653, , , , , , , , ,820 Gross Loans, Advances & Acceptances 568, , , , , , , , ,179 Total Deposits 601, , , , , , , , ,882 Total Assets 753, , , , , , , , ,849 Shareholders Equity 45,492 47,037 49,348 49,348 51,031 50,716 50,716 55,151 59,885 Tier 1 Capital 33,705 35,258 37,608 37,608 40,998 42,589 42,589 46,842 50,190 Tier 1 Ratio (%) 10.2% 10.6% 11.1% 11.1% 11.6% 11.6% 11.6% 11.1% 11.3% Core Tier 1 Ratio (%) - Basel II na na na na na na na na na Core Tier 1 Ratio (%) - Basel III 8.2% 8.5% 9.3% 9.3% 9.2% 9.3% 9.3% 9.0% 9.3% 100% 95% H14 2H H15 2H ASSET QUALITY Impairment Charge / GLAA (bp) Coverage (%) 107% 108% 115% 115% 115% 116% 116% 123% 123% KEY RATIOS & GROWTH Net Interest Income growth (%) 6.7% 5.1% 2.7% 8.2% 3.2% 2.4% 5.8% 8.3% 5.5% Non-Interest Income growth (%) 6.6% -2.5% -2.6% -3.3% 6.4% 5.1% 7.6% 3.8% 4.5% Total Revenue growth (%) 6.7% 2.5% 0.9% 4.2% 4.2% 3.3% 6.4% 6.8% 5.2% Cost growth (%) 4.4% -2.0% -0.1% -1.1% 3.5% 4.2% 5.6% 3.9% 3.9% Pre-Provision Profit growth (%) 8.6% 6.1% 1.7% 8.5% 4.7% 2.6% 7.0% 8.9% 6.1% RWA growth (%) 8.7% 1.5% 1.1% 2.6% 4.5% 4.0% 8.7% 15.4% 5.3% GLAA growth (%) 4.9% 4.0% 2.8% 6.9% 3.2% 3.9% 7.2% 4.8% 4.9% Deposit growth (%) 5.0% 5.7% 2.7% 8.5% 4.9% 3.9% 8.9% 4.8% 4.9% Net Interest Margin (%) 2.13% 2.16% 2.12% 2.14% 2.14% 2.11% 2.12% 2.18% 2.19% Cost / Income Ratio (%) 44.7% 42.6% 42.2% 42.4% 41.9% 42.3% 42.1% 41.0% 40.4% Total Stage 1 Total Fade Period Total Perpetuity Total Surplus Dividends Dividends Dividends Capital Per Share Note: Restatement of volume related expenses to operating income occurred in 1H14 so growth rates and prior period actual are not comparable to company provided data 7 August

4 BEN result likely to be reasonable with some margin improvement, stronger credit growth and lower impairment We expect BEN to deliver cash EPS of 92cps (6% growth YOY) and a FY15 dividend of 67cps (34cps 2H15). We expect modest margin improvement driven by recent repricing. We anticipate that credit growth is likely to have improved marginally as well. Finally, we expect some moderation of impairment at the group. Fig 5 Impairment Charge / GLAA (bp) continued moderation for BEN H13 2H13 1H14 2H14 1H15 2H15 Impairment Charge / GLAA (bp) Key issues for investors remains the progress on Great Southern as well as an update on likely moves in the investor space given recent competitor repricing moves. Fig 6 Great Southern will payback increase? Source: BEN, Macquarie Research, August August

5 In addition, Homesafe could again prove the difference given robust house price appreciation. Fig 7 Homesafe another solid contribution? Homesafe Contribution ($m) House Price Appreciation 1H % 2H % 1H % 2H % 1H % 2H % Source: ABS, Macquarie Research, August August

6 Fig 8 BEN Financial Summary Bendigo & Adelaide Bank Year Ending 30 June 1H14 2H H15 2H Neutral PER SHARE DATA Cash EPS (AUD) - Macquarie Diluted Basis Current Price Target Price Cash EPS Growth (%) 5% 5% 13% 3% 1% 6% 8% 8% A$12.97 $13.84 Reported EPS (AUD) - BEN Basic Basis Total Shareholder Return 11.9% Reported EPS Growth (%) 10% 4% 3% 11% -6% 10% 4% 8% DPS (AUD) Bloomberg: BEN AU BVPS (AUD) $10.46 $10.59 $10.59 $10.71 $10.85 $10.85 $11.15 $11.49 Reuters: BEN.AX NTA PS (AUD) $6.83 $7.26 $7.26 $7.22 $7.38 $7.38 $7.71 $8.09 Shares on issue (m) Macquarie Equities Analyst(s) Contact(s) VALUATION METRICS Michael Wiblin P/E (Cash) 15.4x 14.6x 15.0x 14.2x 14.1x 14.2x 13.1x 12.2x Anita Stanley P/B (Stated) 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.1x Brendan Carrig P/NTA 1.9x 1.8x 1.8x 1.8x 1.8x 1.8x 1.7x 1.6x RoE (%) 8.1% 8.4% 8.2% 8.5% 8.5% 8.4% 8.9% 9.2% RoA (%) 0.62% 0.60% 0.59% 0.67% 0.66% 0.66% 0.68% 0.70% Margins & Volumes ROTE (%) 12.3% 11.3% 11.0% 12.9% 12.8% 12.7% 13.2% 13.5% 1.96% 8.0% Dividend Yield (%) 4.8% 5.1% 4.9% 5.1% 5.2% 5.2% 5.6% 5.8% Dividend Payout (%) 1.95% 7.0% 73% 74% 74% 72% 74% 73% 74% 71% 1.94% 1.93% 1.92% 1.91% 1.90% 1.89% 12% 10% 8% 6% 4% 2% 0% 60% 55% 50% 45% 40% 35% 30% 1H14 2H H15 2H GLAA growth (%) Net Interest Margin (%) Efficiency 1H14 2H H15 2H Cost growth (%) Cost / Income Ratio (%) Asset quality 1H14 2H H15 2H Coverage (Total Provisions/Impaired Assets) (%) Impairment Charge / GLAA (bp) bp % 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 58% 58% 57% 57% 56% 56% 55% PROFIT & LOSS (AUDm) Net Interest Income , ,215 1,298 1,391 Non-Interest Income Fees & Commissions Insurance Income Other Total Operating Income , ,577 1,681 1,795 Total Operating Costs ,005 Employee Costs Other Costs Pre-Provision Operating Profit Impairment Charge Pre-Tax Profit Tax Expense Minority Shareholders Other Post Tax Items Stated Net Profit Extraordinary & Other Items Goodwill Preference shares Macquarie Cash Profit BALANCE SHEET & CAP AD (AUDm) Risk Weighted Assets 31,098 32,618 32,618 34,516 35,227 35,227 34,590 36,784 Interest Earning Assets 57,273 59,295 58,284 62,212 63,494 62,853 66,764 71,356 Gross Loans, Advances & Acceptances 51,935 53,981 53,981 55,801 56,951 56,951 61,013 64,882 Total Deposits 48,764 52,359 52,359 52,956 54,048 54,048 57,903 61,574 Total Assets 60,413 65,065 65,065 65,423 66,636 66,636 70,750 74,626 Shareholders Equity 4,529 4,974 4,974 4,962 5,048 5,048 5,237 5,457 Tier 1 Capital 2,874 3,260 3,260 3,460 3,605 3,605 3,920 4,276 Tier 1 Ratio (%) 9.2% 10.0% 10.0% 10.0% 10.2% 10.2% 11.3% 11.6% Core Tier 1 Ratio (%) - Basel (II<1H13) (III>2H13) 7.9% 8.7% 8.7% 8.1% 8.3% 8.3% 9.2% 9.4% ASSET QUALITY Impairment Charge / GLAA (bp) Coverage (Total Provisions/Impaired Assets) (%) 32% 38% 38% 45% 47% 47% 51% 56% KEY RATIOS & GROWTH Net Interest Income growth (%) 6.1% 2.8% 9.1% 6.6% 1.1% 8.7% 6.9% 7.1% Non-Interest Income growth (%) 1.6% 2.2% 5.1% 11.5% 3.3% 14.6% 5.7% 5.4% Total Revenue growth (%) 5.0% 2.6% 8.2% 7.7% 1.6% 10.0% 6.6% 6.8% Cost growth (%) 3.5% 2.9% 4.7% 7.8% 3.0% 10.9% 5.5% 5.3% Pre-Provision Profit growth (%) 7.1% 2.4% 13.2% 7.6% -0.2% 8.7% 8.2% 8.7% RWA growth (%) 1.9% 4.9% 6.8% 5.8% 2.1% 8.0% -1.8% 6.3% GLAA growth (%) 0.5% 3.9% 4.4% 3.4% 2.1% 5.5% 7.1% 6.3% Deposit growth (%) 2.8% 7.4% 10.4% 1.1% 2.1% 3.2% 7.1% 6.3% Net Interest Margin (%) 1.91% 1.93% 1.92% 1.93% 1.94% 1.93% 1.94% 1.95% Cost / Income Ratio (%) 56.9% 57.0% 56.9% 57.0% 57.8% 57.4% 56.8% 56.0% Quarterlies possible downside surprise this time around We expect NAB to deliver A$1.7b in 3Q. Unlike many in the market, we believe quarterlies are not a waste of time, as shown by the disappointing ANZ quarterly. This reporting season is likely to show this, where we believe there remains downside surprise risk from NAB (softer SME margin, higher costs). 7 August

7 Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie First South - South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down % in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 40 60% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 30 40% in a year. Low medium stock should be expected to move up or down at least 25 30% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 30 June 2015 AU/NZ Asia RSA USA CA EUR Outperform 46.23% 58.36% 47.27% 44.20% 60.65% 43.01% (for US coverage by MCUSA, 9.68% of stocks followed are investment banking clients) Neutral 37.67% 25.65% 29.09% 49.29% 34.19% 40.93% (for US coverage by MCUSA, 5.53% of stocks followed are investment banking clients) Underperform 16.10% 15.99% 23.64% 6.52% 5.16% 16.06% (for US coverage by MCUSA, 1.38% of stocks followed are investment banking clients) CBA AU vs ASX 100, & rec history BEN AU vs ASX 100, & rec history (all figures in AUD currency unless noted) (all figures in AUD currency unless noted) Note: Recommendation timeline if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, August month target price methodology CBA AU: A$ based on a DDM/PE methodology BEN AU: A$13.35 based on a DDM methodology Company-specific disclosures: BEN AU: Macquarie and its affiliates collectively and beneficially own or control 1% or more of any class of Bendigo and Adelaide Bank Limited's equity securities. Macquarie Capital (Australia) Limited or one of its affiliates managed or co-managed a public offering of securities of Bendigo and Adelaide Bank Limited in the past 24 months, for which it received compensation Important disclosure information regarding the subject companies covered in this report is available at Target price risk disclosures: CBA AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. BEN AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. Analyst certification: The views expressed in this research reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd (ABN , AFSL No ) ( MGL ) and its related entities (the Macquarie Group ) and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. General disclosure: This research has been issued by Macquarie Securities (Australia) Limited (ABN , AFSL No ) a Participant of the Australian Securities Exchange (ASX) and Chi-X Australia Pty Limited. This research is distributed in Australia by Macquarie Equities Limited (ABN , AFSL No ) ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN , AFSL No ) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. 7 August

8 None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act Any MGL subsidiary noted in this research, apart from MBL, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose this research in any way. If you received it in error, please tell us immediately by return and delete the document. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This research is based on information obtained from sources believed to be reliable, but the Macquarie Group does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. The Macquarie Group accepts no liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. The Macquarie Group produces a variety of research products, recommendations contained in one type of research product may differ from recommendations contained in other types of research. The Macquarie Group has established and implemented a conflicts policy at group level, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. The Macquarie Group, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. The Macquarie Group may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. The Macquarie Group s employees or officers may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research. Important disclosure information regarding the subject companies covered in this report is available at 7 August