FNArena. Reporting Season Monitor 45.5% 27.3% 27.3% Misses 3. Beats 5. In Line 3. Latest. Previous Reporting Season Updates

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1 Reporting Season Monitor 's Australian corporate Reporting Season Monitor for February 2018 TOTAL STOCKS: 11 Total Rating Upgrades: 5 Beats 5 In Line 3 Misses % 27.3% 27.3% Latest Company Result Upgrades Downgrades AOF - AUSTRALIAN UNITY OFFICE FUND Total Rating Downgrades: 4 Simple average net target price change: 2.97% Beat/Miss Ratio: 1.67 Prev New Brokers BEAT Australian Unity's results were slightly ahead of Credit Suisse and FY18 guidance has been reconfirmed. The broker observes a solid start to the year in leasing activity. Portfolio occupancy has increased to 94.4%. Upgrade to Buy. JHG - JANUS HENDERSON GROUP PLC. MISS Janus Henderson's beat consensus forecasts on higher performance fees, however such earnings are considered low quality and brokers were disappointed by large net outflows and a softer funds performance. On that basis, we'll call it a miss. Three Buys, three Holds. MFG - MAGELLAN FINANCIAL GROUP LIMITED IN LINE Magellan's earnings were in line with most forecasts. It was a solid half of inflows but as this was due to a specific marketing campaign, such flows may not be sustained. Two accretive acquisitions should add to capabilities in Australia and increase US distribution. One upgrade to Buy makes four, with two Holds on valuation. SCP - SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP IN LINE Shopping Centres reported either in-line or slightly ahead of forecasts. FY guidance upgrade came as expected. Woolworths supermarkets are providing earnings support but underlying growth is low, with asset recycling benefits now waning, and interest expense tailwinds are ebbing. One upgrade to Hold on share price weakness makes four, with one Sell. Previous Reporting Season Updates Company Result Upgrades Downgrades Prev New Brokers

2 CCP - CREDIT CORP GROUP LIMITED MISS Credit Corp's result slightly missed Ords while Morgans does not qualify. Morgans sees a solid and visible growth profile and substantial opportunity in the US, hence an upgrade to Buy, while Ords sees full valuation and downgrades to Hold. GUD - G.U.D. HOLDINGS LIMITED IN LINE GUD's result beat Macquarie but appears to have been in line with other brokers once divestment/acquisitions in the period are sorted out. GUD is now 90% auto-exposed and conditions are supportive, with further acquisitions the prime driver while earnings upside is limited. One upgrade to Buy makes two with two Holds and a Sell. IDX - INTEGRAL DIAGNOSTICS LIMITED BEAT Integral's result beat forecasts despite a recent FY18 guidance upgrade, thanks to cost reductions. Morgan Stanley sees such reductions as one-off and retains Sell, while Ords (Hold) is positive on industry growth rates. Uncertainty remains over the completion of the takeover. JHX - JAMES HARDIE INDUSTRIES N.V. BEAT James Hardie's quarterly surprised all brokers to the upside on a resurgence in North America leading to strong margins despite lower volumes. A very positive outlook led by the US housing cycle leaves brokers believing FY guidance is conservative. Valuation has nevertheless become too rich for some. Two downgrades leaves four Buys, two Holds and a Sell. NVT - NAVITAS LIMITED MISS Navitas' result missed all forecasts. Enrolments were strong in Australia and Germany but not elsewhere, and delays continue for US course accreditation. Contract renewals were positive in 2017 and free cash flow should now ramp up, but no earnings growth expected before FY19. Five Holds and a Sell. RBL - REDBUBBLE LIMITED BEAT Redbubble's result beat Morgans comfortably on all metrics. The company is confident margins will lift in the second half and maintains FY18 guidance of 30% earnings growth. Add (High Risk) retained. RHP - RHIPE LIMITED BEAT Rhipe's result beat Morgans. FY guidance is within comfortable reach. An acceleration in licensing revenue and tight cost control were the highlights. The company now has a strong balance sheet, supporting a maiden interim dividend of 0.5c. But given the stock has rallied 150% in the six months since its FY17 result, rating pulled back to Hold. Yet to Report Indicates that the company is also found on your portfolio 5 February 6 February 7 February 8 February 9 February WLD AQG JHG quarterly earnings BWP CAR CBA AGL AMP CIP CZZ NWS REA

3 MFG SCP CBA GMA IEL MGC NCK RIO CIP CL1 CMA MGR MIN TAH REA 12 February 13 February 14 February 15 February 16 February AMC ANN AVN AZJ BEN JBH PPS 19 February ALU BPT BXB CDD CQR DHG GWA HLO IDR IFN IMD IPH IVC NHF NST OML SEK BLD CGF COH GBT GPT MGX MNF PLG RKN SGF TCL ACX APO BAP BHP CRR FXL GOZ GXL IOF MND NAN OSH RRL SFR SOM SXY VOC VRT 20 February AOG CPU CSL DMP DXS GMG IAG ING ORA RIC SWM VCX VLW WPL A2M APA APE APX ARB AWE BKL BWX CCL CTD CWY DOW DTL FBU FMG FXJ IGO LLC LOV MMS MWY PGH PLS RFF SCG SCP SDF SIQ SPK SRX 21 February 3PL ASX BRG CLW EVN EVT HSO HT1 IFL IPH MTR NCM NGI ORG S32 SHL SUN TLS TWE AHY AIZ ARF AWC BAL BGA BKL BLX CAT CHC CWN EHE EPW FLT HPI IFM ING IRE KSL LNK MHJ NEC NSR OGC OZL PPC PPT PTM QAN QUB 22 February ABP BBN JIN MPL PRY QMS SGM SGR SUL VRL WHC ACK AHG AX1 BBG BRG GMA GTY HSN ILU IMF IPD MYO MYX NXT PRU PWH REG SCO TGR WOW WPP 23 February

4 AAD ADH ASL ATL AYS BLY BSL CMW FDV GEM ISD JHC MVF QBE RWC SHV SKI 26 February AGI APX BDR CAB CGC CTX FDV FLN HVN LVH LYC MML MRG ORE RSG SDA SFH XIP 27 February Listed Companies on the Calendar Date Code 15/02/2018 3PL 21/02/2018 A2M 26/02/2018 AAD 28/02/2018 ABC 16/02/2018 ABP 23/02/2018 ACK 20/02/2018 ACX 26/02/2018 ADH 27/02/2018 AGI 08/02/2018 AGL 23/02/2018 AHG 22/02/2018 AHY 22/02/2018 AIZ 19/02/2018 ALU 12/02/2018 AMC 08/02/2018 AMP 12/02/2018 ANN 14/02/2018 AOG 21/02/2018 APA 21/02/2018 APE 20/02/2018 APO 21/02/2018 APX 27/02/2018 APX 06/02/2018 AQG 21/02/2018 ARB Date STO SVW SYD WES WOR WSA WTC ABC BUB FNP FTT MQA MTO MX1 NBL NEW RAP RHC RVA SHJ TPE VTG Code 28 February 26/02/2018 FDV 27/02/2018 FDV 27/02/2018 FLN 22/02/2018 FLT 21/02/2018 FMG 28/02/2018 FNP 28/02/2018 FTT 21/02/2018 FXJ 20/02/2018 FXL 13/02/2018 GBT 26/02/2018 GEM 07/02/2018 GMA 23/02/2018 GMA 14/02/2018 GMG 20/02/2018 GOZ 13/02/2018 GPT 23/02/2018 GTY 19/02/2018 GWA 20/02/2018 GXL 19/02/2018 HLO 22/02/2018 HPI 23/02/2018 HSN 15/02/2018 HSO 15/02/2018 HT1 27/02/2018 HVN RCR REH RFG SRV SXL TME TOX VVR WEB WFD 1 March Date Code 2 March 15/02/2018 ORG 20/02/2018 OSH 22/02/2018 OZL 21/02/2018 PGH 13/02/2018 PLG 21/02/2018 PLS 22/02/2018 PPC 12/02/2018 PPS 22/02/2018 PPT 23/02/2018 PRU 16/02/2018 PRY 22/02/2018 PTM 23/02/2018 PWH 22/02/2018 QAN 26/02/2018 QBE 16/02/2018 QMS 22/02/2018 QUB 28/02/2018 RAP 22/02/2018 RCR 09/02/2018 REA 23/02/2018 REG 22/02/2018 REH 21/02/2018 RFF 22/02/2018 RFG 28/02/2018 RHC

5 22/02/2018 ARF 26/02/2018 ASL 15/02/2018 ASX 26/02/2018 ATL 12/02/2018 AVN 22/02/2018 AWC 21/02/2018 AWE 23/02/2018 AX1 26/02/2018 AYS 12/02/2018 AZJ 22/02/2018 BAL 20/02/2018 BAP 23/02/2018 BBG 16/02/2018 BBN 27/02/2018 BDR 12/02/2018 BEN 22/02/2018 BGA 20/02/2018 BHP 21/02/2018 BKL 22/02/2018 BKL 13/02/2018 BLD 22/02/2018 BLX 26/02/2018 BLY 19/02/2018 BPT 15/02/2018 BRG 23/02/2018 BRG 26/02/2018 BSL 28/02/2018 BUB 07/02/2018 BWP 21/02/2018 BWX 19/02/2018 BXB 27/02/2018 CAB 07/02/2018 CAR 22/02/2018 CAT 07/02/2018 CBA 21/02/2018 CCL 19/02/2018 CDD 27/02/2018 CGC 13/02/2018 CGF 22/02/2018 CHC 08/02/2018 CIP 08/02/2018 CL1 15/02/2018 CLW 08/02/2018 CMA 26/02/2018 CMW 13/02/2018 COH 14/02/2018 CPU 19/02/2018 CQR 20/02/2018 CRR 14/02/2018 CSL 21/02/2018 CTD 27/02/2018 CTX 22/02/2018 CWN 21/02/2018 CWY 09/02/2018 CZZ 19/02/2018 DHG 14/02/2018 DMP 21/02/2018 DOW 21/02/2018 DTL 14/02/2018 DXS 14/02/2018 IAG 19/02/2018 IDR 07/02/2018 IEL 15/02/2018 IFL 22/02/2018 IFM 19/02/2018 IFN 21/02/2018 IGO 23/02/2018 ILU 19/02/2018 IMD 23/02/2018 IMF 14/02/2018 ING 22/02/2018 ING 20/02/2018 IOF 23/02/2018 IPD 15/02/2018 IPH 19/02/2018 IPH 22/02/2018 IRE 26/02/2018 ISD 19/02/2018 IVC 12/02/2018 JBH 26/02/2018 JHC 06/02/2018 JHG quarterly earnings 16/02/2018 JIN 22/02/2018 KSL 21/02/2018 LLC 22/02/2018 LNK 21/02/2018 LOV 27/02/2018 LVH 27/02/2018 LYC 06/02/2018 MFG 07/02/2018 MGC 08/02/2018 MGR 13/02/2018 MGX 22/02/2018 MHJ 08/02/2018 MIN 27/02/2018 MML 21/02/2018 MMS 20/02/2018 MND 13/02/2018 MNF 16/02/2018 MPL 28/02/2018 MQA 27/02/2018 MRG 28/02/2018 MTO 15/02/2018 MTR 26/02/2018 MVF 21/02/2018 MWY 28/02/2018 MX1 23/02/2018 MYO 23/02/2018 MYX 20/02/2018 NAN 28/02/2018 NBL 07/02/2018 NCK 15/02/2018 NCM 22/02/2018 NEC 28/02/2018 NEW 15/02/2018 NGI 19/02/2018 NHF 22/02/2018 NSR 19/02/2018 NST 09/02/2018 NWS 14/02/2018 RIC 07/02/2018 RIO 13/02/2018 RKN 20/02/2018 RRL 27/02/2018 RSG 28/02/2018 RVA 26/02/2018 RWC 15/02/2018 S32 21/02/2018 SCG 23/02/2018 SCO 06/02/2018 SCP 21/02/2018 SCP 27/02/2018 SDA 21/02/2018 SDF 19/02/2018 SEK 27/02/2018 SFH 20/02/2018 SFR 13/02/2018 SGF 16/02/2018 SGM 16/02/2018 SGR 28/02/2018 SHJ 15/02/2018 SHL 26/02/2018 SHV 21/02/2018 SIQ 26/02/2018 SKI 20/02/2018 SOM 21/02/2018 SPK 22/02/2018 SRV 21/02/2018 SRX 21/02/2018 STO 16/02/2018 SUL 15/02/2018 SUN 21/02/2018 SVW 14/02/2018 SWM 22/02/2018 SXL 20/02/2018 SXY 21/02/2018 SYD 08/02/2018 TAH 13/02/2018 TCL 23/02/2018 TGR 15/02/2018 TLS 22/02/2018 TME 22/02/2018 TOX 28/02/2018 TPE 15/02/2018 TWE 14/02/2018 VCX 14/02/2018 VLW 20/02/2018 VOC 16/02/2018 VRL 20/02/2018 VRT 28/02/2018 VTG 22/02/2018 VVR 22/02/2018 WEB 21/02/2018 WES 22/02/2018 WFD 16/02/2018 WHC 05/02/2018 WLD 21/02/2018 WOR 23/02/2018 WOW 14/02/2018 WPL

6 22/02/2018 EHE 22/02/2018 EPW 15/02/2018 EVN 15/02/2018 EVT 21/02/2018 FBU 23/02/2018 NXT 22/02/2018 OGC 19/02/2018 OML 14/02/2018 ORA 27/02/2018 ORE 23/02/2018 WPP 21/02/2018 WSA 21/02/2018 WTC 27/02/2018 XIP