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This publication is not intended for distribution to any person outside New Zealand except in accordance with all the legal requirements of the relevant jurisdiction and it is not intended for the use of any third party, without the express prior approval of Craigs Investment Partners Limited (“Craigs Investment Partners”). While this publication is based on information from sources which Craigs Investment Partners considers reliable, its accuracy and completeness cannot be guaranteed. Craigs Investment Partners, its partners and employees, do not accept liability for the results of any actions taken or not taken upon the basis of information in this publication, or for any negligent mis-statements, errors or omissions. Those acting upon information and recommendations do so entirely at their own risk. The information in this publication is for general information purposes only. Craigs Investment Partners did not take into account the investment objectives, financial situation or particular needs of any particular person in the preparation of this report. Nothing in this report constitutes a representation that any investment strategy or recommendation is suitable to your individual circumstances or otherwise constitutes a personal recommendation. Accordingly, before making any investment decision Craigs Investment Partners recommends that you seek professional assistance from an investment adviser. Craigs Investment Partners and/or its partners and employees may, from time to time, have a financial interest in respect of some or all of the matters discussed. The research analyst or analysts responsible for the content of this research publication certify that: (1) the views expressed and attributed to the research analyst or analysts in the research publication accurately reflect their personal opinion(s) about the subject, securities and issuers and/or other subject matter as appropriate; and (2) no part of his or her compensation was, is or will be, directly or indirectly related to the specific recommendations or views contained in this research publication.