Equity Research Regulatory Guidelines

Stock Profiles are prepared by Zenith Investment Partners (ABN 27 103 132 672) (Zenith) using data sourced externally from Refinitiv for exclusive use by Zenith clients.

Zenith is the holder of Australian Financial Services License No. 226872 which was issued by the Australian Securities and Investment Commission on 10 April 2003 for the purposes of providing General Advice as defined under the Corporations Act 2001.

To the extent that any of the content in the Stock Profiles constitute advice, it is limited to General Advice for Wholesale clients only, and has been prepared without taking into account the objectives, financial situation or needs of any specific person. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Stock Profiles should not be read in isolation as they do not purport to contain all the information that prospective investors may require and are not considered to be a comprehensive statement on any matter nor to be relied on as such. Investors should seek their own independent financial advice before making any investment decisions and should consider the appropriateness of the information contained in any Stock Profile in light of their own objectives, financial situation or needs. Investors should obtain a copy of, and consider, the product PDS/ Prospectus or relevant offer document before making any investment or trading decisions. Investors should also consider market developments subsequent to the date of the Stock Profiles, and whether the information contained in the Stock Profiles is appropriate in light of their financial circumstances.

Further information on the services Zenith is licensed to provide can be found on our website.

Process and Coverage

Coverage

Zenith's Stock Profile investment universe is comprised of stocks listed in the ASX200 as determined by the S&P ASX 200 Index at the start of each month. The constituent list of the S&P ASX 200 is extracted from Refinitiv Datastream in the first week of each month and updated.

Refinitiv Scope & Expertise

Zenith Stock Profiles extract and use consensus recommendations, estimates and actual data from Refinitiv Datastream, utilizing the Institutional Brokers' Estimate System (I/B/E/S), Datastream and Worldscope databases daily at approximately 6am [EST] to get the previous business day’s last price and available estimates, actuals and recommendations.

Refinitiv's Institutional Brokers' Estimate System (I/B/E/S) has collected earnings estimates and recommendations from contributing analysts for over 40 years and applies a strict set of guidelines and policies before approving analyst firms for the provision of estimates and ratings.

Refinitiv’s approval process involves the provision of sample of research reports, three references from institutional clients, three references from company investor relations, details on the number of companies covered per analyst in the firm, and background information on the director of research from all potential contributing analyst firms. Once the approval process is finalized data from the contributing analysts are included in consensus recommendations and estimates.

The consensus recommendations used in Stock Profiles is obtained by Refinitiv by calculating the mean (average) of applicable analyst data for each stock from contributing analysts. The number of contributing analysts providing recommendations and estimates will vary between stocks as not all analysts will cover the same stocks.

Refinitiv strives to provide and maintain current estimates through continual analysis of the research, ratings and forecasts by applying a series of checks and measures to prevent stale data.

A contributing analyst’s estimates will be ‘Stopped’ and no longer displayed on products if:

• The contributing analyst has dropped coverage.
• The contributing analyst is "restricted" on the stock
• Estimate has not been updated (confirmed or revised) for 210 days or more.
• Recommendation has not been updated (confirmed or revised) for 180 days or more.
• Target Price under review

A Contributing analyst's estimates will be filtered and excluded from the mean calculation if:

• Estimate is on a different accounting basis than the majority of contributing analysts.
• Estimate has not been confirmed or revised within 3 days of the issuance of a company’s earnings guidance if they are outside the guidance range.
• Estimate is not on the majority basis pertaining to a corporate action or the estimate has not been updated to reflect a corporate action after the effective date.
• Quarterly estimates revised without a corresponding adjustment to the annual estimate (all other period estimates for the same year are filtered).
• Annual estimate revised without a corresponding adjustment to the quarterly estimates (all quarterly estimates for the same year are filtered).
• A Refinitiv Market Specialist has requested data verification and no response was received for more than 48 hours.
• Estimate is under review by the contributing analyst.
• Estimate has not been updated (confirmed or revised) for 180 days or more.

Recommendation calculations

To ensure consistency the Refinitiv I/B/E/S recommendations use a 5 point scale which all contributing analysts must use, converting their system if required.

1. Strong Buy
2. Buy
3. Hold
4. Underperform
5. Sell

The mean ratings are calculated as follows:

• Strong Buy Less than or equal to 1.5
• Buy Less than or equal to 2.5 but more than 1.5
• Hold Less than or equal to 3.5 but more than 2.5
• Underperform Less than or equal to 4.5 but more than 3.5
• Sell More than 4.5
• No Opinion Mean of 0

Fiscal Year-End

Different companies have different fiscal year-end and reporting dates. Data is provided on each stock profile the day after it is available in Refinitiv Datastream.

Currency and Scope of Stock Profiles

Stock Profiles are prepared in good faith and updated in accordance with the Process and Coverage outlined in these guidelines. Stock Profiles are valid until they are updated, replaced or withdrawn and are subject to change at any time without notice. The data contained in Stock Profiles is believed to be reliable and reasonable and is based on the latest data available to Zenith but is not guaranteed to be accurate, complete or timely. Zenith has not independently verified the data and provides no warranty, representation or responsibility to update Stock Profiles or that they are current as at the date of any Stock Profile. Investors should make their own independent investigations regarding the accuracy, reliability and completeness. Except for any liability which cannot be excluded, Zenith, its associates, officers, directors, employees and agents do not accept any liability, whether direct or indirect arising from the use of information contained in Stock Profiles.

Past performance is not an indication of future performance.

Conflicts of Interest Policy

Zenith Investment Partners Conflicts of Interest Policies can be located here: Conflicts of Interest Policies.