BBY Limited

IMPORTANT INFORMATION

This document has been prepared (in Australia) by BBY Limited ACN 006 707 777, holder of AFSL 238095, a Participant of the Australian Stock Exchange Group and regulated by the Financial Services Authority (FSA) of the United Kingdom.

All information has been prepared in good faith based on the facts known at the time of preparation and does not purport to contain all relevant information in respect of the financial products to which it relates. Any projections are estimates only and may not be realised in the future.

Disclosure

BBY and its associates (as defined in Chapter 1 of the Corporations Act), officers, directors, employees and agents, from time to time, may hold securities in any of the companies to which this document refers and may trade in the securities mentioned either as principal or agent.

Disclaimer

This document may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts.

Before making an investment or trading decision, the recipient must consider market developments subsequent to the date of this document, and whether the advice is appropriate in light of his or her financial circumstances or seek further advice on its appropriateness or should form his/her own independent view given the person’s investment objectives, financial situation and particular needs regarding any securities or Financial Products mentioned herein.

Information in this document has been obtained from sources believed to be true but neither BBY nor its associates make any recommendation or warranty concerning the Financial Products or the accuracy, or reliability or completeness of the information or the performance of the companies referred to in this document. Past performance is not indicative of future performance.

This document is not an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any Financial Product, and neither this document or anything in it shall form the basis of any contract or commitment. Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by BBY, its associates, officers, directors, employees and agents.

Research Disclaimer

BBY does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Research Analysts who prepare a document for BBY hereby certify that the views expressed in that document accurately reflect the analyst's personal views about any and all of the subject issuer(s) and/or securities. The Research Analyst also certifies that no part of their compensation is, will be directly or indirectly related to the specific recommendation(s) in a report.

BBY has prepared research for multiple distributions and without consideration to the investment objectives, financial situation or particular needs (“Objectives”) of any individual investor. Accordingly, any advice given is not a recommendation that a particular course of action is suitable for any particular person and is not suitable to be acted on as investment advice. Readers must assess whether or not the advice is appropriate to their Objectives before making an investment decision on the basis of this report. Readers can either assess the advice themselves or if they require a recommendation personal to them, they should seek the help of their BBY client Adviser.

US Investors

This material is intended for use by major U.S. institutional investors (as such term is defined in the U.S. Securities Exchange Act of 1934) and "$100 million investors" only and not the general investing public or retail customers. "$100 million investors" means any entity, including any investment adviser (whether or not registered under the U.S. Investment Advisers Act of 1940) that owns or controls (or in the case of an investment adviser, has under management) in excess of US$100 million in aggregate financial assets (i.e. cash, money-market instruments, securities of unaffiliated issuers, futures and options on futures and other derivative instruments). Transactions by or on behalf of any US person in any security mentioned in this document may only be effected through Jefferies & Company, Inc. ("Jefferies"), a U.S. broker dealer.

The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, its accuracy is not guaranteed. Additional and supporting information is available upon request. This is not an offer or solicitation of an offer to buy or sell any security or to make any investment. Any opinion or estimate constitutes the preparer's best judgement as of the date of preparation and is subject to change without notice. BBY or Jefferies or Jefferies International Limited and their associates or affiliates, and their respective officers, directors and employees may buy or sell securities mentioned herein as agent or principal for their own account.

United Kingdom and Canadian Investors

This document may be distributed in the United Kingdom by BBY or Jefferies International Limited (regulated by FSA). None of the investments or investment services referred to in this document are available in the United Kingdom to private customers, as defined by the rules of the FSA. This document is not to be provided to private customers in the United Kingdom.

The investments or investment services referred to in this document are available in Canada only to "Designated Institutions", as defined by the Securities Act (Ontario).

Other International Investors

International investors outside the US, UK or Canada are encouraged to contact their local regulatory authorities to determine whether any restrictions apply to their ability to purchase this investment.

Electronic Communication Disclaimer

The contents of this electronic communication and its attachments (this “Communication”) are intended only for the use of the addressee and may contain financial product advice which may not be appropriate for all persons or accounts. Persons or entities considering any advice or recommendations should contact a BBY Limited adviser with any additional questions regarding whether or not the advice or recommendations given are appropriate having regard to the person's investment objectives, financial situation and particular needs. From time to time, BBY Limited, its officers, directors, and associates may have interests in any financial products referred to in this Communication. Past performance is not necessarily a guide to future performance. This Communication is not an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any financial product, and neither this Communication or anything in it shall form the basis of any contract or commitment.

Any views expressed in this Communication are those of the individual sender, except where the message states otherwise and the sender is authorised to state them to be the views of BBY Limited. This Communication may also contain personal information, confidential information or legally privileged information. If personal information is contained in this Communication, then it is governed by the Privacy Act 1988 and must be treated in accordance with the Privacy Act 1988 by the recipient. The legal privilege and confidentiality attached to this e-mail is not waivered, lost or destroyed by reason of mistaken delivery to you.

BBY Limited does not accept liability (other than statutory liability) for any errors or omissions or for loss or damage incurred as a result of a person or entity acting in reliance on this Communication. The recipient should check this Communication for the presence of viruses. The firm accepts no liability for any damage caused by any virus transmitted by this Communication whether caused by our own negligence or not.

If you receive this Communication in error, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. If you are not the intended recipient, you must not disclose the information contained in this Communication in any way. All unauthorised reproduction or other use of material from this Communication shall be deemed wilful infringement(s) of BBY Limited’s copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. BBY Limited reserves the right to monitor all Communications through its networks. No confidentiality or privilege is waived or lost by any miss transmission. Attachments to this Communication may have additional important disclaimers which you should read.