Capital Series Protect120
What this Rating means
Important Dates
Opening / Closing
Dates
18 October 2010 / 10 December 2010
Start Date
20 December 2010
Maturity Date (Term)
28 June 2016 (5.5 Years)
Trade / Settlement Dates
5 July 2016 / 8 July 2016
Using this Product
Key Information
Deferred Purchase Agreements (“DPA”) entered
into by Issuer and investor
Investment
Type
Reference
Assets
Strategy 1: S&P/ASX 200 Index
Strategy 2: Equal weights of Hang Seng Index,
EURO STOXX 50 Index and S&P 500 Index
Issuer & Lender
This is General Advice only and should be read in
conjunction with the Disclaimer, Disclosure and Warning
on the final page.
Part 1 and 2 of the PDS should be read in full and
understood by investors before making a decision to
invest (or not to invest).
Commonwealth Bank of Australia (“CBA”)
Commonwealth Securities Limited (“CommSec”)
Broker
Strategies 1 & 2: 80% at maturity
Capital Growth Cap
Participation Rate
Strategies 1 & 2: 100%
Distributions
Strategy 1 & 2: None
Capital Protection
Lock-In
Event
The Recommended rating indicates that Lonsec has
conviction that the fund or product can achieve its objectives
and, if applicable, outperform peers over an appropriate
investment timeframe. The manager or product has a
number of competitive advantages in people, process and
product design. The investment is a recommended entry
point to access this asset class or strategy.
CBA provides 100% capital protection for
both strategies at maturity only.
If Reference Asset Return (Strategy 1) or
Underlying Portfolio Return (Strategy 2) exceeds
the Lock-In Level (20% above initial Reference
Asset level/s) on any of the 10 Observation Dates,
respective minimum Maturity Value will be set to
120% of Issue Price
Delivery Asset
Units in SPDR S&P/ASX 200 Fund
Minimum Investment
$10,000 per strategy and thereafter a
multiple of $1,000 per strategy
Monthly, at CBA‟s discretion, however capital
protection will not apply
Liquidity
Loan(s)
Capital Investment Loan available to approved
applicants from CBA. Minimum loan of $10,000.
Break-Even Rate
Dependent on interest rates, fees and
commissions incurred.
8.35% to 8.80% p.a. if Capital Investment
Loan used.
9.59% p.a. if Capital Investment Loan (8.8%
p.a.) and Interest in Advance Loan used.
Capital Series Protect120 (“Protect120”) provides investors
with the opportunity to gain exposure to the price growth
potential of the Australian equity market (Strategy 1) and
equity markets in China, Europe and the US (Strategy 2).
Lonsec considers this product to be most suited to balanced
and growth risk profile investors. Maximum percentage
asset class allocations for all risk profiles are outlined in
Lonsec‟s Risk Profile Review.
Protect120 incorporates 100% capital protection at maturity
only for both strategies that may provide additional comfort to
more risk averse investors.
Protect120 may suit:
 Investors seeking capital growth and not reliant on
dividends and / or franking credits.
 Investors who do not believe the Reference Asset/s will
increase by more than 80% over the investment term.
 Investors who want the safety net of 100% capital
protection at maturity.
 SMSF investors provided no Capital Investment Loan is
used.
 Investors utilising any investment loans should be
comfortable with the risks associated with borrowing to
invest.
 Investors should be comfortable funding interest
payments from their own financial resources.
Fund Risk Characteristics
Fees & Commissions
Low
Indicative Interest Rates1
Capital Investment Loan
Interest in Advance Loan
Initial Adviser Fee
Early Termination Fee
Leverage
8.35% p.a. to 8.80% p.a.
9.00% p.a.
An amount agreed between
investor and adviser
Up to $500

Credit Risk
High
2

Liquidity Risk
Concentration
Moderate
1


Volatility

Up to 0.55% (inc. GST)
1. No Capital Investment Loan. 2. Capital Investment Loan used.
1. Actual interest rates will be determined on 20 December 2010.
2. Brokerage fee is payable if investor chooses to receive cash payment from
the sale of the Delivery Asset.
Risk categories are based on Lonsec’s qualitative opinion of the
risks inherent in the product’s asset class and the risks relative to
other products in the relevant Lonsec sector universe.
Brokerage Fee2
WE STRONGLY RECOMMEND THAT POTENTIAL INVESTORS READ THE PRODUCT DISCLOSURE STATEMENT
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
1
Capital Series Protect120
Lonsec Opinion of this Product
Issuer Profile
 An investment in Protect120 offers investors the
opportunity to gain medium term exposure to the price
growth of the Australian equity market (Strategy 1) and
the Chinese, European and US equity markets
(Strategy 2) with the benefit of 100% capital protection
at maturity. Lonsec views the structure created by
CBA as an efficient means of providing capital
protected access to the Reference Assets.
The Issuer and Lender of Protect120 is CBA, holder of
Australian Financial Services Licence No. 234945.
CBA is one of Australia‟s leading financial institutions
founded under the Commonwealth Bank Act in 1911
and commenced operations in 1912.
 Investors can choose to gain exposure to the
Reference Assets via a managed fund or an exchange
traded fund, receive dividends and any franking credits
and be exposed to both positive and negative price
movements. However, Protect120 offers exposure to
the Reference Assets with the benefit of 100% capital
protection at maturity. Investors should note they are
not entitled to receive any dividends or franking
credits. CBA may also lend up to 100% of the
investment amount to approved investors.
 The two strategies represent a trade-off between
the level of capital protection and growth potential.
This has become a feature of this style of product
following the extreme volatility in financial markets
(relative to levels over the past several years).
Investors should note the calculation to determine the
final value at maturity is a point-to-point calculation.
This means investors receive the benefit if the
Reference Asset increases strongly towards maturity.
However, the cap levels applied to the strategies
means investors do not receive the full benefit of any
increase in the Reference Asset above the cap. Any
sharp fall close to maturity has the potential to erode
earlier gains.
 Lonsec believes the Reference Assets used in
Protect120 are appropriate for investors seeking
passive exposure to the Australian equity market
(Strategy 1) and the Chinese, European and US equity
markets (Strategy 2). The underlying indices offer
broad representation, investability and transparency.
The indices are widely recognised in the industry and
provide clear rules for security selection and exclusion.
Importantly, the indices used are sponsored and
calculated independently of the Issuer.
 Lonsec considers the CBA to be a suitably qualified
and experienced provider of structured investment
products.
 Various components of the product pricing are
based on the Issuer‟s costs and option hedging prices,
some of which the Issuer determines in its discretion.
As is often the case with structured product pricing
generally, these prices will not be transparent to the
investor.
CBA is listed on the Australian Securities Exchange
(ASX code: CBA) and is regulated by APRA as an
authorised deposit-taking institution.
Commsec, a wholly owned but non-guaranteed
subsidiary of CBA and Participant of the ASX Group,
administers Protect120 and acts as Broker to the
Issuer.
An investment in Protect120 is not a bank deposit.
How does the Product Work?
Protect120 is a hold to maturity investment and the
structure of the product can be illustrated as follows:
Investor
Loan Amount
(if Loan used)
Investment
Amount
& Fees
Deferred
Purchase
Agreement
CBA
Issuer & Lender
Options over
Reference Assets
Zero Coupon Bond
Using their own funds, or a loan from the Lender,
investors enter into a Deferred Purchase Agreement
with the Issuer for the Investment Amount and will
receive the Delivery Assets at maturity. Initially, and
throughout the 5.5 year investment term, investors
may pay fees and other costs such as interest and
brokerage fees.
The Issuer provides investors with the strategy
exposure by using the Investment Amount and fees to
purchase options over the Reference Asset(s) and a
zero coupon bond. The bond provides capital
protection for investors at maturity.
Protect120 offers two strategies whose returns are
determined by the performance of the respective
Reference Asset(s) on a “point to point” basis between
the Start Date and the Maturity Date, subject to
performance on any of the 10 Observation Dates.
Lock-In Event
For Strategy 1, the Lock-In Level is the Initial
Reference Level (value of Reference Asset on the
Start Date) multiplied by 120%. A Lock-In Event will
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
2
Capital Series Protect120
occur if the Reference Level equals or is above the
Lock-In Level on any of the ten Observation Dates
(see Part 2 of the PDS for the dates).
For Strategy 2, the Lock-In Level is the average of the
Initial Reference Levels (values of Reference Assets
on the Start Date) multiplied by 120%. A Lock-In
Event will occur if the average Reference Level of the
three Reference Assets equals or is above the Lock-In
Level on any of the ten Observation Dates
(approximately semi-annual from June 2011).
If a Lock-In Event occurs, the investor will receive a
minimum Maturity Value of 120% of their Investment
Amount.
The three indices are the Hang Seng Index, the EURO
STOXX 50 Index and the S&P 500 Index.
Investors in Strategy 2 will not receive any distributions
during the investment term.
Strategy 2 offers 100% capital protection only at
maturity.
The Participation Rate will be 100% and performance
is limited to a maximum average performance of 80%
for the Underlying Portfolio.
In respect of each Reference Asset, the Reference
Asset Return equals:
Final Reference Level – Initial Reference Level
(%)
Initial Reference Level
Strategy 1
Strategy 1 provides investors with exposure to the
performance of the S&P/ASX 200 Index.
When a Lock-In Event has occurred, the Underlying
Portfolio Return equals the greater of:
Investors in Strategy 1 will not receive any distributions
during the investment term.
a) (sum of the three Reference Asset Returns) / 3; and
b) 20.00%
Strategy 1 offers 100% capital protection only at
maturity.
The Participation Rate will be 100% and performance
is limited to a maximum level of 80% above the
Reference Asset‟s initial level.
When a Lock-In Event has occurred, the Reference
Asset Return equals the greater of:
Final Reference Level – Initial Reference Level
; and
Initial Reference Level
a)
OR
When a Lock-In Event has not occurred the
Underlying Portfolio Return equals:
(sum of the three Reference Asset Returns) / 3
The Strategy Portfolio Return is equal to the lower
of:
a) Underlying Portfolio Return x Participation Rate
(expressed as a percentage); and
b) 80.00%
b) 20.00%
Maturity Value for both Strategies
OR
The Maturity Value equals the greater of:
When a Lock-In Event has not occurred the
Reference Asset Return equals:
Final Reference Level – Initial Reference Level
a) Investment Amount + (Investment Amount x
Strategy Portfolio Return); and
(%)
Initial Reference Level
b) Investment Amount
The Maturity Value for both strategies, provided
investors do not terminate their investment prior to
maturity, is illustrated below.
The Strategy Portfolio Return is equal to the lower
of:
a) Reference Asset Return x Participation Rate
(expressed as a percentage); and
b) 80.00%
Strategy 2
Investors in Strategy 2 are exposed to the
performance of an equally weighted basket of stock
market indices in Hong Kong, Europe and the US.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
3
Capital Series Protect120
The chart below shows the historical performance of
the index since 30 September 2003.
Maturity Value as a percentage of Investment Amount (%)
200
190
S&P/ASX 200 Price Return Index
7000
180
170
6500
160
6000
150
140
5500
130
Lock-In Event occurs
5000
120
No Lock-In Event occurs
110
4500
100
4000
Reference Asset Return (Strategy 1) or
Underlying Porfolio Return (Strategy 2) at Maturity
3500
3000
Sep 03
This means that the Maturity Value cannot be
greater than 180% of the Investment Amount.
Sep 04
Sep 05
Sep 06
Sep 07
Sep 08
Sep 09
Sep 10
Source: Bloomberg, Lonsec
Early termination by investors voids the capital
protection and will incur an Early Termination Fee.
Strategy 2
Scenario Analysis
Section 4 within Part 2 of the PDS outlines several
hypothetical scenarios which demonstrate the Lock-In
Event mechanism and calculations outlined above.
Strategy 2 provides investors with exposure to an
equally weighted basket of three indices; the Hang
Seng Index, the EURO STOXX 50 Index and the S&P
500 Index.
Hang Seng Index
Reference Assets
Strategy 1
The S&P/ASX 200 Index is recognised as the
investable benchmark for the Australian equity market.
The S&P/ASX 200 Index is maintained by the S&P
Australian Index Committee, a team of five including
three Standard & Poor‟s economists and index
analysts and two Australian Securities Exchange
representatives.
The Index Committee reviews constituents quarterly to
ensure adequate market capitalisation and liquidity.
Both market capitalisation and liquidity are assessed
using the previous six months data.
The following table outlines the historical performance
of the index over the various periods ending 30
September 2010:
The Hang Seng Index is a free-float adjusted, market
capitalisation weighted index made up of companies
listed on the Stock Exchange of Hong Kong.
Constituent weights are capped at 15% and
composition is reviewed quarterly. The index is the
most widely quoted indicator of the performance of the
Hong Kong stock market.
The following table outlines the historical performance
of the Hang Seng Index over the various periods
ending 30 September 2010:
Hang Seng Index (HKD)
Period
Performance (% pa)
1 Yr
3 Yrs
5 Yrs
7 yrs
6.7
-6.3
7.7
10.3
Standard Deviation (% pa)
16.1
30.7
25.6
22.8
Worst Drawdown (%)
-9.6
-59.1
-59.1
-59.1
Source: Hang Seng Indexes Company, Lonsec
S&P/ASX 200 Price Return Index
Period
1 Yr
EURO STOXX 50 Index
3 Yrs
5 Yrs
7 yrs
Performance (% pa)
-3.4
-11.3
-0.3
5.4
Standard Deviation (% pa)
14.7
18.8
16.0
14.3
-11.8
-50.5
-50.5
-50.5
Worst Drawdown (%)
Source: S&P, Lonsec
The EURO STOXX 50 Index is the Eurozone‟s leading
Blue-chip index. The index provides exposure to
Europe‟s leading companies across all major sectors.
The index covers 50 stocks from 12 Eurozone
countries: Austria, Belgium, Finland, France, Germany,
Greece, Ireland, Italy, Luxembourg, the Netherlands,
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
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4
Capital Series Protect120
Portugal and Spain. The index is weighted by free
float market capitalisation and each constituent's
weight is capped at 10% of the index's total free float
market capitalisation. The free float weights are
reviewed quarterly and index composition reviewed
annually.
The following table outlines the historical performance
of the EURO STOXX 50 Index over the various
periods ending 30 September 2010:
The chart below shows the historical performance of
the basket and the constituent Reference Assets since
30 September 2003. The Reference Asset that has
contributed the most to historical performance has
been the Hang Seng Index.
300
250
EURO STOXX 50 Index (EUR)
Period
1 Yr
3 Yrs
5 Yrs
7 yrs
Performance (% pa)
-4.3
-14.4
-4.3
2.0
Standard Deviation (% pa)
18.5
23.4
19.2
17.3
-13.2
-56.0
-56.2
-56.2
Worst Drawdown (%)
Source: Stoxx, Lonsec
50
Sep-03
Standard and Poor's 500 Index is a capitalisationweighted index of 500 US stocks. The index is
designed to measure performance of the broad US
domestic economy through changes in the aggregate
market value of 500 stocks representing all major
industries.
The following table outlines the historical performance
of the index over various periods ending 30 September
2010.
S&P 500 Index (USD)
1 Yr
Performance (% pa)
Standard Deviation (% pa)
Worst Drawdown (%)
3 Yrs
5 Yrs
7 yrs
8.0
-9.2
-1.5
2.0
19.1
21.8
17.6
15.6
-13.1
-52.6
-52.6
-52.6
Source: S&P, Lonsec
The following table outlines the historical performance
of the basket over the various periods ending 30
September 2010:
Equally weighted basket
1 Yr
Performance (% pa)
3 Yrs
5 Yrs
7 yrs
3.6
-9.6
0.9
5.0
Standard Deviation (% pa)
16.3
23.7
19.3
17.1
Worst Drawdown (%)
-9.8
-55.7
-55.7
-55.7
Source: Lonsec
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Basket
Hang Seng Index
EURO STOXX 50 Index
S&P 500 Index
Sep-10
Source: Lonsec
What happens at Maturity?
At maturity investors have a choice of receiving
physical delivery of the Delivery Asset (units in SPDR
S&P/ASX 200 Fund) or instructing CBA to sell the
Delivery Asset and realise sale proceeds equal to the
maturity value of Protect120 (calculated as described
previously). This arrangement is known as a deferred
purchase agreement.
If investors choose to receive cash payment from the
sale of the Delivery Asset, they will incur a Brokerage
Fee of up to 0.55% of the maturity value.
Different taxation implications may result from the
choice made by investors. Investors are advised to
seek their own taxation advice.
Equally weight basket of Strategy 2 Reference
Assets
Period
150
100
S&P 500 Index
Period
200
Financing the Investment
Investors may use their own funds to enter into an
investment in Protect120 or may apply to CBA for a
loan to fund their investment.
Capital Investment Loan
Investors may apply for a full recourse Capital
Investment Loan from the Lender to fund up to 100%
of the Investment Amount, subject to the Lender‟s
credit approval process.
Investors have the following interest rate and interest
payment options for the Capital Investment Loan:
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
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5
Capital Series Protect120
Indicative Interest Rates
Period
Payment
Timing
Variable
8.80% p.a.
Start Date to
Settlement Date
Payable
monthly in
arrears
Fixed
8.35% p.a.
Start Date to
Settlement Date
Payable
annually in
advance
Start Date to
Settlement Date
Payable
monthly in
arrears
8.50% p.a.
Actual interest rates will be determined on or about 20
December 2010 and published on the Commsec
website at commsec.com.au/capital.
Interest in Advance Loan
Capital Investment Loan borrowers may apply for an
optional full recourse Interest in Advance Loan to fund
yearly interest payments. If approved, the Interest in
Advance Loan will commence on the date the loan is
drawn down and continue for 12 months. The investor
must pay principal and interest on the Interest in
Advance Loan in 12 monthly payments starting 20
December 2010.
By applying for the Interest in Advance Loan, the
Lender takes the investor to have applied for a further
Interest in Advance Loan for each subsequent year,
unless the investor informs the Lender otherwise.
The indicative interest rate for the Interest in Advance
Loan is 9.00% p.a. The actual interest rate will be
determined on or about 20 December 2010 and
published on the Commsec website at
commsec.com.au/capital.
Risks
An investment in Protect120 carries a number of
standard investment risks associated with
domestic and international investment markets.
These include economic, political, legal, tax and
regulatory risks. These and other risks are
outlined in Section 2.4 of Part 2 of the PDS and
should be read in full and understood by investors.
Lonsec considers the major risks to be:
Performance risk – The value of an investment in
Protect120 is dependent on the performance of the
Reference Asset(s). The Reference Assets can be
affected by many different factors including but not
limited to interest rates, economic policies, political
events, war and natural events. There is no
guarantee the value of Protect120 will increase
over the investment term.
Leverage risk – Investors utilising the Capital
Investment Loan or other loans should be aware
that gains and losses are magnified through the use
of borrowings.
Counterparty risk – Investors are exposed to the
creditworthiness of CBA, as Protect120 returns are
dependent on CBA performing its obligations as
they fall due.
Loss of Capital Protection – Capital protection is
only provided at maturity. In certain circumstances,
such as changes in the law or where an index can
no longer be used, an early maturity could ensue.
Loss of capital protection can also result from an
early redemption request from an investor. An
investor may receive proceeds less than their initial
investment in the event of an early maturity.
Investors using the full recourse Capital Investment
Loan may be required repay any remaining
principal from their own funds.
Exercise of discretion by CBA – CBA has wide
powers under the Protect120 to determine the
value of the investment. This can occur where
there is an adjustment event such as the
cancellation of an index or where an index sponsor
makes a material change to the method of
calculation. This also includes substitution of the
Delivery Asset with another security.
Taxation
Any gains made by investors in relation to Protect120
and the Delivery Asset should generally be on capital
account for tax purposes and subject to taxation under
the capital gains tax rules.
Lonsec advises potential investors to consult a
taxation specialist before making a decision to
invest (or not to invest) based upon these taxation
considerations. Investors should refer to Section 4
of Part 1 and Section 5 of Part 2 of the PDS.
Liquidity
Protect120 is not listed on the Australian Securities
Exchange or any other exchange. Due to the nature of
the investment, investors should have the intention of
holding an investment in Protect120 to maturity.
However, CBA has discretion to accept early
termination requests.
Capital protection will not apply to any investment
terminated prior to the maturity date.
Investors should be aware that at the time of early
termination, CBA will take into account Break Costs
associated with unwinding the hedging arrangements
in calculating the Early Termination Value.
Break Costs may be significant and may or may not be
in an investor‟s favour. Investors will also have to pay
an Early Termination Fee of up to $500.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
6
Capital Series Protect120
For investors utilising the Capital Investment Loan, any
termination prior to maturity will require repayment of
the Capital Investment Loan and any additional costs
associated with terminating the loan. Investors may be
required repay any outstanding principal from their
own funds.
Further Information
Further information and monthly net asset values can
be obtained by contacting CBA.
Igor Kolevski:
0433 799 205
Moghseen Jadwat: 0424 186 195
Phone:
1300 786 039
Email:
capitalseries@cba.com.au
Internet:
commsec.com.au/capital
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
This information must be read in conjunction with the Warning, Disclaimer, and Disclosure at the end of this document
7
Capital Series Protect120
Analyst Disclosure & Certification
Analyst remuneration is not linked to the rating outcome. The Analyst(s) may hold the products(s) referred to in this document,
but Lonsec considers such holdings not to be sufficiently material to compromise the rating or advice. Analyst(s) holdings may
change during the life of this document. The Analyst(s) certify that the views expressed in this document accurately reflect their
personal, professional opinion about the financial product(s) to which this document refers.
Date Prepared: October 2010
Analyst: Stewart Gault
Release Authorised by: Michael Elsworth
IMPORTANT NOTICE: The following relate to this document prepared and published by Lonsec Limited ABN 56 061 751 102
("Lonsec") and should be read before making any investment decision about the product(s). This report, dated October 2010,
expires when the initial offer closes or if there are any material changes in relation to the information contained in this report or
any disclosure or offer document issued in relation to this offer. Lonsec reserves the right to change its opinion, rating and/or
withdraw the report at any time on reasonable grounds.
Disclosure at the date of publication: Lonsec receive a fee from the Issuer or distributor for rating the product(s) using
comprehensive and objective criteria. Lonsec‟s fee is not linked to the rating outcome. Costs incurred during the rating process
of international funds, including travel and accommodation expenses are paid for by the fund Manager to enable on-site
reviews. Lonsec does not hold the product(s) referred to in this document. Lonsec‟s representatives and/or their associates
may hold the product(s) referred to in this document, but detail of these holdings are not known to the Analyst(s).
Warnings: Past performance is not a reliable indicator of future performance. Any express or implied rating or advice
presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the
financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs
(„financial circumstances‟) of any particular person. Before making an investment decision based on the rating or advice, the
reader must consider whether it is personally appropriate in light of his or her financial circumstances or should seek further
advice on its appropriateness. If our General Advice relates to the acquisition or possible acquisition of particular financial
product(s), the reader should obtain and consider the Product Disclosure Statement for each financial product before making
any decision about whether to acquire a product.
Lonsec‟s rating process relies upon the publicly available information published by the Issuer. Should the Issuer or Distributor
no longer be an active participant in Lonsec rating process, Lonsec reserves the right to withdraw the document at any time
and discontinue future coverage of the CBA Capital Series Protect120.
Disclaimer: This document is for the exclusive use of the person to whom it is provided by Lonsec and must not be used or
relied upon by any other person. No representation, warranty or undertaking is given or made in relation to the accuracy or
completeness of the information presented in this document, which is drawn from public information not verified by Lonsec.
Conclusions, ratings and advice are reasonably held at the time of completion but subject to change without notice. Lonsec
assumes no obligation to update this document following publication. Except for any liability which cannot be excluded,
Lonsec, its directors, employees and agents disclaim all liability for any error or inaccuracy in, or omission from, this document
or any loss or damage suffered by the reader or any other person as a consequence of relying upon it.
Lonsec Limited ABN 56 061 751 102 • AFSL No. 246842 • Participant of ASX Group
8