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13 FEB 2025 Presentation H1 FY25 Investor For personal use only
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Page 2 Agenda Business and Strategy Update MARK COULTER CEO01 02 H1 FY25 Financial Results CAMERON BARNSLEY CFO 03 Trading Update and Outlook MARK COULTER CEO 04 Q&A For personal use only
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Business and Strategy Update MARK COULTER CEO 01 Page 3 For personal use only
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Page 4 1 Source: ABS Retail Trade, Australia (December 2024) 2 EBITDA is a non-IFRS measure and is calculated by adding depreciation and amortisation, finance costs and interest income to profit before tax 3 Refer to page 16 of the presentation for free cash flow calculation 4 Cash in transit of $2.0m as of 31 December 2024 (30 June 2024: $9.2m) was reclassified from Cash & Cash Equivalents to Other Current Assets. This change in presentation was made in both reporting periods Revenue growth within our target range, significant market share gains • Record half year revenue result of $314m for H1 FY25, up 24% vs H1 FY24 (pcp) • Performance supported by growth in both new and repeat customers, and higher average order values (AOV) • Our share of the furniture & homewares market in Australia grew to a record 2.9%, up 23% vs pcp1 Strong margins and cash flow, on track for full year margin guidance Executing well towards our mid- term goal of $1b+ in annual revenue Revenue growth 24%, taking market share, strong margins • H1 FY25 EBITDA2 of $13.2m, up 76% vs pcp, representing a margin of 4.2% (+126 bps vs pcp) • Free cash flow3 generation of $33m, demonstrating the strength of our asset light / negative working capital model • Fixed costs as a percentage of revenue at 10.5% for H1 FY25, demonstrating continued operating leverage as the business scales • Well capitalised and fully-funded to continue executing on our growth plans, with a closing cash balance of $139m4 • Tracking to plan across all of our long- term strategic goals • On track to reach our mid-term goal of $1b+ in annual revenue H1 FY25 revenue $314m +24% on H1 FY24 H1 FY25 EBITDA2 $13.2m +76% on H1 FY24 Cash balance as at 31 December 20244 $139m +$32m on FY24 For personal use only
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Page 5Page 5 REVENUE PER ACTIVE CUSTOMER4, +2% VS PCP RECORD ACTIVE CUSTOMERS,1 +22% VS PCP Key performance indicators remain strong AVERAGE CONVERSION RATE5, +7% VS PCP MAINTAINING STRONG LEVELS OF CUSTOMER SATISFACTION Net Promoter Score (NPS) = Score from -100% to 100% 1 Active customers are the number of all unique customers who have transacted in the last twelve months (LTM) 2 Customer orders for H1 FY24 have been restated to exclude gift card and test orders, consistent with customer orders for H1 FY25 3 Marketing ROI = Margin $ / CAC; Margin = Revenue per active customer as at 31 December 2024 x delivered margin % for CY24; CAC = Total marketing spend for CY24 x 72% (being the estimated percentage of marketing spent on new customer acquisition, i.e., excludes estimated spend on repeat customers) divided by the number of first- time customers during the period 4 Revenue per active customer = Last 12 months net revenue (excluding deferred revenue accounting adjustments) divided by active customers . 5 Average conversion rate is the total number of purchases divided by the total number of monthly users. Sourced from Google Analytics 12-MONTH MARKETING ROI3 REMAINS IN LINE WITH EXPECTATIONS DURING INVESTMENT PHASE CONTINUED GROWTH IN ORDERS FROM BOTH NEW & REPEAT CUSTOMERS, TOTAL ORDERS +16% VS PCP 2 335k 678k 906k 841k 975k 1,185k H1FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 146k 301k 366k 257k 345k 384k111k 267k 410k 348k 446k 535k 257k 568k 776k 605k 791k 919k H1FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 Repeat Customer Orders First Time Customer Orders $380 $401 $442 $472 $460 $470 H1FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 2.4% 2.5% 2.9% 2.6% 2.9% 3.1% H1FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 56% 66% 56% 62% 60% 63% H1FY20 H1FY21 H1FY22 H1FY23 H1FY24 H1FY25 2.6x 2.6x 2.0x 2.0x 1.8x 1.6x Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Customer Acquisition Cost (CAC) $50 $66 $69 $82$44 $91 For personal use only
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Page 6Page 6 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% FY20 FY21 FY22 FY23 FY24 FY25 T&W Market Share % ↑13% We believe that now is the time to accelerate our market share growth, with the goal of becoming the largest retailer of furniture & homewares in Australia… The category is undergoing a “once in a generation” shift from offline to online 1 Source: IBISWorld Industry Reports: OD4176 Online Household Furniture Sales in Australia (September 2024), OD4174 Online HomeFurnishing Sales in Australia (November 2024) 2 Source: ABS Retail Trade, Australia (December 2024) to calculate total market. Market share calculated based on last twelve months period ending in December and June each year Our strategy is to take advantage of a “once in a generation” structural change to build a platform for growth …and we are executing to this plan, with our market share hitting 2.9% in H1 FY252 COVID peak Reset year (post COVID) +12% CAGR T&W SHARE OF THE TOTAL AUSTRALIAN FURNITURE AND HOMEWARES MARKET We are winning share due to having a great range, at great value vis-à-vis our offline / omnichannel peers, high customer satisfaction levels (60%+ NPS), a much-loved brand and market leading content / data / AI capabilities. We are the largest online retailer in the category1 (+30% revenue CAGR since H1 FY17) Our competitive advantages improve with scale, further increasing our lead Asset light model, fully funded to execute on organic and inorganic growth plans We are building a platform for growth to capture adjacent growth opportunities For personal use only
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Page 7Page 7 Core business: B2C Furniture & Homewares Revenue ↑13% 1 Mid-term implies 3-5 years from FY23 2 Excludes Trade & Commercial and Home Improvement Source: ABS Retail Trade, Australia (June 2023) 3 Source: Euromonitor 2023 Home and Garden for CY22 T&W Group Revenue Mid-Term1 Commentary/Assumptions $1b+ Our growth rate will be commensurate with our speed of execution Our mid-term goal of $1b+ in annual sales remains unchanged >$200m Growth plays (e.g. B2B / Home Improvement) >$800m FY23 $396m $61m $335m $498m $74m $424m FY24 • Total market (online & offline) view:Although there are some tailwinds (e.g., immigration), assuming the market remains at its FY23 ~$19b2 size, T&W market share grows from 2.3% (FY23) to 4.2%. Our current market share is 2.9%. • Online-only view: Market grows from 18% penetration in FY23 to 28% as millennials become the largest spending cohort in the category (in line with the US/UK at 27-28%3); T&W online market share grows from 10% to 15% For personal use only
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Page 8Page 8 01 Become the top-of-mind brand in the category 02 Majority of revenue from exclusive products 03 Leading capabilities around data, AI & technology 04 Lower fixed cost % to obtain a price and margin advantage 05 Build scale through adjacent growth plays To make the world more beautiful, one room at a time OUR MID- TERM1 STRATEGIC GOALS OUR VISION To be the largest furniture & homewares retailer, and the first place Australians turn to when shopping for their homes OUR GOAL Our strategic plan We want to be famous for having the best range in our category, the most inspirational content and services and a great delivery and customer service experience CUSTOMER PROMISE 1 Mid-term implies 3-5 years from FY23 For personal use only
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Page 9Page 9 • We continue to optimise our marketing strategy by investing in brand and diversifying into other channels following the results of a marketing mix modelling (MMM) analysis in September 2024 • In H1 FY25, ~10% of marketing spend was directed towards brand channels (brand investment first started in 2023) • Total brand marketing spend in H1 FY25 of $5m; spend expected to be higher in H2 • Results of our brand investment are yielding promising outcomes, with branded searches growing 24% vs pcp • Revenue from exclusive products accounted for ~45% of total revenue during H1 FY25 (up from ~37% in H1 FY24), which includes growth in both private label and exclusive drop-ship products • ~78% of our top 500 selling products in H1 FY25 were exclusive to Temple & Webster (up from 70% in FY24) • We had an increase in private label options in H1 FY25 vs pcp, with reduced inventory days • Higher penetration of exclusive products drives differentiation in our customer proposition, and increases the defensibility of our model over time 01 Become the top-of-mind brand in the category to build brand equity and drive market share gains 02 Majority of revenue from exclusive products to solidify our position of having the best range We are tracking to plan across all of our strategic goals For personal use only
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Page 10Page 10 We are tracking to plan across all of our strategic goals (cont.) • Business continues to benefit from cost discipline as it scales, with operating leverage expected to increase further as the business progresses towards its $1b mid-term revenue target • Fixed costs as a % of revenue declined to 10.5% in H1 FY25, demonstrating continued progress vs H1 FY24, and continued progress towards our target of <6% fixed costs over the long term • Key drivers of fixed cost leverage include automation and reduction in manual tasks, moderation of headcount growth over time, and improved productivity • Home improvement achieved $20m in revenue in H1 FY25, representing +41% growth vs pcp • Exclusive products accounted for 24% of home improvement sales, up from 15% in H1 FY24 • Trade & Commercial achieved ~$24m revenue in H1 FY25, representing 10% growth vs pcp, a respectable result given observed macro headwinds with business customers 04 Lower fixed cost % to obtain a price and margin advantage to improve pricing and unit economics 05 Build scale through adjacent growth plays to continue diversifying our revenue mix • Continue to leverage AI capabilities to implement initiatives that either boost revenue or reduce costs across the business • For H1 FY25, 60%+ of customer pre / post sales support interactions were handled by AI and technology, which resulted in a greater than 50% reduction in customer care costs since H1 FY23 • AI calculated shipping prices improved revenue per visit by ~3%, and also increased shipping price accuracy by ~17% leading to delivered margin improvements • Our app continues to be the fastest growing platform and highest converting in terms of traffic 03 Leading capabilities around data, AI & technology to drive conversion and cost-base efficiencies For personal use only
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Page 11Page 11 Home improvement is the fastest growing category of T&W HOME IMPROVEMENT REVENUE ($M) HOME IMPROVEMENT PRIVATE LABEL PENETRATION (%) • Our home improvement business continues to grow strongly, providing us with access to a $17b+1 market with no online-only dominant market player and low online penetration • H1 FY25 home improvement revenue of $20m represents 41% growth vs pcp as customer awareness of our offering grows, driven by both new and repeat customers • Private label penetration of home improvement has increased markedly since 2023, with continued success in Temple & Webster’s own collection of bathroom and HVAC products (vanities, tapware, basins, toilets, ceiling fans); more products remain in development • Customer satisfaction levels for home improvement customers are high with NPS levels consistently above 60% • We will continue to invest in building out our private label and exclusive range and growing our existing categories SELECTED TEMPLE & WEBSTER PRIVATE LABEL HOME IMPROVEMENT PRODUCTS 10.2 14.4 20.3 H1 FY23 H1 FY24 H1 FY25 8.7% 11.3% 18.4% H1 FY23 H1 FY24 H1 FY25 1 Source: ABS Hardware, building & garden supplies retailing (December 2023), Euromonitor 2023 Home and Garden for CY23 , internal analysis For personal use only
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Page 12Page 12 H1 FY25 Financial Results CAMERON BARNSLEY CFO 02 Page 12 For personal use only
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Page 13Page 13 Financial highlights 1 EBITDA is a non-IFRS measure and is calculated by adding depreciation and amortisation, finance costs and interest income to profit before tax 2 Refer to page 16 of the presentation for free cash flow calculation 3 Cash in transit of $2.0m as of 31 December 2024 (30 June 2024: $9.2m) was reclassified from Cash & Cash Equivalents to Other Current Assets. This change in presentation was made in both reporting periods, i.e., in the half year ended on 31 December 2024 and in the year ended on 30 June 2024. H1 FY25 revenue $314m +24% on H1 FY24 Cash balance as at 31 December 20243 $139m +$32m on FY24 H1 FY25 delivered margin $102m +26% on H1 FY24 H1 FY25 EBITDA margin1 4.2% +126bps on H1 FY24 H1 FY25 free cash flow generation2 $33m +61% on H1 FY24 H1 FY25 fixed costs as % of revenue 10.5% vs 10.7% for H1 FY24 Page 13 For personal use only
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Page 14Page 14 Results demonstrate our focus on disciplined growth • Revenue for H1 FY25 +24% vs pcp, driven by growth in repeat and new active customers, increase in AOV, and a positive deferred revenue result (checkout revenue +22% vs pcp) • Delivered margin for H1 FY25 +26% vs pcp, increasing as a % of revenue by 56 bps, as a result of a mix shift towards higher margin categories (including private label) and positive foreign exchange movements, offset by greater promotional activity and elevated warehousing costs • Contribution margin for H1 FY25 +33% vs pcp, representing 14.7% of revenue, supported by scalability in customer service costs as a result of our AI investments and automation • Marketing costs represented 16% of revenue for H1 FY25, of which $5m was spent on brand marketing; H2 FY25 brand investment expected to be higher vs H1 FY25 • H1 FY25 EBITDA margin of 4.2%, +126 bps vs pcp; EBITDA margin guidance of 1 – 3% for FY25 reiterated • Net profit after tax for H1 FY25 +118% vs pcp, reflecting higher EBITDA, increased net interest income, and lower effective tax rate for the half year A$m H1 FY24 H1 FY25 $ Change % Change Revenue 253.8 313.7 59.9 23.6% (-) Cost of Sales (169.3) (207.2) (37.8) 22.3% (-) Warehousing (3.7) (5.0) (1.3) 34.1% Delivered Margin 80.8 101.5 20.8 25.7% Delivered Margin (%) 31.8% 32.4% 56 bps (-) Marketing (40.8) (50.2) (9.4) 22.9% (-) Customer Service & Merchant Fees (5.4) (5.4) 0.0 (0.1%) Contribution Margin 34.6 46.0 11.4 33.1% Contribution Margin (%) 13.6% 14.7% 105 bps (-) Wages (17.2) (20.7) (3.5) 20.5% (-) Other (8.3) (9.6) (1.4) 16.4% Adjusted EBITDA 9.1 15.6 6.5 72.0% Adjusted EBITDA Margin (%) 3.6% 5.0% 141 bps (-) Share Based Payments (1.6) (2.5) (0.8) 52.5% EBITDA 7.5 13.2 5.7 76.3% EBITDA Margin (%) 2.9% 4.2% 126 bps (-) Depreciation & Amortisation (2.9) (2.9) (0.0) 0.8% EBIT 4.6 10.3 5.7 124.0% Net Profit Before Tax 6.4 12.5 6.0 94.0% Net Profit After Tax 4.1 9.0 4.9 117.9% For personal use only
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Page 15Page 15 Robust balance sheet reflects capital light nature of our business • Ending cash position of $139m1, increased by 30% from FY24 • Strong cash balance provides us with flexibility to take advantage of market conditions and pursue growth, whilst managing downside risk • Cash balance now excludes cash in transit (FY24 $9.2m; H1 FY25 $2.0m), which relates to revenue generated via alternative payment channels and can take 1 – 3 days to be processed in our bank accounts (reclassification to Other Current Assets) • Inventories increased by 7% from FY24, despite materially higher revenue growth and increased private label product sales, reflecting an improvement in inventory turnover and greater penetration of exclusive dropship products • Trade payables grew in-line with revenue • Business model remains capital light with low investments in property, plant and equipment • Deferred tax asset increased by $6.5m from FY24 primarily due to changes in the valuation (for tax purposes) of outstanding share based payments • Business remains debt-free and is fully funded to execute on organic and inorganic growth opportunities 1 Cash in transit of $2.0m as of 31 December 2024 (30 June 2024: $9.2m) was reclassified from Cash & Cash Equivalents to Other Current Assets. This change in presentation was made in both reporting periods A$m 30-Jun-24 31-Dec-24 $ Change % Change Cash & Cash Equivalents1 107.2 139.3 32.1 29.9% Inventories 26.5 28.3 1.8 6.9% Other Current Assets1 14.8 8.2 (6.6) (44.5%) Current Assets 148.5 175.8 27.3 18.4% Intangibles, (inc. goodwill) 8.2 8.3 0.1 0.6% Right-Of-Use Assets 21.1 19.3 (1.8) (8.5%) Property, Plant & Equipment 6.0 5.8 (0.2) (3.6%) Deferred Tax Assets 22.8 29.3 6.5 28.5% Total Assets 206.6 238.4 31.8 15.4% Trade Payables 45.2 58.0 12.7 28.2% Deferred Revenue 21.2 22.6 1.5 7.0% Employee Provisions 5.7 5.8 0.1 1.0% Other Provisions 4.8 5.2 0.4 7.5% Lease Liabilities 22.3 20.7 (1.6) (7.4%) Income Tax Payable 0.8 1.7 0.8 100.1% Total Liabilities 100.1 113.9 13.8 13.8% Net Assets 106.5 124.5 18.0 16.9% Contributed Capital 101.9 105.8 3.8 3.8% Reserves 18.7 23.8 5.2 27.8% Retained Earnings (14.1) (5.1) 9.0 n.m. Total Equity 106.5 124.5 18.0 16.9% For personal use only
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Page 16Page 16 • Operating cash flow of $35m in H1 FY25 increased by 60% vs pcp • Generated $33m in free cash flow for H1 FY25, up 61% vs pcp, providing us with flexibility in capital allocation in order to balance our growth ambitions with sustainable shareholder returns over time • Cash flow generation supported by positive changes in net working capital as a result of our asset-light business model • Capital expenditures remain low, with the majority of product and technology development costs expensed • Appropriate liquidity buffers to maintain strong balance sheet and manage risk • Invest in organic growth to drive market share gains and build to $1b+ of annual revenue • Invest to maintain our competitive advantage • Identify and pursue strategically relevant and accretive growth opportunities • Return surplus capital to shareholders over the long term as the business scales 01 02 03 04 05 Ensure the business has sufficient liquidity to operate in different operating environments Invest in private label and exclusive product; invest in brand recognition and customer experience; new product categories Continued investment in technology and innovation Pursue M&A opportunities that are strategically aligned and value accretive for shareholders Continue on-market buy- back; consider other capital management options over the longer term Continued growth in free cash flow generation provides us with capital management flexibility Our capital management prioritiesA$m H1 FY24 H1 FY25 $ Change % Change EBITDA 7.5 13.2 5.7 76.3% (+) Change in Net Working Capital 11.5 19.5 8.0 69.4% (+) Share Based Payments 1.6 2.5 0.8 52.5% (+) Net Interest Income 1.9 2.8 0.9 49.5% (-) Income Tax Paid (1.0) (2.3) (1.3) 127.4% (+/-) Other Items 0.5 (0.5) (1.0) n.m Cash from Operating Activities 21.9 35.1 13.2 60.1% (-) Payments for Plant & Equipment (0.1) (0.3) (0.2) n.m (-) Payments for Intangible Assets (0.1) (0.2) (0.0) 33.3% (-) Payments for Lease Liabilities (1.6) (2.1) (0.5) 34.2% Free Cash Flow 20.1 32.5 12.4 61.4% For personal use only
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Page 17Page 17 Our model allows us to reinvest for growth whilst expanding margins over the long-term • As the leading online retailer in the furniture and homewares category in Australia with $139m in cash, no debt, high customer satisfaction levels and a scalable business model, we continue to believe that now is the time to invest in improving brand awareness • As outlined previously, we have increased our investment in marketing through FY24 and FY25, with a focus on longer-term brand building • After FY25: ‒ We expect brand spend to become a recurring channel within the marketing mix alongside performance channels ‒ We expect EBITDA margins to progressively build towards our long- term +15% target, whilst retaining flexibility to vary delivered margin and marketing levers to respond to market conditions • As the business scales, we remain confident in our longer-term margin targets given expected leverage on marketing and fixed cost investments, as well as ongoing benefits from further development and use of AI tools across the business Scale benefits with suppliers, private label/exclusive product share increases, logistical efficiencies, and AI led pricing Repeat orders to grow from 57% to +80% (which run at a lower marketing cost to first-time) AI has already started to materially disrupt this cost line Scale main driver of leverage, supported by tech/AI T&W Group FY24 FY25 Long Term Revenue 100% 100% 100% Delivered Margin 31.6% 30 – 32% >33% BAU Marketing Costs (13.6%) (12 – 13%) (<11%) Customer Service and Merchant Fees (2.1%) (1 – 3%) (<2%) BAU Contribution Margin 15.9% 15 – 17% >20% Fixed Costs (11.3%) (10 – 12%) (<6%) BAU EBITDA Margin 4.6% 3 – 6% +15% FY24 / FY25 Marketing Investment (2.0%) (2 - 3%) EBITDA Margin (including Marketing Investment) 2.6% 1 – 3% For personal use only
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Page 18Page 18 Trading Update and Outlook MARK COULTER CEO 03 Page 18 For personal use only
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Page 19Page 19 Page 19 1 Revenue growth is based on checkout revenue which is pre-accounting adjustments (deferred revenue and refund provision) • The market share gains and revenue growth demonstrated in H1 FY25 have continued into H2 FY25 • Revenue from 1 January to 10 February 2025 is up 16% year-on-year,1 despite the challenges of the cost-of- living crisis • The February growth rate has accelerated to 19% year- on-year (from 1 February to 10 February 2025).1 We expect this trend to continue, given easing of comparison growth rates and the ability for us to use the margin flexibility we have built over the first half of the financial year • Our current on-market share buy-back program remains in place until June 2025 to improve shareholder returns in the absence of more accretive opportunities • EBITDA margin guidance for FY25 of 1 – 3% is reiterated, and we remain on-track towards our mid- term goal of $1b+ in annual revenue Trading update and FY25 outlook For personal use only
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Q&A 04 Page 20 For personal use only
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Appendix: H1 FY25 IFRS / EBITDA Reconciliation Page 21 A$m H1 FY25 Net Profit Before Tax 12.5 Adjustments: Add: Depreciation and Amortisation 2.9 Add: Interest on Lease Liabilities 0.5 Less: Interest Income (2.8) EBITDA 13.2 For personal use only
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Page 22Page 22 This presentation (Document) has been prepared by Temple & Webster Group Limited ACN 608 595 660 (T&W Group or the Company). This Document is a presentation to provide background information on the Company and its subsidiaries and is not an offer or invitation or recommendation to subscribe for securities nor does it constitute the giving of financial product advice by the Company or any other person. The information in this Document is selective and may not be complete or accurate for your particular purposes. The Company has prepared this Document based on information available to it to date and the Company is not obliged to update this Document. Certain information in this Document is based on independent third-party research. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Document. To the maximum extent permitted by law, neither the Company, nor its directors, officers, employees, advisers or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault, negligence or omission on the part of any person, for any loss or damage arising from the use of this Document or its contents or otherwise arising in connection with it. This information has been prepared by the Company without taking account of any person's objectives, financial situation or needs and because of that, you should, before acting on any information, consider the appropriateness of the information having regard to your own objectives, financial situation and needs. We suggest that you consult a financial adviser prior to making any investment decision. This document contains certain “forward-looking statements”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, event or result “may”, “will”, “can”, “should”, “could”, or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are, by their nature, subject to a number of risks and uncertainties and are based on a number of estimates and assumptions that are subject to change (and in many cases outside of the control of the Company and its Directors) which may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. There can be no assurance asto the accuracy or likelihood of fulfillment of any forward-looking statements events or results. You are cautioned not to place undue reliance on forward-looking statements. Additionally, past performance is not a reliable indication of future performance. The Company does not intend, and expressly disclaims any obligation, to update or revise any forward-looking statements. The information in this Document is only intended for Australian residents. The purpose of this Document is to provide information only. All references to dollars are to Australian dollars unless otherwise stated. This document may not be reproduced or published, in whole or in part, for any purpose without the prior written consent of T&W Group. Disclaimer Page 22 For personal use only
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