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Reports published by Ingham Analytics (Pty) Ltd are confidential, issued for the information of clients of Ingham Analytics (Pty) Ltd, and cannot be disseminated. Sources referenced are reliable and opinions are formulated in good faith based on professional judgement and thorough analysis. The descriptions, opinions, financial forecasts, valuations and conclusions reached are entirely those of Ingham Analytics (Pty) Ltd. Reports conform to best financial analysis practice and are fully compliant with relevant professional codes of conduct and legislative imperatives. Issuers agree to respect the independence of Ingham Analytics (Pty) Ltd. In making an evaluation of the company, Ingham Analytics (Pty) Ltd may take into account material confidential information without making that information available in the investment report or to third parties. Ingham Analytics (Pty) Ltd may use material and immaterial public information and non-public immaterial information to arrive at a conclusion that has the equivalence of material non-public information and apply deductive logic/reasoning in arriving at a conclusion. Ingham Analytics (Pty) Ltd shall declare whether the company or any director, employee, or independent contractor associated with the company has a beneficial interest, direct or indirect, in the equity of an issuer. Use thereof or action taken is done so at own risk.