Important information

Equity Capital Solutions Disclosures

The name “Macquarie” refers to Macquarie Group Limited and its worldwide affiliates and subsidiaries (the Macquarie Group). This document is provided on a confidential basis and may not be reproduced, distributed or transmitted in whole or in part without the prior written consent of Macquarie.

This document has been prepared by the Macquarie Equity Capital Solutions team and is not a product of the Macquarie Research Department.  This document is not prepared as or intended to be investment advice and any decision to purchase or sell a security or other financial instrument is made by you independently, without reliance on Macquarie.

This communication is provided for information purposes only, is subject to change without notice and is not binding. This communication is not a solicitation to buy or sell any security or other financial product, or to engage in, or refrain from engaging in, any transaction, nor does it constitute investment research, a research report or a personal or other recommendation. Nothing in the information provided should be construed as investment, legal, financial, accounting, tax or other advice.

Macquarie is a global provider of banking, financial advisory, investment and funds management services. As such, Macquarie may conduct and seek to conduct business with the companies referred to in this document.  Macquarie may act in various roles with respect to companies named in this document, including acting as provider of corporate finance, underwriter or dealer, holder of principal positions, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. In addition, Macquarie and associated personnel may at any time buy, sell or hold interests in financial instruments referred to in this document either on behalf of clients or as principal. Therefore, this information should not be relied upon as either independent or objective from the interests of Macquarie and associated personnel which may conflict with your interests.

To the extent permitted by law, Macquarie accepts no responsibility or liability (in negligence or otherwise) for loss or damage resulting from the use of or relating to any error in the information provided. This document has been prepared in good faith and is based on public information obtained from sources believed to be reliable, however, Macquarie is not responsible for information stated to be obtained from third-party sources, including links to third-party websites. Content contained on third-party websites is not part of this document and is not incorporated by reference into this document. The inclusion of a link in this document does not imply any endorsement by or any affiliation with Macquarie.  Any modelling, scenario analysis, past or simulated past performance (including back-testing) contained in this information is no indication as to future performance.

Any securities referred to in this information may not be eligible for sale in all jurisdictions. This information is directed at institutional investors who have professional experience as defined by applicable law and/or regulation in the relevant jurisdiction. It is not for retail investors and it is not for distribution into the United States, Canada, the United Kingdom, the European Union or any jurisdiction where this information is not permitted.


Unless otherwise specified below, this information is distributed by Macquarie Capital Securities (Singapore) Pte. Limited (“MCSSPL”) without the involvement of any local branches or entities in the relevant jurisdiction.

China: This information is distributed in China by Macquarie Bank Limited (“MBL”). MBL does not carry on securities, futures and/or banking businesses in China and is not a registered securities broker, futures broker, commodities broker or a bank in China.

Hong Kong: In Hong Kong, the information is intended solely for professional investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance for the purpose of providing preliminary information and does not constitute any offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong.

The information is distributed in Hong Kong by Macquarie Bank Limited Hong Kong Branch (“MBLHK”) or Macquarie Capital Limited (“MCL”). MBLHK holds a banking licence issued by the Hong Kong Monetary Authority pursuant to the Banking Ordinance (Cap. 155) of Hong Kong and is registered as an Registered Institution with the Securities and Futures Commission of Hong Kong to carry out Type 1 – Dealing in Securities and Type 4 – Advising on Securities regulated activities. MCL holds Type 1 - Dealing in Securities; Type 4 - Advising on Securities; Type 6 - Advising on Corporate Finance and Type 7 – Providing Automated Trading Services licences under the Securities and Futures Commission of Hong Kong.

India: The information is distributed in India  by Macquarie Capital Securities (India) Pvt. Ltd. (CIN: U65920MH1995PTC090696), formerly known as Macquarie Capital (India) Pvt. Ltd., which holds SEBI licence to act as a Stock Broker bearing registration number INZ000243533.

Indonesia: The information is distributed in Indonesia by PT Macquarie Sekuritas Indonesia (“PTMSI”).

PTMSI holds underwriting and brokerage licenses from BAPEPAM-LK (now Financial Services Authority), issued through its Decision Letter No. KEP-42/PM/1992 and Decision Letter No. KEP- 43/PM/1992, respectively, each dated 19 February 1992.

Japan: The information is distributed in Japan by Macquarie Capital Securities (Japan) Limited Tokyo Branch ("MCSJL") or by MBL directly.

MCSJL is a Financial Instruments Firm. Kanto Financial Bureau (Kin-Sho) No. 231. Member of Japan Securities Dealers Association (JSDA). Designated Dispute Resolution Institution is Financial Instruments Mediation Assistance Center (FINMAC).

Korea: The information isdistributed in the Republic of Korea by Macquarie Securities Korea Limited (“MSKL”).

MSKL is a Financial Investment Company authorized and regulated by the Financial Services Commission and Financial Supervisory Service in Korea to carry out financial investment business under the Financial Investment Services and Capital Market Act in Korea and is a member of Korea Exchange (“KRX”).

Malaysia: The information is distributed in Malaysia by Macquarie Capital Securities (Malaysia) Sdn. Bhd., which holds a Capital Markets Services Licence to deal in securities, advise on corporate finance and provide investment advice. 

Philippines: The information is distributed in the Philippines by Macquarie Capital Securities (Philippines) Inc. 

Singapore: The information is distributed in Singapore by MCSSPL and is intended only for institutional investors and accredited investors as defined in Section 4A of the Securities and Futures Act (Chapter 289). MCSSPL (Registration No. 198702912C) is a holder of a Capital Markets Services Licence for dealing in securities under the Securities and Futures Act, Chapter 289 of Singapore.

Taiwan: The information is not for public circulation in Taiwan and is only permitted for distribution in Taiwan where it is not in contradiction to the views of the Macquarie Research Department. It is distributed by Macquarie Capital Securities Limited Taiwan Branch, which holds brokerage, underwriting and proprietary trading licences under the Financial Supervisory Commission of Taiwan.

Thailand: The information is distributed in Thailand by Macquarie Securities (Thailand) Limited, which holds a licence to conduct (1) Securities Brokerage, 2) Securities Dealing, 3) Investment Advisory Services and 4) Securities Underwriting under the Thailand Securities and Exchange Act. In addition the Company has been approved by the SEC to conduct Financial Advisory Services and is registered as the Derivative Dealer under Thailand Derivatives Act.


Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.