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This website is communicated in the United Kingdom by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Germany by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Liechtenstein by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Ireland by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Austria by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Switzerland by Macquarie Bank Limited Zurich Representative Office, Beethovenstrasse 9, 8002 Zurich, SWITZERLAND. This website in Switzerland is directed at qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. By agreeing to continue, you confirm that you are eligible to view this website in Switzerland.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Sweden by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Luxembourg by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Norway by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Finland by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website and/or distribution of many of the products or services described herein are not directed to any jurisdiction to any person to whom it is unlawful to make such an offer, sale and/or distribution, including the United States

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Netherlands by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Italy by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in France by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This site is available to professional investors only. Please visit Macquarie.com to learn more about Macquarie’s other products.

The team believes the high yield market offers premium return potential that can only be captured through superior credit research.

To attempt to generate consistent excess returns without incurring undue risk, they focus on:

  • proprietary, in-depth fundamental research (free cash flow and balance sheet analysis)
  • bottom-up portfolio construction
  • security-specific risk over sector risk
  • building focused portfolios, and
  • risk control.

The key components of their process are extensive resources and commitment to fundamental research.

Contact us to learn how to access this strategy.

All third-party marks cited are the property of their respective owners.

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and Key Investor Information Documents (KIIDs) contain this and other important information about the Fund. You can request a prospectus, fund supplement, and/or KIID free of charge by calling +353-1-483-2429, visiting delawarefunds.com/ucits/literature or by contacting your applicable local agent. Investors should read the prospectus, fund and country supplements (if applicable), and KIIDs carefully before investing or sending money.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

Because the Fund may invest in bank loans and other direct indebtedness, it is subject to the risk that the fund will not receive payment of principal, interest, and other amounts due in connection with these investments, which primarily depend on the financial condition of the borrower and the lending institution.

Each Fund is exposed to the risk that a counterparty will not settle a transaction due to a credit or liquidity problem. In the case of a default, the Fund could be subject to adverse market movements while replacement transactions are executed. This may be accentuated for contracts with longer maturities, or where there are concentrated transactions with a small group of counterparties.

Interest rates are determined by factors of supply and demand in the international money markets which are influenced by macro economic factors, speculation and central bank and government intervention. Fluctuations in short-term and/or long-term interest rates may affect the value of the Shares. Fluctuations in interest rates of the currency in which the Shares are denominated and/or fluctuations in interest rates of the currency or currencies in which a Fund’s assets are denominated may affect the value of the Shares.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Supranational Organisations are entities designated or supported by governments or governmental entities to promote economic development, and include the Asian Development Bank, the European Community, the European Investment Bank, the Inter-American Development Bank, the International Monetary Fund, the United Nations, the International Bank for Reconstruction and Development (“World Bank”), and the European Bank for Reconstruction and Development. These organisations have no taxing authority and are dependent upon their members for payments of interest and principal. The lending activities of such supra-national entities are limited to a percentage of their total capital (including “callable capital”) contributed by members at an entity’s call, reserves, and net income.

The Funds that invest in debt securities and hold active currency positions may be exposed to currency exchange risk. Currency exchange rates may fluctuate over short periods of time. A Fund may engage in non-U.S. currency transactions in order to hedge against currency fluctuations. Hedging transactions, while potentially reducing the currency risks to which the Fund would otherwise be exposed, involve certain other risks, including the risk of a default by a counterparty.

Non-publicly traded and Rule 144A Securities may involve a high degree of business and financial risk and may result in substantial losses. These securities may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realised from these sales could be less than those originally paid by a Fund.

Prices of derivatives may move in unexpected ways. Some derivatives are “leveraged” and may magnify or otherwise increase investment losses. A liquid secondary market may not always exist for the Funds’ derivatives positions and may not be able to be “closed out” when desired. Derivatives involve legal risk, the risk of loss due to the unexpected application of a law or regulation, or because contracts are not legally enforceable or documented correctly.

Trading in options can cause the Fund’s Net Asset Value to experience more frequent and wider fluctuations than if the Fund did not utilise options. No assurance can be given that the Funds will be able to effect closing transactions at a time when they wish to do so. The Fund may be required to hold assets that it would otherwise have sold and continue to be at market risk on such assets encurring higher transaction costs. Options that are not exchange traded will subject a Fund to risks relating to its counterparty, such as the counterparty’s bankruptcy, insolvency, or refusal to honour its contractual obligations.

The use of swaps involves investment techniques and risks different from and potentially greater than those associated with ordinary portfolio securities transactions. There is no assurance that swap contract counterparties will be able to meet their obligations or in the event of default, the Fund will succeed in pursuing contractual remedies. There also may be circumstances in which it would be impossible for a Fund to close out its obligations under the swap contract.

Zero coupon bonds and payment-in-kind (PIK) bonds are considered to be more interest rate-sensitive and more speculative than interest-bearing bonds and may subject the Fund to adverse conditions under certain circumstances.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Companies involved in Initial Public Offerings generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs will frequently be sold within 12 months of purchase.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

In the event of bankruptcy or other default of a borrower of portfolio securities, a Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities. Possible losses include (a) decline in the value of the collateral or in the value of the securities loaned during the period which the Fund seeks to enforce its rights thereto, (b) sub-normal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

Please choose your region below

This site is for professional investors only. Please confirm you are a professional investor by selecting your country below.

Austria
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Other

This website is communicated in the United Kingdom by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Germany by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Liechtenstein by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Ireland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Austria by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Switzerland by Macquarie Bank Limited Zurich Representative Office, Beethovenstrasse 9, 8002 Zurich, SWITZERLAND. This website in Switzerland is directed at qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. By agreeing to continue, you confirm that you are eligible to view this website in Switzerland.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Sweden by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Luxembourg by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Norway by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Finland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website and/or distribution of many of the products or services described herein are not directed to any jurisdiction to any person to whom it is unlawful to make such an offer, sale and/or distribution, including the United States

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Netherlands by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Italy by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in France by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This site is available to professional investors only. Please visit Macquarie.com to learn more about Macquarie’s other products.

Please choose your region below

This site is for professional investors only. Please confirm you are a professional investor by selecting your country below.

Austria
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Other

This website is communicated in the United Kingdom by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Germany by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Liechtenstein by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Ireland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Austria by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Switzerland by Macquarie Bank Limited Zurich Representative Office, Beethovenstrasse 9, 8002 Zurich, SWITZERLAND. This website in Switzerland is directed at qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. By agreeing to continue, you confirm that you are eligible to view this website in Switzerland.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Sweden by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Luxembourg by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Norway by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Finland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website and/or distribution of many of the products or services described herein are not directed to any jurisdiction to any person to whom it is unlawful to make such an offer, sale and/or distribution, including the United States

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Netherlands by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Italy by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in France by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This site is available to professional investors only. Please visit Macquarie.com to learn more about Macquarie’s other products.

Please choose your region below

This site is for professional investors only. Please confirm you are a professional investor by selecting your country below.

Austria
Finland
France
Germany
Ireland
Italy
Liechtenstein
Luxembourg
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Other

This website is communicated in the United Kingdom by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Germany by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Liechtenstein by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Ireland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Austria by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Switzerland by Macquarie Bank Limited Zurich Representative Office, Beethovenstrasse 9, 8002 Zurich, SWITZERLAND. This website in Switzerland is directed at qualified investors (the "Qualified Investors"), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended ("CISA") and its implementing ordinance. By agreeing to continue, you confirm that you are eligible to view this website in Switzerland.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Sweden by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Luxembourg by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Norway by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Finland by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website and/or distribution of many of the products or services described herein are not directed to any jurisdiction to any person to whom it is unlawful to make such an offer, sale and/or distribution, including the United States

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Netherlands by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in Italy by Macquarie Investment Management Europe Limited (MIMEL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MIMEL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This website is communicated in France by Macquarie Bank International Limited (MBIL) to persons classified as either an Eligible Counterparty or a Professional Client as defined by Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, By agreeing to continue, you confirm that you qualify as an Eligible Counterparty or a Professional Client. MBIL is incorporated and registered in England and Wales (Company No. 06309906, Firm Reference No. 471080). The registered office for MBIL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD.

This website is for informational purposes only. The content of this website, including all opinions and downloadable documents, is not intended to and should not be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or engage in any other transaction. It must not be relied upon in connection with any investment decision, and should not be construed as investment, tax, legal or other advice.

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions. Nothing in this website should be construed as investment, tax, legal or other advice.

This site is available to professional investors only. Please visit Macquarie.com to learn more about Macquarie’s other products.