The mandate for Citi Investment Research is to provide timely, pro-active, proprietary, money-making research ideas for use by our investing client base, be they institutional equity investor clients of Citi or retail investor clients of Citi Wealth Advisors.

In Australasia, Citi Investment Research undertakes stock market analysis on 200 listed companies, representing coverage of ninety percent of the combined Australian and New Zealand Stock Exchanges, as measured by market capitalisation. We employ 30 sector analysts, 15 research associates and 15 support staff, while another 10 analysts look at top-down analysis covering strategy, economics, politics and quantitative methods. Our analysts have a wide range of backgrounds spanning chartered accounting, finance, treasury, funds management and industry.

We publish a number of products ranging from our Portfolio Strategist, to economic updates through to in-depth individual company and sector reports, as well as daily updates on all major macro and company specific events.

Globally, Citi Investment Research employs over 300 analysts covering 2,290 companies across the United States, UK/Europe, Asia, Japan, South Africa, Eastern Europe and Latin America. We regularly receive top rankings in industry and investment media for the quality of our research, the accuracy of our stock picks and superior customer service to our investing clients.

One of our key competitive advantages is being able to rely upon high quality research from our overseas colleagues in order to make valuation comparatives as well as to track the increasingly global span of a number of Australasian companies in terms of both their operations and end markets. We do this as part of an ongoing commitment to delivering research and investment advice which is as relevant as possible to an increasingly global investor base.

One of our key goals is to maintain non-consensus, objective research. The analyst's job of forecasting is a difficult one, subject to public debate by the media and investors. It is comfortable to find safe harbor by echoing consensus opinion or taking management's word at face value. We fight this tendency on a daily basis. We reward analysts who stand out from the crowd; who conduct thoughtful, thorough analysis; and who get the call right. The successful analyst at Citi Investment Research does not take short cuts in research, but does take risks.

This is all conducted within an unerring commitment to independence. The firm leads the industry in establishing policies and best practices to ensure analyst objectivity in the capital formation process. Our policies allow Citi analysts to identify transactions beneficial to investors while maintaining independence and objectivity.

A global platform, a world-class research culture, supported by the best in client service is at the core of the value created by Citi Investment Research.

Citi Investment Research is made available in Australia to wholesale clients through Citigroup Global Markets Australia Pty Limited (ABN 64 003 114 832 and AFSL No. 240992) and to retail clients through Citi Smith Barney Pty Limited (ABN 19 009 145 555 and AFSL No. 240813), Participants of the ASX Group and regulated by the Australian Securities & Investments Commission. The Product is made available in Australia to Private Banking wholesale clients through Citigroup Pty Limited (ABN 88 004 325 080 and AFSL 238098). While information in this Site might include excerpts, abstracts, or other summary material derived from Citi Investment Research reports readers are directed to the original research report or note to review the Research Analyst's full analysis of the subject company. Important disclosures relating to the companies that are the subject of research reports or notes published by Citi Investment Research are available at www.citigroupgeo.com.