Legal notice

Please read all terms and conditions below carefully before you use this website. These terms and conditions apply each time you access or use this website. If you do not agree to all of these terms and conditions, you must immediately cease using this website and any information contained on this website. By accessing and using this website, you agree to be bound by this legal notice and all terms and conditions set out below. In particular, you acknowledge:

·       that you have read and accept this legal notice

·       that you have read and accept the Website Terms and Conditions published at www.ifminvestors.com/disclaimer (the “Website Terms and Conditions”)

·       if you are located in the US, that you are a Sophisticated Investor

·       if you are located in the UK, that you are a Relevant Person

·       that you will access and use the Information without breaching any laws, rules, directives, regulations, or any other restrictions that apply in your local jurisdiction, the United Kingdom or the United States.

The content of this website (the “Information”) is issued by IFM Investors Pty Ltd ABN 67 107 247 727 (“IFM Investors”) unless expressly stated otherwise. Capitalised terms not otherwise defined are as defined in the Website Terms and Conditions.

Restricted access

This website is directed only at persons to whom we can legally provide the Information in the jurisdictions in which they are located. In the UK this would include investment professionals and certain high net worth entities, as respectively defined in articles 19 and 49 of the FSMA (Financial Promotion) Order 2005. In the US only accredited investors and qualified purchasers may invest in the investment funds advised by IFM Investors (“IFM Investors funds”). If you are not such a person, or are unsure, please take no further action in relation to this website without taking advice.

This website is not intended for any person who is a resident of a country where it would be prohibited or against local laws to provide the Information in this website. Any products and services described in this website are only available to persons in jurisdictions in which IFM Investors and its Affiliates are permitted to market and sell such products and services. IFM Investors’ Affiliates are listed below.

IFM Investors makes no representation that materials in or accessible through the site are appropriate or available for use in other locations or that access to them where their content is located is not illegal and prohibited. Those who choose to access the site from other locations do so at their own risk and are responsible for establishing the legality of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws, if and to the extent local laws are applicable. The information provided in or accessible through this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject IFM Investors to any registration or other requirement within such jurisdiction or country. IFM Investors reserves the right to limit access to the site to any person, geographic region or jurisdiction.

Without limiting the above matters, IFM Investors does not warrant that it holds any authorisations or approvals required in all jurisdictions where the Information may be accessed. IFM Investors does not and has no intention to offer or sell any funds, products or services in any jurisdiction where such an offer or sale would be unlawful under the relevant domestic law. You must satisfy yourself as to the laws which are in force in your jurisdiction and that access to the Information accords with the laws of your particular jurisdiction.

United Kingdom (“UK”)

The Information is being issued to investors inside the UK by IFM Investors (UK) Limited (“IFM UK”) (which is authorised and regulated by the UK Financial Conduct Authority) and IFM UK is the only entity responsible for its contents in that jurisdiction. The Information is issued to and directed only at persons in the UK who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sourcebook (“Relevant Persons”). [In the UK this would include investment professionals and certain high net worth entities, as respectively defined in articles 19 and 49 of the FSMA (Financial Promotion) Order 2005.]

The promotion of unregulated collective investment schemes by authorised persons is restricted in the UK pursuant to section 238 of the Financial Services and Markets Act 2000 (the “Scheme Promotion Restriction”). However, the Information is exempt from the Scheme Promotion Restriction on the grounds that it is being issued to and directed only at Relevant Persons.

Any investment or investment activity to which the Information relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. The Information must not be acted on or relied on by any other persons in the UK.

United States of America (“US”)

The Information is being issued to investors inside the US by IFM Investors (US) Advisor LLC and IFM Investors Pty Ltd (“IFM US”) and are the only entity responsible for its contents in that jurisdiction.

IFM US are registered as investment advisers under the Investment Advisers Act of 1940, as amended, and regulated by the United States Securities and Exchange Commission (“SEC”). IFM (US) Securities, LLC is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). IFM's investments have not been recommended by any US federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of the information contained in this website. Any representation to the contrary is a criminal offense.

The Information is intended:

·       solely to provide general information about IFM and its subsidiaries/affiliates and the products and services available through IFM US

·       only for investors (each a “Sophisticated Investor”) that are both:

4.       accredited investors within the meaning of the US Securities Act of 1933 (each an “Accredited Investor”); and

5.       qualified purchasers within the meaning of the US Investment Company Act of 1940 (each a “Qualified Purchaser”).

IFM US does not intend to solicit or make its services available to the general public in the US and many of IFM’s products and services are not available in the US. Under no circumstances should the Information be considered as an offer to sell, a recommendation regarding or a solicitation of an offer to buy any securities or interests in products or services sponsored by IFM US. Such offers or solicitations will be made in the US only to privately solicited investors that have been pre-qualified as an Accredited Investor or Qualified Purchaser (as applicable) and in accordance with relevant US securities laws. Accredited Investors and Qualified Purchasers are generally deemed sophisticated in financial matters such that they are capable of evaluating the merits and risks of prospective investments.

IFM (US) Securities, LLC is a limited purpose broker-dealer that sells interests in private placements to institutional investors. IFM (US) Securities, LLC is not a retail broker-dealer, and does not solicit or carry accounts for, or offer or sell securities products to retail customers. IFM (US) Securities, LLC is regulated by the Financial Industry Regulatory Authority, Inc. (www.finra.org) and is a member of SIPC.

This website is owned and operated by IFM Investors Pty Ltd ABN 67 107 247 727 (“IFM Investors”). By accessing and using this website you agree to be bound by these Website Terms and Conditions. IFM Investors may change these terms and conditions at any time without notice to you. By continuing to access or use the website you accept any changed terms as they may apply from time to time. It is your responsibility to regularly check these Website Terms and Conditions for any amendments. Unless expressly stated otherwise, IFM is the only entity responsible for the content of this website (the “Information”).

In these Website Terms and Conditions, references to "we", "us" and "our" refer to IFM Investors and references to "you" and "your" refer to each user of this website. References to "IFM Parties" refer to IFM Investors, its Affiliates and their directors, employees and representative. IFM Investors’ Affiliates are listed below.

No offer or advice

The Information is general in nature and is provided for informational purposes only. It does not constitute legal, tax, financial product or investment advice and does not constitute a recommendation, solicitation, or offer of any securities, product or service and should not be relied upon as securities advice. The Information does not contain anything in it that forms the basis of any contract or commitment.

Additionally, the Information on this website does not constitute a representation that the solutions described herein are suitable or appropriate for any person. Past performance is no guarantee of future performance. No consideration has been given to the impact of any tax and revenue laws on prospective investors. Prospective investors should consult their own tax advisers in relation to any such consequences.

Product information

The Information on this website in relation to specific product(s) is intended to only be presented to those investors that are professional and domiciled in the relevant jurisdiction in which that product is offered. This investor criteria must be attested to in order to obtain access any such product information on this website. IFM Investors does not take responsibility if investors access this information through false attestation. The product information on this website is presented accordance with European Union’s Sustainable Finance Disclosure Regulations and is not a recommendation, solicitation, or offer of any product and should not be relied upon as investment advice.

Forward looking statements

The Information may contain forward-looking statements that are based on IFM Investors’ current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. The words ‘forecast’, ‘estimate’, ‘project’, ‘intend’, ‘expect’, ‘should’, ‘believe’ and similar expressions are intended to identify forward-looking statements.

All forward-looking statements should be evaluated with an understanding of their inherent uncertainty and are not a guarantee of future performance, and actual results, performance or achievements may vary materially from those expressed or implied. Forward looking statements in the Information involve known and unknown risks and uncertainties and other factors which may be beyond the control of IFM Investors. Investors are reminded that past performance is not a reliable indication of future returns and is not constant over time.

IFM Investors’ investments

This website contains information about investment profiles. This information is provided as examples for the purposes of clarifying and describing IFM Investors’ investment approach, not as an exhaustive catalogue of IFM Investors’ investments. No representation is made that an investor will or is likely to achieve results that are similar to those of the companies described. These investments were not chosen for their returns on investment.

Information is provided for information purposes only

The Information provided is general in nature and may be used for information purposes only. It is not intended to be, and must not alone be taken as, the basis for an investment decision.

The Information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. You should assume all information is written and prepared for large and experienced institutional investors with the highest degree of financial sophistication and knowledge and the capacity to withstand and assess any financial losses. IFM Investors recommends that before making an investment decision, each prospective investor should consult a financial adviser and should consider whether any investments are appropriate in light of their particular investment needs, objectives and financial circumstances.

The Information is only intended to provide a general overview of the matters with which it deals. The Information is not intended to be comprehensive, nor does it purport to constitute legal, tax, financial product or investment advice. All Information available on this website should be assessed in consultation with your investment, financial, tax, accounting and legal advisors. To the extent that the Information on this website relates to an IFM Investors' fund into which an investor may invest, the Information is qualified in its entirety by the reference to the applicable confidential information memorandum or private placement memorandum of the relevant IFM Investors fund and must be read in conjunction with such memoranda in order to fully understand all of the implications and risks of investing in IFM Investors funds. The achievement of any or all goals of any investment that may be described herein is not guaranteed. Risks of IFM Investors’ investment programs typically include but are not limited to:

·       assets of IFM Investors funds have limited liquidity

·       no public market currently exists, and one may never exist for interests in IFM Investors funds

·       distributions are uncertain

·       a return on your investment is not guaranteed and you may lose all or a substantial amount of your investment

·       substantial fees and expenses are typically paid to an offerings advisor, its affiliates and participating broker dealers

·       unfavourable economic conditions in the markets in which IFM Investors funds operate could adversely affect your investment

·       assets acquired with leverage have risks including loss of value and limits on flexibility needed if there are changes in the business or industry.

For a more fulsome list of applicable risk factors, please read the relevant memorandum carefully and consult your own investment, financial, accounting, legal and tax advisors prior to undertaking an investment in interests in IFM Investors funds. An investment in any of these investment programs should be made only after careful review of the risk factors described in the relevant memorandum.

Prospective investors should conduct their own investigation and analysis of an investment with IFM Investors (or any of its related bodies corporate) and the Information and make their own assessment of the appropriateness of the Information and any proposed investment having regard to their own objectives, financial situation and needs, independently and without reliance on IFM Investors or its respective directors, employees, agents and affiliates. In addition, prospective investors are strongly urged to consult their own legal counsel and financial, accounting, regulatory and tax advisers before making any investment decisions.

Before making any investment decisions, potential investors should consult the relevant disclosure document in order to acquaint themselves with the precise nature of any risks incurred and in particular the risk of capital loss and, where relevant, the liquidity risk of underlying assets. Any investment decision must be made in accordance with investors’ investment objectives, their investment horizon and their capacity to deal with the risk arising from the transaction. You should do this before making an investment decision by making this assessment yourself, or seeking the assistance of an adviser.

Information subject to change

The Information is subject to change at any time at IFM Investors' discretion with or without prior notice and IFM Investors is under no obligation to notify any person of any change, including anyone who has printed or had access to a hard copy of the Information. It is recommended that you review the Information provided on or via this website, periodically for changes. IFM Investors will endeavour to ensure that information is updated as soon as practicable when it becomes aware that material changes have occurred.

No warranty

To the extent permitted by law, this website, the Information and any services provided via this website are provided “as is" and without representations or warranties of any kind (either express or implied) including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. If any statute implies terms into these Website Terms and Conditions which cannot be lawfully excluded, then those terms will apply and, to the extent permitted by law, the liability of the IFM Parties for breach of any such term will be limited (at the option of IFM Investors) to resupply of the services or payment of the cost of resupply.

The IFM Parties do not warrant the accuracy, completeness or currency of the Information (including the accuracy of underlying assumptions, or the achievement by IFM Investors of any particular results) and to the extent permitted by law, disclaim all responsibility and liability for any loss or damage of any nature whatsoever (including without limitation any consequential loss) which may be suffered by any person directly or indirectly through relying upon the Information (including in respect of any forward looking statements made in the Information), whether that loss or damage is caused by any fault or negligence of the IFM Parties or otherwise.

To the extent permitted by law, the IFM Parties also disclaim all responsibility and liability for any loss or damage of any nature whatsoever (and including consequential loss) which may be suffered by accessing this website, including the transmission of any computer virus. Without limiting the above matters, the IFM Parties do not warrant the accuracy, completeness or currency of information contained on any website which may be linked to this website.

Links are not recommendations or endorsements

This website may also contain links to websites of other entities ("Linked Websites"). These Linked Websites are provided as a convenience and do not imply IFM Investors' (or any other IFM Party's) sponsorship or approval of any of these Linked Websites or their content. The IFM Parties assume no responsibility for the content or privacy practices of any Linked Website Site, including any software that may be available for download. If you access any Linked Website through this website or because it is referred to in this website, you do so at your own risk. Links to or from this website do not constitute an endorsement by IFM Investors or any other IFM Party of the parties or businesses which are so linked, nor do they necessarily indicate any affiliation between us and such parties or businesses.

Limitation of liability

To the extent permitted by law, the IFM Parties will not be liable for loss or damage of any kind whatsoever arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly contained on this website or any Linked Website notwithstanding any negligence, default, or lack of care by it or that such loss or damage was foreseeable.

Third party material

The Information may include material provided by third parties for general reference or interest. The views expressed in these articles do not necessarily reflect those of IFM Investors or any other IFM Parties. While such third party sources are believed to be reliable, the IFM Parties do not assume any responsibility for the accuracy or completeness of such information.

No warranty of uninterrupted operation

The IFM Parties assume no responsibility for, and make no warranty that, functions contained at this site will be uninterrupted or error-free, that defects will be corrected, that the website is suitable for any particular purpose or has any performance, functionality or security features, or that the site or the server that makes it available will be free of viruses or other harmful components. While IFM Investors will use reasonable endeavours to ensure that its site is free from viruses or other harmful components, you must take your own precautions to ensure that the way you access and use this website (or any Linked Website does not expose you to viruses or other harmful components that may damage your own computer or other IT infrastructure. IFM Investors and all other IFM Parties are not responsible or liable for any damage caused by any virus or other harmful component, whether or not that virus or other harmful component resulted from you accessing this site or any Linked Website. You are responsible for the cost of all services, repairs and corrections that must be performed on your computer on account of your accessing this site or any Linked Website.

Commercial Electronic Messages

If you express interest in products or services through your use of this website, you consent to IFM Investors and all other IFM Parties sending commercial electronic messages (including messages about products and services offered by any IFM Party and the products and services of third parties) to the electronic addresses which you have provided to IFM Investors or for which you or your employer (or your employer's related bodies corporate) are the relevant electronic account holder

Severability

If any part of these terms and conditions is void, unlawful or for any reason unenforceable in any jurisdiction, then that provision shall be deemed severable from these terms in that jurisdiction. The remainder of these terms and conditions have full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected. IFM Investors reserves the right to alter or delete Information from this site at any time at its sole discretion.

Use of website

You must ensure that you only use the site for legal purposes and that you do not use the site to engage in conduct that is unlawful, threatening, abusive or in a way that is deemed unreasonable by IFM Investors.

Neither the website nor any software, hardware, application, interfaces and network communication device provided in relation to the website may be used for the purpose of providing advice to any other person.

Copyright

This website is IFM Investors' copyright property, All rights are reserved. You are provided with access to it only for your personal and non-commercial use.

Other than for the permitted purposes above, and for the purposes of and subject to the conditions prescribed under the Copyright Act 1968 (Commonwealth of Australia) and similar statutes that apply in your location, you may not, in any form or by any means:

·       adapt, reproduce, store, distribute, transmit, print, display, perform, publish or create derivative works from any part of this site, without IFM Investors' written permission

·       commercialise any Information, products or services obtained from any part of this site, without IFM Investors' written permission.

You may, however, download, where specifically permitted, one copy of the materials on any single computer for your personal, non-commercial use only.

Trade marks

All trade names, trademarks, service marks and other product and service names and logos (the "Marks") displayed on this site are proprietary to their respective owners and are protected by applicable trademark and copyright laws. These Marks may be registered or unregistered marks of IFM Investors or others. Nothing contained on this site should be construed as granting any licence or right of use of any other person's or entity's trade mark which is displayed on this site without their express permission.

Applicable Law

If you access this website from a location in the US, these terms and conditions will be governed and construed in accordance with the laws of the United States of America and the State of New York without regard to its conflicts of laws principles. Any legal action or proceeding related to this site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in New York.

If you access this website from a location outside the US, these terms and conditions will be governed by and construed in accordance with the laws of Victoria, Australia, and you submit to the non-exclusive jurisdiction of the courts of Victoria, Australia and any courts competent to hear appeals from those courts.

Australia

IFM Investors Pty Ltd

ABN 67 107 247 727, ASIC AFS Licence No. 284404

IFM Investors (Nominees) Limited

ABN 56 003 969 891, ASIC AFS Licence No. 239169

IFM Fiduciary Pty Ltd

ACN 135 450 618, ASIC AFS Licence No. 422756

IFM Fiduciary No. 2 Pty Ltd

ABN 43 158 365 505, ASIC AFS Licence No. 422757

Canada

IFM Investors (US) Advisor, LLC

Hong Kong

IFM Investors (HK) Limited

SFC CE Reference No. BHP417

Japan

IFM Investors (Japan) Pty Ltd, Tokyo Branch

Financial Instruments Business Registration Number: Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. 2839

Netherlands

IFM Investors (Netherlands) B.V.

KvK No. 74153021, AFM License No. 15004030, AIFM License No. 15004030

Switzerland

IFM Investors (Switzerland) AG is licensed as the representative office of IFM Investors Pty Ltd.

South Korea

IFM Investors Pty Ltd is registered with the South Korea Financial Supervisory Services as a cross border discretionary investment management and investment advisory entity pursuant to the Financial Investment Services and Capital Market Act.

United Kingdom

IFM Investors (UK) Ltd

Company No. 5857982, FCA Licence No. 478403

United States

IFM Investors (US) Advisor, LLC

IFM Investors (US), LLC

IFM (US) Securities, LLC

Each entity is ultimately a wholly owned subsidiary of Industry Super Holdings Pty Ltd (ABN 71 119 748 060), which in turn is owned by a number of major Australian superannuation funds, some of which invest with IFM Investors.

Each entity (other than IFM Investors Pty Ltd) is an "Affiliate" of IFM Investors Pty Ltd for the purpose of the Website Terms and Conditions, and the Legal notice published at www.ifminvestors.com/disclaimer[SA5] .