Quarterly Insights Series: Consolidation, drivers of return and opportunity

^{© GIS Private Nominees Pty Limited ABN 93 000 626 264 AFSL 233727.   The Global Investment Service (GIS) is offered by GIS Private Nominees Pty Limited ABN 93 000 626 264 AFSL 233727 (GISPN). GISPN is wholly owned by Westpac Banking Corporation ABN 33 007 457 141 (Westpac) and part of the Westpac Group. The Westpac Group does not stand behind or otherwise guarantee an investment’s capital value or performance. An investment through GIS is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. The GIS Terms and Conditions can be obtained by contacting your Private Banker.}

^{This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs and into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.}

^{Information from third parties is believed to be reliable but it has not been independently verified. GISPN is not responsible for the accuracy or completeness of information from third parties. Restatements of opinions from external sources (for example, from a fund manager or product issuer) are not the opinions or recommendations of GISPN.}

^{Before you decide to invest, you should review disclosure documents for the investment in detail to ensure you fully understand the features, risks and all relevant fees and charges that relate to the investment. There is a risk that you could lose some or all of your money invested. If you are unsure, or have further questions, please contact your Private Banker. This information does not constitute an offer, a solicitation of an offer, or an inducement to subscribe for, purchase or sell any financial instrument or to enter a legally binding contract.}

^{Past performance is not indicative of future performance. Any projections are statements of opinion only and predictive in character. Actual results may differ materially from these projections. Whilst we have used every effort to ensure that any projections are based on reasonable assumptions, the projections may be based on inaccurate assumptions or may not take into account known or unknown risks and uncertainties.}

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^{Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.}