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Our recommendations are based on a 3 month (short term) and 12 month (long term) investment objective, relative to the S&P 300 benchmark. Canaccord Genuity uses the following short term rating system: BUY [Stock is undervalued on all investment criteria, and likely to exceed the performance of the ASX/S&P 300 Accumulation Index by more than 7.5% in the next three months.] HOLD [Sound investment fundamentals but lacks a catalyst in the next three months.] SELL [Stock is overvalued and likely to underperform the ASX/S&P 300 Accumulation Index by at least 7.5% in the next three months.] SPECULATIVE BUY [Stock may not be of investment grade due to low market capitalisation, high levels of debt or significant risks in the business model, but appears attractively priced.] Canaccord Genuity uses the following long term rating system: buy [Stock is expected to exceed the performance of the ASX/S&P 300 Accumulation Index by at least 7.5% in the next twelve months.] hold [Stock is expected to perform within –7.5%/+7.5% of the ASX/S&P 300 Accumulation Index in the next twelve months.] SELL [Stock is expected to underperform against the ASX/S&P 300 Accumulation index by at least 7.5% in the next twelve months.]