With the permission of Lodge Partners Pty Ltd ("Author"), Merino & Co. Limited (MNC) has made available to the public a third-party research report regarding MNC’s business operations and growth strategy in the premium Merino wool apparel market ("Report"). The Report was commissioned and paid for by MNC, and prepared by the Author—an independent, privately owned stockbroking and advisory firm based in Melbourne, Australia, providing services including institutional and corporate advice, equity research, capital raising, and corporate finance.

The Report and its contents are provided for informational purposes only and are subject to the following disclaimer and terms of use ("Disclaimer"). By accessing or viewing the Report, you acknowledge and agree to be bound by the terms of this Disclaimer and any additional terms on this website.

The Report (including any opinions, statements, estimates, or forecasts) is general in nature and does not constitute financial product advice. It has been prepared without regard to the investment objectives, financial situation, or specific needs of any individual investor. You should consider your own circumstances and consult with a licensed financial advisor before making any investment decisions.

MNC did not author and is not responsible for the content of the Report. It is reproduced in the form in which it was provided to MNC, and MNC has not independently verified its accuracy or completeness. MNC makes no representation or warranty, express or implied, as to the fairness, accuracy, currency, reliability, or completeness of the Report or the information and opinions contained therein. The Report is current only as at its date and is subject to change without notice.

To the maximum extent permitted by law, MNC and its officers, employees, and agents disclaim all liability (including, without limitation, any liability arising from fault or negligence) for any loss or damage arising from the use of, or reliance on, the Report or its contents, or any errors or omissions contained in it.

All forecasts and forward-looking statements included in the Report are speculative and based on assumptions and events that may not occur. MNC does not guarantee any outcomes and past performance is not a reliable indicator of future performance.

Access to the Report should not be interpreted as a recommendation, solicitation, or offer to buy or sell any security or financial product.

This Disclaimer and any matters arising out of or in connection with it are governed by the laws of Western Australia and are subject to the non-exclusive jurisdiction of its courts.