This chart is based on predictive models which rely on certain assumptions including but not limited to, the market continuing to revert to the mean as defined by the Vagg Composite Line. That the cycle drivers of technology, infrastructure, population, credit & government granted licences will continue to drive and manifest in an investment and credit cycle. That future investment cycles will continue to behave in the same or similar manner as past cycles. These models may have limitations.  Known and unknown risks and other uncertainties may arise which impact the assumptions used in the modelling.  This may result in expected estimates and timing being materially different from actual outcomes. Calnan Flack and associates make no claim or guarantee as to the future accuracy or reliability of these models. Past performance is not necessarily a guide to future performance and should not be relied upon for this purpose. This chart does not purport to be financial advice and does not take into account your personal needs and objectives or your financial circumstances. You should therefore consider these matters yourself before deciding whether it is appropriate to you and whether you should act upon it. Should financial advice be sought, we suggest you seek such advice from an appropriately qualified advisor. Authorised Representatives of PGW Financial Services Pty Ltd – AFSL 384713. ©Copyright 2020 All Rights Reserved—Prepared by Jeremy Calnan & Ian Flack.