IIR Research Rating - Forager Australian Shares Fund (ASX: FOR) - Initiation of Coverage

Independent Investment Research, “IIR”, is an independent investment research house based in Australia and the United States. IIR specialises in independent research in small/ micro cap equities across sectors and managed investment ratings both listed and unlisted. The research is for Financial Planners, Brokers, Family Offices and Fund Managers. IIR distributes its research in Asia, United States and Europe. Importantly, IIR does not participate in any corporate or capital raising activity or advice and therefore it does not have any inherent bias that may result from research that is linked to any corporate/ capital raising activity. Analyst remuneration is not linked to stock/ fund performance, in fact the remuneration does not have any nexus to company/ fund pricing, performance or like. Analyst are prohibited to participate in any promotional activity that may compromise the independent of its research. IIR was established in 2004 under Aegis Equities Research Group of companies to provide investment research to a select group of retail and wholesale clients. Since March 2010, IIR (the Aegis Equities business was sold to Morningstar) has operated independently from Aegis by former Aegis senior executives/shareholders to provide clients with unparalleled research that covers listed and unlisted managed investments, listed companies, structured products, and IPOs. IIR takes great pride in the quality and independence of our analysis, underpinned by high caliber staff and a transparent, proven and rigorous research methodology.