Equity Research Disclaimer

This investment research and research recommendation has been approved by BMCE Bank International plc solely for the purposes of section 21 of the Financial Services and Markets Act 2000 ("FSMA").

This note is an advertisement and does not amount to investment advice. It, nor the fact of its distribution, shall not form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This material does not constitute advice on the consequences of making any particular investment decision. Past performance is not necessarily a guide to future performance. Investments in general involve some degree of risk, which may not have been explained in its entirety. Where investment is made in currencies other than the investor's base currency, movements in exchange rates will have an effect on the value of the investments in question. Levels or bases of taxation may change.

This note has been prepared by the BMCE Bank International plc ("BMCE"), based on information collated from its affiliated broker's research notes and market data. The contents and views expressed in this note are those of BMCE.

The information was obtained from public sources that BMCE and its affiliate local brokers believe to be reliable and accurate but was not independently verified. Any opinions expressed herein are given in good faith. The information or opinions are provided as at the date of their original publication and are subject to change without notice. BMCE has no obligation to update the information.

Securities, money market instruments, strategies, financial or investment instruments mentioned herein may not be suitable for all investors. The information and opinions provided in this note do not constitute a personal recommendation and take no account of the investor's individual circumstances. Investors should consider this research as only a single factor in making any investment decisions and, if appropriate, should seek advice from an investment advisor.

This note and its contents are confidential and is being provided to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose without the prior written consent of BMCE. In reading this note you agree to be bound by the foregoing terms.

This note is not an offer of securities for sale or the solicitation of an offer to subscribe for securities in the United States or anywhere else in which such offer or solicitation is unlawful. The securities have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the United States (as such term is defined in Regulation S under the Securities Act) unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

Neither this note nor any part or copy of it may be distributed in or into, directly or indirectly, the United States, its territories or possessions. Neither this note nor any part or copy of it may be distributed in or into Australia, Canada or Japan. Any failure to comply with this restriction may constitute a violation of US, Australian, Canadian or Japanese securities laws, respectively. The distribution of this note in other jurisdictions may also be restricted by law, and persons into whose possession this note comes should inform themselves about, and observe, any such restrictions.

In the UK, this research is directed at and is for distribution only to persons who (i) fall within article 19(1) (persons who have professional experience in matters relating to investments) or article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) or (ii) are professional customers or eligible counterparties of BMCE Bank International or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “Relevant Persons”). This research is only directed to and must not be acted on or relied upon by persons in the UK who are not Relevant Persons.

Certain statements in this note are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements, a number of which are beyond BMCE Bank International's control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein.

Forward-looking statements contained in this note that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. BMCE Bank International PLC does not undertake any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this note.

BMCE Bank International PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority under Financial Services register number 454750 and its registered office is at 26 Upper Brook Street, Mayfair, London W1K 7QE. The promotion of investments and investment services in the UK is restricted by section 21 of the FSMA 2000.