The individual(s) responsible for preparing this communication or sections of this communication, in whole or in part, hereby certify/ies that, with respect to any and all of the securities or issuers that the individual(s) cover(s) in this communication, the views expressed accurately reflect the individual’s personal views. In addition, no part of the individual’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or view expressed in this communication.

Singer Capital Markets is a trading name of Singer Capital Markets Securities Limited (“SCM Securities”) and Singer Capital Markets Advisory LLP (“SCM Advisory”). This research material (the “Report”) is issued in the UK by SCM Securities, which is authorised and regulated by the Financial Conduct Authority (“FCA”) and is a member of the London Stock Exchange. This Report is non-independent research and must be treated as a marketing communication under the FCA Conduct of Business Sourcebook. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any regulatory prohibition on dealing ahead of the dissemination of investment research.

This Report is, or will become, openly available 5 days after the date of the Report (being its initial publication date) at which time Singer Capital Markets considers that the Report will constitute an acceptable minor non-monetary benefit in accordance with chapter 2.3A.19(5)(j) of COBS.

The Report is for the sole use of the person to whom it is addressed and is not intended for nor should be disseminated to any persons classified as retail clients. In the UK, this Report is directed at investment professionals (as defined in Article 19(5) Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”) or those persons to whom it may

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SCM Securities may in its discretion distribute this Report to any other person to whom it could lawfully be distributed by an unauthorised person and without its content being approved by an authorised person. SCM Securities may distribute the Report in reliance on Rule 15a-6(a)(2) of the Securities and Exchange Act 1934 to persons that are Major US Institutional Investors, however, transactions in any securities must be effected through a US registered broker-dealer.

This Report is not directed at any person where SCM Securities is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to that person. The recipient should satisfy themselves before reading it that SCM Securities is permitted to provide marketing material concerning investments to you under relevant legislation and regulations.

This Report has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. However, the information contained in this Report has not been independently verified and SCM Securities does not warrant the completeness or accuracy of such information. Neither SCM Securities, nor any of its directors, employees or any affiliated company, accepts any liability with respect to the accuracy or completeness of such information or for any loss arising from the use of the Report or its contents, except to the extent required by applicable law. Any opinions, projections, forecasts or estimates in this Report are those of the author only at the date of this Report and are subject to change without notice. SCM Securities has no obligation to update, modify or amend the information in this Report or to otherwise notify a reader or recipient in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions, projections, forecasts and estimates expressed in this Report were in no way affected or influenced by the issuer. Where links have been included in this Report to any external site SCM Securities bears no responsibility for the accuracy, legality or content of that external site. The author of this publication benefits financially from the overall success of Singer Capital Markets.

This Report is a brief summary and does not purport to contain all available information on the subjects covered. Further information may be available on request. This Report is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of any securities, or for engaging in any other transaction. It should not be so construed, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

The Report does not constitute a personal recommendation and the investments referred to in this Report may not be suitable for the specific investment objectives, financial situation or individual needs of recipients and should not be relied upon in substitution for the exercise of independent judgement. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this Report shall be the sole and exclusive responsibility of the investor and SCM Securities accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this Report may not be readily liquid investments. Certain transactions, including those involving futures, options, and high yield securities, give rise to substantial risk and are not suitable for all investors. Investors should be aware of the additional and special risks associated with securities and investments in emerging markets. Consequently it may be difficult to sell or realise such investments. Neither past performance nor forecasts are a reliable indicator to future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this Report may have a high level of volatility. High volatility investments may experience sudden and large falls in their value

which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk. SCM Securities accepts no fiduciary duties to the recipient of this Report and in communicating it SCM Securities is not acting in a fiduciary capacity. To the extent permitted by applicable law, no liability whatsoever is accepted by SCM Securities or any of its directors, employees or any affiliated company for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the

use of this Report or its contents.

SCM Securities may act as market maker in the securities of companies discussed in this Report (or in any related investments) and SCM Securities or SCM Advisory may provide investment banking services or have a broking, advisory or other relationship to such companies in respect of which it receives compensation.

Singer Capital Markets has effective organisational and administrative arrangements set up within the firm for the prevention and avoidance of conflicts of interest with respect to research recommendations, including information barriers. To manage any potential conflicts of interest that arise in connection with its research business, Singer Capital Markets has in place a Conflicts of Interest policy which is available on the Singer Capital Markets website at http://www.singercm.com/regulatory/

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