The Haitong International group includes Haitong International (UK) Limited and Haitong International Securities (UK) Limited (“Haitong International”) which are authorised and regulated by the Financial Conduct Authority. Haitong International (UK) Limited is a member of the London Stock Exchange.

Marketing communications are issued and approved by Haitong International. Information transmitted to you is confidential and may be privileged and is intended only for the person or entity to whom or to which it is addressed. Any review, re-transmission, dissemination or other use of, or the taking of any action in reliance upon this information by persons or entities other than the intended recipient, is prohibited. Communications are aimed at Investment Professionals and High Net Worth Companies etc. within the meaning of articles 19 and 49 of the FSMA 2000 Financial Promotions Order 2001. Other persons should not act upon the content and Haitong International will not provide any services to, or undertake any transactions with, any other persons on the basis of the communications.

Haitong International is part a full service securities group. In the normal course of offering investment banking products and services to clients, Haitong International may act in several capacities (including issuer, market maker, underwriter, and distributor) simultaneously with respect to a product, giving rise to potential conflicts of interest. Haitong International, its affiliates and associated personnel may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions).

Communications not produced by Haitong International’s Research Department do not constitute research and readers should not consider the information contained in such communications to be objective or independent or subject to any prohibition on dealing ahead of the dissemination of research. Any views expressed may differ from those of Haitong Research and the views are not a personal recommendation.

Documents are produced for information purposes and Haitong International is not offering to sell or seeking offers to buy any product or to enter into any transaction. Any transaction requires Haitong International’s subsequent formal agreement which will be subject to internal approvals and binding transaction documents.

Communications are provided for information purposes only and are subject to change. They are indicative only and are not binding. All opinions and estimates are given as of the date hereof and are subject to change. Haitong International is not obliged to inform recipients/investors of any change to such opinions or estimates. Haitong International is not responsible for the use made of any communication other than the purpose for which it is intended, except to the extent that this would be prohibited by law or regulation. Communications are directed at persons who have professional experience in matters relating to investments and other persons should not rely upon them. Documents are not intended for retail customer use.

Haitong International is not responsible for information stated to be obtained or derived from third party sources or statistical services. Any past or simulated past performance (including back-testing) contained is no indication as to future performance. Neither Haitong International nor any of its associates or their respective directors, officers, employees, agents or advisers provides any legal, investment, financial or tax advice in relation to the matters contained in documents.

Haitong International (UK) Limited ?- Registered in England and Wales No. 04058971
Haitong International Securities (UK) Limited - Registered in England and Wales No. 04517068
Registered Offices: 1 Aldermanbury Square, London, EC2V 7HR
?Telephone: +44 20 7456 9191
Fax: +44 (0) 207 456 9189 or +44 (0) 20 7600 5060