Important Disclosures

There are risks involved in transacting in any securities. The information contained in therelevant reportmay not be suitable for the purposes of all investors. CMBIGM does not provide individually tailored investment advice. The relevant report has been prepared without regard to the individual investment objectives, financial position or special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in the relevant report. The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the performance of underlying assets or other variable marketfactors. CMBIGM recommends that investors should independently evaluate particular investments and strategies, and encourages investors to consult with a professional financialadvisor in order to make their own investment decisions.

The relevant reportor any information contained herein, have been prepared by the CMBIGM, solely for the purpose of supplying information to the clients of CMBIGM or its affiliate(s) to whom it is distributed. The relevant reportis not and should not be construedas an offer or solicitation to buy or sell any security or any interest in securities or enter into any transaction. Neither CMBIGM nor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall be liable for any loss, damage or expense whatsoever,whether direct or consequential, incurred in relying on the information contained in this report. Anyone making use of the information contained in the relevant report does so entirely at their own risk.

The information and contents contained in the relevant report are based on the analyses and interpretations of information believed to be publicly available and reliable. CMBIGM has exerted every effort in its capacity to ensure, but not to guarantee, their accuracy,completeness, timeliness or correctness. CMBIGM provides the information, advices and forecasts on an "AS IS" basis. The information and contents are subject to change without notice. CMBIGM may issue other publications having information and/ or conclusions different from this report. These publications reflect different assumption, point-of-view and analytical methods when compiling. CMBIGM may make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in the relevant report.

CMBIGM may have a position, make markets or act as principal or engage in transactions in securities of companies referred to in the relevant reportfor itself and/or on behalf of its clients from time to time. Investors should assume that CMBIGM does or seeks to have investment banking or other business relationships with the companies in this report. As a result, recipients should be aware that CMBIGM may have a conflict of interest that could affect the objectivity of the relevant reportand CMBIGMwill not assume any responsibilityin respect thereof. The relevant reportis for the use of intended recipients only and this publication, may not be reproduced, reprinted, sold, redistributed or published in whole or in part for any purpose without prior written consent of CMBIGM.

Additional information on recommended securities is available upon request.

For recipients of this document in the United Kingdom

The relevant reporthas been provided only to persons (I)falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time)(“The Order”) or (II) are persons falling within Article 49(2) (a) to (d)(“High Net Worth Companies, Unincorporated Associations, etc.,) of the Order, and may notbe provided to any other person without the prior written consent of CMBIGM.

For recipients of this document in the United States

CMBIGM is not a registered broker-dealer in the United States. As a result, CMBIGM is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. The research analyst who is primary responsible for the content of the relevant reportis not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”). The analyst is not subject to applicable restrictions under FINRA Rules intended to ensure that the analyst is not affected by potential conflicts of interest that could bear upon the reliability of the research report. The relevant report is intended for distribution in the United States solely to "major US institutional investors", as defined in Rule 15a-6 under the US, Securities Exchange Act of 1934, as amended, and may not be furnished to any other person in the United States. Each major US institutional investor that receives a copy of the relevant reportby its acceptance hereof represents and agrees that it shall not distribute or provide the relevant reportto any other person. Any U.S. recipient of the relevant reportwishing to effect any transaction to buy or sell securities based on the information provided in the relevant reportshould do so only through a U.S.-registered broker-dealer.

For recipients of this document in Singapore

The relevant reportis distributed in Singapore by CMBI (Singapore) Pte. Limited (CMBISG) (Company Regn. No. 201731928D), an Exempt Financial Adviser as defined in the Financial Advisers Act (Cap. 110) of Singapore and regulated by the Monetary Authority of Singapore. CMBISG may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the relevant reportis distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, as defined in theSecurities and Futures Act (Cap. 289) of Singapore, CMBISG accepts legal responsibility forthe contents of the relevant report to such persons only to the extent required by law.Singapore recipients should contact CMBISG at +65 6350 4400 for matters arising from, or in connection with the report.

Publish Date:2023-11-25
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