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Research

The below disclaimer applies to all Research produced by EBSI.

This document has been issued and approved in the UK by Everbright Securities International ("EBSI"), regulated by FCA for the conduct of investment business in the UK and incorporated in the UK with limited liability. All electronic communications with the Company may be monitored in the UK in accordance with the UK Regulation of Investigatory Powers Act, Lawful Business Practice Regulations, 2000. Please note that the provision of investment services may be restricted in certain jurisdictions. You are required to acquaint yourself with any local laws and restrictions on the usage of this document and the availability of any services described herein. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution would be contrary to local law or regulation. EBSI does not conduct investment business in the United Kingdom with private customers and accordingly services and products mentioned or referred to in this document are not available to such persons via EBSI.

This document contains information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this document constitutes professional and/or financial advice nor does this document constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Information in this document may not be accurate or current. In particular (but without limitation) information may be rendered inaccurate by changes in applicable laws and other regulations. The prices of the investments referred to in this document and the income from them may go down as well as up and investors may realise losses on them. Investments denominated in foreign currencies are exposed to changes in exchange rates which may have a negative as well as a positive effect on their value and are not indicative of future results. Levels and bases of taxation may change. In the case of investments for which there is no recognised market it may be difficult for investors to sell their investments or to obtain reliable information about its value or the extent of the risk to which it is exposed. Before entering into an agreement in respect of an investment referred to in this document, you should consult your own investment advisers as to its suitability for you and should understand that statements regarding future prospects may not be realised.

EBSI and its affiliates and/or their officers, directors and employees may have positions in any securities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). EBSI and its affiliates may act as market maker or have assumed an underwriting commitment in the securities of companies discussed in this document (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.

Nothing herein excludes or restricts any duty or liability to a customer which EBSI has under the Financial Services & Markets Act 2000 or under the Rules of the FCA. A recipient who chooses to deal with any person who is not a representative of EBSI in the UK will not enjoy the protections afforded by the UK regulatory regime. This document has been issued for the information of Customers (as defined in the Rules of the Financial Conduct Authority) of EBSI. The terminology used is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision. Your attention is drawn to the date of issue of this document and of the opinions expressed herein.

Any opinions are those of the research team and are subject to change without notice. This document is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate. This document is not and should not be construed as or forming a part of any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. This document is made available without responsibility on the part of EBSI, who neither assumes nor accepts any responsibility or liability (including for negligence) in relation thereto. No action should be taken or omitted to be taken in reliance upon information in this document.

Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. None of the above shall be taken to exclude liability for fraud or for negligence causing death or personal injury. EBSI is, unless otherwise stated, the owner of copyright over this document. Except for personal use only (including saving to an individual storage medium and printing such extracts from this document as are necessary for such use) or as permitted by the Copyright Designs and Patents Act 1988, no part of this document may be published, distributed, extracted, re-utilised, or reproduced in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this publication). EBSI reserves the right at any time at its discretion to withdraw or modify the licences set out above. The above permissions do not apply to any content supplied by third parties. For permitted use of third party content, please apply to the relevant content owner directly. EBSI operates a conflict of interest policy in regard to research. This includes physical segregation of corporate team, electronic systems segregation, and the operation of a cultural Chinese wall. A copy of the policy can be obtained by contacting the EBSI compliance team on +44 (0) 20 7024 4640.

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