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Page 1: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 1

services for CorporatesNon-deal Roadshows, Conferences, Dedicated Services for Investor Relations Departments

Update: September 2019

Page 2: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 2

Julius Baer Brokerage founded. Became “Kepler Equities” in January 2004

Institutional shareholders take 47% stake: BlackFin, Caisse des Dépôts, Crédit

Mutuel Arkéa and Gruppo Banca Leonardo

Strategic alliance in equity brokerage with UniCredit

Staff and management-led buy-out (MBO). Kepler Capital Markets became

independent

Kepler Capital Markets acquired CA Cheuvreux and became Kepler Cheuvreux

Strategic alliance in equity brokerage and Asian equity research

Strategic alliance in equity brokerage, Benelux equity research and ECM business

Strategic alliance with Piper Jaffray in equity brokerage and US equity research

Swedbank in equity brokerage, Nordic equity research in Europe and ECM business

Belfius in equity brokerage, Belgian equity research and ECM business

Two new shareholders : Atlas Merchant Capital and Edmond de Rothschild Equity Strategies

Strategic alliance with CIBC in equity brokerage, Canadian equity research and ECM business

1997

2008

2011

2013

2015

2016

2017

2018

Our history

Page 3: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 3

EuropeAmsterdam

London

Paris

Madrid

Geneva, Zurich

Milan

Vienna

Frankfurt

Stockholm

Oslo

USA Brussels

Asia

Research distribution agreementon American stocks

Research distribution agreementon Asian stocks

ECM strategic partnerships on European stocks

Canada

A multi-local approach

Page 4: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 4

A strong and diversified shareholder base1

5%15,1%

9,7%

5,2%5,3%

24,7%

40%ERES7.7%

MANAGEMENT& STAFF

5.2%

10.3%

25.5%

5.0%

15.1%

6.0%

5.2%

20.0%

Key figures2

1 Shareholder changes are subject to approval by the regulatory authorities. | 2 As of June 2018 | 3 Extel 2018

1st 1billion 1st 2nd 14 600 253M€ 1,350independent

European equity broker

euros of equities traded daily

Equity Research coverage in Continental

Europe

best broker for research in

Europe3

major financial centres in Europe

and the USA

employees turnover2017

institutional clients

Our activities, shareholders & key figures

Complementary activities

1. RESEARCH 2. EXECUTION

3. ADVISORY 4. ASSET MANAGEMENT

Page 5: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

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1/ Research

The 1st Equity Research coverage in continental Europe:

A unique multi-local approach with

12 research offices in Europe integrating local specificities and

identifying a top conviction list per country.

Global broker in Europe with research distribution agreements

with Piper Jaffray in the US, CIMB in Asia, and CIBC in Canada.

(Source: Extel & Institutional Investor2018)

1 Objective for 2019. | 2 Socially Responsible Investing Research.

MOST EXTENSIVE COVERAGE UNIQUE MULTI-LOCAL MODEL

RECOGNISED RESEARCH

INDEPENDENT CONVICTIONS

#2 Best broker for Research in Europe

#2 European Equities Strategy

#3 Small and Mid caps

#2 SRI Research2

+130+90%

Publishing analysts

Of the market cap covered in most countries

1,000 Covered companies1

Institutional investors globally1200

Based on its diversified ownership and on the absence of proprietary

trading, Kepler Cheuvreux Research provides objective

and independent convictions.

Corporate Access#1

Page 6: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 6

1,000 Non-Deal

roadshows

400Deal

roadshows

38Conferences

26,000 One-on-ones

500 Reverse

roadshows

50Thematic fieldtrips

200 Expert Meetings

800Research

marketing trips

Corporate Access: undisputed leader in Europe

Our Rankings*

1stLeading European broker

Corporate Access (Fund Manager NominationsAND Corporate Nominations)

1stLeading

European broker Reverse

Roadshows / Field Trips

(Fund Manager Nominations)

*All rankings relate to 2019 Extel survey

3rdLeading

European broker Experts

(Fund Manager Nominations)

1st Leading

European broker Conferences

(Fund Manager Nominations)

1st Leading

European broker Roadshows(Fund Manager Nominations)

2017, 2018:, 2019: #1Corporate Access

(based on Fund Managers and Corporates votes)

2018 & 2019 : #1Corporate Access

(based on Corporates votes)

In 2018, SmartConnect team managed:

…and has been rewarded and honoured for its best execution and the global quality of services :

Page 7: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 7

One of the beneficiaries of Mifid II

Service offering• A unique multi-local coverage

(12 offices, 135 analysts)

• Largest provider of Research(1.000 European stocks)

• With its demand-driven product offering and good acceptance by clients, KC is the biggest European provider of Equity research hand corporate access

Global execution capabilities• KC is ranked as the 7th broker in the EU (market share) using its

own execution technology (in-house R&D)• KC is a strong contender for the execution oligopoly with

global execution capability • KC has a proven record of finding blocks of SMID to create

liquidity

Customer base• 1.350 institutional clients (+10% on

one year)

• 55% of revenues derived from

France & UK where KC is winningmarket share

• ~ 15% of revenues derived from

Americas-based clients (no Mifid II)

Page 8: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 8

Roadshows, Combined Tours, Conferences & One-Stop-Shops

Your Best Options in Europe

Page 9: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 9

Conferences and One-Stop-Shops Overview

*In collaboration with UniCredit ** In collaboration with Borsa Italiana *** In collaboration with Befius **** withEuronext

Cities Date

Brussels October 23

Luxembourg October 25

Geneva November 19

Amsterdam November 28

One-Stop-ShopsSpecifically designed for IROs

Don’t miss this unique opportunity to:

v Identify investor needs

v Seek new European investors

v Meet with your valuable current shareholders

v Opportunity to network with your European peers

* One-Stop-Shop events are strictly restricted to stocks with a market cap > 5 bn EUR.

Event Date Location

Hearing Aid Day 25 March 2019 New York

1st Italian Fixed Income Day** 3 April 2019 Paris

2nd Italian Equity Day** 4 April 2019 Paris

Austrian Equity Days 10-11 April 2019 Paris

Italian Mid & Small** 10-11 April 2019 London

European Mid Cap Days 13 – 15 May 2019 Paris

German & Austrian Property Days* 16 - 17 May 2019 Paris

Italian Investment Conference* 22 - 23 May 2019 Milan

AIM Italia Conference 27 May 2019 Milan

Belgian Life Science Day*** 18 June 2019 Paris

Italian Fixed Income Day** 28 June 2019 Paris

Italian Lifestyle Day** 3 September 2019 Milan

Italian Industrial day** 4 September 2019 Milan

Italian Infrastructure day** 5 September 2019 Milan

Autumn Conference 11 – 13 September 2019 Paris

AIM Italia & STAR Conference** 21 October 2019 London

Italian Financials Conference 18-19 November 2019 Venice

Belgian Real Estate Day*** 13 November 2019 Paris

German Corporate Conference* 20- 22 January 2020 Frankfurt

2nd European Gems Seminar 19 March 2020 New York

21st Swiss Seminar 27 March 2020 Zurich

STAR Conference** March 2020 Milan

Family Business Day **** March 2010 Paris

Page 10: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

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Why Roadshow with us?

Unique combination of local expertise with nationwide scale• In-depth understanding of your stock and investment case.

• Incredibly well connected to the North American investor base.

• 20+ years introducing European companies to North American investors.

• Offices in New York, Boston.

Origination• Listen to your strategy and objectives for North America.

• Target investor prospects using our extensive relationships and technology.

Bespoke Program• Work collaboratively with you on constructing a plan and offering investor suggestions.

• Sticking to the agreed plan. Building and confirming your schedule.

Execution• Dedicated coordinator assigned to the roadshow providing ongoing support.

• Attentive and knowledgeable. Staying in constant communication on progress.

Feedback• Proactive in communicating feedback during the planning process and post the program.

• Provide unattributed feedback within 48hrs of the conclusion of the roadshow.

Page 11: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 11

“To investor targeting and beyond”

Services dedicated to IROs & Management

Page 12: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

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IR Connect Call: 30 mins dedicated to IROs in Europe

Have you ever wondered what investors look for fromIR/management meetings? Or what do they expect fromcorporate financial communication Investment Strategy ?

Now with IR Connect Call, everything you ever wanted to knowabout Investors is available wherever you are, whether it is asimple description (Funds, AuM, Team) or Investment Strategy &Process

Latest editions

v Canadian investors

by KC North America Sales team

v Economics & Strategy 2018

by Christopher Potts, Head of E&S, Kepler Cheuvreux

v German investors by Michael Schacht, Head of Sales &

Salestrading Germany, Kepler Cheuvreux

Latest editions - Expertsü “Hospitality overview”

by Accorü ESG : Data Privacy Policies”

by Axel Springer SEü “Luxury Industry and Retail Experience”

by MADnetworksü “US Foreign policy and International Geopolitics”

by Robert Malleyü “Shareholders meetings and activism”

by Proxinvestü “World Energy Outlook 2018”

by IEAü “PACTE law (France)”

by Roland Lescure (LREM)ü “Food Retail France”

by Olivier Dauvers (journalist)ü etc

IR Connect Call is also offering everything you wanted to knowabout experts:

Page 13: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

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Roadshow Survival Kit

Local presence is key, do not hesitate to contact your localand dedicated SmartConnect manager to enhance yourroadshow experience!

Excellence in logistics, dedicated access teams in all of ouroffices.

The Roadshow Survival Kit, a must-have that will help youplan and organize your roadshows.

Detailed maps locating investors of each cityyou travel to.

Important dates to avoid for each country, incl.market holidays, national, public and schoolholidays

Page 14: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

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The aim of this initiative is to help you with your investor targeting

The list includes investor contacts who have recently met companies or analysts on a specific sector

This is a unique service offered by Kepler Cheuvreux, available on request and tailored to your needs

Investors Real Time Mapping

Page 15: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 15

ESG Roadshows

Let’s Keep it Private

Some like it Carbon Free

A series of one-on-one meetings via conference call/webinarOptimizing management timeSeveral countries in one day, yes we can!

Meet the key institutions with SR-Related funds from London, Paris, Switzerland, the Nordics and Benelux.Total ESG assets under management have increased massively over the past few years.

Increase and diversify your shareholder base and meet with French Private banks.Obtain direct access through events to private investors with sizeable assets.

Our thematic proposals (1/2)

Page 16: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 16

Deep dive

The hidden face of the moon

Thematic roadshows with operational managers. Focus on a specific theme in a time enhancing schedule.A unique opportunity to explain your business to key institutions

Equity & Debt roadshowsIncrease and diversify your investors’ base.Optimize your time and capitalize on your day, 1 full-day package roadshow. Great opportunity to cross-sell your investment case to a broader audience.

Our thematic proposals (2/2)

Research Conviction Call

Management (CEO or CFO) presenting in a 30 min conference call (any high operational level verywelcome as well).Around 30 institutional investors on the call.It’s a very efficient, and CO2 friendly, way for top managers to talk to investors.15 min presentation, 15 min Q&A session conference call.

Page 17: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 17

Contacts

SmartConnect

Page 18: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 18

Your SmartConnect team 1/2

Harold Razon

SmartConnect Coordinator+1 212 710 [email protected]

Cindy BarrientosSmartConnect Coordinator+1 212 710 [email protected]

Margaret Boyle SmartConnect Coordinator

+1 212 710 [email protected]

Marie Lioult

Deputy Head of SmartConnect, Head of UK, North America and Nordics+44 (0) 207 621 5176

[email protected]

Emma DrurySmartConnect Coordinator+44 (0) 207 621 [email protected]

Kelly IzzardSmartConnect Coordinator+44 (0) 207 621 5159

[email protected]

Lara McMurraySmartConnect Coordinator+44 (0) 207 621 5137

[email protected]

Laura Aznar MiedesSmartConnect Coordinator

+44 (0) 207 621 [email protected]

Ghislain Boyer

Deputy Head of SmartConnect, Head of France+33 1 53 65 36 06

[email protected]

Marie AssenzaHead of Expert/thematic origination

+33 1 70 81 57 [email protected]

Christine Combemorel-Martin

SmartConnect Manager+33 1 70 81 57 [email protected]

Myriam Gourden SmartConnect Manager/Field trips+33 1 70 81 57 [email protected]

Ludivine Jongen Head of Conferences

+33 1 70 81 57 [email protected]

Marie Lang

SmartConnect Manager+33 1 70 81 57 41 [email protected]

Caroline LelutSmartConnect Coordinator

+33 1 70 81 57 [email protected]

Fabrice Rolland

Head of SmartConnect Coordination (France)+33 1 53 65 35 34

[email protected]

Maelle VilletorteSmartConnect Coordinator

+33 1 53 65 35 [email protected]

Managing Director, Global Head of SmartConnect Services Anne Lacarrière [email protected]

Team France Team UK Team North America

Page 19: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 19

Your SmartConnect team 2/2

Markus TombersHead of Germany and Austria+49 69 7 56 96 [email protected]

Agathi KapatsinaDeputy Head of SmartConnect Germany and Austria+49 69 7 56 96 [email protected]

Tamara ZügerSmartConnect Coordinator+49 69 7 56 96 [email protected]

Elisabeth ObergSmartConnect Manager+46 8 723 51 [email protected]

Viveka TageniusSmartConnect Coordinator+46 8 723 51 [email protected]

Anita KlemSmartConnect Coordinator+47 2312 [email protected]

Simona CerriSmartConnect Manager+39 02 8550 [email protected]

Grazia PecorelliSmartConnect Manager+39 02 8550 [email protected]

Cuca OlallaSmartConnect Manager+ 34 91 436 [email protected]

TeamGermany-Austria

TeamNordics

TeamItaly

TeamSpain

TeamAsia - Pacific

Please contact your local SmartConnect Manager.

Rula KokonakisSmartConnect Manager+41 43 333 [email protected]

Vincent ChevrierSmartConnect Coordinator/Sales+41 22 994 [email protected]

TeamSwitzerland

Jill Vande VeldeSmartConnect Manager+32 11 49 14 [email protected]

TeamBelgium-Luxembourg

Marcha de BoerSmartConnect Manager+31 (0)20 563 [email protected]

TeamNetherlands

Managing Director, Global Head of SmartConnect Services - Anne Lacarrière [email protected]

Page 20: servicesfor Corporates...Lara McMurray SmartConnectCoordinator +44 (0) 207 621 5137 lmcmurray@keplercheuvreux.com Laura Aznar Miedes SmartConnectCoordinator +44 (0) 207 621 5138 laznar@keplercheuvreux.com

Page 20

Disclaimer

This product is not for retail clients or private individuals.

The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not been independently verified by KEPLER CHEUVREUX. KEPLER CHEUVREUX does not warrant thecompleteness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.

This publication 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 may not be reproduced for further publication unlessthe source is quoted.

This publication 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, subscriptionor purchase of any securities, or for engaging in any other transaction. This publication is not for private individuals.

Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of expertise. They reflect only the current views of the author at the date of this report and are subject tochange without notice. KEPLER CHEUVREUX has no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast orestimate 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 affectedor influenced by the issuer. The author of this publication benefits financially from the overall success of KEPLER CHEUVREUX.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or otherconsequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of anydoubt 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 publication may not be readilyliquid investments. Consequently it may be difficult to sell or realise such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income derived from them may fall aswell as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value whichmay cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.

To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.

KEPLER CHEUVREUX (and its affiliates) have implemented written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research business, which are available upon request. TheKEPLER CHEUVREUX research analysts and other staff involved in issuing and disseminating research reports operate independently of KEPLER CHEUVREUX Investment Banking business. Information barriers and procedures are in placebetween the research analysts and staff involved in securities trading for the account of KEPLER CHEUVREUX or clients to ensure that price sensitive information is handled according to applicable laws and regulations.

Country and region disclosures

United Kingdom: This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication ofinvitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worthcompanies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class ofpersons. Any investment to which this document relates is available only to such persons, and other classes of person should not rely on this document.

United States: This communication is only intended for, and will only be distributed to, persons residing in any jurisdictions where such distribution or availability would not be contrary to local law or regulation. This communicationmust not be acted upon or relied on by persons in any jurisdiction other than in accordance with local law or regulation and where such person is an investment professional with the requisite sophistication to understand an investmentin such securities of the type communicated and assume the risks associated therewith.

This communication is confidential and is intended solely for the addressee. It is not to be forwarded to any other person or copied without the permission of the sender. This communication is provided for information only. It is not apersonal recommendation or an offer to sell or a solicitation to buy the securities mentioned. Investors should obtain independent professional advice before making an investment.

Notice to U.S. Investors: This material is not for distribution in the United States, except to “major US institutional investors” as defined in SEC Rule 15a-6 ("Rule 15a-6"). Kepler Cheuvreux refers to Kepler Capital Markets, Sociétéanonyme (S.A.) (“Kepler Capital Markets SA”) and its affiliates, including CA Cheuvreux, Société Anonyme (S.A.). Kepler Capital Markets SA has entered into a 15a-6 Agreement with Kepler Capital Markets, Inc. ("KCM, Inc.”) whichenables this report to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through KCM, Inc.

Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is a "major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executingtransactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein, or engage in any transaction to purchase or sell or solicit or offerthe purchase or sale of such securities, should contact a registered representative of KCM, Inc.

KCM, Inc. is a broker-dealer registered with the Securities and Exchange Commission (“SEC”) under the U.S. Securities Exchange Act of 1934, as amended, Member of the Financial Industry Regulatory Authority (“FINRA”) and Member ofthe Securities Investor Protection Corporation (“SIPC”). Pursuant to SEC Rule 15a-6, you must contact a Registered Representative of KCM, Inc. if you are seeking to execute a transaction in the securities discussed in this report. You canreach KCM, Inc. at Tower 49 at 12 East 49th Street, Suite 3605, New York, NY, 10017, Compliance Department (212) 710-7625; Operations Department (212) 710-7606; Trading Desk (212) 710-7602. Further information is also availableat www.keplercapitalmarkets.com. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website: http://www.sipc.org/

KCM, Inc. is a wholly owned subsidiary of Kepler Capital Markets SA. Kepler Capital Markets SA, registered on the Paris Register of Companies with the number 413 064 841 (1997 B 10253), whose registered office is located at 112avenue Kléber, 75016 Paris, is authorised and regulated by both Autorité de Contrôle Prudentiel (ACP) and Autorité des Marchés Financiers (AMF).

Nothing herein excludes or restricts any duty or liability to a customer that KCM, Inc. may have under applicable law. Investment products provided by or through KCM, Inc. are not insured by the Federal Deposit Insurance Corporationand are not deposits or other obligations of any insured depository institution, may lose value and are not guaranteed by the entity that published the research as disclosed on the front page and are not guaranteed by KCM, Inc.

Investing in non-U.S. Securities may entail certain risks. The securities referred to in this report and non-U.S. issuers may not be registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not besubject to U.S. reporting and/or other requirements. Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional Buyers within the meaning of Rule 144A under the Securities Act. Theinformation available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies. Securities of some non-U.S. companies maynot be as liquid as securities of comparable U.S. companies. Securities discussed herein may be rated below investment grade and should therefore only be considered for inclusion in accounts qualified for speculative investment.