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This material has been prepared by individual sales and/or trading personnel employed by SBG Securities (Proprietary) Limited ("SBG Sec") and not by the Equities Research department of SBG Sec. It is not investment research or a research recommendation nor should it be regarded as such. This material is provided for information purposes, is intended for your use only and does not constitute an invitation or an offer to subscribe for or purchase any of the products or services mentioned. The information provided is by no means intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the said individual sales and/or trading personnel, which may be different from, or inconsistent with, the observations and views of SBG Sec analysts or other SBG Sec sales and/or trading personnel, or the proprietary positions of SBG Sec. Observations and views of the said salesperson or trader may change at any time without notice. Information and opinions presented in this material have been obtained or derived from sources believed by SBG Sec to be reliable, but SBG Sec makes no representation as to their accuracy or completeness thereof. SBG Sec accepts no liability for loss arising from the use of this material. This material is directed exclusively at SBG Sec's institutional investors. It is not intended for private individuals/customers and such persons should not rely on this material. Moreover, any investment or service to which this material may relate will not be made available by SBG Sec to such private individuals/customers. All valuations are subject to SBG Sec valuation terms. Information provided on trades executed with SBG Sec will not constitute an official confirmation of the trade details. The use or attempted use of the information and investment services provided by SBG Sec to residents of the United States of America, Canada, the United Kingdom, Australia, Singapore or Hong Kong , Australia, Japan, Bangladesh , India, Philippines , Korea, Singapore or Taiwan or in any other jurisdiction where to do so would be unlawful may be subject to requirements of registration and licensing of the distributor and, where the distributor does not meet these requirements, the information and investment services are not intended to be directed or available to the residents of the said countries.

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