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REGULATORY DISCLOSURES – The following applies to all of our research reports.

This report has been issued by Redburn (Europe) Limited (‘Redburn’), authorised and regulated by the Financial Conduct Authority and is intended for use by professional and business investors only. It is solely for the information of the addressee only and is not an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. The information in this report has been compiled from sources believed to be reliable but neither Redburn, nor any of its officers or employees makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement, as at the date of this report, that is subject to change without notice. This report does not have regard to the specific instrument objectives, financial situation and the particular needs of any specific person who may receive this report. Redburn may have disseminated information contained in this report prior to its publication.

Notice for US recipients
This report is not intended for use or distribution to US corporations that do not meet the definition of a major US institutional investor in the United States or for use by any citizen or resident of the United States.

Redburn (Europe) Limited, and its research analysts, are not members of the Financial Industry Regulatory Authority and are not subject to the FINRA Rules on Research Analysts and Research Reports and the attendant restrictions and required disclosures required by that rule. Redburn (Europe) Limited is a correspondent of Redburn (USA) LLC. All US persons receiving this report and wishing to buy or sell the securities discussed herein should do so through a representative of Redburn (USA) LLC. Redburn (USA) LLC and its affiliates: do not own any class of equity securities issued by any of the companies discussed in this report; have not received, and do not intend to receive, any investment banking compensation from any of the issuers discussed in this report; and, have not acted as manager, or co-manager, of any public offering of securities issued by any of the companies discussed in this report. Neither Redburn (USA) LLC, nor any of its officers, own options, rights or warrants to purchase any of the securities of the issuers whose securities are discussed in this report. Neither Redburn (Europe) Limited, nor Redburn (USA) LLC, make a market in any securities, and do not stand ready to buy from or sell to any customers, as principal, any of the securities discussed in this report.