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1. This report has been prepared and/or issued by DZ BANK AG Deutsche Zentral-Genossenschaftsbank AG and/or one of its affiliates („DZ BANK“) and has been approved by DZ BANK AG Deutsche Zentral-Genossenschaftsbank AG, Frankfurt am Main, Germany in connection with its distribution in the European Economic Area and other such locations as noted below.

The suitability of our recommendations for each investor depends to a great extent on the investment objectives, context and financial situation of the investor concerned. The recommendations and opinions contained in this report constitute the best judgement of DZ BANK at this date and time and are subject to change without notice as a result of future events or results. This report is for distribution in all countries only in accordance with the applicable law and rules and persons into whose possession this report comes should inform themselves about and observe such law and rules. This report constitutes an independent appraisal of the relevant issuer or security by DZ BANK; all evaluations, opinions or explanations contained herein are those of the author of the report and do not necessarily correspond with those of the issuer or third parties.

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2.The securities/ADRs discussed in this report are either listed on a US exchange, traded in the US over-the-counter, or traded only on a foreign exchange. Those securities that are not registered in the US, subject to certain exceptions, may not be offered or sold, directly or indirectly, within the US or to US persons (within the meaning of Regulation S and under the Securities Act). This report does not constitute an offer or solicitation with respect to the purchase or sale of any security within the meaning of Section 5 of US Securities Act and neither this report nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. DZ Financial Markets LLC (a wholly owned subsidiary of DZ BANK) is a registered broker dealer in the United States and has accepted responsibility for the distribution of this report in the United States and, subject to the limitations of any local registrations, in Canada under applicable requirements. This report is intended for distribution in the United States to qualified institutional buyers (within the meaning of Rule 144A under the Securities Act) and to institutional accredited investors (within the meaning of Regulation D under the Securities Act) and to US Persons (within the meaning of Regulation S under the Securities Act) outside the United States that are qualified institutional buyers or institutional accredited investors. In Canada it may only be distributed to persons who are resident in Canada to whom trades of the securities described herein may be made exempt from the prospectus requirements of applicable provincial or territorial securities laws.

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