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This material is the property of Chalkhill Partners LLP ("Chalkhill"). This material has been prepared by Chalkhill for information purposes only and should not be reproduced, or disclosed to any other person without the consent of Chalkhill. This material does not constitute a solicitation or offer to buy or sell securities, related investments, other financial instruments or related derivatives thereof (as the case may be, "Securities").

RECIPIENTS SHOULD NOTE THAT THIS MATERIAL HAS NOT BEEN PREPARED IN ACCORDANCE WITH LEGAL AND REGULATORY REQUIREMENTS DESIGNED TO PROMOTE THE INDEPENDENCE OF INVESTMENT RESEARCH. ACCORDINGLY IT SHOULD BE VIEWED AS A MARKETING COMMUNICATION.

This material is intended solely for distribution to professional and institutional investors and is not available to retail clients within the meaning of the rules of the Financial Conduct Authority nor in any jurisdiction within which its distribution would be prohibited. Unless otherwise specifically stated, any views, opinions, forecasts, valuations, prices or estimates in this material are those solely of Chalkhill as of the date hereof and are subject to change without notice. The Securities referred to herein may involve significant risk, may not be available in all jurisdictions, may be illiquid and may not be suitable for the investment objectives, financial position or specific needs of individual recipients. Past performance is not necessarily indicative of future results. Each recipient of this material should make its own independent evaluation of the relevance and adequacy of the information contained herein and make such other investigations as it deems necessary, including obtaining independent financial advice, before participating in any transaction in respect of the Securities referred to in this material. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in any Security or market discussed herein and persons should not take any action on the basis of this material. Chalkhill accepts no obligation to provide advice or recommendations of any sort in relation to any Securities described herein or any transaction relating thereto and accepts no fiduciary duties to the recipient in such regard.

This material is distributed by Chalkhill Partners LLP Registered Office: 1 Knightsbridge Green, London, SW1X 7QA. Company No. OC344420. Chalkhill is authorised and regulated by the Financial Conduct Authority (FRN 499335). This disclaimer must be included with any subsequent copies of this publication.

Chalkhill Partners LLP ("Chalkhill") is authorised and regulated by the Financial Conduct Authority and appears in the FCA register under number 499335. Chalkhill is subject to the FCA rules and guidance, details of which can be found on the FCA's website at www.fca.org.uk.

Chalkhill is registered as an LLP in England and Wales (Company Number OC344420).

Registered Office: 1 Knightsbridge Green, London, SW1X 7QA.