Notice to U.S. Investors

Kepler Cheuvreux has entered into a 15a-6 Agreement with Kepler Capital Markets, Inc. (“KCM”) which enables communications with certain U.S. recipients in reliance on Rule 15a-6 through KCM. This is an institutional communication and not for private individuals in accordance with FINRA Rule 2210. No part this institutional communication is considered advertising. 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”).

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 SEC Rule 15a-6, as amended) and that it understands the risks involved in executing transactions 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 offer the purchase or sale of such securities, should contact a registered representative of KCM.

KCM 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 of the Securities Investor Protection Corporation (“SIPC”). KCM also conducts business with the trade name “Kepler Cheuvreux North America”. KCM’s OSJ North American headquarters is located at Tower 49 at 12 East 49th Street, Floor 36, New York, NY 10022. Pursuant to SEC Rule 15a-6, you must contact a Registered Representative of KCM if you are seeking to execute a transaction in the securities discussed in this report. You can reach KCM at Tower 49, 12 East 49th Street, Floor 36, New York, NY 10017, Compliance Department (212) 710-7625; European Sales Trading Desk (212) 710-7602; and, US Trading Desk (212) 710-7617. Further information is also available at You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website:

KCM is a wholly owned subsidiary of Kepler Cheuvreux (“Parent”). The Parent is registered on the Paris Register of Companies with the number 413 064 841 (1997 B 10253), whose registered office is located at 112 avenue Kléber, 75016 Paris. The Parent 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 may have under applicable law. Investment products provided by or through KCM are not insured by the Federal Deposit Insurance Corporation and 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. Parent is a foreign broker-dealer which effects transactions on behalf of KCM pursuant to SEC Rule 15a-6, as amended. Parent is not a member of SIPC, pursuant to SEA Rule 10b-10(a)(9). In the event Parent issues any trade confirmations on behalf of KCM, any such trade confirmations are being provided on behalf of Kepler Capital Markets, Inc., the US intermediary/chaperoning broker-dealer.

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 be subject 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 (“QIB”) within the meaning of Rule 144A under the Securities Act. The information 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 may not 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.