IMPORTANT DISCLOSURE: This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II.

IMPORTANT DISCLOSURES: COPYRIGHT 2019, AlphaValue. All rights reserved. Contract research, paid for by the above corporate entity. Equity research methods and procedures are as applied by AlphaValue. Target prices and opinions are thus exclusively determined by those methods and procedures. All opinions and estimates included herein represent the personal, technical judgment of the analyst as of the date of this report and are subject to change without prior notice. The information contained herein is not intended to be an offer/solicitation to buy or sell any securities and has been compiled from sources believed to be reliable, but while all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, we make no representation that it is accurate or complete and it should not be relied upon as such. AlphaValue does not accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents, including the investment view held in this report.